LOS ANGELES, Nov. 30, 2016
/PRNewswire/ -- Guess?, Inc. (NYSE: GES) today reported
financial results for its third quarter ended October 29,
2016.
Victor Herrero, Chief Executive
Officer, commented, "While I recognize the challenges we are facing
in the Americas, I am thrilled that, due to our various revenue
enhancement initiatives, our third quarter revenues increased by
3%. We enjoyed strong double digit growth in Europe and in Asia, and we remain focused on improving our
profitability in North America. As
we reach the end of our transition year, I look forward to fiscal
year 2018 with tremendous anticipation and excitement."
Mr. Herrero continued, "Third quarter earnings finished at the
low-end of our guidance. Overall we are pleased with the
performance of our international businesses. In Europe, our revenues were up 16% driven by new
store openings and another strong quarter of positive comp store
sales. Our European wholesale order book for Spring Summer finished up 1%, marking the second
consecutive season of growth in the European wholesale business.
Turning to Asia, revenues finished
up 10% driven by new store openings and positive comp store sales
in China."
Mr. Herrero continued, "In the Americas, where the retail
environment remains challenging, we are more than ever focused on
improving the profitability of our retail business. In order to do
so, we have identified a four point plan that we believe will drive
value for our business: (1) continue to negotiate rent reductions
whenever possible, (2) close unprofitable stores upon lease
kick-out or expiration unless new rent terms make them profitable,
(3) continue to implement supply chain initiatives including vendor
consolidation, fabric platforming and source country
diversification and (4) enhance our digital capabilities to help
set ourselves apart from other retailers."
Mr. Herrero concluded, "As for the outlook for the current
fiscal year, our previous full year guidance assumed better comps
and gross margins in the Americas Retail segment for the fourth
quarter than we are now expecting based on our third quarter
results and trends so far in the fourth quarter. This is the main
driver of the change in company guidance."
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.
Third Quarter Fiscal 2017 Results
For the third quarter of fiscal 2017, the Company recorded net
earnings of $9.1 million, a 26.8%
decrease from $12.4 million for the
third quarter of fiscal 2016. Diluted earnings per share decreased
26.7% to $0.11 for the third quarter
of fiscal 2017, from $0.15 for the
prior-year quarter. The Company estimates that currencies did not
have a meaningful impact on diluted earnings per share in the third
quarter of fiscal 2017.
Net Revenue. Total net revenue for the third
quarter of fiscal 2017 increased 2.9% to $536.3 million, compared to $521.0 million in the prior-year quarter. In
constant currency, net revenue also increased by 2.9%.
- Americas Retail revenues decreased 4.7% in U.S. dollars and
4.6% in constant currency; retail comp sales including e-commerce
decreased 4.9% in U.S. dollars and 4.8% in constant currency.
- Europe revenues increased
16.4% in U.S. dollars and 16.8% in constant currency.
- Asia revenues increased 9.8%
in U.S. dollars and 6.4% in constant currency.
- Americas Wholesale revenues decreased 4.3% in U.S. dollars and
2.2% in constant currency.
- Licensing revenues decreased 14.3% in U.S. dollars and constant
currency.
Operating Earnings. Operating earnings for the
third quarter of fiscal 2017 decreased 27.4% to $15.1 million (including a $0.2 million unfavorable currency translation
impact), from $20.8 million in the
prior-year quarter. Operating margin in the third quarter decreased
120 basis points to 2.8%, from 4.0% in the prior-year quarter,
driven primarily by the negative impact on the Company's fixed cost
structure resulting from negative comparable store sales in
Americas Retail and segment mix, partially offset by lower
performance-based compensation costs. The negative impact of
currency on operating margin for the quarter was roughly 40 basis
points.
- Operating margin for the Company's Americas Retail segment
decreased 400 basis points to negative 4.9% in the third quarter of
fiscal 2017, from negative 0.9% in the prior-year period. The
decrease in operating margin was driven primarily by the negative
impact on the fixed cost structure resulting from negative
comparable store sales and more markdowns.
