0000912463-24-000051 | 10-Q | XBRL Viewer

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Segment Information - Net Revenue by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Segment Reporting Information
Net revenue	$ 591,943	$ 569,798
Product sales
Segment Reporting Information
Net revenue	562,953	545,910
Product sales \| U.S.
Segment Reporting Information
Net revenue	142,852	133,952
Product sales \| Italy
Segment Reporting Information
Net revenue	57,542	60,370
Product sales \| South Korea
Segment Reporting Information
Net revenue	48,868	47,589
Product sales \| Germany
Segment Reporting Information
Net revenue	33,228	32,364
Product sales \| Spain
Segment Reporting Information
Net revenue	30,232	29,236
Product sales \| Mexico
Segment Reporting Information
Net revenue	30,205	23,796
Product sales \| Other countries
Segment Reporting Information
Net revenue	220,026	218,603
Net royalties
Segment Reporting Information
Net revenue	$ 28,990	$ 23,888

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 04, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Lease Accounting

3 Months Ended

May 04, 2024

Leases [Abstract]

Lease Accounting

The Company primarily leases its showrooms, advertising, licensing, sales and merchandising offices, remote distribution and warehousing facilities and retail and factory outlet store locations under operating lease agreements expiring on various dates through March 2039. The Company also leases some of its equipment, as well as computer hardware and software, under operating and finance lease agreements expiring on various dates through April 2029.

The Company’s lease agreements primarily provide for lease payments based on a minimum annual rental amount, a percentage of annual sales volume, periodic adjustments related to inflation or a combination of such lease payments. Certain retail store leases provide for lease payments based upon the minimum annual rental amount and a percentage of annual sales volume, generally ranging from 3% to 26%, when specific sales volumes are exceeded. The Company’s retail concession leases also provide for lease payments primarily based upon a percentage of annual sales volume, which averages approximately 25%.

In addition to the amounts as disclosed below, the Company has estimated additional operating lease commitments of approximately $17.1 million for leases where the Company has not yet taken possession of the underlying asset as of May 4, 2024. As such, the related operating lease ROU assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheet as of May 4, 2024.

The components of leases are (in thousands):


		May 4, 2024		Feb 3, 2024
Assets	Balance Sheet Location
Operating	Operating lease right-of-use assets	$	720,924	$	667,031
Finance	Property and equipment, net	13,507		15,132
Total lease assets		$	734,431	$	682,163

Liabilities	Balance Sheet Location
Current:
Operating	Current portion of operating lease liabilities	$	181,702	$	166,451
Finance	Current portion of borrowings and finance lease obligations	5,171		5,573
Noncurrent:
Operating	Long-term operating lease liabilities	600,286		542,392
Finance	Long-term debt and finance lease obligations	8,830		9,857
Total lease liabilities		$	795,989	$	724,273

The components of lease costs are (in thousands):


		Three Months Ended
	Income Statement Location		May 4, 2024		Apr 29, 2023
Operating lease costs	Cost of product sales		$	48,450	$	46,052
Operating lease costs	Selling, general and administrative expenses		7,832		6,597

Finance lease costs
Amortization of leased assets	Cost of product sales		4		23
Amortization of leased assets	Selling, general and administrative expenses		1,540		1,529
Interest on lease liabilities	Interest expense		188		209
Variable lease costs1	Cost of product sales		24,571		24,491
Variable lease costs1	Selling, general and administrative expenses		1,099		661
Short-term lease costs	Cost of product sales		123		70
Short-term lease costs	Selling, general and administrative expenses		2,060		1,639
Total lease costs			$	85,867	$	81,271

______________________________________________________________________

Notes:

1During the three months ended May 4, 2024 and April 29, 2023, variable lease costs included certain rent concessions of approximately $0.2 million and $0.4 million, respectively, received by the Company, primarily in Europe.

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):


	Operating Leases
Maturity of Lease Liabilities	Non-Related Parties		Related Parties		Finance Leases		Total
Fiscal 2025	$	163,348	$	6,024	$	4,643	$	174,015
Fiscal 2026	158,445		7,220		5,635		171,300
Fiscal 2027	140,722		7,779		3,162		151,663
Fiscal 2028	107,409		7,697		1,339		116,445
Fiscal 2029	87,595		8,463		285		96,343
After fiscal 2029	201,234		12,323		—		213,557
Total lease payments	858,753		49,506		15,064		923,323
Less: Interest	116,444		9,827		1,063		127,334
Present value of lease liabilities	$	742,309	$	39,679	$	14,001	$	795,989

Other supplemental information is (in thousands):

Lease Term and Discount Rate

May 4, 2024

Weighted-average remaining lease term

Operating leases

6.1 years

Finance leases

3.0 years

Weighted-average discount rate

Operating leases

5.1%

Finance leases

4.9%


	Three Months Ended
Supplemental Cash Flow Information	May 4, 2024		Apr 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	51,173	$	51,225


New operating ROU assets obtained in exchange for lease liabilities	$	46,567	$	36,068

Lease Accounting

The components of leases are (in thousands):


		May 4, 2024		Feb 3, 2024
Assets	Balance Sheet Location
Operating	Operating lease right-of-use assets	$	720,924	$	667,031
Finance	Property and equipment, net	13,507		15,132
Total lease assets		$	734,431	$	682,163

Liabilities	Balance Sheet Location
Current:
Operating	Current portion of operating lease liabilities	$	181,702	$	166,451
Finance	Current portion of borrowings and finance lease obligations	5,171		5,573
Noncurrent:
Operating	Long-term operating lease liabilities	600,286		542,392
Finance	Long-term debt and finance lease obligations	8,830		9,857
Total lease liabilities		$	795,989	$	724,273

The components of lease costs are (in thousands):


		Three Months Ended
	Income Statement Location		May 4, 2024		Apr 29, 2023
Operating lease costs	Cost of product sales		$	48,450	$	46,052
Operating lease costs	Selling, general and administrative expenses		7,832		6,597

Finance lease costs
Amortization of leased assets	Cost of product sales		4		23
Amortization of leased assets	Selling, general and administrative expenses		1,540		1,529
Interest on lease liabilities	Interest expense		188		209
Variable lease costs1	Cost of product sales		24,571		24,491
Variable lease costs1	Selling, general and administrative expenses		1,099		661
Short-term lease costs	Cost of product sales		123		70
Short-term lease costs	Selling, general and administrative expenses		2,060		1,639
Total lease costs			$	85,867	$	81,271

______________________________________________________________________

Notes:

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):


	Operating Leases
Maturity of Lease Liabilities	Non-Related Parties		Related Parties		Finance Leases		Total
Fiscal 2025	$	163,348	$	6,024	$	4,643	$	174,015
Fiscal 2026	158,445		7,220		5,635		171,300
Fiscal 2027	140,722		7,779		3,162		151,663
Fiscal 2028	107,409		7,697		1,339		116,445
Fiscal 2029	87,595		8,463		285		96,343
After fiscal 2029	201,234		12,323		—		213,557
Total lease payments	858,753		49,506		15,064		923,323
Less: Interest	116,444		9,827		1,063		127,334
Present value of lease liabilities	$	742,309	$	39,679	$	14,001	$	795,989

Other supplemental information is (in thousands):

Lease Term and Discount Rate

May 4, 2024

Weighted-average remaining lease term

Operating leases

6.1 years

Finance leases

3.0 years

Weighted-average discount rate

Operating leases

5.1%

Finance leases

4.9%


	Three Months Ended
Supplemental Cash Flow Information	May 4, 2024		Apr 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	51,173	$	51,225


New operating ROU assets obtained in exchange for lease liabilities	$	46,567	$	36,068

Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Cost of product sales	$ 343,842	$ 337,813
Interest expense	6,374	4,218
Other income (expense)	(35,767)	2,631
Income tax benefit	(4,705)	(2,258)
Total reclassifications during the period	(15,906)	10,694
Reclassifications out of accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Total reclassifications during the period	1,577	(5,322)
Reclassifications out of accumulated other comprehensive income (loss) \| Derivative financial instruments designated as cash flow hedges
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Cost of product sales	2,045	(5,893)
Interest expense	(155)	(128)
Income tax benefit	(270)	678
Total reclassifications during the period	1,620	(5,343)
Reclassifications out of accumulated other comprehensive income (loss) \| Net actuarial (gain) loss amortization
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Other income (expense)	(3)	62
Reclassifications out of accumulated other comprehensive income (loss) \| Prior service credit amortization
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Other income (expense)	(40)	(39)
Reclassifications out of accumulated other comprehensive income (loss) \| Defined benefit plans
Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)
Income tax benefit	0	(2)
Total reclassifications during the period	$ (43)	$ 21

Cover Page - shares	3 Months Ended
Cover Page - shares	May 04, 2024	Jun. 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
Document Transition Report	false
Entity File Number	1-11893
Entity Registrant Name	GUESS INC
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,526,248
Entity Central Index Key	0000912463
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-01

Derivative Financial Instruments - Derivative Instruments Not Designated as Hedging Instruments (Details) - Other income (expense) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Foreign exchange currency contracts
Derivative [Line Items]
Gains (Losses) Recognized in Earnings (Loss)	$ 521	$ (625)
2028 Bond Hedge
Derivative [Line Items]
Gains (Losses) Recognized in Earnings (Loss)	45,813	0
Embedded derivatives
Derivative [Line Items]
Gains (Losses) Recognized in Earnings (Loss)	$ (7,302)	$ 0

Fair Value Measurements (Tables)

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements								Fair Value Measurements
	at May 4, 2024								at Feb 3, 2024
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Foreign exchange currency contracts	$	—	$	3,260	$	—	$	3,260	$	—	$	2,278	$	—	$	2,278
2028 Bond Hedge	—		—		138,269		138,269		—		—		85,918		85,918
Interest rate swap	—		835		—		835		—		797		—		797

Total	$	—	$	4,095	$	138,269	$	142,364	$	—	$	3,075	$	85,918	$	88,993
Liabilities:
Foreign exchange currency contracts	$	—	$	398	$	—	$	398	$	—	$	1,702	$	—	$	1,702
Embedded derivative	—		—		30,230		30,230		—		—		16,390		16,390

Deferred compensation obligations	—		18,023		—		18,023		—		17,164		—		17,164
Total	$	—	$	18,421	$	30,230	$	48,651	$	—	$	18,866	$	16,390	$	35,256

Schedule of measurement input assumptions

The following assumptions were used within the model:


Valuation Assumptions	May 4, 2024			Feb 3, 2024
Expected volatility	30		%	30		%
Risk-free interest rate	4.6		%	4.1		%
Credit spread	1.4		%	4.3		%
Dividend yield	4.5		%	5.2		%
Term to maturity	4.0 years			4.2 years
Stock price	$	26.71		$	22.86

Reconciliation of Level 3 assets and liabilities

The following presents a reconciliation of the Company’s financial assets and liabilities measured at fair value as of May 4, 2024, using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of income (loss) (in thousands):


	Embedded Derivative		2028 Bond Hedge
Balance as of February 3, 2024	$	(16,390)	$	85,918
Initial bifurcation of embedded derivative	(6,538)		—
Purchase of Additional 2028 Bond Hedge	—		6,538

Gain (loss) on fair value remeasurement	(7,302)		45,813
Balance as of May 4, 2024	$	(30,230)	$	138,269

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Accumulated other comprehensive income (loss), net of tax
Beginning balance	$ 734,794	$ 572,751
Net other comprehensive income (loss)	599	(4,095)
Ending balance	607,332	493,058
Total
Accumulated other comprehensive income (loss), net of tax
Beginning balance	(137,010)	(134,073)
Gains (losses) arising during the period	(1,615)	(82)
Reclassification to net earnings (loss) for (gains) losses realized	1,577	(5,322)
Net other comprehensive income (loss)	(38)	(5,404)
Ending balance	(137,048)	(139,477)
Foreign Currency Translation Adjustment
Accumulated other comprehensive income (loss), net of tax
Beginning balance	(136,115)	(129,168)
Gains (losses) arising during the period	(2,993)	1,021
Reclassification to net earnings (loss) for (gains) losses realized	0	0
Net other comprehensive income (loss)	(2,993)	1,021
Ending balance	(139,108)	(128,147)
Derivative Financial Instruments Designated as Cash Flow Hedges
Accumulated other comprehensive income (loss), net of tax
Beginning balance	(544)	(1,584)
Gains (losses) arising during the period	1,145	(942)
Reclassification to net earnings (loss) for (gains) losses realized	1,620	(5,343)
Net other comprehensive income (loss)	2,765	(6,285)
Ending balance	2,221	(7,869)
Defined Benefit Plans
Accumulated other comprehensive income (loss), net of tax
Beginning balance	(351)	(3,321)
Gains (losses) arising during the period	233	(161)
Reclassification to net earnings (loss) for (gains) losses realized	(43)	21
Net other comprehensive income (loss)	190	(140)
Ending balance	$ (161)	$ (3,461)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 15
-Subparagraph (e)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
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-Name Accounting Standards Codification
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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-Name Accounting Standards Codification
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Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Fair Value Measurements - Reconciliation of Level 3 financial assets and liabilities (Details) $ in Thousands	3 Months Ended
	May 04, 2024 USD ($)
Embedded derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability), beginning balance	$ (16,390)
Initial bifurcation of embedded derivative	(6,538)
Gain (loss) on fair value remeasurement	(7,302)
Asset (liability), ending balance	(30,230)
2028 Bond Hedge
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Asset (liability), beginning balance	85,918
Purchase of Additional 2028 Bond Hedge	6,538
Gain (loss) on fair value remeasurement	45,813
Asset (liability), ending balance	$ 138,269

Borrowings and Finance Lease Obligations - Summary of Borrowings and Finance Lease Obligations (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Debt Instrument [Line Items]
Term loans	$ 9,662	$ 12,060
Finance lease obligations	14,001	15,430
Mortgage debt	16,257	16,435
Borrowings under credit facilities	195,191	21,653
Other	3,312	3,413
Less current installments	41,504	40,781
Long-term debt and finance lease obligations	196,919	28,210
Long-term debt and finance lease liabilities, excluding convertible senior notes
Debt Instrument [Line Items]
Total debt and finance lease obligations	238,423	68,991
Less current installments	41,504	40,781
Long-term debt and finance lease obligations	$ 196,919	$ 28,210

Defined Benefit Plans (Tables)

3 Months Ended

May 04, 2024

Retirement Benefits [Abstract]

Components of net periodic defined benefit pension cost related to the Company's defined benefit plans

The components of net periodic defined benefit pension cost related to the Company’s defined benefit plans are (in thousands):


	SERP		Foreign Pension Plans		Total

	Three Months Ended May 4, 2024
Service cost	$	—	$	1,059	$	1,059
Interest cost	441		241		682
Expected return on plan assets	—		(215)		(215)
Net amortization of unrecognized prior service credit	—		(40)		(40)
Net amortization of actuarial (gains) losses	(43)		40		(3)
Net periodic defined benefit pension cost	$	398	$	1,085	$	1,483


	SERP		Foreign Pension Plans		Total
	Three Months Ended Apr 29, 2023
Service cost	$	—	$	913	$	913
Interest cost	465		224		689
Expected return on plan assets	—		(199)		(199)
Net amortization of unrecognized prior service credit	—		(39)		(39)
Net amortization of actuarial losses	—		62		62
Net periodic defined benefit pension cost	$	465	$	961	$	1,426

