lowered its fourth- and first-quarter 2003 guidance, citing disappointing sell-through in stores.
The retailer now expects to see a fourth-quarter loss of 25 cents to 26 cents a share, including special charges. On a pro forma basis, the company expects to post a profit of a penny to 2 cents for the quarter, down from 39 cents a share in the year-ago quarter. According to Thomson Financial/First Call, analysts had been expecting 3 cents a share for the quarter.
Nautica also lowered its first-quarter 2003 forecast, saying it now expects to post a loss of 8 cents to 9 cents a share, including special charges. On a pro forma basis, the company expects to lose 2 cents to 3 cents a share. Analysts had been expecting a profit of 3 cents, according to First Call.
The company said in a press release that it was "disappointed" with the fourth quarter results, but it expects to see some improvement in the second half of 2003. Nautica called its first quarter guidance "conservative," but noted that sales should return to a more acceptable level in the later half of the year.
Shares of Nautica were down almost 5% to $15.18 on the news after closing at $15.93 Tuesday.