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Tuesday, December 01, 2009

Guess Posts Stronger-Than-Expected Results

By Matt Egan

FOXBusiness

Shares of Guess (GES) surged to a 52-week high Tuesday after the retailer reported better-than-expected quarterly results and a bullish outlook for the holiday shopping season.

Guess’s quarterly report, which was issued after the close on Monday, prompted a slew of positive analyst notes.

The apparel retailer said it earned $64.1 million, or 69 cents per share, compared with $64 million, or 67 cents a share, in the same period a year ago. Guess said its revenue fell 1% to $522.8 million.

The results easily topped expectations as analysts had forecasted EPS of 50 cents and revenue of $428.57 million.
At the same time, Guess said it sees EPS of 77 cents to 80 cents on revenue of $585 million to $605 million in the current period. Even the low end of that forecast would beat the Street’s view of EPS of 69 cents and revenue of $563.78 million.

The news was received well by Wall Street as analysts at Jefferies, Brean Murray, Wedbush Morgan Securities and Credit Suisse all upgraded their price targets on Guess, Reuters reported. Credit Suisse now sees Guess’s stock jumping to $55, up from its earlier price target of $43.

Shares of Guess were recently up 12.5% to $41.69, putting them 225% above their year-ago levels and almost four times above their 52-week low of $11.27.

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