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28.08.2013 23:23:52

Guess? Q2 Profit Down, But Tops View; Shares Soar 18%

(RTTNews) - Guess? Inc. (GES) Wednesday reported a drop in profit for the second quarter, hurt mainly by restructuring charges. Nonetheless, shares of the fashion apparel retailer soared 18 percent after its adjusted earnings rose and easily beat analysts' estimates, driven largely by revenue growth and cost curbing measures.

Chief Executive Paul Marciano said, "We are pleased to deliver second quarter earnings that exceeded our expectations. The earnings not only reflect the achievement of our revenue expectations for the quarter, but also the benefits of our expense management and cost control efforts."

The company had taken few steps for cost cutting and streamlining its businesses after struggling with lackluster performances at its North American and European business lately.

Guess' second-quarter profit dropped to $39.9 million or $0.47 per share from $42.9 million or $0.49 per share last year.

Excluding an unfavorable restructuring charge of $0.05 per share, adjusted earnings were $44.3 million or $0.52 per share. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

The Los Angeles, California-based company's revenue for the quarter rose 0.6 percent to $639.0 million from $635.4 million last year. Analysts expected revenues of $622.87 million for the quarter.

Revenues from retail stores in North America rose 0.5 percent to $254.3 million. Guess, which operates 507 stores in the U.S. and Canada, said comparable-store sales fell 2.0 percent for the quarter. Investors consider comparable store sales as an important measure of a retailer's growth.

Europe revenues for the quarter increased 1.4 percent to $250.4 million from a year earlier, while Asia revenues slipped 1.5 percent to $65.9 million.

Gross margin for the quarter declined to 38.9 percent from 39.6 percent last year, but selling, general and administrative expenses declined to $181.6 million from $194.3 million a year ago.

Looking forward to the third quarter, Guess expects earnings in the range of $0.34 to $0.38 per share and revenues of $610 million to $620 million. Analysts currently expect earnings of $0.40 per share on revenue of $614.98 million for the quarter.

For the full year, the company now expect earnings of $1.70 to $1.84 per share, adjusted earnings of $1.78 to $1.92 per share and revenues of $2.56 billion to $2.59 billion. Analysts currently expect the company to earn $1.79 per share on sales of $2.58 billion for the year.

Previously, the company expected earnings of $1.70 to $1.90 per share and revenues of $2.57 billion to $2.61 billion.

The company also approved a dividend of $0.20 per share, payable on September 27 to shareholders of record as of September 11.

GES closed Wednesday's trading at $27.31, up $0.08 or 0.29%, on the NYSE. The stock further gained $4.79 or 17.54% on the NYSE.

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