March 21, 2018 / 10:20 PM / in 8 months

Guess tops revenue estimate, shares rise

FILE PHOTO: Employees wait for customers in the Guess section in the Central Universal Department Store (TsUM) in Kiev, Ukraine May 17, 2017. REUTERS/Valentyn Ogirenko/File Photo

(Reuters) - Fashion retailer Guess Inc (GES.N) reported on Wednesday quarterly revenue for the holidays season that beat analysts’ estimates on strong demand in Europe and Asia, sending its shares up nearly 12 percent in extended trade.

The company said net revenue rose to $792.2 million from $674 million, a year earlier.

Analysts had expected revenue of $755.6 million, according to Thomson Reuters I/B/E/S.

However, net income attributable to Guess fell to $1.04 million, or 1 cent per share, in the third quarter ended Feb. 3, from $6.6 million, or 8 cents per share, a year earlier.

The company’s net income was impacted by a one-time charge of $47.9 million related to the recently enacted U.S. tax law.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

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