NEW YORK (TheStreet) -- Shares of Guess? (GES) fell in after-hours action on Wednesday after the Los Angeles-based specialty retailer and designer posted an in-line adjusted profit for its fiscal fourth quarter but gave a below-consensus outlook.
Guess? said it sees earnings of 41 to 44 cents a share for its fiscal first quarter ending in April on revenue of $555 million to $570 million. The current estimate of analysts polled by Thomson Reuters is for a profit of 61 cents a share in the April quarter on revenue of $595.6 million.
The stock was last quoted at $41.70, down 5%, on volume of more than 220,000, according to Nasdaq.com. Based on a regular session close at $43.87, the shares were down 5% in the past year, and they'd pulled back even more since hitting a 52-week high of $51.53 in late November.
For the full year, Guess? forecast earnings of $3.30 to $3.50 a share on revenue of $2.72 billion to $2.82 billion with its operating margins improving as 2011 wears on to a range of 16.5% to 17% from the 10% level it sees in the first quarter.The company also said its board had declared its regular quarterly dividend of 20 cents a share, and approved a new buyback program to repurchase up to $250 million worth of its common stock. The new authorization includes $85 million left over from the previous buyback program.
DepoMedShares of DepoMed (DEPO) rose in late trades after the Menlo Park, Calif.-based drug developer said in a regulatory filing that it has reached a settlement agreement with Abbott Labs (ABT) with regard to Gralise, a once-daily treatment for postherpetic neuralgia. According to the Form 8-K filed Wednesday with the Securities and Exchange Commission, the settlement calls for the licensing agreement between the two companies for Gralise to be terminated and for DepoMed to receive a payment of $40 million this month. The rights to Gralise will also transition back to DepoMed as part of the deal and the company expects its own launch of the drug to occur by the end of the fourth quarter. DepoMed also said it plans to seek a co-promotion partner for the drug to help it penetrate the primary care market.
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