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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 April 29, 2023
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 May 26, 2023, the registrant had 53,533,482 shares of Common Stock, $0.01 par value per share, outstanding.


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GUESS?, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 
 
 
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data) 
 Apr 29, 2023Jan 28, 2023
 (unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$298,642 $275,765 
Accounts receivable, net286,314 341,939 
Inventories528,903 510,899 
Other current assets98,820 83,102 
Total current assets1,212,679 1,211,705 
Property and equipment, net239,747 240,355 
Goodwill34,574 34,277 
Deferred income tax assets166,966 158,403 
Operating lease right-of-use assets645,713 636,148 
Other assets141,043 144,560 
$2,440,722 $2,425,448 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of borrowings and finance lease obligations$39,092 $40,380 
Accounts payable274,683 289,442 
Accrued expenses and other current liabilities227,818 263,038 
Convertible senior notes due 2024, net114,812  
Current portion of operating lease liabilities172,628 170,192 
Total current liabilities829,033 763,052 
Convertible senior notes due 2024, net 298,931 
Convertible senior notes due 2028, net265,594  
Long-term debt and finance lease obligations159,372 95,921 
Long-term operating lease liabilities530,939 528,236 
Other long-term liabilities153,392 157,403 
Total liabilities1,938,330 1,843,543 
Redeemable noncontrolling interests9,334 9,154 
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 142,771,253 and 142,771,253 shares; outstanding 53,469,081 and 54,609,786 shares as of April 29, 2023 and January 28, 2023, respectively
535 546 
Paid-in capital508,774 532,398 
Retained earnings1,252,393 1,276,857 
Accumulated other comprehensive loss
(139,477)(134,073)
Treasury stock, 89,302,172 and 88,161,467 shares as of April 29, 2023 and January 28, 2023, respectively
(1,170,225)(1,141,615)
Guess?, Inc. stockholders’ equity452,000 534,113 
Nonredeemable noncontrolling interests41,058 38,638 
Total stockholders’ equity493,058 572,751 
 $2,440,722 $2,425,448 
 
See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
 Three Months Ended
 Apr 29, 2023Apr 30, 2022
Product sales$545,910 $567,073 
Net royalties23,888 26,400 
Net revenue569,798 593,473 
Cost of product sales337,813 346,324 
Gross profit231,985 247,149 
Selling, general and administrative expenses230,973 209,831 
Asset impairment charges1,934 1,544 
Net gains on lease modifications (601)
Earnings (loss) from operations(922)36,375 
Other income (expense):
Interest expense(4,218)(3,093)
Interest income2,515 574 
Loss on extinguishment of debt(7,696) 
Other, net(2,631)(16,452)
Total other expense(12,030)(18,971)
Earnings (loss) before income tax (benefit) expense(12,952)17,404 
Income tax (benefit) expense(2,258)6,950 
Net earnings (loss)(10,694)10,454 
Net earnings attributable to noncontrolling interests1,111 2,484 
Net earnings (loss) attributable to Guess?, Inc.$(11,805)$7,970 
Net earnings (loss) per common share attributable to common stockholders:
Basic$(0.22)$0.13 
Diluted$(0.22)$0.12 
Weighted average common shares outstanding attributable to common stockholders:
Basic54,348 61,052 
Diluted54,348 74,469 

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
 Apr 29, 2023Apr 30, 2022
Net earnings (loss)$(10,694)$10,454 
Other comprehensive income (loss) (“OCI”):
Foreign currency translation adjustment
Gains (losses) arising during the period2,330 (17,916)
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period(1,057)8,603 
Less income tax effect
115 (1,040)
Reclassification to net earnings (loss) for gains realized(6,021)(1,613)
Less income tax effect
678 170 
Defined benefit plans
Foreign currency and other adjustments
(181)168 
Less income tax effect
20 (16)
Net actuarial loss amortization
62 30 
Prior service credit amortization
(39)(23)
Less income tax effect
(2)(3)
Total comprehensive loss(14,789)(1,186)
Less comprehensive income attributable to noncontrolling interests:
Net earnings1,111 2,484 
Foreign currency translation adjustment
1,309 (476)
Amounts attributable to noncontrolling interests2,420 2,008 
Comprehensive loss attributable to Guess?, Inc.$(17,209)$(3,194)

