FISCAL 2015 ANNUAL REPORT

GUESS
Myeong-dong, Seoul, KOREA

GUESS
Kliff Mall, Warsaw, POLAND

GUESS
Fashion Show, Las Vegas, NEVADA

GUESS Men
Miami Intl Mall, FLORIDA

GUESS
Firenze Speziali, Florence, ITALY

CHAIRMAN AND CEOS LETTER TO OUR SHAREHOLDERS

Dear Shareholders:
Fiscal 2015 was a challenging year for the Company, impacted by continued economic softness across
the globe as well as a more promotional environment in North America. However, we are pleased with the
results of our omni-channel strategy where we were able to significantly grow our e-commerce revenues in North
America. Our European e-commerce channel, although proportionally smaller than North America, also
experienced strong growth during the year.
In North America, our retail stores in regular malls faced highly promotional conditions and softer mall
traffic. In Europe, we were pressured by weakened consumer confidence and macro-economic conditions. Our
business in Asia continued to be challenged due to soft consumer demand in South Korea and China. Overall, our
results fell short of our initial expectations for the year, but we have begun to implement the changes necessary to
improve our profitability while at the same time protecting the GUESS? brand. Our strategic initiatives are
focused on four priorities: growth of our omni-channel strategy, product integration, evaluation of our business
portfolio and store portfolio rationalization.
We will continue to emphasize our e-commerce channel globally as we execute our omni-channel strategy
that allows customers to shop seamlessly in retail stores, online and through mobile devices. We have made
significant investments in this channel in the past several years. We expect to deploy similar omni-channel
strategies in select international markets in the coming year, leveraging our existing technology and experience.
In terms of product, we were also very pleased with the performance of our MARCIANO collection. In
North America, we are expanding the integration of our MARCIANO product line into our GUESS? stores and
expect to almost double the number of stores that will feature MARCIANO products by the end of fiscal 2016.
We expect that this will elevate our product offering both in-store and online by offering our customer a range of
selection that enhances the GUESS? brand experience. Our MARCIANO product is already integrated into our
GUESS? stores in Europe and Asia. In North America, we have also integrated our G by GUESS products into
our GUESS? Factory stores, leveraging support functions and expertise to gain additional synergies.
We plan to improve our overall profitability by evaluating the different businesses in our global portfolio
and reducing the size and cost structure of the less profitable ones, while directing capital investments to those
with more profit potential. During fiscal 2015, we streamlined our North American Retail organization, and at a
corporate level, we streamlined our cost structure by simplifying processes, realigning departments and merging
concept support structures. We are also phasing out our G by GUESS concept in South Korea to concentrate on
improving the performance of our GUESS? brand.
We plan to increase the profitability for our brick-and-mortar locations over the long-term by improving the
productivity and performance of our existing stores. While we will continue to protect and invest in flagship
locations, we will also continue to close stores in North America that are either under-performing, no longer in
brand appropriate locations, or both. We have conducted an analysis of our existing store portfolio and have
identified certain stores that we plan to exit before the end of fiscal 2016 through a combination of lease
expirations and kick-outs. Including these stores, roughly half of our retail store leases in the U.S. and Canada will
come up for renewal or kick-out in the next three years, providing us with the flexibility to further optimize our
retail footprint as needed in the coming years. We are taking a similar approach in Europe and Asia, but on a
smaller scale.

Overall, these initiatives aim to preserve our strong capital structure, protect our brand equity and
improve profitability. More than ever, we will continue to focus on the areas that we can control while
adapting to the changing environment. We are confident in our product line for fiscal 2016 and we believe we
are staying true to what the GUESS? brand stands for in delivering the high quality and unique experience that
our global customers have come to expect from us.
Sincerely,

Maurice Marciano
Chairman of the Board

Paul Marciano
Chief Executive Officer
And Vice Chairman of the Board

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended January 31, 2015
OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from
Commission File Number 1-11893

to

GUESS?, INC.
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ITEM 1A.

Risk Factors.

You should carefully consider the following factors and other information in this Annual Report on Form 10K. Additional risks which we do not presently consider material, or of which we are not currently aware, may also
have an adverse impact on us. Please also see Important Factors Regarding Forward-Looking Statements on
page (ii).
Demand for our merchandise may decrease and the appeal of our brand image may diminish if we fail to identify
and rapidly respond to consumers fashion tastes.
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The apparel industry is highly competitive, and we may face difficulties competing successfully in the future.
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Poor or uncertain economic conditions, and the resulting negative impact on consumer confidence and spending,
have had and could continue to have an adverse effect on the apparel industry and on our operating results.
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Mine Safety Disclosures.

