(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
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Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
Dated: | March 20, 2024 | GUESS?, INC. | |||||||||
By: | /s/ Markus Neubrand | ||||||||||
Markus Neubrand Chief Financial Officer |
Exhibit 99.1 |
Outlook for Total Company1 | |||||||||||||||||
First Quarter of Fiscal 2025 | Fiscal 2025 | ||||||||||||||||
Consolidated net revenue in U.S. dollars | increase between 1.0% and 2.0% | increase between 11.5% and 13.5% | |||||||||||||||
GAAP operating margin | (3.5)% to (3.0)% | 7.4% to 8.4% | |||||||||||||||
Adjusted operating margin | (2.8)% to (2.3)% | 7.5% to 8.5% | |||||||||||||||
GAAP diluted earnings (loss) per share | $(0.50) to $(0.46) | $2.08 to $2.43 | |||||||||||||||
Adjusted diluted earnings (loss) per share | $(0.41) to $(0.37) | $2.56 to $3.00 | |||||||||||||||
______________________________________________________________________ |
Reconciliation of GAAP Outlook to Adjusted Outlook1 | |||||||||||||||||
First Quarter of Fiscal 2025 | Fiscal 2025 | ||||||||||||||||
GAAP operating margin | (3.5)% to (3.0)% | 7.4% to 8.4% | |||||||||||||||
Transaction costs2 | 0.7% | 0.1% | |||||||||||||||
Adjusted operating margin | (2.8)% to (2.3)% | 7.5% to 8.5% | |||||||||||||||
GAAP diluted earnings (loss) per share | $(0.50) to $(0.46) | $2.08 to $2.43 | |||||||||||||||
Transaction costs2 | 0.08 | 0.05 | |||||||||||||||
Amortization of debt discount2 | 0.01 | 0.03 | |||||||||||||||
Convertible notes if-converted method2 | — | 0.40 to 0.49 | |||||||||||||||
Adjusted diluted earnings (loss) per share | $(0.41) to $(0.37) | $2.56 to $3.00 | |||||||||||||||
______________________________________________________________________________ |
Free Cash Flow Outlook for Total Company1 | |||||||||||||||||
Fiscal 2025 | |||||||||||||||||
Net cash provided by operating activities | $260 | ||||||||||||||||
Less: Purchases of property and equipment | (90) | ||||||||||||||||
Less: Payments for property and equipment under finance leases | (10) | ||||||||||||||||
Free cash flow | $160 | ||||||||||||||||
______________________________________________________________________ |
Contact: | Guess?, Inc. | |||||||
Fabrice Benarouche | ||||||||
Senior Vice President Finance, Investor Relations and Chief Accounting Officer | ||||||||
(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 | Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||||||||
Product sales | $ | 862,746 | 96.8 | % | $ | 793,262 | 97.0 | % | $ | 2,663,282 | 95.9 | % | $ | 2,583,913 | 96.2 | % | |||||||||||||||||||||||||
Net royalties | 28,304 | 3.2 | % | 24,522 | 3.0 | % | 113,248 | 4.1 | % | 103,437 | 3.8 | % | |||||||||||||||||||||||||||||
Net revenue | 891,050 | 100.0 | % | 817,784 | 100.0 | % | 2,776,530 | 100.0 | % | 2,687,350 | 100.0 | % | |||||||||||||||||||||||||||||
Cost of product sales | 486,068 | 54.6 | % | 456,058 | 55.8 | % | 1,553,950 | 56.0 | % | 1,538,603 | 57.3 | % | |||||||||||||||||||||||||||||
Gross profit | 404,982 | 45.4 | % | 361,726 | 44.2 | % | 1,222,580 | 44.0 | % | 1,148,747 | 42.7 | % | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 259,330 | 29.1 | % | 254,496 | 31.1 | % | 954,078 | 34.4 | % | 893,297 | 33.2 | % | |||||||||||||||||||||||||||||
Asset impairment charges | 594 | 0.0 | % | 4,292 | 0.5 | % | 6,887 | 0.2 | % | 9,544 | 0.4 | % | |||||||||||||||||||||||||||||
Net (gains) losses on lease modifications | 232 | 0.0 | % | (613) | (0.1 | %) | (1,662) | (0.1 | %) | (2,267) | (0.1 | %) | |||||||||||||||||||||||||||||
Earnings from operations | 144,826 | 16.3 | % | 103,551 | 12.7 | % | 263,277 | 9.5 | % | 248,173 | 9.2 | % | |||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (5,933) | (0.7 | %) | (3,449) | (0.5 | %) | (21,816) | (0.8 | %) | (13,190) | (0.5 | %) | |||||||||||||||||||||||||||||
