Guidance Sends Guess (GES) Shares Down 7%

Guess Inc GES released financial results on Thursday after the market closed that easily beat Wall Street estimates but the company also provided disappointing guidance. Guess Inc reported that its 1st quarter earnings jumped to $50.3 million, or 54 cents per share, up from $32.5 million, or 35 cents per share, a year earlier. Excluding special items, the company earned 58 cents per share. Revenue climbed 22% to $539.3 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 49 cents per share, on revenue of $507.9 million. Guess Inc forecast 2nd quarter earnings of 65 to 68 cents per share and full-year earnings of $2.80 to $2.85 per share, well below the analyst estimates of 77 cents and $2.99 per share, respectively. Shares of Guess Inc fell 7.05% to $35.30 in after hours trading.