Guess' stock jumps 14% as retailer's sales in Europe and Asia grow
Shares of Guess Inc. (GES) rallied 14% in the extended session Wednesday after the retailer's fiscal second-quarter sales topped Wall Street estimates. Guess earned $39 million, or 59 cents a share, in the quarter, compared with $24 million, or 35 cents a share, in the year-ago period. Adjusted for one-time items, Guess earned 72 cents a share. Revenue rose 3% to $664.5 million, from $642.7 million a year ago. Analysts polled by FactSet expected adjusted earnings of 71 cents a share on sales of $661 million. Sales in Europe grew 9% and sales in Asia were up 19%, offsetting revenue declines in Guess's Americas retail and wholesale businesses, the company said. Guess guided for fiscal third-quarter EPS between 55 cents and 64 cents, and EPS for fiscal 2024 between $2.88 and $3.08. "Most of our businesses delivered better than expected operating results, driven by solid revenue performance, strong gross margin results and effective cost management," Chief Executive Carlos Alberini said in a statement. Shares of Guess ended the regular trading Wednesday up 0.7%.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-23-23 1634ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
2 Wide-Moat Stocks to Consider
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy
-
Snowflake Earnings: Mixed News, But Signs of Stability
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending