The March 2002 period benefited from the early Easter holiday, which shifted sales to March this year versus April last year. As a result, the Company expects a negative impact on April 2002 comparable store sales versus the year-ago period.
Total retail sales for the first quarter ended March 30, 2002 decreased 0.6% to $78.9 million compared to $79.4 million for the first quarter of 2001. Comparable store sales decreased 4.2% during the first quarter of 2002. The first quarter of 2002 contained 89 days compared to 90 for the same period last year.
Guess?, Inc. designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel, accessories and related consumer products.
Except for historical information contained herein, certain matters discussed in this press release including but not limited to the Company's expected results of operations and plans to reduce costs and estimated charges, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods and other future events to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ from current expectations include, among other things, the continued availability of sufficient working capital, the successful integration of new stores into existing operations, the continued desirability and customer acceptance of existing and future product lines, possible cancellations of wholesale orders, the success of competitive products, the success of the Company's programs to strengthen its inventory cost accounting controls and procedures, and the availability of adequate sources of capital. In addition to these factors, the economic and other factors identified in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2001 including but not limited to the risk factors discussed therein, could affect the forward-looking statements contained herein and in the Company's other public documents.
CONTACT: Guess?, Inc.
Carlos Alberini, 213/765-3582
Frederick G. Silny, 213/765-3289
or
Kekst and Company
Wendi Kopsick/Molly Morse
212/521-4867/4826
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