Guess?, Inc. Reports Second Quarter Results - 19 Action News|Cleveland, OH|News, Weather, Sports

Guess?, Inc. Reports Second Quarter Results

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SOURCE Guess?, Inc.

Q2 Fiscal 2015 EPS of $0.26, Compared to Adjusted EPS of $0.52 and GAAP EPS of $0.47 in Q2 Fiscal 2014

Q2 Fiscal 2015 Revenues Decreased 5% to $609 Million; Decreased 6% in Constant Currency

Provides Q3 Fiscal 2015 EPS Guidance in the Range of $0.15 to $0.20

Updates Full Year EPS Guidance to a Range of $1.05 to $1.20

LOS ANGELES, Aug. 27, 2014 /PRNewswire/ -- Guess?, Inc. (NYSE: GES) today reported financial results for its second quarter ended August 2, 2014.

Second Quarter Fiscal 2015 Highlights

  • North American Retail revenues decreased 4%; retail comp sales including e-commerce decreased 5% in U.S. dollars and 4% in constant currency
  • European revenues decreased 6% in U.S. dollars and 9% in local currency
  • Asian revenues decreased 2% in U.S. dollars and 8% in constant currency
  • North American Wholesale revenues decreased 8% in U.S. dollars and 6% in constant currency
  • Adjusted operating earnings decreased 55%; GAAP operating earnings decreased 51%

This press release contains certain non-GAAP, or adjusted, financial measures, which exclude the impact of restructuring charges (and related taxes where applicable) recorded during the prior-year first and second quarters. A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables and discussed under the heading "Presentation of Non-GAAP Information" below.

Second Quarter Fiscal 2015 Results

For the second quarter of fiscal 2015, the Company recorded net earnings of $22.0 million, a 50.5% decrease compared to adjusted net earnings of $44.3 million for the second quarter of fiscal 2014. Diluted earnings per share decreased 50.0% to $0.26, compared to adjusted diluted earnings per share of $0.52 for the prior-year quarter. The prior-year adjusted net earnings excluded restructuring charges of $6.1 million ($4.4 million net of taxes). On a GAAP basis, prior-year second quarter net earnings were $39.9 million and diluted earnings per share totaled $0.47, including an unfavorable $0.05 after-tax impact from the restructuring charges.

Paul Marciano, Chief Executive Officer, commented, "Overall second quarter earnings were consistent with our expectations but were short of our operational goals due to a soft environment in North America, where traffic and promotional activity have continued to put our brick and mortar stores under pressure. However, we are encouraged by our North American e-commerce business which grew by almost 50% in the second quarter. So far in the third quarter, our Fall collection in North American Retail has not seen the traction with the consumer that we were expecting and we have adjusted our expectations for the back-half of the year accordingly."

Mr. Marciano continued, "As always, we go back to our roots and to what we can control. We are consolidating our organization in North America, making it more efficient and more focused on our long-term goals. In addition, we are continuing to rationalize our North America store portfolio and also have the flexibility to further optimize our retail footprint in the coming years. Finally, we will continue to protect our most valuable asset, the Guess brand, and will remain focused on delivering great products to our customers."

Total net revenue for the second quarter of fiscal 2015 decreased 4.8% to $608.6 million, from $639.0 million in the prior-year quarter. In constant currency, total net revenue decreased 6.3%.

  • The Company's retail stores and e-commerce sites in North America generated revenue of $244.0 million in the second quarter of fiscal 2015, a 4.1% decrease from $254.3 million in the same period a year ago. Comparable store sales including the results of our e-commerce sites for the second quarter of fiscal 2015 decreased 5.4% in U.S. dollars and 4.4% in constant currency compared to the same period a year ago. The Company directly operated 488 retail stores in the United States and Canada at the end of the second quarter of fiscal 2015 versus 507 retail stores a year earlier.
  • Net revenue from the Company's Europe segment decreased 6.0% to $235.3 million in the second quarter of fiscal 2015, from $250.4 million in the prior-year period. In local currency, net revenue decreased 9.5%.
  • Net revenue from the Company's Asia segment decreased 2.4% to $64.3 million in the second quarter of fiscal 2015, from $65.9 million in the prior-year period. In constant currency, net revenue decreased 8.5%.
  • Net revenue from the Company's North American Wholesale segment decreased 7.5% to $38.3 million in the second quarter of fiscal 2015, from $41.4 million in the prior-year period. In constant currency, net revenue decreased 6.2%.
  • Licensing segment net revenue decreased 1.2% to $26.8 million in the second quarter of fiscal 2015, from $27.1 million in the prior-year period.

