Guess? reported financial results for its first quarter ended April 30, 2016. GAAP net loss was $25.2 million, compared to net earnings of $3.3 million for the first quarter of fiscal 2016.
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GAAP diluted loss per share was $0.30, compared to diluted earnings per share of $0.04 for the prior-year quarter, a decrease of $0.34 per share. The negative impact of currency on diluted loss per share in the first quarter of fiscal 2017 was approximately $0.08 per share.
During the first quarter of fiscal 2017, the Company incurred restructuring charges and a related exit tax charge totaling approximately $5.8 million, including related tax impacts, or an unfavorable $0.07 per share impact.
Excluding the impact of these charges, adjusted net loss was $19.4 million and adjusted diluted loss per share was $0.23 during the first quarter of fiscal 2017.
Total net revenue for the first quarter of fiscal 2017 decreased 6.3% to $448.8 million, from $478.8 million in the prior-year quarter. In constant currency, total net revenue decreased 5.0%.
Refer to the accompanying tables for a summary of net revenue by segment as well as information regarding the impact of foreign currency exchange rate fluctuations on the Company's net revenue.
GAAP operating loss for the first quarter of fiscal 2017 was $29.0 million (including a $0.9 million unfavorable currency translation impact), compared to operating earnings of $4.4 million in the prior-year period, a decrease of $33.3 million.
GAAP operating margin in the first quarter decreased 740 basis points to negative 6.5%, from 0.9% in the prior-year quarter, due primarily to lower shipments in our European wholesale business and the negative impact from currency exchange rate fluctuations and restructuring charges on the operating margin.
The negative impact of currency on operating margin for the quarter was roughly 150 basis points.
Excluding the impact of the restructuring charges, adjusted operating loss was $22.9 million and adjusted operating margin was negative 5.1%, a decrease of 600 basis points compared to the same prior-year quarter. ■