Guess? (NYSE:GES) earnings for the clothing retailer’s second quarter of fiscal 2021 have GES stock heading higher on Wednesday. That’s thanks to its adjusted losses per share of 1 cent and revenue of $398.54 million. These are both better than Wall Street’s estimates of -57 cents and revenue of $384.82 million.
Here are some additional highlights from the most recent Guess? earnings report.
- Adjusted per-share losses are down from adjusted earnings per share of 38 cents on Q2 of fiscal 2020.
- Revenue for the quarter comes in 43% lower than the $683.22 million from the same time last year.
- Operating loss of $14.35 million is a negative change year-over-year from an operating income of $45.99 million.
- The Guess? earnings report also has net loss coming in at $20.69 million.
- That’s a major decline compared to the company’s net income of $26.18 million in the same period of the year prior.
Carlos Alberini, CEO of Guess? said this about the earnings results.
“The COVID-19 crisis continued to impact our business in the second quarter. We remained focused on managing what was in our control including reducing costs and optimizing inventory management and the use of capital. I believe that our efforts paid off, as we minimized our losses in spite of a 42% decrease in our revenues.”
Guess? isn’t providing specific guidance for fiscal 2021 due to the novel coronavirus. Even so, the company says it expects revenue in its third and fourth quarters to decline in the mid-teens.
GES stock was up 11.9% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.