GUESS?, INC. REPORTS FOURTH QUARTER RESULTS

Wed Mar 20, 2013 4:03pm EDT

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Fourth Quarter Revenues Increased 5% to $815 Million
LOS ANGELES,  March 20, 2013  /PRNewswire/ -- Guess?, Inc. (NYSE: GES) today
reported financial results for its fourth quarter and fiscal year ended 
February 2, 2013.   

Fourth Quarter Fiscal 2013 Highlights

* Asian revenues increased 19% in U.S. dollars and 14% in constant dollars
* North American Retail revenues increased 2%; retail comp sales declined 6.3%
* European revenues increased 3% in U.S. dollars and local currency  
* Operating earnings decreased 12%; operating margin declined 280 basis points
to 15%

Fiscal Year 2013 Highlights

* Global revenues down 1% at  $2.7 billion  in U.S. dollars; increased 2% in
constant dollars
* Asian revenues increased 16% in both U.S. dollars and constant dollars
* European revenues decreased 7% in U.S. dollars; flat in local currency
* North American Retail revenues flat at  $1.1 billion; retail comp sales
declined 6.6%
* Adjusted operating earnings decreased 34%; GAAP operating earnings decreased
31%
* Invested  $140 million  to repurchase 5 million shares and paid special
dividend of  $1.20  per share

This press release contains certain non-GAAP, or adjusted, financial measures,
which exclude the impact of settlement charges (and related taxes where
applicable) recorded during the fourth quarter of fiscal 2013 and the second
quarter of fiscal 2012. A reconciliation of reported GAAP results to comparable
non-GAAP results is provided in the accompanying tables and discussed under the
heading "Presentation of Non-GAAP Information" below.  

Fourth Quarter Fiscal 2013 Results

For the fourth quarter of fiscal 2013, the Company generated adjusted net
earnings of  $81.4 million, a 15.1% decrease compared to net earnings of  $95.9
million  for the fourth quarter of fiscal 2012.  Adjusted diluted earnings per
share decreased 9.5%, to  $0.95, compared to diluted earnings per share of 
$1.05  for the prior-year quarter.  The adjusted net earnings exclude a charge
of  $12.8 million  related to the resolution of a tax audit dispute in  Italy,
partially offset by unrelated tax benefits of  $4.0 million.  On a GAAP basis,
fourth quarter fiscal 2013 net earnings were  $72.6 million  and diluted
earnings per share totaled  $0.85, including an unfavorable  $0.10  impact from
the net tax settlement charge.

Paul Marciano, Chief Executive Officer, commented, "Despite a difficult
environment, we were able to deliver fourth quarter financial results that were
at the high end of our expectations.  We continued to direct our expansion
efforts towards newer international markets, growing revenues in the double
digits in key markets such as Korea,  Germany,  Greater China,  Mexico  and 
Russia. In  North America, lower traffic and the promotional environment
continued to impact our business while in  Southern Europe, the weak economic
conditions continue to impact consumer confidence."

Mr. Marciano continued, "We enter this fiscal year with the expectation that the
challenging macroeconomic environment will continue.  In our more developed
markets, we will continue to invest in marketing and visual merchandising
initiatives to improve the performance of our stores while tightly managing
expenses and inventories to protect our strong financial position.  Already we
have made progress in streamlining our operations in these markets that we
expect to yield cost savings in the future.  At the same time we will continue
to invest in under-developed markets where the brand awareness is high but less
penetrated."   

Mr. Marciano concluded, "Everything starts and ends with the product we deliver.
 I strongly believe that the heritage of Guess? is rooted in denim and the
Guess? girl looks to us for iconic and sexy styles.  Expect to see more on-trend
fashion presented in the sexy, iconic Guess? style, coupled with timeless pieces
that deliver the quality and value that our customers expect from Guess?."

Total net revenue for the fourth quarter of fiscal 2013 increased 5.1% to 
$815.1 million, from  $775.8 million  in the prior-year quarter.  In constant
dollars, total net revenue increased 4.2%.  In addition, the Company's fourth
quarter fiscal year 2013 results included 14 weeks, while the fourth quarter of
fiscal 2012 results included 13 weeks.

