Reuters: Global Markets: Guess forecasts strong sales this quarter; shares rise

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Guess forecasts strong sales this quarter; shares rise May 30th 2013, 20:58 Thu May 30, 2013 4:58pm EDT (Reuters) - Apparel retailer Guess Inc (GES.N) reported a higher-than-expected quarterly profit and forecast second-quarter sales above Wall Street's estimates. Guess shares rose 8 percent in trading after the bell. The retailer said it expected second-quarter earnings of 34 to 38 cents per share on revenue of $620 million to $635 million. Wall Street analysts were expecting earnings of 36 cents per share on revenue of $618.4 million. It said Southern Europe continued to be its main cause for concern going forward. First-quarter net income fell to $9.9 million, or 12 cents per share in the period ended May 4, from $26.6 million, or 30 cents per share, a year earlier. Excluding restructuring charges, the company earned 14 cents per share. Analysts had expected earnings of 8 cents per share. Sales in Europe, which contributes about a third to the total revenue, fell 13 percent in the first quarter, hurt by weak economic conditions. North American retail revenue fell 5 percent. Sales in Asia, however, offset some of the slowdown and rose 10 percent to $71.1 million. Overall sales fell 5 percent to $549 million, but were in line with Wall Street's expectations. Guess shares closed at $29.35 on the New York Stock Exchange on Thursday. (Reporting by Siddharth Cavale in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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