Shares of Guess GES are falling in after hours trading after the company reported slightly worse than expected guidance.
Revenue for the first quarter was 0.72 percent better than analysts had predicted at $768.4 million. This figure is 6.08 percent lower than the same quarter last year. North American retail sales fell four percent and European sales were down eight percent in local currency. North American wholesale revenue is down ten percent year over year.
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Earnings were 5.06 percent better than the analyst consensus at $0.83 per share, but down 12.63 percent year over year. Higher cost of sales and SG&A expenses as a percentage of sales are key reasons why earnings fell faster than revenue.
Looking forward, Guess sees revenue for the full year 2014 ranging from $2.53 billion to $2.57 billion. This is a small reduction from the previous estimate, which ranged from $2.53 billion to $2.58 billion.
Second quarter revenue is expected to fall between $615 million and $630 million, generating earnings of $0.25 to $0.30 per share.
Shares of Guess were last down 3.27 percent to $26.20.
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