Second Quarter Revenues Increased 17% to $677 Million
Second Quarter Adjusted EPS Grew 17% to $0.84; GAAP EPS was $0.65
Updates Full Year Guidance: Adjusted EPS in the Range of $3.25 to $3.35; GAAP EPS in the Range of $3.06 to $3.16
LOS ANGELES, Aug. 24, 2011 /PRNewswire via COMTEX/ --
Guess?, Inc. (NYSE: GES) today reported financial results for the second quarter of its 2012 fiscal year, which ended July 30, 2011.
Second Quarter Fiscal 2012 Highlights
- European revenues increased 30% in US dollars and 14% in local currency
- Asian revenues increased 31% in US dollars and 22% in constant dollars
- North American retail revenues increased 8%
- Adjusted operating margin was flat at 16.7%; GAAP operating margin was 13.8%
This press release includes certain non-GAAP, or adjusted, financial measures, which exclude a settlement charge incurred during the second quarter of fiscal 2012. Reconciliations of reported GAAP results to comparable non-GAAP amounts are provided in the accompanying tables and discussed under the heading "Presentation of Non-GAAP Information" below.
Second Quarter Fiscal 2012 Results
For the second quarter of fiscal 2012, the Company generated adjusted net earnings of $78.3 million, a 17.2% increase compared to net earnings of $66.8 million for the second quarter of fiscal 2011. Adjusted diluted earnings per share increased 16.7%, reaching $0.84, compared to $0.72 for the prior-year quarter. The adjusted net earnings excludes a settlement charge of $19.5 million, along with the related tax impact, associated with the pending settlement of the Company's relationship with one of its European service providers. On a GAAP basis, second quarter fiscal 2012 net earnings were $60.7 million and diluted earnings per share, including an unfavorable $0.19 impact from the settlement charge, totaled $0.65.
Paul Marciano, Chief Executive Officer, commented, "We are pleased with our financial performance in the second quarter. Our adjusted earnings exceeded our expectations for the quarter and we delivered record revenues, with growth in all regions of the world. Our international businesses continue to drive our growth, with Europe and Asia combining to deliver 80% of this quarter's revenue increase. In North America, our focus on inventory control and markdown management was evident in our results, as we posted a substantial increase in our retail profitability. Overall, our results demonstrate the ability of our team to manage our business effectively and execute well on our strategic initiatives."
Mr. Marciano continued, "This quarter's performance is a testament to the strength and momentum of the Guess? brand around the world. Recently, though, global economic and market conditions have become increasingly volatile, which could erode consumer confidence and have an impact on our customers' behavior. We will continue to monitor market conditions and manage our business prudently, with initiatives to enhance our productivity and profitability. With our diversified business model and strong management team, we have a proven track record of delivering solid results even during challenging times. Supported by our strong cash position and solid capital structure, we will hold fast to our long-term strategies and vision, focusing on measured growth as we position our brand to expand around the world."
Total net revenue for the second quarter of fiscal 2012 increased 17.3% to $677.2 million, from $577.1 million in the prior-year quarter. In constant dollars, total net revenue increased 9.5%. The Company's retail stores in North America generated revenue of $261.1 million in the second quarter of fiscal 2012, an 8.0% increase from $241.8 million in the same period a year ago. Comparable store sales decreased 3.4% in local currency and 1.9% in US dollars for the second quarter of fiscal 2012, compared to the same period a year ago. The Company directly operated 490 retail stores in the United States and Canada at the end of the second quarter of fiscal 2012 versus 448 stores a year earlier.
Net revenue from the Company's Europe segment increased 29.9% to $288.8 million in the second quarter of fiscal 2012, compared to $222.3 million in the prior-year period. In local currency, net revenue increased 14.1%.
Net revenue from the Company's Asia segment increased 31.1% to $55.3 million in the second quarter of fiscal 2012, from $42.2 million in the prior-year period. In constant dollars, net revenue increased 21.6%.
Net revenue from the Company's North American Wholesale segment decreased 0.9% to $43.9 million in the second quarter of fiscal 2012, from $44.3 million in the prior-year period.
Licensing segment net revenue increased 5.9% to $28.1 million in the second quarter of fiscal 2012, from $26.6 million in the prior-year period.
