Third Quarter Fiscal 2016 Highlights
- Americas Retail revenues decreased 7% in U.S. dollars and 3% in constant currency; retail comp sales including e-commerce decreased 6% in U.S. dollars and 2% in constant currency
Europe revenues decreased 15% in U.S. dollars and 2% in constant currencyAsia revenues decreased 17% in U.S. dollars and 9% in constant currency- Americas Wholesale revenues decreased 12% in U.S. dollars and 3% in constant currency
- Operating earnings decreased 16%
- Earnings per share decreased 38%, including the negative impact of currency of 55%
- Announces quarterly cash dividend of
$0.225 - Invested
$44.0 million to repurchase 2.0 million of our common shares
Third Quarter Fiscal 2016 Results
For the third quarter of fiscal 2016, the Company recorded net earnings of
Mr. Herrero continued, "I am very pleased with the progress we have made on the first three initiatives I identified on our last earnings call. On our first initiative, elevating the quality of our sales and merchandising organization, we have started building product knowledge, improving our digital marketing and social media capabilities, enhancing visual merchandising to emphasize best sellers and breadth of product and ensuring that pricing of our line delivers a consistent message. On our second initiative, to build our
Total net revenue for the third quarter of fiscal 2016 decreased 11.7% to
Operating earnings for the third quarter of fiscal 2016 decreased 16.2% to
- Operating margin for the Company's Americas Retail segment increased 340 basis points to negative 0.9% in the third quarter of fiscal 2016, compared to negative 4.3% in the prior-year period. The increase in operating margin was driven primarily by a lower SG&A rate due to lower store impairment charges.
- Operating margin for the Company's
Europe segment decreased 20 basis points to 3.8% in the third quarter of fiscal 2016, compared to 4.0% in the prior-year period, due to lower gross margins, partially offset by a lower SG&A rate. The lower gross margins were driven primarily by the unfavorable impact from currency exchange rate fluctuations on product costs, partially offset by higher initial mark-ups. The lower SG&A rate was due primarily to the favorable impact on the fixed cost structure resulting from positive same store sales and lower store impairment charges, partially offset by the unfavorable impact from lower wholesale shipments. - Operating margin for the Company's
Asia segment increased 170 basis points to 4.7% in the third quarter of fiscal 2016, compared to 3.0% in the prior-year period. The increase in operating margin was due to higher gross margins and a lower SG&A rate driven by overall leveraging of expenses as we phase out of our G by GUESS concept inSouth Korea . - Operating margin for the Company's Americas Wholesale segment decreased 560 basis points to 20.5% in the third quarter of fiscal 2016, compared to 26.1% in the prior-year period. The decrease in operating margin was due to lower product margins driven primarily by lower initial mark-ups and the unfavorable impact from currency exchange rate fluctuations on product costs.
- Operating margin for the Company's Licensing segment increased 140 basis points to 89.5% in the third quarter of fiscal 2016, compared to 88.1% in the prior-year period.
Other net income, which primarily includes net realized and unrealized gains on non-operating assets, partially offset by net unrealized mark-to-market revaluation losses on foreign currency balances, was
Nine-Month Period Results
Net earnings for the nine months ended
Total net revenue for the first nine months of fiscal 2016 decreased 10.2% to
Operating earnings for the first nine months of fiscal 2016 decreased 2.6% to
- Operating margin for the Company's Americas Retail segment increased 270 basis points to negative 0.6% in the first nine months of fiscal 2016, compared to negative 3.3% in the prior-year period, due to a lower SG&A rate and higher gross margins. The lower SG&A rate was driven by lower store impairment charges. The higher gross margins were due primarily to higher initial mark-ups, partially offset by the negative impact on the fixed cost structure resulting from negative comparable store sales and the unfavorable impact from currency exchange rate fluctuations on product costs.
