Guess to Cut Work Force by 6%

Jeans maker Guess Inc. said it is eliminating up to 170 jobs--about 6% of its work force--in an across-the-board staff reduction to reduce payroll and related costs by $4.5 million in 1998. The Los Angeles-based company said it is also reducing administrative costs by $3.5 million. Guess Chairman Maurice Marciano said the cuts are designed to make the company more competitive and productive. Guess had net income of $22.6 million, or 53 cents, during the first six months of 1997, a decline of 13.9% compared with the same period a year ago. Analysts on average expect the apparel maker’s third-quarter net income to slip to 32 cents a share from 38 cents in the year-earlier period. Guess is expected to report its earnings next week. Guess shares rose 19 cents to close at $9.44 on the NYSE.