Guess Inc, the apparel and accessories retailer, jumped nearly 7 percent on Tuesday after reporting better than expected first quarter earnings on strong Europe and Asia sales while boosting its full-year earnings outlook.
Net income for the quarter was $47.8 million, or 51 cents per share, compared $35.5 million, 38 cents shares in the year-earlier period. Revenue rose 29.4 percent to $489.2 million, with the majority of the growth coming from Europe and Asia, the company said.
The results beat Wall Street estimates of 46 cents per share on revenue of $453.6 million, according to Thomson Financial.
The raised its fiscal year outlook to between $2.40 per share and $2.48 per share. It expects revenue between $2.03 billion and $2.08 billion.
The company had previously forecast earnings between $2.35 per share and $2.45 per share. It had expected revenue of $1.97 billion to $2.05 billion.
Shares of Guess rose $2.60, or 6.87 percent to $40.47 in after-hours trading.