* The Company's retail stores in  North America  generated revenue of  $350.0
million  in the fourth quarter of fiscal 2013, a 1.9% increase from  $343.5
million  in the same period a year ago.  Comparable store sales for the fourth
quarter of fiscal year 2013 decreased 6.3% in U.S. dollars and 7.0% in local
currency compared to the same period a year ago.  The Company directly operated
512 retail stores in  the United States  and  Canada  at the end of the fourth
quarter of fiscal 2013 versus 504 stores a year earlier.  
* Net revenue from the Company's  Europe  segment increased 3.2% to  $300.3
million  in the fourth quarter of fiscal 2013, compared to  $290.8 million  in
the prior-year period.  In local currency, net revenue increased 3.3%.  
* Net revenue from the Company's  Asia  segment increased 19.2% to  $84.2
million  in the fourth quarter of fiscal 2013, from  $70.6 million  in the
prior-year period.  In constant dollars, net revenue increased 14.3%.  
* Net revenue from the Company's North American Wholesale segment increased
25.7% to  $50.9 million  in the fourth quarter of fiscal 2013, compared to 
$40.5 million  in the prior-year period. In constant dollars, net revenue
increased 24.1%.  
* Licensing segment net revenue decreased 2.1% to  $29.8 million  in the fourth
quarter of fiscal 2013, from  $30.4 million  in the prior-year period.

Operating earnings for the fourth quarter of fiscal 2013 decreased 11.7% to 
$120.0 million  (including a  $1.7 million  favorable currency translation
impact) from operating earnings of  $135.8 million  in the prior-year period. 
Operating margin in the fourth quarter declined 280 basis points to 14.7%,
compared to operating margin of 17.5% in the prior-year quarter.  The lower
operating margin primarily reflects the impact of negative same store sales on
the Company's fixed cost structure, higher occupancy and selling costs in 
Europe  due to retail expansion and more retail markdowns in  Europe  and North
America.    

Other net expense, which primarily includes net unrealized mark-to-market losses
on foreign currency contracts and balances, partially offset by net unrealized
gains on non-operating assets, was  $0.1 million  for the fourth quarter of
fiscal 2013, compared to income of  $6.4 million  in the prior-year quarter.

The Company's fourth quarter fiscal 2013 adjusted tax rate increased slightly to
31.1%, compared to 30.9% for the fourth quarter of the prior year.  On a GAAP
basis, the fourth quarter fiscal 2013 tax rate was 38.4%.  

Fiscal Year 2013 Results

Adjusted net earnings for the fiscal year ended  February 2, 2013  were  $187.5
million, a decrease of 33.8% compared to adjusted net earnings of  $283.1
million  for the fiscal year ended  January 28, 2012.  The fiscal year 2013
adjusted net earnings exclude a charge of  $12.8 million  related to the
resolution of a tax audit dispute in  Italy, partially offset by unrelated tax
benefits of  $4.0 million.  The prior year adjusted net earnings excluded a
settlement charge of  $19.5 million  ($17.6 million  net of the related tax
impact) associated with the settlement of the Company's relationship with one of
its former European service providers.  Adjusted diluted earnings per share
declined 29.5% to  $2.15  per share in the fiscal year 2013 compared to adjusted
diluted earnings per share of  $3.05  in the prior year.  On a GAAP basis, net
earnings for the fiscal year ended  February 2, 2013  were  $178.7 million  and
diluted earnings per share, including an unfavorable  $0.10  impact from the net
tax settlement charge, totaled  $2.05.   

Total net revenue for fiscal year 2013 was down 1.1% at  $2.66 billion  for the
fiscal year 2013, compared to  $2.69 billion  in the prior year.  In constant
dollars, total net revenue increased 1.6%. In addition, the Company's fiscal
year 2013 results included 53 weeks, while fiscal 2012 results included 52
weeks.

