BRIEFCASE GUESS? EARNINGS NOT AS EXPECTED.Byline: - Staff and Wire Services Los Angeles-based apparel maker Guess? Inc. reported September retail sales below expectations on Wednesday. Retail sales for the four weeks ended Sept. 28 totaled $26.5 million, vs. $26.4 million for the comparable period a year ago. Comparable store sales for the company's full-priced retail stores decreased 1.9 percent, and comparable store sales at the factory outlet stores decreased 10 percent. Total retail sales were $94.9 million for the third quarter, compared with $95.5 million a year ago, and comparable store sales decreased 5.4 percent. The company now anticipates that diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of will be in the range of 6 to 8 cents for the third quarter, including a favorable settlement related to the resolution of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Guess? will report its third quarter financial results and provide updated earnings guidance for the fourth quarter during the week of Oct. 28. Firm announces stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. - Kennedy Wilson Inc. announced Wednesday a stock buyback program of up to 500,000 shares, or about 5 percent, of the company's common stock. Founded in 1977, Kennedy Wilson is an international real estate investment fund management and real estate services firm headquartered in Beverly Hills, with 20 offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Japan. AMD's sales fall $100 million short SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. - Chip-maker Advanced Micro Devices Inc. on Wednesday warned its third-quarter sales will fall about $100 million short of expectations. AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. now expects revenues for the period ending Sept. 29 to be about $500 million. In July, it had estimated revenues to improve slightly over the $600 million reported in the second quarter. Analysts were expecting the Sunnyvale, Calif.-based company to lose 49 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on sales of $614.1 million, according to a survey by Thomson First Call. Shares of AMD lost 79 cents, or nearly 15 percent, in extended-session trading. Palm reverse split is OK'd by board SAN JOSE - Palm Inc.'s board of directors approved a 1-for-20 reverse stock split that will boost the handheld computer maker's sagging stock price. Under the plan, which was authorized Tuesday at Palm's annual meeting, every 20 shares of common stock will be combined into one share. Trading on the reverse-split stock will start Oct. 15. Palm, whose stock price has plummeted from $100 per share at its March 2000 initial public offering to 65 cents on Wednesday, has suffered from product rollout glitches, weak demand and stiff competition from Microsoft Corp. |
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