Home / Knowledge / News / Apparel/Garments / Guess? Q3 FY'14 net earnings slip 3.4%
Guess? Q3 FY'14 net earnings slip 3.4%
05
Dec '13
Guess?, Inc. Reports Third Quarter Results for fiscal year ending November 3, 2013.
 
Third Quarter Results
For the third quarter of fiscal 2014, the Company recorded adjusted net earnings of $35.4 million, a 3.4% decrease compared to net earnings of $36.6 million for the third quarter of fiscal 2013. Adjusted diluted earnings per share decreased 2.3%, to $0.42, compared to diluted earnings per share of $0.43 for the prior-year quarter.  
 
The adjusted net earnings exclude restructuring charges of $1.9 million ($1.4 million net of taxes).  On a GAAP basis, third quarter fiscal 2014 net earnings were $34.0 million and diluted earnings per share totaled $0.40, including an unfavorable $0.02 after-tax impact from the restructuring charges.
 
Total net revenue for the third quarter of fiscal 2014 decreased 2.4% to $613.5 million, from $628.8 million in the prior-year quarter.  In constant currency, total net revenue decreased 4.1%.
 
The Company's retail stores in North America generated revenue of $253.8 million in the third quarter of fiscal 2014, a 3.1% decrease from $262.1 million in the same period a year ago.  Comparable store sales for the third quarter of fiscal year 2014 decreased 5.0% in U.S. dollars and 4.0% in constant currency compared to the same period a year ago.  
 
Adjusted operating earnings for the third quarter of fiscal 2014 decreased 14.2% to $49.8 million (including a $0.7 million favorable currency translation impact) from operating earnings of $58.1 million in the prior-year period.  Adjusted operating margin in the third quarter decreased 110 basis points to 8.1%, compared to operating margin of 9.2% in the prior-year quarter.  
 
The lower operating margin primarily reflects the impact of more markdowns and the impact of negative same store sales on the Company's fixed asset structure in North America as well as lower wholesale shipments in Europe.  
 
These decreases were partially offset by lower selling and merchandising expenses in Europe resulting from productivity improvements and lower advertising and marketing expenditures.  On a GAAP basis, operating earnings decreased 17.5% and operating margin decreased 140 basis points.
 
Other net income, which primarily includes net unrealized and realized gains on non-operating assets, was $3.6 million for the third quarter of fiscal 2014, compared to other net expense of $0.2 million in the prior-year quarter.
 
The Company's third quarter fiscal 2014 effective tax rate decreased to 33.0%, compared to 34.8% for the third quarter of the prior year.
 
 


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Top executives
Textile industry

It will take some time for the people to change their buying choices

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Carolin Russ

Weko, Weitmann &amp; Konrad GmbH &amp; Co KG, based in south Germany, is...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Silvia Venturini Fendi
Fendi s.r.l

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search