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Guess? swings to loss in fiscal Q1

Guess? Inc. said its normalized net income for the fiscal first quarter ended May 3 came to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 7 cents per share.

The per-share result swung to a loss from the prior-year profit of 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.9 million, compared with income of $11.3 million in the prior-year period.

The normalized profit margin fell to negative 0.4% from 2.1% in the year-earlier period.

Total revenue decreased on an annual basis to $522.5 million from $548.9 million, and total operating expenses declined from the prior-year period to $524.3 million from $534.3 million.

Reported net income came to a loss of $2.5 million, or a loss of 3 cents per share, compared to income of $10.2 million, or 12 cents per share, in the prior-year period.