Quarterly Information (Unaudited) (Tables)

12 Months Ended

Jan. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of the unaudited quarterly financial information

The following is a summary of the unaudited quarterly financial information for fiscal 2021 and fiscal 2020 (in thousands, except per share data):

	Quarterly Periods Ended1
Year Ended January 30, 2021	May 2, 2020		Aug 1, 2020		Oct 31, 2020		Jan 30, 2021
Net revenue	$	260,251	$	398,539	$	569,284	$	648,455
Gross profit	34,229		147,028		239,520		276,325
Net earnings (loss)	(160,538)		(20,692)		27,554		72,935
Net earnings (loss) attributable to Guess?, Inc.	(157,666)		(20,358)		26,376		70,419
Net earnings (loss) per common share attributable to common stockholders2,3,4,5,6,7,8:
Basic	$	(2.40)	$	(0.31)	$	0.41	$	1.10
Diluted	$	(2.40)	$	(0.31)	$	0.41	$	1.07

	Quarterly Periods Ended1
Year Ended February 1, 2020	May 4, 2019		Aug 3, 2019		Nov 2, 2019		Feb 1, 2020
Net revenue	$	536,691	$	683,220	$	615,944	$	842,254
Gross profit	181,949		265,666		229,499		338,594
Net earnings (loss)	(20,581)		26,176		13,585		82,049
Net earnings (loss) attributable to Guess?, Inc.	(21,374)		25,322		12,423		79,604
Net earnings (loss) per common share attributable to common stockholders2,3, 4,5,6:
Basic	$	(0.27)	$	0.36	$	0.19	$	1.21
Diluted	$	(0.27)	$	0.35	$	0.18	$	1.18

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1All fiscal quarters presented consisted of 13 weeks.

2Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period. In addition, holders of the Company’s restricted stock awards are not required to participate in losses of the Company. Therefore, in periods in which the Company reported a net loss, such losses were not allocated to these participating securities, and, as a result, basic and diluted net loss per share were the same in those periods.

3Per common share amounts reflect the net impact of share repurchases, cash interest expense and amortization of debt discount and debt issuance costs related to the $300 million convertible senior notes issued during the first quarter of fiscal 2020. Refer to Note 23 and Note 10 for further information regarding share repurchases and the Company’s convertible senior notes.

4During the first quarter of fiscal 2021, the Company recorded $0.2 million in separation-related charges mainly related to certain cash severance payments, partially offset by adjustments to non-cash stock-based compensation expense related to our former Chief Executive Officer resulting from changes in expected performance conditions of certain previously granted stock awards that were no longer subject to service vesting requirements after his departure. The Company also recorded $2.5 million and $0.7 million in separation-related charges mainly related to headcount reduction in response to the COVID-19 pandemic during the second and third quarters of fiscal 2021, respectively. During the fourth quarter of fiscal 2020, the Company recorded $0.4 million mainly related to non-cash stock-based compensation expense resulting from changes in expected performance conditions of certain previously granted stock awards that were no longer subject to service vesting requirements after the former CEO’s departure.

5The Company recorded certain professional service, legal costs and related net credits of $0.3 million, $(0.2) million, $(0.2) million, and $(0.5) million during the first, second, third and fourth quarters of 2021, respectively. The Company recorded $0.3 million, $0.4 million, $(1.4) million, and $(0.1) million of certain professional service and legal costs and related costs during the first, second, third and fourth quarters of fiscal 2020, respectively.

6The Company recorded asset impairment charges of $53.0 million, $12.0 million, $10.3 million, and $5.2 million during the first, second, third and fourth quarters of fiscal 2021, respectively. The asset impairment charges related primarily to impairment of operating lease right-of-use assets and impairment of property and equipment related to certain retail locations resulting from lower revenue and future cash flow projections from the ongoing effects of the COVID-19 pandemic. The Company also recorded asset impairment charges of $1.8 million, $1.5 million, $1.8 million, and $4.9 million during the first, second, third and fourth quarters of fiscal 2020, respectively. The asset impairment charges related primarily to impairment of certain retail locations resulting from under-performance and expected store closures. During the fourth quarter of fiscal 2020, asset impairment charges also included impairment charges related to goodwill associated with the Company’s China retail reporting unit and impairment charges related to certain operating lease right-of-use assets. Refer to Note 5, Note 6 and Note 9 for further information.

7The Company recorded net gains (losses) on lease modifications of $(0.5) million, $0.9 million and $2.4 million during the first, second and fourth quarters of fiscal 2021, respectively. There were no net gains (losses) on lease modifications in fiscal 2020. Refer to Note 1 for further information regarding net gains (losses) on lease modifications.

8During fiscal 2021, the Company recorded discrete tax adjustments related primarily to the negative impact from cumulative valuation allowances, partially offset by tax benefits from a tax rate change due to net operating loss carryback. The Company recognized an increase (decrease) in valuation allowances of $3.7 million, $1.2 million and $(0.7) million resulting from jurisdictions where there have been cumulative net operating losses, limiting the Company’s ability to consider other subjective evidence to continue to recognize the existing deferred tax assets during the first, third and fourth quarters of fiscal 2021, respectively. This was partially offset by tax benefits (expenses) of approximately $11.8 million, $(7.9) million, $0.7 million and $(3.8) million recorded during the first, second, third and fourth quarters of fiscal 2021 respectively, resulting from a tax rate change related to the ability to carryback net operating losses to tax years with a higher federal corporate tax rate as allowed under the CARES Act enacted in March 2020.