Borrowings and Finance Lease Obligations - Credit Facilities (Details)		3 Months Ended	12 Months Ended
	Mar. 28, 2024 USD ($)	May 04, 2024 USD ($)	Jan. 28, 2023 EUR (€)	May 04, 2024 JPY (¥)	Mar. 27, 2024 USD ($)	Feb. 03, 2024 USD ($)
Line of Credit Facility [Line Items]
Borrowings under credit facilities		$ 195,191,000				$ 21,653,000
China \| Foreign line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		30,000,000
Borrowings under credit facilities		20,000,000				17,900,000
Japan \| Foreign line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		3,600,000		¥ 550,000,000
Borrowings under credit facilities		3,000,000				3,700,000
2023 Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Borrowings under credit facilities		0				0
Revolving Credit Facility \| 2023 Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000				$ 150,000,000
Increase to maximum borrowing capacity	$ 50,000,000
Current borrowing capacity		171,100,000
Maximum increase to capacity		$ 100,000,000
Maximum increase adjustment to the interest margin based on achievement of annual sustainability key performance targets		0.05%
Maximum decrease adjustment to the interest margin based on achievement of annual sustainability key performance targets		0.05%
Maximum increase adjustment to the commitment fee percentage based on achievement of annual sustainability key performance targets		0.01%
Maximum decrease adjustment to the commitment fee percentage based on achievement of annual sustainability key performance targets		0.01%
Availability threshold percent for fixed charge coverage ratio requirement		10.00%		10.00%
Availability threshold amount for fixed charge coverage ratio requirement		$ 12,500,000
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Borrowings under credit facilities		172,200,000				0
Remaining borrowing capacity		$ 96,900,000				269,700,000
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Maximum borrowing capacity \| €			€ 250,000,000
Maximum increase to capacity \| €			€ 100,000,000
Maximum increase adjustment to the interest margin based on achievement of annual sustainability key performance targets		0.05%
Maximum decrease adjustment to the interest margin based on achievement of annual sustainability key performance targets		0.05%
Debt maturity period (in years)			5 years
Commitment fee multiplier percentage on unused capacity			35.00%
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| EURIBOR \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Minimum interest rate			0.00%
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| Minimum \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Commitment fee margin on unused capacity (as a percent)			0.85%
Utilization fee percentage			0.10%
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| Minimum \| EURIBOR \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)			0.85%
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| Maximum \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Commitment fee margin on unused capacity (as a percent)			1.20%
Utilization fee percentage			0.20%
Revolving Credit Facility \| 2022 Credit Facility \| Credit Facility \| Maximum \| EURIBOR \| Guess Europe SAGL
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)			1.20%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 20,000,000
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| Prime rate
Line of Credit Facility [Line Items]
Minimum interest rate		0.00%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| CORRA
Line of Credit Facility [Line Items]
Minimum interest rate		0.00%
Interest rate margin added to base rate		1.00%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| Minimum \| Prime rate
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		0.25%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| Minimum \| CORRA
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		1.25%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| Maximum \| Prime rate
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		0.75%
Foreign line of credit \| 2023 Credit Facility \| Credit Facility \| Canada \| Maximum \| CORRA
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		1.75%
Standby letters of credit \| 2023 Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding		$ 8,100,000				6,600,000
Documentary letters of credit \| 2023 Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding		$ 0				$ 0
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Base rate
Line of Credit Facility [Line Items]
Minimum interest rate		0.00%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Minimum interest rate		0.00%
Interest rate margin added to base rate		1.00%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Federal Funds Rate
Line of Credit Facility [Line Items]
Interest rate margin added to base rate		0.50%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Minimum \| Base rate
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		0.25%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		1.25%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Maximum \| Base rate
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		0.75%
U.S. line of credit \| 2023 Credit Facility \| Credit Facility \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		1.75%

Stockholders' Equity

3 Months Ended

May 04, 2024

Equity [Abstract]

Stockholders' Equity

Share Repurchase Program

During fiscal 2022, the Board of Directors authorized a $200 million share repurchase program (the “2021 Share Repurchase Program”). On March 14, 2022, the Board of Directors expanded the repurchase authorization under the 2021 Share Repurchase Program by $100 million. In January 2024, the Board of Directors expanded the repurchase authorization by approximately $1.4 million to cover the repurchases associated with the January 2024 issuance of additional 3.75% convertible senior notes due 2028 (the “January Additional 2028 Notes”). As of February 3, 2024, the Company had no remaining authority under the 2021 Share Repurchase Program to purchase its common stock.

On March 25, 2024, the Board of Directors authorized a new $200 million share repurchase program (the “2024 Share Repurchase Program”). Repurchases under the 2024 Share Repurchase Program may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under the program and the program may be discontinued at any time without prior notice.

During the three months ended May 4, 2024, the Company repurchased 0.3 million shares under its 2024 Share Repurchase Program at an aggregate cost of $10.3 million. These shares were repurchased through broker assisted market transactions in connection with the March 2024 exchange of 2024 Notes for additional 3.75% convertible senior notes due 2028 (the “March Additional 2028 Notes”, together with the January Additional 2028 Notes, the “Additional 2028 Notes”). During the three months ended April 29, 2023, the Company repurchased 2.2 million shares under its 2021 Share Repurchase Program at an aggregate cost of $42.8 million, including excise tax. As of May 4, 2024, the Company had remaining authority under the 2024 Share Repurchase Program to purchase $189.7 million of its common stock.

Dividends

The following sets forth the cash dividend declared per share:


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Cash dividend declared per share	$	2.550	$	0.225

The indenture governing the 2024 Notes required an adjustment to the conversion rate and the conversion price of the 2024 Notes for quarterly dividends exceeding $0.1125 per share. The indenture governing the 2028 Notes requires an adjustment to the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share.

On May 24, 2023, the Company announced an increase to its regular quarterly cash dividend from $0.225 to $0.30 per share on the Company’s common stock. On March 20, 2024, the Company announced a special cash dividend of $2.25 per share on the Company’s common stock in addition to the quarterly cash dividend of $0.30 per share. The dividends were paid on May 3, 2024 to shareholders of record as of the close of business on April 17, 2024. In accordance with the terms of the indentures governing the 2028 Notes, the Company has adjusted the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share. Corresponding adjustments have been made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offering of the 2028 Notes, each of which was decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Refer to Note 11 for more information.

For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) (“AOCL”), net of related income taxes, are (in thousands):



	Foreign Currency Translation Adjustment		Derivative Financial Instruments Designated as Cash Flow Hedges		Defined Benefit Plans		Total

	Three Months Ended May 4, 2024
Balance at February 3, 2024	$	(136,115)	$	(544)	$	(351)	$	(137,010)
Gains (losses) arising during the period	(2,993)		1,145		233		(1,615)
Reclassification to net earnings (loss) for (gains) losses realized	—		1,620		(43)		1,577
Net other comprehensive income (loss)	(2,993)		2,765		190		(38)
Balance at May 4, 2024	$	(139,108)	$	2,221	$	(161)	$	(137,048)


	Three Months Ended Apr 29, 2023

Balance at January 28, 2023	$	(129,168)	$	(1,584)	$	(3,321)	$	(134,073)
Gains (losses) arising during the period	1,021		(942)		(161)		(82)
Reclassification to net earnings (loss) for (gains) losses realized	—		(5,343)		21		(5,322)
Net other comprehensive income (loss)	1,021		(6,285)		(140)		(5,404)
Balance at April 29, 2023	$	(128,147)	$	(7,869)	$	(3,461)	$	(139,477)

Details on reclassifications out of AOCL to net earnings (loss) are (in thousands):


	Three Months Ended				Location of (Gain) Loss Reclassified from AOCL into Earnings
	May 4, 2024		Apr 29, 2023



Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts	$	2,045	$	(5,893)		Cost of product sales

Interest rate swap	(155)		(128)			Interest expense
Less income tax effect	(270)		678			Income tax benefit
	1,620		(5,343)




Defined benefit plans:
Net actuarial (gain) loss amortization	(3)		62			Other income (expense)
Prior service credit amortization	(40)		(39)			Other income (expense)
Less income tax effect	—		(2)			Income tax benefit
	(43)		21
Total reclassifications during the period	$	1,577	$	(5,322)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation - Equity Instrument Activity (Details)	3 Months Ended
	May 04, 2024 $ / shares shares
Performance-based units
Number of Units
Balance at beginning of period (in shares)	376,916
Granted (in shares)	0
Vested (in shares)	(112,590)
Forfeited (in shares)	0
Balance at end of period (in shares)	264,326
Weighted Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 18.36
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	18.14
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 18.45
Market-based units
Number of Units
Balance at beginning of period (in shares)	722,780
Granted (in shares)	43,150
Vested (in shares)	(172,601)
Forfeited (in shares)	0
Balance at end of period (in shares)	593,329
Weighted Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 19.55
Granted (in dollars per share) \| $ / shares	17.77
Vested (in dollars per share) \| $ / shares	17.77
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 19.94
Market-based units \| Fiscal 2025
Number of Units
Vested (in shares)	(43,150)

Income Taxes	3 Months Ended
Income Taxes	May 04, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Income Tax Rate Income tax expense (benefit) for the interim periods is computed using the income tax rate estimated to be applicable for the full fiscal year, adjusted for discrete items. The Company’s effective income tax rate was a benefit of negative 42.0% for the three months ended May 4, 2024 compared to a benefit of 17.4% for the three months ended April 29, 2023. The change in the effective income tax rate was primarily due to a net $38.5 million unrealized gain on the fair value remeasurement of derivatives related to the Company’s convertible senior notes due 2028 and the related convertible note hedge which had no related tax impact and, to a lesser extent, the lower losses incurred in certain tax jurisdictions compared to the same prior-year period. Intra-Entity Transactions During fiscal 2022, the Company completed an intra-entity transfer of intellectual property rights from certain U.S. entities to a wholly-owned Swiss subsidiary, more closely aligning the Company’s intellectual property rights with its business operations. This transaction resulted in a taxable gain in the U.S. The U.S. taxable gain generated by this intercompany transfer of intellectual property was primarily offset by the recognition of a deferred income tax asset in the Swiss subsidiary. Unrecognized Income Tax Benefit The Company and its subsidiaries are subject to U.S. federal and foreign income tax, as well as income tax of multiple state and foreign local jurisdictions. From time-to-time, the Company is subject to routine income and other audits on various income tax matters around the world in the ordinary course of business. As of May 4, 2024, the Company does not expect its ongoing income tax or other tax audits to have a material impact on the financial statements. As of May 4, 2024 and February 3, 2024, the Company had $64.6 million and $63.4 million, respectively, of aggregate accruals for uncertain income tax positions, including penalties and interest. This includes an accrual of $19.9 million for the estimated transition tax (excluding interest) related to the 2017 Tax Cuts and Jobs Act (the “Tax Reform”) and $20.6 million for the intra-entity transfer of intellectual property rights from certain U.S. entities to a wholly-owned Swiss subsidiary, substantially offset by the related deferred income tax benefit recorded by the Swiss subsidiary. The Company reviews and updates the estimates used in the accrual for uncertain income tax positions, as appropriate, as more definitive information or interpretations become available from income taxing authorities, and on the completion of income tax audits, the receipt of assessments, expiration of statutes of limitations, or occurrence of other events. During fiscal 2021, the Company became aware of a foreign withholding income tax regulation that could be interpreted to apply to certain of its previous transactions. The Company currently does not expect its exposure, if any, will have a material impact on its consolidated financial position, results of operations or cash flows. Indefinite Reinvestment Assertion The Company has historically considered the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested. As a result of the Tax Reform, the Company had a substantial amount of previously taxed earnings that could be distributed to the U.S. without additional U.S. taxation. As of May 4, 2024, the Company determined that approximately $53.1 million of such foreign earnings are not indefinitely reinvested. The incremental tax cost to repatriate these earnings to the U.S. is immaterial. The Company intends to indefinitely reinvest the remaining earnings from the Company’s foreign subsidiaries for which a deferred income tax liability has not already been recorded. The Company continues to evaluate its plans for reinvestment or repatriation of unremitted foreign earnings and regularly reviews its cash positions and determination of indefinite reinvestment of foreign earnings. If the Company determines that all or a portion of such foreign earnings are no longer indefinitely reinvested, the Company may be subject to additional foreign withholding taxes and U.S. state income taxes, beyond the one-time transition tax.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Acquisition of rag & bone

3 Months Ended

May 04, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisition of rag & bone

On April 2, 2024, the Company completed the acquisition of the operating assets and liabilities of rag & bone, a lifestyle and apparel fashion brand. This includes the direct operation of 34 stores in the U.S. and two stores in the U.K. Concurrent with the closing of the acquisition, (i) a joint venture owned 50% by each of the Company and global management firm WHP Global (the “Joint Venture”) acquired rag & bone’s intellectual property and (ii) the Company, through Guess Europe Sagl, a wholly owned subsidiary of the Company, entered into an Intellectual Property License Agreement (the “License Agreement”) with the Joint Venture granting the Company the exclusive right to use rag & bone intellectual property to manufacture licensed products worldwide and to sell licensed products in specified territories in exchange for payment of royalty fees by the Company to the Joint Venture.

The Company paid total cash consideration of approximately $57.1 million at closing for both the operating assets and its 50% interest in the licensing assets. In addition, there is potential for incremental earnout consideration to the sellers, of which the Company could be responsible for a maximum of $12.8 million, based on preset levels of sales and EBITDA performance of the rag & bone operations in its fiscal year ending January 4, 2025. The Company recorded a $2.0 million payable with respect to the potential earnout payment during the quarter ended May 4, 2024 based on its assessment of the fair value measurement of such earnout as of April 2, 2024.

The transaction is intended to provide the following strategic and financial benefits:

•Leverage the Company’s powerful infrastructure to accelerate rag & bone growth and drive synergies

•Expand the Company’s global lifestyle brand portfolio with the rag & bone brand, allowing the Company to reach a very attractive customer base that is complimentary to that of the Guess and Marciano brands

Purchase Price Allocation

The rag & bone acquisition was accounted for as a business combination in accordance with ASC Topic 805. Consistent with ASC Topic 805, rag & bone was consolidated into the Company’s condensed consolidated financial statements starting on the acquisition date. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. There are various estimates and judgments related to the valuation of identifiable assets acquired and liabilities assumed. These estimates and judgments have the potential to materially impact the Company’s condensed consolidated financial statements.

The purchase price allocation as of the acquisition date was based on a preliminary valuation and is subject to change as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The purchase price consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows (in thousands):


	Apr 2, 2024
Cash and cash equivalents	$	2,083
Accounts receivable	23,177
Inventory	52,218
Other current assets	10,993
Total current assets	88,471
Property and equipment	12,605
Operating lease right-of-use assets	38,084
Other assets	61,886
Total assets acquired	$	201,046

Accounts payable	$	23,752
Accrued expenses	12,301
Current portion of operating lease liabilities	16,588
Total current liabilities	52,641
Long-term operating lease liabilities	44,496
Total liabilities assumed	$	97,137

Fair value of net assets acquired	$	103,909

Cash	$	57,064
Earnout consideration	2,040
Vendor consideration	44,805
Fair value of acquisition consideration	$	103,909

The Company recorded an allocation of the purchase price to the tangible assets acquired and liabilities assumed based on their fair values at the acquisition date, including the fair value of the equity method investment in the Joint Venture. The fair value of inventories, which is primarily made up of finished goods, was determined based on market assumptions for realizing a reasonable profit after selling costs. The fair value of intangibles reflects the rag & bone wholesale customer relationships, which is reported in other assets on the Company’s condensed consolidated balance sheets and will be amortized over a ten-year period reflecting the economic life of such relationships. In the acquisition, the Company assumed off-market leases for retail stores, which will be unwound over 3.5 years.

The Company considers the difference between the total fair value received, inclusive of the deferred tax asset recognized by the Company associated with the transaction, and consideration paid, to be a vendor consideration liability, which reflects the incentive the Company received to enter into the rag & bone transaction and related License Agreement. As such, a $44.8 million vendor consideration liability was recorded on the Company’s condensed consolidated balance sheets and no goodwill was recognized as of the acquisition date. The vendor consideration liability will be amortized over five years.

During the three months ended May 4, 2024, the Company incurred $5.6 million of transaction-related costs in connection with the acquisition of rag & bone, which was included in selling, general and administrative expenses in the condensed consolidated statements of income (loss) and comprehensive income (loss).

Pro Forma Financial Information

For the period April 2, 2024 through May 4, 2024, rag & bone’s aggregate net revenue was $23.3 million. The following financial information presents the Company’s consolidated net revenues as if the acquisition had occurred on January 29, 2023 (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Pro-forma net revenue	$	625,185	$	624,741

The Company did not have any nonrecurring pro forma adjustments directly attributable to the rag & bone acquisition included in the reported pro forma revenue.

These pro forma revenues were based on estimates and assumptions, which the Company believes are reasonable and have been calculated after applying the Company’s accounting policies. They are not the results that would have been realized had the acquisition actually occurred on January 29, 2023 and are not necessarily indicative of the Company’s consolidated net revenue in future periods.