- Operating margin for the Company's Europe segment increased 220 basis points to
6.0% in the third quarter of fiscal 2017, compared to 3.8% in the
prior-year period, driven primarily by the favorable impact on the
fixed cost structure resulting from higher wholesale shipments and
overall leveraging of expenses, partially offset by the unfavorable
impact from currency exchange rate fluctuations.
- Operating margin for the Company's Asia segment decreased 630 basis points to
negative 1.6% in the third quarter of fiscal 2017, from 4.7% in the
prior-year period. The decrease in operating margin was driven by a
higher SG&A rate due primarily to the unfavorable impact from
country mix and higher expenses resulting from expansion in
China.
- Operating margin for the Company's Americas Wholesale segment
decreased 310 basis points to 17.4% in the third quarter of fiscal
2017, from 20.5% in the prior-year period, due to lower gross
margins and a higher SG&A rate. The lower gross margins were
driven primarily by lower initial mark-ups. The higher SG&A
rate was due to overall deleveraging of expenses.
- Operating margin for the Company's Licensing segment decreased
480 basis points to 84.7% in the third quarter of fiscal 2017, from
89.5% in the prior-year period.
Other net income, which primarily includes net unrealized and
realized mark-to-market revaluation gains on foreign exchange
currency contracts, partially offset by net unrealized
mark-to-market revaluation losses on foreign currency balances, was
$0.1 million for the third quarter of
fiscal 2017, compared to $0.2 million
in the prior-year quarter.
Nine-Month Period Results
For the nine months ended October 29,
2016, the Company recorded GAAP net earnings of $16.2 million, a 52.5% decrease from $34.1 million for the nine months ended
October 31, 2015. GAAP diluted
earnings per share decreased 52.5% to $0.19 for the nine months ended October 29, 2016, from $0.40 for the prior-year period.
During the nine months ended October 29,
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 earnings was $1.7
million and adjusted diluted earnings per share was
$0.02 during the nine months ended
October 29, 2016. The Company
estimates the negative impact of currency on diluted earnings per
share for the nine months ended October 29,
2016 was approximately $0.12.
Net Revenue. Total net revenue for the first nine
months of fiscal 2017 decreased 1.0% to $1.53 billion, from $1.55
billion in the prior-year period. In constant
currency, net revenue decreased by 0.4%.
- Americas Retail revenues decreased 4.0% in U.S. dollars and
3.1% in constant currency; retail comp sales including e-commerce
decreased 3.9% in U.S. dollars and 3.2% in constant currency.
- Europe revenues increased 7.7%
in U.S. dollars and 7.2% in constant currency.
- Asia revenues decreased 4.2%
in U.S. dollars and 2.9% in constant currency.
- Americas Wholesale revenues decreased 7.8% in U.S. dollars and
4.1% in constant currency.
- Licensing revenues decreased 13.8% in U.S. dollars and constant
currency.
Operating Earnings. GAAP operating earnings for
the first nine months of fiscal 2017 decreased 96.6% to
$1.7 million (including a
$1.3 million unfavorable currency
translation impact), from $51.4
million in the prior-year period. GAAP operating margin in
the first nine months of fiscal 2017 decreased 320 basis points to
0.1%, from 3.3% in the prior-year period, driven primarily by the
negative impact of currency exchange rate fluctuations, the
negative impact on the Company's fixed cost structure resulting
from negative comparable store sales in Americas Retail and segment
mix, partially offset by the favorable impact from positive
comparable store sales in Europe.
The negative impact of currency on operating margin for the first
nine months of fiscal 2017 was roughly 80 basis points.
Excluding the impact of the restructuring charges, adjusted
operating earnings was $7.8 million
and adjusted operating margin was 0.5%, a decrease of 280 basis
points compared to the same prior-year period.
