Another big loser on Tuesday afternoon is G-III Apparel Group, Ltd. (NASDAQ:GIII), which is down by more than 17% after the company reported disappointing fiscal year 2016 fourth quarter results and guided for fiscal year 2017 first quarter earnings below consensus estimates. The apparel firm posted fiscal fourth quarter earnings of $0.17 per share, missing estimates widely, by $0.25. Revenue of $527.43 million also came in a hefty $45.58 million below expectations. Furthermore, while sales grew by only 3% year-over-year, inventory surged by 14%. Finally, management guided for fiscal year 2017 EPS of $2.55-to-$2.65, well below the $3.14 consensus.
Among the firms that we track, 20 were long G-III Apparel Group, Ltd. (NASDAQ:GIII) on December 31. The largest stake was that of Columbus Circle Investors, the fund managed by Clifford G. Fox, which declared holding 1.29 million shares valued at more than $57 million as of the end of 2015.
Also tumbling on its latest financial results is Mattress Firm Holding Corp (NASDAQ:MFRM), which is down by roughly 10% this afternoon. On late Monday, the retailer reported fourth quarter earnings of $0.53 per share, $0.03 below the Street’s consensus, on revenue of $618.55 million, which missed expectations by $3.81 million. In addition, President and ex-COO Ken Murphy was appointed as the company’s new chief executive officer, while Steve Stagner was chosen to serve as the executive chairman of the company and chairman of its board of directors.
Mattress Firm Holding Corp (NASDAQ:MFRM) was a popular stock among the investors that we track in the fourth quarter, as it saw a 30% increase in hedge fund support. 17 held long positions in the company on December 31, and owned 30% of the company’s outstanding stock. David S. Winter and David J. Millstone’s 40 North Management, which was the largest shareholder in our system at the end of last year, continued to boost its exposure to the stock during the first quarter of 2016, taking its holding to 3.63 million shares as of February 18, from 3.08 million shares at the end of 2015.
Finally, there’s CalAmp Corp. (NASDAQ:CAMP), which has lost roughly 10% since the bell rang this morning. On Monday evening, the company trimmed its guidance for the ongoing quarter (the fourth quarter of fiscal year 2016); management now expects revenue of $71 million, down from a prior projection of $73 million-to-$78 million, and below the consensus estimate of approximately $76 million. CEO Michael Burdiek blamed the lower than expected sales on “MRM product supply constraints and the slow responsiveness of a supply chain partner following the Chinese New Year,” which was exacerbated by “irregular order flow for MRM products following the year-end holidays.”
Support for CalAmp Corp. (NASDAQ:CAMP) increased by 14% during the fourth quarter, with 16 firms among those we track long the stock. The largest stake, comprising 260,000 shares worth roughly $5.1 million, was held by Jeffrey Moskowitz’s Harvey Partners.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.