Shares of Guess Inc. (GES) rose in after hours trading following its report of financial results for the third quarter of its 2010 fiscal year, which ended October 31, 2009.
The Los Angeles-based apparel and accessory maker reported record net earnings of $64.1 million, compared to $64.0 million in the year-ago period. Diluted earnings rose 3.0% from a year ago to $0.69 per share, which topped the consensus forecast of $0.51 per share by analysts surveyed by Thomson Reuters.
Total net revenue for the third quarter decreased 1.0% to $522.8 million, which also topped expectations. The company also said same-store sales decreased 3.4% from a year ago.
CEO Paul Marciano said, "Our third quarter financial results exceeded our expectations. Each of our businesses performed better than expected in both revenues and earnings, as our customer continued to respond well to our product assortment in all markets around the world." He continued, "As we look into the future, we will continue to fund key growth initiatives and invest in our infrastructure. International expansion remains a high priority for us."
For the fourth quarter of fiscal 2010, Guess forecast earnings per share in the range of $0.77 to $0.80 on revenues of $585 million to $605 million. For the full fiscal year, earnings per share are expected to range from $2.45 to $2.48 and revenues to range from $2.07 billion to $2.09 billion.
The company also announced that its board of directors approved a quarterly cash dividend of $0.125 per share on the company's common stock, the same as in the previous quarter.
After closing down 1.1% to $37.05 Monday, shares shot up more than 6% in afterhours trading.
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