Anticipating no COVID-19 related shutdown during the year, American retailer Guess Inc expects fiscal 2023 revenues to increase by 4 per cent. The company’s revenues increased 21 per cent to $593 million during Q1 FY’23 from $520 million in the same prior-year quarter due to a surge in licensing sales and Americas wholesale revenues.

Retail revenues from the Americas increased 7 per cent while composite sales including e-commerce, increased 3 per cent. Wholesale revenue from the American region increased 50 per cent. Revenues from Europe increased 14 per cent, while the region's retail composite sales, including e-commerce, decreased 6 per cent. Revenues from Asia increased 1 per cent while the region's retail composite sales, including e-commerce, decreased 11 per cent.

Despite the sales uptick, net earnings for the three months ending April 30 fell to $10.5 million, from $12.9 million in the quarter last year, said Guess.