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
 Apr 29, 2023Apr 30, 2022
Cash flows from operating activities:  
Net earnings (loss)$(10,694)$10,454 
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:  
Depreciation and amortization15,449 15,304 
Amortization of debt discount25  
Amortization of debt issuance costs335 354 
Share-based compensation expense4,620 4,052 
Forward contract gains(5,813)(1,462)
Net loss from impairment and disposition of long-term assets2,480 1,668 
Loss on extinguishment of debt7,696  
Other items, net5,606 21,942 
Changes in operating assets and liabilities:  
Accounts receivable57,395 20,317 
Inventories(16,929)(37,698)
Prepaid expenses and other assets(13,913)(14,178)
Operating lease assets and liabilities, net(4,977)(16,434)
Accounts payable and accrued expenses and other current liabilities(51,798)(59,351)
Other long-term liabilities(2,140)462 
Net cash used in operating activities(12,658)(54,570)
Cash flows from investing activities:  
Purchases of property and equipment(17,347)(28,742)
Net cash settlement of forward contract(329)118 
Other investing activities292 (572)
Net cash used in investing activities(17,384)(29,196)
Cash flows from financing activities:  
Proceeds from borrowings74,309 45,507 
Repayments on borrowings and finance lease obligations(14,691)(18,736)
Net proceeds from issuance of convertible senior notes80,324  
Proceeds from issuance of warrant20,158  
Purchase of convertible note hedge(51,838) 
Proceeds from termination of convertible senior note hedge7,235  
Payments for termination of common stock warrant(1,024) 
Debt issuance costs(4,218) 
Purchase of equity forward contract (105,000)
Dividends paid(13,860)(13,676)
Noncontrolling interest capital distribution (4,817)
Issuance of common stock, net of income tax withholdings on vesting of stock awards(269)1,675 
Purchase of treasury stock(42,821)(81,747)
Net cash provided by (used in) financing activities53,305 (176,794)
Effect of exchange rates on cash and cash equivalents(386)(7,108)
Net change in cash and cash equivalents22,877 (267,668)
Cash and cash equivalents at the beginning of the year275,765 415,565 
Cash and cash equivalents at the end of the period$298,642 $147,897 
Supplemental cash flow data:  
Interest paid$4,592 $4,030 
Income taxes paid, net of refunds$15,398 $7,214 
Non-cash investing and financing activity:
Change in accrual of property and equipment$(1,521)$2,005 
Assets acquired under finance lease obligations$129 $1,182 
 
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, net of forfeitures on non-participating securities— — — (12,662)— — — — (12,662)
Share repurchases(2,237,872)(22)22 — — 2,237,872 (42,821)— (42,821)
Equity component value of convertible notes transactions, net— — (744)— — — — — (744)
Sale of common stock warrant— — 20,158 — — — — — 20,158 
Purchase of convertible note hedge— — (39,397)— — — — — (39,397)
Termination of common stock warrant— — (1,024)— — — — — (1,024)
Termination of convertible note hedge— — 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
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
For the three months ended April 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 

See accompanying notes to condensed consolidated financial statements.
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GUESS?, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
April 29, 2023
(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 men, women 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.
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 April 29, 2023 and January 28, 2023, and the condensed consolidated statements of income (loss), comprehensive income (loss), cash flows and stockholders’ equity for the three months ended April 29, 2023 and April 30, 2022. 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 April 29, 2023 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 January 28, 2023.
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 April 29, 2023 had the same number of days as the three months ended April 30, 2022. All references herein to “fiscal 2023” and “fiscal 2022” represent the results of the 52-week fiscal years ended January 28, 2023 and January 29, 2022, respectively. All references herein to “fiscal 2024” represent the 53-week fiscal year ending February 3, 2024, with the extra week occurring in the fourth quarter of the year.
Business Update, Market Trends and Uncertainties
Macroeconomic conditions, including rising inflation, higher interest rates, foreign exchange rate fluctuations, declines in consumer spending and the impact of the ongoing conflict in Ukraine and public health crises continue 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 and to mitigate, to the extent possible, the effect of supply chain disruptions. 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.
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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 2023 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.
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, gift card and loyalty accruals, 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 and restructuring expense and accruals. These estimates and assumptions may change as a result of the impact of global economic conditions, such as the uncertainty regarding the impact of public health crises, the ongoing Russia-Ukraine conflict, 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 ten 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 April 29, 2023, the Company had $5.0 million and $14.0 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 $4.8 million and $15.2 million of deferred royalties related to these upfront payments included in accrued expenses and other current liabilities and other long-term liabilities, respectively, at January 28, 2023. During the three months ended April 29, 2023 and April 30, 2022, the Company recognized $3.6 million and $3.4 million in net royalties related to the amortization of deferred royalties, respectively.
Refer to Note 8 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
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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 April 29, 2023, approximately 44% of the Company’s total net trade accounts receivable and 55% 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 5 for further information on the Company’s allowance for doubtful accounts.
Recently Issued Accounting Guidance
Reference Rate Reform
The Financial Accounting Standards Board (“FASB”) issued guidance to provide temporary optional expedients to ease the potential burden in accounting for reference rate reform. This guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to certain criteria, referencing the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The FASB issued subsequent amendments to further clarify the scope of optional expedients and exceptions to derivatives affected by the transition. The guidance is intended to help stakeholders during the global market-wide reference rate transition period.
The Company identified and modified its loans and other financial instruments with attributes directly or indirectly influenced by LIBOR. The Company determined, of its current LIBOR references as outlined in Note 9 Borrowings and Finance Lease Obligations, Note 15 Fair Value Measurements, and Note 16 Derivative Financial Instruments, only the obligations under Mortgage Debt, credit facilities, and Interest Rate Swap Agreements are impacted by this guidance. In May 2023, the Company amended the terms of the Mortgage Debt for the interest rate to be based on Secured Overnight Financing Rate (“SOFR”) effective May 1, 2023. The Company also amended its existing interest rate swap agreement, resulting in a swap fixed rate of approximately 3.14%. The Company does not expect this guidance to have a material impact on its consolidated financial position, results of operations or cash flows.
(2)    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 January 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 January 2028.
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 28%, 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 32%.
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In addition to the amounts as disclosed below, the Company has estimated additional operating lease commitments of approximately $13.6 million for leases where the Company has not yet taken possession of the underlying asset as of April 29, 2023. 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 April 29, 2023.
The components of leases are (in thousands):
Apr 29, 2023Jan 28, 2023
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$645,713 $636,148 
FinanceProperty and equipment, net17,777 19,055 
Total lease assets$663,490 $655,203 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$172,628 $170,192 
FinanceCurrent portion of borrowings and finance lease obligations6,733 6,684 
Noncurrent:
OperatingLong-term operating lease liabilities530,939 528,236 
FinanceLong-term debt and finance lease obligations12,189 13,181 
Total lease liabilities$722,489 $718,293 
The components of lease costs are (in thousands):
Three Months Ended
Income Statement LocationApr 29, 2023Apr 30, 2022
Operating lease costsCost of product sales$46,052 $44,372 
Operating lease costsSelling, general and administrative expenses6,597 6,301 
Operating lease costs1
Net gains on lease modifications (601)
Finance lease costs
Amortization of leased assetsCost of product sales23 19 
Amortization of leased assetsSelling, general and administrative expenses1,529 1,502 
Interest on lease liabilitiesInterest expense209 287 
Variable lease costs2
Cost of product sales24,491 21,996 
Variable lease costs2
Selling, general and administrative expenses661 956 
Short-term lease costsCost of product sales70 96 
Short-term lease costsSelling, general and administrative expenses1,639 1,558 
Total lease costs$81,271 $76,486 
______________________________________________________________________
Notes:
1During the three months ended April 30, 2022, net gains on lease modifications related primarily to the early termination of lease agreements for certain of the Company’s retail locations. Operating lease costs for these retail locations prior to the early termination were included in cost of product sales.
2During the three months ended April 29, 2023 and April 30, 2022, variable lease costs included certain rent concessions of approximately $0.4 million and $1.3 million, respectively, received by the Company, primarily in Europe.
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Maturities of the Company’s operating and finance lease liabilities as of April 29, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$151,672 $6,252 $6,050 $163,974 
Fiscal 2025144,730 7,241 5,668 157,639 
Fiscal 2026110,236 6,849 5,204 122,289 
Fiscal 202791,709 7,550 2,668 101,927 
Fiscal 202871,291 7,717 810 79,818 
After fiscal 2028179,314 20,826  200,140 
Total lease payments748,952 56,435 20,400 825,787 
Less: Interest89,100 12,720 1,478 103,298 
Present value of lease liabilities$659,852 $43,715 $18,922 $722,489 
Other supplemental information is (in thousands):
Lease Term and Discount RateApr 29, 2023
Weighted-average remaining lease term
Operating leases6.2 years
Finance leases3.4 years
Weighted-average discount rate
Operating leases4.5%
Finance leases4.7%
Three Months Ended
Supplemental Cash Flow InformationApr 29, 2023Apr 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$51,225 $63,896 
New operating ROU assets obtained in exchange for lease liabilities$36,068 $35,378 
Impairment
During the three months ended April 29, 2023 and April 30, 2022, there were no ROU asset impairment charges. Asset impairment charges are generally determined based on the excess of carrying value over the fair value of the ROU assets. The Company uses estimates of market participant rents to calculate fair value of the ROU assets. Refer to Note 15 for more information on the Company’s impairment testing.
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(3)Earnings (Loss) per Share
The computation of basic and diluted net earnings (loss) per common share attributable to common stockholders is (in thousands, except per share data):
 Three Months Ended
 Apr 29, 2023Apr 30, 2022
Net earnings (loss) attributable to Guess?, Inc.$(11,805)$7,970 
Less net earnings attributable to nonvested restricted stockholders164 56 
Net earnings (loss) attributable to common stockholders(11,969)7,914 
Add interest expense related to the convertible senior notes1