Guess shares rise on rosy forecast
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Guess Inc. shares rose more than 7% in late trading Tuesday after the Los Angeles clothing maker forecast full-year earnings and sales that may exceed analysts’ estimates.
Before the results were released, the shares fell $1, or 2.6%, to $37.87.
Fiscal first-quarter net income rose 35% to $47.8 million, or 51 cents a share, Guess said. Sales for the three months ended May 3 surged 30% to $465.7 million.
Profit for the year may increase to as much as $2.48 a share, Guess said. In March, the retailer forecast earnings up to $2.45 a share. Sales may climb to as much as $2.08 billion, up from its March forecast of a high of $2.05 billion.
Guess is adding locations in Europe, China and Latin America as U.S. sales slow.
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