Guess' Quarter Better Than ExpectedThursday, May 30, 2013
Shares of Guess Inc. rose more than 8 percent in after-hours trading Thursday after the apparel retailer reported adjusted fiscal first-quarter profit that beat Wall Street expectations.
After the markets closed on Thursday, the Los Angeles retailer reported net income of $9.9 million (12 cents a share) for the quarter ended May 4, down 60 percent (18 cents) from same period a year earlier.
Revenue fell 5 percent to $549 million, with sales in the company’s North American stores down 5 percent. Sales were up 10 percent in Asia.
Excluding restructuring charges, Guess earned 14 cents a share. Analysts surveyed by Thomson Reuters on average had expected the company to report adjusted earnings of 8 cents a share on revenue of $549 million.
“These earnings reflect the ongoing success within the company to globally streamline and improve productivity,” Chief Executive Paul Marciano said in a statement. “(But) the near-term outlook for consumer spending remains soft and we are planning our business accordingly.”
Shares earlier closed up 65 cents, or less than 1 percent, to $29.35 on the New York Stock Exchange. They rose 8.5 percent in after-hours trading.