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Home / Knowledge / News / Apparel/Garments / Gaap net earnings of Guess soar 67.8% in Q2FY19

Gaap net earnings of Guess soar 67.8% in Q2FY19

31
Aug '18
Courtesy: Guess
Courtesy: Guess
For the second quarter of fiscal 2019, Guess has recorded Gaap net earnings of $25.5 million, a 67.8 per cent elevation compared to $15.2 million for the second quarter of fiscal 2018. Gaap diluted earnings per share has also soared 72.2 per cent to $0.31 during the second quarter of fiscal 2019, compared to $0.18 for the prior-year quarter.

The US-based company has posted adjusted net earnings of $29.5 million, 83.5 per cent growth compared to $16.1 million for the second quarter of fiscal 2018. Adjusted diluted earnings per share increased 89.5 per cent to $0.36, compared to $0.19 for the prior-year quarter.

Total net revenue for reported period also went up 13.7 per cent to $645.9 million, compared to $568.3 million in the prior-year quarter. In constant currency, net revenue increased by 12.2 per cent.

For the six months ended August 4, 2018, the company recorded Gaap net earnings of $4.3 million, compared to Gaap net loss of $6.1 million for the six months ended July 29, 2017. Gaap diluted earnings per share was $0.05 for the six months ended August 4, 2018, compared to Gaap diluted loss per share of $0.08 for the same prior-year period.

The adjusted net earnings were $11.6 million, compared to adjusted net loss of $3.3 million for the six months ended July 29, 2017. Adjusted diluted earnings per share were $0.14, compared to adjusted diluted loss per share of $0.04 for the prior-year period. Total net revenue for the first six months of fiscal 2019 increased 14.1 per cent to $1.17 billion, compared to $1.02 billion 

"I am pleased to report that our second quarter results finished above the high-end of our expectations for adjusted operating margin and adjusted earnings per share. Overall, total Company revenues increased 14 per cent in US dollars and 12 per cent in constant currency, driven by continued momentum in Europe and Asia. The second quarter marked another quarter of operating margin expansion for the Company, with a 70 basis points increase in Gaap operating margin and 130 basis points increase in adjusted operating margin. In addition, I am very encouraged by the trends in our Americas Retail business where we posted another quarter of positive comps and expanded our operating margin," Victor Herrero, chief executive officer, said.

"Overall, I am very pleased by the momentum we are experiencing across the globe. We are now planning for positive comps in all regions, including the Americas. Looking forward, I feel confident that the 'turnaround' has only just begun, as we are well positioned to exit this fiscal year with every business segment profitable and the Company firmly on the path to our 7.5 per cent operating margin goal by continuing to execute on our strategic initiatives," Herrero concluded. (RR)

Fibre2Fashion News Desk – India


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