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Guess? Q1 profit leaps on higher sales

12
May '06
Contemporary apparel maker Guess? Inc has reported strong financial results for the first quarter ended April 1st 2006.

For the first quarter of 2006, the company reported net earnings of $15.4 million compared to net earnings of $8.2 million for the first quarter of 2005.

Paul Marciano, Co-Chairman and Co-CEO, said, "Our performance in the period exceeded our expectations and was driven by earnings growth in all of our business segments. Our retail business' strong comp performance contributed to significant profit growth in the period. This momentum accelerated in April with a comp sales increase of 22.6 percent."

"Our European business delivered earnings growth in excess of 30 percent for the quarter. Our licensing business also posted strong earnings growth of over 30 percent, driven by the success of sales of accessories worldwide, including incremental business in Europe. During the quarter, we managed the business efficiently with solid margins and effective expense control, which contributed to a significant operating margin expansion," Paul added.

Paul Marciano continued, "We are pleased that our revenues and earnings continue to become more diversified geographically as we execute our strategy to build the Guess? brand in North America, Europe and around the world. We believe that we are well positioned for profitable, consistent growth and we remain confident about our future prospects."

Total net revenue for the first quarter of 2006 increased 20.1 percent to $259.0 million from $215.6 million in the first quarter of 2005. The company's retail stores in the US and Canada generated revenues of $139.0 million in the 2006 first quarter, a 19.3 percent increase from $116.5 million reported in the same period a year ago. Comparable store sales increased 13.9 percent during the first quarter of 2006 from the year-ago period.


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