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Lehman Cuts Sharper Image Estimates

Lehman cuts Sharper Image (SHRP) estimates.

Analyst Scott Nesson says the company's fiscal 2006 (ending January) guidance was well below Street estimates, based on its initial outlook for declining revenues and further margin compression.

He says the company is citing lack of hot product assortment to sustain sales, declining Ionic Breeze contribution, gross margin compression, and de-leveraging of cost structure.

Nesson doesn't see earnings per share recovery until the fourth quarter, with projected net loss for first 3 quarters of fiscal 2006. New products are in the works but not expected in stores until August.

The company had forecast $1.22 fiscal 2006 earnings per share. He now sees 75 cents for fiscal 2006 and 88 cents for fiscal 2007. He rates the company at equal-weight.

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