* The Company's retail stores in  North America  generated revenue of  $1.12
billion  in fiscal 2013, flat compared to the prior year.  Comparable store
sales for fiscal year 2013 decreased 6.6% in U.S. dollars and local currency
compared to the prior year.  
* Net revenue from the Company's  Europe  segment decreased 7.1% to  $939.6
million  in fiscal year 2013, compared to  $1.01 billion  in the prior year.  In
local currency,  Europe  segment revenues were flat.   
* Net revenue from the Company's  Asia  segment increased 15.9% to  $290.7
million  in fiscal year 2013, compared to  $250.7 million  in the prior year.   
* Net revenue from the Company's North American Wholesale segment increased 3.7%
to  $194.4 million  in fiscal year 2013, from  $187.4 million  in the prior
year.  In constant dollars, net revenue increased 4.5%.  
* Licensing segment net revenue decreased 3.5% to  $117.1 million  in fiscal
year 2013, from  $121.4 million  in the prior year.

Operating earnings for fiscal year 2013 decreased 34.1% to  $274.5 million 
(including a  $6.8 million  unfavorable currency translation impact) from
adjusted operating earnings of  $416.7 million  in the prior year.  Operating
margin for fiscal 2013 declined 520 basis points to 10.3% compared to adjusted
operating margin of 15.5% in the prior year.  The decline in adjusted operating
margin primarily reflects the impact of lower sales due to negative same store
sales on the Company's fixed cost structure and lower sales in our European
wholesale business, higher occupancy and selling costs in  Europe  due to retail
expansion, increased investments in advertising and marketing and more retail
markdowns in  Europe  and  North America.  GAAP operating earnings decreased
30.9% and GAAP operating margin declined 450 basis points.

Other net income, which primarily includes net unrealized gains on non-operating
assets and net unrealized mark-to-market gains on foreign currency contracts and
balances was  $5.7 million  for fiscal year 2013 compared to  $1.0 million  for
the prior year.   

The Company's fiscal 2013 adjusted tax rate increased to 32.2%, compared to
31.2% for the prior year.  On a GAAP basis, our fiscal 2013 tax rate was 35.3%. 


Outlook

The Company's expectations for the first quarter of fiscal 2014 ending  May 4,
2013, are as follows:

* Consolidated net revenues are expected to range from  $545 million to $560
million.  
* Operating margin is expected to be between 1.0% and 2.0%.  
* Diluted earnings per share are expected to be in the range of  $0.05 to
$0.10.

For the fiscal year ending  February 1, 2014, the Company's expectations are as
follows (note that the Company's fiscal year 2014 will include 52 weeks, while
fiscal 2013 included 53 weeks):

* Consolidated net revenues are expected to range from  $2.60 billion to $2.64
billion.  
* Operating margin is expected to be between 8.5% and 9.5%.  
* Diluted earnings per share are expected to be in the range of  $1.70 to
$1.90.

During the first quarter of fiscal 2014, the Company implemented plans to
streamline its operational structure and reduce expenses.  The expectations for
the first quarter and fiscal year 2014 exclude the impact of any restructuring
charges associated with these activities.   

Dividends

The Company also announced today that its Board of Directors has approved a
quarterly cash dividend of  $0.20  per share on the Company's common stock.  The
dividend will be payable on  April 19, 2013  to shareholders of record at the
close of business on  April 3, 2013.   

Presentation of Non-GAAP Information

The financial information presented in this release includes both GAAP and
non-GAAP measures.  The "non-GAAP" or "adjusted" financial measures exclude the
impact of settlement charges incurred during the fourth quarter of fiscal 2013
and the second quarter of fiscal 2012.  

In  January 2013, the Company settled a tax audit dispute in  Italy, resulting
in a charge of  $12.8 million  in the fourth quarter of fiscal 2013, net of
amounts previously reserved, which was partially offset by unrelated tax
benefits of  $4.0 million.  In  July 2011, the Company experienced a temporary
disruption in its European supply chain, related to one of its service
providers.  The Company subsequently entered into an agreement to terminate the
relationship with that provider, resulting in a  $19.5 million  settlement
charge in the second quarter of fiscal 2012.

The Company has excluded these settlement charges, and related tax impact, from
its adjusted financial measures primarily because it does not believe such
charges reflect the Company's ongoing operating results or future outlook.  The
Company believes that these adjusted financial measures are useful as an
additional means for investors to evaluate the comparability of the Company's
operating results when reviewed in conjunction with the Company's GAAP financial
statements.  A reconciliation of reported GAAP results to comparable non-GAAP
results is provided in the accompanying tables. The non-GAAP measures are
provided in addition to, and not as alternatives for, the Company's reported
GAAP results.   

