American clothing brand, Guess, has reported a strong third quarter, with net income rising by 30.8% year-on-year to $32.5 million. The company’s total revenue increased by 12.8% to $813.7 million, driven by strong sales in Europe, the Middle East, and its online business. However, sales in the Americas and Asia fell by 9.3% and 5.3%, respectively..
Guess’s net income for the third quarter ended October 30 was $32.5 million, or $0.85 per share, compared to $24.8 million, or $0.65 per share, in the prior-year period. The company’s total revenue increased by 12.8% to $813.7 million, from $721.7 million in the third quarter of 2021..
Comparable sales increased by 1.7%, with growth in Europe and the Middle East offsetting declines in the Americas and Asia. Online sales increased by 21.9% to $102.8 million..
Guess’s strong performance in Europe was driven by growth in key markets such as the United Kingdom, Germany, and France. The company also saw solid growth in the Middle East, with sales increasing by 15.7%..
However, Guess’s sales in the Americas fell by 9.3% to $390.7 million. The company attributed this decline to a number of factors, including macroeconomic headwinds, supply chain disruptions, and a shift in consumer spending towards travel and experiences. Sales in Asia also fell, declining by 5.3% to $109.4 million..
Despite the challenges in the Americas and Asia, Guess remains optimistic about its future prospects. The company is investing in new initiatives to drive growth, such as expanding its online business, launching new product lines, and opening new stores in key markets..
Guess CEO Carlos Alberini said, ‘We are pleased with our overall performance in the third quarter, as we delivered strong growth in Europe, the Middle East, and our online business. While we continue to face challenges in the Americas and Asia, we are confident that we can navigate these headwinds and emerge stronger in the long term.’.
