The company ended the quarter with $365M in cash and cash equivalents versus $110M in the prior-year quarter.
Guess have reported that their balance sheet is currently in ‘great shape’ with cash and equivalents of $365M at the end of Q3 and inventories 24 per cent below last year’s levels. For the nine months ended October 31, 2020, the company recorded GAAP net loss of $151.6M compared to GAAP net earnings of $16.4M.
Carlos Alberini, Chief Executive Officer, commented: “We are very pleased with our third quarter performance, which significantly exceeded our expectations, in spite of the challenging circumstances we faced due to the pandemic. During the period, we have more than doubled our earnings per share versus last year, and significantly expanded our operating margin as our revenues decreased 7.6 per cent.”
The company also commented that they are well positioned for the upcoming festive period despite the lingering Covid-19 impacts.
