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Q4FY17 net earnings at Guess slumps 86.3%
20
Mar '17
For the three months ended January 28, 2017, GAAP net earnings at Guess Inc slumped to $6.6 million or $0.08 per share, down a steep 86.3 per cent versus $47.8 million or $0.57 per share in the prior fiscal's fourth quarter. However adjusted net earnings were down 27.9 per cent at $34.6 million compared to $48.0 million for the fourth quarter of fiscal 2016.

In the fourth quarter of fiscal 2017, net revenue rose 3.2 per cent to $679.3 million vis-à-vis $658.3 million in the same quarter of earlier fiscal, while it grew 4.3 per cent in constant currency terms.

GAAP operating margin in the reporting quarter too crashed 750 basis points to 3.1 per cent from a high of 10.6 per cent in the previous fiscal's comparable quarter.

Guess attributed the decline in operating margin to higher asset impairment charges, more markdowns and the negative impact on the company's fixed cost structure resulting from negative comparable store sales. (AR)

Fibre2Fashion News Desk – India

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