Guess Rebounds to $25.6M Profit
Guess, Inc. reported a profit of $25.6 million for the fiscal year 2022, a rebound from the previous year's loss. The company's revenue increased by 14% compared to the same period in 2021. The company's turnaround is attributed to its successful marketing and e-commerce strategies, as well as the growth of its digital business.
“We are very pleased with our results for the fiscal year 2022,” said Victor Herrero, CEO of Guess, Inc. “Our focus on e-commerce, marketing, and product innovation has driven significant growth and profitability for our company.”
The company's net sales for the fourth quarter of 2022 were $373.7 million, up 16% from the same period in 2021. Guess, Inc. also reported a 13% increase in digital sales, with e-commerce representing 34% of the company's total sales.
“We are confident in our ability to continue to drive growth and profitability, while expanding our market share and improving our profitability margins,” said Herrero.
As of January 2023, Guess, Inc. has a market capitalization of approximately $3.2 billion.
"The Company is well-positioned to continue to drive growth and profitability, while expanding its market share and improving its profitability margins," said Herrero.
Author's Summary:
Guess, Inc. has reported a significant profit rebound, driven by successful marketing and e-commerce strategies, as well as the growth of its digital business.