Guess', Inc. (NYSE:GES) Q1 2023 Earnings Conference Call May 25, 2022 4:45 PM ET
Corporate Participants
Fabrice Benarouche - VP, Finance and IR
Carlos Alberini - Chief Executive Officer
Dennis Secor - Interim Chief Financial Officer
Conference Call Participants
Susan Anderson - B. Riley, FBR
Corey Tarlowe - Jefferies
Dana Telsey - Telsey Advisory Group
Janice Kloppenburg - JJK Research Associates
Operator
Good day, everyone, and welcome to the Guess First Quarter Fiscal 2023 Earnings Conference Call.
I would like to turn the call over to Fabrice Benarouche, Vice President of Finance and Investor Relations. Please go ahead.
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 currency fluctuations, the Corona virus pandemic and the war in Ukraine. The company's actual results may differ materially from current expectations based on which sectors 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 a great start to the year with a strong first quarter performance that exceeded expectations for both top-line and operating profit despite a challenging environment. Our revenues grew 14% and in constant currency grew 21%. We delivered a 7% adjusted operating margin and our adjusted earnings from operations increased 61% from last year, reaching $41.7 million.
All segments contributed to our revenue growth. And our adjusted operating margin expansion of 200 basis points was driven equally by improved gross margin and expense leverage. We continue to navigate a dynamic environment that includes higher inbound freight and product costs, a weaker euro and increased wages. Our associates across the world are executing effectively capturing opportunities to grow our business, increase our bottom line and deliver value to our shareholders. Paul and I want to thank our great teams who work together with an unwavering passion to build on our vision for this amazing brand and company. I will now share some color on our first quarter results.