Consumer stocks continued to add to moderate gains throughout today’s trading, with shares of consumer staples companies in the S&P 500 rising about 0.6% while shares of consumer discretionary firms in the S&P 500 were advancing slightly about 0.4%.
In company news, Zoe’s Kitchen (ZOES) fell Tuesday after the restaurant chain missed analyst estimates with its Q3 financial results, prompting at least one brokerage to lower its price target for the company’s stock.
Excluding one-time items, the company earned $0.04 per share, down a penny from the same quarter last year and also lagging the Capital IQ consensus by $0.01 per share. Revenue rose 19.4% over year-ago levels to $67.3 million, trailing the $68.06 million consensus. Comparable restaurant sales increased 2.4%.
Following the sub-par results, Telsey Advisory today cut its price target for the stock by $10 to $26 a share, reiterating a Market Perform rating.
ZOES shares were down over 5% at $22.72 apiece, recovering somewhat from a prior slide to a session low of $20.78 a share.