Guess Results Miss Estimate, Cuts FY Outlook; Stock Down 7%

(RTTNews) - Guess? Inc (GES) Wednesday reported second-quarter net earnings of $22 million or $0.26 per share, compared with $39.9 million or $0.47 per share last year.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter fell 4.8 percent to $608.6 million from $639 million a year ago. Twelve analysts had a consensus sales estimate of $618 million for the quarter.

For the third quarter, Guess expects sales of $0.15 to $0.20 per share on sales of $590 million to $600 million. Analysts expect earnings of $0.37 per share on sales of $613 million.

For the fiscal year 2015, Guess now projects earnings of $1.05 to $1.20 per share on sales of $2.44 billion to $2.48 billion. Earlier it expected earnings of $1.40 to $1.60 per share and sales of $2.53 billion to $2.57 billion.

Analysts estimate earnings of $1.46 per share on sales of $2.53 billion for the year.