LOS ANGELES, June 2, 2015
/PRNewswire/ -- Guess?, Inc. (NYSE: GES) today reported
financial results for its first quarter ended May 2, 2015.
First Quarter Fiscal 2016 Highlights
- North American Retail revenues decreased 6%; retail
comp sales including e-commerce decreased 6% in U.S. dollars and 4%
in constant currency
- European revenues decreased 14% in U.S. dollars and
increased 8% in constant currency
- Asian revenues decreased 9% in U.S. dollars and 6% in
constant currency
- North American Wholesale revenues decreased 5% in U.S.
dollars and increased 1% in constant currency
- Earnings from operations of $4
million in Q1 fiscal 2016; compared to loss from operations
of $2 million in Q1 fiscal
2015
First Quarter Fiscal 2016 Results
For the first quarter of fiscal 2016, the Company recorded net
earnings of $3.3 million, compared to
a net loss of $2.1 million for the
first quarter of fiscal 2015. Diluted earnings per share was
$0.04, compared to diluted loss per
share of $0.03 for the prior-year
quarter, an increase of $0.07 per
share.
Paul Marciano, Chief Executive
Officer, commented, "Overall first quarter results were better than
our expectations, mainly driven by tight expense management. In
North America, we saw improvements
in the women's category, and Marciano delivered another quarter of
good performance with comp sales up in the mid-single digits. Our
e-commerce business continued to experience solid top-line growth
of almost 14%. In Europe, our
retail stores performed above expectations and delivered positive
comps."
Mr. Marciano continued, "So far during the second quarter, we
continue to see improvements in these same areas. In North America, Women's products are trending
in line with the first quarter and Marciano remains strong with
comp sales up in the high-single digits. In Europe, our retail stores are now comping up
in the mid-single digits. We are very encouraged by the first
quarter performance and early reads on the second quarter, and we
will continue to focus on executing on our strategic initiatives
aimed at improving the Company's profitability."
Total net revenue for the first quarter of fiscal 2016 decreased
8.4% to $478.8 million, from
$522.5 million in the prior-year
quarter. In constant currency, total net revenue was roughly flat
compared to the same prior-year period. Refer to the accompanying
tables for a summary of the impact of foreign currency exchange
rate fluctuations on the Company's net revenue.
- The Company's retail stores and e-commerce sites in
North America generated revenue of
$214.2 million in the first quarter
of fiscal 2016, a 6.2% decrease from $228.3
million in the same period a year ago. Comparable store
sales including the results of our e-commerce sites for the first
quarter of fiscal 2016 decreased 5.9% in U.S. dollars and 3.8% in
constant currency compared to the same period a year
ago.
- Net revenue from the Company's Europe segment decreased 13.7% to $137.4 million in the first quarter of fiscal
2016, from $159.2 million in the
prior-year period. In constant currency, net revenue increased
7.5%.
- Net revenue from the Company's Asia segment decreased 8.7% to $64.0 million in the first quarter of fiscal
2016, from $70.1 million in the
prior-year period. In constant currency, net revenue decreased
6.0%.
- Net revenue from the Company's North American Wholesale
segment decreased 5.2% to $37.3
million in the first quarter of fiscal 2016, from
$39.3 million in the prior-year
period. In constant currency, net revenue increased
1.4%.
- Licensing segment net revenue increased 1.0% to
$25.9 million in the first quarter of
fiscal 2016, from $25.6 million in
the prior-year period.
Operating earnings for the first quarter of fiscal 2016 was
$4.4 million (including a
$1.2 million favorable currency
translation impact), compared to an operating loss of $2.0 million in the prior-year period, an
increase of $6.3 million. Operating
margin in the first quarter increased 130 basis points to 0.9%,
compared to negative 0.4% in the prior-year quarter. The increase
in operating margin was driven by the favorable impact from
business and segment mix and overall product margin improvements
relating to less markdowns and higher initial mark-ups in North
American Retail. These increases were partially offset by negative
impact on the Company's fixed cost structure from negative same
store sales in North America and
the unfavorable impact from currency exchange rate
fluctuations.
Other net income, which primarily includes net unrealized and
realized gains on non-operating assets, was $2.6 million for the first quarter of fiscal
2016, compared to other net expense of $1.1
million in the prior-year quarter.
The Company's effective tax rate increased to 41.5% for the
first quarter of fiscal 2016, compared to 32.0% in the prior-year
quarter.
Outlook
The Company's expectations for the second quarter of fiscal 2016
ending August 1, 2015, are as follows:
- Consolidated net revenues are expected to decline between
3.5% and 1.5% in constant currency. Currency headwinds are expected
to negatively impact consolidated revenue growth by approximately
9.5%, for a net decline between 13.0% and 11.0%.
