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Guess reports Q3 FY21 revenue of $569 mn

04
Dec '20

Pic: Shutterstock

Guess, a US-based designer and marketer of lifestyle collection of contemporary apparel and denim, has reported its financial results for third quarter (Q3) FY21, that ended on October 31, 2020. Total net revenue for the quarter declined 7.6 per cent to $569.3 million, compared to the revenue of $615.9 million in same period prior fiscal.

“We are well positioned for the holiday period. While Covid-related restrictions are meaningfully impacting several markets, especially in Europe, we are confident in our brand, our product and our team’s ability to navigate the company through these challenges,” Carlos Alberini, chief executive officer at Guess, said in a press release.

Gross profit for Q3 FY21 was $239.5 million (Q3 FY20: $229.4 million). Selling, general and administrative expenses were down to $184.7 million ($205.0 million). Company’s net earnings for the quarter rose to $27.5 million ($13.5 million).

Americas retail revenues decreased 26.7 per cent while wholesale revenues fell 36.2 per cent during Q3 FY21. However, Europe revenues were up 16.0 per cent. Asia revenues plunged 24.7 per cent.

“During the period, we launched our first-ever global product line for all categories. This will enable us to represent the brand more consistently across the globe and benefit from significant efficiencies in developing our products,” Alberini said.

Fibre2Fashion News Desk (JL)

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