Guess rises on raising FY profit forecast

Guess?

23/08/2023 22:33

** Shares of apparel retailer Guess Inc  GES.N  surges to
20% to $21.90 in extended trading
    ** Company lifts FY profit forecast benefiting from higher
initial markups, lower markdowns and better cost management 
    ** Guess now expects adjusted EPS between $2.88 and $3.08
per share vs previous outlook of $2.60 to $2.90
    ** Company's Q2 revenue rises 3% to $664.5 mln, beating
estimates of $640.5 mln, as per four analysts polled on
Refinitiv
    ** Qtrly net earnings attributable to Guess rises to $39.03
mln, or 59 cents/shr, compared to $23.96 mln, or 35 cents, a
year ago
    ** Guess maintains its FY revenue forecast, however raises
lower-end slightly; now expects revenue growth between 2.5% and
4.0%
    ** As of Wednesday's close, stock down 11.5% YTD

 (Reporting by Granth Vanaik in Bengaluru)