Guess falls after slow consumer traffic weighs on annual forecast

Guess?

27/11/2024 14:57

(Updates)
    ** Shares of apparel retailer Guess  GES.N  fall as much as
12% to a more than two-year low of $15.24 in early trade
    ** Co lowers annual sales profit after reporting downbeat Q3
results after market close on Tuesday, impacted by slow customer
traffic into direct-to-consumer channels 
    ** GES lowers annual sales forecast to between 7.1% and 8.1%
growth from previously expected 9.5% and 11.0% 
    ** Co expects slow customer traffic in North America and
Asia to persist during Q4
    ** Also lowers annual adjusted EPS to $1.85 to $2.00 from
between $2.42 and $2.70 previously
    ** Posts Q3 revenue of $739 mln vs. Consensus of $747.4 mln
- data compiled by LSEG
    ** Brokerage Telsey Advisory Group lowers PT by $3 to $18,
sees co's incremental marketing spend to weigh on margins in Q4
    ** One of five brokerages rate the stock "buy", and four
"hold"; with a median PT of $18
    ** Up to Tuesday's close, stock has fallen ~18% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))