- Operating margin is expected to be between 3.0% and 4.0%
and includes 170 basis points of currency headwind.
- Diluted earnings per share are expected to be in the
range of $0.12 to $0.16. The
estimated impact on earnings per share of the currency headwinds is
roughly $0.12.
The Company updated its outlook for the fiscal year ending
January 30, 2016, which is now as follows:
- Consolidated net revenues are expected to range between a
decline of 1.5% and an increase of 0.5% in constant currency.
Currency headwinds are expected to negatively impact consolidated
revenue growth by approximately 7%, for a net decline between 8.5%
and 6.5%.
- Operating margin is expected to be between 5.0% and 6.0%
and includes 130 basis points of currency headwind.
- Diluted earnings per share are expected to be in the
range of $0.86 to $1.02. The
estimated impact on earnings per share of the currency headwinds is
roughly $0.45.
The Company's guidance assumes that foreign currency exchange
rates remain at prevailing rates.
Dividends
The Company also announced today that its 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 July 3, 2015 to shareholders
of record at the close of business on June 17, 2015.
Presentation of Non-GAAP Information
The financial information presented in this release includes
non-GAAP financial measures such as constant currency financial
information and free cash flow measures. The non-GAAP measures are
provided in addition to, and not as alternatives for, the Company's
reported GAAP results.
This release includes certain constant currency financial
information. Foreign currency exchange rate fluctuations affect the
amount reported from translating the Company's foreign revenue,
expenses and balance sheet amounts into U.S. dollars. These rate
fluctuations can have a significant effect on reported operating
results under GAAP. The Company provides constant currency
information to enhance the visibility of underlying business
trends, excluding the effects of changes in foreign currency
translation rates. To calculate net revenue and earnings (loss)
from operations on a constant currency basis, operating results for
the current-year period are translated into U.S. dollars at the
average exchange rates in effect during the comparable period of
the prior year. The constant currency calculations do not adjust
for the impact of revaluing specific transactions denominated in a
currency that is different to the functional currency of that
entity when exchange rates fluctuate. However, in calculating the
estimated impact of currency on our earnings per share guidance for
the second quarter and full year of fiscal 2016, the Company
estimates gross margin (including the impact of merchandise-related
hedges) and expenses using the appropriate prior-year rates,
translates the estimated foreign earnings at the comparable
prior-year rates, and excludes the year-over-year earnings impact
of gains or losses arising from balance sheet remeasurement and
foreign currency contracts not designated as merchandise hedges.
The constant currency information presented may not be comparable
to similarly titled measures reported by other companies.
The Company also includes information regarding its free cash
flows in this release. The Company calculates free cash flows as
cash flows from operating activities less purchases of property and
equipment. Free cash flows is not intended to be an alternative to
cash flows from operating activities as a measure of liquidity, but
rather provides additional visibility to investors regarding how
much cash is generated for discretionary and non-discretionary
items after deducting purchases of property and equipment. Free
cash flow information presented may not be comparable to similarly
titled measures reported by other companies. A reconciliation of
reported GAAP cash flows from operating activities to the
comparable non-GAAP free cash flow measure is provided in the
accompanying tables.
Investor Conference Call
The Company will hold a conference call at 4:30 pm (ET) on June 2, 2015 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
May 2, 2015, the Company directly operated 470 retail stores
in the United States and
Canada and 361 retail stores in
Europe, Asia and Latin
America. The Company's licensees and distributors operated
an additional 836 retail stores outside of the United States and Canada. 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, as well
as guidance for the second quarter and full year of fiscal 2016,
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
implement our growth strategies and to continue to expand or grow
our business; our ability to successfully implement plans for cost
savings; 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. 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.
