UPDATE: Guess Posts Decline In FQ2 Profit, Cuts Full-Year Forecast

Guess

reported a drop in its fiscal second-quarter profit. Guess' quarterly profit dropped to $42.9 million, or $0.49 per share, versus $60.7 million, or $0.65 per share, in the year-earlier period. Its revenue declined 6% to $635.4 million from $677.2 million. However, analysts were expecting earnings of $0.51 per share on revenue of $629.9 million. Guess cut its full-year earnings forecast to $2.15 to $2.30 per share, versus its earlier forecast of $2.50 to $2.65 per share. Guess shares dropped 16.25% to $28.09 in after-hours trading.