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By Sam Boughedda
Investing.com — Guess? Inc (NYSE:GES) Inc stock jumped over 12% after it reported top and bottom-line growth in Tuesday evening's third-quarter earnings report.
Guess announced earnings per share of $0.62 on revenue of $643.07 million. Analysts polled by Investing.com anticipated EPS of $0.45 on revenue of $611.3 million.
In a welcome move for investors in the American clothing brand retailer, the company said it is doubling its quarterly dividend from 11.25 cents per share to 22.5 cents.
At the time of writing, Guess shares have risen 12.39% to $23.94, initially hitting a high of $24.64 earlier in the day.
While it posted a beat for Q3, the company revealed that it sees Q4 revenue being down in the single to mid-digits compared to the previous year, due, in part, to permanent store closures. The consensus Q4 revenue expectation is $2.55 billion.