This release also includes certain constant currency financial information. 
Foreign currency exchange rate fluctuations affect the amount reported from
translating the Company's foreign revenues and expenses into U.S. dollars. 
These rate fluctuations can have a significant effect on reported operating
results under GAAP. The Company provides constant currency information to help
investors assess how our businesses performed excluding the effects of changes
in foreign currency translation rates. To calculate revenues and earnings from
operations on a constant currency basis, operating results for the current year
period for entities reporting in currencies other than U.S. dollars are
translated into U.S. dollars at the average exchange rates in effect during the
comparable period of the prior year. The constant currency calculations do not
adjust for the impact of revaluing specific transactions denominated in a
currency that is different to the functional currency of that entity when
exchange rates fluctuate.  The constant currency information presented may not
be comparable to similarly titled measures reported by other companies.   

Investor Conference Call

The Company will hold a conference call at  4:30 pm (ET)  on  March 20, 2013  to
discuss the news announced in this press release.  A live webcast of the
conference call will be accessible at  www.guess.com  via the "Investor
Relations" link.  The webcast will be archived on the website for 30 days.

About Guess?

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection
of contemporary apparel, denim, handbags, watches, 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.  As
of  February 2, 2013, the Company directly operated 512 retail stores in  the
United States  and  Canada  and 320 retail stores in  Europe,  Asia  and Latin
America.  The Company's licensees and distributors operated an additional 858
retail stores outside of  the United States  and  Canada. For more information
about the Company, please visit  www.guess.com.  

Forward Looking Statements

Except for historical information contained herein, certain matters discussed in
this press release, including statements concerning the Company's strategies,
goals, expectations and future prospects, as well as guidance for the first
quarter and full year of fiscal 2014, are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.  Forward-looking statements, which are frequently indicated
by terms such as "expect," "will," "goal," "strategy," "believe," "continue,"
"outlook," "plan" and similar terms, are only expectations, and involve known
and unknown risks and uncertainties, which may cause actual results in future
periods to differ materially from what is currently anticipated.  Factors which
may cause actual results in future periods to differ materially from current
expectations include, among others: our ability to maintain our brand image and
reputation; domestic and international economic conditions, including economic
and other events that could negatively impact consumer confidence and
discretionary consumer spending; changes in the competitive marketplace and in
our commercial relationships; our ability to anticipate consumer preferences,
effectively operate our various retail concepts and effectively manage
inventories; our ability to successfully implement our growth strategies and to
continue to expand or grow our business; our ability to successfully achieve
planned cost savings; unexpected obligations arising from litigation, tax and
other regulatory proceedings; risks associated with our foreign operations, such
as violations of laws prohibiting improper payments and the burdens of complying
with a variety of foreign laws and regulations; and changes in economic,
political, social and other conditions affecting our foreign operations and
sourcing, including currency fluctuations, global tax rates and the current
European economic crisis.  In addition to these factors, the economic,
technological, managerial, and other risks identified in the Company's most
recent annual report on Form 10-K and other filings with the Securities and
Exchange Commission, including but not limited to the risk factors discussed
therein, could cause actual results to differ materially from current
expectations.  Additional information with respect to known and unknown risks
will also be set forth in the Company's annual report on Form 10-K for the year
ended  February 2, 2013, which will be filed with the Securities and Exchange
Commission in the first quarter of fiscal 2014.  The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.

 Contact:  Guess?, Inc.        
           Investor Relations  
           (213) 765-5578      
                                
 Source: Guess?, Inc.           