Equity Method Investment in and License Agreement with the Joint Venture

The Company determined that it does not have a controlling financial interest in the Joint Venture, as the Company does not control the governing body of the Joint Venture and does not have the right to direct the most significant activities of the Joint Venture, which include monetizing the rag & bone intellectual property through licensing arrangements. The Company accounts for its 50% interest in the Joint Venture, through which it exercises significant influence, under the equity method. The Company initially recorded its investment in the Joint Venture at cost which is derived from fair value due to the bundled nature of the rag & bone transaction, and included the acquisition of the rag & bone operating net assets, the License Agreement, as well as the Joint Venture investment. The carrying value of the Joint Venture investment is approximately $44.8 million, inclusive of the Company’s interest held through a non-interest bearing loan of $15.6 million. The carrying value for the Company’s equity investment is reported in other assets on the Company’s condensed consolidated balance sheets.

The Company and the Joint Venture entered into the License Agreement concurrent with the overall rag & bone transaction. The License Agreement grants the Company the exclusive right to use rag & bone intellectual property to manufacture licensed products worldwide and to sell licensed products in specified territories. The initial term of the License Agreement is ten years, and the License Agreement automatically renews for up to four successive renewal terms of ten years (unless the Company provides notice of non-renewal). The Joint Venture, through WHP Global, has the right to terminate the License Agreement upon certain breaches by the Company. Under the terms of the License Agreement, the Company will pay the Joint Venture royalties equal to specified percentages of net sales of licensed products, which vary based on sales channel, subject to an annual guaranteed minimum royalty during the term of the License Agreement. The Company records the royalty expenses within cost of product sales.

Pursuant to the agreement governing the operations of the Joint Venture, cash earnings of the Joint Venture will be distributed to the Company and WHP Global on a pro rata basis based on their respective equity ownership interests, subject to certain adjustments agreed to between the Company and WHP Global. The Company will subsequently adjust the carrying amount based on its share of the Joint Venture’s net income or loss. The Company’s share of equity income will be included within results from operations in the condensed consolidated statements of income (loss), subject to adjustments for intercompany profits associated with the License Agreement.

Summary Financial Information for Equity Method Investment

Summarized financial information related to the Company’s equity method investment in the Joint Venture is reflected below (in thousands):


	Three Months Ended
	May 4, 2024
Revenue	$	1,442
Gross profit	1,442
Operating expenses	903
Earnings before income tax expense	539
Net earnings	453
Earnings attributable to the equity method investment	$	227

Defined Benefit Plans

3 Months Ended

May 04, 2024

Retirement Benefits [Abstract]

Defined Benefit Plans

Supplemental Executive Retirement Plan

The Company’s Supplemental Executive Retirement Plan (“SERP”) provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment, death, disability or a change in control of the Company, in certain prescribed circumstances. As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has made periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The cash surrender values of the insurance policies were $62.7 million and $63.4 million as of May 4, 2024 and February 3, 2024, respectively, and were included in other assets in the Company’s condensed consolidated balance sheets. As a result of changes in the value of the insurance policy investments, the Company recorded unrealized losses of $0.2 million and unrealized gains of $0.1 million in other income (expense) during the three months ended May 4, 2024 and Apr 29, 2023, respectively. The projected benefit obligation was $37.7 million as of May 4, 2024 and February 3, 2024, and was included in accrued expenses and other current liabilities and other long-term liabilities in the Company’s condensed consolidated balance sheets depending on the expected timing of payments. SERP benefit payments of $0.5 million were made during each of the three months ended May 4, 2024 and April 29, 2023.

Foreign Pension Plans

In certain foreign jurisdictions, primarily in Switzerland, the Company is required to guarantee the returns on Company-sponsored defined contribution plans in accordance with local regulations. The Company’s contributions must be made in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary and gender.

As of May 4, 2024 and February 3, 2024, the foreign pension plans had a total projected benefit obligation of $55.5 million and $56.3 million, respectively, and plan assets held in independent investment fiduciaries of $48.6 million and $49.4 million, respectively. The net liability of $6.9 million and $6.8 million was included in other long-term liabilities in the Company’s condensed consolidated balance sheets as of May 4, 2024 and February 3, 2024, respectively.

The components of net periodic defined benefit pension cost related to the Company’s defined benefit plans are (in thousands):


	SERP		Foreign Pension Plans		Total

	Three Months Ended May 4, 2024
Service cost	$	—	$	1,059	$	1,059
Interest cost	441		241		682
Expected return on plan assets	—		(215)		(215)
Net amortization of unrecognized prior service credit	—		(40)		(40)
Net amortization of actuarial (gains) losses	(43)		40		(3)
Net periodic defined benefit pension cost	$	398	$	1,085	$	1,483


	SERP		Foreign Pension Plans		Total
	Three Months Ended Apr 29, 2023
Service cost	$	—	$	913	$	913
Interest cost	465		224		689
Expected return on plan assets	—		(199)		(199)
Net amortization of unrecognized prior service credit	—		(39)		(39)
Net amortization of actuarial losses	—		62		62
Net periodic defined benefit pension cost	$	465	$	961	$	1,426

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023	Jan. 28, 2023
Derivative [Line Items]
Net unrealized gain in accumulated other comprehensive income (loss)	$ 607,332	$ 734,794	$ 493,058	$ 572,751
Unrealized gain on foreign exchange currency contracts to be recognized in cost of product sales over the following 12 months	1,300
Unrealized gain on interest rate swap to be recognized in interest expense over the following 12 months	600
Derivative Financial Instruments Designated as Cash Flow Hedges
Derivative [Line Items]
Net unrealized gain in accumulated other comprehensive income (loss)	$ 2,221	(544)	$ (7,869)	$ (1,584)
Derivatives not designated as hedging instruments \| Euro
Derivative [Line Items]
U.S. dollar forward contracts outstanding, maximum remaining maturity period (in months)	10 months
Foreign exchange currency contracts \| Derivative Financial Instruments Designated as Cash Flow Hedges
Derivative [Line Items]
Net unrealized gain in accumulated other comprehensive income (loss)	$ 1,600
Foreign exchange currency contracts \| Derivatives not designated as hedging instruments \| Euro
Derivative [Line Items]
Notional amount of derivative outstanding	73,000	52,000
Interest rate swap \| Derivative Financial Instruments Designated as Cash Flow Hedges
Derivative [Line Items]
Net unrealized gain in accumulated other comprehensive income (loss)	$ 600
Europe \| Cash flow hedges \| Derivatives designated as hedging instruments
Derivative [Line Items]
U.S. dollar forward contracts outstanding, maximum remaining maturity period (in months)	14 months
Europe \| Foreign exchange currency contracts \| Cash flow hedges \| Derivatives designated as hedging instruments
Derivative [Line Items]
Total notional amount of derivatives purchased	$ 135,000
Notional amount of derivative outstanding	$ 195,000	$ 104,000

Earnings (Loss) per Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Net earnings (loss) attributable to Guess?, Inc.	$ 13,022	$ (11,805)
Less net earnings attributable to nonvested restricted stockholders	318	164
Net earnings (loss) attributable to common stockholders	12,704	(11,969)
Add interest expense related to the convertible senior notes	122	0
Net earnings (loss) attributable to common stockholders used in diluted computations	$ 12,826	$ (11,969)
Weighted average common shares used in basic computations (in shares)	52,908,000	54,348,000
Effect of dilutive securities:
Stock options and restricted stock units (in shares)	1,538,000	0
Convertible senior notes (in shares)	1,092,000	0
Weighted average common shares used in diluted computations (in shares)	55,538,000	54,348,000
Net earnings (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.24	$ (0.22)
Diluted (in dollars per share)	$ 0.23	$ (0.22)
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from computation of diluted weighted average common shares (in shares)	14,741,039	12,834,308
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from computation of diluted weighted average common shares (in shares)		1,351,331

Share-Based Compensation (Tables)

3 Months Ended

May 04, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation expense recognized under all of the Company's stock plans

The following summarizes the share-based compensation expense recognized under all of the Company’s stock plans (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Stock options	$	—	$	506
Stock awards/units	4,600		4,065
Employee Stock Purchase Plan	91		49
Total share-based compensation expense	$	4,691	$	4,620

Schedule of activity for nonvested performance-based units

The following summarizes the activity for nonvested performance-based units during the three months ended May 4, 2024:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024	376,916	$	18.36
Granted	—	—
Vested	(112,590)	18.14
Forfeited	—	—
Nonvested at May 4, 2024	264,326	$	18.45

Schedule of activity for nonvested market-based units

The following summarizes the activity for nonvested market-based units during the three months ended May 4, 2024:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024	722,780	$	19.55
Granted1	43,150	17.77
Vested1	(172,601)	17.77
Forfeited	—	—
Nonvested at May 4, 2024	593,329	$	19.94

______________________________________________________________________

Notes:

1As a result of the achievement of certain market-based vesting conditions, there were 43,150 shares that vested in addition to the original target number of shares granted in fiscal 2022.

Segment Information - Net Revenue and Earnings (Loss) from Operations (Details) $ in Thousands	3 Months Ended
	May 04, 2024 USD ($) segment	Apr. 29, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Segment Reporting Information
Net revenue	$ 591,943	$ 569,798
Loss from operations	(19,888)	(922)
Asset impairment charges	(1,141)	(1,934)
Operating Segments
Segment Reporting Information
Net revenue	591,943	569,798
Loss from operations	33,716	37,524
Corporate overhead
Segment Reporting Information
Loss from operations	(52,463)	(36,512)
Reconciling items
Segment Reporting Information
Asset impairment charges	(1,141)	(1,934)
Europe \| Operating Segments
Segment Reporting Information
Net revenue	283,873	280,198
Loss from operations	(439)	1,593
Americas Retail \| Operating Segments
Segment Reporting Information
Net revenue	144,196	143,544
Loss from operations	(10,391)	(3,287)
Americas Wholesale \| Operating Segments
Segment Reporting Information
Net revenue	62,128	51,393
Loss from operations	14,127	13,093
Asia \| Operating Segments
Segment Reporting Information
Net revenue	72,756	70,775
Loss from operations	3,741	3,830
Licensing \| Operating Segments
Segment Reporting Information
Net revenue		23,888
Loss from operations	$ 26,678	$ 22,295

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 15,906	$ (10,694)
Foreign currency translation adjustment
Gains (losses) arising during the period	(2,356)	2,330
Derivative financial instruments designated as cash flow hedges
Gains (losses) arising during the period	1,364	(1,057)
Less income tax effect	(219)	115
Reclassification to net earnings (loss) for (gains) losses realized	1,890	(6,021)
Less income tax effect	(270)	678
Defined benefit plans
Foreign currency and other adjustments	263	(181)
Less income tax effect	(30)	20
Net actuarial (gain) loss amortization	(3)	62
Prior service credit amortization	(40)	(39)
Less income tax effect	0	(2)
Total comprehensive income (loss)	16,505	(14,789)
Less comprehensive income attributable to noncontrolling interests:
Net earnings	2,884	1,111
Foreign currency translation adjustment	637	1,309
Amounts attributable to noncontrolling interests	3,521	2,420
Comprehensive income (loss) attributable to Guess?, Inc.	$ 12,984	$ (17,209)

Earnings (Loss) per Share (Tables)

3 Months Ended

May 04, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted net earnings per common share attributable to common stockholders

The computation of basic and diluted net earnings (loss) per common share attributable to common stockholders is (in thousands, except per share data):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Net earnings (loss) attributable to Guess?, Inc.	$	13,022	$	(11,805)
Less net earnings attributable to nonvested restricted stockholders	318		164
Net earnings (loss) attributable to common stockholders	12,704		(11,969)
Add interest expense related to the convertible senior notes1	122		—
Net earnings (loss) attributable to common stockholders used in diluted computations	$	12,826	$	(11,969)

Weighted average common shares used in basic computations	52,908		54,348

Effect of dilutive securities:
Stock options and restricted stock units2	1,538		—
Convertible senior notes1	1,092		—
Weighted average common shares used in diluted computations	55,538		54,348

Net earnings (loss) per common share attributable to common stockholders:
Basic	$	0.24	$	(0.22)
Diluted	$	0.23	$	(0.22)

______________________________________________________________________

Notes:

1 During the three months ended April 29, 2023, there were 12,834,308 potentially dilutive shares related to the convertible senior notes that were not included in the computation of diluted weighted average common shares and common equivalent shares outstanding because their effect would have been antidilutive given the Company’s net loss.

2 During the three months ended April 29, 2023, there were 1,351,331 potentially dilutive shares related to stock options and restricted stock units that were not included in the computation of diluted weighted average common shares and common equivalent shares outstanding because their effect would have been antidilutive given the Company’s net loss.

Commitments and Contingencies (Tables)

3 Months Ended

May 04, 2024

Commitments and Contingencies Disclosure [Abstract]

Redeemable Noncontrolling Interest

A reconciliation of the total carrying amount of redeemable noncontrolling interests is (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Beginning balance	$	522	$	9,154

Foreign currency translation adjustment	(21)		180


Ending balance	$	501	$	9,334

Commitments and Contingencies - Redeemable Noncontrolling Interests (Details) $ in Thousands	1 Months Ended
	May 31, 2023 EUR (€)	May 04, 2024 USD ($)	May 04, 2024 EUR (€)	Feb. 03, 2024 USD ($)	Apr. 30, 2023	Apr. 29, 2023 USD ($)	Jan. 28, 2023 USD ($)	Jan. 28, 2023 EUR (€)
Loss Contingencies [Line Items]
Redeemable noncontrolling interests \| $		$ 501		$ 522		$ 9,334	$ 9,154
Guess Brazil
Loss Contingencies [Line Items]
Ownership percentage		40.00%	40.00%
Redeemable noncontrolling interests \| $		$ 500		$ 500
Guess CIS
Loss Contingencies [Line Items]
Ownership percentage					30.00%
Redeemable noncontrolling interests \| €			€ 0					€ 8,000,000
Payment to acquire noncontrolling interest \| €	€ 8,000,000

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Acquisition of rag & bone - Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 591,943	$ 569,798
Gross profit	248,101	231,985
Earnings before income tax expense	11,201	(12,952)
Net earnings (loss)	13,022	$ (11,805)
Joint Venture
Schedule of Equity Method Investments [Line Items]
Earnings attributable to the equity method investment	227
Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenue	1,442
Gross profit	1,442
Operating expenses	903
Earnings before income tax expense	539
Net earnings (loss)	$ 453

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Share-Based Compensation - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 29, 2024	May 04, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock options		$ 0
Weighted average period for recognition of unrecognized compensation cost		1 year 9 months 18 days
Stock awards/units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock awards/units		$ 29,600,000
Awards granted (in shares)	375,800
Performance-based units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		0
Performance-based units \| Vesting, Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Performance-based units \| Minimum \| Vesting, Tranches after initial vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Performance-based units \| Maximum \| Vesting, Tranches after initial vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Market-based units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target vesting percentage		0.00%
Market-based units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target vesting percentage		150.00%
Market Based Shares - TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Market Based Shares - Stock Price Levels
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), income tax (expense) benefit	$ (519)	$ 811

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Lease Accounting - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 51,173	$ 51,225
New operating ROU assets obtained in exchange for lease liabilities	$ 46,567	$ 36,068

Borrowings and Finance Lease Obligations

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Borrowings and Finance Lease Obligations

Borrowings and finance lease obligations are summarized (in thousands):


	May 4, 2024		Feb 3, 2024
Term loans	$	9,662	$	12,060
Finance lease obligations	14,001		15,430
Mortgage debt	16,257		16,435
Borrowings under credit facilities	195,191		21,653
Other	3,312		3,413
	238,423		68,991
Less current installments	41,504		40,781
Long-term debt and finance lease obligations	$	196,919	$	28,210

Term Loans

The Company entered into term loans with certain banks primarily in Europe during fiscal 2021. These loans are primarily unsecured, have remaining terms of approximately one year and incur interest at annual rates ranging between 1.5% to 6.7%. As of May 4, 2024 and February 3, 2024, the Company had outstanding borrowings of $9.7 million and $12.1 million, respectively, under these borrowing arrangements.

Finance Lease Obligations

The Company leases its European distribution center in the Netherlands under a finance lease which primarily provides for monthly minimum lease payments through May 2027 with an effective interest rate of approximately 6%. The Company has also entered into finance leases for equipment used in its European distribution centers. These finance lease obligations totaled $8.9 million and $9.9 million as of May 4, 2024 and February 3, 2024, respectively.

The Company also has smaller finance leases related primarily to computer hardware and software. As of May 4, 2024 and February 3, 2024, these finance lease obligations totaled $5.1 million and $5.5 million, respectively.

