23rd Annual ICR XChange Conference
01.11.21 11:30 AM EST
|
Second Quarter Fiscal 2017 Highlights
This press release contains certain non-GAAP, or adjusted, financial measures, which exclude the impact of (i) a gain from the sale of a minority interest investment recorded during the second quarter of fiscal 2017 and (ii) restructuring charges and a related exit tax charge recorded during the first quarter of fiscal 2017. A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables and discussed under the heading "Presentation of Non-GAAP Information" below.
Second Quarter Fiscal 2017 Results
Mr. Herrero continued, "I had highlighted on our prior earnings calls that the first six months of the year would be a transition period. This transition is now behind us and the investments we have made so far are expected to start generating revenue growth for the Company in the third quarter, accelerating into the fourth quarter."
For the second quarter of fiscal 2017, the Company recorded GAAP net earnings of
During the second quarter of fiscal 2017, the Company recognized a gain from the sale of a minority interest investment of approximately
Total net revenue for the second quarter of fiscal 2017 decreased 0.2% to
Operating earnings for the second quarter of fiscal 2017 decreased 40.5% to
Other net income, which primarily includes a realized gain of
Six-Month Period Results
For the six months ended
During the six months ended
Total net revenue for the first six months of fiscal 2017 decreased 3.1% to
GAAP operating loss for the first six months of fiscal 2017 was
Excluding the impact of the restructuring charges, adjusted operating loss was
Other net income, which primarily includes a realized gain of
Dividends
The Company's Board of Directors has approved a quarterly cash dividend of
Outlook
The following guidance assumes that foreign currency exchange rates remain at prevailing rates:
The Company's expectations for the third quarter of fiscal 2017 ending October 29, 2016, are as follows:
The Company updated its outlook for the fiscal year ending January 28, 2017, which is now as follows:
During the first six months of fiscal 2017, the Company recognized a gain related to the sale of its minority interest equity holding in a privately-held boutique apparel company. The Company also initiated a global cost reduction and restructuring plan to better align its global cost and organizational structure with its current strategic initiatives which resulted in restructuring charges and a related exit tax charge incurred during the first six months of fiscal 2017. The Company's adjusted outlook for the full year excludes the impact of these items recorded in the first six months of fiscal 2017, where applicable. The Company's expectations for the third quarter ending October 29, 2016, and the Company's adjusted and GAAP outlook for the fiscal year ending January 28, 2017, also exclude the impact of any restructuring charges that may be recorded in the remainder of fiscal 2017.
On a segment basis, the Company expects the following ranges for percentage changes for comparable store sales ("comps") and net revenue in U.S. dollars and constant currency compared to the same prior-year period:
Outlook by Segment1 |
||||||||||
Third Quarter of Fiscal 2017 |
Fiscal Year 2017 |
|||||||||
U.S. Dollars |
Constant Currency2 |
U.S. Dollars |
Constant Currency2 |
|||||||
Americas Retail: |
||||||||||
Comps |
down MSD to LSD |
down MSD to LSD |
down LSD |
down LSD |
||||||
Net Revenue |
down LSD |
down LSD |
down LSD |
down LSD |
||||||
Europe: |
||||||||||
Comps |
__ |
up HSD to LDD |
__ |
up HSD to LDD |
||||||
Net Revenue |
up high-teens to low twenties |
up high-teens |
up mid-teens |
up LDD |
||||||
Asia: |
||||||||||
Net Revenue |
up low-teens to high-teens |
up LDD to mid-teens |
up MSD to HSD |
up MSD to HSD |
||||||
Americas Wholesale: |
||||||||||
Net Revenue |
up LSD |
up MSD |
roughly flat |
up LSD |
||||||
Licensing: |
||||||||||
Net Revenue |
down HSD |
__ |
down HSD |
__ |
||||||
Notes |
||||||||||
1 |
As used in the table above, "LSD" is used to refer to the range of Low-Single-Digits, "MSD" is used to refer to the range of Mid-Single-Digits, "HSD" is used to refer to the range of High-Single-Digits, and "LDD" is used to refer to the range of Low-Double-Digits. |
|||||||||
2 |
Eliminates the impact of expected foreign currency translation to give investors a better understanding of the underlying trends within the business. |
Presentation of Non-GAAP Information
The financial information presented in this release includes non-GAAP financial measures such as "adjusted" results (to exclude the impact of a gain from the sale of a minority interest investment, restructuring charges, related exit tax charge and tax impacts incurred during the three and six months of fiscal 2017, where applicable), constant currency financial information and free cash flow measures. The non-GAAP measures are provided in addition to, and not as alternatives for, the Company's reported GAAP results.
The Company has excluded these items, where applicable, from its adjusted financial measures primarily because it does not believe such items reflect the Company's ongoing operating results or future outlook. The Company believes that these adjusted financial measures are useful as an additional means for investors to evaluate the comparability of the Company's operating results when reviewed in conjunction with the Company's GAAP financial statements. A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables.
This release also includes certain constant currency financial information. Foreign currency exchange rate fluctuations affect the amount reported from translating the Company's foreign revenue, expenses and balance sheet amounts into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results under GAAP. The Company provides constant currency information to enhance the visibility of underlying business trends, excluding the effects of changes in foreign currency translation rates. To calculate net revenue, comparable store sales and earnings (loss) from operations on a constant currency basis, actual or forecasted results for the current-year period are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year. The constant currency calculations do not adjust for the impact of revaluing specific transactions denominated in a currency that is different to the functional currency of that entity when exchange rates fluctuate. However, in calculating the estimated impact of currency on our earnings per share for our actual and forecasted results, the Company estimates gross margin (including the impact of merchandise-related hedges) and expenses using the appropriate prior-year rates, translates the estimated foreign earnings at the comparable prior-year rates, and excludes the year-over-year earnings impact of gains or losses arising from balance sheet remeasurement and foreign currency contracts not designated as merchandise hedges. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.
The Company also includes information regarding its free cash flows in this release. The Company calculates free cash flows as cash flows from operating activities less purchases of property and equipment. Free cash flows is not intended to be an alternative to cash flows from operating activities as a measure of liquidity, but rather provides additional visibility to investors regarding how much cash is generated for discretionary and non-discretionary items after deducting purchases of property and equipment. Free cash flow information presented may not be comparable to similarly titled measures reported by other companies. A reconciliation of reported GAAP cash flows from operating activities to the comparable non-GAAP free cash flow measure is provided in the accompanying tables.
Investor Conference Call
The Company will hold a conference call at
About Guess?
Forward-Looking Statements
Except for historical information contained herein, certain matters discussed in this press release or the related conference call and webcast, including statements concerning the Company's expectations, future prospects and strategic initiatives (including those identified by our Chief Executive Officer,
Contact: |
Guess?, Inc. |
|
Fabrice Benarouche |
||
VP, Finance and Investor Relations |
||
(213) 765-5578 |
||
Source: |
Guess?, Inc. |
Guess?, Inc. and Subsidiaries |
||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||||||||||||||||||||||||||
(amounts in thousands, except per share data) |
||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||||||||||||||||
