Retail in Asia

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Guess 1Q profit down despite 7.9pc revenue gain in Asia

Clothing seller Guess Inc. said on Tuesday that its fiscal first-quarter profit fell nearly 38 percent as its sales shrank in Europe and sales at established US stores declined.

The company also issued guidance for the current quarter that was short of analyst expectations, and trimmed its revenue forecast for the fiscal year. But it backed its profit prediction for the year.

Revenue fell 2 percent to USD579.3 million, but topped analysts’ expectations for USD569.8m. In Asia, revenue rose 7.9 percent to USD64.8m.

(Source: CNBC)