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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 May 04, 2024
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 June 3, 2024, the registrant had 53,526,248 shares of Common Stock, $0.01 par value per share, outstanding.


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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) 
 May 4, 2024Feb 3, 2024
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$241,654 $360,285 
Accounts receivable, net297,422 314,769 
Inventories554,903 466,297 
Other current assets113,548 84,122 
Total current assets1,207,527 1,225,473 
Property and equipment, net259,386 246,648 
Goodwill34,039 34,100 
Deferred income tax assets176,544 178,910 
Restricted cash1,377  
Operating lease right-of-use assets720,924 667,031 
Other assets348,844 237,859 
$2,748,641 $2,590,021 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of borrowings and finance lease obligations$41,504 $40,781 
Accounts payable274,449 272,830 
Accrued expenses and other current liabilities270,463 263,447 
Convertible senior notes due 2024, net 48,048 
Current portion of operating lease liabilities181,702 166,451 
Total current liabilities768,118 791,557 
Convertible senior notes due 2028, net360,666 336,717 
Long-term debt and finance lease obligations196,919 28,210 
Long-term operating lease liabilities600,286 542,392 
Other long-term liabilities214,819 155,829 
Total liabilities2,140,808 1,854,705 
Redeemable noncontrolling interests501 522 
Commitments and contingencies (Note 14)
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 142,771,253 and 142,771,315 shares; outstanding 53,502,733 and 53,007,966 shares as of May 4, 2024 and February 3, 2024, respectively
535 530 
Paid-in capital598,331 594,520 
Retained earnings1,289,941 1,412,426 
Accumulated other comprehensive loss
(137,048)(137,010)
Treasury stock, 89,268,520 and 89,763,349 shares as of May 4, 2024 and February 3, 2024, respectively
(1,186,286)(1,185,526)
Guess?, Inc. stockholders’ equity565,473 684,940 
Nonredeemable noncontrolling interests41,859 49,854 
Total stockholders’ equity607,332 734,794 
 $2,748,641 $2,590,021 
 
See accompanying notes to condensed consolidated financial statements.
1

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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
 Three Months Ended
 May 4, 2024Apr 29, 2023
Product sales$562,953 $545,910 
Net royalties28,990 23,888 
Net revenue591,943 569,798 
Cost of product sales343,842 337,813 
Gross profit248,101 231,985 
Selling, general and administrative expenses266,848 230,973 
Asset impairment charges1,141 1,934 
Loss from operations(19,888)(922)
Other income (expense):  
Interest expense(6,374)(4,218)
Interest income3,648 2,515 
Loss on extinguishment of debt(1,952)(7,696)
Other, net35,767 (2,631)
Total other income (expense)31,089 (12,030)
Earnings (loss) before income tax benefit11,201 (12,952)
Income tax benefit(4,705)(2,258)
Net earnings (loss)15,906 (10,694)
Net earnings attributable to noncontrolling interests2,884 1,111 
Net earnings (loss) attributable to Guess?, Inc.$13,022 $(11,805)
Net earnings (loss) per common share attributable to common stockholders:
Basic$0.24 $(0.22)
Diluted$0.23 $(0.22)
Weighted average common shares outstanding attributable to common stockholders:
Basic52,908 54,348 
Diluted55,538 54,348 

See accompanying notes to condensed consolidated financial statements.

