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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended August 1, 2020
OR 
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to           
Commission file number: 1-11893
GUESS?, INC.
(Exact name of registrant as specified in its charter)
Delaware
95-3679695
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
1444 South Alameda Street
Los Angeles,
California
90021
(Address of principal executive offices and zip code)
(213) 765-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
 
Common Stock, par value $0.01 per share
 
GES
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No x
As of August 31, 2020, the registrant had 63,610,474 shares of Common Stock, $.01 par value per share, outstanding.
 


Table of Contents

GUESS?, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

i

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data) 
 
Aug 1, 2020
 
Feb 1, 2020
 
(unaudited)
 
 
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
327,970

 
$
284,613

Accounts receivable, net
246,471

 
327,281

Inventories
419,427

 
393,129

Other current assets
80,069

 
59,212

Total current assets
1,073,937

 
1,064,235

Property and equipment, net
240,081

 
288,112

Goodwill
36,232

 
34,777

Deferred tax assets
62,444

 
63,555

Restricted cash
228

 
215

Operating lease right-of-use assets
766,853

 
851,990

Other assets
130,954

 
126,078

 
$
2,310,729

 
$
2,428,962

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Current liabilities:
 

 
 

Current portion of borrowings and finance lease obligations
$
42,321

 
$
9,490

Accounts payable
259,743

 
232,761

Accrued expenses and other current liabilities
192,667

 
204,096

Current portion of operating lease liabilities
235,749

 
192,066

Total current liabilities
730,480

 
638,413

Convertible senior notes, net
252,988

 
247,363

Long-term debt and finance lease obligations
66,069

 
32,770

Long-term operating lease liabilities
659,118

 
714,079

Other long-term liabilities
143,225

 
130,259

 
1,851,880

 
1,762,884

Redeemable noncontrolling interests
4,021

 
4,731

 
 
 
 
Commitments and contingencies (Note 13)


 


 
 
 
 
Stockholders’ equity:
 

 
 

Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding

 

Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,843,839 and 142,867,947 shares, outstanding 63,614,749 and 65,848,510 shares, as of August 1, 2020 and February 1, 2020, respectively
636

 
658

Paid-in capital
548,602

 
563,004

Retained earnings
952,707

 
1,130,409

Accumulated other comprehensive loss
(131,609
)
 
(139,910
)
Treasury stock, 79,229,090 and 77,019,437 shares as of August 1, 2020 and February 1, 2020, respectively
(932,068
)
 
(914,447
)
Guess?, Inc. stockholders’ equity
438,268

 
639,714

Nonredeemable noncontrolling interests
16,560

 
21,633

Total stockholders’ equity
454,828

 
661,347

 
$
2,310,729

 
$
2,428,962

 
See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
Aug 1, 2020
 
Aug 3, 2019
 
Aug 1, 2020
 
Aug 3, 2019
Product sales
$
386,392

 
$
664,678

 
$
633,709

 
$
1,182,551

Net royalties
12,147

 
18,542

 
25,081

 
37,360

Net revenue
398,539

 
683,220

 
658,790

 
1,219,911

Cost of product sales
251,511

 
417,554

 
477,533

 
772,296

Gross profit
147,028

 
265,666

 
181,257

 
447,615

Selling, general and administrative expenses
150,293

 
218,175

 
293,581

 
422,820

Asset impairment charges
11,969

 
1,504

 
64,941

 
3,279

Net gains on lease terminations
(885
)
 

 
(429
)
 

Earnings (loss) from operations
(14,349
)
 
45,987

 
(176,836
)
 
21,516

Other income (expense):
 

 
 

 
 
 
 
Interest expense
(5,941
)
 
(4,951
)
 
(11,403
)
 
(6,210
)
Interest income
436

 
313

 
1,046

 
674

Other income (expense), net
5,548

 
(6,355
)
 
(14,032
)
 
(4,284
)
 
43

 
(10,993
)
 
(24,389
)
 
(9,820
)
 
 
 
 
 
 
 
 
Earnings (loss) before income tax expense (benefit)
(14,306
)
 
34,994

 
(201,225
)
 
11,696

Income tax expense (benefit)
6,386

 
8,818

 
(19,995
)
 
6,101

Net earnings (loss)
(20,692
)
 
26,176

 
(181,230
)
 
5,595

Net earnings (loss) attributable to noncontrolling interests
(334
)
 
854

 
(3,206
)
 
1,647

Net earnings (loss) attributable to Guess?, Inc.
$
(20,358
)
 
$
25,322

 
$
(178,024
)
 
$
3,948

 
 
 
 
 
 
 
 
Net earnings (loss) per common share attributable to common stockholders (Note 3):
Basic
$
(0.31
)
 
$
0.36

 
$
(2.72
)
 
$
0.05

Diluted
$
(0.31
)
 
$
0.35

 
$
(2.72
)
 
$
0.05

 
 
 
 
 
 
 
 
Weighted average common shares outstanding attributable to common stockholders (Note 3):
Basic
65,177

 
70,508

 
65,446

 
75,216

Diluted
65,177

 
71,356

 
65,446

 
76,155


See accompanying notes to condensed consolidated financial statements.


