NEW YORK (TheStreet) -- Shares of Guess Inc (GES) were higher by 0.66% to $27.51 on heavy volume in early market trading Wednesday, after the fashion apparel company released its first quarter earnings results after the market closed yesterday.
The company reported better than expected first quarter earnings, but revenue trailed estimates.
For the first quarter, Guess earned 4 cents per share on revenue of $479 million.
Analysts polled by Thomson Reuters expected the company to post a loss of 5 cents per share on revenue of $483.8 million.
Guess noted that the company got a boost from an improvement in gross margin and operating margin during the quarter.
For the current quarter, Guess guided for earnings of between 12 cents to 16 cents per share, along with a decline in sales of between 13% and 11%.
Analysts are expecting earnings of 18 cents per share and sales to fall by 8.4% for the second quarter.
The company raised its full year guidance. It guided for full year earning of between 86 cents to $1.02 per share from its previous range of between 75 cents to 95 cents per share. It expects a decline in sales of between 8.5% and 6.5%.
Analysts expect earnings of 87 cents per share and a drop in sales of 7% for the year.
In addition, the company announced a quarterly cash dividend of 22.5 cents per share.
About 1.44 million shares have exchanged hands as of 10:41 a.m. ET today, compared to its average trading volume of about 1.18 million shares a day.