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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 Three Months Ended
 May 4, 2024Apr 29, 2023
Net earnings (loss)$15,906 $(10,694)
Other comprehensive income (loss):  
Foreign currency translation adjustment
Gains (losses) arising during the period(2,356)2,330 
Derivative financial instruments designated as cash flow hedges  
Gains (losses) arising during the period1,364 (1,057)
Less income tax effect(219)115 
Reclassification to net earnings (loss) for (gains) losses realized1,890 (6,021)
Less income tax effect(270)678 
Defined benefit plans  
Foreign currency and other adjustments 263 (181)
Less income tax effect(30)20 
Net actuarial (gain) loss amortization(3)62 
Prior service credit amortization
(40)(39)
Less income tax effect (2)
Total comprehensive income (loss)16,505 (14,789)
Less comprehensive income attributable to noncontrolling interests:  
Net earnings2,884 1,111 
Foreign currency translation adjustment637 1,309 
Amounts attributable to noncontrolling interests3,521 2,420 
Comprehensive income (loss) attributable to Guess?, Inc.$12,984 $(17,209)

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)
 Three Months Ended
 May 4, 2024Apr 29, 2023
Cash flows from operating activities:  
Net earnings (loss)$15,906 $(10,694)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:  
Depreciation and amortization16,379 15,449 
Amortization of debt discount and issuance costs1,304 360 
Share-based compensation expense4,691 4,620 
Forward contract (gains) losses546 (5,813)
Net loss from impairment and disposition of long-term assets1,357 2,480 
Change in fair value remeasurement of derivatives related to convertible senior notes(38,510) 
Loss on extinguishment of debt1,952 7,696 
Other items, net8,837 5,606 
Changes in operating assets and liabilities:  
Accounts receivable40,016 57,395 
Inventories(38,145)(16,929)
Prepaid expenses and other assets(19,436)(13,913)
Operating lease assets and liabilities, net(4,577)(4,977)
Accounts payable and accrued expenses and other current liabilities(30,238)(51,798)
Other long-term liabilities16,997 (2,140)
Net cash used in operating activities(22,921)(12,658)
Cash flows from investing activities:  
Purchases of property and equipment(21,100)(17,347)
Business acquisition, net of cash acquired(54,981) 
Net cash settlement of forward contract180 (329)
Other investing activities(2,022)292 
Net cash used in investing activities(77,923)(17,384)
Cash flows from financing activities:  
Proceeds from borrowings182,939 74,309 
Repayments on borrowings and finance lease obligations(12,904)(14,691)
Proceeds from issuance of convertible senior notes 80,324 
Repayments of convertible senior notes(33,292) 
Proceeds from issuance of warrant3,665 20,158 
Purchase of convertible note hedge(6,538)(51,838)
Proceeds from termination of convertible senior note hedge1,347 7,235 
Payments for termination of common stock warrant(548)(1,024)
Debt issuance costs(1,530)(4,218)
Dividends paid(135,626)(13,860)
Noncontrolling interest capital distribution(8,801) 
Issuance of common stock, net of income tax withholdings on vesting of stock awards5,847 (269)
Purchase of treasury stock(10,279)(42,821)
Net cash provided by (used in) financing activities(15,720)53,305 
Effect of exchange rates on cash, cash equivalents and restricted cash(690)(386)
Net change in cash, cash equivalents and restricted cash(117,254)22,877 
Cash and cash equivalents at the beginning of the year360,285 275,765 
Cash, cash equivalents and restricted cash at the end of the period$243,031 $298,642 
Supplemental cash flow data:  
Interest paid$8,053 $4,592 
Income taxes paid, net of refunds$17,159 $15,398 
Non-cash investing and financing activity:
Change in accrual of property and equipment$(850)$(1,521)
Assets acquired under finance lease obligations$17 $129 
Exchange of 2024 Notes for 2028 Notes$(16,658)$(161,400)
 
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 months ended May 4, 2024
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at February 3, 202453,007,966 $530 $594,520 $1,412,426 $(137,010)89,763,349 $(1,185,526)$49,854 $734,794 
Net earnings— — — 13,022 — — — 2,884 15,906 
Other comprehensive income (loss), net of income tax of ($519)
— — — — (38)— — 637 599 
Issuance of common stock under stock compensation plans779,872 8 (4,682)— — (779,934)10,323 — 5,649 
Issuance of stock under Employee Stock Purchase Plan9,740 — 69 — — (9,740)129 — 198 
Share-based compensation— — 3,115 5 — — — — 3,120 
Dividends— — — (135,512)— — — — (135,512)
Share repurchases(326,429)(3)3 — — 326,429 (10,279)— (10,279)
Noncontrolling interest capital distribution— — — — — — — (11,735)(11,735)
Noncontrolling interest capital contribution— — — — — — — 219 219 
Sale of common stock warrants— — 3,665 — — — — — 3,665 
Termination of common stock warrants— — (548)— — — — — (548)
Termination of convertible note hedges— — 1,044 — — — — — 1,044 
Settlement of convertible senior notes122,313 1 (1,413)— — (122,313)1,624 — 212 
Exercise of convertible notes hedges(90,729)(1)2,558 — — 90,729 (2,557)—  
Balance at May 4, 202453,502,733 $535 $598,331 $1,289,941 $(137,048)89,268,520 $(1,186,286)$41,859 $607,332 

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 months ended April 29, 2023
 Guess?, Inc. Stockholders’ Equity 
Common StockTreasury Stock
 SharesAmountPaid-in
Capital
Retained EarningsAccumulated Other Comprehensive LossSharesAmountNonredeemable
Noncontrolling
Interests
Total
Balance at January 28, 202354,609,786 $546 $532,398 $1,276,857 $(134,073)88,161,467 $(1,141,615)$38,638 $572,751 
Net earnings (loss)— — — (11,805)— — — 1,111 (10,694)