Operating earnings for the second quarter of fiscal 2015 decreased 55.4% to $29.9 million (including a $0.9 million favorable currency translation impact), from adjusted operating earnings of $66.9 million in the prior-year period. Operating margin in the second quarter decreased 560 basis points to 4.9%, compared to adjusted operating margin of 10.5% in the prior-year quarter. The lower operating margin primarily reflects the negative impact on the Company's fixed cost structure from negative same store sales in North America and lower wholesale shipments in Europe and more markdowns in North America and Europe. On a GAAP basis, operating earnings decreased 50.9% and operating margin decreased 460 basis points.

Other net income, which primarily includes net unrealized and realized mark-to-market gains on foreign currency contracts and net unrealized gains on non-operating assets, was $4.8 million for the second quarter of fiscal 2015, compared to other net expense of $0.1 million in the prior-year quarter.

The Company's second quarter fiscal 2015 effective tax rate increased to 34.8%, compared to 33.0% for the second quarter of the prior year.

Six-Month Period Results

Net earnings for the six months ended August 2, 2014 were $19.9 million, a decrease of 64.6% compared to adjusted net earnings of $56.0 million for the six months ended August 3, 2013. Diluted earnings per share decreased 65.2% to $0.23, compared to adjusted diluted earnings per share of $0.66 for the prior-year period. The prior-year adjusted net earnings excluded restructuring charges of $8.5 million ($6.2 million net of taxes). On a GAAP basis, net earnings for the six months ended August 3, 2013 were $49.8 million and diluted earnings per share totaled $0.58, including an unfavorable $0.08 after-tax impact from the restructuring charges.

Total net revenue for the first six months of fiscal 2015 decreased 4.8% to $1.13 billion, from $1.19 billion in the prior-year period. In constant currency, total net revenue decreased 5.9%.

  • The Company's retail stores and e-commerce sites in North America generated revenue of $472.3 million in the first six months of fiscal 2015, a 4.1% decrease from $492.6 million in the same period a year ago. Comparable store sales including the results of our e-commerce sites for the six months ended August 2, 2014 decreased 4.9% in U.S. dollars and 3.6% in constant currency compared to the same period a year ago.
  • Net revenue from the Company's Europe segment decreased 5.1% to $394.4 million in the first six months of fiscal 2015, from $415.8 million in the prior-year period. In local currency, net revenue decreased 8.9%.
  • Net revenue from the Company's Asia segment decreased 1.9% to $134.4 million in the first six months of fiscal 2015, from $137.0 million in the prior-year period. In constant currency, net revenue decreased 6.3%.
  • Net revenue from the Company's North American Wholesale segment decreased 9.0% to $77.6 million in the first six months of fiscal 2015, from $85.2 million in the prior-year period. In constant currency, net revenue decreased 7.0%.
  • Licensing segment net revenue decreased 8.7% to $52.4 million in the first six months of fiscal 2015, from $57.4 million in the prior-year period.

Operating earnings for the first six months of fiscal 2015 decreased 65.4% to $27.9 million (including a $0.6 million favorable currency translation impact), from adjusted operating earnings of $80.6 million in the prior-year period. Operating margin in the first six months of fiscal 2015 decreased 430 basis points to 2.5%, compared to adjusted operating margin of 6.8% in the prior-year period. The lower operating margin primarily reflects the negative impact on the Company's fixed cost structure from negative same store sales in North America and lower wholesale shipments in Europe and more markdowns in North America and Europe. On a GAAP basis, operating earnings decreased 61.3% and operating margin decreased 360 basis points.