 Guess?, Inc. and Subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Condensed Consolidated Statements of Income                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 (amounts in thousands, except per share data)                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                            Three Months Ended  1                                                                                                                                                                                     Twelve Months Ended  1                                                                                                                                                                    
                                                                                            February 2,                                                                                        January 28,                                                                                        February 2,                                                                                        January 28,                                                                        
                                                                                            2013                                                                                               2012  2                                                                                            2013                                                                                               2012  2                                                                            
                                                                                            $                                                 %                                                $                                                 %                                                $                                                 %                                                $                                                 %                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Product sales                                                                                 $               785,340                          96.3%                                            $               745,430                          96.1%                                            $               2,541,463                        95.6%                                            $               2,566,628                        95.5%                            
 Net royalties                                                                                 29,778                                            3.7%                                             30,412                                            3.9%                                             117,142                                           4.4%                                             121,420                                           4.5%                             
 Net revenue                                                                                   815,118                                           100.0%                                           775,842                                           100.0%                                           2,658,605                                         100.0%                                           2,688,048                                         100.0%                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Cost of product sales                                                                         482,240                                           59.2%                                            440,704                                           56.8%                                            1,591,482                                         59.9%                                            1,531,823                                         57.0%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Gross profit                                                                                  332,878                                           40.8%                                            335,138                                           43.2%                                            1,067,123                                         40.1%                                            1,156,225                                         43.0%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Selling, general and administrative expenses                                                  212,912                                           26.1%                                            199,334                                           25.7%                                            792,598                                           29.8%                                            739,527                                           27.5%                            
 Settlement charge                                                                             -                                                 0.0%                                             -                                                 0.0%                                             -                                                 0.0%                                             19,463                                            0.7%                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Earnings from operations                                                                      119,966                                           14.7%                                            135,804                                           17.5%                                            274,525                                           10.3%                                            397,235                                           14.8%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Other income (expense):                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
              Interest expense                                                                (435)                                             (0.1%)                                           (463)                                             (0.1%)                                           (1,640)                                           (0.0%)                                           (2,002)                                           (0.1%)                           
              Interest income                                                                 507                                               0.1%                                             714                                               0.1%                                             2,016                                             0.1%                                             3,147                                             0.2%                             
                            Other, net                                                        (52)                                              (0.0%)                                           6,398                                             0.9%                                             5,713                                             0.2%                                             961                                               0.0%                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Earnings before income taxes                                                                  119,986                                           14.7%                                            142,453                                           18.4%                                            280,614                                           10.6%                                            399,341                                           14.9%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Income taxes                                                                                  46,121                                            5.6%                                             44,043                                            5.7%                                             99,128                                            3.8%                                             128,691                                           4.8%                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Net earnings                                                                                  73,865                                            9.1%                                             98,410                                            12.7%                                            181,486                                           6.8%                                             270,650                                           10.1%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Net earnings attributable to noncontrolling interests                                         1,313                                             0.2%                                             2,544                                             0.3%                                             2,742                                             0.1%                                             5,150                                             0.2%                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Net earnings attributable to Guess?, Inc.                                                     $               72,552                           8.9%                                             $               95,866                           12.4%                                            $               178,744                          6.7%                                             $               265,500                          9.9%                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Net earnings per common share attributable to common stockholders:                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                            Basic                                                             $               0.85                                                                              $               1.05                                                                              $               2.06                                                                              $               2.88                                                              
                            Diluted                                                           $               0.85                                                                              $               1.05                                                                              $               2.05                                                                              $               2.86                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Weighted average common shares outstanding attributable to common stockholders:                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                            Basic                                                             84,606                                                                                             90,627                                                                                             86,262                                                                                             91,533                                                                             
                            Diluted                                                           84,836                                                                                             90,931                                                                                             86,540                                                                                             91,948                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Adjusted earnings from operations 3:                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                               $               119,966                          14.7%                                            $               135,804                          17.5%                                            $               274,525                          10.3%                                            $               416,698                          15.5%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Adjusted net earnings attributable to Guess?, Inc.  3:                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                               $               81,350                           10.0%                                            $               95,866                           12.4%                                            $               187,542                          7.1%                                             $               283,113                          10.5%                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Adjusted diluted earnings per common share attributable to common stockholders  3:                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                               $               0.95                                                                              $               1.05                                                                              $               2.15                                                                              $               3.05                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 Notes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 1                          The three and twelve months ended February 2, 2013 contain 14 and 53 weeks, respectively.  The three and twelve months ended January 28, 2012 contain 13 and 52 weeks, respectively.                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 2                          For the three and twelve months ended January 28, 2012, the Company reclassified certain distribution costs from selling, general and administrative expenses to cost of product sales to conform to current period presentation.  This reclassification had no impact on previously reported earnings from operations, net earnings or net earnings per share.                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 3                          The adjusted results reflect the exclusion of settlement charges (and related taxes where applicable) recorded during the fourth quarter of fiscal 2013 and the second quarter of fiscal 2012. A complete reconciliation of actual results to adjusted results is presented in the table entitled "Reconciliation of GAAP Results to Adjusted Results."                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            


