Fashion retailer Guess has posted a 86.3% drop in quarterly net earnings, while net profits for the financial year also plummeted by 72.2%.
Net earnings for the fourth quarter stood at $6.6 million (£5.3 million), compared to $47.8 million (£38.6 million) for the fourth quarter in the last financial year.
On an adjusted basis, net earnings still declined by 27.9%in in the fourth quarter.
Meanwhile, net profit for the Los Angeles-based retailer for the full year ending February 3rd stood at $22.8 million (£18.44 million).
On an adjusted basis, the company’s overall net profit for the full year was down by 55.3%.
However, the retailer’s net sales reached $679.27 million (£549.32 million), a 3% rise from $658.26 million (£532.53 million) a year ago.
Guess chief executive Victor Herrero said: “Despite continued softness in the Americas, we are pleased to report that fourth quarter revenues for the company were up three per cent, driven by strong double digit growth in both Europe and Asia.”
Mr Herrero said the challenges facing Guess in the Americas has led them to the decision to close down 60 stores in the current financial year.