Interest income | 3,543 | 0.4 | % | 1,256 | 0.2 | % | 12,100 | 0.4 | % | 2,885 | 0.1 | % | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | (4,655) | (0.5 | %) | — | — | % | (12,351) | (0.4 | %) | — | — | % | |||||||||||||||||||||||||||||
Other, net | 13,152 | 1.4 | % | 894 | 0.1 | % | (5,075) | (0.2 | %) | (39,822) | (1.4 | %) | |||||||||||||||||||||||||||||
Earnings before income tax expense | 150,933 | 16.9 | % | 102,252 | 12.5 | % | 236,135 | 8.5 | % | 198,046 | 7.4 | % | |||||||||||||||||||||||||||||
Income tax expense | 30,788 | 3.4 | % | 3,759 | 0.5 | % | 25,418 | 0.9 | % | 36,502 | 1.4 | % | |||||||||||||||||||||||||||||
Net earnings | 120,145 | 13.5 | % | 98,493 | 12.0 | % | 210,717 | 7.6 | % | 161,544 | 6.0 | % | |||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 4,875 | 0.6 | % | 2,650 | 0.3 | % | 12,518 | 0.5 | % | 11,934 | 0.4 | % | |||||||||||||||||||||||||||||
Net earnings attributable to Guess?, Inc. | $ | 115,270 | 12.9 | % | $ | 95,843 | 11.7 | % | $ | 198,199 | 7.1 | % | $ | 149,610 | 5.6 | % | |||||||||||||||||||||||||
Net earnings per common share attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 2.15 | $ | 1.75 | $ | 3.67 | $ | 2.62 | |||||||||||||||||||||||||||||||||
Diluted | $ | 1.71 | $ | 1.42 | $ | 3.09 | $ | 2.18 | |||||||||||||||||||||||||||||||||
Weighted average common shares outstanding attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||||
Basic | 52,990 | 54,036 | 53,329 | 56,484 | |||||||||||||||||||||||||||||||||||||
Diluted | 68,600 | 67,887 | 69,782 | 70,087 | |||||||||||||||||||||||||||||||||||||
Effective income tax rate | 20.4 | % | 3.7 | % | 10.8 | % | 18.4 | % | |||||||||||||||||||||||||||||||||
Adjusted selling, general and administrative expenses3: | $ | 274,759 | 30.8 | % | $ | 254,197 | 31.1 | % | $ | 967,546 | 34.8 | % | $ | 885,813 | 33.0 | % | |||||||||||||||||||||||||
Adjusted earnings from operations3: | $ | 130,223 | 14.6 | % | $ | 107,529 | 13.1 | % | $ | 255,034 | 9.2 | % | $ | 262,934 | 9.8 | % | |||||||||||||||||||||||||
Adjusted net earnings attributable to Guess?, Inc.3: | $ | 110,805 | 12.4 | % | $ | 98,200 | 12.0 | % | $ | 174,036 | 6.3 | % | $ | 161,056 | 6.0 | % | |||||||||||||||||||||||||
Adjusted weighted average common shares outstanding attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted3,4 | 54,580 | 55,923 | 54,661 | 58,123 | |||||||||||||||||||||||||||||||||||||
Adjusted net earnings per common share attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted3,4 | $ | 2.01 | $ | 1.74 | $ | 3.14 | $ | 2.74 | |||||||||||||||||||||||||||||||||
Adjusted effective income tax rate3: | 17.5 | % | 5.1 | % | 22.2 | % | 18.7 | % | |||||||||||||||||||||||||||||||||
__________________________________________________________________ |
Guess?, Inc. and Subsidiaries | ||
Reconciliation of GAAP Results to Adjusted Results | ||
(dollars in thousands) |
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||||||
Reported GAAP selling, general and administrative expenses | $ | 259,330 | $ | 254,496 | $ | 954,078 | $ | 893,297 | |||||||||||||||||||||||||||
Certain professional service and legal fees and related credits (costs)5 | 15,994 | (299) | 14,033 | (7,484) | |||||||||||||||||||||||||||||||
Transaction costs6 | (565) | — | (565) | — | |||||||||||||||||||||||||||||||
Adjusted selling, general and administrative expenses3 | $ | 274,759 | $ | 254,197 | $ | 967,546 | $ | 885,813 | |||||||||||||||||||||||||||
Reported GAAP earnings from operations | $ | 144,826 | $ | 103,551 | $ | 263,277 | $ | 248,173 | |||||||||||||||||||||||||||
Certain professional service and legal fees and related (credits) costs5 | (15,994) | 299 | (14,033) | 7,484 | |||||||||||||||||||||||||||||||
Transaction costs6 | 565 | — | 565 | — | |||||||||||||||||||||||||||||||
Asset impairment charges7 | 594 | 4,292 | 6,887 | 9,544 | |||||||||||||||||||||||||||||||
