Guess hits 10-year high after Q4 results beat

Guess?

21/03/2024 14:30

(Updates)
    ** Shares of apparel retailer Guess  GES.N  surge as much as
22.4% to $31.77, the highest level since December 2013
    ** Company posts Q4 revenue of $891.1 mln, beating LSEG
estimates of $855.5 mln, helped by strong sales across key
markets of Europe and Asia, partly offset by slower Americas
retail sales
    ** Q4 adj. EPS at $2.01 beats analysts' expectation of $1.56
    ** Operating margin rises to 16.3% from 12.7% a year
earlier, driven primarily by higher revenue and initial markups
and lower expenses
    ** Stock set for its best day since Aug. 24
    ** "We are at an inflection point and we expect to exceed $3
bln in revenue (in FY24) for the first time in the company's
history" - CEO Carlos Alberini
    ** Board approves a special dividend of $2.25/share and
quarterly dividend of 30 cents/share
    ** Company's special dividend is highlighting the strength
of its balance sheet entering 2024, says Telsey Advisory Group
analyst Dana Telsey
    ** Brokerage hikes PT to $30 from $23, citing a "solid
finish" to FY24 and incremental growth opportunities from its
brand rag & bone
    ** Stock up 12.5% so far this year, as of last close
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))