Guess?, Inc. reported financial results for its first quarter ended May 3, 2014.
First Quarter Fiscal 2015 Highlights
-North American Retail revenues decreased 4%; retail comp sales including e-commerce decreased 4% in U.S. dollars and 2% in constant currency
-European revenues decreased 4% in U.S. dollars and 8% in local currency
-Asian revenues decreased 1% in U.S. dollars and 4% in constant currency
-North American Wholesale revenues decreased 10% in U.S. dollars and 8% in constant currency
First Quarter Fiscal 2015 Results
For the first quarter of fiscal 2015, the Company recorded a net loss of $2.1 million, compared to adjusted net earnings of $11.7 million for the first quarter of fiscal 2014. Diluted loss per share was $0.03, compared to adjusted diluted earnings per share of $0.14 for the prior-year quarter, a decrease of $0.17 per share.
The prior-year adjusted net earnings excluded restructuring charges of $2.3 million ($1.8 million net of taxes). On a GAAP basis, prior-year first quarter 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, "First quarter earnings results were slightly better than our expectations. We delivered revenues within the range of our guidance and managed our expenses tightly. We are very pleased by the strong momentum in our e-commerce business this quarter which delivered top-line growth of almost 50% in North America. E-commerce remains a key initiative for us as more and more consumer demand shifts to this channel."
Mr. Marciano continued, "As we enter into the second quarter, we are pleased with the progress of our supply chain initiatives that are beginning to improve our product costs in North America. In addition, we are looking forward to the launch of our Fall collection in North America, which is focused on delivering a better product assortment in-store and online. In Europe, while the economic climate in Southern Europe has improved, we are concerned about the potential negative impact of the turmoil in Russia and Ukraine on our Eastern European business and are monitoring the situation carefully."
Total net revenue for the first quarter of fiscal 2015 decreased 4.8% to $522.5 million, from $548.9 million in the prior-year quarter. In constant currency, total net revenue decreased 5.6%.