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Guess? Q1 net earnings gain 71.9%

Jun '07
Guess? Inc reported financial results for the first quarter of its 2008 fiscal year, which ended May 5, 2007.

First Quarter 2008 Results :
For the first quarter of fiscal 2008, the Company reported record net earnings of $35.5 million, an increase of 71.9% compared to net earnings of $20.7 million for the recast quarter ended April 29, 2006. Diluted earnings per share increased 65% to $0.38 per share in the current quarter versus $0.23 per share in the prior year quarter.

Paul Marciano, Chief Executive Officer, commented, "The strength of our brand and the solid execution of our global strategy have driven these record results, which represented our 15th consecutive quarter of earnings growth. I am extremely pleased with our team's outstanding performance. All of our businesses generated double digit revenue growth, led by strong execution in our international operations."

"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."

Mr. Marciano continued, "Our North American retail business performed extremely well, posting its 17th consecutive quarter of same store sales growth. And the strength of our accessory lines drove licensing revenue growth of 42%. It is important to note that our footwear licensee'sbusiness has been expanding rapidly."

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