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PART II
ITEM 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
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Market Price
High
Low

Dividends
Declared and
Paid

Fiscal year ended February 1, 2014

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Fiscal year ended January 31, 2015

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Performance Graph
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COMPARISON OF FIVE YEAR TOTAL RETURN
AMONG GUESS?, INC.,
S&P 500 INDEX AND S&P 1500 APPAREL RETAIL INDEX
$300

$250

DOLLARS

$200

$150

$100

$50

$0
1/30/2010

1/29/2011

Guess?, Inc.

1/28/2012

2/2/2013

S&P 1500 Apparel Retail Index

2/1/2014

1/31/2015

S&P 500 Index

Period Ending
1/30/2010

1/29/2011

1/28/2012

2/2/2013

2/1/2014

1/31/2015

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Share Repurchase Program

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Period

November 2, 2014 to November 29, 2014

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November 30, 2014 to January 3, 2015
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January 4, 2015 to January 31, 2015
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Total
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Total
Number of
Shares
Purchased

Average
Price Paid
per Share

Total Number of
Shares
Purchased as Part
of
Publicly
Announced
Plans or Programs

Maximum Number
(or Approximate
Dollar Value)
of Shares That May
Yet Be Purchased
Under the Plans
or Programs























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ITEM 6. Selected Financial Data.

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Year Ended (1)
Feb 1,
Feb 2,
Jan 28,
2014
2013
2012
(in thousands, except per share data)

Jan 31,
2015

Statements of income data:

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Net earnings per common share
attributable to common stockholders:
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Jan 29,
2011






















































































Jan 31,
2015

Balance sheet data:

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Feb 1,
2014

Feb 2,
2013

Jan 28,
2012

Jan 29,
2011

 


 


 


 














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ITEM 7.

Managements Discussion and Analysis of Financial Condition and Results of Operations.

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DQDO\VLVRIRXUH[LVWLQJVWRUHSRUWIROLRDQGKDYHLGHQWLILHGFHUWDLQVWRUHVZKLFKDUHXQGHUSHUIRUPLQJRUQRORQJHU
DSSURSULDWHO\SRVLWLRQHGWKDWZHSODQWRH[LWEHIRUHWKHHQGRIILVFDOWKURXJKDFRPELQDWLRQRIOHDVHH[SLUDWLRQV
DQGNLFNRXWV,QFOXGLQJWKHVHVWRUHVURXJKO\KDOIRIRXUUHWDLOVWRUHOHDVHVLQWKH86DQG&DQDGDZLOOFRPHXSIRU
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DVQHHGHGLQWKHFRPLQJ\HDUV:HSODQWRWDNHDVLPLODUDSSURDFKLQ(XURSHDQG$VLDDVZHOODOWKRXJKRQDVPDOOHU
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Business Portfolio. :HSODQWRLPSURYHRYHUDOOSURILWDELOLW\E\HYDOXDWLQJWKHGLIIHUHQWEXVLQHVVHVLQRXU
JOREDOSRUWIROLRDQGUHGXFLQJWKHVL]HDQGFRVWVWUXFWXUHRIWKHOHVVSURILWDEOHRQHVZKLOHGLUHFWLQJFDSLWDOLQYHVWPHQWV
WRWKRVHZLWKPRUHSURILWSRWHQWLDO$VSDUWRIWKLVVWUDWHJ\ZHDUHSKDVLQJRXWRXU*E\*8(66FRQFHSWLQ6RXWK
.RUHDWRFRQFHQWUDWHRQLPSURYLQJWKHSHUIRUPDQFHRIRXU*8(66"EUDQG



