Guess (NYSE:GES) earnings for the clothing retailer’s fiscal first quarter of 2021 have GES stock taking a beating on Wednesday. That’s due to its adjusted losses per share of $1.81 missing Wall Street’s estimate for a loss of 88 cents. Its revenue of $260.25 million also couldn’t reach analysts’ estimates of $312.09 million.
Here’s what else is worth mentioning from the most recent Guess earnings report.
- Adjusted per-share losses are 624% wider than the 25-cent loss during the fiscal first quarter of 2020.
- Revenue for the quarter comes in 52% lower than the 536.69 million from the same time last year.
- Operating loss of $162.49 million is 564% worse year-over-year than an operating loss of $24.47 million.
- The Guess earnings report also includes a net loss of $160.54 million.
- That’s a 680.1% decline compared to its net loss of $20.58 million.
Carlos Alberini, CEO of Guess, said this in the fiscal Q1 earnings report.
“Today we have all stores open in Asia, over 400 stores in Europe and over 180 stores in the U.S. and Canada. We are encouraged by our initial results, which have been better than anticipated. Our sales productivity for re-opened stores for the second quarter to date has reached roughly 75% in the U.S. and Canada and 70% in Europe as compared to last year’s level.”
Guess isn’t providing guidance due to the novel coronavirus pandemic. However, the company does say it expects to see revenue for the fiscal second quarter of the year decline similarly to what it did in the first quarter.
GES stock was down 15.8% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.