The fashion retailer reported net earnings of $12.0 million for the first quarter on Thursday, a figure representing solid progress compared to the Q1 losses posted by the company in the last two years.
The Los Angeles-based fashion retailer announced a 41.7% drop in its second-quarter net revenue on Wednesday, as the Covid-19 pandemic continued to have a significant negative impact on its operations.
The LA-based fashion retailer announced a 51.5% decrease in net revenue for the first quarter on Wednesday and predicted a “similar” decline for Q2, sending shares in the company down almost 12% in premarket trading.
Guess is the latest American fashion retailer to announce that it is furloughing a significant part of its store and head office employees, as the Covid-19 crisis forces its stores to stay closed indefinitely.
The fashion retailer announced fourth-quarter earnings of $79.6 million, or $1.18 per diluted share, on Wednesday, beating analysts’ expectations and sending shares in the company up more than 25% in extended trading.