Nine-Month Period Results
Adjusted net earnings for the nine months ended November 2, 2013 were $91.4 million, a decrease of 13.9% compared to net earnings of $106.2 million for the nine months ended October 27, 2012.
Adjusted diluted earnings per share declined 11.6% to $1.07 per share in the first nine months of the 2014 fiscal year compared to diluted earnings per share of $1.21 in the comparable nine months last year. On a GAAP basis, for the first nine months of fiscal 2014, net earnings were $83.8 million and diluted earnings per share totaled $0.98, including an unfavorable $0.09 after-tax impact from the restructuring charges.
Guess?, Inc. Reports Third Quarter Results for fiscal year ending November 3, 2013.For the third quarter of fiscal 2014, the Company#
Total net revenue for the first nine months of fiscal 2014 decreased 2.3% to $1.80 billion from $1.84 billion in the prior-year period. In constant currency, total net revenue decreased 3.5%.
Adjusted operating earnings for the first nine months of fiscal 2014 decreased 15.6% to $130.4 million (including a $3.4 million favorable currency translation impact) from operating earnings of $154.6 million in the prior-year period.
Adjusted operating margin for the first nine months of fiscal 2014 declined 120 basis points to 7.2%, compared to operating margin of 8.4% in the prior-year period. The decline in operating margin primarily reflects the impact of negative same store sales on the Company's fixed asset structure, lower wholesale shipments in Europe and more markdowns in North America.
These declines were partially offset by lower selling and merchandising expenses in Europe resulting from productivity improvements and lower advertising spend. On a GAAP basis, operating earnings decreased 22.3% and operating margin declined 170 basis points.
Other net income, which primarily includes net unrealized and realized gains on non-operating assets and net realized and unrealized mark-to-market gains on foreign currency contracts and balances, was $8.9 million for the first nine months of fiscal 2014, compared to other net income of $5.8 million in the prior-year period.
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