2

Table of Contents

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
Aug 1, 2020
 
Aug 3, 2019
 
Aug 1, 2020
 
Aug 3, 2019
Net earnings (loss)
$
(20,692
)
 
$
26,176

 
$
(181,230
)
 
$
5,595

Other comprehensive income (loss) (“OCI”):
 

 
 

 
 
 
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
Gains (losses) arising during the period
32,802

 
(5,293
)
 
14,303

 
(17,360
)
Derivative financial instruments designated as cash flow hedges
 

 
 

 
 
 
 
Gains (losses) arising during the period
(7,897
)
 
2,286

 
(4,361
)
 
6,722

Less income tax effect
885

 
(308
)
 
529

 
(880
)
Reclassification to net earnings (loss) for gains realized
(2,462
)
 
(1,801
)
 
(4,450
)
 
(2,077
)
Less income tax effect
264

 
229

 
483

 
324

Defined benefit plans
 

 
 

 
 
 
 
Foreign currency and other adjustments
(236
)
 
(167
)
 
(236
)
 
(60
)
Less income tax effect
25

 
16

 
24

 
5

Net actuarial loss amortization
97

 
111

 
193

 
222

Prior service credit amortization
(16
)
 
(9
)
 
(32
)
 
(19
)
Less income tax effect
(10
)
 
(12
)
 
(19
)
 
(23
)
Total comprehensive income (loss)
2,760

 
21,228

 
(174,796
)
 
(7,551
)
Less comprehensive income (loss) attributable to noncontrolling interests:
 

 
 

 
 
 
 
Net earnings (loss)
(334
)
 
854

 
(3,206
)
 
1,647

Foreign currency translation adjustment
1,759

 
(452
)
 
(1,867
)
 
(142
)
Amounts attributable to noncontrolling interests
1,425

 
402

 
(5,073
)
 
1,505

Comprehensive income (loss) attributable to Guess?, Inc.
$
1,335

 
$
20,826

 
$
(169,723
)
 
$
(9,056
)

See accompanying notes to condensed consolidated financial statements.


3

Table of Contents

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Six Months Ended
 
Aug 1, 2020
 
Aug 3, 2019
Cash flows from operating activities:
 

 
 

Net earnings (loss)
$
(181,230
)
 
$
5,595

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
 

 
 

Depreciation and amortization
32,250

 
37,225

Amortization of debt discount
5,197

 
2,662

Amortization of debt issuance costs
661

 
276

Share-based compensation expense
9,789

 
9,454

Forward contract gains
3,420

 
(34
)
Net loss on impairment and disposition of property and equipment and long-term assets
65,974

 
3,753

Other items, net
11,889

 
5,606

Changes in operating assets and liabilities:
 

 
 

Accounts receivable
94,373

 
24,492

Inventories
(16,002
)
 
(22,926
)
Prepaid expenses and other assets
(20,550
)
 
(1,596
)
Operating lease assets and liabilities, net
39,902

 
1,340

Accounts payable and accrued expenses
(3,923
)
 
(87,423
)
Other long-term liabilities
(1,065
)
 
(1,381
)
Net cash provided by (used in) operating activities
40,685

 
(22,957
)
Cash flows from investing activities:
 

 
 

Purchases of property and equipment
(10,099
)
 
(34,551
)
Proceeds from sale of long-term assets
336

 

Net cash settlement of forward contracts
(273
)
 
162

Purchases of investments
(1,882
)
 

Other investing activities
(52
)
 
521

Net cash used in investing activities
(11,970
)
 
(33,868
)
Cash flows from financing activities:
 

 
 

Proceeds from borrowings
274,594

 
90,136

Repayments on borrowings and finance lease obligations
(218,267
)
 
(63,285
)
Proceeds from issuance of convertible senior notes

 
300,000

Proceeds from issuance of warrants

 
28,080

Purchase of convertible note hedges

 
(60,990
)
Convertible debt issuance costs

 
(5,068
)
Purchase of equity forward contracts

 
(68,000
)
Dividends paid
(958
)
 
(26,901
)
Issuance of common stock, net of tax withholdings on vesting of stock awards
(2,908
)
 
43

Purchase of treasury stock
(38,876
)
 
(212,564
)
Net cash provided by (used in) financing activities
13,585

 
(18,549
)
Effect of exchange rates on cash, cash equivalents and restricted cash
1,070

 
(4,042
)
Net change in cash, cash equivalents and restricted cash
43,370

 
(79,416
)
Cash, cash equivalents and restricted cash at the beginning of the year
284,828

 
210,995

Cash, cash equivalents and restricted cash at the end of the period
$
328,198

 
$
131,579

 
 
 
 
Supplemental cash flow data:
 

 
 

Interest paid
$
5,277

 
$
1,535

Income taxes paid, net of refunds
$
2,967

 
$
4,201

 
 
 
 
Non-cash investing and financing activity:
 
 
 
Assets acquired under finance lease obligations
$
276

 
$
3,055

Receivable and related adjustments from sale of retail locations
$
(364
)
 
