Why Guess Stock Popped Today
Shares of Guess (NYSE: GES) have popped today, up by 11% as of 12:40 p.m. EST, after the company reported third-quarter earnings last night. The results topped expectations even as the COVID-19 pandemic continues to take its toll on the retail sector.
Revenue in the fiscal third quarter declined by 8% to $569.3 million, topping the consensus estimate of $515.6 million in sales. That was a meaningful improvement compared with the declines that the apparel maker suffered throughout the first half of the year. That resulted in adjusted earnings per share of $0.58, well above the $0.05 per share in adjusted profits that Wall Street analysts were modeling for. Guess had to close approximately 5% of its stores near the end of the quarter due to government lockdowns.
Image source: Getty Images.
Source Fool.com