Net (gains) losses on lease modifications8 | 232 | (613) | (1,662) | (2,267) | |||||||||||||||||||||||||||||||
Adjusted earnings from operations3 | $ | 130,223 | $ | 107,529 | $ | 255,034 | $ | 262,934 | |||||||||||||||||||||||||||
Reported GAAP net earnings attributable to Guess?, Inc. | $ | 115,270 | $ | 95,843 | $ | 198,199 | $ | 149,610 | |||||||||||||||||||||||||||
Certain professional service and legal fees and related (credits) costs5 | (15,994) | 299 | (14,033) | 7,484 | |||||||||||||||||||||||||||||||
Transaction costs6 | 565 | — | 565 | — | |||||||||||||||||||||||||||||||
Asset impairment charges7 | 594 | 4,292 | 6,887 | 9,544 | |||||||||||||||||||||||||||||||
Net (gains) losses on lease modifications8 | 232 | (613) | (1,662) | (2,267) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt9 | 4,655 | — | 12,351 | — | |||||||||||||||||||||||||||||||
Amortization of debt discount10 | 271 | — | 622 | — | |||||||||||||||||||||||||||||||
Fair value remeasurement of derivatives11 | (998) | — | (998) | — | |||||||||||||||||||||||||||||||
Discrete income tax adjustments12 | 3,815 | (492) | (26,854) | 132 | |||||||||||||||||||||||||||||||
Income tax impact from adjustments13 | 2,395 | (1,129) | (1,041) | (3,447) | |||||||||||||||||||||||||||||||
Total adjustments affecting net earnings attributable to Guess?, Inc. | (4,465) | 2,357 | (24,163) | 11,446 | |||||||||||||||||||||||||||||||
Adjusted net earnings attributable to Guess?, Inc.3 | $ | 110,805 | $ | 98,200 | $ | 174,036 | $ | 161,056 | |||||||||||||||||||||||||||
Reported GAAP income tax expense | $ | 30,788 | $ | 3,759 | $ | 25,418 | $ | 36,502 | |||||||||||||||||||||||||||
Discrete income tax adjustments12 | (3,815) | 492 | 26,854 | (132) | |||||||||||||||||||||||||||||||
Income tax impact from adjustments13 | (2,395) | 1,129 | 1,041 | 3,447 | |||||||||||||||||||||||||||||||
Adjusted income tax expense3 | $ | 24,578 | $ | 5,380 | $ | 53,313 | $ | 39,817 | |||||||||||||||||||||||||||
Adjusted effective income tax rate3 | 17.5 | % | 5.1 | % | 22.2 | % | 18.7 | % | |||||||||||||||||||||||||||
Reported GAAP diluted EPS | $ | 1.71 | $ | 1.42 | $ | 3.09 | $ | 2.18 | |||||||||||||||||||||||||||
Convertible notes if-converted method4 | 0.36 | 0.29 | 0.39 | 0.40 | |||||||||||||||||||||||||||||||
Certain professional service and legal fees and related (credits) costs5,14 | (0.18) | 0.00 | (0.15) | 0.08 | |||||||||||||||||||||||||||||||
Transaction costs6,14 | 0.01 | — | 0.01 | — | |||||||||||||||||||||||||||||||
Asset impairment charges7,14 | 0.01 | 0.05 | 0.07 | 0.11 | |||||||||||||||||||||||||||||||
Net (gains) losses on lease modifications8,14 | 0.00 | (0.01) | (0.02) | (0.03) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt9,14 | 0.05 | — | 0.13 | — | |||||||||||||||||||||||||||||||
Amortization of debt discount10,14 | 0.00 | — | 0.01 | — | |||||||||||||||||||||||||||||||
Fair value remeasurement of derivatives11,14 | (0.01) | — | (0.01) | — | |||||||||||||||||||||||||||||||
Discrete income tax adjustments12 | 0.06 | (0.01) | (0.38) | 0.00 | |||||||||||||||||||||||||||||||
Adjusted diluted EPS3,4 | $ | 2.01 | $ | 1.74 | $ | 3.14 | $ | 2.74 | |||||||||||||||||||||||||||
__________________________________________________________________ |
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Segment Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | % change | February 3, 2024 | January 28, 2023 | % change | |||||||||||||||||||||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | $ | 484,623 | $ | 444,320 | 9% | $ | 1,475,604 | $ | 1,380,790 | 7% | ||||||||||||||||||||||||||||||||||||||||
Americas Retail | 245,924 | 244,357 | 1% | 710,908 | 758,100 | (6%) | ||||||||||||||||||||||||||||||||||||||||||||
Americas Wholesale | 49,542 | 34,475 | 44% | 199,903 | 206,208 | (3%) | ||||||||||||||||||||||||||||||||||||||||||||
