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Guess shares plunge after earnings miss, disappointing guidance

Guess shares plunged in late trading after the company reported an earnings miss and disappointing fourth-quarter guidance.

The stock plunged as much as 14 percent in extended trading.

The company posted earnings per share of 11 cents on $521 million in revenue. Analysts had expected Guess to report earnings of 14 cents per share on revenue of $549 million.

For fiscal 2016, Guess said it now expects adjusted earnings per share between 42 cents and 52 cents. The company had previously forecast adjusted earnings per share between 62 cents and 75 cents.

CEO Victor Herrero said in a statement the company updated its outlook based on its third-quarter results and trends, saying Guess' previous guidance was calculated assuming better sales growth and gross margins in its Americas Retail segment.

As of its Wednesday close, Guess shares had fallen 22 percent so far this year.