Guess? Beats, Boosts Guidance

The apparel maker's shares jump in late trading.
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Guess?

(GES) - Get Report

topped Wall Street's first-quarter earnings estimate and boosted its full-year targets, sending shares climbing in late trading Tuesday.

The Los Angeles-based apparel maker posted first-quarter earnings of $35.5 million, or 38 cents a share, up from $20.7 million, or 23 cents a share, a year ago. Revenue jumped 42% to $378 million.

Analysts polled by Thomson Financial expected earnings of 28 cents a share on revenue of $331 million.

Shares recently were up $2.78, or 5.9%, to $50.20 in after-hours trading.

"All of our businesses generated double digit revenue growth, led by strong execution in our international operations," CEO Paul Marciano said in a statement. "In Europe, the addition of Focus Europe, our contemporary line, and the growth of our existing businesses drove a 77% sales increase in the segment.

"Strong sales performance in South Korea drove Asian revenues higher and led to a 77% increase in our wholesale segment revenues," he added.

U.S. retail revenue rose 19% to $179.5 million. Same-store sales, or sales at stores open at least a year, climbed 13.6%.

Looking ahead, Guess? predicted second-quarter earnings of 31 cents to 33 cents a share, above Wall Street's forecast of 27 cents. The company sees revenue of $335 million to $345 million, compared with analysts' target of $306 million.

For the full year, the company now anticipates earnings of $1.75 to $1.80 a share, compared with its earlier guidance of $1.65 to $1.70. Guess? projects revenue of $1.51 billion to $1.56 billion.

Wall Street is looking for fiscal-year earnings of $1.71 on revenue of $1.48 billion.