Shares of Guess Inc. fell after hours after the maker of clothing forecast first-quarter and full-year profits that were below expectations.
Shares of Guess Inc. fell after hours on Tuesday after the maker and retailer of clothing and other accessories forecast first-quarter and full-year profits that were below expectations, as “challenging market conditions” weighed against a stronger showing in Europe.
Guess said it expected first-quarter revenue to fall between 6% and 7%, compared with FactSet estimates for a roughly 3.9% increase. For its full year, Guess forecast a sales increase of between 1% and 3%, compared with FactSet estimates for a 2% gain.The company reported fourth-quarter net income of $95.8 million, or $1.42 a share, compared with $68.4 million, or $1.04 a share, in the same quarter last year.
Guess said it expected an adjusted loss of 25 cents to 31 for the first quarter, compared with expectations for a 52-cent per-share profit. For the full year, Guess said it expected an adjusted per-share profit of $2.45 to $2.80, below FactSet estimates for $3.41.
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