Sunday, 29 March 2020

Guess extends store closures

Fashion retailer Guess announced on Friday that it is extending its temporary store closures throughout the U.S. and Canada until further notice.

“The company will follow guidance from local government and health organizations to determine when stores will reopen,” it said in a news statement. 

Guess initially announced that it was closing all of its retail locations across North America from March 17 through March 27. 

It also expanded these measures to its stores in a number of European countries, while in China, where Guess shut stores at the start of the coronavirus outbreak, most of the company’s locations have now reopened.

The retailer equally postponed the release of its collaborative capsule collection with J Balvin, which was set to launch at the end of this month. 

Furthermore, in line with guidance from local government and health organizations, the company is encouraging workers in its corporate office to work remotely.

Guess joins a number of brands and retailers who have had to close their stores for the foreseeable future in North America including giant retailers like Nordstorm and Ulta Beauty.

Nonetheless, the Los Angeles-based retailer announced better-than-expected fourth-quarter earnings, earlier this month. 

For the full fiscal year, the company reported net earnings of $96.0 million, or $1.33 per diluted share, up from $14.1 million, or $0.16 per diluted share, in the previous year.

Annual net revenue was $2.68 billion, a 2.6 percent increase (5.4 percent in constant currencies) from $2.61 billion in the prior year.

Due to the uncertainty currently surrounding the rapidly evolving pandemic, Guess did not provide financial guidance for the first quarter currently in progress, nor for the full fiscal year ending January 30, 2021.

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