Apparel retailer Guess falls on downbeat outlook, results

Guess?

22/11/2023 12:02

** Shares of apparel retailer Guess  GES.N  plunge 14.2% to
$20.35 premarket
    ** Co forecasts FY24 adj EPS in the range of $2.67-$2.74,
missing analysts' estimate of $2.96 - LSEG data
    ** GES also lowers FY revenue growth forecast to 1.8%-2.4%
from 2.5%-4%
    ** CEO Carlos E. Alberini cites lower customer traffic and
sales trends for direct-to-consumer business as reasons for weak
forecast 
    ** Meanwhile, Q3 adj. EPS of 49 cents misses est. of 61
cents/shr and revenue of $651 mln falls short of est. of $655.6
mln - LSEG data
    ** Americas segment posts a 7% decline in revenues due to
slow customer traffic, both in stores and website 
    ** Jefferies cuts PT to $25 from $28 
    ** Stock is up 14.6% YTD as of last close

 (Reporting by Pranav Kashyap in Bengaluru)