Bocor, of the 20 stocks on my streamer, only 1 (ILA) is green.
A clue of retail sales numbers on Friday.
Wednesday May 9, 4:36 pm Eastern Time
Guess? first-quarter earnings, sales lower
LOS ANGELES, May 9 (Reuters) - Design house and retailer Guess? Inc. (NYSE:GES - news) on
Wednesday reported a sharp drop in first-quarter earnings as lower sales and margins hurt profits,
and the company said its expects business to remain soft in 2001.
Guess? reported net earnings for the first quarter ended March 31, 2001, of $2.1 million, or 5 cents per diluted share. These results
include restructuring charges and the gain from the sale of property, the company said. In the year-earlier quarter, Guess? had net
earnings of $14.4 million, or 33 cents a diluted share.
Net revenue from overall product sales declined 10 percent to $160.5 million in the first quarter ended March 31, 2001, from $178.4
million in the 2000 first-quarter period.
Guess? also said it would reduce its 2001 stores openings to 17 from a previous plan for 25. The store reduction will cut capital
spending in 2001 to $25 million from $40 million. |
