Continued Strength in Europe and Asia Drives Guess' Top Line in 1Q; Shares a Touch Expensive
No-moat Guess' first-quarter results supported our view that management's focus on driving growth in Europe and Asia while improving profitability in the Americas is strategically sound. While revenue growth in the first quarter slightly outpaced our expectations (up 7.7% in constant currency, 110 basis points above our estimate), adjusted operating margin came in line with our outlook at negative 4% (improving 100 basis points year-over-year), as improvements in mix and lower markdowns in the A...GUESS? designs, markets, distributes and licenses collections of apparel and accessories for men, women and children. The lines include collections of clothing, including jeans, pants, skirts, dresses, shorts, blouses, shirts, jackets, knitwear and intimate apparel. In addition, the company selectively grants licenses to design, manufacture and distribute a range of products that complement its apparel lines, including eyewear, watches, handbags, footwear, kids' and infants' apparel, outerwear, fragrance, jewelry and other fashion accessories. The company's businesses are grouped into five reportable segments: Americas Retail, Americas Wholesale, Europe, Asia and Licensing.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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