- Operating margin for the Company's Americas Retail segment
decreased 320 basis points to negative 3.8% in the first nine
months of fiscal 2017, from negative 0.6% in the prior-year period.
The decrease in operating margin was driven primarily by the
negative impact on the fixed cost structure resulting from negative
comparable store sales and more markdowns.
- Operating margin for the Company's Europe segment decreased 120 basis points to
3.0% in the first nine months of fiscal 2017, from 4.2% 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 and business mix, partially offset by the favorable
impact from positive comparable store sales. The lower SG&A
rate was driven by the favorable impact on the fixed cost structure
resulting from positive comparable store sales.
- Operating margin for the Company's Asia segment decreased 770 basis points to
negative 3.1% in the first nine 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 gross margins. The higher
SG&A rate was driven primarily by higher expenses resulting
from expansion in China, the
unfavorable impact from country mix and overall deleveraging. The
lower gross margins were driven by higher occupancy costs due to
retail expansion in China and
overall deleveraging.
- Operating margin for the Company's Americas Wholesale segment
decreased 260 basis points to 15.6% in the first nine months of
fiscal 2017, from 18.2% in the prior-year period. The decrease in
operating margin was 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 markups. The higher SG&A rate
was due primarily to overall deleveraging.
- Operating margin for the Company's Licensing segment decreased
40 basis points to 88.6% in the first nine months of fiscal 2017,
from 89.0% 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 $26.4
million for the first nine months of fiscal 2017, compared
to $6.6 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 nine 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
December 30, 2016 to shareholders of record at the close of
business on December 14, 2016.
Outlook
The following guidance assumes that foreign currency exchange
rates remain at prevailing rates:
The Company's expectations for the fourth quarter of fiscal 2017
ending January 28, 2017, are as follows:
- Consolidated net revenues are expected to increase between 3.5%
and 7.5% in U.S. dollars. Currency headwinds are expected to
negatively impact consolidated revenue growth by approximately
0.5%. Excluding the impact of currency, consolidated net revenues
are expected to increase between 4.0% and 8.0% in constant
currency.
- Operating margin is expected to be between 7.5% and 9.5% and
includes roughly 30 basis points of currency headwind.
- Diluted earnings per share are expected to be in the range of
$0.40 to $0.50. Currencies are
expected to have a minimal impact on earnings per share for the
fourth 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 0.5%
and 1.5% in U.S. dollars. Currency headwinds are expected to
negatively impact consolidated revenue growth by approximately
0.5%. Excluding the impact of currency, consolidated net revenues
are expected to increase between 1.0% and 2.0% in constant
currency.
- GAAP operating margin is expected to be between 2.5% and 3.0%
and includes roughly 60 basis points of currency headwind.
Adjusted operating margin is expected to be between 3.0% and
3.5%.
- GAAP diluted earnings per share are expected to be in the range
of $0.59 to $0.69. The estimated
impact on earnings per share of the currency headwinds is
approximately $0.14. Adjusted diluted
earnings per share are expected to be in the range of $0.42 to $0.52.
During the first nine 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 implemented 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 nine months of fiscal 2017. The
Company's adjusted outlook for the full year excludes the impact of
these items recorded in the first nine months of fiscal 2017, where
applicable. The Company's expectations for the fourth quarter
ending January 28, 2017, 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 fourth quarter 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:
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Outlook by
Segment1
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Fourth Quarter of
Fiscal 2017
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Fiscal Year
2017
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U.S.
Dollars
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Constant
Currency2
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U.S.
Dollars
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Constant
Currency2
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Americas
Retail:
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Comps
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down MSD to
HSD
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down MSD to
HSD
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down LSD to
MSD
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down LSD to
MSD
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Net
Revenue
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down LSD to
MSD
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down LSD to
MSD
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down LSD to
MSD
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down LSD
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Europe:
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Comps
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__
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up HSD to
LDD
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__
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up HSD to
LDD
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Net
Revenue
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up LDD to high
teens
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up mid-teens to
high-teens
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up HSD to
LDD
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up HSD to
LDD
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Asia:
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Net
Revenue
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up low-twenties to
high-twenties
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up low-twenties to
mid-twenties
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up LSD
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up LSD
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Americas
Wholesale:
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Net
Revenue
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up HSD
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up LDD
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down LSD
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down LSD
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Licensing:
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Net
Revenue
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down LDD
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__
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down LDD
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__
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Notes:
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1
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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.
