Home / Knowledge / News / Apparel/Garments / Guess? Q1FY'14 sales down 5.2% to $548.9mn
Guess? Q1FY'14 sales down 5.2% to $548.9mn
31
May '13
Guess?, Inc. reported financial results for its first quarter ended May 4, 2013.

First Quarter Fiscal 2014 Highlights

- Asian revenues increased 10% in U.S. dollars and 8% in constant dollars
- North American Retail revenues decreased 5%; retail comp sales declined 9.8%
- European revenues decreased 13% in U.S. dollars and 12% in local currency
- Adjusted operating earnings decreased 65%; GAAP operating earnings decreased 71%
- Invested $22.1 million to repurchase 0.9 million of our common shares

First Quarter Fiscal 2014 Results

For the first quarter of fiscal 2014, the Company recorded adjusted net earnings of $11.7 million, a 56.1% decrease compared to net earnings of $26.6 million for the first quarter of fiscal 2013.  Adjusted diluted earnings per share decreased 53.3%, to $0.14, compared to diluted earnings per share of $0.30 for the prior-year quarter. 

The adjusted net earnings exclude restructuring charges of $2.3 million ($1.8 million net of taxes).  On a GAAP basis, first quarter fiscal 2014 net earnings were $9.9 million and diluted earnings per share totaled $0.12, including an unfavorable $0.02 after-tax impact from the restructuring charges.

Paul Marciano, Chief Executive Officer, commented, "Despite the continued global economic challenges, we are pleased to deliver better than expected first quarter earnings.  These earnings reflect the ongoing success within the Company to globally streamline and improve productivity. 

"While we are encouraged by our start to fiscal 2014, the near term outlook for consumer spending remains soft and we are planning our business accordingly.  Southern Europe continues to be our main concern going forward."

Total net revenue for the first quarter of fiscal 2014 decreased 5.2% to $548.9 million, from $579.3 million in the prior-year quarter.  In constant dollars, total net revenue decreased 5.1%.

The Company's retail stores in North America generated revenue of $238.3 million in the first quarter of fiscal 2014, a 5.4% decrease from $251.8 million in the same period a year ago. 

Comparable store sales for the first quarter of fiscal year 2014 decreased 9.8% in U.S. dollars and 9.3% in local currency compared to the same period a year ago.  The Company directly operated 511 retail stores in the United States and Canada at the end of the first quarter of fiscal 2014 versus 503 stores a year earlier.

Net revenue from the Company's Europe segment decreased 12.9% to $165.4 million in the first quarter of fiscal 2014, compared to $189.8 million in the prior-year period.  In local currency, net revenue decreased 12.4%.

Net revenue from the Company's Asia segment increased 9.7% to $71.1 million in the first quarter of fiscal 2014, from $64.8 million in the prior-year period.  In constant dollars, net revenue increased 8.0%.


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X