Asia | 82,657 | 70,110 | 18% | 276,867 | 238,815 | 16% | ||||||||||||||||||||||||||||||||||||||||||||
Licensing | 28,304 | 24,522 | 15% | 113,248 | 103,437 | 9% | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 891,050 | $ | 817,784 | 9% | $ | 2,776,530 | $ | 2,687,350 | 3% | ||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | $ | 87,382 | $ | 70,979 | 23% | $ | 171,726 | $ | 159,629 | 8% | ||||||||||||||||||||||||||||||||||||||||
Americas Retail | 36,769 | 37,632 | (2%) | 56,829 | 87,184 | (35%) | ||||||||||||||||||||||||||||||||||||||||||||
Americas Wholesale | 14,139 | 7,198 | 96% | 54,403 | 46,266 | 18% | ||||||||||||||||||||||||||||||||||||||||||||
Asia | 3,970 | 1,981 | 100% | 7,897 | (4,811) | (264%) | ||||||||||||||||||||||||||||||||||||||||||||
Licensing | 26,230 | 21,618 | 21% | 105,649 | 92,117 | 15% | ||||||||||||||||||||||||||||||||||||||||||||
Total segment earnings from operations | 168,490 | 139,408 | 21% | 396,504 | 380,385 | 4% | ||||||||||||||||||||||||||||||||||||||||||||
Corporate overhead | (22,838) | (32,178) | (29%) | (128,002) | (124,935) | 2% | ||||||||||||||||||||||||||||||||||||||||||||
Asset impairment charges | (594) | (4,292) | (86%) | (6,887) | (9,544) | (28%) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on lease modifications | (232) | 613 | (138%) | 1,662 | 2,267 | (27%) | ||||||||||||||||||||||||||||||||||||||||||||
Total earnings from operations | $ | 144,826 | $ | 103,551 | 40% | $ | 263,277 | $ | 248,173 | 6% | ||||||||||||||||||||||||||||||||||||||||
Operating margins: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | 18.0 | % | 16.0 | % | 11.6 | % | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Americas Retail | 15.0 | % | 15.4 | % | 8.0 | % | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Americas Wholesale | 28.5 | % | 20.9 | % | 27.2 | % | 22.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Asia | 4.8 | % | 2.8 | % | 2.9 | % | (2.0 | %) | ||||||||||||||||||||||||||||||||||||||||||
Licensing | 92.7 | % | 88.2 | % | 93.3 | % | 89.1 | % | ||||||||||||||||||||||||||||||||||||||||||
GAAP operating margin for total Company | 16.3 | % | 12.7 | % | 9.5 | % | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Certain professional service and legal fees and related (credits) costs3,5 | (1.8 | %) | 0.0 | % | (0.4 | %) | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Transaction costs3,6 | 0.1 | % | — | % | 0.0 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Asset impairment charges3,7 | 0.0 | % | 0.5 | % | 0.2 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Net (gains) losses on lease modifications3,8 | 0.0 | % | (0.1 | %) | (0.1 | %) | (0.1 | %) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin for total Company3 | 14.6 | % | 13.1 | % | 9.2 | % | 9.8 | % | ||||||||||||||||||||||||||||||||||||||||||
______________________________________________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||
Constant Currency Financial Measures | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
As Reported | Foreign Currency Impact | Constant Currency | As Reported | As Reported | Constant Currency | |||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | |||||||||||||||||||||||||||||||||||||
Three Months Ended | % change | |||||||||||||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||||||||||||||
Europe | $ | 484,623 | $ | 2,311 | $ | 486,934 | $ | 444,320 | 9% | 10% | ||||||||||||||||||||||||||||
Americas Retail | 245,924 | (2,401) | 243,523 | 244,357 | 1% | (0%) | ||||||||||||||||||||||||||||||||
Americas Wholesale | 49,542 | (1,680) | 47,862 | 34,475 | 44% | 39% | ||||||||||||||||||||||||||||||||
Asia | 82,657 | 1,108 | 83,765 | 70,110 | 18% | 19% | ||||||||||||||||||||||||||||||||
Licensing | 28,304 | — | 28,304 | 24,522 | 15% | 15% | ||||||||||||||||||||||||||||||||
