UPDATE 1-Guess beats in quarter, outlook and shares rise

* Q1 EPS 35 cents vs Street's 29 cents

* Q1 revenue down 10 pct

* Sees Q2 EPS 42 cents - 45 cents

* Shares rise 5 pct

SAN FRANCISCO, June 4 (Reuters) - Guess Inc (GES.N) on Thursday posted quarterly net income that fell by nearly a third, but the international fashion brand beat Wall Street expectations on lower inventory and reduced spending.

The company also gave a second-quarter outlook above estimates, sending shares up over 5 percent.

The retailer and wholesaler said first-quarter net profit fell 32 percent to $32.5 million, or 35 cents per share, from $47.8 million, or 50 cents per share, a year earlier.

Analysts, on average, had been expecting earnings of 29 cents per share, according to Reuters Estimates.

Revenues fell 10 percent to $441.2 million, the company said, but on a constant currency basis revenues were flat.

The company had been expecting earnings of 26 cents to 30 cents per share on revenue of $425 million to $445 million.

Guess said it expects second-quarter earnings to range between 42 cents and 45 cents per share, above the 37 cents per share expected, on average, by Wall Street.

Shares rose 5.4 percent to $28.50 after closing at $27.04, down 3 percent, on the New York Stock Exchange.

(Reporting by Alexandria Sage; Editing by Phil Berlowitz)