Jeans and apparel maker Guess  (GES) - Get Report  announced plans to slash its quarterly dividend in half amid stalling sales of its denim apparel and Guess-labeled merchandise. 

For its fiscal quarter ended May 4, Guess reported an adjusted loss of $19.6 million, or 25 cents a share, vs. an adjusted loss of $17.8 million, or 23 cents a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting a loss of 26 cents a share.

Revenue for the quarter was $536.7 million compared with $521.3 million in the prior-year quarter.

Separately, the company said it was slashing its quarterly dividend in half -- to 11.25 cents a share from 22.5 cents a share -- starting with shareholders of record as of June 19, "to redeploy capital and return incremental value to shareholders through share repurchases."

Investors responded negatively to the news, pushing the stock down 4.4% to $14.99 in early trading on the New York Stock Exchange. 

The company also lowered its forward guidance. For its fiscal second quarter, Guess said it now expects adjusted earnings of between 27 cents and 30 cents a share, well below analysts' current expectations of 38 cents.