Capital Allocation
7KH&RPSDQ\VLQYHVWPHQWVLQFDSLWDOIRUWKHIXOOILVFDO\HDUDUHSODQQHGEHWZHHQPLOOLRQDQG
PLOOLRQDIWHUGHGXFWLQJHVWLPDWHGOHDVHLQFHQWLYHVRIDSSUR[LPDWHO\PLOOLRQ7KHSODQQHGLQYHVWPHQWVLQFDSLWDO
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Comparable Store Sales
$VDUHVXOWRIRXURPQLFKDQQHOVWUDWHJ\RXUHFRPPHUFHEXVLQHVVKDVEHFRPHVWURQJO\LQWHUWZLQHGZLWKRXU
EULFNDQGPRUWDUUHWDLOVWRUHEXVLQHVV7KHUHIRUHZHEHOLHYHWKDWWKHLQFOXVLRQRIHFRPPHUFHVDOHVLQRXUFRPSDUDEOH
VWRUHVDOHVPHWULFSURYLGHVDPRUHPHDQLQJIXOUHSUHVHQWDWLRQRIRXUUHWDLOUHVXOWV,QWKHILUVWTXDUWHURIILVFDO
WKH&RPSDQ\EHJDQLQFOXGLQJWKHUHVXOWVRIRXUHFRPPHUFHVLWHVLQRXUTXDUWHUO\FRPSDUDEOHVWRUHVDOHVUHVXOWVIRU
RXUVWRUHVLQWKH86DQG&DQDGDZKHUHHFRPPHUFHRSHUDWLRQVDUHPRUHVLJQLILFDQW:HDOVRFRQWLQXHWRVHSDUDWHO\
UHSRUWWKHLPSDFWRIHFRPPHUFHVDOHVRQRXUFRPSDUDEOHVWRUHVDOHVPHWULF
6DOHVIURPRXUEULFNDQGPRUWDUUHWDLOVWRUHVLQFOXGHSXUFKDVHVWKDWDUHLQLWLDWHGSDLGIRUDQGIXOILOOHGDWRXU
UHWDLOVWRUHVDVZHOODVPHUFKDQGLVHWKDWLVUHVHUYHGRQOLQHEXWSDLGIRUDQGSLFNHGXSDWRXUUHWDLOVWRUHV6DOHVIURP
RXUHFRPPHUFHVLWHVLQFOXGHSXUFKDVHVWKDWDUHLQLWLDWHGDQGSDLGIRURQOLQHDQGVKLSSHGIURPHLWKHURXUGLVWULEXWLRQ
FHQWHUVRURXUUHWDLOVWRUHVDVZHOODVSXUFKDVHVWKDWDUHLQLWLDWHGLQDUHWDLOVWRUHEXWGXHWRLQYHQWRU\DYDLODELOLW\DW
WKHUHWDLOVWRUHDUHRUGHUHGDQGSDLGIRURQOLQHDQGVKLSSHGIURPRXUGLVWULEXWLRQFHQWHUVRUDGLIIHUHQWUHWDLOVWRUH
6WRUHVDOHVDUHFRQVLGHUHGFRPSDUDEOHDIWHUWKHVWRUHKDVEHHQRSHQIRUIXOOPRQWKV,IDVWRUHUHPRGHOUHVXOWV
LQDVTXDUHIRRWDJHFKDQJHRIPRUHWKDQRULQYROYHVDUHORFDWLRQRUDFKDQJHLQVWRUHFRQFHSWWKHVWRUHVDOHV
DUHUHPRYHGIURPWKHFRPSDUDEOHVWRUHEDVHXQWLOWKHVWRUHKDVEHHQRSHQHGDWLWVQHZVL]HLQLWVQHZORFDWLRQRU
XQGHULWVQHZFRQFHSWIRUIXOOPRQWKV(FRPPHUFHVDOHVDUHFRQVLGHUHGFRPSDUDEOHDIWHUWKHRQOLQHVLWHKDVEHHQ
RSHUDWLRQDOLQDFRXQWU\IRUIXOOPRQWKVDQGH[FOXGHDQ\UHODWHGUHYHQXHIURPVKLSSLQJIHHV
'HILQLWLRQVDQGFDOFXODWLRQVRIFRPSDUDEOHVWRUHVDOHVXVHGE\WKH&RPSDQ\PD\GLIIHUIURPVLPLODUO\WLWOHG
PHDVXUHVUHSRUWHGE\RWKHUFRPSDQLHV
Executive Summary
Overview
1HWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFGHFUHDVHGWRPLOOLRQRUGLOXWHGHDUQLQJVRISHU
FRPPRQVKDUHIRUILVFDOFRPSDUHGWRQHWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFRIPLOOLRQRUGLOXWHG
HDUQLQJVRISHUFRPPRQVKDUHLQILVFDO'XULQJWKHILUVWTXDUWHURIILVFDOWKH&RPSDQ\LPSOHPHQWHG
SODQVWRVWUHDPOLQHLWVVWUXFWXUHDQGUHGXFHH[SHQVHVLQERWK(XURSHDQG1RUWK$PHULFD'XULQJWKHVHFRQGTXDUWHU
RIILVFDOWKH&RPSDQ\H[SDQGHGWKHVHSODQVWRLQFOXGHWKHFRQVROLGDWLRQDQGVWUHDPOLQLQJRIFHUWDLQRSHUDWLRQV
LQ(XURSHDQG$VLD7KHVHDFWLRQVUHVXOWHGLQUHVWUXFWXULQJFKDUJHVIRUILVFDORIPLOOLRQRUPLOOLRQ
DIWHUFRQVLGHULQJWKHPLOOLRQUHGXFWLRQWRLQFRPHWD[H[SHQVHDVDUHVXOWRIWKHFKDUJHRUDQXQIDYRUDEOHDIWHU
WD[LPSDFWRISHUVKDUH([FOXGLQJWKHLPSDFWRIWKHUHVWUXFWXULQJFKDUJHVDQGWKHUHODWHGWD[LPSDFWDGMXVWHG
QHWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFZDVPLOOLRQDQGDGMXVWHGGLOXWHGHDUQLQJVZDVSHUFRPPRQ
VKDUHIRUILVFDO5HIHUHQFHVWRILQDQFLDOUHVXOWVH[FOXGLQJWKHLPSDFWRIWKHUHVWUXFWXULQJFKDUJHVDUHQRQ*$$3
PHDVXUHVDQGDUHDGGUHVVHGEHORZXQGHU1RQ*$$30HDVXUHV
+LJKOLJKWVRIWKH&RPSDQ\VSHUIRUPDQFHIRUILVFDOFRPSDUHGWRWKHSULRU\HDUDUHSUHVHQWHGEHORZ
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Operations

