Guess’, Inc. (NYSE: GES) shares surged 5.86% in the pre-market session to $17.87 after the Company reported its third-quarter financial results ended October 31, 2020.

The Organization posted GAAP net earnings of $26.4 million for the third quarter of fiscal 2021, a 112.3 percent raise instead of $12.4 million for the third quarter of fiscal 2020. GAAP diluted earnings per share grew 127.8 percent to $0.41, compared to $0.18 year over year.

Guess’ reported that in the third quarter of fiscal 2021, its equity buybacks had a favorable effect of $0.03 on GAAP diluted earnings per share. That currency had a negative impact of $0.11 on diluted earnings per share.

Adjusted net earnings were $37.4 million for the third quarter of fiscal 2021, a 150.7 percent rise compared to $14.9 million years over year. Diluted adjusted earnings per share soared 163.6 percent to $0.58, compared to $0.22 for the same quarter of the previous year. The Corporation reports that in the third quarter of fiscal 2021, its equity buybacks positively affect $0.05 on adjusted diluted earnings per share.

The coronavirus disease outbreak has been and appears to have a significant impact on the Organization’s financial results. The Company managed to experience lower net sales during the third quarter of fiscal 2021 instead of the same timeframe of the previous year as it remains challenged by lower demand. By that its SG&A costs for the quarter by cost savings, the Company partly compensated for these sales decreases.

The business launched a new round of government-mandated provisional store closures at the end of the third quarter of fiscal 2021, resulting in the closing of just over 5 percent of our directly managed stores as of October 31, 2020, mainly in Europe. During the fiscal month of November, the number rose to just under 20 percent, but recent store re-openings have helped reduce the percentage of store closing to just under 10 percent as of November 29, 2020.