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2
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Eliminates the impact
of expected foreign currency translation to give investors a better
understanding of the underlying trends within the
business.
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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 nine months of fiscal 2017), 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 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 November 30, 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
October 29, 2016, the Company directly operated 916 retail
stores in the Americas, Europe and
Asia. The Company's licensees and
distributors operated 735 additional retail stores worldwide. As of
October 29, 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;
statements expressing optimism or pessimism about future operating
results or events and projected sales, earnings, capital
expenditures and business strategy; and guidance for the fourth
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; unexpected or unseasonable weather conditions;
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; our ability to attract and retain key
personnel; 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; risk of future asset impairments or restructuring
charges; our ability to adapt to new regulatory compliance and
disclosure obligations; 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:
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Guess?,
Inc.
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Fabrice
Benarouche
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VP, Finance and
Investor Relations
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(213)
765-5578
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Guess?, Inc. and
Subsidiaries
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Condensed
Consolidated Statements of Income
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(amounts in
thousands, except per share data)
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Three Months
Ended
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Nine Months
Ended
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October 29,
2016
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October 31,
2015
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October 29,
2016
|
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October 31,
2015
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$
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%
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|
$
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%
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|
$
|
%
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$
|
%
|
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Product
sales
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$
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512,553
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|
95.6%
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$
|
493,214
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|
94.7%
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$
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1,462,029
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95.6%
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$
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1,467,110
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94.9%
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Net
royalties
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23,768
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4.4%
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27,750
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5.3%
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68,066
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4.4%
|
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|
78,942
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5.1%
|
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Net
revenue
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536,321
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|
100.0%
|
|
|
520,964
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|
100.0%
|
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1,530,095
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100.0%
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1,546,052
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100.0%
|
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Cost of product
sales
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356,079
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66.4%
|
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|
337,300
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|
64.7%
|
|
|
1,021,462
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66.8%
|
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|
998,786
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|
64.6%
|
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Gross
profit
|
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180,242
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33.6%
|
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|
183,664
|
|
35.3%
|
|
|
508,633
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33.2%
|
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547,266
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35.4%
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|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
165,119
|
|
30.8%
|
|
|
162,826
|
|
31.3%
|
|
|
500,828
|
|
32.7%
|
|
|
495,874
|
|
32.1%
|
|
Restructuring
charges
|
|
—
|
|
0.0%
|
|
|
—
|
|
0.0%
|
|
|
6,083
|
|
0.4%
|
|
|
—
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
operations
|
|
15,123
|
|
2.8%
|
|
|
20,838
|
|
4.0%
|
|
|
1,722
|
|
0.1%
|
|
|
51,392
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(500)
|
|
(0.1%)
|
|
|
(292)
|
|
(0.0%)
|
|
|
(1,478)
|
|
(0.0%)
|
|
|
(1,456)
|
|
(0.1%)
|
|
|
|
Interest
income
|
|
861
|
|
0.2%
|
|
|
273
|
|
0.0%
|
|
|
1,763
|
|
0.1%
|
|
|
784
|
|
0.1%
|
|
|
|
Other income,
net
|
|
125
|
|
0.0%
|
|
|
247
|
|
0.0%
|
|
|
26,417
|
|
1.7%
|
|
|
6,581
|
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income tax expense
|
|
15,609
|
|
2.9%
|
|
|
21,066
|
|
4.0%
|
|
|
28,424
|
|
1.9%
|
|
|
57,301
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
5,880
|
|
1.1%
|
|
|
8,005
|
|
1.5%
|
|
|
11,682
|
|
0.8%
|
|
|
21,774
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
9,729
|
|
1.8%
|
|
|
13,061
|
|
2.5%
|
|
|
16,742
|
|
1.1%
|
|
|
35,527
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to noncontrolling interests
|
|
626
|
|
0.1%
|
|
|
617
|
|
0.1%
|
|
|
548
|
|
0.0%
|
|
|
1,453
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings attributable to Guess?, Inc.
