Guess?, Inc. Completes Repurchase of 9.0 Million Shares or 14% of Shares Outstanding

Rhea-AI Summary

Guess?, Inc. (NYSE: GES) has successfully completed a $175 million accelerated share repurchase program, receiving a total of 8.5 million shares at an average price of $20.68 per share. The company also repurchased an additional 0.5 million shares for $11.7 million, bringing the total repurchased shares to 9 million for $186.7 million this fiscal year at an average price of $20.78 per share, representing over 14% of outstanding shares. This share buyback reflects the company's commitment to enhancing shareholder value.

Positive

• Successfully completed $175 million accelerated share repurchase program.
• Repurchased 9.0 million shares for $186.7 million, enhancing shareholder value.
• Purchase represents over 14% of outstanding shares.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Guess?, Inc. (NYSE: GES) announces the completion of its previously disclosed $175.0 million accelerated share repurchase program (“ASR”) entered into on March 18, 2022. On June 24, 2022, the Company received final delivery of 5.2 million shares under the ASR, which amount was determined based on the daily volume-weighted average price since the effective date of the ASR contract, less the applicable contractual discount. When combined with the 3.3 million upfront shares received at the inception of the ASR in March 2022, the Company repurchased 8.5 million of its shares under the ASR at an average repurchase price of $20.68 per share.

In addition to these ASR share repurchases, and as previously announced, during the three months ended April 30, 2022 the Company also repurchased 0.5 million shares of its common stock in open market transactions totaling $11.7 million. As a result, the Company has repurchased a total of 9.0 million shares for $186.7 million this fiscal year through June 24, 2022 at an average price of $20.78 per share, representing slightly over 14% of its outstanding shares at the beginning of this fiscal year.

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, eyewear, 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 April 30, 2022, the Company directly operated 1,073 retail stores in the Americas, Europe and Asia. The Company’s partners and distributors operated 565 additional retail stores worldwide. As of April 30, 2022, the Company and its partners and distributors operated in approximately 100 countries worldwide. For more information about the Company, please visit www.guess.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220624005444/en/

Guess?, Inc.

Fabrice Benarouche

VP, Finance and Investor Relations

(213) 765-5578

Source: Guess?, Inc.

FAQ

What is the total amount Guess?, Inc. spent on its share repurchase program?

Guess?, Inc. spent a total of $186.7 million on its share repurchase program.

How many shares did Guess?, Inc. repurchase in the accelerated share repurchase program?

The company repurchased a total of 8.5 million shares in the accelerated share repurchase program.

What was the average repurchase price per share for Guess?, Inc.?

The average repurchase price per share for Guess?, Inc. was $20.78.

How much of its outstanding shares did Guess?, Inc. repurchase this fiscal year?

Guess?, Inc. repurchased over 14% of its outstanding shares this fiscal year.