Guess Inc. said Tuesday its fiscal fourth-quarter net income fell 13 percent largely due to the slowing economy. Even so, the results were better than analysts expected.

After the markets closed, the Los Angeles retail chain reported net income of $47.9 million (52 cents a share) for the quarter ended Feb.2, compared with $55.2 million (59 cents) a year ago.

Sales rose 9 percent to $561 million, but same-store sales were down 6.5 percent. In response to the economy, the company said it reduced inventories and slowed new store development during the quarter.

Excluding a $22.3 million non-cash asset impairment charge related to its stores in North America and Asia, the company’s profit was 67 cents per share. Analysts surveyed by Thomson Reuters had expected on average an adjusted profit of 51 cents per share on revenue of nearly $529 million.

“Our performance was solid during the (quarter), especially considering the unprecedented global economic crisis and significant currency headwinds we encountered,” said Chief Executive Officer Paul Marciano in a statement. “We took quick and decisive actions to streamline our operations.”

For the full 2008 fiscal year, net income rose nearly 15 percent to nearly $214 million ($2.28) and revenue rose 20 percent to $209 million.

Before the announcement, Guess shares closed up 49 cents, or 3 percent, to $15.65 on the New York Stock Exchange. It fell 3 percent in after-market trading.