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Guess beats expectations in Q3 earnings

  

The apparel, accessories and footwear retailer Guess beat expectations in its third quarter earnings and more than doubled its profits from the same period a year ago. The company could achieve this due to its tighter inventory and expense controls and more full-priced selling.

The company’s revenues declined in every region. But the 7.6 percent decline in net revenues was most pronounced in the Americas wholesale division, which was down more than 36 percent for the quarter, year-over-year. The Americas retail division was down 26.7 percent during the same timeframe, followed by the Asian region, which was down nearly 25 percent.

However, revenues from European wholesale business increased during the quarter by about $50 million by canceling inventory receipts.

E-commerce was also up during the quarter, 19 percent in the most recent quarter, compared with the second quarter.

By category, essentials, activewear, denim, accessories and footwear outperformed the business as a whole during the quarter. Last month, Guess re-released 68 vintage styles, across denim, T-shirts and jackets, from the Eighties and Nineties.

Guess ended the quarter with $70 million in long-term debt and 1,068 directly operated retail stores throughout the Americas, Europe and Asia.

 
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