Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Merrill Downgrades Duane Reade to 'Sell'


Merrill Lynch downgraded Duane Reade (DRD) to sell from neutral.

On Wednesday the drug-store chain forecast 38 cents to 41 cents fourth quarter earnings per share, and $1.40 to $1.50 2003 earnings per share. Analyst Monica Aggarwal says the degree of the earnings per share shortfall in the fourth quarter was surprising. She notes front comp-store sales of 0.8% were disappointing against very easy comparisons, and says the miss was mainly due to the weaker-than-expected holiday season, which impacted both sales and gross margins.

Aggarwal cut her $1.55 2003 earnings per share estimate to $1.35, and thinks there could be further risk to her numbers if business doesn't pick up in the second half of 2003.


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus