Guess posts Q2 FY21 sales down to $399 mn

07 Sep '20

2 min read

Pic: Shutterstock

Guess, a US-based designer and marketer of lifestyle collection of contemporary apparel and denim, has reported its financial results for second quarter (Q2) FY21, that ended on August 1, 2020. Total net revenue for the quarter decreased 41.7 per cent to $398.5 million, compared to the revenue of $683.2 million in same period prior fiscal.

“The Covid-19 crisis continued to impact our business in the second quarter. We remained focused on managing what was in our control including reducing costs and optimising inventory management and the use of capital,” Carlos Alberini, chief executive officer at Guess, said in a press release.

Gross profit for Q2 FY21 was $147.0 million (Q2 FY20: $265.6 million). Selling, general and administrative expenses were down to $150.2 million ($218.1 million). Company’s net loss for the quarter was $20.6 million compared to net profit of $26.1 million.

Americas retail revenues decreased 44.7 per cent while wholesale revenues fell 51.6 per cent during the quarter. Europe revenues were down 39.5 per cent. Asia revenues slipped 39.7 per cent.

“We are well positioned for the second half of the year. I am very excited about our product offering and our marketing plan for the Holiday season. I strongly believe our customers will see a significant elevation of the Guess brand this season and into the future,” Alberini said.

Fibre2Fashion News Desk (JL)

More Guess? Inc News... More Retail News - United States Of America...