USA: Guess? October Same-Store Sales Fall 11 Per Cent
Leading US clothing manufacturer and retailer Guess? Inc revealed today that sales at stores open at least a year fell 11.4 per cent in October from a year ago, amid a weak retailing environment.
The company, which produces and sells denim skirts and eyewear, reported sales for the five weeks ended November 3 of $34 million, down 4.8 per cent from $35.7m last year.
Earlier this month, Guess? said its third-quarter earnings before items slumped 51 per cent, and the company slashed its fourth-quarter estimates by more than half due to the economic slowdown. Chief executive Maurice Marciano said Guess? continued to curb expenses, but the near-term outlook is not optimistic.
Shares of the company closed down 19 cents, or 3.4 per cent, at $5.45 on Wednesday on the New York Stock Exchange.
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