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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
|
Condensed
Consolidated Statements of Income (Loss)
|
(amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
May 2,
2015
|
|
May 3,
2014
|
|
|
|
|
|
$
|
%
|
|
$
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
$
|
452,959
|
|
94.6%
|
|
|
$
|
496,928
|
|
95.1%
|
|
Net
royalties
|
|
25,865
|
|
5.4%
|
|
|
25,613
|
|
4.9%
|
|
Net
revenue
|
|
478,824
|
|
100.0%
|
|
|
522,541
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
sales
|
|
313,339
|
|
65.4%
|
|
|
346,310
|
|
66.3%
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
165,485
|
|
34.6%
|
|
|
176,231
|
|
33.7%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
161,132
|
|
33.7%
|
|
|
178,208
|
|
34.1%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
operations
|
|
4,353
|
|
0.9%
|
|
|
(1,977)
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
|
(435)
|
|
(0.1%)
|
|
|
(525)
|
|
(0.1%)
|
|
|
Interest
income
|
|
272
|
|
0.1%
|
|
|
405
|
|
0.1%
|
|
|
Other, net
|
|
2,626
|
|
0.5%
|
|
|
(1,119)
|
|
(0.2%)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before income tax expense (benefit)
|
|
6,816
|
|
1.4%
|
|
|
(3,216)
|
|
(0.6%)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
2,829
|
|
0.6%
|
|
|
(1,029)
|
|
(0.2%)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
|
3,987
|
|
0.8%
|
|
|
(2,187)
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to noncontrolling interests
|
|
646
|
|
0.1%
|
|
|
(86)
|
|
(0.0%)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to Guess?, Inc.
|
|
$
|
3,341
|
|
0.7%
|
|
|
$
|
(2,101)
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per common share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
|
$
|
(0.03)
|
|
|
|
Diluted
|
|
$
|
0.04
|
|
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding attributable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
84,965
|
|
|
|
84,499
|
|
|
|
Diluted
|
|
85,099
|
|
|
|
84,499
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Consolidated
Segment Data
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
May
2,
|
|
May
3,
|
|
%
|
|
|
|
|
|
|
2015
|
|
2014
|
|
change
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue:
|
|
|
|
|
|
|
North American
Retail
|
$
|
214,249
|
|
|
$
|
228,344
|
|
|
(6%)
|
|
Europe
|
137,397
|
|
|
159,158
|
|
|
(14%)
|
|
Asia
|
64,035
|
|
|
70,118
|
|
|
(9%)
|
|
North American
Wholesale
|
37,278
|
|
|
39,308
|
|
|
(5%)
|
|
Licensing
|
25,865
|
|
|
25,613
|
|
|
1%
|
|
|
|
|
|
|
$
|
478,824
|
|
|
$
|
522,541
|
|
|
(8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
operations:
|
|
|
|
|
|
|
North American
Retail
|
$
|
(7,209)
|
|
|
$
|
(8,399)
|
|
|
14%
|
|
Europe
|
(3,668)
|
|
|
(6,632)
|
|
|
45%
|
|
Asia
|
4,613
|
|
|
3,353
|
|
|
38%
|
|
North American
Wholesale
|
6,747
|
|
|
7,753
|
|
|
(13%)
|
|
Licensing
|
23,025
|
|
|
22,721
|
|
|
1%
|
|
Corporate
Overhead
|
(19,155)
|
|
|
(20,773)
|
|
|
(8%)
|
|
|
|
|
|
|
$
|
4,353
|
|
|
$
|
(1,977)
|
|
|
320%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margins:
|
|
|
|
|
|
|
North American
Retail
|
(3.4%)
|
|
|
(3.7%)
|
|
|
|
|
Europe
|
(2.7%)
|
|
|
(4.2%)
|
|
|
|
|
Asia
|
7.2%
|
|
|
4.8%
|
|
|
|
|
North American
Wholesale
|
18.1%
|
|
|
19.7%
|
|
|
|
|
Licensing
|
89.0%
|
|
|
88.7%
|
|
|
|
|
Total
Company
|
0.9%
|
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Constant Currency
Financial Measures
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
May 2,
2015
|
|
May 3,
2014
|
|
%
change
|
|
As
Reported
|
|
Foreign
Currency
Impact
|
|
Constant
Currency
|
|
As
Reported
|
|
As
Reported
|
|
Constant
Currency
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
North American
Retail
|
$
|
214,249
|
|
|
$
|
5,361
|
|
|
$
|
219,610
|
|
|
$
|
228,344
|
|
|
(6%)
|
|
(4%)
|
|
Europe
|
137,397
|
|
|
33,749
|
|
|
171,146
|
|
|
159,158
|
|
|
(14%)
|
|
8%
|
|
Asia
|
64,035
|
|
|
1,885
|
|
|
65,920
|
|
|
70,118
|
|
|
(9%)
|
|
(6%)
|
|
North American
Wholesale
|
37,278
|
|
|
2,573
|
|
|
39,851
|
|
|
39,308
|
|
|
(5%)
|
|
1%
|
|
Licensing
|
25,865
|
|
|
-
|
|
|
25,865
|
|
|
25,613
|
|
|
1%
|
|
1%
|
|
|
|
|
|
|
$
|
478,824
|
|
|
$
|
43,568
|
|
|
$
|
522,392
|
|
|
$
|
522,541
|
|
|
(8%)
|
|
(0%)
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Selected Condensed
Consolidated Balance Sheet Data
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May
2,
|
|
January 31,
|
|
May
3,
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
459,128
|
|
|
$
|
483,483
|
|
|
$
|
472,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
-
|
|
|
-
|
|
|
5,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
195,741
|
|
|
216,205
|
|
|
217,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
327,101
|
|
|
319,078
|
|
|
373,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
assets
|
91,128
|
|
|
92,593
|
|
|
89,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
249,784
|
|
|
259,524
|
|
|
322,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
232,357
|
|
|
230,522
|
|
|
232,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,555,239
|
|
|
$
|
1,601,405
|
|
|
$
|
1,713,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
capital lease obligations and borrowings
|
$
|
5,313
|
|
|
$
|
1,548
|
|
|
$
|
1,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current
liabilities
|
279,231
|
|
|
300,418
|
|
|
318,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and
capital lease obligations
|
2,335
|
|
|
6,165
|
|
|
6,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
193,705
|
|
|
199,391
|
|
|
207,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable and
nonredeemable noncontrolling interests
|
16,104
|
|
|
20,027
|
|
|
21,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc.
