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Table of Contents                                
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended October 29, 2022
OR 
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to           
Commission file number: 1-11893
GUESS?, INC.
(Exact name of registrant as specified in its charter)
Delaware95-3679695
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Strada Regina 44
Bioggio, Switzerland CH-6934
(Address of principal executive offices and zip code)
+41 91 809 5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareGESNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No x
As of November 28, 2022, the registrant had 54,447,857 shares of Common Stock, $0.01 par value per share, outstanding.


Table of Contents                                
GUESS?, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 
 
 
i

Table of Contents                                
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data) 
 Oct 29, 2022Jan 29, 2022
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$174,065 $415,565 
Accounts receivable, net319,342 328,856 
Inventories574,574 462,295 
Other current assets82,553 77,378 
Total current assets1,150,534 1,284,094 
Property and equipment, net231,024 228,765 
Goodwill32,386 34,885 
Deferred income tax assets151,412 165,120 
Operating lease right-of-use assets614,705 685,799 
Other assets136,563 156,965 
$2,316,624 $2,555,628 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of borrowings and finance lease obligations$39,626 $43,379 
Accounts payable322,967 325,797 
Accrued expenses and other current liabilities210,982 253,182 
Current portion of operating lease liabilities159,152 195,516 
Total current liabilities732,727 817,874 
Convertible senior notes, net298,731 270,595 
Long-term debt and finance lease obligations153,717 60,970 
Long-term operating lease liabilities519,594 582,757 
Other long-term liabilities150,733 160,289 
Total liabilities1,855,502 1,892,485 
Redeemable noncontrolling interests8,434 9,500 
Commitments and contingencies (Note 13)
Stockholders’ equity:  
Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding
  
Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,771,598 and 142,771,946 shares; outstanding 54,443,172 and 62,697,032 shares as of October 29, 2022 and January 29, 2022, respectively
544 627 
Paid-in capital531,663 565,024 
Retained earnings1,194,038 1,158,664 
Accumulated other comprehensive loss
(163,640)(135,549)
Treasury stock, 88,328,426 and 80,074,914 shares as of October 29, 2022 and January 29, 2022, respectively
(1,143,777)(966,108)
Guess?, Inc. stockholders’ equity418,828 622,658 
Nonredeemable noncontrolling interests33,860 30,985 
Total stockholders’ equity452,688 653,643 
 $2,316,624 $2,555,628 
 
See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
 Three Months EndedNine Months Ended
 Oct 29, 2022Oct 30, 2021Oct 29, 2022Oct 30, 2021
Product sales$605,656 $616,489 $1,790,651 $1,721,657 
Net royalties27,747 26,581 78,915 70,039 
Net revenue633,403 643,070 1,869,566 1,791,696 
Cost of product sales364,032 349,466 1,082,545 992,448 
Gross profit269,371 293,604 787,021 799,248 
Selling, general and administrative expenses212,927 223,775 638,801 616,076 
Asset impairment charges1,789 1,152 5,252 3,094 
Net (gains) losses on lease modifications(146)3,006 (1,654)441 
Earnings from operations54,801 65,671 144,622 179,637 
Other income (expense):  
Interest expense(3,453)(5,550)(9,741)(17,485)
Interest income636 487 1,629 1,322 
Other, net(15,211)(7,800)(40,716)(11,502)
Total other expense(18,028)(12,863)(48,828)(27,665)
Earnings before income tax expense36,773 52,808 95,794 151,972 
Income tax expense11,616 20,441 32,743 43,588 
Net earnings25,157 32,367 63,051 108,384 
Net earnings attributable to noncontrolling interests3,322 2,487 9,284 5,436 
Net earnings attributable to Guess?, Inc.$21,835 $29,880 $53,767 $102,948 
Net earnings per common share attributable to common stockholders:
Basic$0.40 $0.46 $0.93 $1.58 
Diluted$0.34 $0.45 $0.80 $1.55 
Weighted average common shares outstanding attributable to common stockholders:
Basic53,894 64,373 57,300 64,248 
Diluted67,102 65,852 70,705 65,893 

See accompanying notes to condensed consolidated financial statements.

