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Guess posts unfavorable Q4’FY14 results

March 20, 2014 (United States Of America)

Guess?, Inc. reported unaudited financial results for its fourth quarter and fiscal year ended February 1, 2014.
 
Fourth Quarter Fiscal 2014 Highlights
-North American Retail revenues decreased 6%; retail comp sales decreased 4%
-European revenues decreased 4% in U.S. dollars and 8% in local currency
-Asian revenues decreased 1% in U.S. dollars and 3% in constant currency
-Adjusted operating earnings decreased 13%; GAAP operating earnings decreased 15%
 
Fiscal Year 2014 Highlights
-Global revenues decreased 3% at $2.6 billion in U.S. dollars; decreased 4% in constant currency
-Adjusted operating earnings decreased 14%; GAAP operating earnings decreased 19%
-Invested $22.1 million to repurchase 0.9 million shares
 
Fourth Quarter Fiscal 2014 Results
For the fourth quarter of fiscal 2014, the Company recorded adjusted net earnings of $71.1 million, a 12.6% decrease compared to adjusted net earnings of $81.4 million for the fourth quarter of fiscal 2013. 
 
Adjusted diluted earnings per share decreased 12.6%, to $0.83, compared to adjusted diluted earnings per share of $0.95 for the prior-year quarter. The adjusted net earnings for the fourth quarter of fiscal 2014 exclude restructuring charges of $2.1 million ($1.4 million net of taxes). 
 
The adjusted net earnings for the fourth quarter of fiscal 2013 exclude a charge of $12.8 million related to the resolution of a tax audit dispute in Italy, partially offset by unrelated tax benefits of $4.0 million. On a GAAP basis, fourth quarter fiscal 2014 net earnings were $69.6 million and diluted earnings per share totaled $0.82, including an unfavorable $0.01 after-tax impact from the restructuring charges.
 
Click here to view full results.
 

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