Guess Inc. profit plummets 44.7% in Q3
Los Angeles -- Guess Inc. reported Wednesday a profit of $36.6 million for the third quarter, down 44.7% from net earnings of $66.3 million in the same period last year.
Revenue fell 2.2% to $628.8 million, from $642.8 million in the prior-year quarter, but beating analysts’ expected $624.8 million in revenue. Retail sales in North America dipped 1.3% to $262.1 million. Same-store sales overall dropped 6%.
The company said economic pressures hurt consumer confidence in most of its markets.