7RWDOQHWUHYHQXHGHFUHDVHGWRELOOLRQIRUILVFDOIURPELOOLRQLQWKHSULRU\HDU
,QFRQVWDQWFXUUHQF\QHWUHYHQXHGHFUHDVHGE\

*URVVPDUJLQJURVVSURILWDVDSHUFHQWDJHRIWRWDOQHWUHYHQXHGHFUHDVHGEDVLVSRLQWVWR

IRUILVFDOFRPSDUHGWRLQWKHSULRU\HDU

6HOOLQJJHQHUDODQGDGPLQLVWUDWLYH6* $H[SHQVHVLQFUHDVHGWRPLOOLRQIRUILVFDO
FRPSDUHGWRPLOOLRQLQWKHSULRU\HDU6* $H[SHQVHVDVDSHUFHQWDJHRIUHYHQXH6* $
UDWHLQFUHDVHGE\EDVLVSRLQWVWRIRUILVFDOIURPLQWKHSULRU\HDU


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LQWKHSULRU\HDU

Key Balance Sheet Accounts

7KH&RPSDQ\KDGPLOOLRQLQFDVKDQGFDVKHTXLYDOHQWVDVRI-DQXDU\7KHUHZHUHQR
VKRUWWHUPLQYHVWPHQWVDVRI-DQXDU\7KLVFRPSDUHVWRFDVKDQGFDVKHTXLYDOHQWVDQGVKRUW
WHUPLQYHVWPHQWVRIPLOOLRQDW)HEUXDU\

$FFRXQWVUHFHLYDEOHZKLFKUHODWHVSULPDULO\WRWKH&RPSDQ\VZKROHVDOHEXVLQHVVLQ(XURSHDQGWR
DOHVVHUH[WHQWWRLWVZKROHVDOHEXVLQHVVHVLQ1RUWK$PHULFDDQG$VLDDQGLWVLQWHUQDWLRQDOOLFHQVLQJ
EXVLQHVVGHFUHDVHGE\PLOOLRQRUWRPLOOLRQDVRI-DQXDU\FRPSDUHG
WRPLOOLRQDW)HEUXDU\2QDFRQVWDQWFXUUHQF\EDVLVDFFRXQWVUHFHLYDEOHGHFUHDVHG
PLOOLRQRU