Excluding the settlement charge, adjusted operating earnings for the second quarter of fiscal 2012 increased 17.3% to $113.0 million (including a $9.1 million favorable currency translation impact) from $96.3 million in the prior-year period. Adjusted operating margin in the second quarter was flat at 16.7% compared to the prior-year quarter. Overall product margins were higher, given lower markdowns in North American Retail and the favorable impact of retail mix and currencies in Europe. This was offset by higher relative occupancy, distribution and selling expenses. GAAP operating earnings, which includes the settlement charge, declined 2.9% to $93.5 million (including a $7.0 million favorable currency translation impact) and GAAP operating margin declined 290 basis points to 13.8%.
Other net income, which primarily includes net unrealized mark-to-market gains on foreign currency contracts and balances, partially offset by net unrealized losses on non-operating assets, was $2.7 million for the second quarter of fiscal 2012, compared to other net expense of $0.3 million in the prior-year's quarter.
The Company's reported effective tax rate increased to 35.8% in the second quarter of fiscal 2012, from 30.1% for the second quarter of the prior year. The increase mainly reflects the impact of the settlement charge which increased the effective tax rate by 440 basis points.
Six-Month Period Results
Adjusted net earnings for the six months ended July 30, 2011 were $121.0 million, an increase of 3.3% compared to net earnings of $117.1 million for the six months ended July 31, 2010. Adjusted diluted earnings per share increased 4.0% to $1.30 per share in the first six months of the 2012 fiscal year compared to $1.25 per share in the comparable six-month period last year. On a GAAP basis, for the first six months of fiscal 2012, net earnings were $103.3 million and diluted earnings per share were $1.11.
Total net revenue for the first six months of fiscal 2012 increased 13.7% to $1.27 billion from $1.12 billion in the prior-year period. In constant dollars, total net revenue increased 8.7%. The Company's retail stores in North America generated revenue of $508.5 million in the first six months of fiscal 2012, a 6.5% increase from $477.6 million in the same period a year ago. Comparable store sales decreased 3.8% in local currency and 2.5% in US dollars for the six months ended July 30, 2011, compared to the six months ended July 31, 2010. Net revenue from the Company's Europe segment increased 21.9% to $499.0 million in the first six months of fiscal 2012, compared to $409.3 million in the prior-year period. In local currency, Europe segment revenues increased 12.2%. Net revenue from the Company's Asia segment increased 27.1% to $115.4 million in the first six months of fiscal 2012, compared to $90.8 million in the prior-year period. In constant dollars the increase was 21.1%. Net revenue from the Company's North American Wholesale segment increased 2.9% to $89.5 million in the first six months of fiscal 2012, from $87.0 million in the prior-year period. Licensing segment net revenue increased 9.9% to $57.0 million in the first six months of fiscal 2012, from $51.8 million in the prior-year period.
Excluding the settlement charge, adjusted operating earnings for the first six months of fiscal 2012 increased 9.7% to $183.9 million (including a $10.1 million favorable currency translation impact) from $167.6 million in the prior-year period. Adjusted operating margin for the first six months of fiscal 2012 declined 50 basis points to 14.5% compared to the prior-year period. The decline in adjusted operating margin primarily reflects higher relative occupancy and distribution costs partially offset by higher product margins and lower accelerated pension cost amortization charges. The higher product margin was driven by lower markdowns in North American Retail, the greater mix of retail in Europe and the favorable impact of currencies. GAAP operating earnings, which includes the settlement charge, declined 1.9% to $164.5 million (including an $8.0 million favorable currency translation impact) and GAAP operating margin declined 200 basis points to 13.0%.
Other net expense, which relates primarily to net unrealized mark-to-market losses on foreign currency contracts and balances was $7.3 million for the first six months of fiscal 2012, compared to other net income of $3.2 million in the prior-year period.
Outlook
The Company's expectations for the third quarter of fiscal 2012 ending October 29, 2011, are as follows:
- Consolidated net revenues are expected to range from $650 million to $665 million.
- Operating margin is expected to be approximately 15.0%.
- Diluted earnings per share are expected to be in the range of $0.71 to $0.74.
The Company updated its outlook for the fiscal year ending January 28, 2012, which is now as follows:
- Consolidated net revenues are expected to range from $2.74 billion to $2.78 billion.
