Guess Delays Results, Expects to Beat Forecasts
Clothing and accessories maker Guess Inc. forecast earnings well above Wall Street expectations.
The company also said it would delay announcing its first-quarter results because of a letter from the Securities and Exchange Commission about the company’s accounting for the acquisition of its European jeans wear licensee.
Guess said it expected earnings for the quarter ended April 1 of $13.5 million to $15 million, or 30 cents to 33 cents a share. Analysts surveyed by Reuters Estimates expected on average 20 cents a share.
The Los Angeles company said its retail, European and licensing business segments had significantly improved results.
Sales at stores open at least a year climbed 22.6% from a year earlier in the four weeks ended Saturday, Guess said.
The company, which was scheduled to release its first-quarter earnings Wednesday, said it expected to file its quarterly report on or before May 11. It said the SEC comment concerned the accounting of intangible assets that were acquired.
Guess shares rose $3.38 to $44.67.
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