LOS ANGELES, Aug. 24, 2016 /PRNewswire/ -- Guess?, Inc.
(NYSE: GES) today reported financial results for its second quarter
ended July 30, 2016.
Second Quarter Fiscal 2017 Highlights
- Americas Retail revenues decreased 3% in U.S. dollars and 1%
in constant currency; retail comp sales including e-commerce
decreased 2% in U.S. dollars and constant currency
- Europe revenues increased
7% in U.S. dollars and 6% in constant currency
- Asia revenues decreased 6%
in U.S. dollars and 4% in constant currency
- Americas Wholesale revenues decreased 8% in U.S. dollars and
4% in constant currency
- Licensing revenues decreased 13% in U.S. dollars and
constant currency
- Operating earnings decreased 41%
- Announces quarterly cash dividend of $0.225
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
Victor Herrero, Chief Executive
Officer, commented, "We are pleased to deliver second quarter
earnings that exceeded our expectations both in earnings per share
and operating margin. In Europe,
our retail business delivered another strong quarter with comp
store sales up in the low-double digits. In the Americas, our
retail business in the US and Canada performed in line with our expectations
with tourist doors still under-performing the chain. In
Asia, we delivered positive comps
in Korea, Mainland China and Japan, although Greater China was below our expectations as we
continue to build out our infrastructure there and transition the
business to a direct model."
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 $32.3 million, a
76.4% increase compared to $18.3
million for the second quarter of fiscal 2016. GAAP diluted
earnings per share increased 81.0% to $0.38 for the second quarter of fiscal 2017,
compared to $0.21 for the prior-year
quarter.
During the second quarter of fiscal 2017, the Company recognized
a gain from the sale of a minority interest investment of
approximately $22.3 million (or
$20.3 million after considering the
related tax impact of $2.0 million),
or a favorable $0.24 per share
impact. Excluding the gain from the sale of the minority interest
investment, adjusted net earnings were $12.0
million and adjusted diluted earnings per share was
$0.14 during the second quarter of
fiscal 2017. The Company estimates the negative impact of currency
on diluted earnings per share in the second quarter of fiscal 2017
was approximately $0.04.
Total net revenue for the second quarter of fiscal 2017
decreased 0.2% to $545.0 million,
from $546.3 million in the prior-year
quarter. In constant currency, total net revenue increased 0.5%.
Refer to the accompanying tables for a summary of net revenue by
segment as well as information regarding the impact of foreign
currency exchange rate fluctuations on the Company's net
revenue.
Operating earnings for the second quarter of fiscal 2017
decreased 40.5% to $15.6 million
(including a $0.2 million unfavorable
currency translation impact), from $26.2
million in the prior-year quarter. Operating margin in the
second quarter decreased 190 basis points to 2.9%, from 4.8% in the
prior-year quarter, driven primarily by higher expenses due to
retail expansion and the negative impact from currency exchange
rate fluctuations, partially offset by lower charges related to
legal matters. The negative impact of currency on operating margin
for the quarter was roughly 70 basis points.
- Operating margin for the Company's Americas Retail segment
decreased 300 basis points to negative 0.7% in the second quarter
of fiscal 2017, from 2.3% in the prior-year period. The decrease in
operating margin was driven by lower gross margins due primarily to
more markdowns and the negative impact on the fixed cost structure
resulting from negative comparable store sales.
- Operating margin for the Company's Europe segment decreased 20 basis points to
8.9% in the second quarter of fiscal 2017, from 9.1% 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 and lower initial mark-ups, partially
offset by the favorable impact from positive comparable store
sales. The lower SG&A rate was due primarily to the favorable
impact on the fixed cost structure resulting from positive
comparable store sales, partially offset by higher store selling
expenses due to retail expansion.
- Operating margin for the Company's Asia segment decreased 830 basis points to
negative 6.7% in the second quarter of fiscal 2017, from 1.6% in
the prior-year period. The decrease in operating margin was due to
a higher SG&A rate and lower gross margins driven primarily by
higher expenses resulting from expansion in China and overall deleveraging.
- Operating margin for the Company's Americas Wholesale segment
decreased 390 basis points to 11.2% in the second quarter of fiscal
2017, from 15.1% in the prior-year period, due to lower gross
margins and a higher SG&A rate. The lower gross margins were
driven primarily by the unfavorable impact from currency exchange
rate fluctuations on product costs and lower initial mark-ups. The
higher SG&A rate was due primarily to overall deleveraging of
expenses.
- Operating margin for the Company's Licensing segment increased
140 basis points to 89.9% in the second quarter of fiscal 2017,
compared to 88.5% in the prior-year period.
Other net income, which primarily includes a realized gain of
$22.3 million from the sale of a
minority interest investment, was $27.4
million for the second quarter of fiscal 2017, compared to
$3.7 million in the prior-year
quarter. The gain from the sale of the minority interest investment
has been excluded for purposes of calculating adjusted financial
measures for the second 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.
Six-Month Period Results
For the six months ended July 30,
2016, the Company recorded GAAP net earnings of $7.1 million, a 67.2% decrease from $21.6 million for the six months ended
August 1, 2015. GAAP diluted earnings
per share decreased 68.0% to $0.08
for the six months ended July 30,
2016, from $0.25 for the
prior-year period.
