Guess? swings lower after cutting earnings guidance amid mixed Q3 results
GES
+1.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
By Yasin Ebrahim
Investing.com — Guess? cut its outlook on full-year earnings Tuesday after the apparel maker reported mixed third-quarter results as earnings fell short of estimates as a stronger dollar and a ramp-up in promotions hurt margins.
Guess? (NYSE:GES) fell by more than 5% in afterhours trading following the report.
Guess reported adjusted EPS of 44 cents missing estimates of earnings of 55 cents a share, while revenue of $633.0 million beat estimates of $614.0M.
The miss on the bottom line was driven by a fall in margin growth to 8.6% from 10.2% in the same period a year earlier, as a «result of the adverse currency impact associated with the strong U.S. dollar and lower full price selling,» the company said.
For Q4, the company expects adjusted EPS of $1.32, compared with Wall Street estimates for $1.48 a share.
The company cut its outlook on full-year results, forecasting adjusted EPS of $2.35, compared with $2.65 a share a year earlier. Revenue growth was revised higher to 2% from 1.5% previously.