Shares of Guess? (NYSE: GES) slid in morning trading on Wednesday after the clothing brand and retailer’s outlook for Q1 and FY24 left investors disappointed. The company expects net revenues in the first quarter to decline in the range of 7% to 6% year-over-year with adjusted loss anticipated to be between $0.31 and $0.25 per share. This was well below analysts’ expectations of Q1 earnings of $0.52 per share.
For FY24, Guess has forecasted revenues to climb in the range of 1% to 3% while adjusted earnings to range between $2.45 and $2.80 per share. This forecast again missed consensus estimates of revenue growth of 3.9% and earnings of $3.41 per share.
In the fourth quarter, the company reported adjusted earnings of $1.74 per share on revenue of $818 million. Analysts were expecting earnings of $1.30 per share on revenue of $772 million. The company’s revenues grew 8% year-over-year in Q4 on a constant currency basis.
In the past year, GES stock has increased by more than 20%.