Guess?, Inc. (NYSE:GES) reported upbeat earnings for its third quarter, while sales missed estimates.
The Los Angeles-based apparel maker revealed GAAP net earnings of $12.4 million, a 192.4% increase compared to GAAP net loss of $13.4 million for the third quarter of fiscal 2019. GAAP diluted earnings per share increased 205.9% to $0.18 for the third quarter of fiscal 2020, compared to GAAP diluted loss per share of $0.17 for the prior-year quarter.
The Company estimates that the convert transaction offset by the share buybacks had a net negative impact of $0.01 on diluted earnings per share and currency had a positive impact of $0.04 on diluted earnings per share in the third quarter of fiscal 2020.
For the third quarter of fiscal 2020, GES recorded adjusted net earnings of $14.9 million, a 41.2% increase compared to $10.6 million for the third quarter of fiscal 2019. Adjusted diluted earnings per share
increased 69.2% to $0.22, compared to $0.13 for the prior-year quarter.
Said CEO Carlos Alberini, "I am very pleased to report that we delivered operating earnings and earnings per share above the high-end of our expectations for the period.
"Overall, the strength of our businesses in Europe, Americas Wholesale and Licensing, combined with a disciplined and effective approach to manage our costs, enabled us to more than offset softness in our Americas Retail and Asia businesses in the quarter.
GES shares fell 87 cents, or 4.6%, to $18.21
