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Total Expenses were $2.6 Billion, with Cost of goods sold of $1.7 Billion, and $800 Million in Operating Expenses
Breakdown of Guess' Total Expenses (2019):
Total $2.6 Bil
Cost of Goods Sold $1.7 Bil
Operating Expenses $0.8 Bil
Income taxes/Other $0.1 Bil
Note: Guess' reported Fiscal Year is February to January.
1. Cost of Goods Sold:
Cost of Goods Sold have increased from $1.4 Bil in 2016 to $1.7 Bil in 2019 due to a combination of higher markdown and a higher occupancy rate. As Cost of goods sold have grown at a similar rate to Revenues, the Gross Profit Margin has remained constant around 36% over the same period.
Cost of goods sold
Raw materials, direct labor, and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in the cost of product sales.The cost of goods sold as % of revenue has remained constant around 64% over the last few years. The metric rose to 66% in FY 2017 due to a combination of higher markdown and a higher occupancy rate. We expect the cost of goods sold to decline to 63.9% in FY 2020 likely to be driven by higher mark-up prices and better occupancy leverage (ability to derive higher revenues from existing fixed assets), resulting in a gross margin of 36.1%.
2. Operating Expenses :
Guess' Operating Expenses include 2 key components:
A. Selling, General & Administrative (SG&A) Costs
B. Restructuring & Other Costs
Breakdown of Guess' Operating Expenses in 2019 :
Total $887 Mil (100%)
SG&A Costs $835 Mil (94%)
Restructuring Costs $52 Mil (6%)
Guess' Operating Expenses include selling, general and administrative (SG&A) expenses, and asset impairment and other charges.Operating Expenses have increased 33% since 2016, going up from $669 million to 887 million in 2019, led by a $ 169 million increase in SG&A as well as a $49 million increase in restructuring and other expenses.The increase in SG&A expenses can be attributed to higher distribution costs, higher advertising expenses as well as higher store selling expenses driven by retail expansion, partially offset by lower performance-based compensation costs.Asset impairment and other charges have shot up from just $3 million in 2016 to more than $52 million in 2019 mainly due to a $45.6 million fine imposed by the European Commission in 2019.We expect total operating expenses to decline by 6% in 2020 due to a reduction in SG&A as well as restructuring and impairment charges.
Operating Expenses Have Increased From $669 million in 2016 to $887 million in 2019, Driven By (A) $169 million Increase In SG&A Expenses & (B) $49 Million Increase In Restructuring & Other Charges
Operating Expenses [ A + B ]
SG&A Expense [ A ]
Restructuring & other charges [ B ]
(A) SG&A expenses have increased from $666 million in 2016 to $835 million in 2019. As a % of Revenues, SG&A has increased from 30.5% in 2016 to 32% in 2019
SG&A expenses as % of total revenue
(B) Restructuring & Other expenses have increased from $3 million in 2016 to $52 million in 2019. As a % of Revenues, Restructuring charges has increased from just 0.1% in 2016 to 2% in 2019
Restructuring and other charges
Restructuring and other charges as % of revenue
3. Non-Operating Income :
Guess' Non-Operating Income Has Decreased From $6 million in 2016 to -$6 million in 2019 Driven by a combination of higher interest and other expenses
Non-Operating Expense (Income)
Interest Expense As % Debt
Interest Income As % Cash & Cash Equivalents
Guess' non-operating income has decreased from $6 million in 2016 to -$6 million in 2019 driven by a combination of higher interest and other expenses.
4. Income Tax Expense:
Guess' Income Tax Expense has declined from $42 million in 2016 to about $30 million in 2019.
Income tax expense
Effective Tax Rate
The company's effective tax rate has been highly volatile, ranging from 33.4% in 2016 to more than 105% in 2018. The company’s effective tax rate for 2018 included an additional income tax expense of $47.9 million related to the enactment of the Tax Reform, which negatively impacted the Company’s effective tax rate by 68.2% in fiscal 2018.
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