Total net revenue | $ | 891,050 | $ | (662) | $ | 890,388 | $ | 817,784 | 9% | 9% | ||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||||||||||||||
Europe | $ | 1,475,604 | $ | 3,022 | $ | 1,478,626 | $ | 1,380,790 | 7% | 7% | ||||||||||||||||||||||||||||
Americas Retail | 710,908 | (3,322) | 707,586 | 758,100 | (6%) | (7%) | ||||||||||||||||||||||||||||||||
Americas Wholesale | 199,903 | (6,434) | 193,469 | 206,208 | (3%) | (6%) | ||||||||||||||||||||||||||||||||
Asia | 276,867 | 5,634 | 282,501 | 238,815 | 16% | 18% | ||||||||||||||||||||||||||||||||
Licensing | 113,248 | — | 113,248 | 103,437 | 9% | 9% | ||||||||||||||||||||||||||||||||
Total net revenue | $ | 2,776,530 | $ | (1,100) | $ | 2,775,430 | $ | 2,687,350 | 3% | 3% | ||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
Selected Condensed Consolidated Balance Sheet Data | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 360,285 | $ | 275,765 | ||||||||||||||||||||||||||||
Receivables, net | 314,769 | 341,939 | ||||||||||||||||||||||||||||||
Inventories | 466,297 | 510,899 | ||||||||||||||||||||||||||||||
Other current assets | 84,122 | 83,102 | ||||||||||||||||||||||||||||||
Property and equipment, net | 246,648 | 240,355 | ||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 667,031 | 636,148 | ||||||||||||||||||||||||||||||
Other assets | 450,869 | 337,240 | ||||||||||||||||||||||||||||||
Total assets | $ | 2,590,021 | $ | 2,425,448 | ||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current portion of borrowings and finance lease obligations | $ | 40,781 | $ | 40,380 | ||||||||||||||||||||||||||||
Current operating lease liabilities | 166,451 | 170,192 | ||||||||||||||||||||||||||||||
Current portion of convertible senior notes due 2024, net | 48,048 | — | ||||||||||||||||||||||||||||||
Other current liabilities | 536,277 | 552,480 | ||||||||||||||||||||||||||||||
Long-term debt and finance lease obligations | 28,210 | 95,921 | ||||||||||||||||||||||||||||||
Convertible senior notes due 2024, net | — | 298,931 | ||||||||||||||||||||||||||||||
Convertible senior notes due 2028, net | 336,717 | — | ||||||||||||||||||||||||||||||
Long-term operating lease liabilities | 542,392 | 528,236 | ||||||||||||||||||||||||||||||
Other long-term liabilities | 155,829 | 157,403 | ||||||||||||||||||||||||||||||
Redeemable and nonredeemable noncontrolling interests | 50,376 | 47,792 | ||||||||||||||||||||||||||||||
Guess?, Inc. stockholders’ equity | 684,940 | 534,113 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,590,021 | $ | 2,425,448 | ||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
Condensed Consolidated Cash Flow Data | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 330,381 | $ | 169,188 | ||||||||||||||||||||||||||||
Net cash used in investing activities | (75,145) | (89,868) | ||||||||||||||||||||||||||||||
Net cash used in financing activities | (168,837) | (217,190) | ||||||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | (1,879) | (1,930) | ||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | 84,520 | (139,800) | ||||||||||||||||||||||||||||||
Cash and cash equivalents at the beginning of the year | 275,765 | 415,565 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at the end of the year | $ | 360,285 | $ | 275,765 | ||||||||||||||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 61,349 | $ | 61,467 | ||||||||||||||||||||||||||||
Total lease costs (excluding finance lease cost) | $ | 318,978 | $ | 300,488 | ||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 330,381 | $ | 169,188 | ||||||||||||||||||||||||||||
Less: Purchases of property and equipment | (74,207) | (89,503) | ||||||||||||||||||||||||||||||
Less: Payments for property and equipment under finance leases | (7,752) | (7,503) | ||||||||||||||||||||||||||||||
