Shares of Guess Inc. jumped more than 10 percent in after-hours trading late Thursday following disclosure of a smaller-than-expected first-quarter earnings decline and a hint of optimism about the company’s North American retail and European operations.
Both business units suffered operating losses and revenue declines in the first quarter ended May 4, when the company saw net income drop 62.8 percent to $9.9 million, or 12 cents a diluted share, from $26.6 million, or 30 cents, in the year-ago period. Adjusted earnings per share were 14 cents, 6 cents better than Wall Street expected and above the range of 5 to 10 cents projected by Guess in March.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"