 Guess?, Inc. and Subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 Reconciliation of GAAP Results to Adjusted Results                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 (amounts in thousands, except per share data)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 The following table provides reconciliations of reported GAAP earnings from operations to adjusted earnings from operations, reported GAAP net earnings attributable to Guess?, Inc. to adjusted net earnings attributable to Guess?, Inc. and reported GAAP income taxes to adjusted income taxes for the three and twelve months ended February 2, 2013 and January 28, 2012.                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                               Three Months Ended  1                                                                                                                                                                                                                      Twelve Months Ended  1                                                                                                                                                                                                  
                                                                                                                                                                               February 2,                                                                                                           January 28,                                                                                                        February 2,                                                                                                               January 28,                                                                                 
                                                                                                                                                                               2013                                                                                                                  2012                                                                                                               2013                                                                                                                      2012                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Reported GAAP earnings from operations                                                                                                                                            $                            119,966                                                                                 $                      135,804                                                                                    $                             274,525                                                                                    $                             397,235                                                      
 Supply chain settlement charge  2                                                                                                                                                 -                                                                                                                     -                                                                                                                  -                                                                                                                         19,463                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Adjusted earnings from operations                                                                                                                                                 $                            119,966                                                                                 $                      135,804                                                                                    $                             274,525                                                                                    $                             416,698                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Reported GAAP net earnings attributable to Guess?, Inc.                                                                                                                           $                            72,552                                                                                  $                      95,866                                                                                     $                             178,744                                                                                    $                             265,500                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Supply chain settlement charge  2                                                                                                                                                 -                                                                                                                     -                                                                                                                  -                                                                                                                         19,463                                                                                      
 Income tax adjustments and charges  3                                                                                                                                             8,798                                                                                                                 -                                                                                                                  8,798                                                                                                                     (1,850)                                                                                     
 Total adjustments affecting net earnings attributable to Guess?, Inc.                                                                                                             8,798                                                                                                                 -                                                                                                                  8,798                                                                                                                     17,613                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Adjusted net earnings attributable to Guess?, Inc.                                                                                                                                $                            81,350                                                                                  $                      95,866                                                                                     $                             187,542                                                                                    $                             283,113                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Reported GAAP income taxes                                                                                                                                                        $                            46,121                                                                                  $                      44,043                                                                                     $                             99,128                                                                                     $                             128,691                                                      
 Income tax adjustments and charges  3                                                                                                                                             (8,798)                                                                                                               -                                                                                                                  (8,798)                                                                                                                   1,850                                                                                       
 Adjusted income taxes                                                                                                                                                             $                            37,323                                                                                  $                      44,043                                                                                     $                             90,330                                                                                     $                             130,541                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Adjusted income tax rate                                                                                                                                                          31.1%                                                                                                                 30.9%                                                                                                              32.2%                                                                                                                     31.2%                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 Notes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 1                            The three and twelve months ended February 2, 2013 contain 14 and 53 weeks, respectively.  The three and twelve months ended January 28, 2012 contain 13 and 52 weeks, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 2                            In July 2011, the Company experienced a temporary disruption in its European supply chain, related to one of its service providers.  The Company subsequently entered into an agreement to terminate the relationship with that provider, resulting in a settlement charge in the second quarter of fiscal 2012, impacting the year ended January 28, 2012.                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 3                            In January 2013, the Company settled a tax audit dispute in Italy, resulting in a tax settlement charge of $12.8 million in the three and twelve months ended February 2, 2013, net of amounts previously reserved.  This charge was partially offset by unrelated tax benefits of $4.0 million.  The twelve months ended January 28, 2012 reflects an adjustment for the income tax effect of the European supply chain settlement charge discussed above, and is based on the Company's assessment of deductibility using the statutory tax rate of the tax jurisdiction in which the charge was incurred.               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     