July 30, 2016 |
August 1, 2015 |
July 30, 2016 |
August 1, 2015 |
|||||||||||||||||||||||||||||||||||||
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||||||||||||||||||||||||||||
Product sales |
$ |
523,008 |
96.0% |
$ |
520,937 |
95.4% |
$ |
949,476 |
95.5% |
$ |
973,896 |
95.0% |
||||||||||||||||||||||||||||
Net royalties |
21,951 |
4.0% |
25,327 |
4.6% |
44,298 |
4.5% |
51,192 |
5.0% |
||||||||||||||||||||||||||||||||
Net revenue |
544,959 |
100.0% |
546,264 |
100.0% |
993,774 |
100.0% |
1,025,088 |
100.0% |
||||||||||||||||||||||||||||||||
Cost of product sales |
359,327 |
65.9% |
348,147 |
63.7% |
665,383 |
67.0% |
661,486 |
64.5% |
||||||||||||||||||||||||||||||||
Gross profit |
185,632 |
34.1% |
198,117 |
36.3% |
328,391 |
33.0% |
363,602 |
35.5% |
||||||||||||||||||||||||||||||||
Selling, general and administrative expenses |
170,055 |
31.2% |
171,916 |
31.5% |
335,709 |
33.7% |
333,048 |
32.5% |
||||||||||||||||||||||||||||||||
Restructuring charges |
— |
0.0% |
— |
0.0% |
6,083 |
0.6% |
— |
0.0% |
||||||||||||||||||||||||||||||||
Earnings (loss) from operations |
15,577 |
2.9% |
26,201 |
4.8% |
(13,401) |
(1.3%) |
30,554 |
3.0% |
||||||||||||||||||||||||||||||||
Other income (expense): |
||||||||||||||||||||||||||||||||||||||||
Interest expense |
(458) |
(0.1%) |
(729) |
(0.1%) |
(978) |
(0.1%) |
(1,164) |
(0.1%) |
||||||||||||||||||||||||||||||||
Interest income |
251 |
0.0% |
239 |
0.1% |
902 |
0.1% |
511 |
0.0% |
||||||||||||||||||||||||||||||||
Other income, net |
27,390 |
5.0% |
3,708 |
0.6% |
26,292 |
2.6% |
6,334 |
0.6% |
||||||||||||||||||||||||||||||||
Earnings before income tax expense |
42,760 |
7.8% |
29,419 |
5.4% |
12,815 |
1.3% |
36,235 |
3.5% |
||||||||||||||||||||||||||||||||
Income tax expense |
10,593 |
1.9% |
10,940 |
2.0% |
5,802 |
0.6% |
13,769 |
1.3% |
||||||||||||||||||||||||||||||||
Net earnings |
32,167 |
5.9% |
18,479 |
3.4% |
7,013 |
0.7% |
22,466 |
2.2% |
||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests |
(102) |
(0.0%) |
190 |
0.1% |
(78) |
(0.0%) |
836 |
0.1% |
||||||||||||||||||||||||||||||||
Net earnings attributable to Guess?, Inc. |
$ |
32,269 |
5.9% |
$ |
18,289 |
3.3% |
$ |
7,091 |
0.7% |
$ |
21,630 |
2.1% |
||||||||||||||||||||||||||||
Net earnings per common share attributable to common stockholders: |
||||||||||||||||||||||||||||||||||||||||
Basic |
$ |
0.38 |
$ |
0.21 |
$ |
0.08 |
$ |
0.25 |
||||||||||||||||||||||||||||||||
Diluted |
$ |
0.38 |
$ |
0.21 |
$ |
0.08 |
$ |
0.25 |
||||||||||||||||||||||||||||||||
Weighted average common shares outstanding attributable to common stockholders: |
||||||||||||||||||||||||||||||||||||||||
Basic |
83,621 |
85,004 |
83,567 |
84,985 |
||||||||||||||||||||||||||||||||||||
Diluted |
83,863 |
85,290 |
83,809 |
85,132 |
||||||||||||||||||||||||||||||||||||
Effective tax rate |
24.8% |
37.2% |
45.3% |
38.0% |
||||||||||||||||||||||||||||||||||||
Adjusted earnings (loss) from operations1: |
$ |
15,577 |
2.9% |
$ |
(7,318) |
(0.7%) |
||||||||||||||||||||||||||||||||||
Adjusted net earnings (loss) attributable to Guess?, Inc.1: |
$ |
11,955 |
2.2% |
$ |
(7,416) |
(0.7%) |
||||||||||||||||||||||||||||||||||
Adjusted diluted earnings (loss) per common share attributable to common stockholders1: |
$ |
0.14 |
$ |
(0.09) |
||||||||||||||||||||||||||||||||||||
Adjusted effective tax rate1 |
42.1% |
(121.7%) |
||||||||||||||||||||||||||||||||||||||
Notes: |
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1 |
