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Guess says it will focus on the highly-competitive denim category

Tonya Garcia

Guess Inc. says denim, an area where it was once a dominant force, will be a focus going forward. "Today, our denim penetration is much lower than our historic levels and I believe we can grow it back with a great product assortment, strong store presentation, and effective marketing," said Carlos Alberini, chief executive of the fashion brand, according to a FactSet transcript. Guess shares have plummeted 14% in Thursday trading after the company reported a fourth-quarter earnings miss. The denim category is filled with tough competition, including American Eagle Outfitters Inc. and Levi Strauss & Co. , which went public on Thursday. Guess shares have tumbled nearly 9% in 2019 while the S&P 500 index has rallied 13.4% for the period.