 Guess?, Inc. and Subsidiaries                                                                                                                                                                                                                                                        
 Consolidated Segment Data                                                                                                                                                                                                                                                            
 (dollars in thousands)                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
                                                                Three Months Ended  1                                                                                       Twelve Months Ended  1                                                                            
                                                                February 2,                               January 28,                               %                   February 2,                               January 28,                               %         
                                                                2013                                      2012                                      chg                 2013                                      2012                                      chg       
                                                                                                                                                                                                                                                                      
 Net revenue:                                                                                                                                                                                                                                                              
         Europe                                                     $     300,273                             $     290,828                             3%                  $        939,599                          $      1,010,896                          (7%)      
         North American Retail                                      349,962                                   343,496                                   2%                  1,116,836                                 1,117,643                                 (0%)      
         Asia                                                       84,156                                    70,575                                    19%                 290,655                                   250,727                                   16%       
         North American Wholesale                                   50,949                                    40,531                                    26%                 194,373                                   187,362                                   4%        
         Licensing                                                  29,778                                    30,412                                    (2%)                117,142                                   121,420                                   (4%)      
                                                                $     815,118                             $     775,842                             5%                  $     2,658,605                           $      2,688,048                          (1%)      
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
 Earnings (loss) from operations:                                                                                                                                                                                                                                          
         Europe before settlement charge                            $       52,300                            $       55,463                            (6%)                $       103,975                           $        186,477                          (44%)     
         Supply chain settlement charge, pre-tax                    -                                         -                                                             -                                         (19,463)                                            
         Europe including settlement charge                         52,300                                    55,463                                    (6%)                103,975                                   167,014                                   (38%)     
                                                                                                                                                                                                                                                                      
         North American Retail                                      35,582                                    54,107                                    (34%)               78,285                                    133,184                                   (41%)     
         Asia                                                       8,832                                     8,258                                     7%                  26,525                                    28,463                                    (7%)      
         North American Wholesale                                   13,073                                    9,513                                     37%                 45,008                                    47,162                                    (5%)      
         Licensing                                                  26,624                                    27,450                                    (3%)                101,182                                   108,638                                   (7%)      
         Corporate Overhead                                         (16,445)                                  (18,987)                                  (13%)               (80,450)                                  (87,226)                                  (8%)      
                                                                $     119,966                             $     135,804                             (12%)               $      274,525                            $        397,235                          (31%)     
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
 Operating margins:                                                                                                                                                                                                                                                        
         Europe before settlement charge                            17.4%                                     19.1%                                                         11.1%                                     18.4%                                               
         Europe including settlement charge                         17.4%                                     19.1%                                                         11.1%                                     16.5%                                               
                                                                                                                                                                                                                                                                      
         North American Retail                                      10.2%                                     15.8%                                                         7.0%                                      11.9%                                               
         Asia                                                       10.5%                                     11.7%                                                         9.1%                                      11.4%                                               
         North American Wholesale                                   25.7%                                     23.5%                                                         23.2%                                     25.2%                                               
         Licensing                                                  89.4%                                     90.3%                                                         86.4%                                     89.5%                                               
                                                                                                                                                                                                                                                                      
         Total Company before settlement charge                     14.7%                                     17.5%                                                         10.3%                                     15.5%                                               
         Total Company including settlement charge                  14.7%                                     17.5%                                                         10.3%                                     14.8%                                               
                                                                                                                                                                                                                                                                      
 Note:                                                                                                                                                                                                                                                                               
 1       The three and twelve months ended February 2, 2013 contain 14 and 53 weeks, respectively.  The three and twelve months ended January 28, 2012 contain 13 and 52 weeks, respectively.                                                                                        


 Guess?, Inc. and Subsidiaries                                                                                                                   
 Selected Condensed Consolidated Balance Sheet Data                                                                                              
 (in thousands)                                                                                                                                  
                                                                                                                                       
                                                                                                                                       
                                                                                 February 2,                 January 28,               
                                                                                 2013                        2012                      
                                                                                                                                       
 ASSETS                                                                                                                                          
                                                                                                                                       
 Cash and cash equivalents                                                              $      329,021            $      491,805          
                                                                                                                                       