Mortgage Debt

During fiscal 2017, the Company entered into a ten-year $21.5 million real estate secured loan (the “Mortgage Debt”) which is secured by the Company’s U.S. distribution center based in Louisville, Kentucky. The Mortgage Debt requires the Company to comply with a fixed charge coverage ratio on a trailing four-quarter basis if consolidated cash, cash equivalents, short-term investment balances and availability under borrowing arrangements fall below certain levels. In addition, the Mortgage Debt contains customary covenants, including covenants that limit or restrict the Company’s ability to incur liens on the mortgaged property and enter into certain contractual obligations. Upon the occurrence of an event of default under the Mortgage Debt, the lender may terminate the Mortgage Debt and declare all amounts outstanding to be immediately due and payable. The Mortgage Debt specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. In May 2023, the Company amended the terms of the Mortgage Debt, which was previously payable at a variable rate based on the London Interbank Offered Rate (“LIBOR”), to provide for the interest rate to be based on the Secured Overnight Financing Rate (“SOFR”), effective May 1, 2023. The Company also amended its existing interest rate swap agreement, resulting in a swap fixed rate of approximately 3.14%.

Credit Facilities

Long-Term 2023 Credit Facility

During fiscal 2023, the Company amended and restated its senior secured asset-based revolving credit facility with Bank of America, N.A. and other lenders party thereto to extend the maturity date of the credit facility to December 20, 2027, among other changes (as amended, the “2023 Credit Facility”). In addition, the

Company entered into agreements to amend the 2023 Credit Facility to permit, among other things, an exchange and subscription offering and certain related transactions on each of April 12, 2023 and March 28, 2024. The 2023 Credit Facility previously provided for a borrowing capacity in an amount up to $150 million, which was increased in March 2024 by $50 million to a total borrowing capacity under the facility up to $200 million. The borrowing facility includes a Canadian sub-facility up to $20 million, subject to a borrowing base. Based on applicable accounts receivable, inventory and eligible cash, subject to certain allowances, the Company could have borrowed up to $171.1 million under the 2023 Credit Facility as of May 4, 2024. The 2023 Credit Facility has an option to expand the borrowing capacity by up to $100 million subject to certain terms and conditions, including the willingness of existing or new lenders to assume such increased amount. The 2023 Credit Facility is available for direct borrowings and the issuance of letters of credit, subject to certain letters of credit sublimits, and may be used for repayment of debt, working capital and other general corporate purposes. As of May 4, 2024, the Company had $8.1 million in outstanding standby letters of credit, no outstanding documentary letters of credit and no outstanding borrowings under the 2023 Credit Facility. As of February 3, 2024, the Company had $6.6 million in outstanding standby letters of credit, no outstanding documentary letters of credit and no outstanding borrowings under the 2023 Credit Facility.

All obligations under the 2023 Credit Facility are unconditionally guaranteed by the Company and the Company’s existing and future domestic and Canadian subsidiaries, subject to certain exceptions, and are secured by a first priority lien on substantially all of the assets of the Company and such domestic and Canadian subsidiaries, as applicable.

Direct borrowings under the 2023 Credit Facility made by the Company and its domestic subsidiaries bear interest at the U.S. base rate plus an applicable margin (varying from 0.25% to 0.75%) or at Term SOFR plus a spread adjustment plus an applicable margin (varying from 1.25% to 1.75%), provided that Term SOFR may not be less than zero. The U.S. base rate is based on the greater of (i) the U.S. prime rate, (ii) the federal funds rate, plus 0.5%, and (iii) Term SOFR plus a spread adjustment for a 30-day interest period, plus 1.0%, provided that the U.S. base rate may not be less than zero. Direct borrowings under the 2023 Credit Facility made by the Company’s Canadian subsidiaries bear interest at the Canadian prime rate plus an applicable margin (varying from 0.25% to 0.75%) or at the Term Canadian Overnight Repo Rate Average (“CORRA”) rate plus an applicable margin (varying from 1.25% to 1.75%), provided that the Term CORRA rate may not be less than zero. The Canadian rate is based on the greater of (i) the Canadian prime rate and (ii) the Term CORRA rate for a one-month interest period, plus 1.0%, provided that the Canadian prime rate may not be less than zero. The applicable margins are calculated quarterly and vary based on the average daily availability of the aggregate borrowing base. The Company is also obligated to pay certain commitment, letter of credit and other fees customary for a credit facility of this size and type.

The 2023 Credit Facility contains various annual sustainability key performance targets, the achievement of which would result in an adjustment to the interest margin ranging from plus 5 basis points to minus 5 basis points per year and the commitment fee ranging from plus 1 basis point to minus 1 basis point per year. The 2023 Credit Facility requires the Company to comply with a fixed charge coverage ratio on a trailing four-quarter basis if a default or an event of default occurs under the 2023 Credit Facility or availability under the 2023 Credit Facility falls below the greater of 10% of the aggregate borrowing base or $12.5 million. In addition, the 2023 Credit Facility contains customary covenants, including covenants that limit or restrict the Company and certain of its subsidiaries’ ability to: incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. Upon the occurrence of an event of default under the 2023 Credit Facility, the lenders may cease making loans, terminate the 2023 Credit Facility and declare all amounts outstanding to be immediately due and payable. The 2023 Credit Facility specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults. The 2023 Credit Facility allows for both secured and unsecured borrowings outside of the 2023 Credit Facility up to specified amounts.

Long-Term 2022 Credit Facility

During fiscal 2023, Guess Europe Sagl, a wholly owned subsidiary of the Company, entered into a credit agreement (the “Credit Agreement”) for a €250 million revolving credit facility (the “2022 Credit Facility”) with an initial five-year term. The Company has an option to expand the 2022 Credit Facility by up to €100 million, subject to certain conditions.

Borrowings under the 2022 Credit Facility bear interest based on the daily balance outstanding at the Euro Interbank Offered Rate (EURIBOR) plus an applicable margin (varying from 0.85% to 1.20%), provided that EURIBOR may not be less than zero. The 2022 Credit Facility carries a commitment fee equal to the available but unused borrowing capacity multiplied by 35% of an applicable margin (varying from 0.85% to 1.20%). The Company is also required to pay a utilization fee on the total amount of the loans outstanding under the 2022 Credit Facility at rates varying from 0.10% to 0.20%, depending on the balance outstanding. The applicable margins are calculated quarterly and vary based on the leverage ratio of the guarantor and its subsidiaries as set forth in the Credit Agreement.

The Credit Agreement contains various annual sustainability key performance targets, the achievement of which would result in an adjustment to the interest margin ranging from a plus 5 basis points to a minus 5 basis points per year. The Credit Agreement includes a financial covenant requiring a maximum leverage ratio of the guarantor and its subsidiaries. In addition, the Credit Agreement includes customary representations and warranties, affirmative and negative covenants and events of default. As of May 4, 2024, the Company had $172.2 million of outstanding borrowings and $96.9 million available for future borrowings under the 2022 Credit Facility. As of February 3, 2024, the Company had no outstanding borrowings and $269.7 million available for future borrowings under the 2022 Credit Facility.

Other Credit Facilities

The Company, through its Chinese subsidiary, maintains a short-term uncommitted bank borrowing agreement that provides for a borrowing capacity up to $30 million, primarily for working capital purposes. The Company had $20.0 million and $17.9 million in outstanding borrowings under this agreement as of May 4, 2024 and February 3, 2024, respectively.

The Company, through its Japanese subsidiary, maintains a short-term uncommitted bank borrowing agreement that provides for a borrowing capacity up to ¥550 million ($3.6 million), primarily for working capital purposes. The Company had $3.0 million and $3.7 million in outstanding borrowings under this agreement as of May 4, 2024 and February 3, 2024, respectively.

From time-to-time, the Company will obtain other financing in foreign countries for working capital to finance its local operations.

Convertible Senior Notes and Related Transactions

Exchange and Subscription Agreements

In April 2023, the Company issued $275 million principal amount of 3.75% convertible senior notes due 2028 (the “Initial 2028 Notes”) in a private placement pursuant to separate, privately negotiated exchange and subscription agreements with a limited number of holders of its 2024 Notes and certain other investors, in each case pursuant to exemptions from registration under the Securities Act of 1933, as amended. Pursuant to the exchange and subscription agreements, the Company exchanged approximately $184.9 million in aggregate principal amount of its 2024 Notes for $163.0 million in aggregate principal amount of Initial 2028 Notes and an aggregate of approximately $33.3 million in cash, representing accrued and unpaid interest and other consideration on the 2024 Notes, and issued $112.0 million aggregate principal amount of Initial 2028 Notes for cash at par. Immediately following the closing of the aforementioned April 2023 transactions, $115.1 million in aggregate principal amount of the 2024 Notes remained outstanding. In addition, the Company concurrently repurchased $42.8 million, including excise tax, of its common stock through broker-assisted market transactions, pursuant to the Company’s 2021 Share Repurchase Program. The Company evaluated all April 2023 exchanges and determined approximately 74% of the exchanged notes were accounted

for as extinguishment of debt and approximately 26% were accounted for as modification of debt. As a result of these transactions entered into during April 2023, the Company recognized a $7.7 million loss on extinguishment of debt during the first quarter of fiscal 2024.

In January 2024, the Company exchanged approximately $67.1 million of its 2024 Notes for approximately $64.8 million of January Additional 2028 Notes in privately negotiated exchange and subscription agreements with a limited number of holders of its 2024 Notes. The January Additional 2028 Notes have the same terms, constitute a single series with, and have the same CUSIP number as the Initial 2028 Notes. The January Additional 2028 Notes were initially recorded at fair value of approximately $71.9 million upon the exchange. Immediately following the closing of these January 2024 transactions, approximately $48.1 million of the 2024 Notes remained outstanding and classified within current liabilities. In addition, the Company concurrently repurchased $21.3 million, including excise tax, of its common stock through broker-assisted market transactions, pursuant to the Company’s 2021 Share Repurchase Program. The Company evaluated all January 2024 exchanges and determined that all of the exchanged notes were accounted for as extinguishment of debt. As a result of these transactions entered into during January 2024, the Company recognized a $4.7 million loss on extinguishment of debt during the fourth quarter of fiscal 2024.

In March 2024, the Company exchanged approximately $14.6 million of its 2024 Notes for approximately $12.1 million of March Additional 2028 Notes in a privately negotiated exchange and subscription agreement with a holder of its 2024 Notes. The March Additional 2028 Notes have the same terms, constitute a single series with, and have the same CUSIP number as the Initial 2028 Notes. The March Additional 2028 Notes were initially recorded at fair value of approximately $16.7 million upon the exchange. Immediately following the closing of this March 2024 transaction, approximately $33.5 million of the 2024 Notes remained outstanding, which were settled during April 2024. In addition, the Company concurrently repurchased $10.3 million of its common stock through broker-assisted market transactions, pursuant to the Company’s 2024 Share Repurchase Program. The Company evaluated all March 2024 exchanges and determined that all of the exchanged notes were accounted for as extinguishment of debt. As a result of this transaction entered into during March 2024, the Company recognized a $2.0 million loss on extinguishment of debt during the first quarter of fiscal 2025.

3.75% Convertible Senior Notes due 2028

In connection with the issuance of the 2028 Notes, the Company entered into an indenture (the “2028 Indenture”) with respect to the 2028 Notes with U.S. Bank Trust Company, N.A., as trustee (the “2028 Trustee”). The 2028 Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 3.75% payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. The 2028 Notes will mature on April 15, 2028, unless earlier repurchased or converted in accordance with their terms.

The 2028 Notes are convertible in certain circumstances into cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election, at an initial conversion rate of 40.4858 shares of common stock per $1,000 principal amount of 2028 Notes, which is equivalent to an initial conversion price of approximately $24.70 per share, subject to adjustment upon the occurrence of certain events. In accordance with the terms of the 2028 Indenture, the Company has adjusted the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share (the conversion price is approximately $22.39 per share as of May 4, 2024). Prior to November 15, 2027, the 2028 Notes are convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2028 Notes.

The 2028 Notes are not redeemable prior to maturity, unless certain significant corporate events occur, and no sinking fund is provided for the 2028 Notes. As of May 4, 2024, none of the conditions allowing holders of the 2028 Notes to convert had been met. The Company expects to settle the principal amount of the 2028 Notes in fiscal 2029 in cash and any excess in shares.

If the Company undergoes a “fundamental change,” as defined in the 2028 Indenture, subject to certain conditions, holders of the 2028 Notes may require the Company to purchase for cash all or any portion of their 2028 Notes. The fundamental change purchase price will be 100% of the principal amount of the 2028 Notes to be purchased plus any accrued and unpaid interest up to but excluding the fundamental change purchase date.

The 2028 Indenture contains certain other customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2028 Trustee or the holders of at least 25% in principal amount of the outstanding 2028 Notes may declare 100% of the principal of, and accrued and unpaid interest on, all the 2028 Notes to be due and payable.

In connection with the exchange of the 2024 Notes in January 2024 and March 2024, the conversion feature embedded in the Additional 2028 Notes failed to satisfy the requirements for the derivative scope exception for contracts indexed in the Company’s own stock. The conversion feature of the Additional 2028 Notes required bifurcation from the host contract. The embedded derivative was measured at fair value of $30.2 million as of May 4, 2024. Debt discount of $11.8 million was recorded as the excess of the principal amount of the Additional 2028 Notes over the fair value of the host contract.

During the first quarter of fiscal 2025, the Company incurred approximately $0.9 million of debt issuance costs related to the March Additional 2028 Notes including third-party offering costs. During fiscal 2024, the Company incurred $5.9 million and $2.0 million of debt issuance costs related the Initial 2028 Notes and the January Additional 2028 Notes, respectively, including third-party offering costs. Debt issuance costs were recorded as a contra-liability (other than $0.5 million expensed related to 2024 Notes that were subject to modification accounting) and are presented net against the 2028 Notes balance on the Company’s condensed consolidated balance sheets. These costs are being amortized to interest expense over the term of the 2028 Notes.

2.00% Convertible Senior Notes due 2024

In April 2019, the Company issued $300 million principal amount of the 2024 Notes in a private offering. In connection with the issuance of the 2024 Notes, the Company entered into an indenture (the “2024 Indenture”) with respect to the 2024 Notes with U.S. Bank N.A., as trustee (the “2024 Trustee”). The 2024 Notes were senior unsecured obligations of the Company and bore interest at an annual rate of 2.00% payable semi-annually in arrears on April 15 and October 15 of each year. The Company incurred $5.3 million debt issuance costs, which were comprised of $3.8 million of discounts and commissions payable to the initial purchasers and approximately $1.5 million of third-party offering costs. These costs were amortized to interest expense over the term of the 2024 Notes.

The 2024 Notes were convertible as described below into cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election, at an initial conversion rate of 38.7879 shares of common stock per $1,000 principal amount of 2024 Notes, which was equivalent to an initial conversion price of approximately $25.78 per share, subject to adjustment upon the occurrence of certain events. In accordance with the terms of the 2024 Indenture, the Company had adjusted the conversion rate and the conversion price of the 2024 Notes for quarterly dividends exceeding $0.1125 per share. Prior to November 15, 2023, the 2024 Notes were convertible only upon the occurrence of certain events and during certain periods. Beginning November 15, 2023, the 2024 Notes became convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2024 Notes. The 2024 Notes were not redeemable prior to maturity, unless certain significant corporate events occurred, and no sinking fund was provided for the 2024 Notes.

In April 2024, upon maturity of the 2024 Notes, the Company settled the remaining $33.5 million principal amount of the 2024 Notes for $33.3 million in cash and 122,313 shares of common stock. The Company also exercised the convertible note hedge in connection with the remaining 2024 Notes and received

90,729 shares of common stock, which were recorded at fair value on settlement. As of May 4, 2024, there were no 2024 Notes outstanding.

The Notes consist of the following (in thousands):


	May 4, 2024		Feb 3, 2024
2024 Notes
Principal	$	—	$	48,078
Unamortized debt issuance costs	—		(30)
Net carrying amount	$	—	$	48,048
Fair value, net1	$	—	$	49,182
Initial 2028 Notes
Principal	$	275,000	$	275,000
Unamortized debt discount and issuance costs2,3	(7,598)		(8,034)
Net carrying amount	$	267,402	$	266,966
Fair value, net1	$	353,793	$	295,550
Additional 2028 Notes
Principal	$	76,947	$	64,826
Unamortized debt discount and issuance costs3	(13,913)		(11,465)
Embedded derivative4	30,230		16,390
Net carrying amount	$	93,264	$	69,751
Fair value, net1	$	117,436	$	60,099

______________________________________________________________________

Notes:

1The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy.

