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Annual Report 2003

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Annual Report 2003 23MAR200406005965 LETTER TO OUR SHAREHOLDERS We are pleased to report that GUESS? has made significant progress in 2003. We improved our Company’s performance in the second half of the year as we began to reap the rewards of efforts and investments we have made to reposition our product lines and strengthened our infrastructure. We experienced strong business momentum in the fourth quarter which continued into 2004. Moreover, our team is focused on building on this progress in 2004 and beyond. FISCAL YEAR 2003 RESULTS For the year, GUESS? reported net earnings of $7.3 million, or earnings of $0.17 per diluted share, compared to a net loss of $11.3 million, or a loss of $0.26 per diluted share, in 2002. The 2003 results included impairment and severance charges of $2.4 million, or $1.4 million net of tax, or $0.03 per diluted share. The 2002 results included litigation settlement proceeds of $4.3 million, or $2.9 million net of tax, or $0.07 per diluted share, and restructuring, impairment and severance charges of $9.2 million, or $6.2 million net of tax, or $0.14 per diluted share. The results were driven by revenue and gross margin increases coupled with effective cost control. Total net revenue for 2003 rose 9.2% to $636.6 million from $583.1 million in 2002. Comparable store sales for the year grew 9.3%. 2003 ACCOMPLISHMENTS During 2003, all of our business segments—retail, wholesale and licensing—showed improved performance. Our retail segment generated the greatest gains with operating income up $28.0 million for the year. Retail sales The 9.3% increase in comparable store sales for the year reflects the steps we have taken to refine our product offerings in both our women’s and men’s lines as well as significant growth in our accessories line. In addition to strong results from our U.S. specialty stores, our Canadian stores performed particularly well during the year. Cost reduction A key priority of our management team is to utilize our resources efficiently and ensure that our cost structure is as streamlined as possible. This has included looking for every opportunity to eliminate unproductive activities and improve expense management across the Company. These efforts resulted in an almost $6 million decrease in S,G&A expense for the year, despite a larger store base, and a 380 basis point improvement in our S,G&A rate for 2003. Contributing to this improvement is the strength of our retail business model, which enables us to leverage our fixed expenses so that, with the addition of incremental revenue, we see a greater impact on the bottom line. In fact, during the 2003 fourth quarter we drove a 530 basis point improvement in our S,G&A rate capitalizing on our comparable store sales increases. Inventory management Our focus on inventory management continued during 2003. These efforts have resulted in a 12.7% decline in inventory levels from year-end 2002 even as product sales increased 9.7% during the year. Our inventory now consists of fresher product, which should reduce unprofitable off-price sales in the future and allow us to merchandise our factory outlet stores effectively. Balance sheet We continued to strengthen our balance sheet in 2003 with the issuance of $75 million in Secured Notes in April 2003 and the retirement of $80 million of Senior Subordinated Notes. We ended 2003 with no borrowings under our $85 million bank credit facility. Total outstanding debt declined by $13.5 million, or 16.6%, to $68.1 million at December 31, 2003. We also ended the year with $71.7 million in cash and restricted cash, compared to $31.8 million a year earlier. Supply chain We implemented a new state of the art supply chain system to gain further operating efficiencies through automation. This system, along with other actions we are taking, should result in improved product visibility and lower processing and freight costs in the future. In addition, a new inventory allocation system we are rolling out is resulting in improved inventory turnover and in-stock positions in the stores, and is contributing to higher store sales volumes with less inventory. Management team We are continuing to strengthen our management team, including restructuring our merchant organization to provide more focus on each product category. In this regard, we have created an entire new team to design and merchandise our more contemporary product line, GUESS Collection. We are enthusiastic about the potential of this line. LOOKING TO THE FUTURE While we are pleased with the progress made in 2003, there continues to be significant potential to capitalize on the strength of our brand and our organization to achieve further operational improvements and build sales and profits. We are analyzing the opportunities available to us and are already pursuing the following initiatives: • We are placing new attention and resources on GUESS Collection, our contemporary line that commands higher price points. We are early in our efforts, and if we are successful, GUESS Collection could evolve into a separate brand. • We are continuing to expand our retail store base in the U.S. and Canada. The investment includes opening approximately 26 new stores in 2004, remodeling about 10 stores, and relocating approximately 4 stores. • Consistent with our efforts to increase profitability and eliminate unproductive assets, we are closing our kids stores in the second half of 2004. These 10 stores generated revenues of $6.1 million and had a combined operating loss of approximately $1.8 million in 2003. During the fourth quarter of 2003, we recorded an impairment charge of $1.2 million associated with these planned closings. • We are continuing to work on our supply chain and, along with efficiencies from the recent system conversion, expect further cost savings in this area. Specifically, we continue to work on the flow of goods from our vendors to our distribution center as well as to our stores. We believe these efforts will contribute significant reductions in our overall freight and processing costs. • With the benefits of our new systems, we are better managing our inventory utilization, contributing to more effective buying that should result in less excess or obsolete inventory. This should also contribute to improved gross margins due to lower markdowns and fewer sales of distressed inventory in the off-price markets. • Licensing continues to be a major part of our business, capitalizing on the strength of the GUESS? brand. We are continuing to develop this business and see significant opportunities for further growth, especially with international expansion. In 2003, we signed a worldwide license agreement for fragrances. The first GUESS? fragrance will be introduced in mid-2005. In closing, we are excited about the prospects for GUESS?, and our team is energized and committed to delivering on our Company’s potential. After the challenges of preceding years, we feel very good about the momentum in our business. The GUESS? brand, now 22 years old, is as strong as ever, and we continue to have an attractive and growing core customer base that looks to GUESS? for its fashion leadership and quality merchandise. Our progress in 2003 is directly attributable to the hard work of our talented team of associates, and we thank them wholeheartedly for their contributions. We also want to acknowledge our suppliers and licensees in the U.S. and around the world. We greatly value our partnership. To our customers, we appreciate your continued patronage and remain committed to meeting your needs for our product each and every day. To you, our shareholders, we thank you for your support and confidence. We look forward to building on our momentum in the future, and, in so doing, increasing the value of your investment over the long term. 23MAR200406003317 23MAR200406004428 Maurice Marciano Paul Marciano Co-Chairman of the Board and Co-Chairman of the Board and Co-Chief Executive Officer Co-Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2003 Commission File Number 1-11893 GUESS?, INC. (Exact name of registrant as specified in its charter) Delaware 95-3679695 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 1444 South Alameda Street Los Angeles, California 90021 (213) 765-3100 (Address, including zip code, and telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange Title of Each Class on Which Registered common stock, par value $0.01 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No អ Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. អ Indicate by check mark whether registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
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