Guess?, Inc. (NYSE:GES) Q4 2023 Earnings Conference Call March 20, 2024 4:45 PM ET

Company Participants

Fabrice Benarouche - Senior Vice President of Finance, Investor Relations, and Chief Accounting Officer
Carlos Alberini - Chief Executive Officer
Markus Neubrand - Chief Financial Officer

Conference Call Participants

Corey Tarlowe - Jefferies
Mauricio Serna - UBS
Eric Beder - Small Cap Consumer Research
Jeff Lick - B. Riley Securities

Operator

Good day, everyone, and welcome to the Guess?' Fourth 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

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. We appreciate you joining us today. On behalf of Paul and myself, I would like to begin by thanking all of our associates worldwide for their valuable contributions throughout the past year. Our teams performed very well delivering solid top line growth, improved gross margins, and disciplined expense performance. The results speak for themselves, and we couldn't be more proud of our team's accomplishments this year.

We closed our fiscal year with a very strong fourth quarter performance resulting in adjusted earnings per share of $3.14 for the year. The last time that our company reached this level of EPS performance was 12 years ago in fiscal year 2012. Revenues for the year increased to $2.8 billion, up 3% in both U.S. dollars and constant currency. And we delivered an adjusted operating margin of 9.2%. Our ability to deliver this performance was the result of our strong brand momentum around the world, the robust customer response to our great product assortment, and the amazing attitude and discipline our teams continue to demonstrate. Our performance in both the fourth quarter and the full fiscal year shows the benefits of our unique diversified business model and how we are leveraging our powerful platform across multiple product categories, geography, and channels of distribution. We are at an inflection point in our company's development, and we couldn't be more excited about our future.