|
|
$
|
9,103
|
|
1.7%
|
|
|
$
|
12,444
|
|
2.4%
|
|
|
$
|
16,194
|
|
1.1%
|
|
|
$
|
34,074
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.11
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.40
|
|
|
|
|
Diluted
|
|
$
|
0.11
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding attributable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
83,758
|
|
|
|
83,985
|
|
|
|
83,631
|
|
|
|
84,651
|
|
|
|
|
Diluted
|
|
83,917
|
|
|
|
84,373
|
|
|
|
83,813
|
|
|
|
84,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
37.7%
|
|
|
|
38.0%
|
|
|
|
41.1%
|
|
|
|
38.0%
|
|
|
|
Adjusted earnings
from operations1:
|
|
|
|
|
|
|
|
|
$
|
7,805
|
|
0.5%
|
|
|
|
|
|
|
Adjusted net earnings
attributable to Guess?, Inc.1:
|
|
|
|
|
|
|
|
|
$
|
1,687
|
|
0.1%
|
|
|
|
|
|
|
Adjusted diluted
earnings per common share attributable to common
stockholders1:
|
|
|
|
|
|
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate1
|
|
|
|
|
|
|
|
81.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended October 29, 2016. No
adjustments have been made to the same prior-year period. 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 from operations
to adjusted earnings from
operations, reported GAAP net earnings attributable to Guess?, Inc.
to adjusted net earnings attributable to Guess?, Inc.
and reported GAAP income tax expense to adjusted income tax expense
for the nine months ended October 29, 2016.
|
|
|
|
Nine Months
Ended
|
|
|
October 29,
2016
|
|
|
|
|
%
of
|
|
|
$
|
|
Revenues
|
|
|
|
|
|
|
Reported GAAP
earnings from operations
|
|
$
|
1,722
|
|
0.1%
|
Restructuring
charges1
|
|
6,083
|
|
|
|
|
|
|
|
Adjusted earnings
from operations
|
|
$
|
7,805
|
|
0.5%
|
|
|
|
|
|
|
Reported GAAP net
earnings attributable to Guess?, Inc.
|
|
$
|
16,194
|
|
1.1%
|
Restructuring
charges1
|
|
6,083
|
|
|
|
|
|
|
|
Gain on
sale of a minority interest investment2
|
|
(22,279)
|
|
|
|
|
|
|
|
Income
tax adjustments3
|
|
(222)
|
|
|
Exit tax
charge4
|
|
1,911
|
|
|
|
|
|
|
|
Total adjustments
affecting net earnings attributable to Guess?, Inc.
|
|
(14,507)
|
|
|
|
|
|
|
|
Adjusted net
earnings attributable to Guess?, Inc.
