Guess?, Inc. (NYSE:GES) Q3 2024 Earnings Call Transcript November 21, 2023 4:45 PM ET
Company Participants
Fabrice Benarouche - VP, Finance and IR
Carlos Alberini - CEO
Markus Neubrand - CFO
Conference Call Participants
Eric Beder - Small Cap Consumer Research
Corey Tarlowe - Jefferies
Mauricio Serna - UBS
Jeff Lick - B. Riley Financial
Operator
Good day, everyone, and welcome to the Guess? Third Quarter Fiscal 2024 Earnings Conference Call.
I would like to turn the call over to 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 Markus Neubrand, 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 outlooks. 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. Our performance this quarter is once again the result of three key factors working harmoniously together. First, our strong global brand awareness and continued momentum; second, the power of our highly diversified business model across product categories, geographies, and channels of distribution; and third, our highly entrepreneurial and unique culture that makes Guess? a great place to work and where our long-term focus drives all important decisions and people feel accountable and empowered.
And consistent with these three factors, we are very pleased to report our third quarter results, with revenue growth in line with our expectations and adjusted operating profit performance beating the high end of our guidance range, which was in line with last year. We achieved an almost 9% adjusted operating margin for the quarter, exceeding our expectations and also consistent with last year's performance.
All but one of our business segments delivered revenue increases in US dollars, with our licensing, Europe, and Americas wholesale segments reporting higher revenue growth for the period at 19%, 6%, and 4%, respectively. As expected, amidst a dynamic macroeconomic environment, our Americas Retail segment posted a decline in revenues. During the period, our teams continued to run the business well, delivering strong gross margin performance and effective cost management. Their ability to navigate and manage the factors that we can control has been exemplary. Paul and I are very pleased with our team's performance and want to thank everyone for their unwavering commitment and invaluable contributions, especially during these times of global uncertainty.