Guess Q1 FY21 sales down to $260.3 million

11 Jun '20

2 min read

Pic: Guess

Guess, a US-based designer and marketer of lifestyle collection of contemporary apparel and denim, has announced sales decline of 51.5 per cent to $260.3 million in first quarter (Q1) FY21 ended on May 2, 2020 compared to sales of $536.7 million in same period prior year. Company reported a net loss of $160.5 million (Q1 FY20: $20.5 million).

“The Covid-19 Crisis has had a material impact on our company, including our operations and our financial results,” Carlos Alberini, chief executive officer at Guess, said in a press release.

To minimise our loss and protect our liquidity, we challenged every aspect of our business which was being significantly impacted by extensive store closures and lower customer demand.”

Americas retail revenues decreased 57.7 per cent to $74.5 million and wholesale revenues fell 44.0 per cent to $25.8 million. Europe revenues were down 49.3 per cent to $106.4 million. Revenues in Asia declined 52.6 per cent $40.3 million.

Gross profit during the quarter were $34.2 million ($181.9 million). Selling, general and administrative expenses were $143.2 million ($204.6 million).

“Today we have all stores open in Asia, over 400 stores in Europe and over 180 stores in the US and Canada. We are encouraged by our initial results, which have been better than anticipated. Our sales productivity for re-opened stores for the second quarter to date has reached roughly 75 per cent in the US and Canada and 70 per cent in Europe as compared to last year’s level,” Alberini said.

Looking forward, the building blocks of our long-term strategy are still intact. We remain focused on enhancing our omni-channel platform centered around the consumer and are accelerating our efforts to gain efficiencies across our global operations and rationalise our store portfolios.”

Fibre2Fashion News Desk (JL)

More Guess? Inc News... More Apparel/Garments News - United States Of America...