2The unamortized debt discount related to the Initial 2028 Notes is due to the result of the modification accounting for a portion of the exchanged notes. This discount represents both an increase in the fair value of the embedded conversion feature, which is calculated as the difference between the fair value of the embedded conversion feature immediately before and after the exchange, and cash paid to modified noteholders. The change in conversion feature value reduces the carrying amount of the convertible debt instrument with a corresponding increase in additional paid-in capital. The additional cash paid to modified noteholders increased the debt discount. This debt discount is being amortized to interest expense over five years.

3For the three months ended May 4, 2024, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% and 9.3% for the Initial 2028 Notes and Additional 2028 Notes, respectively. For the three months ended April 29, 2023, the weighted average effective interest rate including amortization of debt discount and issuance costs was 4.5% for the Initial 2028 Notes.

4The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.

Interest expense for the Notes for the three months ended May 4, 2024 and April 29, 2023 consists of the following (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
2024 Notes
Coupon interest	$	334	$	1,096
Amortization of debt discount and issuance costs	28		161
Total	$	362	$	1,257
Initial 2028 Notes
Coupon interest	$	2,578	$	401
Amortization of debt discount and issuance costs	436		63
Total	$	3,014	$	464
Additional 2028 Notes
Coupon interest	$	646	$	—
Amortization of debt discount and issuance costs	662		—
Total	$	1,308	$	—

Convertible Bond Hedge and Warrant Transactions

In April 2023, in connection with the offering of the Initial 2028 Notes, the Company entered into convertible note hedge transactions whereby the Company had the option to purchase a total of approximately 11.1 million shares of its common stock at an initial strike price of approximately $24.70 per share (the “Initial 2028 Bond Hedge”). The total cost of the Initial 2028 Bond Hedge transactions was $51.8 million. In addition, the Company sold warrants whereby the holders of the warrants had the option to purchase a total of approximately 11.1 million shares of the Company’s common stock at an initial strike price of $41.80 per share (the “Initial 2028 Warrants”). The Company received $20.2 million in cash proceeds from the sale of these warrants. Both the number of shares underlying the Initial 2028 Bond Hedge and Initial 2028 Warrants and the strike price of the instruments are subject to customary adjustments. In accordance with the original terms of the Initial 2028 Bond Hedge confirmations and Initial 2028 Warrants confirmations, the Company has adjusted the strike prices with respect to the Initial 2028 Bond Hedge and the Initial 2028 Warrants for quarterly dividends exceeding $0.225 per share (approximately $22.39 per share and $37.89 per share, respectively, as of May 4, 2024). The purchase of the Initial 2028 Bond Hedge is intended to offset dilution from the conversion of the Initial 2028 Notes to the extent the market price per share of the Company’s common stock exceeds the then-applicable strike price of the Initial 2028 Bond Hedge. The warrant transaction may have a dilutive effect with respect to the Company’s common stock to the extent the market price per share of the Company’s common stock exceeds the then-applicable strike price of the warrants. In April 2023, the Initial 2028 Bond Hedge and the Initial 2028 Warrants were recorded in stockholders’ equity, were not accounted for as derivatives and were not remeasured each reporting period.

Concurrently, in connection with the retirement of $184.9 million in principal amount of the 2024 Notes in April 2023, the Company entered into Partial Termination Agreements with certain financial institutions to unwind a portion of the convertible note hedge transactions and warrant transactions the Company had entered into in connection with the issuance of the 2024 Notes. The terminated portion is in a notional amount corresponding to the amount of exchanged 2024 Notes. As a result, the Company received $7.2 million, which reduced the number of purchase options to approximately 4.6 million shares of common stock at an adjusted strike price of approximately $24.92 per share. Additionally, the Company paid $1.0 million related to terminated warrants, which reduced the number of shares that may be purchased pursuant to the warrants to 4.6 million shares of common stock at an adjusted strike price of approximately $45.31 per share. This transaction resulted in a $6.2 million net increase in additional paid-in capital in the Company’s consolidated balance sheet as of April 29, 2023. For the remaining portion of the convertible note hedge transactions and warrant transactions entered into in connection with the 2024 Notes, both the number of shares underlying the instruments and the strike price of the instruments were subject to customary adjustments pursuant to their original terms. In accordance with the original terms of the convertible note hedge confirmations and warrant confirmations, the Company had adjusted the strike prices with respect to the convertible note hedges and warrants for quarterly dividends exceeding $0.1125 per share. The remaining convertible note hedges and warrant transactions continued to serve to partially offset the potential dilution arising from the conversion of the 2024 Notes that remained outstanding.

In connection with the exchange of the 2024 Notes in January 2024 and March 2024, the Company purchased incremental bond hedges (the “Additional 2028 Bond Hedge”, together with the Initial 2028 Bond Hedge, the “2028 Bond Hedge”) and sold incremental warrants (the “Additional 2028 Warrants”) with the same terms and conditions as the Initial 2028 Bond Hedge and the Initial 2028 Warrants, each with a notional amount equal to the notional amount of the Additional 2028 Notes. The Company paid premiums of $16.2 million and $6.5 million to purchase the Additional 2028 Bond Hedge in January 2024 and March 2024, respectively, and received $5.8 million and $3.7 million for the issuance of the Additional 2028 Warrants in January 2024 and March 2024, respectively. The Additional 2028 Bond Hedge purchased and the Additional 2028 Warrants issued have terms that are identical to the Initial 2028 Bond Hedge and the Initial 2028 Warrants, except the notional amounts match the number of shares issuable upon conversion of the Additional 2028 Notes. Similarly, in connection with the retirement of $67.1 million and $14.6 million in principal amount of the 2024 Notes in January 2024 and March 2024, respectively, the Company entered into Partial

Termination Agreements with certain financial institutions to unwind a portion of the convertible note hedge transactions and warrant transactions the Company had entered into in connection with the issuance of the 2024 Notes. The terminated portion is in a notional amount corresponding to the amount of exchanged 2024 Notes. As a result, the Company received $1.9 million and $1.3 million for the unwind of the convertible bond hedge in January 2024 and March 2024, respectively, and paid $0.1 million and $0.5 million for the unwind of the warrants in January 2024 and March 2024, respectively. These transactions in January 2024 and March 2024 resulted in a $1.8 million and a $0.8 million net increase, respectively, in paid-in capital in the Company’s consolidated balance sheet as of May 4, 2024. As a result of the unwind transactions, the convertible note hedge transactions and warrant transactions that remained outstanding have a notional amount of approximately 1.3 million shares of common stock, corresponding to the number of shares into which the remaining 2024 Notes are convertible. In addition, upon maturity of the 2024 Notes in April 2024, the Company exercised the convertible note hedge in connection with the remaining 2024 Notes and there was no outstanding convertible note hedge as of May 4, 2024. The warrant transactions remain outstanding and have a notional amount of approximately 1.3 million shares of common stock with a current strike price of $41.45 per share as of May 4, 2024.

The Additional 2028 Warrants meet the scope exception for derivatives indexed to and settled in the Company’s own stock. Therefore, the Additional 2028 Warrants are recorded in stockholders’ equity, are not accounted for as derivatives and are not remeasured each reporting period. The Additional 2028 Bond Hedge does not qualify for the scope exception for derivatives indexed to the Company’s own stock because the settlement of the Additional 2028 Bond Hedge is indexed to the same inputs as the settlement of the Additional 2028 Notes which do not qualify for the scope exception. Additionally, in connection with the purchase of the Additional 2028 Bond Hedge, the Initial 2028 Bond Hedge was modified and merged with the Additional 2028 Bond Hedge. The result is that the Initial 2028 Bond Hedge no longer qualifies for the derivative scope exception for contracts indexed to the Company’s own stock. As a result, in January 2024, the Company recognized a derivative asset of $84.7 million for the 2028 Bond Hedge in other assets in the Company’s consolidated balance sheet, of which $16.2 million relates to the Additional 2028 Bond Hedge purchased for cash and $68.5 million relates to the reclassification of the pre-existing Initial 2028 Bond Hedge, which resulted in an increase of $68.5 million in paid-in capital in the Company’s consolidated balance sheet. The 2028 Bond Hedge is subsequently required to be remeasured to fair value each reporting period with changes in fair value recognized in net earnings (loss).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Net revenue	$ 591,943	$ 569,798
Cost of product sales	343,842	337,813
Gross profit	248,101	231,985
Selling, general and administrative expenses	266,848	230,973
Asset impairment charges	1,141	1,934
Loss from operations	(19,888)	(922)
Other income (expense):
Interest expense	(6,374)	(4,218)
Interest income	3,648	2,515
Loss on extinguishment of debt	(1,952)	(7,696)
Other, net	35,767	(2,631)
Total other income (expense)	31,089	(12,030)
Earnings (loss) before income tax benefit	11,201	(12,952)
Income tax benefit	(4,705)	(2,258)
Net earnings (loss)	15,906	(10,694)
Net earnings attributable to noncontrolling interests	2,884	1,111
Net earnings (loss)	$ 13,022	$ (11,805)
Net earnings (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.24	$ (0.22)
Diluted (in dollars per share)	$ 0.23	$ (0.22)
Weighted average common shares outstanding attributable to common stockholders:
Basic (in shares)	52,908	54,348
Diluted (in shares)	55,538	54,348
Product sales
Net revenue	$ 562,953	$ 545,910
Net royalties
Net revenue	$ 28,990	$ 23,888

Inventories (Tables)

3 Months Ended

May 04, 2024

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories consist of the following (in thousands):


	May 4, 2024		Feb 3, 2024
Raw materials	$	6,702	$	1,488
Work in progress	192		3
Finished goods	548,009		464,806
	$	554,903	$	466,297

Accounts Receivable

3 Months Ended

May 04, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable is summarized as follows (in thousands):


	May 4, 2024		Feb 3, 2024
Trade	$	281,607	$	305,900
Royalty	12,875		9,334
Other	9,211		6,711
	303,693		321,945
Less allowances	6,271		7,176
	$	297,422	$	314,769

Accounts receivable consists of trade receivables relating primarily to the Company’s wholesale business in Europe and, to a lesser extent, its wholesale businesses in the Americas and Asia, royalty receivables relating to its licensing operations, credit card and retail concession receivables related to its retail businesses and certain other receivables. Other receivables generally relate to amounts due to the Company that result from activities that are not related to the direct sale of the Company’s products or collection of royalties.

Segment Information

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Segment Information

The Company’s businesses are grouped into five reportable segments for management and internal financial reporting purposes: Europe, Americas Retail, Americas Wholesale, Asia and Licensing. The Company’s Europe, Americas Retail, Americas Wholesale and Licensing reportable segments are the same as their respective operating segments. Certain components of the Company’s Asia operating segment are separate operating segments based on region, which have been aggregated into the Asia reportable segment for disclosure purposes. On April 2, 2024, the Company completed the rag & bone acquisition and has integrated rag & bone into its existing segments for financial reporting purposes.

Management evaluates segment performance based primarily on revenues and earnings (loss) from operations before corporate performance-based compensation costs, asset impairment charges, net gains (losses) on lease modifications, separation charges, transaction costs, restructuring charges and certain non-recurring credits (charges), if any. The Company believes this segment reporting reflects how its business segments are managed and how each segment’s performance is evaluated by the Company’s chief operating decision maker to assess performance and make resource allocation decisions.

Net revenue and earnings (loss) from operations are summarized (in thousands):


	Three Months Ended
		May 4, 2024		Apr 29, 2023
Net revenue:
Europe		$	283,873	$	280,198
Americas Retail		144,196		143,544
Americas Wholesale		62,128		51,393
Asia		72,756		70,775
Licensing		28,990		23,888
Total net revenue		$	591,943	$	569,798
Earnings (loss) from operations:
Europe		$	(439)	$	1,593
Americas Retail		(10,391)		(3,287)
Americas Wholesale		14,127		13,093
Asia		3,741		3,830
Licensing		26,678		22,295
Total segment earnings from operations		33,716		37,524
Corporate overhead		(52,463)		(36,512)

Asset impairment charges1		(1,141)		(1,934)


Total loss from operations		$	(19,888)	$	(922)

______________________________________________________________________

Notes:

1During the three months ended May 4, 2024 and April 29, 2023, the Company recognized asset impairment charges related primarily to impairment of property and equipment related to certain retail locations resulting from under-performance and expected store closures. Refer to Note 16 for more information regarding these asset impairment charges.

The below presents information regarding geographic areas in which the Company operated. Net revenue is classified primarily based on the country where the Company’s customer is located (in thousands):


	Three Months Ended
		May 4, 2024		Apr 29, 2023
Net revenue:
U.S.		$	142,852	$	133,952
Italy		57,542		60,370
South Korea		48,868		47,589
Germany		33,228		32,364
Spain		30,232		29,236
Mexico		30,205		23,796

Other countries		220,026		218,603
Total product sales		562,953		545,910
Net royalties		28,990		23,888
Net revenue		$	591,943	$	569,798

Due to the seasonal nature of the Company’s business segments, the above net revenue and operating results are not necessarily indicative of the results that may be expected for the full fiscal year.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisition of rag & bone (Tables)

3 Months Ended

May 04, 2024

Business Combination and Asset Acquisition [Abstract]

Purchase price allocation

The purchase price consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows (in thousands):


	Apr 2, 2024
Cash and cash equivalents	$	2,083
Accounts receivable	23,177
Inventory	52,218
Other current assets	10,993
Total current assets	88,471
Property and equipment	12,605
Operating lease right-of-use assets	38,084
Other assets	61,886
Total assets acquired	$	201,046

Accounts payable	$	23,752
Accrued expenses	12,301
Current portion of operating lease liabilities	16,588
Total current liabilities	52,641
Long-term operating lease liabilities	44,496
Total liabilities assumed	$	97,137

Fair value of net assets acquired	$	103,909

Cash	$	57,064
Earnout consideration	2,040
Vendor consideration	44,805
Fair value of acquisition consideration	$	103,909

Pro forma financial information

The following financial information presents the Company’s consolidated net revenues as if the acquisition had occurred on January 29, 2023 (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Pro-forma net revenue	$	625,185	$	624,741

Summary financial information for equity method investment

Summarized financial information related to the Company’s equity method investment in the Joint Venture is reflected below (in thousands):


	Three Months Ended
	May 4, 2024
Revenue	$	1,442
Gross profit	1,442
Operating expenses	903
Earnings before income tax expense	539
Net earnings	453
Earnings attributable to the equity method investment	$	227

Defined Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
SERP
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 37.7		$ 37.7
SERP benefit payments	0.5	$ 0.5
SERP \| Other income (expense)
Defined Benefit Plan Disclosure [Line Items]
Unrealized gains (losses) as a result of changes in value of the insurance policy investments, included in other expense	(0.2)	$ 0.1
Pension Plans \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	55.5		56.3
Plan assets at fair value	48.6		49.4
Net liability	6.9		6.8
Other assets \| SERP
Defined Benefit Plan Disclosure [Line Items]
Cash surrender values of the insurance policies held in a rabbi trust	$ 62.7		$ 63.4

Derivative Financial Instruments

3 Months Ended

May 04, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Hedging Strategy

Foreign Exchange Currency Contracts

The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. The Company’s primary objective is to hedge the variability in forecasted cash flows due to the foreign currency risk. The Company enters into certain forward exchange currency contracts to hedge the risk of a portion of these anticipated foreign currency transactions against foreign currency rate fluctuations. The Company may also hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries.

Interest Rate Swap Agreements

The Company is exposed to interest rate risk on its floating-rate debt. The Company has entered into interest rate swap agreements for certain of these agreements to effectively convert its floating-rate debt to a fixed-rate basis. The principal objective of these contracts is to eliminate or reduce the variability of the cash flows in interest payments associated with the Company’s floating-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. Refer to Note 10 for further information.

