Home / Knowledge / News / Fashion / Guess? Inc global revenues up 9% to a record of $561 mn
Guess? Inc global revenues up 9% to a record of $561 mn
18
Mar '09
Guess? Inc reported financial results for the fourth quarter and fiscal year ended January 31, 2009.

Fourth Quarter Fiscal 2009 Results:
For the fourth quarter of fiscal 2009, the Company reported net earnings of $47.9 million, a decrease of 13.2% compared to net earnings of $55.2 million for the quarter ended February 2, 2008. Diluted earnings per share decreased 11.9% to $0.52 in the current quarter, including a $0.13 favorable impact from a lower effective tax rate, a $0.04 favorable impact of a European revenue shift, and a $0.06 unfavorable impact from currency translation, versus $0.59 in the prior-year quarter.

In the quarter, the Company recorded a $22.3 million non-cash asset impairment charge (compared to $0.2 million in the prior year fourth quarter) related to long-lived assets associated with retail stores in North America and Asia. Excluding the impairment charge, the Company's adjusted net earnings were $62.0 million in the current fourth quarter, an increase of 12.1% compared to adjusted net earnings of $55.3 million for the quarter ended February 2, 2008. Adjusted diluted earnings per share increased 13.6% to $0.67 from $0.59 in the comparable period last year.

Paul Marciano, Chief Executive Officer, commented, "Our performance was solid during the fourth fiscal quarter of 2009, especially considering the unprecedented global economic crisis and significant currency headwinds we encountered during the period. We took quick and decisive actions to streamline our operations, reduce our inventory position and decelerate new store development. As we had anticipated, our retail business was affected by the current environment, which impacted sales and margins negatively, resulting in a decrease in profitability for the segment."

Mr. Marciano continued, "Europe delivered very good results in the period, with an operating earnings growth of 40%. Once again, our results demonstrate the power of our balanced business model. Excluding the non-cash charge, net earnings increased by 12.1% in the quarter."

Mr. Marciano concluded, "Our long term strategy remains unchanged. We will continue to invest in international expansion. We will continue to prudently manage our business, with focused execution on cost control and inventory management. We will also deploy our capital carefully, making targeted and compelling investments that enhance shareholder value. We believe that our brand's vitality, our diversified business model, our seasoned management team and our solid balance sheet, position us well to remain strong and take advantage of the opportunities that few in this market will have."

Total net revenue for the fourth quarter of fiscal 2009 increased 9.0% to $561.1 million from $514.6 million in the prior fourth quarter period. During the quarter, the Company's retail stores in North America generated revenue of $288.6 million, a 6.5% increase from $270.9 million in the prior-year quarter. Comparable store sales for the current fourth quarter decreased 6.5% compared to the same period a year ago. The Company's wholesale segment, which includes its Asian operations, generated revenue of $69.9 million during the quarter, a 7.5% increase from $65.1 million in the prior-year quarter.


Must ReadView All

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search