Guess?, Inc. (NYSE:GES) found its shares soaring Wednesday, soon after the release of second-quarter financial figures.
The Los Angeles-based clothing concern reported net revenue for the second quarter of fiscal 2021 decreased 41.7% to $398.5 million, compared to $683.2 million in the same prior-year quarter. In constant currency, net revenue decreased by 41.2%.
GAAP net loss was $20.4 million, compared to GAAP net earnings of $25.3 million for the second quarter of fiscal 2020. GAAP diluted loss per share was $0.31 for the second quarter of fiscal 2021, compared to GAAP diluted earnings per share of $0.35 for the same prior-year quarter.
The Company estimates that its share buybacks had a negative impact of $0.03 on GAAP diluted loss per share and currency had a positive impact of $0.03 on diluted loss per share in the second quarter of fiscal 2021.
For the second quarter, the Company’s adjusted net loss was $0.6 million, compared to adjusted net earnings of $27.4 million for the second quarter of fiscal 2020.
Adjusted diluted loss per share was $0.01, compared to adjusted diluted earnings per share of $0.38 for the same prior-year quarter.
The Company estimates that its share buybacks had a minimal impact on adjusted diluted loss per share in the second quarter of fiscal 2021.
Said CEO Carlos Alberni, "The COVID-19 crisis continued to impact our business in the second quarter. We remained focused on managing what was in our control including reducing costs and optimizing inventory management and the use of capital."
Shares gained $1.94, or 16.1%, to $13.95.