- Adjusted operating margin is expected to be between 16.0% and 16.5%; GAAP operating margin between 15.3% and 15.8%.
- Adjusted diluted earnings per share are expected to be in the range of $3.25 to $3.35; GAAP diluted earnings per share between $3.06 and $3.16.
Dividend
The Company also announced today that its Board of Directors has approved a quarterly cash dividend of $0.20 per share on the Company's common stock. The dividend will be payable on September 23, 2011 to shareholders of record at the close of business on September 7, 2011.
Presentation of Non-GAAP Information
The financial information presented in this release includes both GAAP and non-GAAP measures. The Company believes that these "non-GAAP" or "adjusted" financial measures are useful as an additional means for investors to evaluate the Company's operating results when reviewed in conjunction with the Company's GAAP financial statements. The non-GAAP measures are provided in addition to, and not as alternatives for, the Company's reported GAAP results. Reconciliations of reported GAAP results to comparable non-GAAP amounts are provided in the accompanying tables.
The adjusted measures exclude the impact of a pending settlement charge incurred during the second quarter of fiscal 2012. In the latter part of July 2011, the Company experienced a temporary disruption in its European supply chain, related to one of its service providers. The Company subsequently entered into an agreement to terminate the relationship with that provider, resulting in a $19.5 million settlement charge in the second quarter of fiscal 2012.
This release also includes certain constant currency financial information. Foreign currency exchange rate fluctuations affect the amount reported from translating the Company's foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results under GAAP. The Company provides constant currency information to help investors assess how our businesses performed excluding the effects of changes in foreign currency translation rates. To calculate revenues and earnings from operations on a constant currency basis, operating results for the current year period for entities reporting in currencies other than U.S. dollars are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year. The constant currency calculations do not adjust for the impact of revaluing specific transactions denominated in a currency that is different to the functional currency of that entity when exchange rates fluctuate. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.
The Company will hold a conference call at 4:30 pm (ET) on August 24, 2011 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.guess.com via the "Investor Relations" link. The webcast will be archived on the website for 30 days.
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of July 30, 2011, the Company directly operated 490 retail stores in the United States and Canada and 218 retail stores in Europe, Asia and Latin America. The Company's licensees and distributors operated an additional 757 retail stores outside of the United States and Canada. For more information about the Company, please visit www.guess.com.
Except for historical information contained herein, certain matters discussed in this press release, including statements concerning the Company's future prospects, pending settlement of its relationship with a European service provider and guidance for the third quarter and full year of fiscal 2012, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ materially from current expectations include, among other things, domestic and international economic conditions, including economic and other events that could negatively impact consumer confidence and discretionary consumer spending; our ability to, among other things, anticipate consumer preferences, effectively operate our various retail concepts, effectively transition to a new European service provider, effectively manage inventories and successfully execute our strategies, including our supply chain and international growth strategies; and risks associated with changes in economic, political, social and other conditions affecting our foreign operations, including currency fluctuations. In addition to these factors, the economic, litigation-related and other risks identified in the Company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission, including but not limited to the risk factors discussed therein, could cause actual results to differ materially from current expectations.