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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 Three Months EndedNine Months Ended
 Oct 29, 2022Oct 30, 2021Oct 29, 2022Oct 30, 2021
Net earnings$25,157 $32,367 $63,051 $108,384 
Other comprehensive income (loss) (“OCI”):  
Foreign currency translation adjustment
Losses arising during the period(9,281)(7,907)(38,082)(15,374)
Derivative financial instruments designated as cash flow hedges
  
Gains arising during the period6,998 3,072 17,683 6,486 
Less income tax effect
(862)(371)(2,105)(761)
Reclassification to net earnings for (gains) losses realized(4,171)1,342 (6,947)2,764 
Less income tax effect
462 (157)756 (329)
Defined benefit plans
  
Foreign currency and other adjustments
165 54 243 139 
Less income tax effect
(15)(6)(22)(14)
Net actuarial loss amortization
13 106 55 317 
Prior service credit amortization
(22)(16)(67)(50)
Less income tax effect
1 (13)(1)(36)
Total comprehensive income18,445 28,471 34,564 101,526 
Less comprehensive income attributable to noncontrolling interests:  
Net earnings3,322 2,487 9,284 5,436 
Foreign currency translation adjustment
404 (624)(396)(333)
Amounts attributable to noncontrolling interests3,726 1,863 8,888 5,103 
Comprehensive income attributable to Guess?, Inc.$14,719 $26,608 $25,676 $96,423 

See accompanying notes to condensed consolidated financial statements.

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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Nine Months Ended
 Oct 29, 2022Oct 30, 2021
Cash flows from operating activities:  
Net earnings$63,051 $108,384 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:  
Depreciation and amortization45,490 41,613 
Amortization of debt discount 8,343 
Amortization of debt issuance costs1,303 1,035 
Share-based compensation expense16,547 15,068 
Forward contract (gains) losses2,301 (766)
Deferred income taxes5,752 (119,853)
Net loss from impairment and disposition of long-term assets6,023 4,972 
Other items, net24,955 14,797 
Changes in operating assets and liabilities:  
Accounts receivable(22,156)(22,301)
Inventories(155,391)(96,673)
Prepaid expenses and other assets7,663 (23,045)
Operating lease assets and liabilities, net(23,313)(17,422)
Accounts payable and accrued expenses and other current liabilities5,806 72,360 
Other long-term liabilities551 18,069 
Net cash provided by (used in) operating activities(21,418)4,581 
Cash flows from investing activities:  
Purchases of property and equipment(71,729)(40,598)
Proceeds from sale of business and long-term assets192 3,625 
Net cash settlement of forward contract (740)
Purchases of investments(283)(2,045)
Other investing activities(149)(617)
Net cash used in investing activities(71,969)(40,375)
Cash flows from financing activities:  
Proceeds from borrowings196,013 19,310 
Repayments on borrowings and finance lease obligations(97,657)(25,077)
Debt issuance costs(1,450) 
Dividends paid(39,344)(22,121)
Noncontrolling interest capital distribution(4,817)(3,452)
Issuance of common stock, net of income tax withholdings on vesting of stock awards2,223 2,846 
Purchase of treasury stock(186,747) 
Net cash used in financing activities(131,779)(28,494)
Effect of exchange rates on cash, cash equivalents and restricted cash(16,334)(13,768)
Net change in cash, cash equivalents and restricted cash(241,500)(78,056)
Cash, cash equivalents and restricted cash at the beginning of the year415,565 469,345 
Cash, cash equivalents and restricted cash at the end of the period$174,065 $391,289 
Supplemental cash flow data:  
Interest paid$9,308 $9,009 
Income taxes paid, net of refunds$18,077 $107,687 
Non-cash investing and financing activity:
Change in accrual of property and equipment$(3,636)$3,514 
Assets acquired under finance lease obligations$3,772 $2,854 
 