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PLOOLRQDW)HEUXDU\2QDFRQVWDQWFXUUHQF\EDVLVLQYHQWRU\GHFUHDVHGE\PLOOLRQ
RU

Global Store Count

,QILVFDOWRJHWKHUZLWKRXUSDUWQHUVZHRSHQHGQHZVWRUHVZRUOGZLGHFRQVLVWLQJRIVWRUHVLQ
$VLDVWRUHVLQ(XURSHDQGWKH0LGGOH(DVWVWRUHVLQWKH86DQG&DQDGDDQGVWRUHVLQ&HQWUDODQG6RXWK
$PHULFD7RJHWKHUZLWKRXUSDUWQHUVZHFORVHGVWRUHVZRUOGZLGHFRQVLVWLQJRIVWRUHVLQ(XURSHDQGWKH
0LGGOH(DVWVWRUHVLQ$VLDVWRUHVLQWKH86DQG&DQDGDDQGILYHVWRUHVLQ&HQWUDODQG6RXWK$PHULFD
:HHQGHGILVFDOZLWKVWRUHVZRUOGZLGHFRPSULVHGDVIROORZV
Region

Total Stores

8QLWHG6WDWHVDQG&DQDGD 
(XURSHDQGWKH0LGGOH(DVW
$VLD 
&HQWUDODQG6RXWK$PHULFD
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Directly
Operated Stores







Licensee Stores






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VWRUHVZHUH*8(66"VWRUHVZHUH*8(66"$FFHVVRULHVVWRUHVZHUH*E\*8(66VWRUHVDQG
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Results of Operations
7KHIROORZLQJWDEOHVHWVIRUWKDFWXDORSHUDWLQJUHVXOWVIRUWKHILVFDO\HDUVDQGDVDSHUFHQWDJH
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Jan 31,
2015

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Year Ended
Feb 1,
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Feb 2,
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Fiscal 2015 Compared to Fiscal 2014

