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Guess Inc. says discounts cut into profit

Guess Inc. cited discounts for a drop in its earnings.

Guess Inc. cited discounts for a drop in its earnings.

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Guess Inc. said its fiscal fourth-quarter earnings fell as the company discounted more of its clothing. Net earnings were $81.4 million, down from $95.9 million a year earlier. Adjusted earnings were 95 cents per share, compared with $1.05 per share a year before. The adjusted net earnings exclude a charge of $12.8 million related to the resolution of a tax audit dispute in Italy. On a GAAP basis, fourth-quarter fiscal net earnings were $72.6 million, or 85 cents per share.

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