See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
For the three and nine months ended October 29, 2022
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at January 29, 202262,697,032 $627 $565,024 $1,158,664 $(135,549)80,074,914 $(966,108)$30,985 $653,643 
Cumulative adjustment from adoption of new accounting guidance— — (43,078)21,355 — — — — (21,723)
Net earnings— — — 7,970 — — — 2,484 10,454 
Other comprehensive loss, net of income tax of ($889)
— — — — (11,164)— — (476)(11,640)
Issuance of common stock under stock compensation plans411,785 4 (3,608)— — (411,785)5,074 — 1,470 
Issuance of stock under Employee Stock Purchase Plan10,976 — 69 — — (10,976)137 — 206 
Share-based compensation— — 4,003 49 — — — — 4,052 
Dividends, net of forfeitures on non-participating securities— — — (13,659)— — — — (13,659)
Share repurchases(3,789,576)(38)38 — — 3,789,576 (81,747)— (81,747)
Noncontrolling interest capital distribution— — — — — — — (4,817)(4,817)
Equity forward contract issuance— — (105,000)— — — — — (105,000)
Balance at April 30, 202259,330,217 $593 $417,448 $1,174,379 $(146,713)83,441,729 $(1,042,644)$28,176 $431,239 
Cumulative adjustment from adoption of new accounting guidance— — — 433 — — — — 433 
Net earnings— — — 23,962 — — — 3,478 27,440 
Other comprehensive loss, net of income tax of ($69)
— — — — (9,811)— — (324)(10,135)
Issuance of common stock under stock compensation plans290,393 3 (3,392)— — (290,393)3,628 — 239 
Issuance of stock under Employee Stock Purchase Plan13,381 — 44 — — (13,381)167 — 211 
Share-based compensation— — 6,624 3 — — — — 6,627 
Dividends, net of forfeitures on non-participating securities— — — (13,881)— — — — (13,881)
Share repurchases(5,196,027)(52)52 — — 5,196,027 (105,000)— (105,000)
Equity forward contract settlement— — 105,000 — — — — — 105,000 
Balance at July 30, 202254,437,964 $544 $525,776 $1,184,896 $(156,524)88,333,982 $(1,143,849)$31,330 $442,173 
Net earnings— — — 21,835 — — — 3,322 25,157 
Other comprehensive income (loss), net of income tax of ($414)
— — — — (7,116)— — 404 (6,712)
Issuance of common stock under stock compensation plans(5,886)— 27 — — 5,538 (71)— (44)
Issuance of stock under Employee Stock Purchase Plan11,094 — (2)— — (11,094)143 — 141 
Share-based compensation— — 5,862 6 — — — — 5,868 
Dividends, net of forfeitures on non-participating securities— — — (12,699)— — — — (12,699)
Noncontrolling interest capital distribution— — — — — — — (1,196)(1,196)
Balance at October 29, 202254,443,172 $544 $531,663 $1,194,038 $(163,640)88,328,426 $(1,143,777)$33,860 $452,688 

See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
For the three and nine months ended October 30, 2021
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at January 30, 202164,230,162 $642 $553,111 $1,034,823 $(120,675)78,563,517 $(924,238)$21,917 $565,580 
Net earnings— — — 12,006 — — — 864 12,870 
Other comprehensive income (loss), net of income tax of ($190)
— — — — (227)— — 217 (10)
Issuance of common stock under stock compensation plans689,653 7 (6,417)— — (690,492)8,123 — 1,713 
Issuance of stock under Employee Stock Purchase Plan12,798 — 81 — — (12,798)151 — 232 
Share-based compensation— — 4,056 4 — — — — 4,060 
Dividends, net of forfeitures on non-participating securities— — — (7,252)— — — — (7,252)
Balance at May 1, 202164,932,613 $649 $550,831 $1,039,581 $(120,902)77,860,227 $(915,964)$22,998 $577,193 
Net earnings— — — 61,062 — — — 2,085 63,147 
Other comprehensive income (loss), net of income tax of ($403)
— — — — (3,026)— — 74 (2,952)
Issuance of common stock under stock compensation plans24,233 1 60 — — (27,409)