The adjusted results reflect the exclusion of a gain on sale of a minority interest investment, restructuring charges, related exit tax charge and tax impacts recorded during the three and six months ended July 30, 2016, where applicable. No adjustments have been made to the same prior-year periods. A complete reconciliation of actual results to adjusted results is presented in the table entitled "Reconciliation of GAAP Results to Adjusted Results." |
Guess?, Inc. and Subsidiaries |
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Reconciliation of GAAP Results to Adjusted Results |
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||||||||||||||||||
The following table provides reconciliations of reported GAAP earnings (loss) from operations to adjusted earnings (loss) from operations, reported GAAP net earnings attributable to Guess?, Inc. to adjusted net earnings (loss) attributable to Guess?, Inc. and reported GAAP income tax expense to adjusted income tax expense for the three and six months ended July 30, 2016. |
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||||||||||||||||
July 30, 2016 |
July 30, 2016 |
|||||||||||||||||||||||||||||||||||||||
% of |
% of |
|||||||||||||||||||||||||||||||||||||||
$ |
Revenues |
$ |
Revenues |
|||||||||||||||||||||||||||||||||||||
Reported GAAP earnings (loss) from operations |
$ |
15,577 |
2.9% |
$ |
(13,401) |
(1.3%) |
||||||||||||||||||||||||||||||||||
Restructuring charges1 |
— |
6,083 |
||||||||||||||||||||||||||||||||||||||
Adjusted earnings (loss) from operations |
$ |
15,577 |
2.9% |
$ |
(7,318) |
(0.7%) |
||||||||||||||||||||||||||||||||||
Reported GAAP net earnings attributable to Guess?, Inc. |
$ |
32,269 |
5.9% |
$ |
7,091 |
0.7% |
||||||||||||||||||||||||||||||||||
Restructuring charges1 |
— |
6,083 |
||||||||||||||||||||||||||||||||||||||
Gain on sale of a minority interest investment2 |
(22,279) |
(22,279) |
||||||||||||||||||||||||||||||||||||||
Income tax adjustments3 |
1,965 |
(222) |
||||||||||||||||||||||||||||||||||||||
Exit tax charge4 |
— |
1,911 |
||||||||||||||||||||||||||||||||||||||
Total adjustments affecting net earnings attributable to Guess?, Inc. |
(20,314) |
(14,507) |
||||||||||||||||||||||||||||||||||||||
Adjusted net earnings (loss) attributable to Guess?, Inc. |
$ |
11,955 |
2.2% |
$ |
(7,416) |
(0.7%) |
||||||||||||||||||||||||||||||||||
Reported GAAP income tax expense |
$ |
10,593 |
$ |
5,802 |
||||||||||||||||||||||||||||||||||||
Total income tax adjustments3 |
(1,965) |
222 |
||||||||||||||||||||||||||||||||||||||
Exit tax charge4 |
— |
(1,911) |
||||||||||||||||||||||||||||||||||||||
Total income tax effect |
(1,965) |
(1,689) |
||||||||||||||||||||||||||||||||||||||
Adjusted income tax expense |
$ |
8,628 |
$ |
4,113 |
||||||||||||||||||||||||||||||||||||
Adjusted effective tax rate |
42.1% |
(121.7%) |
||||||||||||||||||||||||||||||||||||||
Notes: |
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1 |
During the first six months of fiscal 2017, the Company initiated a global cost reduction and restructuring plan to better align its global cost and organizational structure with its current strategic initiatives which resulted in restructuring charges, mainly related to cash-based severance costs, incurred during the six months ended July 30, 2016. The restructuring charges were recorded during the three months ended April 30, 2016. |
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2 |
The Company recognized a gain related to the sale of its minority interest equity holding in a privately-held boutique apparel company during the three and six months ended July 30, 2016. |
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3 |