Other net income, which primarily includes net unrealized gains on non-operating assets and net unrealized mark-to-market gains on foreign currency contracts, was $3.6 million for the first six months of fiscal 2015, compared to $5.3 million in the prior-year period.

The Company's effective tax rate was 35.1% for the first six months of fiscal 2015, compared to 33.0% in the prior-year period.

Outlook

The Company's expectations for the third quarter of fiscal 2015 ending November 1, 2014, are as follows:

  • Consolidated net revenues are expected to range from $590 million to $600 million.
  • Operating margin is expected to be between 3.5% and 4.5%.
  • Diluted earnings per share are expected to be in the range of $0.15 to $0.20.

The Company updated its outlook for the fiscal year ending January 31, 2015, which is now as follows:

  • Consolidated net revenues are expected to range from $2.44 billion to $2.48 billion.
  • Operating margin is expected to be between 5.5% and 6.0%.
  • Diluted earnings per share are expected to be in the range of $1.05 to $1.20.

Dividends

The Company also announced today that its Board of Directors has approved a quarterly cash dividend of $0.225 per share on the Company's common stock. The dividend will be payable on September 26, 2014 to shareholders of record at the close of business on September 10, 2014.

Presentation of Non-GAAP Information

The financial information presented in this release includes non-GAAP financial measures such as "adjusted" results (to exclude the impact of restructuring charges incurred during the prior-year first and second quarters), constant currency financial information and free cash flow measures. The non-GAAP measures are provided in addition to, and not as alternatives for, the Company's reported GAAP results.

The Company has excluded restructuring charges, and related tax impact, incurred during the prior-year first and second quarters from its adjusted financial measures primarily because it does not believe such charges reflect the Company's ongoing operating results or future outlook. The Company believes that these adjusted financial measures are useful as an additional means for investors to evaluate the comparability of the Company's operating results when reviewed in conjunction with the Company's GAAP financial statements. A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables.

This release also includes certain constant currency financial information. Foreign currency exchange rate fluctuations affect the amount reported from translating the Company's foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results under GAAP. The Company provides constant currency information to enhance the visibility of underlying business trends, excluding the effects of changes in foreign currency translation rates. To calculate revenues and earnings from operations on a constant currency basis, operating results for the current-year period are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year. The constant currency calculations do not adjust for the impact of revaluing specific transactions denominated in a currency that is different to the functional currency of that entity when exchange rates fluctuate. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

The Company also includes information regarding its free cash flows in this release. The Company calculates free cash flows as cash flows from operating activities less purchases of property and equipment. Free cash flows is not intended to be an alternative to cash flows from operating activities as a measure of liquidity, but rather provides additional visibility to investors regarding how much cash is generated for discretionary and non-discretionary items after deducting purchases of property and equipment. Free cash flow information presented may not be comparable to similarly titled measures reported by other companies. A reconciliation of reported GAAP cash flows from operating activities to the comparable non-GAAP free cash flow measure is provided in the accompanying tables.

Investor Conference Call

The Company will hold a conference call at 4:30 pm (ET) on August 27, 2014 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.guess.com via the "Investor Relations" link. The webcast will be archived on the website for 30 days.

About Guess?

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of August 2, 2014, the Company directly operated 488 retail stores in the United States and Canada and 349 retail stores in Europe, Asia and Latin America. The Company's licensees and distributors operated an additional 848 retail stores outside of the United States and Canada. For more information about the Company, please visit www.guess.com.

