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Guess? all biz units deliver double-digit revenue
04 Jun '08
4 min read
Comparable store sales increased 7.0% for the first quarter of fiscal 2009, compared to the same period a year ago. This represents our 21st consecutive quarter of same store sales growth in North America.
The Company operated 391 retail stores in the U.S. and Canada at the end of the first quarter of fiscal 2009 versus 336 stores a year earlier.
Net revenue from the Company's wholesale segment, which includes the Company's Asian operations, increased 26.9% to $75.1 million in the first quarter of fiscal 2009, from $59.2 million in the prior-year period.
Net revenue from the Company's European segment increased 50.2% to $178.7 million in the first quarter of fiscal 2009, compared to $118.9 million in the prior-year period.
Licensing segment net revenue increased 15.7% to $23.5 million in the first quarter of fiscal 2009, from $20.3 million in the prior-year period.
Operating earnings forthe first quarter of fiscal 2009 increased 31% to $75.9 million (including a $5.9 million favorable currency translation benefit) from $57.9 million in the prior-year period. Operating margin in the first quarter increased 20 basis points to 15.5%, compared to the prior year's quarter.
This margin expansion was a result of higher European product margins and a higher mix of European business, improved leverage over occupancy costs, partially offset by lower product margins in North America and increased costs related to infrastructure investments.
The Company's effective tax rate declined to 36.0% for the first quarter of fiscal 2009, from 38.7% for the first quarter of the prior year.
Outlook:
The Company's expectations for the fiscal year ending January 31, 2009, are now as follows:
- Consolidated net revenues are expected to range from $2.03 billion to $2.08 billion.
- Operating margin is expected to be about 17.7%.
- Diluted earnings per share are expected to be in the range of $2.40 to $2.48.
The Company also provided the following expectations for its second quarter of fiscal 2009, which will end August 2, 2008:
- Consolidated net revenues are expected to range from $445 million to $465 million.
- Operating margin is expected to be about 15.5%.
- Diluted earnings per share are expected to be in the range of $0.47 to $0.49.
Dividend:
The Company also announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per share on the Company's common stock. The dividend will be payable on July 3, 2008 to shareholders of record at the close of business on June 18, 2008.
The Company will hold a conference call at 4:30 pm (ET) on June 3, 2008 to discuss the news announced in this press release.
The Company operated 391 retail stores in the U.S. and Canada at the end of the first quarter of fiscal 2009 versus 336 stores a year earlier.
Net revenue from the Company's wholesale segment, which includes the Company's Asian operations, increased 26.9% to $75.1 million in the first quarter of fiscal 2009, from $59.2 million in the prior-year period.
Net revenue from the Company's European segment increased 50.2% to $178.7 million in the first quarter of fiscal 2009, compared to $118.9 million in the prior-year period.
Licensing segment net revenue increased 15.7% to $23.5 million in the first quarter of fiscal 2009, from $20.3 million in the prior-year period.
Operating earnings forthe first quarter of fiscal 2009 increased 31% to $75.9 million (including a $5.9 million favorable currency translation benefit) from $57.9 million in the prior-year period. Operating margin in the first quarter increased 20 basis points to 15.5%, compared to the prior year's quarter.
This margin expansion was a result of higher European product margins and a higher mix of European business, improved leverage over occupancy costs, partially offset by lower product margins in North America and increased costs related to infrastructure investments.
The Company's effective tax rate declined to 36.0% for the first quarter of fiscal 2009, from 38.7% for the first quarter of the prior year.
Outlook:
The Company's expectations for the fiscal year ending January 31, 2009, are now as follows:
- Consolidated net revenues are expected to range from $2.03 billion to $2.08 billion.
- Operating margin is expected to be about 17.7%.
- Diluted earnings per share are expected to be in the range of $2.40 to $2.48.
The Company also provided the following expectations for its second quarter of fiscal 2009, which will end August 2, 2008:
- Consolidated net revenues are expected to range from $445 million to $465 million.
- Operating margin is expected to be about 15.5%.
- Diluted earnings per share are expected to be in the range of $0.47 to $0.49.
Dividend:
The Company also announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per share on the Company's common stock. The dividend will be payable on July 3, 2008 to shareholders of record at the close of business on June 18, 2008.
The Company will hold a conference call at 4:30 pm (ET) on June 3, 2008 to discuss the news announced in this press release.
Guess? Inc
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