Guess Tops 1Q Profit Forecasts

LOS ANGELES, United States — Guess Inc. on Tuesday reported fiscal first-quarter profit of $3.3 million.

On a per-share basis, the Los Angeles-based company said it had net income of 4 cents.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The clothing company posted revenue of $478.8 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $489 million.

Guess expects full-year earnings to be 86 cents to $1.02 per share.

Guess shares have dropped 12 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.62, a decline of 27 percent in the last 12 months.