By  on May 23, 2012

Guess Inc. managed to beat Wall Street’s first-quarter estimates despite earnings and sales that were depleted by steep drops in its European business.

Net income dropped 37.6 percent to $26.6 million, or 30 cents a diluted share, from $42.7 million, or 46 cents, in the 2011 period. Revenues receded 2.2 percent to $579.3 million from $592.2 million in last year’s quarter, while gross margin backtracked to 40.6 percent of sales from 41.9 percent a year ago.

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