The company recorded a loss of $81 million for the fiscal year ending 30 January 2021, compared with earnings of $96 million the year before.

During the year, the company made progress on a  strategic plan that included “elevating” the brand, improving the quality of product and developing one global product line.

CEO Carlos Alberini said: “I could not be more grateful and proud of our teams all over the world for their great work leading our company through these unprecedented times, controlling very well what was controllable, finding opportunities to transform our business and positioning Guess for an even brighter future.”

During the fourth quarter, stores were closed on average 15% of the time, primarily in Europe and Canada. 

Mr Alberini added: “Our product line looks the best I have seen in all my years with Guess. The customer is responding very well to our assortments in our stores and in our digital business, which has accelerated quite nicely in the fourth quarter and further into this year. We have a great team, a strong business model and an amazing brand with remarkable momentum to gain share and grow profitably for many years to come.”