Clothing and accessories maker Guess? Inc announced that it will delay its first quarter earnings release and investor conference call, previously scheduled for 4:30 p.m. (ET) today.
The company received a comment letter from the Securities and Exchange Commission dated April 27th 2006 regarding the company's report on Form 10-K for the fiscal year ended December 31st 2005.
The company is currently in the process of responding to the SEC's comments. The company and its advisors are focused principally on a comment related to Guess?' acquisition of its European jeanswear licensee in the first quarter of 2005. The comment relates to the allocation of the purchase price to intangible assets.
Guess? currently expects to file the company's Form 10-Q for the quarter ended April 1st 2006 on or before its due date of May 11th 2006. It also plans to release earnings concurrently with such filing. Once that date is finalized, Guess? will schedule an investor conference call to discuss the financial results for the period.
The company is very pleased to announce that it expects to report strong net earnings for the first quarter ended April 1st 2006, in the range of $13.5 million to $15.0 million, or diluted earnings per share of $0.30 to $0.33. This compares to net earnings of $8.2 million or diluted earnings of $0.18 per share for the first quarter of 2005.
The company noted that its retail, European and licensing business segments all posted significantly improved results for the period. It is also pleased to announce that comparable store sales for the fiscal month ended April 29th 2006 increased 22.6 percent. Guess? will issue a release with full details of April retail sales on Thursday, May 4th 2006.
Guess? Inc designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, accessories and related consumer products. It operates 316 retail stores in the United States and Canada. It also distributes its products through better department and specialty stores around the world.
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