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Guess? earnings fall 56% in Q1

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Los Angeles -- Guess? reported Thursday that adjusted net earnings for the quarter ended May 4 plummeted 56.1% to $11.7 million, from $26.6 million in the year-ago period.

According to CEO Paul Marciano, the results were better than the company had expected.

"Despite the continued global economic challenges … these earnings reflect the ongoing success within the company to globally streamline and improve productivity,” he said.

Total net revenue for the first quarter dipped 5.2% to $548.9 million, from $579.3 million in the prior-year quarter. North American retail stores saw revenue dip 5.4% to $238.3 million; same-store sales fell 9.8%.