|
|
$
|
1,687
|
|
0.1%
|
|
|
|
|
|
|
Reported GAAP income
tax expense
|
|
$
|
11,682
|
|
|
|
|
|
|
|
Total
income tax adjustments3
|
|
222
|
|
|
Exit tax
charge4
|
|
(1,911)
|
|
|
|
|
|
|
|
Total income
tax effect
|
|
(1,689)
|
|
|
|
|
|
|
|
Adjusted income
tax expense
|
|
$
|
9,993
|
|
|
Adjusted effective
tax rate
|
|
81.7%
|
|
|
|
|
|
|
|
Notes:
|
1
|
During the first
quarter of fiscal 2017, the Company implemented 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 nine months ended
October 29, 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 nine months ended October 29, 2016. The gain related to the
sale was recorded during the three 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 nine months ended October 29, 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
|
|
Nine Months
Ended
|
|
|
|
|
|
|
October
29,
|
|
October
31,
|
|
%
|
|
October
29,
|
|
October
31,
|
|
%
|
|
|
|
|
|
|
2016
|
|
2015
|
|
change
|
|
2016
|
|
2015
|
|
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Retail
|
$
|
215,862
|
|
|
$
|
226,599
|
|
|
(5%)
|
|
$
|
646,573
|
|
|
$
|
673,304
|
|
|
(4%)
|
|
Europe
|
187,008
|
|
|
160,696
|
|
|
16%
|
|
535,855
|
|
|
497,468
|
|
|
8%
|
|
Asia
|
64,865
|
|
|
59,100
|
|
|
10%
|
|
172,241
|
|
|
179,880
|
|
|
(4%)
|
|
Americas
Wholesale
|
44,818
|
|
|
46,819
|
|
|
(4%)
|
|
107,360
|
|
|
116,458
|
|
|
(8%)
|
|
Licensing
|
23,768
|
|
|
27,750
|
|
|
(14%)
|
|
68,066
|
|
|
78,942
|
|
|
(14%)
|
|
|
|
|
|
|
$
|
536,321
|
|
|
$
|
520,964
|
|
|
3%
|
|
$
|
1,530,095
|
|
|
$
|
1,546,052
|
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Retail
|
$
|
(10,614)
|
|
|
$
|
(2,053)
|
|
|
(417%)
|
|
$
|
(24,829)
|
|
|
$
|
(4,018)
|
|
|
(518%)
|
|
Europe
|
11,157
|
|
|
6,150
|
|
|
81%
|
|
16,105
|
|
|
20,668
|
|
|
(22%)
|
|
Asia
|
(1,049)
|
|
|
2,794
|
|
|
(138%)
|
|
(5,264)
|
|
|
8,294
|
|
|
(163%)
|
|
Americas
Wholesale
|
7,814
|
|
|
9,583
|
|
|
(18%)
|
|
16,764
|
|
|
21,202
|
|
|
(21%)
|
|
Licensing
|
20,141
|
|
|
24,842
|
|
|
(19%)
|
|
60,289
|
|
|
70,282
|
|
|
(14%)
|
|
Corporate
Overhead
|
(12,326)
|
|
|
(20,478)
|
|
|
(40%)
|
|
(55,260)
|
|
|
(65,036)
|
|
|
(15%)
|
|
Restructuring
Charges
|
—
|
|
|
—
|
|
|
|
|
(6,083)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
$
|
15,123
|
|
|
$
|
20,838
|
|
|
(27%)
|
|
$
|
1,722
|
|
|
$
|
51,392
|
|
|
(97%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Retail
|
(4.9%)
|
|
|
(0.9%)
|
|
|
|
|
(3.8%)
|
|
|
(0.6%)
|
|
|
|
|
Europe
|
6.0%
|
|
|
3.8%
|
|
|
|
|
3.0%
|
|
|
4.2%
|
|
|
|
|
Asia
|
(1.6%)
|
|
|
4.7%
|
|
|
|
|
(3.1%)
|
|
|
4.6%
|
|
|
|
|
Americas
Wholesale
|
17.4%
|
|
|
20.5%
|
|
|
|
|
15.6%
|
|
|
18.2%
|
|
|
|
|
Licensing
|
84.7%
|
|
|
89.5%
|
|
|
|
|
88.6%
|
|
|
89.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company
including restructuring charges
|
2.8%
|
|
|
4.0%
|
|
|
|
|
0.1%
|
|
|
3.3%
|
|
|
|
|
Total Company before
restructuring charges
|
2.8%
|
|
|
4.0%
|
|
|
|
|
0.5%
|
|
|
3.3%
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Constant Currency
Financial Measures
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
October 29,
2016
|
|
October 31,
2015
|
|
%
change
|
|
As
Reported
|
|
Foreign Currency
Impact
|
|
Constant
Currency
|
|
As
Reported
|
|