Consolidated Results
Net Revenue.1HWUHYHQXHGHFUHDVHGE\PLOOLRQRUWRELOOLRQIRUILVFDOIURPELOOLRQ
LQILVFDO,QFRQVWDQWFXUUHQF\QHWUHYHQXHGHFUHDVHGE\DVFXUUHQF\WUDQVODWLRQIOXFWXDWLRQVUHODWLQJWR
RXUIRUHLJQRSHUDWLRQVXQIDYRUDEO\LPSDFWHGQHWUHYHQXHE\PLOOLRQFRPSDUHGWRWKHSULRU\HDU7KHGHFUHDVH
LQUHYHQXHZDVGULYHQSULPDULO\E\ORZHU(XURSHDQZKROHVDOHVKLSPHQWVDQGQHJDWLYHFRPSDUDEOHVWRUHVDOHVLQ
1RUWK$PHULFDQ5HWDLO
Gross Profit.*URVVSURILWGHFUHDVHGE\PLOOLRQRUWRPLOOLRQIRUILVFDOIURP
PLOOLRQLQILVFDO7KHGHFOLQHLQJURVVSURILWZKLFKLQFOXGHGWKHXQIDYRUDEOHLPSDFWRIFXUUHQF\WUDQVODWLRQ
ZDVGXHSULPDULO\WRWKHXQIDYRUDEOHLPSDFWIURPORZHUZKROHVDOHVDOHVLQ(XURSHQHJDWLYHFRPSDUDEOHVWRUHVDOHV
LQ1RUWK$PHULFDQ5HWDLODQGORZHURYHUDOOSURGXFWPDUJLQV
*URVVPDUJLQGHFUHDVHGEDVLVSRLQWVWRIRUILVFDOIURPLQILVFDOGXHWRDKLJKHU
RFFXSDQF\UDWHDQGORZHURYHUDOOSURGXFWPDUJLQV7KHKLJKHURFFXSDQF\UDWHZDVGULYHQE\QHJDWLYHFRPSDUDEOH
VWRUHVDOHVLQ1RUWK$PHULFDQ5HWDLODQGORZHUZKROHVDOHVKLSPHQWVLQ(XURSH3URGXFWPDUJLQVGHFOLQHGGXHSULPDULO\
WRPRUHUHWDLOPDUNGRZQVLQ1RUWK$PHULFD
7KH&RPSDQ\VJURVVPDUJLQPD\QRWEHFRPSDUDEOHWRWKDWRIRWKHUHQWLWLHVVLQFHVRPHHQWLWLHVLQFOXGHDOORI
WKHFRVWVUHODWHGWRWKHLUGLVWULEXWLRQLQFRVWRISURGXFWVDOHVDQGRWKHUVOLNHWKH&RPSDQ\JHQHUDOO\H[FOXGHZKROHVDOH
UHODWHGGLVWULEXWLRQFRVWVIURPJURVVPDUJLQLQFOXGLQJWKHPLQVWHDGLQ6* $H[SHQVHV$GGLWLRQDOO\VRPHHQWLWLHV
LQFOXGHUHWDLOVWRUHRFFXSDQF\FRVWVLQ6* $H[SHQVHVDQGRWKHUVOLNHWKH&RPSDQ\LQFOXGHUHWDLOVWRUHRFFXSDQF\
FRVWVLQFOXGLQJUHQWDQGGHSUHFLDWLRQLQFRVWRISURGXFWVDOHV
Selling, General and Administrative Expenses. 6* $H[SHQVHVLQFUHDVHGE\PLOOLRQRUWR
PLOOLRQIRUILVFDOIURPPLOOLRQLQILVFDO7KHLQFUHDVHLQ6* $H[SHQVHVZKLFKLQFOXGHGWKH
IDYRUDEOHLPSDFWRIFXUUHQF\WUDQVODWLRQZDVGULYHQSULPDULO\E\KLJKHUDVVHWLPSDLUPHQWFKDUJHVUHODWHGWRFHUWDLQ
XQGHUSHUIRUPLQJ UHWDLO VWRUHV DQG H[SHFWHG VWRUH FORVXUHV SDUWLDOO\ RIIVHW E\ ORZHU VHOOLQJ DQG PHUFKDQGLVLQJ
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7KHLQFUHDVHZDVGULYHQE\KLJKHUDVVHWLPSDLUPHQWFKDUJHVUHODWHGWRFHUWDLQXQGHUSHUIRUPLQJUHWDLOVWRUHVDQG
H[SHFWHG VWRUH FORVXUHV DQG WKH QHJDWLYH LPSDFW RQ WKH &RPSDQ\V IL[HG FRVW VWUXFWXUH UHVXOWLQJ IURP QHJDWLYH
FRPSDUDEOHVWRUHVDOHVLQ1RUWK$PHULFDQ5HWDLODQGORZHUZKROHVDOHVKLSPHQWVLQ(XURSH
Restructuring Charges. 7KHUHZHUHQRUHVWUXFWXULQJFKDUJHVLQFXUUHGGXULQJILVFDO'XULQJILVFDOWKH
