No Need to Guess? (GES), Q1 Results Easily Beat Views
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Guess? (NYSE: GES) is ripping after-hours Wednesday following solid first-quarter performance from the Los Angeles, CA-based clothier.
Revenue increased across all segments for GES. The strongest revenue increase came from Asia, with a 24 percent jump, while North American retail revs edged up 5 percent. Total revenue increased 9.8 percent to $592.24 million, besting sales of $567.72 million expected by the Street.
Net income dropped 15 percent to $42.68 million, or 46 cents per diluted share. Adjusting for certain items, EPS was a more robust 55 cents, beating views calling for 44 cents.
GES store count increased 11.8 percent to 484, while total square footage jumped 9.5 percent, to 2.192 million (equivalent to 79 percent of the Empire State Building).
"We continued to expand the global presence of the Guess? brand, with each of our segments growing in the quarter. Europe and Asia continued to drive that expansion, individually delivering double digit revenue increases, which combined to represent almost two-thirds of the Company's top line growth," CEO Paul Marciano commented. "Our entire industry is experiencing rising commodity and input costs and there remains uncertainty in many economies around the world. Our strong management team is working on multiple initiatives to mitigate those challenges and remains focused on the fundamentals: steady growth in existing markets, expansion and the opening of new markets, infrastructure development to support our global expansion opportunities, along with solid inventory and cost control."
Looking ahead, GES sees second-quarter revs of $645 to $660 million and EPS in the range of 77 cents to 83 cents. The Street is currently looking for revs of $650.5 million and EPS of 79 cents.
For fiscal year 2012, GES sees revs of $2.74 to $2.80 billion and EPS of $3.30 to $3.50, versus consensus revs of $2.76 billion and EPS of $3.40.
GES is up over 11 percent in post-market trade Wednesday evening.
Revenue increased across all segments for GES. The strongest revenue increase came from Asia, with a 24 percent jump, while North American retail revs edged up 5 percent. Total revenue increased 9.8 percent to $592.24 million, besting sales of $567.72 million expected by the Street.
Net income dropped 15 percent to $42.68 million, or 46 cents per diluted share. Adjusting for certain items, EPS was a more robust 55 cents, beating views calling for 44 cents.
GES store count increased 11.8 percent to 484, while total square footage jumped 9.5 percent, to 2.192 million (equivalent to 79 percent of the Empire State Building).
"We continued to expand the global presence of the Guess? brand, with each of our segments growing in the quarter. Europe and Asia continued to drive that expansion, individually delivering double digit revenue increases, which combined to represent almost two-thirds of the Company's top line growth," CEO Paul Marciano commented. "Our entire industry is experiencing rising commodity and input costs and there remains uncertainty in many economies around the world. Our strong management team is working on multiple initiatives to mitigate those challenges and remains focused on the fundamentals: steady growth in existing markets, expansion and the opening of new markets, infrastructure development to support our global expansion opportunities, along with solid inventory and cost control."
Looking ahead, GES sees second-quarter revs of $645 to $660 million and EPS in the range of 77 cents to 83 cents. The Street is currently looking for revs of $650.5 million and EPS of 79 cents.
For fiscal year 2012, GES sees revs of $2.74 to $2.80 billion and EPS of $3.30 to $3.50, versus consensus revs of $2.76 billion and EPS of $3.40.
GES is up over 11 percent in post-market trade Wednesday evening.
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