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Earning Scan: ANF, DE, TGT, SPLS, SNPS, PETM

 August 17, 2011 09:23 AM

Several companies declared their earnings before the opening bell today, while many companies are scheduled to report their financial results after the closing bell. Some notable earners are discussed here.

Abercrombie & Fitch Co. (NYSE: ANF), a leading American retailer that focuses on casual wear for consumer ages 18 through 22, reported its fiscal 2011 second quarter financial results today. It registered 64 percent increase in its Q2 net income to $32 million, or 35 cents per share, from $19.5 million, or 22 cents per share, a year earlier. Analysts had expected net income of 29 cents per share for the company. The company's revenue rose 23 percent to $916.8 million from $745.8 million last year. During the period, the company's sales in the US rose 12 percent to $684.9 million, and international sales increased 74 percent to $231.9 million. The company's growth was boosted by higher demand for its preppy fashions in the US and Europe. After losing market share to cheaper competitors during the recession, Abercrombie & Fitch has rebounded as it focuses on international expansion and closing underperforming stores. The company plans to open 40 international Hollister stores this year and close 60 to 65 U.S. stores.

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Deere & Co. (NYSE: DE), an American corporation based in Moline, Illinois, and the leading manufacturer of agricultural machinery in the world, unveiled its fiscal 2011 third quarter earnings early today. It registered 15 percent jump in its Q3 net income to $712.3 million, or $1.69 per share, up from $617 million, or $1.44 per share, in the same period last year. During the quarter, the company's revenue rose 22 percent to $8.4 billion from last year's $6.84 billion, helped by strong equipment sales. Analysts had estimated earnings per share of $1.67 on revenue of $7.52 billion for the company. The company expects its FY2011 sales to grow 25 percent over FY2010, up from previous forecast for 20 percent growth. It boosted its sales outlook for 2011 with global demand for its green and gold equipment remaining strong.

Target Corp. (NYSE: TGT), the second-largest discount retailer in the US behind Wal-Mart Stores Inc., announced its FY2011 Q2 financial results today. During the quarter, the company reported net earnings of $704 million, compared with $679 million in FY2010 Q2. Its EPS rose 11.5 percent to $1.03 from 92 cents in the same period a year ago.

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