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Contact: |
Guess?, Inc. |
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Investor Relations |
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(213) 765-5578 |
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Guess?, Inc. and Subsidiaries |
||||||||||||||
|
Condensed Consolidated Statements of Income |
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(amounts in thousands, except per share data) |
||||||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
July 30, |
July 31, |
July 30, |
July 31, |
|||||||||||
|
2011 |
2010 |
2011 |
2010 |
|||||||||||
|
$ |
% |
$ |
% |
$ |
% |
$ |
% |
|||||||
|
Net revenue |
||||||||||||||
|
Product sales |
$ 649,022 |
95.8% |
$ 550,576 |
95.4% |
$ 1,212,421 |
95.5% |
$ 1,064,631 |
95.4% |
||||||
|
Net royalties |
28,137 |
4.2% |
26,559 |
4.6% |
56,982 |
4.5% |
51,845 |
4.6% |
||||||
|
677,159 |
100.0% |
577,135 |
100.0% |
1,269,403 |
100.0% |
1,116,476 |
100.0% |
|||||||
|
Cost of product sales |
377,305 |
55.7% |
324,899 |
56.3% |
720,329 |
56.7% |
628,989 |
56.3% |
||||||
|
Gross profit |
299,854 |
44.3% |
252,236 |
43.7% |
549,074 |
43.3% |
487,487 |
43.7% |
||||||
|
Selling, general and administrative expenses |
185,620 |
27.4% |
155,935 |
27.0% |
363,907 |
28.7% |
314,040 |
28.1% |
||||||
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Settlement charge |
19,463 |
2.9% |
- |
0.0% |
19,463 |
1.5% |
- |
0.0% |
||||||
|
Accelerated pension cost amortization |
1,242 |
0.2% |
- |
0.0% |
1,242 |
0.1% |
5,819 |
0.6% |
||||||
|
Earnings from operations |
93,529 |
13.8% |
96,301 |
16.7% |
164,462 |
13.0% |
167,628 |
15.0% |
||||||
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Other income (expense): |
||||||||||||||
|
Interest expense |
(359) |
(0.1%) |
(283) |
(0.0%) |
(764) |
(0.1%) |
(513) |
(0.0%) |
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Interest income |
477 |
0.1% |
647 |
0.1% |
1,772 |
0.1% |
983 |
0.1% |
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Other, net |
2,697 |
0.4% |
(256) |
(0.1%) |
(7,305) |
(0.5%) |
3,172 |
0.2% |
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Earnings before income taxes |
96,344 |
14.2% |
96,409 |
16.7% |
158,165 |
12.5% |
171,270 |
15.3% |
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Income taxes |
34,534 |
5.1% |
29,030 |
5.0% |
52,771 |
4.2% |
52,237 |
4.6% |
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Net earnings |
61,810 |
9.1% |
67,379 |
11.7% |
105,394 |
8.3% |
119,033 |
10.7% |
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Net earnings attributable to noncontrolling interests in subsidiaries |
1,153 |
0.1% |
621 |
0.1% |
2,055 |
0.2% |
1,940 |
0.2% |
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Net earnings attributable to Guess?, Inc. |
$ 60,657 |
9.0% |
$ 66,758 |
11.6% |
$ 103,339 |
8.1% |
$ 117,093 |
10.5% |
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Net earnings per common share attributable to common stockholders: |
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Basic |
$ 0.65 |
$ 0.72 |
$ 1.12 |
$ 1.26 |
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Diluted |
$ 0.65 |
$ 0.72 |
$ 1.11 |
$ 1.25 |
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Weighted average common shares outstanding attributable to common stockholders: |
||||||||||||||
|
Basic |
91,864 |
91,610 |
91,746 |
91,756 |
||||||||||
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Diluted |
92,368 |
92,153 |
92,281 |
92,471 |
||||||||||
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Adjusted earnings from operations (1) |
$ 112,992 |
16.7% |
$ 96,301 |
16.7% |
$ 183,925 |
14.5% |
$ 167,628 |
15.0% |
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Adjusted net earnings attributable to Guess?, Inc. (1) |
$ 78,270 |
11.6% |
$ 66,758 |
11.6% |
$ 120,952 |
9.5% |
$ 117,093 |
10.5% |
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Adjusted diluted earnings per common share attributable to common stockholders (1) |
$ 0.84 |
$ 0.72 |
$ 1.30 |
$ 1.25 |
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(1) The adjusted results reflect the exclusion of the settlement charge (and related taxes where applicable) recorded during the three month period ended July 30, 2011. No adjustments have been made to the corresponding prior-year periods. A complete reconciliation of actual results to adjusted results is presented in the table entitled "Reconciliation of Reported Statements of Income to the Adjusted Statements of Income." |
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Guess?, Inc. and Subsidiaries |