Other comprehensive income (loss), net of income tax benefit of $811
— — — — (5,404)— — 1,309 (4,095)
Issuance of common stock under stock compensation plans1,085,319 11 (14,519)— — (1,085,319)14,058 — (450)
Issuance of stock under Employee Stock Purchase Plan11,848 — 28 — — (11,848)153 — 181 
Share-based compensation— — 4,617 3 — — — — 4,620 
Dividends— — — (12,662)— — — — (12,662)
Share repurchases(2,237,872)(22)22 — — 2,237,872 (42,821)— (42,821)
Equity component value of convertible note transactions, net— — (744)— — — — — (744)
Sale of common stock warrants— — 20,158 — — — — — 20,158 
Purchase of convertible note hedges— — (39,397)— — — — — (39,397)
Termination of common stock warrants— — (1,024)— — — — — (1,024)
Termination of convertible note hedges— — 7,235 — — — — — 7,235 
Balance at April 29, 202353,469,081 $535 $508,774 $1,252,393 $(139,477)89,302,172 $(1,170,225)$41,058 $493,058 

See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
May 4, 2024
(unaudited) 
(1)    Basis of Presentation
Description of the Business
Guess?, Inc. (the “Company” or “GUESS?”) designs, markets, distributes and licenses a leading lifestyle collection of contemporary apparel and accessories for women, men and children that reflect the American lifestyle and European fashion sensibilities. The Company’s designs are sold in GUESS? owned stores, to a network of wholesale accounts that includes better department stores, selected specialty retailers and upscale boutiques and through the Internet. GUESS? branded products, some of which are produced under license, are also sold internationally through a series of retail store licensees and wholesale distributors. On April 2, 2024, the Company acquired all the operating assets and a 50% interest in the intellectual property assets of New York-based fashion brand rag & bone, a leader in the American fashion scene, which directly operates stores in the U.S. and in the U.K., and is also available in high-end boutiques, department stores and through e-commerce globally.
Reclassifications
The Company has made certain reclassifications to prior period amounts to conform to the current period presentation within the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements.
Interim Financial Statements
In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheets as of May 4, 2024 and February 3, 2024, and the condensed consolidated statements of income (loss), comprehensive income (loss), cash flows and stockholders’ equity for the three months ended May 4, 2024 and April 29, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations and cash flows for the three months ended May 4, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year.
These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended February 3, 2024.
Fiscal Periods
The Company operates on a 52/53-week fiscal year calendar, which ends on the Saturday nearest to January 31 of each year. The three months ended May 4, 2024 had the same number of days as the three months ended April 29, 2023. All references herein to “fiscal 2025”, “fiscal 2024” and “fiscal 2023” represent the results of the 52-week fiscal year ending February 1, 2025, the 53-week fiscal year ended February 3, 2024 and the 52-week fiscal year ended January 28, 2023, respectively.
Business Update, Market Trends and Uncertainties
Macroeconomic conditions, including inflation, higher interest rates, foreign exchange rate fluctuations, declines in consumer spending, and the impact of the ongoing wars in Ukraine and Gaza are continuing to negatively impact the Company’s businesses.
The Company continues to carefully monitor global and regional developments and respond appropriately. The Company also continues to strategically manage expenses in order to protect profitability
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and mitigate, to the extent possible, the residual effect of supply chain disruptions, including the Red Sea crisis. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact to the Company’s operating results cannot be reasonably estimated.
Summary of Significant Accounting Policies
The accounting policies of the Company are set forth in further detail in Note 1 to the Company’s Consolidated Financial Statements contained in the Company’s fiscal 2024 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The Company’s restricted cash is held for future payment of a special cash dividend declared in March 2024 as nonvested restricted stock awards vest.
Use of Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. Significant areas requiring the use of management estimates relate to the allowances for doubtful accounts, sales return and markdown allowances, valuation of inventories, share-based compensation, income taxes, recoverability of deferred income taxes, unrecognized income tax benefits, the useful life of assets for depreciation and amortization, evaluation of asset impairment (including goodwill and long-lived assets, such as property and equipment and operating lease right-of-use (“ROU”) assets), pension obligations, workers’ compensation and medical self-insurance expense and accruals, litigation reserves, restructuring expense and accruals and convertible senior notes, and accounting for business combinations. These estimates and assumptions may change as a result of the impact of global economic conditions, such as the uncertainty regarding the impact of the ongoing wars in Ukraine and Gaza, global inflationary pressures, volatility in foreign exchange rates and declining consumer spending. Actual results could differ from those estimates. Revisions in estimates could materially impact the results of operations and financial position.