- Operating margin for the Company's
Europe segment decreased 20 basis points to 4.2% in the first nine months of fiscal 2016, compared to 4.4% in the prior-year period, due to lower gross margins, partially offset by a lower SG&A rate. The lower gross margins were driven primarily by the unfavorable impact from currency exchange rate fluctuations on product costs, partially offset by higher initial mark-ups. The lower SG&A rate was due primarily to the favorable impact on the fixed cost structure resulting from positive same store sales and lower store impairment charges, partially offset by the unfavorable impact from lower wholesale shipments. - Operating margin for the Company's
Asia segment increased 80 basis points to 4.6% in the first nine months of fiscal 2016, compared to 3.8% in the prior-year period. The increase in operating margin was driven by a lower SG&A rate due primarily to an overall leveraging of expenses as we phase out of our G by GUESS concept inSouth Korea . - Operating margin for the Company's Americas Wholesale segment decreased 230 basis points to 18.2% in the first nine months of fiscal 2016, compared to 20.5% in the prior-year period, driven by lower product margins due primarily to lower initial mark-ups.
- Operating margin for the Company's Licensing segment decreased 80 basis points to 89.0% in the first nine months of fiscal 2016, compared to 89.8% in the prior-year period.
Other net income, which primarily includes net realized and unrealized gains on non-operating assets and net unrealized and realized mark-to-market revaluation gains on foreign currency contracts, was
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 fourth quarter of fiscal 2016 ending January 30, 2016, are as follows:
- Consolidated net revenues are expected to range between a decline of 1.5% and an increase of 1.5% in constant currency. Currency headwinds are expected to negatively impact consolidated revenue growth by approximately 5.5%, for a net decline between 7.0% and 4.0%.
- Operating margin is expected to be between 11.0% and 12.0% and includes 170 basis points of currency headwind.
- Diluted earnings per share are expected to be in the range of
$0.53 to $0.62 . The estimated impact on earnings per share of the currency headwinds is approximately$0.18 .
The Company updated its outlook for the fiscal year ending January 30, 2016, which is now as follows:
- Consolidated net revenues are expected to decline between 1.5% and 0.5% in constant currency. Currency headwinds are expected to negatively impact consolidated revenue growth by approximately 8.0%, for a net decline between 9.5% and 8.5%.
- Operating margin is expected to be between 5.5% and 6.0% and includes 130 basis points of currency headwind.
- Diluted earnings per share are expected to be in the range of
$0.93 to $1.02 . The estimated impact on earnings per share of the currency headwinds is approximately$0.40 .
On a segment basis, the Company expects the following ranges for percentage changes for comparable store sales ("comps") and net revenue in constant currency and U.S. dollars compared to the same prior-year period:
Outlook by Segment1 |
||||||||||
Fourth Quarter of Fiscal 2016 |
Fiscal Year 2016 |
|||||||||
Constant Currency2 |
U.S. Dollars |
Constant Currency2 |
U.S. Dollars |
|||||||
Americas Retail: |
||||||||||
Comps |
down LSD to up LSD |
down LSD to flat |
down LSD |
down LSD |
||||||
Net Revenue |
down LSD to up LSD |
down LSD to flat |
down LSD |
down MSD to LSD |
||||||
Europe: |
||||||||||
Comps |
up MSD |
__ |
up LSD to MSD |
__ |
||||||
Net Revenue |
up LSD |
down HSD to MSD |
up LSD |
down low-teens |
||||||
Asia: |
||||||||||
Net Revenue |
down low teens to MSD |
down mid-teens to HSD |
down HSD to MSD |
down mid-teens to low-teens |
||||||
Americas Wholesale: |
||||||||||
Net Revenue |
down LSD |
down HSD |
down LSD |
down LDD |
||||||
Licensing: |
||||||||||
Net Revenue |
__ |
down LSD |
__ |
down MSD |
||||||
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 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.
