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Published
Mar 26, 2013
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Guess operational profit takes a fall in 2012

Published
Mar 26, 2013

It has been a turbulent year for Guess. As expected, the Marciano brothers have reported weak figures for 2012. Fate was sealed after a major management reshuffle in the autumn following the departures of J. Michael Prince and Dennis Secor, COO and CFO respectively. Just a few weeks prior to that saw the departure of Luca Donnini, former president of Guess Europe, replaced by Gilles Bariguian.

Maurice et Paul Marciano. Photo DR


The recent changes are yet to yield results and the company’s 2012 annual report shows that operational profit is down by 34% this year to 213 million euros. The group particularly suffered from weak sales and difficult economic situations in Southern Europe.

However, sales are only down 1% against 2011 at 2.06 billion euros. Sales decreased by 7% in Europe to 730 million euros and 7% comparably in North America.

Activity was relatively stable in the Americas thanks to new store openings, with wholesale activity progressing by 4% to 151 million euros. Sales in Asia spiked by 16% to 226 million euros while revenues from licensing deals reduced by 4% to 91 million euros.

The downward trend of the figures was inversed slightly in the final quarter with European sales up by 3%, sales in stores increased risen by 2% in North American and wholesale activity up by 26%. Asia saw growth of 19 in the final quarter.

"Despite a difficult environment, we were able to deliver fourth quarter financial results that were at the high end of our expectations,” commented Paul Marciano, Chief Executive Officer. "We enter this fiscal year with the expectation that the challenging macroeconomic environment will continue. In our more developed markets, we will continue to invest in marketing and visual merchandising initiatives to improve the performance of our stores while tightly managing expenses and inventories to protect our strong financial position.”

“Already we have made progress in streamlining our operations in these markets that we expect to yield cost savings in the future. At the same time we will continue to invest in under-developed markets where the brand awareness is high but less penetrated,” he continued.

For the company’s first quarter which will end on 4 May, the group is expecting to report turnover between 423 and 435 million euros. Full year estimations are between 2.02 and 2.05 billion euros for 2013.

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