APRIL RETAIL SALES UP AT GUESS
NEW YORK — Guess Inc. said Monday that its retail sales were up in April and that it is comfortable with analysts’ latest estimates for its financial results in the current quarter and year.
According to First Call, Wall Street expects the company to report per-share earnings of 26 cents in the June quarter and $1.49 for the year. The forecast for the year has risen four cents since the company reported first-quarter results.
In the second quarter of 1999, the company earned 16 cents per share, or $7 million. For the year, it earned $1.21 per share, or $51.9 million.
As reported, Guess blew past the financial community’s first-quarter expectations with a 34.3 percent surge in first-quarter earnings. Nonetheless, its stock has slipped over the past week, giving up 34.4 percent due to concerns about higher inventory levels.
On the New York Stock Exchange trading on Monday, Guess shares closed at 18 1/4, off 3/16. The announcement was made after the close of trading.
The Los Angeles-based company also said that its retail sales hit $33.9 million in April, up 42.2 percent from $23.8 million a year ago. Comparable-store sales, excluding Guess Canada, were up 13.4 percent.
The company also revealed that as of May 6, its backlog was $158.9 million, up 74 percent from the same time last year.