Guess (GES) - Get Report shares were higher after hours Wednesday after the designer and distributor of apparel and accessories reported stronger-than-expected fiscal-second-quarter results and raised its outlook for the full year.
The Los Angeles company's shares were trading nearly 11% higher at $16.63 after finishing the regular session up 7.4%.
For the quarter ended Aug. 3, Guess earned 35 cents a share compared with 31 cents in the year-earlier quarter. Adjusted earnings were 38 cents against 36 cents.
Shares outstanding declined 13% to 71.4 million from 81.6 million.
Revenue reached $683.2 million, up 5.8% from $645.9 million.
A survey of analysts by FactSet produced a consensus estimate of adjusted earnings of 29 cents a share on revenue of $671.4 million.
The second-quarter results, a "strong inventory position" and expectations for the fall and holiday seasons prompted Guess to raise its outlook, Chief Executive Carlos Alberini said in a statement.
For fiscal 2020 Guess expects GAAP earnings of $1.18 to $1.26 a share, or an adjusted $1.28 to $1.36.
The company is expecting the year's revenue to increase 3% to 3.5% in U.S. dollars and 6% to 6.5% in constant currencies.
FactSet's survey is looking for GAAP earnings of $1.25 a share, or an adjusted $1.32.
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