The income tax effect of the restructuring charges was based on the Company's assessment of deductibility using the statutory tax rate of the tax jurisdiction in which the charges were incurred. The income tax effect on the gain on sale of the minority interest investment was based on the impact of the transaction on the effective tax rate. |
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4 |
As a result of the global cost reduction and restructuring plan, the Company incurred an estimated exit tax charge related to its reorganization in Europe during the six months ended July 30, 2016. The estimated exit tax charge was recorded during the three months ended April 30, 2016. |
Guess?, Inc. and Subsidiaries |
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Consolidated Segment Data |
||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
July 30, |
August 1, |
% |
July 30, |
August 1, |
% |
|||||||||||||||||||
2016 |
2015 |
change |
2016 |
2015 |
change |
|||||||||||||||||||
Net revenue: |
||||||||||||||||||||||||
Americas Retail |
$ |
226,550 |
$ |
232,456 |
(3%) |
$ |
430,711 |
$ |
446,705 |
(4%) |
||||||||||||||
Europe |
213,467 |
199,375 |
7% |
348,847 |
336,772 |
4% |
||||||||||||||||||
Asia |
53,247 |
56,745 |
(6%) |
107,376 |
120,780 |
(11%) |
||||||||||||||||||
Americas Wholesale |
29,744 |
32,361 |
(8%) |
62,542 |
69,639 |
(10%) |
||||||||||||||||||
Licensing |
21,951 |
25,327 |
(13%) |
44,298 |
51,192 |
(13%) |
||||||||||||||||||
$ |
544,959 |
$ |
546,264 |
(0%) |
$ |
993,774 |
$ |
1,025,088 |
(3%) |
|||||||||||||||
Earnings (loss) from operations: |
||||||||||||||||||||||||
Americas Retail |
$ |
(1,614) |
$ |
5,244 |
(131%) |
$ |
(14,215) |
$ |
(1,965) |
(623%) |
||||||||||||||
Europe |
19,033 |
18,186 |
5% |
4,948 |
14,518 |
(66%) |
||||||||||||||||||
Asia |
(3,546) |
887 |
(500%) |
(4,215) |
5,500 |
(177%) |
||||||||||||||||||
Americas Wholesale |
3,339 |
4,872 |
(31%) |
8,950 |
11,619 |
(23%) |
||||||||||||||||||
Licensing |
19,733 |
22,415 |
(12%) |
40,148 |
45,440 |
(12%) |
||||||||||||||||||
Corporate Overhead |
(21,368) |
(25,403) |
(16%) |
(42,934) |
(44,558) |
(4%) |
||||||||||||||||||
Restructuring Charges |
— |
— |
(6,083) |
— |
||||||||||||||||||||
$ |
15,577 |
$ |
26,201 |
(41%) |
$ |
(13,401) |
$ |
30,554 |
(144%) |
|||||||||||||||
Operating margins: |
||||||||||||||||||||||||
Americas Retail |
(0.7%) |
2.3% |
(3.3%) |
(0.4%) |
||||||||||||||||||||
Europe |
8.9% |
9.1% |
1.4% |
4.3% |
||||||||||||||||||||
Asia |
(6.7%) |
1.6% |
(3.9%) |
4.6% |
||||||||||||||||||||
Americas Wholesale |
11.2% |
15.1% |
14.3% |
16.7% |
||||||||||||||||||||
Licensing |
89.9% |
88.5% |
90.6% |
88.8% |
||||||||||||||||||||
Total Company including restructuring charges |
2.9% |
4.8% |
(1.3%) |
3.0% |
||||||||||||||||||||
Total Company before restructuring charges |
2.9% |
4.8% |
(0.7%) |
3.0% |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||||||||||||||||||||||
Constant Currency Financial Measures |
|||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||||||||||||||||
July 30, 2016 |
August 1, 2015 |
% change |
|||||||||||||||||||||||||||||||||||||||
As Reported |
Foreign |
Constant |
As Reported |
As |
Constant |
||||||||||||||||||||||||||||||||||||
Net revenue: |
|||||||||||||||||||||||||||||||||||||||||
Americas Retail |
$ |
226,550 |
$ |
2,708 |
$ |
229,258 |
$ |
232,456 |
(3%) |
(1%) |
|||||||||||||||||||||||||||||||
Europe |
213,467 |
(1,418) |
212,049 |
199,375 |
7% |
6% |
|||||||||||||||||||||||||||||||||||
Asia |
53,247 |
1,298 |
54,545 |
56,745 |
(6%) |
(4%) |
|||||||||||||||||||||||||||||||||||
