Guess', Inc. (NYSE:GES) Q1 2024 Earnings Conference Call May 24, 2023 4:45 PM ET
Company Participants
Fabrice Benarouche - VP, Finance and IR
Carlos Alberini - CEO
Dennis Secor - Interim CFO
Conference Call Participants
Corey Tarlowe - Jefferies
Dana Telsey - Telsey Advisory Group
Eric Beder - SCC Research
Operator
Good day everyone and welcome to the Guess' First Quarter Fiscal 2024 Earnings Conference Call.
I would like to turn the call Fabrice Benarouche, Senior Vice President of Finance, Investor Relations, and Chief Accounting Officer.
Fabrice Benarouche
Thank you, operator. Good afternoon everyone and thank you for joining us today. On the call today with me are Carlos Alberini, Chief Executive Officer; and Dennis Secor, Interim Chief Financial Officer.
During today's call, the company will be making forward-looking statements including comments regarding future plans, strategic initiatives, capital allocation, and short and long-term outlook.
The company's actual results may differ materially from current expectations based on risk factors included in today's press release and the company's quarterly and annual reports filed with the SEC. Comments will also reference certain non-GAAP or adjusted measures. GAAP reconciliations and descriptions of these measures can be found in today's earnings release.
Now, I will turn it over to Carlos.
Carlos Alberini
Thank you, Fabrice. Good afternoon everyone and thank you for joining us today. We are very pleased with our start to the new fiscal year with first quarter results that highlight the power of our highly diversified business model and the strength of our global distribution.
Our team delivered better than expected revenues, operating profit, and earnings per share. This results were driven by stronger than expected performance from our businesses in Europe, Asia, and from our Americas wholesale segment, which coupled with strong cost controls and improved product margin performance helped to more than offset softness in our Americas retail business.
Our earnings performance against last year was impacted by increased occupancy, COVID subsidies that did not reoccur this year, and the continued negative currency trends.
With that said, our team continues to manage the business very effectively focusing on what we can control and funding our business based on expected customer demand. Paul and I are very pleased with our team's performance I want to thank everyone for their hard work and valuable contributions.
As we look at the different parts of our business globally, our Europe segment continued to outperform during the quarter, posting a 5% increase in revenues in constant currency and 2% in US dollars. The growth was driven by a double-digit increase in comp store sales in the region, partially offset by a revenue decrease in our wholesale business due to early shipments in Q4 of last year of our spring-summer collection.