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Guess Q1 profit down 15%, narrows view
Los Angeles — Guess Inc. beat first-quarter revenue expectations, even though it also reported a 15% decline in net income. The company said net income fell to $42.7 million in the quarter ended April 30, compared with $50.3 million in the year-ago period.
Total revenue increased 9.8% to $592.2 million, beating analysts' predictions of $567.7 million. Strength in Asia, where revenue rose 24%, drove the increase. Revenue in Europe also helped, rising 12%. Revenue in North America was the weakest, up 5%.
Same-store sales fell 3.1% in U.S. dollars.
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Report: India closer to allowing foreign retail investment
New Delhi, India — A Thursday report by Bloomberg said that India will announce new rules for foreign investment in retail by April 2012, which will pave the way for Wal-Mart Stores and Carrefour SA to open stores in the country.
“We are much further down the process than people think,” said Junior Trade Minister Jyotiraditya Scindia in an interview with Bloomberg. “I think it is a huge opportunity” for India.