Americas Wholesale |
29,744 |
1,370 |
31,114 |
32,361 |
(8%) |
(4%) |
|||||||||||||||||||||||||||||||||||
Licensing |
21,951 |
— |
21,951 |
25,327 |
(13%) |
(13%) |
|||||||||||||||||||||||||||||||||||
$ |
544,959 |
$ |
3,958 |
$ |
548,917 |
$ |
546,264 |
(0%) |
0% |
||||||||||||||||||||||||||||||||
Six Months Ended |
|||||||||||||||||||||||||||||||||||||||||
July 30, 2016 |
August 1, 2015 |
% change |
|||||||||||||||||||||||||||||||||||||||
As Reported |
Foreign |
Constant |
As Reported |
As |
Constant |
||||||||||||||||||||||||||||||||||||
Net revenue: |
|||||||||||||||||||||||||||||||||||||||||
Americas Retail |
$ |
430,711 |
$ |
5,732 |
$ |
436,443 |
$ |
446,705 |
(4%) |
(2%) |
|||||||||||||||||||||||||||||||
Europe |
348,847 |
(3,228) |
345,619 |
336,772 |
4% |
3% |
|||||||||||||||||||||||||||||||||||
Asia |
107,376 |
4,305 |
111,681 |
120,780 |
(11%) |
(8%) |
|||||||||||||||||||||||||||||||||||
Americas Wholesale |
62,542 |
3,325 |
65,867 |
69,639 |
(10%) |
(5%) |
|||||||||||||||||||||||||||||||||||
Licensing |
44,298 |
— |
44,298 |
51,192 |
(13%) |
(13%) |
|||||||||||||||||||||||||||||||||||
$ |
993,774 |
$ |
10,134 |
$ |
1,003,908 |
$ |
1,025,088 |
(3%) |
(2%) |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||||||||||||||||||||||
Selected Condensed Consolidated Balance Sheet Data |
|||||||||||||||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||||||||||||||
July 30, |
January 30, |
August 1, |
|||||||||||||||||||||||||||||||||||||||
2016 |
2016 |
20151 |
|||||||||||||||||||||||||||||||||||||||
ASSETS |
|||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ |
415,499 |
$ |
445,480 |
$ |
470,946 |
|||||||||||||||||||||||||||||||||||
Receivables, net |
201,260 |
222,359 |
198,735 |
||||||||||||||||||||||||||||||||||||||
Inventories |
379,748 |
311,704 |
335,460 |
||||||||||||||||||||||||||||||||||||||
Other current assets |
55,831 |
56,709 |
65,908 |
||||||||||||||||||||||||||||||||||||||
Property and equipment, net |
271,512 |
255,344 |
241,579 |
||||||||||||||||||||||||||||||||||||||
Other assets |
251,166 |
247,152 |
250,984 |
||||||||||||||||||||||||||||||||||||||
Total Assets |
$ |
1,575,016 |
$ |
1,538,748 |
$ |
1,563,612 |
|||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||||||||||||||||||||||||||||||||||
Current portion of borrowings and capital lease obligations |
$ |
555 |
$ |
4,024 |
$ |
4,840 |
|||||||||||||||||||||||||||||||||||
Other current liabilities |
337,921 |
323,035 |
314,376 |
||||||||||||||||||||||||||||||||||||||
Long-term debt |
23,639 |
2,318 |
2,057 |
||||||||||||||||||||||||||||||||||||||
Other long-term liabilities |
181,159 |
172,826 |
178,541 |
||||||||||||||||||||||||||||||||||||||
Redeemable and nonredeemable noncontrolling interests |
17,110 |
18,070 |
17,345 |
||||||||||||||||||||||||||||||||||||||
Guess?, Inc. stockholders' equity |
1,014,632 |
1,018,475 |
1,046,453 |
||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity |
$ |
1,575,016 |
$ |
1,538,748 |
$ |
1,563,612 |
|||||||||||||||||||||||||||||||||||
Notes |
|||||||||||||||||||||||||||||||||||||||||
1 |
As a result of the adoption of new authoritative guidance during fiscal 2016 which requires that all deferred tax liabilities and assets be classified as long-term on the balance sheet, other current assets and other assets at August 1, 2015 were adjusted to reflect the reclassification of deferred tax assets for $19.1 million from current to long-term. |
Guess?, Inc. and Subsidiaries |
||||||||||||||
Condensed Consolidated Cash Flow Data |
||||||||||||||
(in thousands) |
||||||||||||||