As
Reported
|
|
Constant
Currency
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Retail
|
$
|
215,862
|
|
|
$
|
269
|
|
|
$
|
216,131
|
|
|
$
|
226,599
|
|
|
(5%)
|
|
(5%)
|
|
Europe
|
187,008
|
|
|
709
|
|
|
187,717
|
|
|
160,696
|
|
|
16%
|
|
17%
|
|
Asia
|
64,865
|
|
|
(1,961)
|
|
|
62,904
|
|
|
59,100
|
|
|
10%
|
|
6%
|
|
Americas
Wholesale
|
44,818
|
|
|
971
|
|
|
45,789
|
|
|
46,819
|
|
|
(4%)
|
|
(2%)
|
|
Licensing
|
23,768
|
|
|
—
|
|
|
23,768
|
|
|
27,750
|
|
|
(14%)
|
|
(14%)
|
|
|
|
|
|
|
$
|
536,321
|
|
|
$
|
(12)
|
|
|
$
|
536,309
|
|
|
$
|
520,964
|
|
|
3%
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
October 29,
2016
|
|
October 31,
2015
|
|
%
change
|
|
As
Reported
|
|
Foreign Currency
Impact
|
|
Constant
Currency
|
|
As
Reported
|
|
As
Reported
|
|
Constant
Currency
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Retail
|
$
|
646,573
|
|
|
$
|
6,001
|
|
|
$
|
652,574
|
|
|
$
|
673,304
|
|
|
(4%)
|
|
(3%)
|
|
Europe
|
535,855
|
|
|
(2,519)
|
|
|
533,336
|
|
|
497,468
|
|
|
8%
|
|
7%
|
|
Asia
|
172,241
|
|
|
2,344
|
|
|
174,585
|
|
|
179,880
|
|
|
(4%)
|
|
(3%)
|
|
Americas
Wholesale
|
107,360
|
|
|
4,296
|
|
|
111,656
|
|
|
116,458
|
|
|
(8%)
|
|
(4%)
|
|
Licensing
|
68,066
|
|
|
—
|
|
|
68,066
|
|
|
78,942
|
|
|
(14%)
|
|
(14%)
|
|
|
|
|
|
|
$
|
1,530,095
|
|
|
$
|
10,122
|
|
|
$
|
1,540,217
|
|
|
$
|
1,546,052
|
|
|
(1%)
|
|
(0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
|
Selected Condensed
Consolidated Balance Sheet Data
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October
29,
|
|
January 30,
|
|
October
31,
|
|
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
20151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
349,104
|
|
|
$
|
445,480
|
|
|
$
|
402,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
218,205
|
|
|
222,359
|
|
|
195,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
428,139
|
|
|
311,704
|
|
|
373,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
assets
|
59,479
|
|
|
56,709
|
|
|
59,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
272,918
|
|
|
255,344
|
|
|
240,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
251,918
|
|
|
247,152
|
|
|
251,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,579,763
|
|
|
$
|
1,538,748
|
|
|
$
|
1,522,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
borrowings and capital lease obligations
|
$
|
560
|
|
|
$
|
4,024
|
|
|
$
|
4,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
liabilities
|
363,416
|
|
|
323,035
|
|
|
322,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
23,540
|
|
|
2,318
|
|
|
2,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
179,372
|
|
|
172,826
|
|
|
174,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable and
nonredeemable noncontrolling interests
|
14,659
|
|
|
18,070
|
|
|
17,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc.
stockholders' equity
|
998,216
|
|
|
1,018,475
|
|
|
1,001,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,579,763
|
|
|
$
|
1,538,748
|
|
|
$
|
1,522,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 October 31, 2015 were adjusted to reflect the
reclassification of deferred tax assets for $19.3 million from
current to long-term.
