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Guess? Inc global revenues up 9% to a record of $561 mn

18 Mar '09
5 min read

The Company's European segment generated revenue of $179.9 million during the quarter, an increase of 18.2% when compared to $152.2 million in the prior-year quarter. During the period, the Company benefited from a $14.0 million shift in revenues in Europe due to early product shipments. The Company's licensing segment generated revenue of $22.6 million, a 14.5% decrease from $26.5 million in the prior-year period. At the end of fiscal year 2009, the Company operated 425 retail stores in the U.S. and Canada, versus 373 stores a year earlier.

Operating earnings for the fourth quarter of fiscal year 2009 decreased 28.8% to $68.5 million from $96.2 million in the fourth quarter of the prior year. Operating earnings in the current period included the $22.3 million non-cash asset impairment charge and a $7.6 million unfavorable currency translation impact. Operating margin in the fourth quarter decreased 650 basis points to 12.2%, compared to the prior year's quarter. This operating margin contraction was driven by the asset impairment charge, higher product markdowns due to the promotional retail environment and occupancy deleverage due to negative same store sales, which more than offset leverage in SG&A expenses.

The Company's net earnings benefited from a lower effective tax rate in the current quarter. For the fourth quarter, the tax rate was 22.9%, compared to 42.2% in the prior year's quarter. The lower tax rate for the period resulted from updating the annual effective tax rate analysis for fiscal year 2009, which was 32.6%, compared to 39.8% last year. The lower annual tax rate resulted from an increase in profits in lower tax jurisdictions.

Excluding the non-cash impairment charge, adjusted operating earnings declined 5.8% to $90.7 million from $96.4 million in the fourth quarter of the prior year period. Adjusted operating margin declined 250 basis points to 16.2% from 18.7% in the prior year period. The adjusted effective tax rate was 26.6% compared to 42.1% in the prior year quarter.

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Guess? Inc

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