No Need to Guess?... Q3 Results Could've Been Better (GES)
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Price: $30.72 +1.76%
Revenue Growth %: -7.1%
Financial Fact:
Basic (in shares): -174.31M
Today's EPS Names:
DSX, REDF, REX, More
Revenue Growth %: -7.1%
Financial Fact:
Basic (in shares): -174.31M
Today's EPS Names:
DSX, REDF, REX, More
Trade GES Now!
Guess? (NYSE: GES) was expected to have a tough third quarter; results and a reduced outlook Wednesday afternoon confirmed those expectations.
Revenue in the quarter rose 4.7 percent from $613.9 million during the third quarter of last year to $642.8 million.
Despite the revenue gain, net earnings fell 4 percent to $66.85 million, or 71 cents per share.
The Street was expecting revenue of $655 million and earnings of 73 cents per share.
North American retail comps fell 4.1 percent in local currency and 3.5 percent in US dollars.
"During the quarter, we made good progress on many key strategic initiatives. Our efforts to elevate our brand in North America are yielding significant improvements in profitability. We enjoy momentum in Asia and the newer markets in Europe where our brand is well known but where our business is still under-penetrated," stated CEO Paul Marciano. ""It is difficult to predict how long the current economic conditions may persist...Backed by our strong balance sheet, we are committed to pursuing the long term potential of our iconic lifestyle brand in a very strategic and disciplined way that is consistent with prevailing market conditions."
Looking ahead, Guess? sees fourth-quarter 2012 earnings of $1.03 to $1.09 on revenue of $780 to $795 million, below views calling for earnings of $1.21 per share and revenue of $816 million.
For the balance of Guess?'s fiscal 2012, the company cut its earnings outlook from a range of $3.25 to $3.35 to a range of $3.04 to $3.10, versus the consensus of $3.27. Its revenue outlook moved from a range of $2.74 to $2.78 billion to a range of $2.70 to $2.71 billion, missing views of $2.74 billion.
Shares of Guess? have fallen only slightly in the post-market session, currently down about 0.4 percent to $28 even.
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Revenue in the quarter rose 4.7 percent from $613.9 million during the third quarter of last year to $642.8 million.
Despite the revenue gain, net earnings fell 4 percent to $66.85 million, or 71 cents per share.
The Street was expecting revenue of $655 million and earnings of 73 cents per share.
North American retail comps fell 4.1 percent in local currency and 3.5 percent in US dollars.
"During the quarter, we made good progress on many key strategic initiatives. Our efforts to elevate our brand in North America are yielding significant improvements in profitability. We enjoy momentum in Asia and the newer markets in Europe where our brand is well known but where our business is still under-penetrated," stated CEO Paul Marciano. ""It is difficult to predict how long the current economic conditions may persist...Backed by our strong balance sheet, we are committed to pursuing the long term potential of our iconic lifestyle brand in a very strategic and disciplined way that is consistent with prevailing market conditions."
Looking ahead, Guess? sees fourth-quarter 2012 earnings of $1.03 to $1.09 on revenue of $780 to $795 million, below views calling for earnings of $1.21 per share and revenue of $816 million.
For the balance of Guess?'s fiscal 2012, the company cut its earnings outlook from a range of $3.25 to $3.35 to a range of $3.04 to $3.10, versus the consensus of $3.27. Its revenue outlook moved from a range of $2.74 to $2.78 billion to a range of $2.70 to $2.71 billion, missing views of $2.74 billion.
Shares of Guess? have fallen only slightly in the post-market session, currently down about 0.4 percent to $28 even.
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