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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. -
Target falters as discounters report a mixed bag in November
New York -- Discounters, which are expected to fare well this holiday season, showed mixed results in November. TJX Cos. reported Thursday that November same-store sales climbed 3%, missing Wall Street’s expected 3.6% rise but beating the retailer’s internal expectations.
Target Corp. saw same-store sales fall in November, hurt by weak sales during the first two weeks. Comps dipped 1%, while Wall Street expected a 2.1% gain. Revenue for the month was essentially flat.