Guess (GES) - Get Report shares leaped Thursday after the designer and retailer 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 on Thursday were trading almost 28% higher at $19.18. They'd finished Wednesday's regular session up 7.4% at $15.04 and the company reported after the closing bell.

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.

Americas comparable-store retail sales rose 2% in U.S. dollars and constant currencies.

"GES delivered one of the more impressive quarters of this earnings season, simultaneously navigating challenges that upended many of its peers -- positive North America comparable sales, gross margin [1.8 percentage points wider, and] controlled inventories -- while reiterating long-term double-digit margin targets," an Evercore analyst team led by Omar Saad said in an Aug. 28 report.

Saad rates the stock outperform with a $22 price target.

A Jefferies team led by Janine Stichter also likes the stock, rating it buy with a $24 target. "[Brand-building] initiatives are driving growth among a younger customer base" and "tariff risks are overstated," the analyst said.

Both analysts pointed to strong wholesale results at Guess.

Stichter noted that "Asia has remained weak," with comparable sales down 13% in U.S. and 8% in constant currencies. But the region represents just 15% of sales and "the financial impact from Asia softness should be relatively contained, especially as inventory becomes better aligned," she said.

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 a share.

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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