Summary of Derivative Instruments

The fair value of derivative instruments in the condensed consolidated balance sheets is (in thousands):


	Fair Value at May 4, 2024		Fair Value at Feb 3, 2024		Derivative Balance Sheet Location
ASSETS:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	$	2,191	$	1,590	Other current assets/Other assets
Interest rate swap	835		797		Other assets
Total derivatives designated as hedging instruments	3,026		2,387
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	1,069		688		Other current assets
2028 Bond Hedge	138,269		85,918		Other assets
Total derivatives not designated as hedging instruments	139,338		86,606
Total	$	142,364	$	88,993
LIABILITIES:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	$	285	$	763	Accrued expenses/ Other long-term liabilities
Interest rate swap	—		—		Other long-term liabilities
Total derivatives designated as hedging instruments	285		763
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	113		939		Accrued expenses


Embedded derivative	30,230		16,390		Convertible senior notes due 2028, net
Total derivatives not designated as hedging instruments	30,343		17,329
Total	$	30,628	$	18,092

Derivatives Designated as Hedging Instruments

Foreign Exchange Currency Contracts Designated as Cash Flow Hedges

During the three months ended May 4, 2024, the Company purchased U.S. dollar forward contracts in Europe totaling US$135.0 million that were designated as cash flow hedges. As of May 4, 2024, the Company had forward contracts outstanding for its European operations of US$195.0 million to hedge forecasted merchandise purchases, which are expected to mature over the next 14 months.

As of May 4, 2024, AOCL related to foreign exchange currency contracts included a $1.6 million net unrealized gain, net of tax, of which $1.3 million will be recognized in cost of product sales over the following 12 months, at the then current values on a pre-tax basis, which can be different than the current quarter-end values.

At February 3, 2024, the Company had forward contracts outstanding for its European operations of $104.0 million that were designated as cash flow hedges.

Interest Rate Swap Agreement Designated as Cash Flow Hedge

As of May 4, 2024, AOCL related to the interest rate swap agreement included a net unrealized gain of $0.6 million, net of tax, which will be recognized in interest expense over the following 12 months, at the then current values on a pre-tax basis, which can be different than the current quarter-end values.

The following summarizes the gains (losses) before income taxes recognized on derivative instruments designated as cash flow hedges in other comprehensive income (loss) (“OCL”) and net earnings (loss) (in thousands):



	Gain (Loss) Recognized in OCL				Location of Gain (Loss) Reclassified from AOCL into Earnings (Loss)	Gain (Loss) Reclassified from AOCL into Earnings (Loss)
	May 4, 2024		Apr 29, 2023			May 4, 2024		Apr 29, 2023
	Three Months Ended
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	1,171	$	(1,072)	Cost of product sales	$	(2,045)	$	5,893


Interest rate swap	193		15		Interest expense	155		128

The following summarizes net after income tax derivative activity recorded in AOCL (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Beginning balance loss	$	(544)	$	(1,584)

Net gain (loss) from changes in cash flow hedges	1,145		(942)
Net (gain) loss reclassified into earnings (loss)	1,620		(5,343)
Ending balance gain (loss)	$	2,221	$	(7,869)

Foreign Exchange Currency Contracts Not Designated as Hedging Instruments

As of May 4, 2024, the Company had euro foreign exchange currency contracts to purchase US$73.0 million expected to mature over the next 10 months. As of February 3, 2024, the Company had euro foreign exchange currency contracts to purchase US$52.0 million.

The following summarizes the gains (losses) before income taxes recognized on derivative instruments not designated as hedging instruments in other income (expense) (in thousands):


	Location of Gains (Losses) Recognized in Earnings (Loss)	Gains (Losses) Recognized in Earnings (Loss)
		Three Months Ended
		May 4, 2024		Apr 29, 2023

Foreign exchange currency contracts	Other income (expense)	$	521	$	(625)
2028 Bond Hedge	Other income (expense)	$	45,813	$	—
Embedded derivatives	Other income (expense)	$	(7,302)	$	—

Derivative Financial Instruments - Gain (Losses) on Derivative Instruments Designated As Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss)
Gain (Loss) Recognized in OCL	$ 1,364	$ (1,057)
Gain (Loss) Reclassified from AOCL into Earnings (Loss)	(1,890)	6,021
Foreign exchange currency contracts
Gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss)
Gain (Loss) Recognized in OCL	1,171	(1,072)
Foreign exchange currency contracts \| Cost of product sales
Gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss)
Gain (Loss) Reclassified from AOCL into Earnings (Loss)	(2,045)	5,893
Interest rate swap
Gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss)
Gain (Loss) Recognized in OCL	193	15
Interest rate swap \| Interest expense
Gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings (loss)
Gain (Loss) Reclassified from AOCL into Earnings (Loss)	$ 155	$ 128

Lease Accounting - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Finance Leases
Fiscal 2025	$ 4,643
Fiscal 2026	5,635
Fiscal 2027	3,162
Fiscal 2028	1,339
Fiscal 2029	285
After fiscal 2029	0
Total lease payments	15,064
Less: Interest	1,063
Finance lease obligations	14,001	$ 15,430
Total
Fiscal 2025	174,015
Fiscal 2026	171,300
Fiscal 2027	151,663
Fiscal 2028	116,445
Fiscal 2029	96,343
After fiscal 2029	213,557
Total lease payments	923,323
Less: Interest	127,334
Total lease liabilities	795,989	$ 724,273
Non-Related Parties
Lessee, Lease, Description [Line Items]
Fiscal 2025	163,348
Fiscal 2026	158,445
Fiscal 2027	140,722
Fiscal 2028	107,409
Fiscal 2029	87,595
After fiscal 2029	201,234
Total lease payments	858,753
Less: Interest	116,444
Present value of lease liabilities	742,309
Related Parties
Lessee, Lease, Description [Line Items]
Fiscal 2025	6,024
Fiscal 2026	7,220
Fiscal 2027	7,779
Fiscal 2028	7,697
Fiscal 2029	8,463
After fiscal 2029	12,323
Total lease payments	49,506
Less: Interest	9,827
Present value of lease liabilities	$ 39,679

Derivative Financial Instruments (Tables)

3 Months Ended

May 04, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of derivative instruments in the condensed consolidated balance sheets

The fair value of derivative instruments in the condensed consolidated balance sheets is (in thousands):


	Fair Value at May 4, 2024		Fair Value at Feb 3, 2024		Derivative Balance Sheet Location
ASSETS:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	$	2,191	$	1,590	Other current assets/Other assets
Interest rate swap	835		797		Other assets
Total derivatives designated as hedging instruments	3,026		2,387
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	1,069		688		Other current assets
2028 Bond Hedge	138,269		85,918		Other assets
Total derivatives not designated as hedging instruments	139,338		86,606
Total	$	142,364	$	88,993
LIABILITIES:
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign exchange currency contracts	$	285	$	763	Accrued expenses/ Other long-term liabilities
Interest rate swap	—		—		Other long-term liabilities
Total derivatives designated as hedging instruments	285		763
Derivatives not designated as hedging instruments:
Foreign exchange currency contracts	113		939		Accrued expenses


Embedded derivative	30,230		16,390		Convertible senior notes due 2028, net
Total derivatives not designated as hedging instruments	30,343		17,329
Total	$	30,628	$	18,092

Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges



	Gain (Loss) Recognized in OCL				Location of Gain (Loss) Reclassified from AOCL into Earnings (Loss)	Gain (Loss) Reclassified from AOCL into Earnings (Loss)
	May 4, 2024		Apr 29, 2023			May 4, 2024		Apr 29, 2023
	Three Months Ended
Derivatives designated as cash flow hedges:
Foreign exchange currency contracts	$	1,171	$	(1,072)	Cost of product sales	$	(2,045)	$	5,893


Interest rate swap	193		15		Interest expense	155		128

Summary of net after-tax derivative activity recorded in accumulated other comprehensive income (loss)

The following summarizes net after income tax derivative activity recorded in AOCL (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Beginning balance loss	$	(544)	$	(1,584)

Net gain (loss) from changes in cash flow hedges	1,145		(942)
Net (gain) loss reclassified into earnings (loss)	1,620		(5,343)
Ending balance gain (loss)	$	2,221	$	(7,869)

Summary of derivative instruments not designated as hedging instruments

The following summarizes the gains (losses) before income taxes recognized on derivative instruments not designated as hedging instruments in other income (expense) (in thousands):


	Location of Gains (Losses) Recognized in Earnings (Loss)	Gains (Losses) Recognized in Earnings (Loss)
		Three Months Ended
		May 4, 2024		Apr 29, 2023

Foreign exchange currency contracts	Other income (expense)	$	521	$	(625)
2028 Bond Hedge	Other income (expense)	$	45,813	$	—
Embedded derivatives	Other income (expense)	$	(7,302)	$	—

Borrowings and Finance Lease Obligations (Tables)

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Summary of borrowings and finance lease obligations

Borrowings and finance lease obligations are summarized (in thousands):


	May 4, 2024		Feb 3, 2024
Term loans	$	9,662	$	12,060
Finance lease obligations	14,001		15,430
Mortgage debt	16,257		16,435
Borrowings under credit facilities	195,191		21,653
Other	3,312		3,413
	238,423		68,991
Less current installments	41,504		40,781
Long-term debt and finance lease obligations	$	196,919	$	28,210

Lease Accounting - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Finance lease costs
Total lease costs	$ 85,867	$ 81,271
Europe
Finance lease costs
Rent concessions from landlord	200	400
Cost of product sales
Lease costs
Operating lease costs	48,450	46,052
Finance lease costs
Amortization of leased assets	4	23
Variable lease costs	24,571	24,491
Short-term lease costs	123	70
Selling, general and administrative expenses
Lease costs
Operating lease costs	7,832	6,597
Finance lease costs
Amortization of leased assets	1,540	1,529
Variable lease costs	1,099	661
Short-term lease costs	2,060	1,639
Interest expense
Finance lease costs
Interest on lease liabilities	$ 188	$ 209

Subsequent Events	3 Months Ended
Subsequent Events	May 04, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On May 30, 2024, the Company announced a regular quarterly cash dividend of $0.30 per share on the Company’s common stock. The cash dividend will be paid on June 28, 2024 to shareholders of record as of the close of business on June 12, 2024. As a result of this dividend declaration and in accordance with the terms of the 2028 Indenture, the Company will adjust the conversion rate (which is expected to increase) and the conversion price (which is expected to decrease), effective as of June 11, 2024. A downward adjustment is also expected to be made to the strike prices of the convertible note hedges and the warrants entered into by the Company in connection with the 2028 Notes, each of which will be decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations.

Defined Benefit Plans - Components of Net Periodic Defined Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,059	$ 913
Interest cost	682	689
Expected return on plan assets	(215)	(199)
Net amortization of unrecognized prior service credit	(40)	(39)
Net amortization of actuarial (gains) losses	(3)	62
Net periodic defined benefit pension cost	1,483	1,426
SERP
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	441	465
Expected return on plan assets	0	0
Net amortization of unrecognized prior service credit	0	0
Net amortization of actuarial (gains) losses	(43)	0
Net periodic defined benefit pension cost	398	465
Pension Plans \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,059	913
Interest cost	241	224
Expected return on plan assets	(215)	(199)
Net amortization of unrecognized prior service credit	(40)	(39)
Net amortization of actuarial (gains) losses	40	62
Net periodic defined benefit pension cost	$ 1,085	$ 961

Lease Accounting - Narrative (Details) $ in Millions	3 Months Ended
Lease Accounting - Narrative (Details) $ in Millions	May 04, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced	$ 17.1
Retail Store \| Minimum
Lessee, Lease, Description [Line Items]
Percentage of annual sales volume used for incremental rent on certain retail location leases	3.00%
Retail Store \| Maximum
Lessee, Lease, Description [Line Items]
Percentage of annual sales volume used for incremental rent on certain retail location leases	26.00%
Retail Concession \| Weighted Average
Lessee, Lease, Description [Line Items]
Percentage of annual sales volume used for incremental rent on certain retail location leases	25.00%

Commitments and Contingencies - Reconciliation of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 522	$ 9,154
Foreign currency translation adjustment	(21)	180
Ending balance	$ 501	$ 9,334

- Definition

+ References + Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	May 04, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications The Company has made certain reclassifications to prior period amounts to conform to the current period presentation within the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements.
Interim Financial Statements	Interim Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheets as of May 4, 2024 and February 3, 2024, and the condensed consolidated statements of income (loss), comprehensive income (loss), cash flows and stockholders’ equity for the three months ended May 4, 2024 and April 29, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations and cash flows for the three months ended May 4, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year.
Fiscal Periods	Fiscal Periods The Company operates on a 52/53-week fiscal year calendar, which ends on the Saturday nearest to January 31 of each year. The three months ended May 4, 2024 had the same number of days as the three months ended April 29, 2023. All references herein to “fiscal 2025”, “fiscal 2024” and “fiscal 2023” represent the results of the 52-week fiscal year ending February 1, 2025, the 53-week fiscal year ended February 3, 2024 and the 52-week fiscal year ended January 28, 2023, respectively.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The Company’s restricted cash is held for future payment of a special cash dividend declared in March 2024 as nonvested restricted stock awards vest.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. Significant areas requiring the use of management estimates relate to the allowances for doubtful accounts, sales return and markdown allowances, valuation of inventories, share-based compensation, income taxes, recoverability of deferred income taxes, unrecognized income tax benefits, the useful life of assets for depreciation and amortization, evaluation of asset impairment (including goodwill and long-lived assets, such as property and equipment and operating lease right-of-use (“ROU”) assets), pension obligations, workers’ compensation and medical self-insurance expense and accruals, litigation reserves, restructuring expense and accruals and convertible senior notes, and accounting for business combinations. These estimates and assumptions may change as a result of the impact of global economic conditions, such as the uncertainty regarding the impact of the ongoing wars in Ukraine and Gaza, global inflationary pressures, volatility in foreign exchange rates and declining consumer spending. Actual results could differ from those estimates. Revisions in estimates could materially impact the results of operations and financial position. The Company’s operations could be impacted in ways the Company is not able to predict today. While the Company believes it has made reasonable accounting estimates based on the facts and circumstances that were available as of the reporting date, to the extent there are differences between these estimates and actual results, the Company’s results of operations and financial position could be materially impacted.
Revenue Recognition	Revenue Recognition The Company recognizes the majority of its revenue from its direct-to-consumer (brick-and-mortar retail stores and concessions as well as e-commerce) and wholesale distribution channels at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The Company also recognizes royalty revenue from its trademark license agreements. The Company’s trademark license agreements represent symbolic licenses that are dependent on the Company’s continued support over the term of the license agreement. The amount of revenue that is recognized from the licensing arrangements is based on sales-based royalty and advertising fund contributions as well as specific fixed payments, where applicable. The Company’s trademark license agreements customarily provide for a multi-year initial term ranging from three to fifteen years and may contain options to renew prior to expiration for an additional multi-year period. The unrecognized portion of upfront payments is included in deferred royalties in accrued expenses and other long-term liabilities depending on the short or long-term nature of the payments to be recognized.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts In the normal course of business, the Company grants credit directly to certain wholesale customers after a credit analysis is performed based on financial and other criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses that may result from the inability of its wholesale customers and licensing partners to make their required payments. The Company bases its allowances on analysis of the aging of accounts receivable at the date of the financial statements, assessments of historical and current collection trends, evaluation of the impact of current and future forecasted economic conditions and whether the Company has obtained credit insurance or other guarantees. Management performs regular evaluations concerning the ability of its customers to make required payments and records a provision for doubtful accounts based on these evaluations. As of May 4, 2024, approximately 40% of the Company’s total net trade accounts receivable and 63% of its European net trade receivables were subject to credit insurance coverage, certain bank guarantees or letters of credit for collection purposes. The Company’s credit insurance coverage contains certain terms and conditions specifying deductibles and annual claim limits. Management evaluates the creditworthiness of the counterparties to the credit insurance, bank guarantees and letters of credit and records a provision for the risk of loss on these instruments based on these evaluations as considered necessary.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance Common Control Arrangements In March 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance to amend certain provisions of Accounting Standards Codification 842 that apply to arrangements between related parties under common control. The amendment requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group, and requires certain disclosures when the lease term is shorter than the useful life of the asset. This Accounting Standards Update (“ASU”) is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this new accounting guidance during the three months ended May 4, 2024 had no material impact on the Company’s consolidated financial position, results of operations or cash flows. Joint Venture Formations In August 2023, the FASB issued authoritative guidance regarding the initial measurement of joint ventures. Upon formation, a joint venture is required to recognize and initially measure its assets and liabilities at fair value. The new guidance is applicable to joint ventures with a formation date on or after January 1, 2025. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Segment Reporting In November 2023, the FASB issued authoritative guidance which modifies the disclosure requirements of reportable segments. This guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures. The additional disclosures required by this update are related to the effective tax rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate benefit (as a percent)	42.00%	17.40%
Unrealized gain related to the fair value remeasurement of derivatives	$ 38,510	$ 0
Accrual for uncertain tax positions including penalties and interest	64,600		$ 63,400
Accrual for estimated transition tax	19,900		19,900
Accrual for transfer of intellectual property rights	20,600		$ 20,600
Undistributed earnings of foreign subsidiaries subject to repatriation	$ 53,100

