Guess Inc. Shares Higher After Better-than-expected Earnings

Shares of Guess Inc. rose 4.7% late Tuesday after the retailer beat earnings expectations and reported quarterly sales in line with forecasts. Guess said it earned $12.4 million, or 15 cents a share, in the fiscal third quarter, compared with $20.8 million, or 24 cents a share, in the year-ago period. Sales reached $521 million in the quarter, down from $590 million a year ago. Analysts polled by FactSet had expected earnings of 11 cents a share on sales of $521 million. Guess attributed the better-than-expected results to strength in its European retail business. The Los Angeles-based retailer said it expects earnings per share in the range of 53 cents to 62 cents in the fiscal fourth quarter, and EPS of 93 cents to $1.02 for the year. Guess shares ended the regular trading session up 2.1%.