Forward Looking Statements

Except for historical information contained herein, certain matters discussed in this press release or the related conference call and webcast, including statements concerning the Company's expectations, future prospects and strategic initiatives, as well as guidance for the third quarter and full year of fiscal 2015, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are frequently indicated by terms such as "expect," "will," "goal," "strategy," "believe," "continue," "outlook," "plan" and similar terms, are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ materially from current expectations include, among others: our ability to maintain our brand image and reputation; domestic and international economic conditions, including economic and other events that could negatively impact consumer confidence and discretionary consumer spending; changes in the competitive marketplace and in our commercial relationships; our ability to anticipate and respond to consumer preferences and trends; our ability to manage our inventory commensurate with customer demand; our ability to effectively operate our various retail concepts, including securing, renewing, modifying or terminating leases for store locations; our ability to successfully implement our growth strategies and to continue to expand or grow our business; our ability to successfully implement plans for cost savings; unexpected obligations arising from new or existing litigation, tax and other regulatory proceedings; adjustments identified from subsequent events arising after issuance of this release; risks associated with our foreign operations, such as violations of laws prohibiting improper payments and the burdens of complying with a variety of foreign laws and regulations; risks associated with the acts or omissions of our third party vendors, including a failure to comply with our vendor code of conduct or other policies; risks associated with cyber attacks and other cyber security risks; and changes in economic, political, social and other conditions affecting our foreign operations and sourcing, including currency fluctuations, global tax rates and economic and market conditions in Eastern Europe, Southern Europe and China. In addition to these factors, the economic, technological, managerial, and other risks identified in the Company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission, including but not limited to the risk factors discussed therein, could cause actual results to differ materially from current expectations. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Guess?, Inc.


Investor Relations


(213) 765-5578

 

Guess?, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(amounts in thousands, except per share data)






































Three Months Ended


Six Months Ended






August 2, 2014


August 3, 2013


August 2, 2014


August 3, 2013






$

%


$

%


$

%


$

%

































Product sales


$

581,779


95.6%



$

611,894


95.8%



$

1,078,707


95.4%



$

1,130,558


95.2%


Net royalties


26,792


4.4%



27,118


4.2%



52,405


4.6%



57,368


4.8%


Net revenue


608,571


100.0%



639,012


100.0%



1,131,112


100.0%



1,187,926


100.0%


















Cost of product sales


391,794


64.4%



390,480


61.1%



738,104


65.3%



741,968


62.5%


















Gross profit


216,777


35.6%



248,532


38.9%



393,008


34.7%



445,958


37.5%


















Selling, general and administrative expenses


186,919


30.7%



181,623


28.4%



365,127


32.2%



365,387


30.7%


Restructuring charges


-


-%



6,129


1.0%



-


-%



8,466


0.7%


















Earnings from operations


29,858


4.9%



60,780


9.5%



27,881


2.5%



72,105


6.1%


















Other income (expense):















Interest expense


(772)


(0.1%)



(365)


(0.1%)



(1,297)


(0.1%)



(914)


(0.1%)




Interest income


320


0.1%



475


0.1%



725


0.1%



809


0.1%




Other, net


4,766


0.7%



(139)


(0.0%)



3,647


0.2%



5,318


0.4%


















Earnings before income taxes


34,172


5.6%



60,751


9.5%



30,956


2.7%



77,318


6.5%


















Income tax expense


11,900


1.9%



20,048


3.1%



10,871


0.9%



25,515


2.1%


















Net earnings


22,272


3.7%



40,703


6.4%



20,085


1.8%



51,803


4.4%


















Net earnings attributable to noncontrolling interests


318


0.1%



837


0.2%



232


0.0%



2,021


0.2%


















Net earnings attributable to Guess?, Inc.


$

21,954


3.6%



$

39,866


6.2%



$

19,853


1.8%



$

49,782


4.2%


















Net earnings per common share attributable to common stockholders:



















Basic


$

0.26




$

0.47




$

0.23




$

0.59





Diluted


$

0.26




$

0.47




$

0.23




$

0.58



















Weighted average common shares outstanding attributable to common stockholders:



















Basic


84,573




84,080




84,536




84,331





Diluted


84,799




84,347




84,765




84,563




















Adjusted earnings from operations 1:


$

66,909


10.5%






$

80,571


6.8%



















Adjusted net earnings attributable to Guess?, Inc. 1:


$

44,310


6.9%






$

56,004


4.7%



















Adjusted diluted earnings per common share attributable to common stockholders 1:


$

0.52








$

0.66







































Notes:













1


The adjusted results reflect the exclusion of restructuring charges (and related taxes where applicable) recorded during the three and six months ended August 3, 2013. No adjustments have been made to the current-year periods. A complete reconciliation of actual results to adjusted results is presented in the table entitled "Reconciliation of GAAP Results to Adjusted Results."

