Guess shares jumped during after-hours Wednesday, after its fiscal second quarter results came in stronger than expected while the company boosted its full-year outlook.
For the three months ending Aug.3, the retailer of clothing and accessories reported adjusted earnings of 38 cents per share, which beat analysts’ estimates of 29 cents. The adjusted EPS figure was also higher than the prior year quarter’s 36 cents.
Revenue increased +5.8% year-over-year to reach $683.2 million in the quarter, surpassing the Street expectations of $671.4 million.
Looking ahead, Guess expects its fiscal full-year 2020 GAAP earnings to sit between $1.18 to $1.26 a share, or an adjusted $1.28 to $1.36. Analysts surveyed by FactSet have forecasted GAAP earnings of $1.25 a share, or an adjusted $1.32.
Guess projects the full-year revenue to increase 3% to 3.5% in U.S. dollars and 6% to 6.5% in constant currencies.
Chief Executive Carlos Alberini indicated that strong second-quarter results, a favorable inventory position, and expectations for the fall and holiday seasons propelled Guess to raise its guidance.