Kohl's (KSS) posts $0.52, vs. $0.61 a year ago, third quarter EPS on 6.7% lower same-store sales, 0.6% lower total sales. EPS seen a penny ahead of consensus. Sees fourth quarter EPS of $0.90-$1.05 on 8%-12% same-store sales decline, vs. previous guidance of $1.26-$1.34. Now sees fiscal year 2009 EPS of $2.69-$2.84.
Citigroup (C), as part of its push to return to profitability, is embarking on another huge round of layoffs and is raising interest rates on millions of credit-card customers: WSJ.
Cell phone maker Nokia (NOK) expects fourth quarter industry volume to decline, but believes its market share will be unchanged to slightly up sequentially.
Sun Microsystems (JAVA) announced it will reduce its workforce by 5,000 to 6,000.
Abercrombie & Fitch (ANF) posts $0.72, vs. $1.29, third quarter EPS on 14% lower total co. same-store sales, 8.0% lower total sales. Sees same-store sales down 26% in fourth quarter, EPS of $1.00-$1.05. Sees $3.27-$3.32 fiscal year 2009 EPS.
MGM Mirage (MGM) says its Chairman and CEO Terry Lanni will retire, effective Nov. 30, but will remain as a member of the Board of Directors. Lanni recommends to the Board of Directors that President and COO Jim Murren succeed him as chairman and CEO.
Christopher & Banks (CBK) announces that, as a result of weaker than expected sales through third quarter to date, now expects to report a net loss from continuing operations of $0.04-$0.07 for third quarter vs. previous guidance of $0.10-$0.13 EPS from continuing operations. Says updated guidance assumes that the current same-store sales trends, which are in the negative high teens on a percentage basis QTD as compared to the prior fiscal year, will remain at or near this level throughout remainder of third quarter.
OfficeMax (OMX) announces that it is eliminating approximately 245 corporate staff and field management positions in its North American operation. OMX estimates this action will reduce ongoing operating costs by about $20 million with a related severance cost of approximately $8.5 million.
Nordstrom (JWN) posts $0.33, vs. $0.68, third quarter EPS on 11% lower same-store sales, 8.4% lower total sales. Sees fourth quarter EPS of $0.35-$0.45 on 13%-16% same-stores sales drop. Sees fiscal year 2009 EPS of $1.87-$1.97 on 9%-10% decline in comps.
LaSalle Hotel Properties (LHO) rescinds its prior outlook for 2008 due to the continued rapid deterioration in the overall economic environment and lack of clarity related to its negative impact on the operating fundamentals of the lodging sector. Says its portfolio experienced a RevPAR decline of about 11.4% in October.
AmerisourceBergen (ABC) raises quarterly dividend rate 33% to $0.10 from $0.075 per common share. The Board of Directors also authorizes a new $500 million share repurchase program, effective immediately.