Gross profit for Q1 FY22 increased to $211.5 million ($34.2 million), while selling, general and administrative expenses were $186.7 million ($143.3 million). The company’s earnings from operations for the reported quarter were $26.6 million (loss: $162.5 million). Guess is an American clothing brand and retailer. In addition to clothing for both men and women, Guess markets other fashion accessories such as watches, jewelry, perfumes, bags, and shoes. GUESS was established in 1981 by the Marciano brothers, who left the south of France in pursuit of the American dream.
This year the brand is rocking the revenue. Almost 100 percent revenue growth to $520.0 million in its first quarter (Q1) FY22 ended on May 1, 2021, compared to revenue of $260.2 billion in the corresponding period of the previous fiscal. The company’s net income rose to $12.8 million (Q1 FY21: loss $160.5 million).
Carlos Alberini, chief executive officer at Guess, said, “We are extremely pleased with our first-quarter performance, which significantly exceeded our expectations for revenues and profitability across all channels. We couldn’t be more proud of our teams worldwide for their strong leadership, great teamwork, and enormous effort during the last 15 challenging months. Furthermore, we are well on track to achieve our long-term 10 percent operating margin target now, a year earlier than anticipated. We believe that we are at an inflection point for our company. We have a powerful global brand with great momentum, and I am so thankful that Marciano and I have a strong team that is highly committed and excited to take the company to the next level of growth, profitability, and value creation.”
