Guess posts 72% jump in profit

Clothing retailer Guess Inc. said its fiscal first-quarter profit soared 72% on a jump in sales at its European and wholesale divisions.

For the quarter ended May 5, net income grew to $35.5 million, or 38 cents a share, from $20.7 million, or 23 cents, in the year-earlier quarter. Revenue jumped 42% to $378 million. The apparel maker increased its forecast, saying it expected to earn $1.75 to $1.80 a share this year.

The Los Angeles-based company also reported financial results for a transition period caused by a decision to change its fiscal year. For the five weeks ended Feb. 3, Guess said it earned $8 million, or 9 cents a share. The company said its revenue was $136 million.