This release 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, operating 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 guidance for the fourth quarter and full year of fiscal 2016, 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 |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||||||||
Condensed Consolidated Statements of Income |
|||||||||||||||||||||||||||
(amounts in thousands, except per share data) |
|||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
October 31, 2015 |
November 1, 2014 |
October 31, 2015 |
November 1, 2014 |
||||||||||||||||||||||||
$ |
% |
$ |
% |
$ |
% |
$ |
% |
||||||||||||||||||||
Product sales |
$ |
493,214 |
94.7% |
$ |
557,862 |
94.6% |
$ |
1,467,110 |
94.9% |
$ |
1,636,569 |
95.1% |
|||||||||||||||
Net royalties |
27,750 |
5.3% |
31,972 |
5.4% |
78,942 |
5.1% |
84,377 |
4.9% |
|||||||||||||||||||
Net revenue |
520,964 |
100.0% |
589,834 |
100.0% |
1,546,052 |
100.0% |
1,720,946 |
100.0% |
|||||||||||||||||||
Cost of product sales |
337,300 |
64.7% |
375,876 |
63.7% |
998,786 |
64.6% |
1,113,980 |
64.7% |
|||||||||||||||||||
Gross profit |
183,664 |
35.3% |
213,958 |
36.3% |
547,266 |
35.4% |
606,966 |
35.3% |
|||||||||||||||||||
Selling, general and administrative expenses |
162,826 |
31.3% |
189,093 |
32.1% |
495,874 |
32.1% |
554,220 |
32.2% |
|||||||||||||||||||
Earnings from operations |
20,838 |
4.0% |
24,865 |
4.2% |
51,392 |
3.3% |
52,746 |
3.1% |
|||||||||||||||||||
Other income (expense): |
|||||||||||||||||||||||||||
Interest expense |
(292) |
(0.0%) |
(596) |
(0.1%) |
(1,456) |
(0.1%) |
(1,893) |
(0.1%) |
|||||||||||||||||||
Interest income |
273 |
0.0% |
351 |
0.1% |
784 |
0.1% |
1,076 |
0.1% |
|||||||||||||||||||
Other, net |
247 |
0.0% |
7,484 |
1.2% |
6,581 |
0.4% |
11,131 |
0.6% |
|||||||||||||||||||
Earnings before income tax expense |
21,066 |
4.0% |
32,104 |
5.4% |
57,301 |
3.7% |
63,060 |
3.7% |
|||||||||||||||||||
Income tax expense |
8,005 |
1.5% |
10,594 |
1.8% |
21,774 |
1.4% |
21,465 |
1.3% |
|||||||||||||||||||
Net earnings |
13,061 |
2.5% |
21,510 |
3.6% |
35,527 |
2.3% |
41,595 |
2.4% |
|||||||||||||||||||
Net earnings attributable to noncontrolling interests |
617 |
0.1% |
722 |
0.1% |
1,453 |
0.1% |
954 |
0.0% |
|||||||||||||||||||
Net earnings attributable to Guess?, Inc. |
$ |
12,444 |
2.4% |
$ |
20,788 |
3.5% |
$ |
34,074 |
2.2% |
$ |
40,641 |
2.4% |
|||||||||||||||
Net earnings per common share attributable to common stockholders: |
|||||||||||||||||||||||||||
Basic |
$ |
0.15 |
$ |
0.24 |
$ |
0.40 |
$ |
0.48 |
|||||||||||||||||||
Diluted |
$ |
0.15 |
$ |
0.24 |
$ |
0.40 |
$ |
0.47 |
|||||||||||||||||||
Weighted average common shares outstanding attributable to common stockholders: |
|||||||||||||||||||||||||||
Basic |
83,985 |
84,624 |
84,651 |
84,565 |
|||||||||||||||||||||||
Diluted |
84,373 |
84,832 |
84,847 |
84,789 |
|||||||||||||||||||||||
Effective Tax Rate |
38.0% |
33.0% |
38.0% |
34.0% |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||||||
Consolidated Segment Data |
|||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||
October 31, |
November 1, |
% |
October 31, |
November 1, |
% |
