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Sunday, Jan 29, 2023
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Guess Second Quarter Profit Jumps

Guess Inc.’s second-quarter net income and revenue exceeded analyst expectations due to strong performances in the apparel company’s retail and wholesale operations.


Los Angeles-based Guess reported net income of $4.2 million (9 cents per diluted share) for the second quarter ended July 2, compared with $2.1 million (5 cents) for the like period a year earlier. Revenue rose 15.7 percent to $178.2 million from $154.1 million in the year-ago period.


Analysts had forecast earnings of 3 cents on revenue of $174.9 million.


Same-store sales increased 4.2 percent during the second quarter, compared with the like period a year ago.


Guess’ retail stores in the U.S. and Canada generated revenue of $132.9 million in the second quarter, a 15.3 percent jump from $115.2 million a year earlier, while the company’s wholesale business increased 3.5 percent to $26.1 million from $25.3 million. The company operated 301 stores in the second quarter, up from 264 in the year-ago period.


Guess said it expects same-store sales to increase in the low- to mid-single digits on a percentage basis in July.


The company’s shares closed up 1.2 percent to $22.56 on Thursday.

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