stockholders' equity
|
1,058,551
|
|
|
1,073,856
|
|
|
1,157,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,555,239
|
|
|
$
|
1,601,405
|
|
|
$
|
1,713,751
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Condensed
Consolidated Cash Flow Data
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
May
2,
|
|
May
3,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
$
|
9,135
|
|
|
$
|
(233)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
(10,535)
|
|
|
(17,106)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
|
(22,924)
|
|
|
(22,118)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(31)
|
|
|
8,975
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(24,355)
|
|
|
(30,482)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the year
|
|
|
483,483
|
|
|
502,945
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
|
$
|
459,128
|
|
|
$
|
472,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
$
|
18,330
|
|
|
$
|
21,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent
|
|
|
$
|
64,715
|
|
|
$
|
71,068
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Reconciliation of
Net Cash Provided by (Used in) Operating Activities to Free Cash
Flow
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
May
2,
|
|
May
3,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
$
|
9,135
|
|
|
$
|
(233)
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Purchases of
property and equipment
|
|
|
(11,604)
|
|
|
(17,254)
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow
|
|
|
$
|
(2,469)
|
|
|
$
|
(17,487)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Retail Store
Data
|
International
Store Count
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of May 2,
2015
|
|
As of May 3,
2014
|
|
|
|
|
Total
|
|
Directly
Operated
|
|
Total
|
|
Directly
Operated
|
Region
|
|
|
|
Stores
|
|
Stores
|
|
Stores
|
|
Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
United States and
Canada
|
470
|
|
470
|
|
491
|
|
491
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe and the Middle
East
|
605
|
|
267
|
|
623
|
|
264
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
499
|
|
52
|
|
497
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
Central and South
America
|
93
|
|
42
|
|
86
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,667
|
|
831
|
|
1,697
|
|
841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Retail Store
Data
|
U.S. and
Canada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
May
2,
|
|
May
3,
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores at
the beginning of the year
|
|
|
481
|
|
494
|
|
|
|
|
|
|
|
|
|
|
|
|
Store
openings
|
|
|
-
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Store
closures
|
|
|
(11)
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores at
the end of the period
|
|
|
470
|
|
491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total store square
footage at the end of the period
|
|
|
2,251,000
|
|
2,320,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
North American
Retail Net Revenue
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
May
2,
|
|
May
3,
|
|
%
|
|
2015
|
|
2014
|
|
change
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Retail
stores
|
$
|
196,037
|
|
|
$
|
212,347
|
|
|
(7.7%)
|
|
|
|
|
|
|
|
E-commerce
sites
|
18,212
|
|
|
15,997
|
|
|
13.8%
|
|
|
|
|
|
|
|
Total
|
$
|
214,249
|
|
|
$
|
228,344
|
|
|
(6.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Guess?, Inc. and
Subsidiaries
|
Retail Store
Change in Comparable Store Sales
|
U.S. and
Canada
|
|
|
|
|
|
Three Months
Ended
|
|
May 2,
2015
|
|
U.S.
Dollars
|
|
Constant
Currency
|
|
|
|
|
Excluding e-commerce
sales
|
(7.5%)
|
|
(5.4%)
|
|
|
|
|
Impact of e-commerce
sales
|
1.6%
|
|
1.6%
|
|
|
|
|
Including e-commerce
sales
|
(5.9%)
|
|
(3.8%)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/guess-inc-reports-first-quarter-results-300092815.html
SOURCE Guess?, Inc.