||||||||||||||||||||
2015 |
2014 |
change |
2015 |
2014 |
change |
||||||||||||||||||||
Net revenue: |
|||||||||||||||||||||||||
Americas Retail1 |
$ |
226,599 |
$ |
243,238 |
(7%) |
$ |
673,304 |
$ |
715,582 |
(6%) |
|||||||||||||||
Europe |
160,696 |
189,852 |
(15%) |
497,468 |
584,270 |
(15%) |
|||||||||||||||||||
Asia |
59,100 |
71,271 |
(17%) |
179,880 |
205,656 |
(13%) |
|||||||||||||||||||
Americas Wholesale1 |
46,819 |
53,501 |
(12%) |
116,458 |
131,061 |
(11%) |
|||||||||||||||||||
Licensing |
27,750 |
31,972 |
(13%) |
78,942 |
84,377 |
(6%) |
|||||||||||||||||||
$ |
520,964 |
$ |
589,834 |
(12%) |
$ |
1,546,052 |
$ |
1,720,946 |
(10%) |
||||||||||||||||
Earnings (loss) from operations: |
|||||||||||||||||||||||||
Americas Retail1 |
$ |
(2,053) |
$ |
(10,517) |
80% |
$ |
(4,018) |
$ |
(23,578) |
83% |
|||||||||||||||
Europe |
6,150 |
7,660 |
(20%) |
20,668 |
25,541 |
(19%) |
|||||||||||||||||||
Asia |
2,794 |
2,126 |
31% |
8,294 |
7,743 |
7% |
|||||||||||||||||||
Americas Wholesale1 |
9,583 |
13,940 |
(31%) |
21,202 |
26,860 |
(21%) |
|||||||||||||||||||
Licensing |
24,842 |
28,157 |
(12%) |
70,282 |
75,787 |
(7%) |
|||||||||||||||||||
Corporate Overhead |
(20,478) |
(16,501) |
24% |
(65,036) |
(59,607) |
9% |
|||||||||||||||||||
$ |
20,838 |
$ |
24,865 |
(16%) |
$ |
51,392 |
$ |
52,746 |
(3%) |
||||||||||||||||
Operating margins: |
|||||||||||||||||||||||||
Americas Retail1 |
(0.9%) |
(4.3%) |
(0.6%) |
(3.3%) |
|||||||||||||||||||||
Europe |
3.8% |
4.0% |
4.2% |
4.4% |
|||||||||||||||||||||
Asia |
4.7% |
3.0% |
4.6% |
3.8% |
|||||||||||||||||||||
Americas Wholesale1 |
20.5% |
26.1% |
18.2% |
20.5% |
|||||||||||||||||||||
Licensing |
89.5% |
88.1% |
89.0% |
89.8% |
|||||||||||||||||||||
Total Company |
4.0% |
4.2% |
3.3% |
3.1% |
|||||||||||||||||||||
Notes |
1 |
In the second quarter of fiscal 2016, the Company changed the names of its "North American Retail" and "North American Wholesale" segments to "Americas Retail" and "Americas Wholesale" to better reflect that these segments are inclusive of its operations in North America as well as Central and South America. There have been no changes to the underlying reporting in either segment. |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||||||
Constant Currency Financial Measures |
|||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||
October 31, 2015 |
November 1, 2014 |
% change |
|||||||||||||||||||||||
As Reported |
Foreign Currency Impact |
Constant Currency |
As Reported |
As Reported |
Constant Currency |
||||||||||||||||||||
Net revenue: |
|||||||||||||||||||||||||
Americas Retail1 |
$ |
226,599 |
$ |
9,570 |
$ |
236,169 |
$ |
243,238 |
(7%) |
(3%) |
|||||||||||||||
Europe |
160,696 |
25,873 |
186,569 |
189,852 |
(15%) |
(2%) |
|||||||||||||||||||
Asia |
59,100 |
5,432 |
64,532 |
71,271 |
(17%) |
(9%) |
|||||||||||||||||||
Americas Wholesale1 |
46,819 |
4,874 |
51,693 |
53,501 |
(12%) |
(3%) |
|||||||||||||||||||
Licensing |
27,750 |
— |
27,750 |
31,972 |
(13%) |
(13%) |
|||||||||||||||||||
$ |
520,964 |
$ |
45,749 |
$ |
566,713 |
$ |
589,834 |
(12%) |
(4%) |
||||||||||||||||
Nine Months Ended |
|||||||||||||||||||||||||
