US-based fashion brand Guess has unveiled financial results for its first quarter ended April 29, 2017. During the period under review, Los Angeles-based company recorded GAAP net loss of US $ 21.3 million, a 15.4 per cent improvement compared to US $ 25.2 million for the first quarter of fiscal 2017.
For the first quarter of fiscal 2018, the company recorded adjusted net loss of US $ 19.4 million, a 0.5 per cent deterioration from US $ 19.3 million for the first quarter of fiscal 2017.
Total net revenue for the first quarter of fiscal 2018 increased 2.2 per cent to US $ 458.6 million, compared to US $ 448.8 million in the prior-year quarter. In constant currency, net revenue increased by 4.0 per cent.
The retailer’s Europe revenues increased by 23.3 per cent in US dollars and 29.1 per cent in constant currency. Retail comp. sales including e-commerce increased 5 per cent in US dollars and 11 per cent in constant currency. Its Asia revenues increased 16.9 per cent in US dollars and 15.5 per cent in constant currency. Retail comp. sales including e-commerce increased 4 per cent in US dollars and 2 per cent in constant currency. Americas wholesale revenues surged 5.7 per cent in US dollars and 7.7 per cent in constant currency.
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Commenting on the results, Victor Herrero, Chief Executive Officer, said, “We are pleased to report that our first quarter results finished above the high-end of our expectations for revenues, adjusted operating margin and earnings per share. We continued to see strong performance in our international businesses. In Europe and in Asia, our revenues were up 23% and 17% driven by new store openings and positive comp sales. We are also encouraged by the trends in adjusted operating margins for these two regions, as they expanded in the quarter relative to last year. In the Americas, as the performance of our business and the environment remain soft, we are more than ever focused on shrinking our footprint and profitability improvements.”
