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"Cook added that with encouraging prospects for the fall/holiday season, management is currently comfortable with Street fiscal 1998 earnings estimates of $1.09 per share, which were recently raised from estimates of $1.04-$1.05 and prior estimates of $0.97 per share. "
>>>>>WHOOPS<<<<< COMPANY HAS JUST LOST SOME INTEGRITY..... or actually CEO Nick Cook has lost a lot of his CREDITABILITY.
today Braun's announces that it doesn't expect to meet analyst expectations for the 3rd Q. ending November 29th and the fiscal year ending february 28th. due to softer than expected sales. they expect october same-store-sales to be similar to the 1% gain posted in september. in a press release, the company said demand for fall and winter clothing has been reduced industrywide by unusually warm weather for six of the past seven weeks in its primary midwestern markets. sales were also hurt by premature, heavy snows in several of its other operating states over this past weekend. management also noted that as a result, the retail environment has become highly promotional, putting pressure on gross margins.
in early october, CEO Cook had assured analysts that he was comfortable with estimates, this also during the time he was selling his entire position of company stock. GO FIGURE.
sorry to have to make this report, but there has been a creditability situation occur which was not an issue before.
<CEO Nick Cook has lost a lot of his CREDITABILITY. CEO Cook had assured analysts that he was comfortable with estimates, this also during the time he was selling his entire position of company stock. GO FIGURE.>
Interesting, could we have another short here, such as IFMX & BOST, Cooked books?? Fraud?? And most surely Class Action. Might be worth the research for a decent Short Position.
i think you can look for a class action suit coming in the near futrue.....as far as fraud, and cooked books, i wouldn't go that far....Braun's is making money and should be able to do around $1 this fiscal year....the problem going forward is their creditability in the investment community and how soon it can be repaired....it appeared we were in a position to get an expansion in the pe multiple, which is not likely now....this might be what finally gets CEO Cook. ....i look on this as not lost sales, but just delayed sales....so, you shoppers, get back to shopping.....
I agree with Jim about the "cooked books". I just came back from Nebraska which had experienced heavy storms and I can tell you that shopping was not the primary concern. Retailers are affected by weather - as far as credibility, I haven't come to a conclusion on it yet.
The facts are that they have turned things around operationally and that once the shoppers return, there should be a pickup of sales and then the stock. REMEMBER, if they only do $1 for the year, you're still talking about an 8 P/E! They probably will come in at what the old estimates were.
>>>>OCTOBER SALES<<<< same-store-sales for october; increase 2%. year-to-date, same-store-sales are up 12%
FWIW: comments in the press release by Nick Cook, chairman/CEO: "Weather will affect our sales from time to time, but we view the impact in October to be temporary." "Our fundamentals remain strong and our propsects for the future are excellent."
I THINK IT'S ABOUT TIME TO START GETTING EXCITED ABOUT.. BFCI.. AGAIN....November sales should be out late next week....Don't be surprised if Braun's comes in close to meeting the original #'s for the Q.....I think Nick Cook is regretting his comments made October 31st....the shame here will be for the company to come thru, but the street once burned will be slow to come back and support this company as before....
HAPPY SHOPPING!!!!!!!!!!!!TOMORROW IS THE BIGGEST SELLING DAY OF THE YEAR......WILL YOU BE OUT THERE BUYING???