The Company’s operations could be impacted in ways the Company is not able to predict today. While the Company believes it has made reasonable accounting estimates based on the facts and circumstances that were available as of the reporting date, to the extent there are differences between these estimates and actual results, the Company’s results of operations and financial position could be materially impacted.
Revenue Recognition
The Company recognizes the majority of its revenue from its direct-to-consumer (brick-and-mortar retail stores and concessions as well as e-commerce) and wholesale distribution channels at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer.
The Company also recognizes royalty revenue from its trademark license agreements. The Company’s trademark license agreements represent symbolic licenses that are dependent on the Company’s continued support over the term of the license agreement. The amount of revenue that is recognized from the licensing arrangements is based on sales-based royalty and advertising fund contributions as well as specific fixed payments, where applicable. The Company’s trademark license agreements customarily provide for a multi-year initial term ranging from three to fifteen years and may contain options to renew prior to expiration for an additional multi-year period. The unrecognized portion of upfront payments is included in deferred royalties in accrued expenses and other long-term liabilities depending on the short or long-term nature of the payments to be recognized. As of May 4, 2024, the Company had $17.3 million and $37.9 million of deferred royalties related to these upfront payments included in accrued expenses and other current liabilities and other long-term liabilities, respectively. This compares to $5.0 million and $14.8 million of deferred royalties related to these upfront payments included in accrued expenses and other current liabilities and other long-term liabilities, respectively, at February 3, 2024. During the three months ended May 4, 2024 and April 29, 2023, the
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Company recognized $4.5 million and $3.6 million in net royalties, respectively, related to the amortization of deferred royalties.
Refer to Note 9 for further information on disaggregation of revenue by segment and country.
Allowance for Doubtful Accounts
In the normal course of business, the Company grants credit directly to certain wholesale customers after a credit analysis is performed based on financial and other criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses that may result from the inability of its wholesale customers and licensing partners to make their required payments. The Company bases its allowances on analysis of the aging of accounts receivable at the date of the financial statements, assessments of historical and current collection trends, evaluation of the impact of current and future forecasted economic conditions and whether the Company has obtained credit insurance or other guarantees. Management performs regular evaluations concerning the ability of its customers to make required payments and records a provision for doubtful accounts based on these evaluations.
As of May 4, 2024, approximately 40% of the Company’s total net trade accounts receivable and 63% of its European net trade receivables were subject to credit insurance coverage, certain bank guarantees or letters of credit for collection purposes. The Company’s credit insurance coverage contains certain terms and conditions specifying deductibles and annual claim limits. Management evaluates the creditworthiness of the counterparties to the credit insurance, bank guarantees and letters of credit and records a provision for the risk of loss on these instruments based on these evaluations as considered necessary.
The Company’s credit losses for the periods presented were not significant compared to sales and did not significantly exceed management’s estimates. Refer to Note 6 for further information on the Company’s allowance for doubtful accounts.
Recently Issued Accounting Guidance
Common Control Arrangements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance to amend certain provisions of Accounting Standards Codification 842 that apply to arrangements between related parties under common control. The amendment requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group, and requires certain disclosures when the lease term is shorter than the useful life of the asset. This Accounting Standards Update (“ASU”) is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this new accounting guidance during the three months ended May 4, 2024 had no material impact on the Company’s consolidated financial position, results of operations or cash flows.
Joint Venture Formations
In August 2023, the FASB issued authoritative guidance regarding the initial measurement of joint ventures. Upon formation, a joint venture is required to recognize and initially measure its assets and liabilities at fair value. The new guidance is applicable to joint ventures with a formation date on or after January 1, 2025. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Segment Reporting
In November 2023, the FASB issued authoritative guidance which modifies the disclosure requirements of reportable segments. This guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
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Income Tax Disclosures
In December 2023, the FASB issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures. The additional disclosures required by this update are related to the effective tax rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
(2)    Acquisition of rag & bone
On April 2, 2024, the Company completed the acquisition of the operating assets and liabilities of rag & bone, a lifestyle and apparel fashion brand. This includes the direct operation of 34 stores in the U.S. and two stores in the U.K. Concurrent with the closing of the acquisition, (i) a joint venture owned 50% by each of the Company and global management firm WHP Global (the “Joint Venture”) acquired rag & bone’s intellectual property and (ii) the Company, through Guess Europe Sagl, a wholly owned subsidiary of the Company, entered into an Intellectual Property License Agreement (the “License Agreement”) with the Joint Venture granting the Company the exclusive right to use rag & bone intellectual property to manufacture licensed products worldwide and to sell licensed products in specified territories in exchange for payment of royalty fees by the Company to the Joint Venture.
