Guess first quarter beats estimates

U.S. clothing maker Guess Inc reported a quarterly profit that beat market expectations, helped by fewer discounts at its North American retail business and higher sales in Asia, sending its shares up about 6 percent in after-market trade.

Photo: Guess

First-quarter profit fell to $26.6 million, or 30 cents per share, from $42.7 million, or 46 cents per share, last year.

Sales at the company, which designs, markets, distributes and licenses apparel and accessories, fell about 2 percent to $579.3 million.

Analysts on average were expecting earnings of 26 cents per share, on revenue of $569.8 million, according to Thomson Reuters I/B/E/S.

For the second quarter, the company expects to earn 48 cents per share to 52 cents per share, on revenue of $625.0 million to $635.0 million.

Analysts were expecting earnings of 62 cents per share on revenue of $667.4 million.

Shares of the company rose to $25.71 in extended trading. They closed at $24.44 on Tuesday on the New York Stock Exchange.