 Short-term investments                                                                 6,906                      4,060                    
                                                                                                                                       
 Receivables, net                                                                       324,971                    340,602                  
                                                                                                                                       
 Inventories                                                                            369,712                    328,602                  
                                                                                                                                       
 Other current assets                                                                   76,615                     96,413                   
                                                                                                                                       
 Property and equipment, net                                                            355,729                    348,885                  
                                                                                                                                       
 Other assets                                                                           250,552                    234,108                  
                                                                                                                                       
           Total Assets                                                                $      1,713,506          $      1,844,475        
                                                                                                                                       
                                                                                                                                       
 LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                            
                                                                                                                                       
 Current portion of borrowings and capital lease obligations                            $      1,901              $      2,030            
                                                                                                                                       
 Other current liabilities                                                              383,065                    418,006                  
                                                                                                                                       
 Capital lease obligations                                                              8,314                      10,206                   
                                                                                                                                       
 Other long-term liabilities                                                            216,214                    211,675                  
                                                                                                                                       
 Redeemable and nonredeemable noncontrolling interests                                  17,020                     26,928                   
                                                                                                                                       
 Guess?, Inc. stockholders' equity                                                      1,086,992                  1,175,630                
                                                                                                                                       
           Total Liabilities and Stockholders' Equity                                  $      1,713,506          $      1,844,475        


 Guess?, Inc. and Subsidiaries                                                                                                              
 Condensed Consolidated Cash Flow Data                                                                                                      
 (in thousands)                                                                                                                             
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                             Twelve Months Ended                                    
                                                                             February 2,                  January 28,             
                                                                             2013                         2012                    
                                                                                                                                  
 Net cash provided by operating activities                                        $      268,904             $      364,494        
                                                                                                                                  
 Net cash used in investing activities                                            (120,262)                   (132,096)              
                                                                                                                                  
 Net cash used in financing activities                                            (318,283)                   (162,988)              
                                                                                                                                  
 Effect of exchange rates on cash                                                 6,857                       (4,642)                
                                                                                                                                  
 Net increase (decrease) in cash and cash equivalents                             (162,784)                   64,768                 
                                                                                                                                  
 Cash and cash equivalents at the beginning of the year                           491,805                     427,037                
                                                                                                                                  
 Cash and cash equivalents at the end of the period                               $      329,021             $      491,805        
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
 Supplemental information:                                                                                                             
                                                                                                                                  
 Depreciation and amortization                                                    $      89,698              $      79,286         
                                                                                                                                  
 Rent                                                                             $      273,436             $      252,528        


 Guess?, Inc. and Subsidiaries                                                                                                      
 Retail Store Data                                                                                                                  
 International Store Count                                                                                                          
                                                                                                                          
                                                                                                                          
                                                                                                                          
                                          As of February 2, 2013                     As of January 28, 2012                   
                                          Total               Directly Operated    Total               Directly Operated  
 Region                                   Stores              Stores               Stores              Stores             
                                                                                                                          
         United States and Canada           512                 512                  504                 504                
                                                                                                                          
         Europe and the Middle East         622                 240                  561                 179                
                                                                                                                          
         Asia                               470                 48                   423                 47                 
                                                                                                                          
         Central and South America          86                  32                   71                  25                 
                                                                                                                          
                                          1,690               832                  1,559               755                
                                                                                                                          


 Guess?, Inc. and Subsidiaries                                                                                                
 Retail Store Data                                                                                                            
 U.S. and Canada                                                                                                              
                                                                                                                     
                                                                                                                     
                                                                                                                     
                                                                             Twelve Months Ended                       
                                                                             February 2,            January 28,      
                                                                             2013                   2012             
                                                                                                                     
 Number of stores at the beginning of the year                                    504                    481              
                                                                                                                     
            Store openings                                                       33                     37               
                                                                                                                     
            Store closures                                                       (25)                   (14)             
                                                                                                                     
 Number of stores at the end of the year                                          512                    504              
                                                                                                                     
                                                                                                                     
 Total store square footage at the end of the year                                2,371,000              2,338,000        
                                                                                                                   


SOURCE  Guess?, Inc.

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