Guess (NYSE:GES) surged, after the apparel maker came out with second-quarter financial figures.
The Company recorded GAAP net earnings of $39.0 million, a 63% increase from $24.0 million for the same prior-year quarter. GAAP diluted net earnings per share increased 69% to $0.59 for the second quarter of fiscal 2024, compared to $0.35 for the same prior-year quarter. The Company estimates a positive impact from its share buybacks of $0.04 and a negative impact from currency of $0.05 on GAAP diluted EPS in the second quarter of fiscal 2024 when compared to the same prior-year quarter.
CEO Carlos Alberini said, “Our international businesses continued to perform strongly with robust revenue growth,” and cited strong “strong gross margin” and “effective cost management” in the quarter.
Alberini continues, “We remain committed to managing our capital efficiently and expect to generate strong cash flows this year. I believe that our highly diversified business model, the strong momentum of our global brands and our great teams represent a significant competitive advantage and position us well to grow our business and deliver strong value for our shareholders.”
The Company’s Board of Directors approved a quarterly cash dividend of $0.30 per share on the Company’s common stock. The dividend will be payable on September 22, to shareholders of record as of the close of business on September 6.
GES shares grabbed $5.21, or 28.4%, to begin Thursday trading at $23.56.
