Guess Q3 income up 7.8%, raises outlook
Los Angeles -- Guess said its fiscal third-quarter net income rose 7.8% to $69.1 million from $64.1 million a year ago, surpassing analysts forecasts. The company lifted its full-year earnings forecast.
Revenue for the quarter ended Oct. 30 rose 17% to a record $613.9 million, also topping predictions, with a strong boost from international sales.
The company's retail stores in North America generated revenue of $253.7 million in the third quarter, up 5.9% from the same period a year ago. Same-store sales increased 1.5%.
“We are very pleased with our third quarter performance, which exceeded our expectations for top-line growth, operating margin and earnings,” said Paul Marciano, CEO. “We grew all of our businesses and made significant progress on several key initiatives. We expanded our retail presence, opening 84 new stores around the world. Our international expansion continues to drive our growth, with Europe and Asia combining to contribute two-thirds of this quarter's revenue increase.”