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Guess? Sees Q2 Revenue Decline Similar To Q1; Postpones Dividend Payment - Quick Facts

While reporting its financial results for the first quarter on Wednesday, Guess? Inc. (GES) said it expects that the COVID-19 crisis will continue to have a material impact on its consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2021.

However, based on the sales data available for its brick-and-mortar stores that have re-opened since May 2, 2020, Guess? said it experienced sales productivity for reopened brick-and-mortar stores of roughly 75 percent in the U.S. and Canada and 70 percent in Europe as compared to last year's level.

Given the dynamic situation due to the coronavirus pandemic, Guess? said it has not provided detailed guidance for the second quarter ending August 1, 2020 or the full fiscal year ending January 30, 2021. Based on current trends, it currently expects revenues for the second quarter to have a decrease similar to that of the first quarter.

The company added that its board of directors has decided to continue to postpone its decision to pay the quarterly cash dividend at this time in order to preserve its cash position and provide continued financial flexibility due to the uncertainties related to the COVID-19 pandemic.

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