Guess Profit Jumps 88% on Growth Across Units
From the Associated Press
Apparel maker Guess Inc. said first-quarter profit soared 88% on growth across all of its segments, beating Wall Street expectations.
First-quarter earnings surged to $15.4 million, or 34 cents a share, from $8.2 million, or 18 cents, a year earlier. Revenue increased 20% to $259 million.
Co-Chairman and co-Chief Executive Paul Marciano said results were lifted by a same-store sales increase of 22.6% in April, coupled with European and licensing businesses’ profit growth of more than 30% each.
Analysts polled by Thomson Financial forecast earnings of 32 cents a share on sales of $253.8 million, on average.
Shares of Los Angeles-based Guess fell 72 cents to $44.38.