Free cash flow | $ | 248,422 | $ | 72,182 | ||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Retail Store Data | ||||||||||||||||||||||||||||||||||||||||||||
Global Store and Concession Count | ||||||||||||||||||||||||||||||||||||||||||||
Stores | Concessions | |||||||||||||||||||||||||||||||||||||||||||
Region | Total | Directly Operated | Partner Operated | Total | Directly Operated | Partner Operated | ||||||||||||||||||||||||||||||||||||||
As of February 3, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
United States | 231 | 231 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Canada | 53 | 53 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Central and South America | 101 | 72 | 29 | 29 | 29 | — | ||||||||||||||||||||||||||||||||||||||
Total Americas | 385 | 356 | 29 | 29 | 29 | — | ||||||||||||||||||||||||||||||||||||||
Europe and the Middle East | 770 | 543 | 227 | 57 | 57 | — | ||||||||||||||||||||||||||||||||||||||
Asia and the Pacific | 398 | 103 | 295 | 247 | 134 | 113 | ||||||||||||||||||||||||||||||||||||||
Total | 1,553 | 1,002 | 551 | 333 | 220 | 113 | ||||||||||||||||||||||||||||||||||||||
As of January 28, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
United States | 240 | 240 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Canada | 62 | 62 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Central and South America | 103 | 69 | 34 | 29 | 29 | — | ||||||||||||||||||||||||||||||||||||||
Total Americas | 405 | 371 | 34 | 29 | 29 | — | ||||||||||||||||||||||||||||||||||||||
Europe and the Middle East | 794 | 560 | 234 | 54 | 54 | — | ||||||||||||||||||||||||||||||||||||||
Asia and the Pacific | 409 | 115 | 294 | 250 | 129 | 121 | ||||||||||||||||||||||||||||||||||||||
Total | 1,608 | 1,046 | 562 | 333 | 212 | 121 | ||||||||||||||||||||||||||||||||||||||
Guess?, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Footnotes to Condensed Consolidated Financial Data |
1 | The Company’s outlook for the first quarter and full fiscal year 2025 assumes that foreign currency exchange rates remain at recently prevailing rates. | ||||
2 | Amounts for the first quarter and full fiscal 2025 outlook exclude (i) transaction costs in connection with the acquisition of rag & bone, (ii) the amortization of the debt discount related to the 2028 Notes and (iii) the dilutive impact of the Notes for adjusted diluted shares and corresponding interest expenses at initial stock prices below $46.88 for the 2024 Notes and $41.80 for the 2028 Notes, based on the bond hedge contracts in place that will deliver shares to offset dilution. The Company excludes the impact anticipated to be recorded and the diluted impact anticipated in those periods as such amounts are reasonably estimated. The Company has not assumed any potential share dilution due to the related warrants. | ||||
3 | The adjusted results exclude certain professional service and legal fees and related (credits) costs, transaction costs in connection with the acquisition of rag & bone, asset impairment charges, net (gains) losses on lease modifications, loss on extinguishment of debt, amortization of debt discount, fair value remeasurement of derivatives, the related income tax impacts of these adjustments, as well as certain discrete income tax adjustments, where applicable. The weighted average diluted shares outstanding used for adjusted diluted EPS excludes the dilutive impact of the Notes, based on the bond hedge contracts in place. A reconciliation of actual results to adjusted results is presented in the “Reconciliation of GAAP Results to Adjusted Results.” | ||||
4 | The Company excludes the dilutive impact of the Notes at stock prices below $44.15 for the 2024 Notes and below $41.37 for the 2028 Notes, based on the bond hedge contracts in place that will deliver shares to offset dilution. At stock prices in excess of $44.15 for the 2024 Notes and $41.37 for the 2028 Notes, the Company would have an obligation to deliver additional shares in excess of the dilution protection provided by the bond hedges. | ||||
