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Guess net revenue climbs 3% to $536.7 million in Q1

24
Jun '19
Pic: Guess
Pic: Guess
The total net revenue of Guess in the first quarter of fiscal 2020 gained 3.0 per cent to $536.7 million, compared to $521.3 million in the prior-year quarter. In constant currency, net revenue increased by 8.2 per cent. In Americas, the company's wholesale revenue went up 13.6 per cent in local currency and 15.5 per cent in constant currency.

In Americas, retail revenue hiked 3.0 per cent in local currency and 3.9 per cent in constant currency. Retail comp sales including e-commerce increased 4 per cent and 5 per cent in constant currency.

Europe saw 2.2 per cent revenue growth and 12.3 per cent in constant currency. Retail comp sales including e-commerce decreased 1 per cent in and climbed 8 per cent in constant currency. Asia revenue improved 1.4 per cent in local currency and 6.6 per cent in constant currency. Retail comp sales including e-commerce lowered 15 per cent and 10 per cent in constant currency.

“I am pleased with our progress this period, as we had another quarter of solid performance with strong revenue growth, improved gross margins and well managed expenses. We reported a revenue increase of 3 per cent in US dollars and 8% in constant currency. Our business in the Americas and Europe posted strong revenue growth, which was partially offset by weakness in Asia. During the quarter we were also able to complete a convertible debt transaction at very favorable terms to deploy funds to buy back company shares,” Carlos Alberini, chief executive officer, said.

For the first quarter, the company recorded Gaap net loss of $21.4 million, a 0.7 per cent deterioration compared to $21.2 million for the first quarter of fiscal 2019. Gaap diluted loss per share was $0.27 for the first quarter of both fiscal 2020 and fiscal 2019. The company has estimated that currency had a minimal impact on diluted loss per share in the first quarter of fiscal 2020

“I couldn’t be more excited about our company’s future. Guess today has a powerful global network, significant brand relevancy and is attracting a new generation of young customers who love our brand. We continue to see significant white space to grow globally and our opportunities to improve operations and reduce costs are very material. I am confident that our potential to create significant shareholder value is strong," Alberini concluded.

The company expects net revenue in local currency to rise between 4 and 5 per cent in the second quarter and for fiscal 2020 between 3.5 and 4.5 per cent. (RR)

Fibre2Fashion News Desk – India


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