The Company paid total cash consideration of approximately $57.1 million at closing for both the operating assets and its 50% interest in the licensing assets. In addition, there is potential for incremental earnout consideration to the sellers, of which the Company could be responsible for a maximum of $12.8 million, based on preset levels of sales and EBITDA performance of the rag & bone operations in its fiscal year ending January 4, 2025. The Company recorded a $2.0 million payable with respect to the potential earnout payment during the quarter ended May 4, 2024 based on its assessment of the fair value measurement of such earnout as of April 2, 2024.
The transaction is intended to provide the following strategic and financial benefits:
Leverage the Company’s powerful infrastructure to accelerate rag & bone growth and drive synergies
Expand the Company’s global lifestyle brand portfolio with the rag & bone brand, allowing the Company to reach a very attractive customer base that is complimentary to that of the Guess and Marciano brands
Purchase Price Allocation
The rag & bone acquisition was accounted for as a business combination in accordance with ASC Topic 805. Consistent with ASC Topic 805, rag & bone was consolidated into the Company’s condensed consolidated financial statements starting on the acquisition date. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. There are various estimates and judgments related to the valuation of identifiable assets acquired and liabilities assumed. These estimates and judgments have the potential to materially impact the Company’s condensed consolidated financial statements.
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The purchase price allocation as of the acquisition date was based on a preliminary valuation and is subject to change as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The purchase price consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows (in thousands):
Apr 2, 2024
Cash and cash equivalents$2,083 
Accounts receivable23,177 
Inventory52,218 
Other current assets10,993 
Total current assets88,471 
Property and equipment12,605 
Operating lease right-of-use assets38,084 
Other assets61,886 
Total assets acquired$201,046 
Accounts payable$23,752 
Accrued expenses12,301 
Current portion of operating lease liabilities16,588 
Total current liabilities52,641 
Long-term operating lease liabilities44,496 
Total liabilities assumed$97,137 
Fair value of net assets acquired$103,909 
Cash$57,064 
Earnout consideration2,040 
Vendor consideration44,805 
Fair value of acquisition consideration$103,909 
The Company recorded an allocation of the purchase price to the tangible assets acquired and liabilities assumed based on their fair values at the acquisition date, including the fair value of the equity method investment in the Joint Venture. The fair value of inventories, which is primarily made up of finished goods, was determined based on market assumptions for realizing a reasonable profit after selling costs. The fair value of intangibles reflects the rag & bone wholesale customer relationships, which is reported in other assets on the Company’s condensed consolidated balance sheets and will be amortized over a ten-year period reflecting the economic life of such relationships. In the acquisition, the Company assumed off-market leases for retail stores, which will be unwound over 3.5 years.
The Company considers the difference between the total fair value received, inclusive of the deferred tax asset recognized by the Company associated with the transaction, and consideration paid, to be a vendor consideration liability, which reflects the incentive the Company received to enter into the rag & bone transaction and related License Agreement. As such, a $44.8 million vendor consideration liability was recorded on the Company’s condensed consolidated balance sheets and no goodwill was recognized as of the acquisition date. The vendor consideration liability will be amortized over five years.
During the three months ended May 4, 2024, the Company incurred $5.6 million of transaction-related costs in connection with the acquisition of rag & bone, which was included in selling, general and administrative expenses in the condensed consolidated statements of income (loss) and comprehensive income (loss).
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Pro Forma Financial Information
For the period April 2, 2024 through May 4, 2024, rag & bone’s aggregate net revenue was $23.3 million. The following financial information presents the Company’s consolidated net revenues as if the acquisition had occurred on January 29, 2023 (in thousands):
Three Months Ended
May 4, 2024Apr 29, 2023
Pro-forma net revenue$625,185 $624,741 
The Company did not have any nonrecurring pro forma adjustments directly attributable to the rag & bone acquisition included in the reported pro forma revenue.
