Guess stock rises after retailer posts narrower quarterly loss

Shares of Guess Inc.
GES,
-0.80%
rose more than 5% in the aftermarket Wednesday after the retailer reported a narrower-than-expected adjusted fiscal first-quarter loss and sales that were above Wall Street expectations. Guess lost $11.8 million, or 22 cents a share, in the quarter, swinging from earnings of $8 million, or 12 cents a share, in the year-ago quarter. Adjusted for one-time items, Guess lost 7 cents a share. Revenue dropped 4% to $570 million. Analysts polled by FactSet expected Guess to report an adjusted loss of 28 cents a share on sales of $556 million. Guess also raised its dividend to 30 cents a share, from 22.5 cents a share. The retailer guided for a fiscal 2024 revenue increase between 2% and 4%, and adjusted EPS between $2.60 and $2.90. Guess shares ended the regular trading day down 0.8%.