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USA:GUESS? Inc. net revenue up 12.4% to $224 million in fourth quarter |
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2005-2-18
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Leading garment manufacturer Guess Inc, today reported financial results for the fourth quarter and fiscal year ended December 31, 2004.
For the fourth quarter of 2004, the Company reported net earnings of $14.9 million, or diluted earnings of $0.33 per share, compared to net earnings of $11.8 million, or diluted earnings of $0.27 per share, for the fourth quarter of 2003. The 2003 fourth quarter results include impairment charges of $1.6 million ($0.9 million net of tax), or $0.02 per diluted share, of which $1.2 million related to the Company’s decision to close its 10 underperforming kids’ stores.
Carlos Alberini, President and Chief Operating Officer, commented, “The fourth quarter capped off a strong year for Guess?. Results for the quarter reflect sales and margin growth, including improved wholesale performance and a higher licensing contribution. As anticipated, retail sales growth during the quarter moderated from the pace seen earlier in the year, and we experienced higher expenses in this segment due to the launch of our new concepts, Marciano and Guess? Accessories. We continue to remain focused on enhancing the strength of our balance sheet and finished the year with significantly higher cash and cash equivalents, lower debt and reduced inventory levels. We look forward to building on our momentum in 2005 as we pursue a number of exciting growth initiatives.”
“Our balance sheet has continued to improve with cash and restricted cash at year-end 2004 totaling $109.7 million versus $71.7 million a year ago, inventories down 1.4% from a year ago in spite of store growth, and a decrease in total debt of over $13 million from the prior year-end,” Mr. Alberini said.
Total net revenue for the fourth quarter of 2004 increased 12.4% to $224.0 million from $199.3 million in the fourth quarter of 2003. The Company’s retail stores, including those in Canada, generated revenues of $172.0 million in the 2004 fourth quarter, an 11.5% increase from $154.2 million reported in the same period a year ago. Comparable store sales increased 4.4% during the fourth quarter of 2004 from the year-ago period. Net revenue from the Company’s wholesale segment was $39.6 million in the fourth quarter of 2004, compared to $34.2 million in the year-ago period. Licensing segment net revenue increased 13.7% to $12.4 million in the 2004 fourth quarter from $10.9 million in the fourth quarter last year.
For the full year ended December 31, 2004, the Company reported net earnings increased to $29.6 million, or diluted earnings of $0.66 per share, versus net earnings of $7.3 million, or diluted earnings of $0.17 per share, in the comparable 2003 period. The 2003 results include impairment and severance charges of $2.4 million, ($1.4 million net of tax), or $0.03 per diluted share.
Total net revenue for 2004 increased 14.6% to $729.3 million from $636.6 million in 2003. The Company’s retail stores, including those in Canada, generated revenue of $518.9 million for 2004, an increase of 15.9% from $447.7 million for last year. Comparable store sales increased 9.9% for the 2004 year. Net revenue from the Company’s wholesale segment increased 9.4% to $163.2 million in 2004, from $149.1 million in 2003. Licensing segment net revenue for 2004 increased 18.8% to $47.2 million from $39.8 million for the prior year.
Guess? Inc is a designer jeans, upscale apparel and accessories maker for men, women, and children. Claudia Schiffer and Drew Barrymore have featured in its ad campaigns. Guess? sells its lines through more than 300 retail and outlet stores, to department stores, through more than 200 licensee stores in about 40 countries, and on its Web site. Guess? also licenses its name for accessories like eyewear, footwear, jewelry and watches. Brothers Maurice and Paul Marciano, of founder Georges Marciano, control about 55 percent stake in the company. |
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