LOS ANGELES--(BUSINESS WIRE)--Sep. 6, 2019--
Guess?, Inc. (NYSE: GES) announces the completion of its previously disclosed $170 million accelerated share repurchase program (“ASR”) entered into on April 26, 2019. On September 4, 2019, the Company received final delivery of 5.4 million shares under the ASR, which amount was determined based on the daily volume-weighted average price since the effective date of the ASR contract, less the applicable contractual discount. When combined with the 5.2 million upfront shares received at the inception of the ASR in April 2019, the Company repurchased approximately 10.6 million of its shares under the ASR at an average repurchase price of $16.09 per share.
In addition to these ASR share repurchases, and as previously announced, during the first half of this fiscal year the Company also repurchased 5.8 million shares of its common stock in open market and privately negotiated transactions totaling $110.6 million. As a result, the Company has repurchased a total of 16.4 million shares for $280.6 million this fiscal year through September 4, 2019 at an average price of $17.09 per share, representing slightly over 20% of its outstanding shares at the beginning of this fiscal year.
The Company announced on August 28, 2019 that it expects the combined impact of its previously disclosed convertible notes transaction and these share repurchases to be accretive to its adjusted earnings per share by approximately 10% in this fiscal year and could reach 20% in fiscal 2021.
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, eyewear, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. At August 3, 2019, the Company directly operated 1,162 retail stores in the Americas, Europe and Asia. The Company’s partners and distributors operated 562 additional retail stores worldwide. At August 3, 2019, the Company and its partners and distributors operated in approximately 100 countries worldwide. For more information about the Company, please visit www.guess.com.
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Source: Guess?, Inc.
VP, Finance and Investor Relations