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Reconciliation of Reported Statements of Income to the Adjusted Statements of Income |
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(amounts in thousands, except per share data) |
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The following table provides reconciliations of reported GAAP earnings from operations to adjusted earnings from operations and reported GAAP net earnings attributable to Guess?, Inc. to adjusted net earnings attributable to Guess?, Inc., in each case to reflect the exclusion of the settlement charge. |
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Three Months Ended |
Six Months Ended |
|||||||||
|
July 30, |
July 30, |
|||||||||
|
2011 |
2011 |
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% of |
% of |
|||||||||
|
$ |
Revenues |
$ |
Revenues |
|||||||
|
Settlement charge |
$ 19,463 |
$ 19,463 |
||||||||
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Less related income tax (1) |
1,850 |
1,850 |
||||||||
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Settlement charge net of income taxes |
$ 17,613 |
$ 17,613 |
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Reported GAAP earnings from operations |
$ 93,529 |
13.8% |
$ 164,462 |
13.0% |
||||||
|
Add back settlement charge |
19,463 |
19,463 |
||||||||
|
Adjusted earnings from operations |
$ 112,992 |
16.7% |
$ 183,925 |
14.5% |
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Reported GAAP net earnings attributable to Guess?, Inc. |
$ 60,657 |
9.0% |
$ 103,339 |
8.1% |
||||||
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Add back settlement charge net of tax (1) |
17,613 |
17,613 |
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Adjusted net earnings attributable to Guess?, Inc. |
$ 78,270 |
11.6% |
$ 120,952 |
9.5% |
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Adjusted diluted earnings per common share attributable to common stockholders: |
$ 0.84 |
$ 1.30 |
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Weighted average common shares outstanding attributable to common stockholders: |
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Basic |
91,864 |
91,746 |
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Diluted |
92,368 |
92,281 |
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(1) The estimated income tax effect of the settlement charge is based on the Company's assessment of deductibility using the statutory tax rate of the tax jurisdiction in which the charge was incurred. |
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Guess?, Inc. and Subsidiaries |
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Consolidated Segment Data |
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(dollars in thousands) |
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Three Months Ended |
Six Months Ended |
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July 30, |
July 31, |
% |
July 30, |
July 31, |
% |
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2011 |
2010 |
chg |
2011 |
2010 |
chg |
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Net revenue: |
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Europe |
$ 288,818 |
$ 222,331 |
30% |
$ 499,027 |
$ 409,299 |
22% |
||||||||
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North American Retail |
261,053 |
241,802 |
8% |
508,510 |
477,575 |
6% |
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Asia |
55,283 |
42,173 |
31% |
115,370 |
90,759 |
27% |
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North American Wholesale |
43,868 |
44,270 |
-1% |
89,514 |
86,998 |
3% |
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Licensing |
28,137 |
26,559 |
6% |
56,982 |
51,845 |
10% |
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$ 677,159 |
$ 577,135 |
17% |
$ 1,269,403 |
$ 1,116,476 |
14% |
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Earnings (loss) from operations: |
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Europe before settlement charge |
$ 63,681 |
$ 50,349 |
26% |
$ 96,862 |
$ 84,831 |
14% |
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Europe settlement charge |
(19,463) |
-- |
(19,463) |
-- |
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Europe including settlement charge |
44,218 |
50,349 |
-12% |
77,399 |
84,831 |
-9% |
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North American Retail |
32,914 |
26,310 |
25% |
51,544 |
50,682 |
2% |
||||||||
|
Asia |
4,856 |
5,701 |
-15% |
11,957 |
12,838 |
-7% |
||||||||
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North American Wholesale |
