GUESS?, Inc. and Subsidiaries Condensed Consolidated Statements of Operations

	First Quarter Ended -----------------------------------------------------
	Mar 30, 2002		Mar 31, 2001
	$ ----------------------	% -------------------	$ ----------------	% --------
Net revenue
Product sales	$ 128,261	92.8%	$160,521	94.4%
Net royalties	9,918 ----------	7.2% ----------	9,595 ----------	5.6% ---------
	138,179	100.0%	170,116	100.0%
Cost of sales	93,063	67.3%	111,412	65.5%
Gross profit	45,116	32.7%	58,704	34.5%
Selling, general and administrative expenses	48,627	35.2%	52,174	30.7%
Gain on disposition of property and equipment	---	0.0%	(1,063)	(0.6%)
Restructuring and severance charges	655 ----------	0.5% ----------	401 ----------	0.2% ---------
Earnings (loss) from operations	(4,166)	(3.0%)	7,192	4.2%
Other expense (income):
Interest expense, net	2,264	1.6%	3,198	1.9%
Other, net	(29) ----------	(0.0%) ----------	410 ----------	0.2% ---------
Earnings (loss) before income taxes (benefit)	(6,401)	(4.6%)	3,584	2.1%
Income taxes (benefit)	(2,800) ----------	(2.0%) ----------	1,500 ----------	0.9% ---------
Net earnings (loss)	$ (3,601) ----------	(2.6%) ----------	$ 2,084 ----------	1.2% ---------
Net earnings (loss) per share:
Basic	$ (0.08)		$ 0.05
Diluted	$ (0.08)		$ 0.05
Weighted average shares outstanding:
Basic	43,525		43,620
Diluted	43,525		43,832