UPDATE: Guess Posts 45% Drop In Q3 Profit, Announces Special Dividend

Guess

reported a 45% drop in its fiscal third-quarter earnings and announced a special dividend of $1.20 per share. Guess now expects fiscal-year earnings of $2.05 to $2.15 per share on revenue of $2.62 billion to $2.64 billion. The company had earlier expected earnings of $2.15 to $2.30 per share on revenue of $2.62 billion to $2.65 billion. Guess' quarterly profit fell to $36.6 million, or $0.43 per share, from $66.3 million, or $0.71 per share, in the year-ago period. Its revenue dropped 2.2% to $628.8 million. Guess in August expected earnings of $0.42 to $0.46 per share on revenue of $620 million to $630 million. Its gross margin declined to 39.4% from 42.9%. Guess shares gained 4.55% to $26.40 in after-hours trading.