10,522 |
10,711 |
-2% |
21,636 |
20,922 |
3% |
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Licensing |
25,200 |
23,690 |
6% |
50,490 |
45,550 |
11% |
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Corporate overhead |
(22,939) |
(20,460) |
12% |
(47,322) |
(41,376) |
14% |
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Accelerated pension cost amortization |
(1,242) |
- |
(1,242) |
(5,819) |
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$ 93,529 |
$ 96,301 |
-3% |
$ 164,462 |
$ 167,628 |
-2% |
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Operating margins: |
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Europe before settlement charge |
22.0% |
22.6% |
19.4% |
20.7% |
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|
Europe including settlement charge |
15.3% |
22.6% |
15.5% |
20.7% |
||||||||||
|
North American Retail |
12.6% |
10.9% |
10.1% |
10.6% |
||||||||||
|
Asia |
8.8% |
13.5% |
10.4% |
14.1% |
||||||||||
|
North American Wholesale |
24.0% |
24.2% |
24.2% |
24.0% |
||||||||||
|
Licensing operations |
89.6% |
89.2% |
88.6% |
87.9% |
||||||||||
|
Total Company before settlement charge |
16.7% |
16.7% |
14.5% |
15.0% |
||||||||||
|
Total Company including settlement charge |
13.8% |
16.7% |
13.0% |
15.0% |
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Guess?, Inc. and Subsidiaries |
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|
Selected Condensed Consolidated Balance Sheet Data |
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(in thousands) |
|||||||
|
July 30, |
January 29, |
July 31, |
|||||
|
2011 |
2011 |
2010 |
|||||
|
ASSETS |
|||||||
|
Cash and cash equivalents |
$ 430,233 |
$ 427,037 |
$ 478,625 |
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|
Short-term investments |
- |
15,087 |
- |
||||
|
Receivables, net |
391,486 |
358,482 |
301,522 |
||||
|
Inventories |
343,094 |
294,705 |
307,056 |
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|
Other current assets |
77,756 |
68,269 |
87,779 |
||||
|
Property and equipment, net |
343,198 |
313,856 |
272,938 |
||||
|
Other assets |
230,863 |
208,368 |
179,613 |
||||
|
Total Assets |
$ 1,816,630 |
$ 1,685,804 |
$ 1,627,533 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current portion of borrowings and capital lease obligations |
$ 2,207 |
$ 2,177 |
$ 2,123 |
||||
|
Other current liabilities |
432,010 |
428,839 |
379,450 |
||||
|
Capital lease obligations |
12,027 |
12,218 |
12,519 |
||||
|
Other long-term liabilities |
169,776 |
161,665 |
143,922 |
||||
|
Redeemable and nonredeemable noncontrolling interests |
29,468 |
26,029 |
21,386 |
||||
|
Guess?, Inc. stockholders' equity |
1,171,142 |
1,054,876 |
1,068,133 |
||||
|
Total Liabilities and Stockholders' Equity |
$ 1,816,630 |
$ 1,685,804 |
$ 1,627,533 |
||||
|
Guess?, Inc. and Subsidiaries |
||||
|
Condensed Consolidated Cash Flow Data |
||||
|
(in thousands) |
||||
|
Six Months Ended |
||||
|
July 30, |
July 31, |
|||
|
2011 |
2010 |
|||
|
Net cash provided by operating activities |
$ 88,377 |
$ 103,876 |
||
|
Net cash used in investing activities |
(62,148) |
(52,238) |
||
|
Net cash used in financing activities |
(34,218) |
(69,593) |
||
|
Effect of exchange rates on cash |
11,185 |
(5,483) |
||
|
Net increase (decrease) in cash and cash equivalents |
3,196 |
(23,438) |
||
|
Cash and cash equivalents at the beginning of the year |
427,037 |
502,063 |
||
|
Cash and cash equivalents at the end of the period |
$ 430,233 |
$ 478,625 |
||
|
Supplemental information: |
||||
|
Depreciation and amortization |
$ 39,383 |
$ 31,488 |
||
|
Rent |
$ 121,585 |
$ 101,903 |
||
|
Guess?, Inc. and Subsidiaries |
|||||||||
|
Retail Store Data |
|||||||||
|
International Store Count |
|||||||||
|
As of July 30, 2011 |
As of July 31, 2010 |
||||||||
|
Total |
Directly Operated |
Total |
Directly Operated |
||||||
|
Region |
Stores |
Stores |
Stores |
Stores |
|||||
|
United States and Canada |
490 |
490 |
448 |
448 |
|||||
|
Europe and the Middle East |
533 |
165 |
441 |
109 |
|||||
|
Asia |
377 |
32 |
347 |
30 |
|||||
|
Other |
65 |
21 |
56 |
14 |
|||||
|
1,465 |
708 |
1,292 |
601 |
||||||
|
Guess?, Inc. and Subsidiaries |
|||||
|
Retail Store Data |
|||||
|
U.S. and Canada |
|||||
|
Six Months Ended |
|||||
|
July 30, |
July 31, |
||||
|
2011 |
2010 |
||||
|
Number of stores at the beginning of the year |
481 |
432 |
|||
|
Store openings |
15 |
21 |
|||
|
Store closures |
(6) |
(5) |
|||
|
Number of stores at the end of the period |
490 |
448 |
|||
|
Total store square footage at the end of the period |
2,239,000 |
2,050,000 |
|||
SOURCE Guess?, Inc.