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.