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
ASSETS:
Derivatives, assets	$ 142,364	$ 88,993
LIABILITIES:
Derivatives, liabilities	30,628	18,092
Derivatives designated as hedging instruments \| Cash flow hedges
ASSETS:
Derivatives, assets	3,026	2,387
LIABILITIES:
Derivatives, liabilities	285	763
Derivatives designated as hedging instruments \| Foreign exchange currency contracts \| Other current assets/Other assets \| Cash flow hedges
ASSETS:
Derivatives, assets	2,191	1,590
Derivatives designated as hedging instruments \| Foreign exchange currency contracts \| Accrued expenses/ Other long-term liabilities \| Cash flow hedges
LIABILITIES:
Derivatives, liabilities	285	763
Derivatives designated as hedging instruments \| Interest rate swap \| Other assets \| Cash flow hedges
ASSETS:
Derivatives, assets	835	797
Derivatives designated as hedging instruments \| Interest rate swap \| Other long-term liabilities \| Cash flow hedges
LIABILITIES:
Derivatives, liabilities	0	0
Derivatives not designated as hedging instruments
ASSETS:
Derivatives, assets	139,338	86,606
LIABILITIES:
Derivatives, liabilities	30,343	17,329
Derivatives not designated as hedging instruments \| Foreign exchange currency contracts \| Other current assets
ASSETS:
Derivatives, assets	1,069	688
Derivatives not designated as hedging instruments \| Foreign exchange currency contracts \| Accrued expenses
LIABILITIES:
Derivatives, liabilities	113	939
Derivatives not designated as hedging instruments \| 2028 Bond Hedge \| Other assets
ASSETS:
Derivatives, assets	138,269	85,918
Derivatives not designated as hedging instruments \| Embedded derivative \| Convertible senior notes due 2028, net
LIABILITIES:
Derivatives, liabilities	$ 30,230	$ 16,390

Fair Value Measurements - Measurement Input Valuation Assumptions (Details) - Level 3	May 04, 2024 $ / shares year	Feb. 03, 2024 $ / shares year
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.30	0.30
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.046	0.041
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.014	0.043
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.045	0.052
Term to maturity (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input \| year	4.0	4.2
Stock price (in dollars per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input \| $ / shares	26.71	22.86

Derivative Financial Instruments - Derivative Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Accumulated Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax [Roll Forward]
Beginning balance	$ 734,794	$ 572,751
Ending balance	607,332	493,058
Derivative Financial Instruments Designated as Cash Flow Hedges
Accumulated Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax [Roll Forward]
Beginning balance	(544)	(1,584)
Net gain (loss) from changes in cash flow hedges	1,145	(942)
Net (gain) loss reclassified into earnings (loss)	1,620	(5,343)
Ending balance	$ 2,221	$ (7,869)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Stockholders' Equity (Tables)

3 Months Ended

May 04, 2024

Equity [Abstract]

Schedule of cash dividend declared per share

The following sets forth the cash dividend declared per share:


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Cash dividend declared per share	$	2.550	$	0.225

Schedule of changes in accumulated other comprehensive income (loss), net of related income taxes

The changes in accumulated other comprehensive income (loss) (“AOCL”), net of related income taxes, are (in thousands):



	Foreign Currency Translation Adjustment		Derivative Financial Instruments Designated as Cash Flow Hedges		Defined Benefit Plans		Total

	Three Months Ended May 4, 2024
Balance at February 3, 2024	$	(136,115)	$	(544)	$	(351)	$	(137,010)
Gains (losses) arising during the period	(2,993)		1,145		233		(1,615)
Reclassification to net earnings (loss) for (gains) losses realized	—		1,620		(43)		1,577
Net other comprehensive income (loss)	(2,993)		2,765		190		(38)
Balance at May 4, 2024	$	(139,108)	$	2,221	$	(161)	$	(137,048)


	Three Months Ended Apr 29, 2023

Balance at January 28, 2023	$	(129,168)	$	(1,584)	$	(3,321)	$	(134,073)
Gains (losses) arising during the period	1,021		(942)		(161)		(82)
Reclassification to net earnings (loss) for (gains) losses realized	—		(5,343)		21		(5,322)
Net other comprehensive income (loss)	1,021		(6,285)		(140)		(5,404)
Balance at April 29, 2023	$	(128,147)	$	(7,869)	$	(3,461)	$	(139,477)

Reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss)

Details on reclassifications out of AOCL to net earnings (loss) are (in thousands):


	Three Months Ended				Location of (Gain) Loss Reclassified from AOCL into Earnings
	May 4, 2024		Apr 29, 2023



Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts	$	2,045	$	(5,893)		Cost of product sales

Interest rate swap	(155)		(128)			Interest expense
Less income tax effect	(270)		678			Income tax benefit
	1,620		(5,343)




Defined benefit plans:
Net actuarial (gain) loss amortization	(3)		62			Other income (expense)
Prior service credit amortization	(40)		(39)			Other income (expense)
Less income tax effect	—		(2)			Income tax benefit
	(43)		21
Total reclassifications during the period	$	1,577	$	(5,322)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net earnings (loss) attributable to Guess?, Inc.	$ 13,022	$ (11,805)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies

3 Months Ended

May 04, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Investment Commitments

As of May 4, 2024, the Company had an unfunded commitment to invest €3.7 million ($4.0 million) in certain private equity funds. Refer to Note 16 for further information.

Legal and Other Proceedings

The Company is involved in legal proceedings, arising both in the ordinary course of business and otherwise, including the proceedings described below as well as various other claims and other matters incidental to the Company’s business. Unless otherwise stated, the resolution of any particular proceeding is not currently expected to have a material adverse impact on the Company’s financial position, results of operations or cash flows. Even if such an impact could be material, the Company may not be able to estimate the reasonably possible loss or range of loss until developments in the proceedings have provided sufficient information to support an assessment.

The Company has received customs tax assessment notices from the Italian Customs Agency (“ICA”) regarding its customs tax audit of one of the Company’s European subsidiaries for the period from July 2010 through December 2012. Such assessments totaled €9.8 million ($10.5 million), including potential penalties and interest through such assessment dates. The Company strongly disagreed with the ICA’s positions and therefore filed appeals with the Milan First Degree Tax Court (“MFDTC”). Those appeals were split into a number of different cases that were then heard by different sections of the MFDTC. The MFDTC ruled in favor of the Company on all of these appeals. The ICA subsequently appealed €9.7 million ($10.4 million) of these favorable MFDTC judgments with the Appeals Court. As of May 4, 2024, €8.5 million ($9.1 million) have been decided in favor of the Company and €1.2 million ($1.3 million) have been decided in favor of the ICA. The Company believes that the unfavorable Appeals Court ruling is incorrect and inconsistent with the prior rulings on similar matters by both the MFDTC and other judges within the Appeals Court, and has appealed the decision to the Supreme Court. The ICA has appealed most of the favorable Appeals Court rulings to the Supreme Court. As of May 4, 2024, of the cases that have been appealed to the Supreme Court, €1.5 million ($1.6 million) have been decided in favor of the Company based on the merits of the case and €0.2 million ($0.2 million) have been remanded back to the lower court for further consideration. There can be no assurances the Company will be successful in the remaining appeals. It also continues to be possible that the Company will receive similar or even larger assessments for periods subsequent to December 2012 or other claims or charges (including additional interest amounts) related to the matter in the future. Although the Company believes that it has a strong position and will continue to vigorously defend this matter, it is unable to predict with certainty whether or not these efforts will ultimately be successful or whether the outcome will have a material impact on the Company’s financial position, results of operations or cash flows.

On January 11, 2022, Legion Partners Holdings, LLC (“Legion”), a stockholder of Guess common stock, sent two letters to the Board of Directors of Guess (the “Board”). One letter sought books and records pursuant to Section 220 of the Delaware General Corporation Law (the “220 Demand”) to purportedly investigate potential breaches of fiduciary duties by the Board in connection with the Board’s renomination of Mr. Maurice Marciano to the Board and certain related party transactions. The second letter demanded that the Board take action to cause the Company to investigate and commence legal proceedings for breach of fiduciary duty claims the Company may have in connection with alleged misconduct of Mr. Paul Marciano, the Board’s oversight of and response to such alleged misconduct, and the Board’s review and approval of certain related-party transactions (the “Litigation Demand”). On January 31, 2022, the Company responded to both letters informing Legion that the Company was reviewing the formation of a committee in response to the Litigation Demand and detailing the deficiencies with the 220 Demand under Delaware law, including that Legion failed to state a proper purpose and that the scope of Legion’s requested books and records was overbroad. The

Company subsequently formed a Demand Review Committee, which engaged in a review of the matters detailed in the Litigation Demand.

On April 14, 2022, the Employees Retirement System of Rhode Island (“ERSRI”), a stockholder of Guess common stock, sent a letter to the Company seeking books and records pursuant to Section 220 of the Delaware General Corporation Law to purportedly investigate potential breaches of fiduciary duties by the Board in connection with alleged misconduct of Mr. Paul Marciano, the Board’s oversight of and response to such alleged misconduct, and the Board’s review and approval of certain related-party transactions. The Company responded to the letter on April 19, 2022, negotiated a Confidentiality Agreement, and completed its production of books and records to ERSRI.

On September 19, 2022, ERSRI filed a stockholder derivative lawsuit styled Employees Retirement System of Rhode Island, derivatively on behalf of Guess?, Inc. v. Paul Marciano, et al., in the Court of Chancery of the State of Delaware against the Company, as the nominal defendant, Mr. Paul Marciano and other members of the Board, alleging breach of fiduciary duties relating to the continued service of Mr. Paul Marciano as a director of the Board and as the Company’s Chief Creative Officer following prior allegations of improper conduct by him relating to the treatment of models and other women. ERSRI did not make a demand on the Board before instituting the lawsuit and alleged such demand would have been futile. On October 28, 2022, ERSRI amended the complaint to include an additional basis for alleging demand futility. ERSRI sought monetary damages and possible injunctive relief.

On September 29, 2023, the Company and all defendants in the ERSRI action entered into a Stipulation and Agreement of Compromise, Settlement, and Release (the “Stipulation”), which was approved by the Court on January 4, 2024 and resolved all claims asserted against all defendants in the ERSRI action without any admission or finding of wrongdoing attributed to them personally or to the Company. Under the terms of the Stipulation, the Company will implement certain governance and compliance enhancements. These enhancements include an agreement by the Company to appoint two new independent directors to the Board, including one to be selected by ERSRI and mutually agreed to by the Company, by no later than the Company’s 2025 Annual Meeting of Shareholders. The governance enhancements also include the establishment of a Diversity, Equity, and Inclusion Council (the “DEI Council”), which will be comprised of the aforementioned new independent director to be selected by ERSRI and two consultants, including one consultant to be selected by ERSRI. Once formed, the DEI Council will report directly to the Board and be responsible for overseeing the development and implementation of the Company’s policies and procedures related to harassment, discrimination and retaliation, including, in certain circumstances, having the authority to conduct investigations and to recommend disciplinary action, up to and including termination, of senior executives or Board members found to have engaged in misconduct. The DEI Council will also be responsible for overseeing a commitment to be added to the Company’s Governance Guidelines regarding the Company’s measures to prevent and respond to sexual harassment and discrimination. The Stipulation also includes certain agreements by Mr. Paul Marciano relating to meetings or activities with current or prospective Company models. In addition to the governance enhancements, pursuant to the Stipulation, (a) the defendants in the ERSRI action caused the Company to receive (i) a payment of $22 million upon Court approval of the settlement pursuant to the terms of the Stipulation, and (ii) the right to receive an additional payment of $8 million contingent on the recovery from the insurers currently being sought by the Company and the insureds in pending litigation against the insurers, and (b) the Company is responsible to pay an attorney’s fee award to ERSRI’s counsel. The $22 million received by the Company and the related attorney’s fee award under the terms of the Stipulation was accounted for by the Company when approved by the Court.

On February 16, 2023, Legion filed a stockholder derivative lawsuit styled Legion Partners Holdings, LLC, derivatively on behalf of Guess?, Inc. v. Paul Marciano, et al. in the Court of Chancery of the State of Delaware against the Company, as the nominal defendant, Mr. Paul Marciano and other members of the Board, alleging breach of fiduciary duties relating to the continued service of Mr. Paul Marciano to the Company following the prior allegations described in the ERSRI stockholder derivative lawsuit. Legion seeks monetary damages and possible injunctive relief. On March 15, 2023, the Company moved for a more definite statement

and moved to dismiss or stay the action. On May 9, 2023, Legion voluntarily dismissed the claims against Mr. Paul Marciano without prejudice. On April 3, 2024, based on the settlement of the derivative suit with ERSRI, as described above, the Court dismissed the Legion action with prejudice.

On June 3, 2023, the Company received a letter from an individual seeking to settle certain claims against Mr. Paul Marciano and the Company relating to allegations of improper treatment of the individual by Mr. Paul Marciano. The letter did not make an assertion of damages. The individual was initially represented by the same attorney who represented plaintiffs in similar actions in 2021 and 2022, which were settled out of court in 2022 to avoid the cost of litigation and without admitting liability or fault. The individual subsequently retained a different attorney. No complaint has been filed with respect to the allegations in the June 2023 letter, and Mr. Paul Marciano and the Company dispute the allegations fully.

Redeemable Noncontrolling Interests

The Company is party to a put arrangement with respect to the common securities that represent the remaining noncontrolling interest for its majority-owned subsidiary, Guess Brasil Comércio e Distribuição S.A. (“Guess Brazil”). The put arrangement for Guess Brazil, representing 40% of the total outstanding equity interest of that subsidiary, may be exercised at the discretion of the noncontrolling interest holder by providing written notice to the Company every third anniversary beginning in March 2019, subject to certain time restrictions. The redemption value of the Guess Brazil put arrangement is based on a multiple of Guess Brazil’s earnings before interest, taxes, depreciation and amortization subject to certain adjustments and is classified as a redeemable noncontrolling interest outside of permanent equity in the Company’s condensed consolidated balance sheet. As of both May 4, 2024 and February 3, 2024, the carrying value of the redeemable noncontrolling interest related to Guess Brazil was $0.5 million.

The Company (through a wholly-owned European subsidiary) was previously party to a put arrangement with respect to the securities that represented the remaining noncontrolling interest for its majority-owned Russian subsidiary, Guess? CIS, LLC (“Guess CIS”), which was established through a majority-owned joint venture during fiscal 2016. The put arrangement for Guess CIS (the “Put Option”), representing 30% of the total outstanding equity interest of that subsidiary, was exercisable at the sole discretion of the noncontrolling interest holder (the “Minority Holder”) by providing written notice to the Company through December 31, 2025. The redemption value of the Put Option was based on a multiple of Guess CIS’s earnings before interest, taxes, depreciation and amortization subject to certain adjustments and was classified as a redeemable noncontrolling interest outside of permanent equity in the Company’s condensed consolidated balance sheet. The carrying value of the redeemable noncontrolling interest related to Guess CIS was €8.0 million as of January 28, 2023.

In November 2022, the Minority Holder exercised the Put Option, triggering a contractual obligation for the Company to purchase the Minority Holder’s 30% interest in Guess CIS. Following a comprehensive review of the various economic sanctions imposed by the United States and European governments with respect to Russia, and obtaining guidance from the U.S. Department of the Treasury’s Office of Foreign Assets Control, the Company determined that its acquisition of the Minority Holder’s 30% interest in Guess CIS pursuant to the Company’s pre-sanctions contractual obligation to fulfill the Minority Holder’s exercise of the Put Option was not prohibited by current economic sanctions, including the U.S. ban on new investment in Russia. As such, following the exercise of the Put Option by the Minority Holder, the Company and the Minority Holder entered into an agreement to proceed with the Company’s acquisition of the Minority Holder’s 30% interest in Guess CIS for a purchase price of €8.0 million, subject to the formal approval of the acquisition by the relevant Russian government commission and certain other customary conditions. This formal approval was received, and the purchase was completed in May 2023. As a result of this transaction, there was no redeemable noncontrolling interest related to Guess CIS as of May 4, 2024.