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Earnings from Operations. (DUQLQJVIURPRSHUDWLRQVGHFUHDVHGE\PLOOLRQRUWRPLOOLRQIRU
ILVFDOIURPPLOOLRQLQILVFDO&XUUHQF\WUDQVODWLRQIOXFWXDWLRQVUHODWLQJWRRXUIRUHLJQRSHUDWLRQV
XQIDYRUDEO\LPSDFWHGHDUQLQJVIURPRSHUDWLRQVE\PLOOLRQ
2SHUDWLQJPDUJLQGHFUHDVHGEDVLVSRLQWVWRIRUILVFDOFRPSDUHGWRLQILVFDO2SHUDWLQJ
PDUJLQZDVQHJDWLYHO\LPSDFWHGE\ORZHURYHUDOOJURVVPDUJLQVDQGWKHKLJKHU6* $UDWHGLVFXVVHGDERYHSDUWLDOO\
RIIVHWE\UHVWUXFWXULQJFKDUJHVLQFXUUHGGXULQJWKHSULRU\HDU
Interest Income (Expense), Net.,QWHUHVWH[SHQVHQHWZDVPLOOLRQIRUILVFDOFRPSDUHGWRLQWHUHVWLQFRPH
QHWRI  PLOOLRQ LQILVFDO DQG LQFOXGHVWKH LPSDFWRIKHGJH LQHIIHFWLYHQHVVRI IRUHLJQ FXUUHQF\IRUZDUG
FRQWUDFWVGHVLJQDWHGDVFDVKIORZKHGJHV7KHFKDQJHLQLQWHUHVWH[SHQVHQHWIRUILVFDOFRPSDUHGWRWKHSULRU
\HDUZDVGULYHQSULPDULO\E\ORZHULQWHUHVWLQFRPHGXHWRORZHUYDOXHDGGHGWD[UHFHLYDEOHVLQ(XURSHDQGORZHU
LQYHVWPHQWVLQPDUNHWDEOHVHFXULWLHVGXULQJILVFDOFRPSDUHGWRWKHSULRU\HDU
Other Income, Net.2WKHULQFRPHQHWZDVPLOOLRQIRUILVFDOFRPSDUHGWRPLOOLRQLQILVFDO
2WKHULQFRPHQHWLQILVFDOFRQVLVWHGSULPDULO\RIQHWXQUHDOL]HGDQGUHDOL]HGPDUNWRPDUNHWUHYDOXDWLRQJDLQV
RQIRUHLJQFXUUHQF\FRQWUDFWV2WKHULQFRPHQHWLQILVFDOFRQVLVWHGSULPDULO\RIQHWXQUHDOL]HGDQGUHDOL]HG
JDLQVRQQRQRSHUDWLQJDVVHWVDQGQHWUHDOL]HGDQGXQUHDOL]HGPDUNWRPDUNHWJDLQVRQIRUHLJQFXUUHQF\FRQWUDFWV
DQGRWKHUIRUHLJQFXUUHQF\EDODQFHV
Income Tax Expense. ,QFRPHWD[H[SHQVHIRUILVFDOZDVPLOOLRQRUDHIIHFWLYHWD[UDWHFRPSDUHG
WRLQFRPHWD[H[SHQVHRIPLOOLRQRUDHIIHFWLYHWD[UDWHLQILVFDO
Net Earnings Attributable to Noncontrolling Interests.1HWHDUQLQJVDWWULEXWDEOHWRQRQFRQWUROOLQJLQWHUHVWVIRU
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Net Earnings Attributable to Guess?, Inc.1HWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFGHFUHDVHGE\PLOOLRQRU
WRPLOOLRQIRUILVFDOIURPPLOOLRQLQILVFDO'LOXWHGHDUQLQJVSHUVKDUHGHFUHDVHGWR
SHUVKDUHIRUILVFDOFRPSDUHGWRSHUVKDUHLQILVFDO7KHUHVXOWVIRUILVFDOLQFOXGHGWKH
XQIDYRUDEOHSHUVKDUHDIWHUWD[LPSDFWRIWKHUHVWUXFWXULQJFKDUJHV([FOXGLQJWKHLPSDFWRIWKHUHVWUXFWXULQJ
FKDUJHVDQGWKHUHODWHGWD[LPSDFWDGMXVWHGQHWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFZDVPLOOLRQDQGDGMXVWHG
GLOXWHGHDUQLQJVZDVSHUFRPPRQVKDUHIRUILVFDO5HIHUHQFHVWRILQDQFLDOUHVXOWVH[FOXGLQJWKHLPSDFW
RIWKHUHVWUXFWXULQJFKDUJHVDUHQRQ*$$3PHDVXUHVDQGDUHDGGUHVVHGEHORZXQGHU1RQ*$$30HDVXUHV



