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“We expect the declining value of the U.S. Dollar will remain a meaningful driver of int'l revenue growth in Q2 and through the second half of 2011,” Piper Jaffray wrote in a report this morning. “While concerns over European sovereign debt remain, we believe domestic brands can continue to gain share in European markets.
“Within our coverage, Guess? Inc.
GES and Warnaco Group Inc.
WRC have the highest exposure to Italy, but we note Italians' propensity to spend on fashion is one of the highest in Europe and should help support demand for the category. Global demand for U.S. brands remains strong as international revenue continues to generate an increasing share of industry growth and an even larger share of operating and after-tax income.”
Guess? closed Tuesday at $40.73; Warnaco closed at $52.75.
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Posted In: Analyst RatingsApparel RetailApparel, Accessories & Luxury GoodsConsumer DiscretionaryGuess?Piper Jaffraywarnaco
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