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International expansion continues to drive growth of Guess?
24 Nov '10
4 min read
Net revenue from the Company's Asia segment increased 35.1% to $54.8 million in the third quarter of fiscal 2011, from $40.5 million in the prior-year period.
Licensing segment net revenue increased 18.6% to $33.0 million in the third quarter of fiscal 2011, from $27.8 million in the prior-year period.
Operating earnings for the third quarter of fiscal 2011 decreased 6.3% to $92.7 million (including a $3.7 million unfavorable currency translation impact) from $99.0 million in the prior-year period. Operating margin in the third quarter decreased 380 basis points to 15.1%, compared to the prior-year quarter.
The decline in operating margin primarily reflects the effect of currency on product purchases, the impact of higher markdowns, higher store selling and infrastructure costs to support the Company's global retail expansion, store impairment charges in North America and Europe and higher performance-based compensation. Other net income, which primarily relates to net unrealized mark-to-market gains on non-operating assets and foreign currency contracts and balances, was $5.9 million for the third quarter of fiscal 2011, compared to other net expense of $1.3 million in the prior-year's quarter.
The Company's effective tax rate declined to 29.1% for the third quarter of fiscal 2011, from 33.0% for the third quarter of the prior year.
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Licensing segment net revenue increased 18.6% to $33.0 million in the third quarter of fiscal 2011, from $27.8 million in the prior-year period.
Operating earnings for the third quarter of fiscal 2011 decreased 6.3% to $92.7 million (including a $3.7 million unfavorable currency translation impact) from $99.0 million in the prior-year period. Operating margin in the third quarter decreased 380 basis points to 15.1%, compared to the prior-year quarter.
The decline in operating margin primarily reflects the effect of currency on product purchases, the impact of higher markdowns, higher store selling and infrastructure costs to support the Company's global retail expansion, store impairment charges in North America and Europe and higher performance-based compensation. Other net income, which primarily relates to net unrealized mark-to-market gains on non-operating assets and foreign currency contracts and balances, was $5.9 million for the third quarter of fiscal 2011, compared to other net expense of $1.3 million in the prior-year's quarter.
The Company's effective tax rate declined to 29.1% for the third quarter of fiscal 2011, from 33.0% for the third quarter of the prior year.
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Guess? Inc
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