During the six months ended July 30,
2016, the Company recognized a gain from the sale of a
minority interest investment of approximately $22.3 million which was partially offset by the
negative impact from restructuring charges of $6.1 million and a related exit tax charge of
$1.9 million (or a combined
$14.5 million after considering the
net $0.2 million tax benefit
resulting from the restructuring charges and the sale of the
minority interest investment), or a favorable $0.17 per share impact. Excluding the impact of
these items, adjusted net loss was $7.4
million and adjusted diluted loss per share was $0.09 during the six months ended July 30, 2016. The Company estimates the negative
impact of currency on diluted earnings per share for the six months
ended July 30, 2016 was approximately
$0.12.
Total net revenue for the first six months of fiscal 2017
decreased 3.1% to $993.8 million,
from $1.03 billion in the prior-year
period. In constant currency, total net revenue decreased 2.1%.
Refer to the accompanying tables for a summary of net revenue by
segment as well as information regarding the impact of foreign
currency exchange rate fluctuations on the Company's net
revenue.
GAAP operating loss for the first six months of fiscal 2017 was
$13.4 million (including a
$1.1 million unfavorable currency
translation impact), compared to operating earnings of $30.6 million in the prior-year period, a
decrease of $44.0 million. GAAP
operating margin in the first six months of fiscal 2017 decreased
430 basis points to negative 1.3%, from 3.0% in the prior-year
period, due primarily to the negative impact from business mix,
currency exchange rate fluctuations and higher expenses due to
retail expansion. The negative impact of currency on operating
margin for the first six months of fiscal 2017 was roughly 100
basis points.
Excluding the impact of the restructuring charges, adjusted
operating loss was $7.3 million and
adjusted operating margin was negative 0.7%, a decrease of 370
basis points compared to the same prior-year period.
- Operating margin for the Company's Americas Retail segment
decreased 290 basis points to negative 3.3% in the first six months
of fiscal 2017, from negative 0.4% in the prior-year period. The
decrease in operating margin was driven primarily by lower gross
margins and a higher SG&A rate. The lower gross margins were
due primarily to the negative impact on the fixed cost structure
resulting from negative comparable store sales and more markdowns.
The higher SG&A rate was driven primarily by negative impact on
the fixed cost structure resulting from negative comparable store
sales.
- Operating margin for the Company's Europe segment decreased 290 basis points to
1.4% in the first six months of fiscal 2017, from 4.3% in the
prior-year period, due to lower gross margins. The lower gross
margins were driven primarily by the unfavorable impact from
currency exchange rate fluctuations and business mix, partially
offset by the favorable impact from positive comparable store
sales.
- Operating margin for the Company's Asia segment decreased 850 basis points to
negative 3.9% in the first six months of fiscal 2017, from 4.6% in
the prior-year period. The decrease in operating margin was due to
a higher SG&A rate and lower overall gross margins driven
primarily by higher expenses resulting from expansion in
China, overall deleveraging and
the unfavorable impact from business mix.
- Operating margin for the Company's Americas Wholesale segment
decreased 240 basis points to 14.3% in the first six months of
fiscal 2017, from 16.7% in the prior-year period. The decrease in
operating margin was due to lower gross margins driven primarily by
the unfavorable impact from currency exchange rate fluctuations on
product costs and lower initial mark-ups.
- Operating margin for the Company's Licensing segment increased
180 basis points to 90.6% in the first six months of fiscal 2017,
compared to 88.8% in the prior-year period.
Other net income, which primarily includes a realized gain of
$22.3 million from the sale of a
minority interest investment, was $26.3
million for the first six months of fiscal 2017, compared to
$6.3 million in the prior-year
period. The gain from the sale of the minority interest investment
has been excluded for purposes of calculating adjusted financial
measures for the first six months 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.
Dividends
The Company's Board of Directors has approved a quarterly cash
dividend of $0.225 per share on the
Company's common stock. The dividend will be payable on
September 23, 2016 to shareholders of record at the close of
business on September 7, 2016.
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:
- Consolidated net revenues are expected to increase between 5.0%
and 8.0% in U.S. dollars. Currency tailwinds are expected to
positively impact consolidated revenue growth by approximately
0.5%. Excluding the impact of currency, consolidated net revenues
are expected to increase between 4.5% and 7.5% in constant
currency.
- Operating margin is expected to be between 3.5% and 4.5% and
includes 30 basis points of currency headwind.
- Diluted earnings per share are expected to be in the range of
$0.11 to $0.16. Currencies are not
expected to have any material impact on earnings per share for the
third quarter.
The Company updated its outlook for the fiscal year ending
January 28, 2017, which is now as follows:
- Consolidated net revenues are expected to increase between 3.0%
and 5.0% in U.S. dollars. Currency tailwinds are expected to
positively impact consolidated revenue growth by approximately
0.5%. Excluding the impact of currency, consolidated net revenues
are expected to increase between 2.5% and 4.5% in constant
currency.
