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Guess? North American retail revenues up 12%

15
Dec '08
Guess? Inc reported financial results for the third quarter of its 2009 fiscal year, which ended November 1, 2008. For the third quarter of fiscal 2009, the Company reported record net earnings of $64.0 million, an increase of 9.9% compared to net earnings of $58.3 million for the quarter ended November 3, 2007. Diluted earnings per share increased 11.3% to $0.69 in the current quarter versus $0.62 in the prior year quarter.

Paul Marciano, Chief Executive Officer, commented, "We are pleased with our third quarter financial performance considering the dramatic downturn in the global economy. Our performance, once again, demonstrated the power of our global business model, as each of our business segments contributed to our 13% revenue growth. Our North American business was strong at the beginning of the quarter, though business softened toward the end of the period."

"Internationally, we continued our expansion with solid revenue increases in growing markets like Europe and China and our licensing business extended its recent trend of double digit revenue growth. We controlled our inventories and managed expenses effectively and achieved a 10% increase in earnings -- representing our 21st consecutive quarter of earnings growth."

Mr. Marciano continued, "We remain committed more than ever to our long term strategies for growth and profitability. We do expect that the current market changes in the global economy will continue for some time. We will run our business proactively to adapt to the existing economic climate, managing our expenses and inventories tightly and deploying our capital carefully. We have a strong global brand, an outstanding product assortment, a solid capital structure and a superior management team. These position us well to manage through these challenging times effectively and emerge from this environment even stronger."

Total net revenue for the third quarter of fiscal 2009 increased 12.5% to $527.9 million from $469.1 million in the prior-year quarter. The Company's retail stores in North America generated revenues of $235.1 million in the third quarter of fiscal 2009, an 11.7% increase from $210.4 million in the same period a year ago. Comparable store sales decreased 0.8% for the third quarter of fiscal 2009, compared to the same period a year ago. The Company operated 422 retail stores in the U.S. and Canada at the end of the third quarter of fiscal 2009 versus 365 stores a year earlier.

Net revenue from the Company's wholesale segment, which includes the Company's Asian operations, increased 2.4% to $78.8 million in the third quarter of fiscal 2009, from $76.9 million in the prior-year period.

Net revenue from the Company's European segment increased 16.8% to $186.2 million in the third quarter of fiscal 2009, compared to $159.4 million in the prior-year period. Licensing segment net revenue increased 24.7% to $27.9 million in the third quarter of fiscal 2009, from$22.4 million in the prior-year period.


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