October 31, 2015 |
November 1, 2014 |
% change |
|||||||||||||||||||||||
As Reported |
Foreign Currency Impact |
Constant Currency |
As Reported |
As Reported |
Constant Currency |
||||||||||||||||||||
Net revenue: |
|||||||||||||||||||||||||
Americas Retail1 |
$ |
673,304 |
$ |
22,739 |
$ |
696,043 |
$ |
715,582 |
(6%) |
(3%) |
|||||||||||||||
Europe |
497,468 |
104,265 |
601,733 |
584,270 |
(15%) |
3% |
|||||||||||||||||||
Asia |
179,880 |
10,994 |
190,874 |
205,656 |
(13%) |
(7%) |
|||||||||||||||||||
Americas Wholesale1 |
116,458 |
9,886 |
126,344 |
131,061 |
(11%) |
(4%) |
|||||||||||||||||||
Licensing |
78,942 |
— |
78,942 |
84,377 |
(6%) |
(6%) |
|||||||||||||||||||
$ |
1,546,052 |
$ |
147,884 |
$ |
1,693,936 |
$ |
1,720,946 |
(10%) |
(2%) |
||||||||||||||||
Notes |
1 |
In the second quarter of fiscal 2016, the Company changed the names of its "North American Retail" and "North American Wholesale" segments to "Americas Retail" and "Americas Wholesale" to better reflect that these segments are inclusive of its operations in North America as well as Central and South America. There have been no changes to the underlying reporting in either segment. |
Guess?, Inc. and Subsidiaries |
||||||||||||||||||
Selected Condensed Consolidated Balance Sheet Data |
||||||||||||||||||
(in thousands) |
||||||||||||||||||
October 31, |
January 31, |
November 1, |
||||||||||||||||
2015 |
2015 |
2014 |
||||||||||||||||
ASSETS |
||||||||||||||||||
Cash and cash equivalents |
$ |
402,386 |
$ |
483,483 |
$ |
374,875 |
||||||||||||
Receivables, net |
195,825 |
216,205 |
236,053 |
|||||||||||||||
Inventories |
373,103 |
319,078 |
412,573 |
|||||||||||||||
Other current assets |
78,831 |
92,593 |
114,928 |
|||||||||||||||
Property and equipment, net |
240,058 |
259,524 |
290,434 |
|||||||||||||||
Other assets |
232,269 |
230,522 |
225,233 |
|||||||||||||||
Total Assets |
$ |
1,522,472 |
$ |
1,601,405 |
$ |
1,654,096 |
||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||||
Current portion of capital lease obligations and borrowings |
$ |
4,450 |
$ |
1,548 |
$ |
1,707 |
||||||||||||
Other current liabilities |
322,600 |
300,418 |
314,967 |
|||||||||||||||
Long-term debt and capital lease obligations |
2,189 |
6,165 |
6,738 |
|||||||||||||||
Other long-term liabilities |
174,288 |
199,391 |
198,850 |
|||||||||||||||
Redeemable and nonredeemable noncontrolling interests |
17,004 |
20,027 |
20,959 |
|||||||||||||||
Guess?, Inc. stockholders' equity |
1,001,941 |
1,073,856 |
1,110,875 |
|||||||||||||||
Total Liabilities and Stockholders' Equity |
$ |
1,522,472 |
$ |
1,601,405 |
$ |
1,654,096 |
Guess?, Inc. and Subsidiaries |
||||||||||||||
Condensed Consolidated Cash Flow Data |
||||||||||||||
(in thousands) |
||||||||||||||
Nine Months Ended |
||||||||||||||
October 31, |
November 1, |
|||||||||||||
2015 |
2014 |
|||||||||||||
Net cash provided by (used in) operating activities |
$ |
64,727 |
$ |
(4,884) |
||||||||||
Net cash used in investing activities |
(30,529) |
(48,055) |
||||||||||||
Net cash used in financing activities |
(107,994) |
(59,534) |
||||||||||||
Effect of exchange rates on cash and cash equivalents |
