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Guess Who Turned Losses to Profits

Apparel retailer reported turnaround results in 4Q, full year

Published

20 years ago

February 23, 2004

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Guess Inc. (Los Angeles) reported a turnaround in its fortunes for its fourth quarter and fiscal year 2003, ended Dec. 31, 2003.

For the quarter, the apparel manufacturer and retailer reported net earnings of $11.8 million, compared to a net loss of $4.6 million a year earlier.

Total net revenue increased 19.1 percent and the company's retail stores generated a 17.7 percent increase in revenues. Same-store sales increased 11.7 percent.

For the full year, as well, the company turned a net earnings profit from a loss the year before. Net revenue increased 9.2 percent; retail sales increased 16.4 percent; and same-store sales increased 9.3 percent.

“Guess capped off 2003 with an excellent performance in the fourth quarter,” said president and coo Carlos Alberini. “We have entered 2004 with an improved balance sheet. We have strong business momentum and look forward to building on our progress in the future.”

The company closed 10 underperforming kids' stores during the last quarter.

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