Guess?, Inc. (NYSE:GES) shares are trading lower by 5.89% to $18.55 during Tuesday’s after-hours session after the company reported mixed third-quarter financial results.
What Happened?
Guess? reported quarterly earnings of 44 cents per share which missed the analyst consensus estimate of 55 cents. The company also reported quarterly sales of $633.40 million, which beat the analyst consensus estimate of $614.00 million by 3%.
For the nine months ended October 29, 2022, Guess? recorded adjusted net earnings of $62.9 million, a 47.4% decrease from $119.5 million for the same prior-year period. Adjusted diluted EPS decreased 40.8% to $1.06, compared to $1.79 for the same prior-year period.
Carlos Alberini, Chief Executive Officer, commented, “We are pleased with our third quarter financial results, which exceeded our revenue and operating profit expectations in a challenging retail environment. Our revenues decreased by almost 2% in U.S. dollars but grew 10% in constant currency, driven primarily by the strength of our business in Europe.
“For the period, we managed the business well and delivered an 8.6% operating margin and $55 million in operating profit. Lower performance-based compensation helped us partially offset the gross margin pressure we experienced as a result of the adverse currency impact associated with the strong U.S. dollar and lower full price selling,” Alberini stated.
According to data from Benzinga Pro, Guess? has a 52-week high of $25.27 and a 52-week low of $14.27.