(7,301) |
(15,597) |
||||||||||||
Net change in cash and cash equivalents |
(81,097) |
(128,070) |
||||||||||||
Cash and cash equivalents at the beginning of the year |
483,483 |
502,945 |
||||||||||||
Cash and cash equivalents at the end of the period |
$ |
402,386 |
$ |
374,875 |
||||||||||
Supplemental information: |
||||||||||||||
Depreciation and amortization |
$ |
54,013 |
$ |
64,202 |
||||||||||
Rent |
$ |
193,292 |
$ |
213,118 |
Guess?, Inc. and Subsidiaries |
||||||||||||||
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow |
||||||||||||||
(in thousands) |
||||||||||||||
Nine Months Ended |
||||||||||||||
October 31, |
November 1, |
|||||||||||||
2015 |
2014 |
|||||||||||||
Net cash provided by (used in) operating activities |
$ |
64,727 |
$ |
(4,884) |
||||||||||
Less: Purchases of property and equipment |
(40,293) |
(53,208) |
||||||||||||
Free cash flow |
$ |
24,434 |
$ |
(58,092) |
||||||||||
Guess?, Inc. and Subsidiaries |
||||||||||
Retail Store Data |
||||||||||
International Store Count |
||||||||||
As of October 31, 2015 |
As of November 1, 2014 |
|||||||||
Total |
Directly Operated |
Total |
Directly Operated |
|||||||
Region |
Stores |
Stores |
Stores |
Stores |
||||||
United States and Canada |
461 |
460 |
492 |
492 |
||||||
Europe and the Middle East |
593 |
274 |
605 |
265 |
||||||
Asia |
475 |
49 |
491 |
48 |
||||||
Central and South America |
96 |
43 |
88 |
39 |
||||||
1,625 |
826 |
1,676 |
844 |
|||||||
Guess?, Inc. and Subsidiaries |
||||||||||
Directly Operated Retail Store Data |
||||||||||
U.S. and Canada |
||||||||||
Nine Months Ended |
||||||||||
October 31, |
November 1, |
|||||||||
2015 |
2014 |
|||||||||
Number of stores at the beginning of the year |
481 |
494 |
||||||||
Store openings |
10 |
13 |
||||||||
Store closures |
(31) |
(15) |
||||||||
Number of stores at the end of the period |
460 |
492 |
||||||||
Total store square footage at the end of the period |
2,225,000 |
2,351,000 |
Guess?, Inc. and Subsidiaries |
|||||||||||||||||||||
Americas Retail Net Revenue |
|||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||
October 31, |
November 1, |
% |
October 31, |
November 1, |
% |
||||||||||||||||
2015 |
2014 |
change |
2015 |
2014 |
change |
||||||||||||||||
Net revenue: |
|||||||||||||||||||||
Retail stores |
$ |
206,466 |
$ |
226,217 |
(8.7%) |
$ |
616,727 |
$ |
667,389 |
(7.6%) |
|||||||||||
E-commerce sites |
20,133 |
17,021 |
18.3% |
56,577 |
48,193 |
17.4% |
|||||||||||||||
Total |
$ |
226,599 |
$ |
243,238 |
(6.8%) |
$ |
673,304 |
$ |
715,582 |
(5.9%) |
|||||||||||
Guess?, Inc. and Subsidiaries |
|||||||
Retail Store Change in Comparable Store Sales |
|||||||
U.S. and Canada |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
October 31, 2015 |
October 31, 2015 |
||||||
U.S. Dollars |
Constant Currency |
U.S. Dollars |
Constant Currency |
||||
Excluding e-commerce sales |
(7.7%) |
(4.2%) |
(6.5%) |
(3.7%) |
|||
Impact of e-commerce sales |
2.0% |
2.1% |
1.7% |
1.8% |
|||
Including e-commerce sales |
(5.7%) |
(2.1%) |
(4.8%) |
(1.9%) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/guess-inc-reports-third-quarter-results-300184090.html
SOURCE