Guess Inc reported a net revenue of $664.5 million for the second quarter ended July 29, up 3 per cent compared to the same prior-year quarter.

The increase was driven by growth in the Europe, Asia, and Licensing segments, while revenues for both Americas Retail and Americas Wholesale dropped 8 per cent and 13 per cent, respectively.

GAAP earnings from operations for the second quarter of fiscal 2024 grew 21 per cent to $64.6 million, while operating margin was up 1.4 per cent to 9.7 per cent, driven by higher initial markups and the favourable impact of business mix.

The company recorded GAAP net earnings of $39.0 million, a 63 per cent year over year, with diluted net earnings per share of $0.59, up 69 per cent.

“Most of our businesses delivered better than expected operating results, driven by solid revenue performance, strong gross margin results and effective cost management, which contributed to an operating profit of $65 million and a 9.7 per cent operating margin for the period, well ahead of our expectations,” said Carlos Alberini, CEO at Guess.

The company raised its full-year guidance, expecting consolidated net revenue to grow 2.5 to 4 per cent with GAAP operating margin in the range of 8.9 to 9.3 per cent.

As of July 29, Guess directly operated 1023 retail stores in the Americas, Europe and Asia, while its partners and distributors operated 546 additional retail stores worldwide.