$
5,088

 
See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
 
For the three and six months ended August 1, 2020
 
Guess?, Inc. Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
Treasury Stock
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Shares
 
Amount
 
Nonredeemable
Noncontrolling
Interests
 
Total
Balance at February 1, 2020
65,848,510

 
$
658

 
$
563,004

 
$
1,130,409

 
$
(139,910
)
 
77,019,437

 
$
(914,447
)
 
$
21,633

 
$
661,347

Net loss

 

 

 
(157,666
)
 

 

 

 
(2,872
)
 
(160,538
)
Other comprehensive loss, net of income tax of ($147)

 

 

 

 
(13,392
)
 

 

 
(3,626
)
 
(17,018
)
Issuance of common stock under stock compensation plans including tax effect
1,763,311

 
18

 
(24,264
)
 

 

 
(1,770,223
)
 
21,017

 

 
(3,229
)
Issuance of stock under Employee Stock Purchase Plan
32,427

 

 
(192
)
 

 

 
(32,427
)
 
385

 

 
193

Share-based compensation

 

 
5,771

 
15

 

 

 

 

 
5,786

Dividends, net of forfeitures on non-participating securities

 

 

 
248

 

 

 

 

 
248

Balance at May 2, 2020
67,644,248

 
$
676

 
$
544,319

 
$
973,006

 
$
(153,302
)
 
75,216,787

 
$
(893,045
)
 
$
15,135

 
$
486,789

Net loss

 

 

 
(20,358
)
 

 

 

 
(334
)
 
(20,692
)
Other comprehensive income, net of income tax of $1,164

 

 

 

 
21,693

 

 

 
1,759

 
23,452

Issuance of common stock under stock compensation plans including tax effect
(54,926
)
 

 
429

 

 

 
37,730

 
(448
)
 

 
(19
)
Issuance of stock under Employee Stock Purchase Plan
25,427

 

 
(154
)
 

 

 
(25,427
)
 
301

 

 
147

Share-based compensation

 

 
3,968

 
35

 

 

 

 

 
4,003

Dividends, net of forfeitures on non-participating securities

 

 

 
24

 

 

 

 

 
24

Share repurchases
(4,000,000
)
 
(40
)
 
40

 

 

 
4,000,000

 
(38,876
)
 

 
(38,876
)
Balance at August 1, 2020
63,614,749

 
$
636

 
$
548,602

 
$
952,707

 
$
(131,609
)
 
79,229,090

 
$
(932,068
)
 
$
16,560

 
$
454,828




5

Table of Contents

GUESS?, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
 
For the three and six months ended August 3, 2019
 
Guess?, Inc. Stockholders’ Equity
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
Treasury Stock
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Shares
 
Amount
 
Nonredeemable
Noncontrolling
Interests
 
Total
Balance at February 2, 2019
81,379,660

 
$
814

 
$
523,331

 
$
1,077,747

 
$
(126,179
)
 
61,327,640

 
$
(638,486
)
 
$
16,418

 
$
853,645

Cumulative adjustment from adoption of new accounting guidance

 

 

 
(1,684
)
 
1,981

 

 

 

 
297

Net earnings (loss)

 

 

 
(21,374
)
 

 

 

 
793

 
(20,581
)
Other comprehensive income (loss), net of income tax of ($499)

 

 

 

 
(8,508
)
 

 

 
310

 
(8,198
)
Issuance of common stock under stock compensation plans including tax effect
545,881

 
5

 
(3,042
)
 

 

 
(211,221
)
 
2,225

 

 
(812
)
Issuance of stock under Employee Stock Purchase Plan
11,377

 
1

 
69

 

 

 
(11,377
)
 
120

 

 
190

Share-based compensation

 

 
4,440

 
28

 

 

 

 

 
4,468

Dividends, net of forfeitures on non-participating securities

 

 

 
(18,331
)
 

 

 

 

 
(18,331
)
Share repurchases
(10,264,052
)
 
(103
)
 
103

 

 

 
10,264,052

 
(201,564
)
 

 
(201,564
)
Equity component value of convertible note issuance, net

 

 
42,324

 

 

 

 

 

 
42,324

Sale of common stock warrant

 

 
28,080

 

 

 

 

 

 
28,080

Purchase of convertible note hedge

 

 
(46,440
)
 

 

 

 

 

 
(46,440
)
Equity forward contract issuance

 

 
(68,000
)
 

 

 

 

 

 
(68,000
)
Balance at May 4, 2019
71,672,866

 
$
717

 
$
480,865

 
$
1,036,386

 
$
(132,706
)
 
71,369,094

 
$
(837,705
)
 
$
17,521

 
$
565,078

Net earnings

 

 

 
25,322

 

 

 

 
854

 
26,176

Other comprehensive loss, net of income tax of ($75)

 

 

 

 
(4,496
)
 

 

 
(452
)
 
(4,948
)
Issuance of common stock under stock compensation plans including tax effect
64,080

 

 
(852
)
 

 

 
(106,039
)
 
1,249

 

 
397

Issuance of stock under Employee Stock Purchase Plan
19,538

 

 
38

 

 

 
(19,538
)
 
230

 

 
268

Share-based compensation

 

 
4,928