|
|
Guess?, Inc. and
Subsidiaries
|
Condensed
Consolidated Cash Flow Data
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
October
29,
|
|
October
31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
$
|
(30,775)
|
|
|
$
|
64,727
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
(25,383)
|
|
|
(30,529)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
|
(44,977)
|
|
|
(107,994)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
4,759
|
|
|
(7,301)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(96,376)
|
|
|
(81,097)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the year
|
|
|
445,480
|
|
|
483,483
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
|
$
|
349,104
|
|
|
$
|
402,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
$
|
51,194
|
|
|
$
|
54,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent
|
|
|
$
|
193,671
|
|
|
$
|
193,292
|
|
Guess?, Inc. and
Subsidiaries
|
Reconciliation of
Net Cash Provided by (Used in) Operating Activities to Free Cash
Flow
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
October
29,
|
|
October
31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
$
|
(30,775)
|
|
|
$
|
64,727
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Purchases of
property and equipment
|
|
|
(66,849)
|
|
|
(40,293)
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
|
|
$
|
(97,624)
|
|
|
$
|
24,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Retail Store
Data
|
International
Store Count
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
October 29, 2016
|
|
As of
October 31, 2015
|
|
|
|
|
Total
|
|
Directly
Operated
|
|
Total
|
|
Directly
Operated
|
Region
|
|
|
|
Stores
|
|
Stores
|
|
Stores
|
|
Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
342
|
|
341
|
|
347
|
|
346
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada
|
111
|
|
111
|
|
114
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
Central and South
America
|
91
|
|
48
|
|
96
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Americas
|
544
|
|
500
|
|
557
|
|
503
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe and the Middle
East
|
614
|
|
321
|
|
593
|
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
493
|
|
95
|
|
475
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,651
|
|
916
|
|
1,625
|
|
826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Directly Operated
Retail Store Data
|
U.S. and
Canada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
October
29,
|
|
October
31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores at
the beginning of the year
|
|
|
455
|
|
481
|
|
|
|
|
|
|
|
|
|
|
|
|
Store
openings
|
|
|
11
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Store
closures
|
|
|
(14)
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores at
the end of the period
|
|
|
452
|
|
460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total store square
footage at the end of the period
|
|
|
2,216,000
|
|
2,225,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Americas Retail
Net Revenue
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
October
29,
|
|
October
31,
|
|
%
|
|
October
29,
|
|
October
31,
|
|
%
|
|
2016
|
|
2015
|
|
change
|
|
2016
|
|
2015
|
|
change
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
stores
|
$
|
195,383
|
|
|
$
|
206,466
|
|
|
(5.4%)
|
|
$
|
586,792
|
|
|
$
|
616,727
|
|
|
(4.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
E-commerce
sites
|
20,479
|
|
|
20,133
|
|
|
1.7%
|
|
59,781
|
|
|
56,577
|
|
|
5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
215,862
|
|
|
$
|
226,599
|
|
|
(4.7%)
|
|
$
|
646,573
|
|
|
$
|
673,304
|
|
|
(4.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Retail Store
Change in Comparable Store Sales
|
U.S. and
Canada
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
October 29,
2016
|
|
October 29,
2016
|
|
U.S.
Dollars
|
|
Constant
Currency
|
|
U.S.
Dollars
|
|
Constant
Currency
|
|
|
|
|
|
|
|
|
Excluding e-commerce
sales
|
(5.6%)
|
|
(5.4%)
|
|
(4.8%)
|
|
(4.1%)
|
|
|
|
|
|
|
|
|
Impact of e-commerce
sales
|
0.7%
|
|
0.6%
|
|
0.9%
|
|
0.9%
|
|
|
|
|
|
|
|
|
Including e-commerce
sales
|
(4.9%)
|
|
(4.8%)
|
|
(3.9%)
|
|
(3.2%)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/guess-inc-reports-third-quarter-results-300370703.html
SOURCE Guess?, Inc.