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June 10, 2020, 7:55 a.m. EDT

Guess shares slump as second-quarter declines shaping up to be similar to the first-quarter

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By Tonya Garcia

Guess Inc. /zigman2/quotes/204246219/composite GES +3.99% shares slumped 11.8% in Wednesday premarket trading after the clothing and accessories retailer gave a weak sales outlook. Net loss totaled $157.7 million, or $2.40 per share, after a loss of $21.4 million, or 27 cents per share last year. Adjusted loss per share was $1.81, deeper than the FactSet forecast for a loss of 91 cents per share. Guess rang up sales of $260.3 million down from $536.7 million and below the FactSet consensus for $303.0 million. After shutting its stores and taking measures such as furloughing its North American store associates due to the coronavirus, Guess began reopening its European locations in mid-April. Some of its U.S. and Canadian stores began operating again in mid-May. All stores in Asia are open and e-commerce is available in all regions. Traffic and revenue are significantly reduced at reopened locations, and though traffic is down online, conversion is up, the company said. "Looking forward, the building blocks of our long-term strategy are still intact," said Carlos Alberini, Guess chief executive, in a statement. Sales for stores that have been open since May 2 are at 75% of last year in the U.S. and Canada, and 70% for Europe. Second quarter revenue is expected to "have a decrease similar to that of the first quarter." Guess stock has fallen 43% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.73% is down 0.7% for the period.

$ 20.87
+0.80 +3.99%
Volume: 683,275
May 27, 2022 2:11p
P/E Ratio
Dividend Yield
Market Cap
$1.20 billion
Rev. per Employee
+70.31 +1.73%
Volume: 1.24B
May 27, 2022 2:12p

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