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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 July 30, 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 August 26, 2022, the registrant had 54,437,964 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) 
 Jul 30, 2022Jan 29, 2022
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$174,372 $415,565 
Accounts receivable, net301,659 328,856 
Inventories535,530 462,295 
Other current assets87,434 77,378 
Total current assets1,098,995 1,284,094 
Property and equipment, net230,376 228,765 
Goodwill32,971 34,885 
Deferred income tax assets156,901 165,120 
Operating lease right-of-use assets651,925 685,799 
Other assets145,503 156,965 
$2,316,671 $2,555,628 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of borrowings and finance lease obligations$37,996 $43,379 
Accounts payable340,943 325,797 
Accrued expenses and other current liabilities211,247 253,182 
Current portion of operating lease liabilities170,133 195,516 
Total current liabilities760,319 817,874 
Convertible senior notes, net298,521 270,595 
Long-term debt and finance lease obligations99,287 60,970 
Long-term operating lease liabilities552,190 582,757 
Other long-term liabilities153,904 160,289 
Total liabilities1,864,221 1,892,485 
Redeemable noncontrolling interests10,277 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 142,771,946 shares; outstanding 54,437,964 and 62,697,032 shares as of July 30, 2022 and January 29, 2022, respectively
544 627 
Paid-in capital525,776 565,024 
Retained earnings1,184,896 1,158,664 
Accumulated other comprehensive loss
(156,524)(135,549)
Treasury stock, 88,333,982 and 80,074,914 shares as of July 30, 2022 and January 29, 2022, respectively
(1,143,849)(966,108)
Guess?, Inc. stockholders’ equity410,843 622,658 
Nonredeemable noncontrolling interests31,330 30,985 
Total stockholders’ equity442,173 653,643 
 $2,316,671 $2,555,628 
 
See accompanying notes to condensed consolidated financial statements.
1

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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
 Three Months EndedSix Months Ended
 Jul 30, 2022Jul 31, 2021Jul 30, 2022Jul 31, 2021
Product sales$617,922 $606,691 $1,184,995 $1,105,168 
Net royalties24,768 21,933 51,168 43,458 
Net revenue642,690 628,624 1,236,163 1,148,626 
Cost of product sales372,189 334,538 718,513 642,982 
Gross profit270,501 294,086 517,650 505,644 
Selling, general and administrative expenses216,043 205,617 425,874 392,301 
Asset impairment charges1,919 1,501 3,463 1,942 
Net gains on lease modifications(907)(420)(1,508)(2,565)
Earnings from operations53,446 87,388 89,821 113,966 
Other income (expense):  
Interest expense(3,195)(6,009)(6,288)(11,935)
Interest income419 461 993 835 
Other, net(9,053)(1,001)(25,505)(3,702)
Total other expense(11,829)(6,549)(30,800)(14,802)
Earnings before income tax expense41,617 80,839 59,021 99,164 
Income tax expense14,177 17,692 21,127 23,147 
Net earnings27,440 63,147 37,894 76,017 
Net earnings attributable to noncontrolling interests3,478 2,085 5,962 2,949 
Net earnings attributable to Guess?, Inc.$23,962 $61,062 $31,932 $73,068 
Net earnings per common share attributable to common stockholders:
Basic$0.42 $0.94 $0.54 $1.13 
Diluted$0.35 $0.91 $0.46 $1.10 
Weighted average common shares outstanding attributable to common stockholders:
Basic56,954 64,336 59,003 64,185 
Diluted70,299 66,074 72,443 65,933 

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 EndedSix Months Ended
 Jul 30, 2022Jul 31, 2021Jul 30, 2022Jul 31, 2021
Net earnings$27,440 $63,147 $37,894 $76,017 
Other comprehensive income (loss) (“OCI”):  
Foreign currency translation adjustment
Losses arising during the period(10,885)(5,251)(28,801)(7,467)
Derivative financial instruments designated as cash flow hedges
  
Gains arising during the period2,082 1,633 10,685 3,414 
Less income tax effect
(203)(162)(1,243)(390)
Reclassification to net earnings for (gains) losses realized(1,163)1,024 (2,776)1,422 
Less income tax effect
124 (234)294 (172)
Defined benefit plans
  
Foreign currency and other adjustments
(90)(44)78 85 
Less income tax effect
9 5 (7)(8)
Net actuarial loss amortization
12 106 42 211 
Prior service credit amortization
(22)(17)(45)(34)
Less income tax effect
1 (12)(2)(23)
Total comprehensive income17,305 60,195 16,119 73,055 
Less comprehensive income attributable to noncontrolling interests:  
Net earnings3,478 2,085 5,962 2,949 
Foreign currency translation adjustment
(324)74 (800)291 
Amounts attributable to noncontrolling interests3,154 2,159 5,162 3,240 
Comprehensive income attributable to Guess?, Inc.$14,151 $58,036 $10,957 $69,815 

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)
 Six Months Ended
 Jul 30, 2022Jul 31, 2021
Cash flows from operating activities:  
Net earnings$37,894 $76,017 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization30,533 27,918 
Amortization of debt discount 5,562 
Amortization of debt issuance costs731 681 
Share-based compensation expense10,679 8,862 
Forward contract (gains) losses2,123 (421)
Net loss from impairment and disposition of long-term assets4,013 3,152 
Other items, net21,362 8,357 
Changes in operating assets and liabilities:  
Accounts receivable4,623 3,947 
Inventories(102,163)(39,230)
Prepaid expenses and other assets(5,049)(24,902)
Operating lease assets and liabilities, net(19,151)(10,323)
Accounts payable and accrued expenses and other current liabilities13,050 (16,494)
Other long-term liabilities2,857 (150)
Net cash provided by operating activities1,502 42,976 
Cash flows from investing activities:  
Purchases of property and equipment(51,221)(21,601)
Proceeds from sale of business and long-term assets192 1,648 
Net cash settlement of forward contract (755)
Other investing activities(207)(98)
Net cash used in investing activities(51,236)(20,806)
Cash flows from financing activities:  
Proceeds from borrowings104,855 10,730 
Repayments on borrowings and finance lease obligations(68,113)(21,638)
Debt issuance costs(1,361) 
Dividends paid(27,092)(14,818)
Noncontrolling interest capital distribution(4,817)(3,452)
Issuance of common stock, net of income tax withholdings on vesting of stock awards2,126 2,539 
Purchase of treasury stock(186,747) 
Net cash used in financing activities(181,149)(26,639)
Effect of exchange rates on cash, cash equivalents and restricted cash(10,310)(5,732)
Net change in cash, cash equivalents and restricted cash(241,193)(10,201)
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$174,372 $459,144 
Supplemental cash flow data:  
Interest paid$5,170 $5,051 
Income taxes paid, net of refunds$15,595 $21,382 
Non-cash investing and financing activity:
Change in accrual of property and equipment$(3,848)$374 
Assets acquired under finance lease obligations$3,323 $5,751 
 
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 six months ended July 30, 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 

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 six months ended July 31, 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 60 — — (27,409)323 — 384 
Issuance of stock under Employee Stock Purchase Plan11,129 — 79 — — (11,129)130 — 209 
Share-based compensation— — 4,795 7 — — — — 4,802 
Dividends, net of forfeitures on non-participating securities— — — (7,308)— — — — (7,308)
Noncontrolling interest capital distribution— — — — — — — (3,452)(3,452)
Balance at July 31, 202164,967,975 $650 $555,765 $1,093,342 $(123,928)77,821,689 $(915,511)$21,705 $632,023