USA: Guess? Reports Q1 Loss Of $3.6 Million

Apparel designer and retailer Guess? Inc today reported a first quarter loss of $3.6 million compared to $2.1 million in the same period last year, citing a "continued difficult retail environment," that impacted on its wholesale business. Maurice Marciano, co-chairman and co-chief executive officer, said: "Our performance benefited from our ongoing cost reduction efforts, which resulted in a 6.8 per cent decrease in selling, general and administrative expenses during the quarter, as well as improved margins in our retail business, where careful inventory management has contributed to more regular-price sales.