Guess Q4 profit up 19%
Los Angeles -- Guess said Wednesday that its fourth-quarter net income rose 19% on a boost in sales in Europe, Asia and North America.
Guess said it earned $103.3 million, compared with profit of $86.6 million, or 93 cents per share, during the same period a year prior.
Revenue rose 18% to $756.9 million from $642 million. The results beat the expectations of analysts.
Guess said its revenue in Asia rose 23% to $55.4 million and revenue in Europe rose 32.5% to $294.9 million. Revenue in the company’s retail stores in North America rose 9.4% to $338.6 million.
“Our focus on international expansion continues to pay off, with Europe and Asia contributing nearly two-thirds of our annual revenue increase,” stated Paul Marciano, CEO, Guess. “We leveraged the tremendous global momentum of the Guess brand, opening 237 new stores during the year. And we strengthened our infrastructure to support our future growth around the world."
Guess owned and operated 481 retail stores in the United States and Canada at the end of the fourth quarter, compared with 432 stores a year earlier.
Meanwhile, for the full year, the company earned $289.5 million, compared with $242.8 million in 2009. Revenue rose to $2.45 billion from $2.13 billion.
In other news, the company announced a $250 million share repurchase program. The buybacks, which Guess said it will make from time to time and as market and business conditions warrant, includes $85 million remaining in an earlier repurchase program.