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June 3 (Reuters) - Clothing and accessories retailer Guess Inc (GES.N) posted a better-than-expected first-quarter profit as strong sales growth in Europe and Asia helped it tackle sluggish U.S. retail trends, and raised its outlook for the year, sending its shares up almost 8 percent.
The company, whose products include apparel, handbags, watches and shoes, reported net income of $47.8 million, or 51 cents a share, compared with $35.5 million, or 38 cents a share, a year earlier. Net sales for the company, whose rivals include Abercrombie & Fitch (ANF.N) and Limited Brands Inc LTD.N, rose 29.4 percent to $489.2 million. The retailer said two-thirds of its revenue growth was generated by its European and Asian businesses.
Analysts on average expected earnings of 46 cents a share, before special items, on revenue of $453.9 million, according to Reuters Estimates.
Sales at stores open at least a year rose 7 percent for the period ended May 3 at the company, whose brands include Guess, Marciano and G by Guess. The company expects earnings of $2.40 a share to $2.48 a share on revenue of $2.03 billion to $2.08 billion for the financial year ending Jan. 31, 2009.
Guess had in March forecast earnings of $2.35 to $2.45 a share and revenue of $1.97 billion to $2.05 billion.
For the second quarter, the company expects earnings of 47 cents a share to 49 cents a share on revenue of $445 million to $465 million. The Los Angeles-based company's shares were trading at $40.75 after the bell. They had closed down 2.6 percent at $37.87 Tuesday on the New York Stock Exchange. (Reporting by Anne Pallivathuckal in Bangalore; Editing by Pratish Narayanan)