Apparel Retailers Report Strong First Quarter

Guess? Inc.’s (Los Angeles) first quarter revenue grew 22 percent to a record of $539 million. The apparel retailer says all business segments delivered double-digit revenue and operating earnings growth, with European revenues increasing 28 percent; North American 14 percent; and Asian revenues up 50 percent. North American same-store sales grew 9.7 percent.

New York-based J. Crew Group Inc. says is first quarter revenue rose 20 percent to $413.9 million and comparable store sales grew 20 percent.

Upscale jewelry retailer Tiffany & Co. says its sales climbed 22 percent to $633.6 million. Excluding currency effects, same-store sales rose 10 percent. In the Americas, sales were up 22 percent, with comp sales up 15 percent. Its European and Asia-Pacific regions also reported sales growths.

Warehouse retailer Costco Wholesale Corp.’s first-quarter results were positive, too, with profits rising 46 percent as sales grew 12 percent. Same-store sales grew 10 percent.

Struggles continued in the first quarter for Borders Group Inc. (Ann Arbor, Mich.), which reported total consolidated sales were down 15.4 percent to $542.4 million while same-store sales in the domestic segment dropped 11.4 percent.  “Our top line remained challenged during the first quarter, yet we were able to soften the impact on our bottom line through continued cost controls,” says Borders Group interim president and ceo Mike Edwards. “The $25.0 million equity investment by Bennett S. LeBow – coupled with our recently announced debt financing – strengthens our balance sheet and enables us to continue to aggressively execute a number of key financial and strategic initiatives that will transform the Borders brand.”