GOTTSCHALKS REVISES EARNINGS: Gottschalks Inc. late Friday released its audited fourth-quarter and full year financial results, which showed that its losses for both periods ended Feb. 1 were about $400,0000 deeper than the company had reported in its initial March earnings statement. According to Friday’s statement, the net loss for the fourth quarter was $4.6 million, or 36 cents a share, and the loss for the year was $12 million, or 94 cents a share. In March, the retailer reported an unaudited fourth-quarter loss of $4.2 million, 33 cents a share, and an annual loss of $11.6 million, or 91 cents a share. The Fresno, Calif.-based retailer did not explain the reason for the discrepancy and company officials did not respond to phone calls Sunday. The company’s audited 10-K filing with the Securities and Exchange Commission showed that costs of sales for the year were an audited $457.1 million, higher than the unaudited report of $456.5 million.
ARMAND MARCIANO EXITS GUESS: Armand Marciano, one of the brothers who founded and ran the Los Angeles-based jeans company Guess Inc. for two decades, resigned from the company Friday. The 58-year-old senior executive vice president and assistant secretary had been on medical leave since November. Marciano holds an 11.7 percent stake in Guess, and as reported, has registered to sell off his holdings. His brothers, Maurice and Paul, continue to serve as co-chairmen and co-chief executives. A fourth brother, Georges, is no longer associated with the company.
This story first appeared in the May 5, 2003 issue of WWD. Subscribe Today.