Infographic: Key highlights of Guess? (GES) Q1 2021 earnings

Guess? Inc. (NYSE: GES) reported a wider loss in the first quarter of 2021 due to lower revenue, asset impairment charges as well as additional inventory valuation reserves and higher allowances for markdowns and doubtful accounts. The COVID-19 crisis has had a material impact on the company’s operations and financial results.

To minimize loss and protect liquidity, the company challenged every aspect of its business which was being significantly impacted by extensive store closures and lower customer demand. In addition to postponing decisions related to the payment of the quarterly dividend, the company was able to lower expenses, adjust inventory levels and purchases, lower capital expenditures, and extend vendor payment terms to react to the crisis.