Guess Inc. posted gains in profit and sales that beat Wall Street’s estimates, and it gave a strong outlook for the upcoming fiscal year.

For the quarter ended May 3, Guess posted net income of $47.8 million (51 cents per share), a 35 percent increase from $35.5 million (38 cents) in the same period a year earlier. Wall Street was expecting profit of 46 cents, according to Thomson Financial.

Sales for the Los Angeles-based company rose 29 percent to $489 million, also topping expectations of $454 million.

Sales at its North American stores rose 18 percent to $212 million on a 7 percent jump in same-store sales. Guess said it had 391 stores in the United States and Canada at the end of the quarter, up from 336 a year earlier.

In Europe, sales rose 50 percent to $179 million while sales jumped 27 percent to $75.1 million in Asia. Revenue from licensing rose 16 percent to $23.5 million while earnings also received a boost from a mix of favorable currency exchange rates.

“The strength of our brand was evident across all of our businesses, with each of our segments delivering double-digit revenue growth and all contributing to our earnings increase,” Chief Executive Paul Marciano said in a statement.

Guess also said it expects profit in 2009 of $2.40 to $2.48 per share, up from prior guidance of $2.35 to $2.45 per share and in line with Wall Street’s predictions of $2.44.

Shares in Guess closed down 2.6 percent to $37.87 Tuesday but rebounded to $41 in after-hours trading.