5 | Adjustments represent certain professional service and legal fees and related (credits) costs which the Company otherwise would not have incurred as part of its business operations. Amounts include a net benefit of approximately $16.6 million recorded during the fourth quarter of fiscal 2024 as a result of the settlement of the Company’s previously-disclosed stockholder derivative lawsuit brought by the Employees Retirement System of Rhode Island. | ||||
6 | Adjustments represent transaction costs in connection with the acquisition of rag & bone which the Company otherwise would not have incurred as part of its business operations. | ||||
7 | Adjustments represent asset impairment charges related primarily to impairment of property and equipment related to certain retail locations resulting from under-performance and expected store closures. | ||||
8 | Adjustments represent net (gains) losses on lease modifications related primarily to the early termination of certain lease agreements. | ||||
9 | Adjustments represent loss on extinguishment of debt from a portion of the exchanged 2024 Notes in April 2023 and January 2024. | ||||
10 | In April 2023 and January 2024, the Company issued $275 million and $65 million principal amount of 3.75% convertible senior notes due 2028 in private offerings, respectively. The debt discount resulted from: (1) the modification accounting for a portion of the exchanged 2024 Notes in April 2023, and (2) recognized embedded derivative liability for the issuance of Additional 2028 Notes in January 2024. The debt discount will be amortized as non-cash interest expense over the term of the 2028 Notes. | ||||
11 | Adjustments represent changes in fair value of the equity-linked derivatives associated with the 2028 Notes. | ||||
12 | Adjustments represent discrete income tax items related primarily to a benefit recognized during the third quarter of fiscal 2024 related to the consolidation of certain business functions into Switzerland and, to a lesser extent, adjustments from an intra-entity transfer of intellectual property rights from certain U.S. entities to a wholly-owned Swiss subsidiary and the impact from changes in the income tax law in certain tax jurisdictions. | ||||
13 | The income tax effect of certain professional service and legal fees and related (credits) costs, transaction costs in connection with the acquisition of rag & bone, asset impairment charges, net (gains) losses on lease modifications, loss on extinguishment of debt, amortization of debt discount and fair value remeasurement of derivatives was based on the Company’s assessment of deductibility using the statutory income tax rate (inclusive of the impact of valuation allowances) of the tax jurisdiction in which the charges were incurred. | ||||
14 | Adjustments include the related income tax effect based on the Company’s assessment of deductibility using the statutory income tax rate (inclusive of the impact of valuation allowances) of the tax jurisdiction in which the charges were incurred. | ||||
Cover Page |
Mar. 20, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 20, 2024 |
Entity Registrant Name | GUESS INC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-11893 |
Entity Tax Identification Number | 95-3679695 |
Entity Address, Address Line One | Strada Regina 44 |
Entity Address, City or Town | Bioggio |
Entity Address, Country | CH |
Entity Address, Postal Zip Code | CH-6934 |
City Area Code | 41 |
Local Phone Number | 91 809 5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | GES |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000912463 |
Amendment Flag | false |
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