These pro forma revenues were based on estimates and assumptions, which the Company believes are reasonable and have been calculated after applying the Company’s accounting policies. They are not the results that would have been realized had the acquisition actually occurred on January 29, 2023 and are not necessarily indicative of the Company’s consolidated net revenue in future periods.
Equity Method Investment in and License Agreement with the Joint Venture
The Company determined that it does not have a controlling financial interest in the Joint Venture, as the Company does not control the governing body of the Joint Venture and does not have the right to direct the most significant activities of the Joint Venture, which include monetizing the rag & bone intellectual property through licensing arrangements. The Company accounts for its 50% interest in the Joint Venture, through which it exercises significant influence, under the equity method. The Company initially recorded its investment in the Joint Venture at cost which is derived from fair value due to the bundled nature of the rag & bone transaction, and included the acquisition of the rag & bone operating net assets, the License Agreement, as well as the Joint Venture investment. The carrying value of the Joint Venture investment is approximately $44.8 million, inclusive of the Company’s interest held through a non-interest bearing loan of $15.6 million. The carrying value for the Company’s equity investment is reported in other assets on the Company’s condensed consolidated balance sheets.
The Company and the Joint Venture entered into the License Agreement concurrent with the overall rag & bone transaction. The License Agreement grants the Company the exclusive right to use rag & bone intellectual property to manufacture licensed products worldwide and to sell licensed products in specified territories. The initial term of the License Agreement is ten years, and the License Agreement automatically renews for up to four successive renewal terms of ten years (unless the Company provides notice of non-renewal). The Joint Venture, through WHP Global, has the right to terminate the License Agreement upon certain breaches by the Company. Under the terms of the License Agreement, the Company will pay the Joint Venture royalties equal to specified percentages of net sales of licensed products, which vary based on sales channel, subject to an annual guaranteed minimum royalty during the term of the License Agreement. The Company records the royalty expenses within cost of product sales.
Pursuant to the agreement governing the operations of the Joint Venture, cash earnings of the Joint Venture will be distributed to the Company and WHP Global on a pro rata basis based on their respective equity ownership interests, subject to certain adjustments agreed to between the Company and WHP Global. The Company will subsequently adjust the carrying amount based on its share of the Joint Venture’s net income or loss. The Company’s share of equity income will be included within results from operations in the condensed consolidated statements of income (loss), subject to adjustments for intercompany profits associated with the License Agreement.

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Summary Financial Information for Equity Method Investment
Summarized financial information related to the Company’s equity method investment in the Joint Venture is reflected below (in thousands):
Three Months Ended
May 4, 2024
Revenue$1,442 
Gross profit1,442 
Operating expenses903 
Earnings before income tax expense539 
Net earnings453 
Earnings attributable to the equity method investment$227 
(3)    Lease Accounting
The Company primarily leases its showrooms, advertising, licensing, sales and merchandising offices, remote distribution and warehousing facilities and retail and factory outlet store locations under operating lease agreements expiring on various dates through March 2039. The Company also leases some of its equipment, as well as computer hardware and software, under operating and finance lease agreements expiring on various dates through April 2029.
The Company’s lease agreements primarily provide for lease payments based on a minimum annual rental amount, a percentage of annual sales volume, periodic adjustments related to inflation or a combination of such lease payments. Certain retail store leases provide for lease payments based upon the minimum annual rental amount and a percentage of annual sales volume, generally ranging from 3% to 26%, when specific sales volumes are exceeded. The Company’s retail concession leases also provide for lease payments primarily based upon a percentage of annual sales volume, which averages approximately 25%.
In addition to the amounts as disclosed below, the Company has estimated additional operating lease commitments of approximately $17.1 million for leases where the Company has not yet taken possession of the underlying asset as of May 4, 2024. As such, the related operating lease ROU assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheet as of May 4, 2024.
The components of leases are (in thousands):
May 4, 2024Feb 3, 2024
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$720,924 $667,031 
FinanceProperty and equipment, net13,507 15,132 
Total lease assets$734,431 $682,163 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$181,702 $166,451 
FinanceCurrent portion of borrowings and finance lease obligations5,171 5,573 
Noncurrent:
OperatingLong-term operating lease liabilities600,286 542,392 
FinanceLong-term debt and finance lease obligations8,830 9,857 
Total lease liabilities$795,989 $724,273 
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The components of lease costs are (in thousands):
Three Months Ended
Income Statement LocationMay 4, 2024Apr 29, 2023
Operating lease costsCost of product sales$48,450 $46,052 
Operating lease costsSelling, general and administrative expenses7,832 6,597 
Finance lease costs
Amortization of leased assetsCost of product sales4 23 
Amortization of leased assetsSelling, general and administrative expenses1,540 1,529 
Interest on lease liabilitiesInterest expense188 209 
Variable lease costs1
Cost of product sales24,571 24,491 
Variable lease costs1
Selling, general and administrative expenses1,099 661 
Short-term lease costsCost of product sales123 70 
Short-term lease costsSelling, general and administrative expenses2,060 1,639 
Total lease costs$85,867 $81,271 
______________________________________________________________________
Notes:
1During the three months ended May 4, 2024 and April 29, 2023, variable lease costs included certain rent concessions of approximately $0.2 million and $0.4 million, respectively, received by the Company, primarily in Europe.
Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2025$163,348 $6,024 $4,643 $174,015 
Fiscal 2026158,445 7,220 5,635 171,300 
Fiscal 2027140,722 7,779 3,162 151,663 
Fiscal 2028107,409 7,697 1,339 116,445 
Fiscal 202987,595 8,463 285 96,343 
After fiscal 2029201,234 12,323  213,557 
Total lease payments858,753 49,506 15,064 923,323 
Less: Interest116,444 9,827 1,063 127,334 
Present value of lease liabilities$742,309 $39,679 $14,001 $795,989 
Other supplemental information is (in thousands):
Lease Term and Discount RateMay 4, 2024
Weighted-average remaining lease term
Operating leases6.1 years
Finance leases3.0 years
Weighted-average discount rate
Operating leases5.1%
Finance leases4.9%
Three Months Ended
Supplemental Cash Flow InformationMay 4, 2024Apr 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$51,173 $51,225 
New operating ROU assets obtained in exchange for lease liabilities$46,567 $36,068 
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(4)    Earnings (Loss) per Share
The computation of basic and diluted net earnings (loss) per common share attributable to common stockholders is (in thousands, except per share data):
 Three Months Ended
 May 4, 2024Apr 29, 2023
Net earnings (loss) attributable to Guess?, Inc.$13,022 $(11,805)
Less net earnings attributable to nonvested restricted stockholders318 164 
Net earnings (loss) attributable to common stockholders12,704 (11,969)
Add interest expense related to the convertible senior notes1
122  
Net earnings (loss) attributable to common stockholders used in diluted computations
$12,826 $(11,969)
Weighted average common shares used in basic computations52,908 54,348 
Effect of dilutive securities:
Stock options and restricted stock units2
1,538  
Convertible senior notes1
1,092  
Weighted average common shares used in diluted computations55,538 54,348 
Net earnings (loss) per common share attributable to common stockholders:
Basic
$0.24 $(0.22)
Diluted
$0.23 $(0.22)
______________________________________________________________________
Notes:
1    During the three months ended April 29, 2023, there were 12,834,308 potentially dilutive shares related to the convertible senior notes that were not included in the computation of diluted weighted average common shares and common equivalent shares outstanding because their effect would have been antidilutive given the Company’s net loss.
2    During the three months ended April 29, 2023, there were 1,351,331 potentially dilutive shares related to stock options and restricted stock units that were not included in the computation of diluted weighted average common shares and common equivalent shares outstanding because their effect would have been antidilutive given the Company’s net loss.
During the three months ended May 4, 2024 and April 29, 2023, equity awards granted for 149,626 and 1,091,454 shares, respectively, of the Company’s common stock were outstanding but were excluded from the computation of diluted weighted average common shares and common equivalent shares outstanding because the assumed proceeds resulted in these awards being antidilutive. During the three months ended May 4, 2024, 14,741,039 potentially dilutive shares related to the convertible senior notes were excluded from the computation of diluted weighted average common shares and common equivalent shares outstanding because their inclusion would have been antidilutive. For each of the three months ended May 4, 2024 and April 29, 2023, the Company excluded 300,000 nonvested stock units which were subject to the achievement of market-based vesting conditions from the computation of diluted weighted average common shares and common equivalent shares outstanding because these conditions were not achieved as of May 4, 2024 and April 29, 2023, respectively.
Warrants related to the 2.00% convertible senior notes due April 2024 (the “2024 Notes”) to purchase approximately 1.3 million and 4.6 million shares of the Company’s common shares at adjusted strike prices of $41.45 and $45.31 per share were outstanding as of May 4, 2024 and April 29, 2023, respectively. Warrants related to the 3.75% convertible senior notes due April 2028 (the “2028 Notes”, and together with the 2024 Notes, the “Notes”) to purchase approximately 15.7 million shares of the Company’s common shares at an adjusted strike price of $37.89 per share were outstanding as of May 4, 2024. Warrants related to the 2028 Notes to purchase approximately 11.1 million shares of the Company’s common shares at an initial strike price of $41.80 per share were outstanding as of April 29, 2023. During the three months ended May 4, 2024, these warrants were excluded from the computation of diluted net earnings per share since the warrants’ adjusted
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strike price was greater than the average market price of the Company’s common stock. During the three months ended April 29, 2023, these warrants were excluded from the computation of diluted net earnings per share because their effect would have been antidilutive given the Company’s net loss. See Note 11 for more information regarding the Notes.
(5)    Stockholders' Equity
Share Repurchase Program
During fiscal 2022, the Board of Directors authorized a $200 million share repurchase program (the “2021 Share Repurchase Program”). On March 14, 2022, the Board of Directors expanded the repurchase authorization under the 2021 Share Repurchase Program by $100 million. In January 2024, the Board of Directors expanded the repurchase authorization by approximately $1.4 million to cover the repurchases associated with the January 2024 issuance of additional 3.75% convertible senior notes due 2028 (the “January Additional 2028 Notes”). As of February 3, 2024, the Company had no remaining authority under the 2021 Share Repurchase Program to purchase its common stock.
On March 25, 2024, the Board of Directors authorized a new $200 million share repurchase program (the “2024 Share Repurchase Program”). Repurchases under the 2024 Share Repurchase Program may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under the program and the program may be discontinued at any time without prior notice.
During the three months ended May 4, 2024, the Company repurchased 0.3 million shares under its 2024 Share Repurchase Program at an aggregate cost of $10.3 million. These shares were repurchased through broker assisted market transactions in connection with the March 2024 exchange of 2024 Notes for additional 3.75% convertible senior notes due 2028 (the “March Additional 2028 Notes”, together with the January Additional 2028 Notes, the “Additional 2028 Notes”). During the three months ended April 29, 2023, the Company repurchased 2.2 million shares under its 2021 Share Repurchase Program at an aggregate cost of $42.8 million, including excise tax. As of May 4, 2024, the Company had remaining authority under the 2024 Share Repurchase Program to purchase $189.7 million of its common stock.
Dividends
The following sets forth the cash dividend declared per share:
Three Months Ended
May 4, 2024Apr 29, 2023
Cash dividend declared per share$2.550 $0.225 
The indenture governing the 2024 Notes required an adjustment to the conversion rate and the conversion price of the 2024 Notes for quarterly dividends exceeding $0.1125 per share. The indenture governing the 2028 Notes requires an adjustment to the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share.
On May 24, 2023, the Company announced an increase to its regular quarterly cash dividend from $0.225 to $0.30 per share on the Company’s common stock. On March 20, 2024, the Company announced a special cash dividend of $2.25 per share on the Company’s common stock in addition to the quarterly cash dividend of $0.30 per share. The dividends were paid on May 3, 2024 to shareholders of record as of the close of business on April 17, 2024. In accordance with the terms of the indentures governing the 2028 Notes, the Company has adjusted the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share. Corresponding adjustments have been made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offering of the 2028 Notes, each of which was decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Refer to Note 11 for more information.
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For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) (“AOCL”), net of related income taxes, are (in thousands):
Foreign Currency Translation AdjustmentDerivative Financial Instruments Designated as Cash Flow HedgesDefined Benefit PlansTotal
Three Months Ended May 4, 2024
Balance at February 3, 2024$(136,115)$(544)$(351)$(137,010)
Gains (losses) arising during the period(2,993)1,145 233 (1,615)
Reclassification to net earnings (loss) for (gains) losses realized 1,620 (43)1,577 
Net other comprehensive income (loss)(2,993)2,765 190 (38)
Balance at May 4, 2024$(139,108)$2,221 $(161)$(137,048)
Three Months Ended Apr 29, 2023
Balance at January 28, 2023$(129,168)$(1,584)$(3,321)$(134,073)
Gains (losses) arising during the period1,021 (942)(161)(82)
Reclassification to net earnings (loss) for (gains) losses realized (5,343)21 (5,322)
Net other comprehensive income (loss)1,021 (6,285)(140)(5,404)
Balance at April 29, 2023$(128,147)$(7,869)$(3,461)$(139,477)
Details on reclassifications out of AOCL to net earnings (loss) are (in thousands):
Three Months EndedLocation of (Gain) Loss Reclassified from AOCL into Earnings
May 4, 2024