Guess', Inc. (NYSE:GES) Q3 2022 Earnings Conference Call November 22, 2022 4:45 PM ET
Company Participants
Fabrice Benarouche - VP, Finance and IR
Carlos Alberini - CEO
Dennis Secor - Interim CFO
Conference Call Participants
Corey Tarlowe - Jeffries and Company
Dana Telsey - Telsey Advisory Group
Operator
Good day everyone and welcome to the Guess Third Quarter Fiscal 2023 Earnings Conference Call.
I would like to turn the call over to Fabrice Benarouche, Vice President of Finance and Investor Relations.
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, including potential impacts from the coronavirus pandemic. The Company's actual results may differ materially from current expectations based on, we expect those 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.
I am very pleased to report our third quarter results, which exceeded our expectations for revenues, adjusted operating profit and adjusted operating margin. Our performance continues to be impacted by the adverse currency environment due to the strong U.S. dollar. As a result, our revenues decreased by almost 2% in U.S. dollars during the period, while growing 10% in constant currency, driven primarily by the strength of our business in Europe.
We delivered a 9.1% adjusted operating margin and $58 million in adjusted operating profit. Once again, Paul and I are very proud of our teams around the world, who continued to manage the business very effectively navigating through a challenging environment and growing market share in multiple markets. Our approach has not changed. We continued to focus on what we can control, paying close attention to inventories, which we continue to buy solely based on expected customer demand and managing costs tightly in spite of the current inflationary conditions, and our approach is working. Our Company continues to perform well in spite of theses non-controllable factors.