Guess Reports Q1 Earnings Beat
Guess?, Inc. (NYSE: GES) released its Q1 2016 results on Tuesday, and shares were trading down in the after-hours session.
The retailer reported EPS of $0.04 for the quarter, beating consensus expectations of a net loss of $0.05. In Q1 2015, the company took a net loss per share of $0.03. The positive EPS this year corresponded to net earnings of $3.3 million this quarter compared to a loss of $2.1 million last year.
The company's revenues declined 8 percent to $478.8 million, but when measured in constant currency, revenues were actually relatively flat.
Guess provided guidance for Q2 of $0.12 to $0.16 and upped its guidance for fiscal year 2016 to a range of $0.86 to $1.02.
CEO Paul Marciano said, "Overall first quarter results were better than our expectations, mainly driven by tight expense management." He also noted in the press release that the "e-commerce business continued to experience solid top-line growth of almost 14%."
Marciano expects the positive trend to continue into the second quarter, saying "we continue to see improvements in these same areas."
Shares of Guess traded up more than 6 percent Tuesday to close at $18.66. Shares were down about 0.75 percent in the after-hours session.
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