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Guess? Inc delivers record revenues
25 Aug '11
5 min read
Net revenue from the Company's Europe segment increased 29.9% to $288.8 million in the second quarter of fiscal 2012, compared to $222.3 million in the prior-year period. In local currency, net revenue increased 14.1%.
Net revenue from the Company's Asia segment increased 31.1% to $55.3 million in the second quarter of fiscal 2012, from $42.2 million in the prior-year period. In constant dollars, net revenue increased 21.6%.
Net revenue from the Company's North American Wholesale segment decreased 0.9% to $43.9 million in the second quarter of fiscal 2012, from $44.3 million in the prior-year period.
Licensing segment net revenue increased 5.9% to $28.1 million in the second quarter of fiscal 2012, from $26.6 million in the prior-year period.
Excluding the settlement charge, adjusted operating earnings for the second quarter of fiscal 2012 increased 17.3% to $113.0 million (including a $9.1 million favorable currency translation impact) from $96.3 million in the prior-year period. Adjusted operating margin in the second quarter was flat at 16.7% compared to the prior-year quarter. Overall product margins were higher, given lower markdowns in North American Retail and the favorable impact of retail mix and currencies in Europe. This was offset by higher relative occupancy, distribution and selling expenses. GAAP operating earnings, which includes the settlement charge, declined 2.9% to $93.5 million (including a $7.0 million favorable currency translation impact) and GAAP operating margin declined 290 basis points to 13.8%.
Other net income, which primarily includes net unrealized mark-to-market gains on foreign currency contracts and balances, partially offset by net unrealized losses on non-operating assets, was $2.7 million for the second quarter of fiscal 2012, compared to other net expense of $0.3 million in the prior-year's quarter.
The Company's reported effective tax rate increased to 35.8% in the second quarter of fiscal 2012, from 30.1% for the second quarter of the prior year. The increase mainly reflects the impact of the settlement charge which increased the effective tax rate by 440 basis points.
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Net revenue from the Company's Asia segment increased 31.1% to $55.3 million in the second quarter of fiscal 2012, from $42.2 million in the prior-year period. In constant dollars, net revenue increased 21.6%.
Net revenue from the Company's North American Wholesale segment decreased 0.9% to $43.9 million in the second quarter of fiscal 2012, from $44.3 million in the prior-year period.
Licensing segment net revenue increased 5.9% to $28.1 million in the second quarter of fiscal 2012, from $26.6 million in the prior-year period.
Excluding the settlement charge, adjusted operating earnings for the second quarter of fiscal 2012 increased 17.3% to $113.0 million (including a $9.1 million favorable currency translation impact) from $96.3 million in the prior-year period. Adjusted operating margin in the second quarter was flat at 16.7% compared to the prior-year quarter. Overall product margins were higher, given lower markdowns in North American Retail and the favorable impact of retail mix and currencies in Europe. This was offset by higher relative occupancy, distribution and selling expenses. GAAP operating earnings, which includes the settlement charge, declined 2.9% to $93.5 million (including a $7.0 million favorable currency translation impact) and GAAP operating margin declined 290 basis points to 13.8%.
Other net income, which primarily includes net unrealized mark-to-market gains on foreign currency contracts and balances, partially offset by net unrealized losses on non-operating assets, was $2.7 million for the second quarter of fiscal 2012, compared to other net expense of $0.3 million in the prior-year's quarter.
The Company's reported effective tax rate increased to 35.8% in the second quarter of fiscal 2012, from 30.1% for the second quarter of the prior year. The increase mainly reflects the impact of the settlement charge which increased the effective tax rate by 440 basis points.
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Guess?, Inc
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