 

Guess?, Inc. and Subsidiaries

Reconciliation of GAAP Results to Adjusted Results

(amounts in thousands, except per share data)












The following table provides reconciliations of reported GAAP earnings from operations to adjusted earnings from operations and reported GAAP net earnings attributable to Guess?, Inc. to adjusted net earnings attributable to Guess?, Inc. for the three and six months ended August 3, 2013.


















Three Months Ended


Six Months Ended







August 3, 2013


August 3, 2013








% of



% of







$

Revenues


$

Revenues























Reported GAAP earnings from operations


$

60,780


9.5%


$

72,105


6.1%

  Restructuring charges 1


6,129




8,466














Adjusted earnings from operations


$

66,909


10.5%


$

80,571


6.8%























Reported GAAP net earnings attributable to Guess?, Inc.


$

39,866


6.2%


$

49,782


4.2%












  Restructuring charges 1


6,129




8,466



  Income tax adjustments 2


(1,685)




(2,244)



Total adjustments affecting net earnings attributable to Guess?, Inc.


4,444




6,222














Adjusted net earnings attributable to Guess?, Inc.


$

44,310


6.9%


$

56,004


4.7%












Adjusted diluted earnings per common share attributable to common stockholders:


$

0.52




$

0.66














Weighted average common shares outstanding attributable to common stockholders:

















Basic


84,080




84,331




Diluted


84,347




84,563




















Notes:




1


During the first quarter of fiscal 2014, the Company implemented plans to streamline its operational structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of its operations in Europe and Asia. These plans resulted in the restructuring charges incurred during the three and six months ended August 3, 2013. No adjustments have been made to the same current-year periods.



2


The income tax effect of the restructuring charges was based on the Company's assessment of deductibility using the statutory tax rate of the tax jurisdiction in which the charges were incurred.

 

Guess?, Inc. and Subsidiaries

Consolidated Segment Data

(dollars in thousands)











































































Three Months Ended


Six Months Ended







August 2,


August 3,


%


August 2,


August 3,


%







2014


2013


chg


2014


2013


chg


















Net revenue:













North American Retail

$

244,000



$

254,313



(4%)


$

472,344



$

492,624



(4%)


Europe

235,260



250,372



(6%)


394,418



415,764



(5%)


Asia

64,267



65,852



(2%)


134,385



136,984



(2%)


North American Wholesale

38,252



41,357



(8%)


77,560



85,186



(9%)


Licensing

26,792



27,118



(1%)


52,405



57,368



(9%)
























$

608,571



$

639,012



(5%)


$

1,131,112



$

1,187,926



(5%)



































Earnings (loss) from operations:













North American Retail

$

(4,662)



$

10,390



(145%)


$

(13,061)



$

6,157



(312%)


Europe

24,513



39,275



(38%)


17,881



34,057



(47%)


Asia

2,264



5,039



(55%)


5,617



12,003



(53%)


North American Wholesale

5,167



8,478



(39%)


12,920



17,127



(25%)


Licensing

24,909



25,101



(1%)


47,630



51,305



(7%)


Corporate Overhead

(22,333)



(21,374)



4%


(43,106)



(40,078)



8%


Restructuring Charges

-



(6,129)





-



(8,466)



























$

29,858



$

60,780



(51%)


$

27,881



$

72,105



(61%)



































Operating margins:













North American Retail

(1.9%)



4.1%





(2.8%)



1.2%





Europe

10.4%



15.7%





4.5%



8.2%





Asia

3.5%



7.7%





4.2%



8.8%





North American Wholesale

13.5%



20.5%





16.7%



20.1%





Licensing

93.0%



92.6%





90.9%



89.4%






















Total Company before restructuring charges

4.9%



10.5%





2.5%



6.8%





Total Company including restructuring charges

4.9%



9.5%





2.5%



6.1%

























 

Guess?, Inc. and Subsidiaries

Selected Condensed Consolidated Balance Sheet Data

(in thousands)



































