Guess Inc. is feeling the effects of the coronavirus.
In the most recent quarter, the pandemic cost the apparel, accessories and footwear retailer $160 million.
Earlier this year, Guess closed 127 stores in China to prevent the spread of the coronavirus. By mid-March, as the virus made its way around the world, the retailer was forced to close all brick-and-mortar locations in North America and Europe. At the time, the company said stores would remain closed for about two weeks, or until March 27.
Despite the anticipation of permanent store closures in the near term, Alberini said there is still an opportunity to expand the fleet at a later date. In the meantime, to minimize losses and protect liquidity, Alberini said his team is reevaluating every aspect of the business. “The one area that we protected in terms of discretionary spending is our digital platform,” Kathryn Low Anderson, chief financial officer of Guess, said on the conference call. “We believe this investment will have a very high and rapid return.”
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