Guess?, Inc. reported unaudited financial results for its fourth quarter and fiscal year ended January 31, 2015. For Q4 2015, the company recorded net earnings of $53.9 million.
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This is a 24.1% decrease compared to adjusted net earnings of $71.1 million for the fourth quarter of fiscal 2014. Diluted earnings per share decreased 24.1%, to $0.63, compared to adjusted diluted earnings per share of $0.83 for the prior-year quarter.
The prior-year adjusted net earnings excluded restructuring charges of $2.1 million ($1.4 million net of taxes). On a GAAP basis, prior-year fourth quarter net earnings were $69.6 million and diluted earnings per share totaled $0.82, including an unfavorable $0.01 after-tax impact from the restructuring charges. otal net revenue for the fourth quarter of fiscal 2015 decreased 9.3% to $696.7 million, from $768.4 million in the prior-year quarter. In constant currency, total net revenue decreased 4.1%.
Operating earnings for the fourth quarter of fiscal 2015 decreased 30.1% to $73.2 million (including a $5.9 million unfavorable currency translation impact), from adjusted operating earnings of $104.6 million in the prior-year period. Operating margin in the fourth quarter decreased 310 basis points to 10.5%, compared to adjusted operating margin of 13.6% in the prior-year quarter.
The lower operating margin was driven by the negative impact on the Company's fixed cost structure from negative same store sales in North America, higher store impairment charges, lower wholesale shipments in Europe and more markdowns in North America. On a GAAP basis, operating earnings decreased 28.6% and operating margin decreased 280 basis points.
Other net income, which primarily includes net unrealized and realized mark-to-market gains on foreign currency contracts, was $6.9 million for the fourth quarter of fiscal 2015, compared to $1.3 million in the prior-year quarter.
Net earnings for the fiscal year ended January 31, 2015 were $94.6 million, a decrease of 41.8% compared to adjusted net earnings of $162.5 million for the fiscal year ended February 1, 2014. Diluted earnings per share decreased 41.9% to $1.11 in fiscal year 2015, compared to adjusted diluted earnings per share of $1.91 in the prior year.
The prior-year adjusted net earnings excluded restructuring charges of $12.4 million ($9.0 million net of taxes). On a GAAP basis, net earnings for fiscal 2014 were $153.4 million and diluted earnings per share totaled $1.80, including an unfavorable $0.11 after-tax impact from the restructuring charges.
Total net revenue for fiscal year 2015 decreased 5.9% to $2.42 billion, from $2.57 billion in the prior year. In constant currency, total net revenue decreased 4.6%. ■