Guess? (GES) Keeps the Market Guessing?

Like the Lakers’ buzzer beater win to take the lead on Phoenix in this year 2010 NBA Playoffs, the markets continue to surprise investors and traders throughout the month of May.

Similarly to the last second turnarounds from loser to winner of a crucial NBA Playoff game, Guess? Inc. (NYSE: GES) issued their earnings report yesterday with just as mixed a signal as the pre-market futures this morning.

The fashionable apparel retailer delivered profit of $50.3 million, or $.54 cents per share, compared with earnings of $32.5 million, or $.35 cents a share, in the same period a year ago.

Revenue rose 22% to $539.3 million, up from 2009’s first-quarter sales of $441.20 million.

The Cheat Sheet: Guess? reported 1st quarter earnings that beat consensus analyst estimates, however forecast 2nd quarter guidance missed consensus analyst expectations. Guess? reduced its full-year earnings per share estimate to a range of $2.80 to $2.85 per share, down from a previous forecast of between $2.87 and $2.95 per share. The stock is trading flat-to-up this morning, yet another sign of the mixed confidence in the retail recovery.

Disclosure: No positions in the companies mentioned.

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