Guess? (NYSE:GES) suffered some setbacks during its fourth quarter of its fiscal 2018 as evidenced in the company’s latest financial results, which included adjusted earnings that missed the mark, sending GES stock sinking more than 10% late today.
The Los Angeles-based clothing brand unveiled its quarterly figures after Wall Street closed today, posting net income of $23.2 million, roughly 28 cents per share. On an adjusted basis when excluding a $3 million fine by the European Commission and more than $5 million in severance for its former CEO, earnings came in at 70 cents per share, about 8 cents above its year-ago figures.
Wall Street was calling for the business to amass revenue of $831 million for the period, according to data compiled by Wall Street. Guess added that its revenue for the period tallied up to $837.1 million, a 5.7% gain when compared to its sales of $792.2 million from its fourth quarter of fiscal 2017.
Analysts projected that the business would rake in revenue of $831 million for the period. “There are several areas of the operation that offer opportunities for improvement, which should result in operating margin growth over time,” new CEO Carlos Alberini said in a statement.
For its current quarter, Guess calls for a loss of 25 cents to 29 cents per share, about double what analysts predict.
GES stock was down more than 2% during regular trading hours, then fell an additional 12.6% after the bell Wednesday on the company’s underwhelming quarterly results.