August 2,


February 1,


August 3,









2014


2014


2013














ASSETS














Cash and cash equivalents

$

461,519



$

502,945



$

343,725















Short-term investments

5,019



5,123



5,022















Receivables, net

233,906



276,565



271,826















Inventories

392,387



350,899



400,141















Other current assets

109,475



80,554



108,381















Property and equipment, net

309,155



324,606



341,378















Other assets

228,958



223,739



210,530
















Total Assets

$

1,740,419



$

1,764,431



$

1,681,003




























LIABILITIES AND STOCKHOLDERS' EQUITY














Current portion of capital lease obligations and borrowings

$

1,997



$

4,160



$

3,015















Other current liabilities

358,169



365,865



369,592















Capital lease obligations and other long-term debt

6,735



7,580



7,210















Other long-term liabilities

204,739



211,010



207,520















Redeemable and nonredeemable noncontrolling interests

21,289



21,302



19,684















Guess?, Inc. stockholders' equity

1,147,490



1,154,514



1,073,982
















Total Liabilities and Stockholders' Equity

$

1,740,419



$

1,764,431



$

1,681,003


















 

Guess?, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Data

(in thousands)










































Six Months Ended









August 2,


August 3,









2014


2013












Net cash provided by operating activities



$

30,363



$

102,167













Net cash used in investing activities



(32,550)



(30,000)













Net cash used in financing activities



(40,622)



(51,906)













Effect of exchange rates on cash



1,383



(5,557)













Net change in cash and cash equivalents



(41,426)



14,704













Cash and cash equivalents at the beginning of the year



502,945



329,021













Cash and cash equivalents at the end of the period



$

461,519



$

343,725



































Supplemental information:

















Depreciation and amortization



$

42,654



$

44,308













Rent



$

142,996



$

138,150


 


Guess?, Inc. and Subsidiaries

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

(in thousands)










































Six Months Ended









August 2,


August 3,









2014


2013












Net cash provided by operating activities



$

30,363



$

102,167













Less: Purchases of property and equipment



(32,316)



(40,445)













Free cash flow



$

(1,953)



$

61,722













 

Guess?, Inc. and Subsidiaries

Retail Store Data

International Store Count






































As of August 2, 2014


As of August 3, 2013





Total


Directly Operated


Total


Directly Operated

Region




Stores


Stores


Stores


Stores













United States and Canada

488


488


507


507













Europe and the Middle East

615


264


632


257













Asia

495


46


474


49













Central and South America

87


39


86


32
















1,685


837


1,699


845












 



Guess?, Inc. and Subsidiaries

Retail Store Data

U.S. and Canada










































Six Months Ended









August 2,


August 3,









2014


2013












Number of stores at the beginning of the year



494


512













Store openings



5


5













Store closures



(11)


(10)












Number of stores at the end of the period



488


507























Total store square footage at the end of the period



2,316,000


2,363,000

 

Guess?, Inc. and Subsidiaries

North American Retail Net Revenue

(dollars in thousands)














Three Months Ended


Six Months Ended


August 2,


August 3,


%


August 2,


August 3,


%


2014


2013


chg


2014


2013


chg

Net revenue:
























Retail stores

$

228,825



$

244,043



(6.2%)


$

441,172



$

471,629



(6.5%)













E-commerce sites

15,175



10,270



47.8%


31,172



20,995



48.5%













Total

$

244,000



$

254,313



(4.1%)


$

472,344



$

492,624



(4.1%)













 

Guess?, Inc. and Subsidiaries

Retail Store Change in Comparable Store Sales

U.S. and Canada










Three Months Ended


Six Months Ended


August 2, 2014


August 2, 2014


U.S. Dollars


Constant Currency


U.S. Dollars


Constant Currency









Excluding e-commerce sales

(8.1%)


(7.1%)


(7.6%)


(6.3%)









Impact of e-commerce sales

2.7%


2.7%


2.7%


2.7%









Including e-commerce sales

(5.4%)


(4.4%)


(4.9%)


(3.6%)

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