A reconciliation of the total carrying amount of redeemable noncontrolling interests is (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Beginning balance	$	522	$	9,154

Foreign currency translation adjustment	(21)		180


Ending balance	$	501	$	9,334

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Jan. 31, 2024
Assets and liabilities measured at fair value on a recurring basis
Assets:
Total assets	$ 142,364	$ 88,993
Liabilities:
Deferred compensation obligations	18,023	17,164
Total liabilities	48,651	35,256
Level 1 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Total assets	0	0
Liabilities:
Deferred compensation obligations	0	0
Total liabilities	0	0
Level 2 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Total assets	4,095	3,075
Liabilities:
Deferred compensation obligations	18,023	17,164
Total liabilities	18,421	18,866
Level 3 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Total assets	138,269	85,918
Liabilities:
Deferred compensation obligations	0	0
Total liabilities	30,230	16,390
Foreign exchange currency contracts \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	3,260	2,278
Liabilities:
Derivative liabilities	398	1,702
Foreign exchange currency contracts \| Level 1 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Foreign exchange currency contracts \| Level 2 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	3,260	2,278
Liabilities:
Derivative liabilities	398	1,702
Foreign exchange currency contracts \| Level 3 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
2028 Bond Hedge
Assets:
Derivative assets	138,300		$ 84,700
2028 Bond Hedge \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	138,269	85,918
2028 Bond Hedge \| Level 1 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	0	0
2028 Bond Hedge \| Level 2 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	0	0
2028 Bond Hedge \| Level 3 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	138,269	85,918
Embedded derivative \| Assets and liabilities measured at fair value on a recurring basis
Liabilities:
Derivative liabilities	30,230	16,390
Embedded derivative \| Level 1 \| Assets and liabilities measured at fair value on a recurring basis
Liabilities:
Derivative liabilities	0	0
Embedded derivative \| Level 2 \| Assets and liabilities measured at fair value on a recurring basis
Liabilities:
Derivative liabilities	0	0
Embedded derivative \| Level 3 \| Assets and liabilities measured at fair value on a recurring basis
Liabilities:
Derivative liabilities	30,230	16,390
Interest rate swap \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	835	797
Interest rate swap \| Level 1 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	0	0
Interest rate swap \| Level 2 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	835	797
Interest rate swap \| Level 3 \| Assets and liabilities measured at fair value on a recurring basis
Assets:
Derivative assets	$ 0	$ 0

Fair Value Measurements - Narrative (Details) € in Millions	3 Months Ended
Fair Value Measurements - Narrative (Details) € in Millions	May 04, 2024 USD ($)	Apr. 29, 2023 USD ($)	May 04, 2024 EUR (€)	Feb. 03, 2024 USD ($)	Feb. 03, 2024 EUR (€)	Jan. 31, 2024 USD ($)
Fair value measurements
Alternative Investment, Type [Extensible Enumeration]	Private Equity Funds [Member]		Private Equity Funds [Member]	Private Equity Funds [Member]	Private Equity Funds [Member]
Embedded derivative	$ 30,200,000
Asset impairment charges	1,141,000	$ 1,934,000
Impairment of property and equipment	900,000	1,900,000
ROU asset impairment charges	200,000	$ 0
2028 Bond Hedge
Fair value measurements
Derivative assets	138,300,000					$ 84,700,000
Volatility increase
Fair value measurements
Embedded derivative	35,800,000
Volatility increase \| 2028 Bond Hedge
Fair value measurements
Derivative assets	163,700,000
Volatility decrease
Fair value measurements
Embedded derivative	24,600,000
Volatility decrease \| 2028 Bond Hedge
Fair value measurements
Derivative assets	112,500,000
Credit spread increase
Fair value measurements
Embedded derivative	31,600,000
Credit spread increase \| 2028 Bond Hedge
Fair value measurements
Derivative assets	144,500,000
Credit spread decrease
Fair value measurements
Embedded derivative	28,800,000
Credit spread decrease \| 2028 Bond Hedge
Fair value measurements
Derivative assets	131,800,000
Fair Value Measured at Net Asset Value Per Share
Fair value measurements
Unfunded commitment to invest in private equity fund	4,000,000		€ 3.7
Fair Value Measured at Net Asset Value Per Share \| Other assets
Fair value measurements
Alternative investment	$ 8,700,000		€ 8.1	$ 7,700,000	€ 7.1
Level 3 \| Expected volatility
Fair value measurements
Derivative asset (liability) net, measurement input	0.30		0.30	0.30	0.30
Level 3 \| Credit spread
Fair value measurements
Derivative asset (liability) net, measurement input	0.014		0.014	0.043	0.043
Level 3 \| Volatility increase \| Expected volatility
Fair value measurements
Derivative asset (liability) net, measurement input	0.40		0.40
Level 3 \| Volatility decrease \| Expected volatility
Fair value measurements
Derivative asset (liability) net, measurement input	0.20		0.20
Level 3 \| Credit spread increase \| Credit spread
Fair value measurements
Derivative asset (liability) net, measurement input	0.024		0.024
Level 3 \| Credit spread decrease \| Credit spread
Fair value measurements
Derivative asset (liability) net, measurement input	0.004		0.004

Fair Value Measurements

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3—Unobservable inputs that reflect assumptions about what market participants would use in pricing the asset or liability. These inputs are based on the best information available, including the Company’s own data.

The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements								Fair Value Measurements
	at May 4, 2024								at Feb 3, 2024
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Foreign exchange currency contracts	$	—	$	3,260	$	—	$	3,260	$	—	$	2,278	$	—	$	2,278
2028 Bond Hedge	—		—		138,269		138,269		—		—		85,918		85,918
Interest rate swap	—		835		—		835		—		797		—		797

Total	$	—	$	4,095	$	138,269	$	142,364	$	—	$	3,075	$	85,918	$	88,993
Liabilities:
Foreign exchange currency contracts	$	—	$	398	$	—	$	398	$	—	$	1,702	$	—	$	1,702
Embedded derivative	—		—		30,230		30,230		—		—		16,390		16,390

Deferred compensation obligations	—		18,023		—		18,023		—		17,164		—		17,164
Total	$	—	$	18,421	$	30,230	$	48,651	$	—	$	18,866	$	16,390	$	35,256

Foreign exchange currency contracts may be entered into by the Company to hedge the future payment of inventory and intercompany transactions by non-U.S. subsidiaries. Periodically, the Company may also use foreign exchange currency contracts to hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries. The fair values of the Company’s foreign exchange currency contracts are based on quoted foreign exchange forward rates at the reporting date. The fair values of the Company’s interest rate swaps are based upon inputs corroborated by observable market data. Deferred compensation obligations to employees are adjusted based on changes in the fair value of the underlying

employee-directed investments. Fair value of these obligations is based upon inputs corroborated by observable market data.

The Company included €8.1 million ($8.7 million) and €7.1 million ($7.7 million) in other assets in the Company’s condensed consolidated balance sheets related to its investment in certain private equity funds as of May 4, 2024 and February 3, 2024, respectively. The Company uses net asset value per share as a practical expedient to measure the fair value of this investment and has not included this investment in the fair value hierarchy as disclosed above. As of May 4, 2024, the Company had an unfunded commitment to invest an additional €3.7 million ($4.0 million) in the private equity funds.

The fair values of the embedded derivative and the 2028 Bond Hedge related to the Additional 2028 Notes were initially measured based on the observed transactions. Subsequent fair values are measured using a binomial lattice model utilizing observable inputs (e.g. the Company’s stock price) and unobservable inputs (e.g. the expected volatility and instrument specific credit spread) that cause the valuation measurements to be classified as Level 3. The following assumptions were used within the model:


Valuation Assumptions	May 4, 2024			Feb 3, 2024
Expected volatility	30		%	30		%
Risk-free interest rate	4.6		%	4.1		%
Credit spread	1.4		%	4.3		%
Dividend yield	4.5		%	5.2		%
Term to maturity	4.0 years			4.2 years
Stock price	$	26.71		$	22.86

As of May 4, 2024, if the expected volatility were increased to 40%, keeping all other inputs constant, the fair value of the embedded derivative would increase from $30.2 million to $35.8 million and the fair value of the 2028 Bond Hedge would increase from $138.3 million to $163.7 million. If the expected volatility were decreased to 20%, the fair value of the embedded derivative would decrease from $30.2 million to $24.6 million and the fair value of the 2028 Bond Hedge would decrease from $138.3 million to $112.5 million. If the credit spread increased from 1.4% to 2.4%, keeping all other inputs constant, the fair value of the embedded derivative would increase from $30.2 million to $31.6 million and the fair value of the 2028 Bond Hedge would increase from $138.3 million to $144.5 million. If the credit spread decreased from 1.4% to 0.4%, the fair value of the embedded derivative would decrease from $30.2 million to $28.8 million and the fair value of the 2028 Bond Hedge would decrease from $138.3 million to $131.8 million.


	Embedded Derivative		2028 Bond Hedge
Balance as of February 3, 2024	$	(16,390)	$	85,918
Initial bifurcation of embedded derivative	(6,538)		—
Purchase of Additional 2028 Bond Hedge	—		6,538

Gain (loss) on fair value remeasurement	(7,302)		45,813
Balance as of May 4, 2024	$	(30,230)	$	138,269

The fair values of the Company’s debt instruments (see Note 10) are based on the amount of future cash flows associated with each instrument discounted using the Company’s incremental borrowing rate. As of May 4, 2024 and February 3, 2024, the carrying value was not materially different from fair value, as the interest rates on the Company’s debt approximated rates currently available to the Company. The fair value of the Company’s Notes (see Note 11) is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy.

The carrying amount of the Company’s remaining financial instruments, which principally include cash and cash equivalents, trade receivables, accounts payable and accrued expenses, approximates fair value due to the relatively short maturity of such instruments.

Long-Lived Assets

Long-lived assets, such as property and equipment and operating lease ROU assets, are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The majority of the Company’s long-lived assets relate to its retail operations, which consist primarily of regular retail and flagship locations. The Company considers each individual regular retail location as an asset group for impairment testing, which is the lowest level at which individual cash flows can be identified. The Company also evaluates impairment risk for retail locations that are expected to be closed in the foreseeable future. The Company has flagship locations that are used as a regional marketing tool to build brand awareness and promote the Company’s current product. Provided the flagship locations continue to meet the appropriate criteria, impairment for these locations is tested at a reporting unit level similar to goodwill since they do not have separately identifiable cash flows.

An asset is considered to be impaired if the Company determines that the carrying value may not be recoverable based upon its assessment of the asset’s ability to continue to generate earnings from operations and positive cash flow in future periods or if significant changes in the Company’s strategic business objectives and utilization of the assets occurred. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows adjusted for lease payments, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the estimated fair value. The Company uses estimates of market participant rents to calculate fair value of ROU assets and discounted future cash flows of the asset group to quantify fair value for other long-lived assets. These nonrecurring fair value measurements are considered Level 3 inputs as defined above.

The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. Future expected cash flows for assets in regular retail locations are based on management’s estimates of future cash flows over the remaining lease period or expected life, if shorter. For expected location closures, the Company will evaluate whether it is necessary to shorten the useful life for any of the assets within the respective asset group. The Company will use this revised useful life when estimating the asset group’s future cash flows. The Company considers historical trends, expected future business trends and other factors when estimating the future cash flow for each regular retail location. The Company also considers factors such as the following: the Russia-Ukraine war, including the related sanctions and trade restrictions imposed on Russia; the local environment for each regular retail location, including mall traffic and competition; the Company’s ability to successfully implement strategic initiatives; and the ability to control variable costs such as cost of sales and payroll and, in some cases, renegotiate lease costs.

As discussed further in Note 1, macroeconomic conditions, including inflation, higher interest rates, foreign exchange rate fluctuations, declines in consumer spending, and the impact of the ongoing wars in Ukraine and Gaza continued to negatively impact the Company’s financial results during the three months ended May 4, 2024 and April 29, 2023, and could continue to impact the Company’s operations in ways the Company is not able to predict today. The Company has made reasonable assumptions and judgments to determine the fair value of the assets tested based on the facts and circumstances that were available as of the reporting date. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations.

The Company recorded asset impairment charges of $1.1 million and $1.9 million during the three months ended May 4, 2024 and April 29, 2023, respectively. The Company recognized $0.9 million and $1.9 million in impairment of property and equipment during the three months ended May 4, 2024 and April 29, 2023, respectively, related to certain retail locations primarily in the Americas and Europe driven by under-

performance and expected store closures. The Company recognized $0.2 million impairment charges on ROU assets during the three months ended May 4, 2024 and no impairment charged on ROU assets during the three months ended April 29, 2023.

Goodwill

Goodwill is tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. This determination is made at the reporting unit level which may be either an operating segment or one level below an operating segment if discrete financial information is available. Two or more reporting units within an operating segment may be aggregated for impairment testing if they have similar economic characteristics.

During the three months ended May 4, 2024, the Company assessed qualitative factors and determined that it is not more likely than not that the fair values of its reporting units are less than their carrying amounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Cash flows from operating activities:
Net earnings (loss)	$ 15,906	$ (10,694)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	16,379	15,449
Amortization of debt discount and issuance costs	1,304	360
Share-based compensation expense	4,691	4,620
Forward contract (gains) losses	546	(5,813)
Net loss from impairment and disposition of long-term assets	1,357	2,480
Change in fair value remeasurement of derivatives related to convertible senior notes	(38,510)	0
Loss on extinguishment of debt	1,952	7,696
Other items, net	8,837	5,606
Changes in operating assets and liabilities:
Accounts receivable	40,016	57,395
Inventories	(38,145)	(16,929)
Prepaid expenses and other assets	(19,436)	(13,913)
Operating lease assets and liabilities, net	(4,577)	(4,977)
Accounts payable and accrued expenses and other current liabilities	(30,238)	(51,798)
Other long-term liabilities	16,997	(2,140)
Net cash used in operating activities	(22,921)	(12,658)
Cash flows from investing activities:
Purchases of property and equipment	(21,100)	(17,347)
Business acquisition, net of cash acquired	(54,981)	0
Net cash settlement of forward contract	180	(329)
Other investing activities	(2,022)	292
Net cash used in investing activities	(77,923)	(17,384)
Cash flows from financing activities:
Proceeds from borrowings	182,939	74,309
Repayments on borrowings and finance lease obligations	(12,904)	(14,691)
Proceeds from issuance of convertible senior notes	0	80,324
Repayments of convertible senior notes	(33,292)	0
Proceeds from issuance of warrant	3,665	20,158
Purchase of convertible note hedge	(6,538)	(51,838)
Proceeds from termination of convertible senior note hedge	1,347	7,235
Payments for termination of common stock warrant	(548)	(1,024)
Debt issuance costs	(1,530)	(4,218)
Dividends paid	(135,626)	(13,860)
Noncontrolling interest capital distribution	(8,801)	0
Issuance of common stock, net of income tax withholdings on vesting of stock awards	5,847	(269)
Purchase of treasury stock	(10,279)	(42,821)
Net cash provided by (used in) financing activities	(15,720)	53,305
Effect of exchange rates on cash, cash equivalents and restricted cash	(690)	(386)
Net change in cash, cash equivalents and restricted cash	(117,254)	22,877
Cash and cash equivalents at the beginning of the year	360,285	275,765
Cash, cash equivalents and restricted cash at the end of the period	243,031	298,642
Supplemental cash flow data:
Interest paid	8,053	4,592
Income taxes paid, net of refunds	17,159	15,398
Non-cash investing and financing activity:
Change in accrual of property and equipment	(850)	(1,521)
Assets acquired under finance lease obligations	17	129
Exchange of 2024 Notes for 2028 Notes	$ (16,658)	$ (161,400)

Convertible Senior Notes and Related Transactions - Narrative (Details)		1 Months Ended					3 Months Ended			12 Months Ended
	May 04, 2024 USD ($) $ / shares shares	Apr. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares	