GUESS? Inc. Reports September Sales Results
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GUESS? Inc. Reports September Sales Results

Los Angeles, CA, October 3, 2001 -- Guess?, Inc. (NYSE:GES) today reported that total September retail sales for the four weeks ended September 29, 2001 were $26.2 million, a decrease of 10.7% from sales of $29.3 million for the four weeks ended September 30, 2000. Comparable store sales for the September period declined 17.6%. Comparable store sales for the Company's full priced retail stores decreased 15.5%, and comparable store sales at the factory outlet stores decreased 21.9%.

Total retail sales for the third quarter ended September 29, 2001 decreased 8.0% to $95.2 million from $103.5 million for the third quarter of 2000. Comparable store sales decreased 15.9% during the third quarter of 2001.

The Company also announced that due to weakness in both the wholesale and retail channels following September 11th, it now expects its diluted earnings per share for the third quarter before non-recurring charges to be in the range of $.06 to $.08, versus previously announced expectations of $.09 to $.11 before charges. As previously reported on July 31, 2001, the Company planned to record a reserve for non-recurring charges in the third quarter of approximately $3.0 million for severance costs, asset writedowns and acquisition related costs. Within the current environment, the Company is making further adjustments to its strategies and, in anticipation of these changes, it now expects the charge to be in the range of $4 million to $5 million. The Company plans to release its third quarter results during the week of October 29, 2001, at which time it will provide guidance regarding its outlook for the fourth quarter.

Guess ?, Inc. designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel, accessories and related consumer products.