Six Months Ended |
||||||||||||||
July 30, |
August 1, |
|||||||||||||
2016 |
2015 |
|||||||||||||
Net cash provided by (used in) operating activities |
$ |
(17,608) |
$ |
56,736 |
||||||||||
Net cash used in investing activities |
(839) |
(17,227) |
||||||||||||
Net cash used in financing activities |
(23,202) |
(44,443) |
||||||||||||
Effect of exchange rates on cash and cash equivalents |
11,668 |
(7,603) |
||||||||||||
Net change in cash and cash equivalents |
(29,981) |
(12,537) |
||||||||||||
Cash and cash equivalents at the beginning of the year |
445,480 |
483,483 |
||||||||||||
Cash and cash equivalents at the end of the period |
$ |
415,499 |
$ |
470,946 |
||||||||||
Supplemental information: |
||||||||||||||
Depreciation and amortization |
$ |
34,049 |
$ |
36,443 |
||||||||||
Rent |
$ |
128,485 |
$ |
129,611 |
Guess?, Inc. and Subsidiaries |
|||||||||||||||
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow |
|||||||||||||||
(in thousands) |
|||||||||||||||
Six Months Ended |
|||||||||||||||
July 30, |
August 1, |
||||||||||||||
2016 |
2015 |
||||||||||||||
Net cash provided by (used in) operating activities |
$ |
(17,608) |
$ |
56,736 |
|||||||||||
Less: Purchases of property and equipment |
(44,223) |
(24,963) |
|||||||||||||
Free cash flow |
$ |
(61,831) |
$ |
31,773 |
Guess?, Inc. and Subsidiaries |
|||||||||||||||
Retail Store Data |
|||||||||||||||
International Store Count |
|||||||||||||||
As of July 30, 2016 |
As of August 1, 2015 |
||||||||||||||
Total |
Directly Operated |
Total |
Directly Operated |
||||||||||||
Region |
Stores |
Stores |
Stores |
Stores |
|||||||||||
United States |
342 |
341 |
342 |
342 |
|||||||||||
Canada |
109 |
109 |
114 |
114 |
|||||||||||
Central and South America |
94 |
47 |
95 |
43 |
|||||||||||
Total Americas |
545 |
497 |
551 |
499 |
|||||||||||
Europe and the Middle East |
598 |
295 |
594 |
266 |
|||||||||||
Asia |
495 |
81 |
478 |
50 |
|||||||||||
1,638 |
873 |
1,623 |
815 |
Guess?, Inc. and Subsidiaries |
|||||||
Directly Operated Retail Store Data |
|||||||
U.S. and Canada |
|||||||
Six Months Ended |
|||||||
July 30, |
August 1, |
||||||
2016 |
2015 |
||||||
Number of stores at the beginning of the year |
455 |
481 |
|||||
Store openings |
5 |
4 |
|||||
Store closures |
(10) |
(29) |
|||||
Number of stores at the end of the period |
450 |
456 |
|||||
Total store square footage at the end of the period |
2,193,000 |
2,194,000 |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||
Americas Retail Net Revenue |
|||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||
July 30, |
August 1, |
% |
July 30, |
August 1, |
% |
||||||||||||||||
2016 |
2015 |
change |
2016 |
2015 |
change |
||||||||||||||||
Net revenue: |
|||||||||||||||||||||
Retail stores |
$ |
207,459 |
$ |
214,224 |
(3.2%) |
$ |
391,409 |
$ |
410,261 |
(4.6%) |
|||||||||||
E-commerce sites |
19,091 |
18,232 |
4.7% |
39,302 |
36,444 |
7.8% |
|||||||||||||||
Total |
$ |
226,550 |
$ |
232,456 |
(2.5%) |
$ |
430,711 |
$ |
446,705 |
(3.6%) |
Guess?, Inc. and Subsidiaries |
|||||||
Retail Store Change in Comparable Store Sales |
|||||||
U.S. and Canada |
|||||||
Three Months Ended |
Six Months Ended |
||||||
July 30, 2016 |
July 30, 2016 |
||||||
U.S. Dollars |
Constant |
U.S. Dollars |
Constant |
||||
Excluding e-commerce sales |
(3.2%) |
(2.4%) |
(4.4%) |
(3.4%) |
|||
Impact of e-commerce sales |
0.7% |
0.8% |
1.1% |
1.1% |
|||
Including e-commerce sales |
(2.5%) |
(1.6%) |
(3.3%) |
(2.3%) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/guess-inc-reports-second-quarter-results-300317820.html
SOURCE