GAAP net earnings saw a notable 32 percent increase, rising to $198.2 million from $149.6 million in fiscal 2023. Diluted earnings per share (EPS) saw a significant 42 percent increase to $149.6 million. 3.09 for fiscal year 2024, up from $2.18 the previous year. the company said in a press release.
American fashion brand Guess' revenue rose 3 percent to $2.78 billion in FY24, and GAAP earnings rose 32 percent to $198.2 million. The company's EPS grew to $3.09 in FY24. Companies in Europe and Asia reported strong sales, but the Americas saw declines. In Q4FY24, the company saw a 9 percent increase in revenue to $891.1 million.
The adjustments to earnings represented a notable increase: Adjusted net earnings increased 8 percent to $174.0 million from $161.1 million in fiscal 2023. Accordingly, adjusted diluted earnings per share increased by 15 percent to $3.14, compared to $2.74 a year earlier.
Geographically, Europe led with a 7 percent increase in revenue in both US dollars and constant currency, accompanied by a strong 9 percent increase in comparable retail sales. Instead, America's retail sector faced a slowdown: Revenue declined 6 percent and comparable retail sales fell 5 percent in US dollars. Wholesale revenues in the Americas followed this trend with a 3 percent decline.
The Asian market, however, told a different story with a significant revenue increase of 16 percent in US dollars and an increase of 18 percent in constant currency. However, comparable retail sales saw a 2 percent decline in US dollars but achieved a 1 percent increase in constant currency. Licensing revenue added to the positive news with a 9 percent increase.
Operating profits also reflected the company's healthy fiscal stance. GAAP earnings from operations for fiscal 2024 increased 6 percent to $263.3 million from $248.2 million in fiscal year 2023. In contrast, adjusted operating profits saw a slight decline of 3 percent to $255 million.
Focusing on the fourth quarter of fiscal 2024 (Q4 FY24), net income soared 9 percent to $891.1 million, supported once again by the additional favorable week in the quarter. GAAP net earnings for the quarter increased 20 percent to $115.3 million, and GAAP diluted earnings per share also increased 20 percent to $1.71. The company's adjusted net earnings for the quarter increased 13 percent to $110.8 million, and adjusted diluted earnings per share saw a 16 percent increase to $2.01.
“We are very pleased with our fourth quarter results, which exceeded our expectations for revenue, operating income and earnings per share, capping an exceptional year for our company. Our disciplined approach to managing the business allowed us to generate $330 million of operating cash flow and $248 million of free cash flow and end the year with a cash position of $360 million, well above of our expectations,” he said. Carlos Alberini, general director.
Fiber2Fashion News Desk (DP)
