Why Guess Stock Rose 12% at the Open Today
Shares of fashion retailer Guess (NYSE: GES) rose a quick 12% in early trading on Thursday. The news driving those gains actually came on Wednesday, when the company released its fiscal fourth-quarter 2021 earnings results. Investors clearly liked what Guess had to say, even though it wasn't all good news.
Guess' fiscal fourth-quarter 2021 revenue came in at $648 million. That was roughly in line with analyst expectations but down about 23% year over year. The obvious reason for the top-line decline was the impact of the pandemic.
The company isn't providing firm guidance because of the still-uncertain business environment, but it expects sales to be down in the high single digits in fiscal 2022 versus fiscal 2020 (before the pandemic). In other words, it's still muddling through this rough patch.
Source Fool.com
