Guess earnings up 12% in Q2

Los Angeles Guess reported record net earnings of $66.8 million, a 12.1% increase compared with net earnings of $59.6 million for the second quarter of fiscal 2010.

Total net revenue for the second quarter of fiscal 2011 increased 10.5% to $577.1 million, from $522.4 million in the prior-year quarter. The company's retail stores in North America generated revenue of $241.8 million in the second quarter of fiscal 2011, up 6.3% from the year-ago period. 

Same-store sales increased 1.7% in local currency and 3.5% in U.S. dollars for the second quarter.

Paul Marciano, CEO, commented, "We are pleased with our second quarter financial results, which exceeded our expectations for both top line and bottom line growth. Each one of our business segments increased revenues and we made excellent progress in our efforts to grow our international businesses.”

Guess operated 448 retail stores in the United States and Canada at the end of the second quarter of fiscal 2011 versus 431 stores a year earlier.