Information by Business Segment

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Fiscal 2015

Net revenue:
1RUWK$PHULFDQ5HWDLO
(XURSH
$VLD 
1RUWK$PHULFDQ:KROHVDOH
/LFHQVLQJ
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Earnings (loss) from operations:
1RUWK$PHULFDQ5HWDLO
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$VLD 
1RUWK$PHULFDQ:KROHVDOH
/LFHQVLQJ
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5HVWUXFWXULQJ&KDUJHV 
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Operating margins:
1RUWK$PHULFDQ5HWDLO
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Fiscal 2014



















Change






 











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North American Retail

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VDOHVLQFOXGLQJHFRPPHUFHRILQWKH86DQG&DQDGDDQGQHJDWLYHLQFRQVWDQWFXUUHQF\ZKLFKDOVR
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Fiscal 2014 Compared to Fiscal 2013
Consolidated Results
Net Revenue. 1HWUHYHQXHIRUILVFDOGHFUHDVHGE\PLOOLRQRUWRELOOLRQIURPELOOLRQ
LQILVFDO,QFRQVWDQWFXUUHQF\QHWUHYHQXHGHFUHDVHGE\DVFXUUHQF\WUDQVODWLRQIOXFWXDWLRQVUHODWLQJWR
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$PHULFDQ5HWDLODQG(XURSHDQGWKHLPSDFWRQUHYHQXHIURPWKHDGGLWLRQDOZHHNLQWKHSULRU\HDUSDUWLDOO\RIIVHW
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Gross Profit. *URVVSURILWGHFUHDVHGE\PLOOLRQRUWRPLOOLRQIRUILVFDOIURPELOOLRQ
LQILVFDOGXHSULPDULO\WRWKHXQIDYRUDEOHLPSDFWIURPORZHUZKROHVDOHVDOHVLQ(XURSHQHJDWLYHFRPSDUDEOH
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VWRUHVDOHVLQ1RUWK$PHULFDQ5HWDLODQGORZHUZKROHVDOHVKLSPHQWVLQ(XURSH3URGXFWPDUJLQVGHFOLQHGGXHSULPDULO\
WRPRUHPDUNGRZQVLQ1RUWK$PHULFDQ5HWDLO
Selling, General and Administrative Expenses. 6* $H[SHQVHVGHFUHDVHGE\PLOOLRQRUWR
PLOOLRQIRUILVFDOIURPPLOOLRQLQILVFDO7KHGHFUHDVHLQ6* $H[SHQVHVZKLFKLQFOXGHGWKH
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7KH6* $UDWHZDVIDYRUDEO\LPSDFWHGE\ORZHUVHOOLQJDQGPHUFKDQGLVLQJH[SHQVHVLQ(XURSHUHVXOWLQJ
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Restructuring Charges. 'XULQJWKHILUVWTXDUWHURIILVFDOWKH&RPSDQ\LPSOHPHQWHGSODQVWRVWUHDPOLQHLWV
VWUXFWXUHDQGUHGXFHH[SHQVHVLQERWK(XURSHDQG1RUWK$PHULFD'XULQJWKHVHFRQGTXDUWHURIILVFDOWKH
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Other Income, Net. 2WKHULQFRPHQHWZDVPLOOLRQIRUILVFDOFRPSDUHGWRPLOOLRQLQILVFDO
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2WKHULQFRPHQHWLQILVFDOFRQVLVWHGSULPDULO\RIQHWXQUHDOL]HGJDLQVRQQRQRSHUDWLQJDVVHWVDQGQHWUHDOL]HG
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Income Tax Expense. ,QFRPHWD[H[SHQVHIRUILVFDOZDVPLOOLRQRUDHIIHFWLYHWD[UDWHFRPSDUHG
WRLQFRPHWD[H[SHQVHRIPLOOLRQRUDHIIHFWLYHWD[UDWHLQILVFDO7KHHIIHFWLYHLQFRPHWD[UDWH
LQILVFDOLQFOXGHGWKHLPSDFWRIUHVWUXFWXULQJFKDUJHVRIPLOOLRQDQGDPLOOLRQUHGXFWLRQWRLQFRPH
WD[H[SHQVHDVDUHVXOWRIWKHFKDUJHVRUDQHJDWLYHLPSDFWRIEDVLVSRLQWVRQWKHHIIHFWLYHWD[UDWH,QILVFDO
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Net Earnings Attributable to Noncontrolling Interests.1HWHDUQLQJVDWWULEXWDEOHWRQRQFRQWUROOLQJLQWHUHVWVIRU
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Net Earnings Attributable to Guess?, Inc. 1HWHDUQLQJVDWWULEXWDEOHWR*XHVV",QFGHFUHDVHGE\PLOOLRQRU
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Fiscal 2014

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Earnings (loss) from operations:
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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Year Ended
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Fair Value
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GUESS?, INC. AND SUBSIDIARIES
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([HFXWLYH2IILFHUVDQG'LUHFWRUV
Maurice Marciano
Chairman of the Board of Directors
Paul Marciano
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Gianluca Bolla
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Anthony Chidoni
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1444 South Alameda Street
Los Angeles, CA 90021
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www.guess.com
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Ernst & Young LLP
725 South Figueroa Street, S-500
Los Angeles, CA 90017
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Guess?, Inc.
Attn: ,QYHVWRU5HODWLRQV
1444 South Alameda Street
Los Angeles, CA 90021
7elephone: (213) 765-5578
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