Guess Inc. on Wednesday reported record sales that were shy of expectations. The Los Angeles-based company’s stock edged down.

Guess reported fourth quarter net income of $55.2 million (59 cents per share), up 20 percent from the same period a year earlier. Wall Street was expecting profit of 57 cents per share, according to a poll conducted by Thomson Financial.

Sales rose 29 percent to $515 million, thanks to a 30 percent hike in global sales as well as a 13 percent uptick in domestic sales, the company said. Same-store sales for the fourth quarter also increased 13 percent helping smash analysts’ predictions of $470 million in quarterly sales.

For the full year, which ended Jan. 31, Guess’ net income increased 42 percent to $187 million ($1.99 per share). Sales got a 40 percent boost to $1.75 billion.

Guess reported guidance for the first quarter of fiscal 2009, saying it anticipates profit of 44 cents to 46 cents on sales of between $445 million and $460 million. Wall Street’s current estimates have the clothing retailer earning 47 cents per share on sales of $451 million.

Guess reaffirmed its earnings guidance of $2.35 to $2.45 per share and sales of $1.97 billion to $2.05 billion for the full fiscal year 2009.

The company also said its directors authorized a repurchase initiative of up to $200 million worth of shares.

Shares in Guess closed down 4.3 percent to $34.17 in trading Wednesday on the New York Stock Exchange.