- GAAP operating margin is expected to be between 3.5% and 4.5%
and includes 50 basis points of currency headwind; Adjusted
operating margin is expected to be between 4.0% and 5.0%.
- GAAP diluted earnings per share are expected to be in the range
of $0.79 to $0.92. The estimated
impact on earnings per share of the currency headwinds is
approximately $0.11. Adjusted diluted
earnings per share are expected to be in the range of $0.62 to $0.75.
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
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|
Third Quarter of
Fiscal 2017
|
|
Fiscal Year
2017
|
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|
|
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|
U.S.
Dollars
|
|
Constant
Currency2
|
|
U.S.
Dollars
|
|
Constant
Currency2
|
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|
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|
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|
Americas
Retail:
|
|
|
|
|
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|
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|
Comps
|
|
down MSD to
LSD
|
|
down MSD to
LSD
|
|
down LSD
|
|
down LSD
|
|
Net
Revenue
|
|
down LSD
|
|
down LSD
|
|
down LSD
|
|
down LSD
|
|
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|
Europe:
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|
|
|
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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
|
|
|
|
|
|
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|
Licensing:
|
|
|
|
|
|
|
|
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|
Net
Revenue
|
|
down HSD
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|
__
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|
down HSD
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|
__
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Notes
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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 4:45 pm (ET) on August 24, 2016 to discuss
the news announced in this press release. A live webcast of the
conference call will be accessible at www.guess.com via the
"Investor Relations" link. The webcast will be archived on the
website for 30 days.
About Guess?
Guess?, Inc. designs, markets, distributes and licenses a
lifestyle collection of contemporary apparel, denim, handbags,
watches, footwear and other related consumer products. Guess?
products are distributed through branded Guess? stores as well as
better department and specialty stores around the world. As of
July 30, 2016, the Company directly operated 873 retail stores
in the Americas, Europe and
Asia. The Company's licensees and
distributors operated 765 additional retail stores worldwide. As of
July 30, 2016, the Company and its licensees and distributors
operated in more than 95 countries worldwide. For more information
about the Company, please visit www.guess.com.
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, Victor Herrero), as well as guidance for the
third quarter and full year of fiscal 2017, are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which are frequently indicated by terms
such as "expect," "will," "goal," "strategy," "believe,"
"continue," "outlook," "plan" and similar terms, are only
expectations, and involve known and unknown risks and
uncertainties, which may cause actual results in future periods to
differ materially from what is currently anticipated. Factors which
may cause actual results in future periods to differ materially
from current expectations include, among others: our ability to
maintain our brand image and reputation; domestic and international
economic conditions, including economic and other events that could
negatively impact consumer confidence and discretionary consumer
spending; changes in the competitive marketplace and in our
commercial relationships; our ability to anticipate and respond to
consumer preferences and trends; our ability to manage our
inventory commensurate with customer demand; risks related to the
timing and costs of delivering merchandise to our stores and our
wholesale customers; our ability to effectively operate our various
retail concepts, including securing, renewing, modifying or
terminating leases for store locations; our ability to successfully
and/or timely implement our growth strategies and other strategic
initiatives; our ability to expand internationally and operate in
regions where we have less experience, including through joint
ventures; our ability to successfully or timely implement plans for
cost and workforce reductions; changes to our short or long-term
strategic initiatives; unexpected obligations arising from new or
existing litigation, tax and other regulatory proceedings;
accounting adjustments identified from subsequent events arising
after issuance of this release; risks associated with our foreign
operations, such as violations of laws prohibiting improper
payments and the burdens of complying with a variety of foreign
laws and regulations; risks associated with the acts or omissions
of our third party vendors, including a failure to comply with our
vendor code of conduct or other policies; risks associated with
cyber attacks and other cyber security risks; and changes in
economic, political, social and other conditions affecting our
foreign operations and sourcing, including the impact of currency
fluctuations, global tax rates and economic and market conditions
in Eastern Europe, Southern Europe and Asia (particularly China and Korea). In addition to these
factors, the economic, technological, managerial, and other risks
identified in the Company's most recent annual report on Form 10-K
and other filings with the Securities and Exchange Commission,
including but not limited to the risk factors discussed therein,
could cause actual results to differ materially from current
expectations. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Contact:
|
Guess?,
Inc.
|
|
Fabrice
Benarouche
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VP, Finance and
Investor Relations
|
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(213)
765-5578
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|
Source:
|
Guess?,
Inc.
|
Guess?, Inc. and
Subsidiaries
|
Condensed
Consolidated Statements of Income
|
(amounts in
thousands, except per share data)
|
|
|
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|
|
|
|
|
|
|
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|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
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:
|
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.
|
|
|
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.
|
|
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.
|
|
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
|
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
Currency
Impact
|
|
Constant
Currency
|
|
As
Reported
|
|
As
Reported
|
|
Constant
Currency
|
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
Currency
Impact
|
|
Constant
Currency
|
|
As
Reported
|
|
As
Reported
|
|
Constant
Currency
|
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
Currency
|
|
U.S.
Dollars
|
|
Constant
Currency
|
|
|
|
|
|
|
|
|
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 GUESS?, Inc.