Guess? (GES) Tops Q2 EPS by 7c; Guides Higher
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Guess? (NYSE: GES) reported Q2 EPS of $0.14, $0.07 better than the analyst estimate of $0.07. Revenue for the quarter came in at $545 million versus the consensus estimate of $550.53 million.
Guess? sees FY2017 EPS of $0.62-$0.75, versus the consensus of $0.60.
Consolidated net revenues are expected to increase between 3.0% and 5.0% in U.S. dollars. Currency tailwinds are expected to positively impact consolidated revenue growth by approximately 0.5%. Excluding the impact of currency, consolidated net revenues are expected to increase between 2.5% and 4.5% in constant currency.
- Americas Retail revenues decreased 3% in U.S. dollars and 1% in constant currency; retail comp sales including e-commerce decreased 2% in U.S. dollars and constant currency
- Europe revenues increased 7% in U.S. dollars and 6% in constant currency
- Asia revenues decreased 6% in U.S. dollars and 4% in constant currency
- Americas Wholesale revenues decreased 8% in U.S. dollars and 4% in constant currency
- Licensing revenues decreased 13% in U.S. dollars and constant currency
- Operating earnings decreased 41%
- Announces quarterly cash dividend of $0.225
Victor Herrero, Chief Executive Officer, commented, "We are pleased to deliver second quarter earnings that exceeded our expectations both in earnings per share and operating margin. In Europe, our retail business delivered another strong quarter with comp store sales up in the low-double digits. In the Americas, our retail business in the US and Canada performed in line with our expectations with tourist doors still under-performing the chain. In Asia, we delivered positive comps in Korea, Mainland China and Japan, although Greater China was below our expectations as we continue to build out our infrastructure there and transition the business to a direct model."
Mr. Herrero continued, "I had highlighted on our prior earnings calls that the first six months of the year would be a transition period. This transition is now behind us and the investments we have made so far are expected to start generating revenue growth for the Company in the third quarter, accelerating into the fourth quarter."
For earnings history and earnings-related data on Guess? (GES) click here.
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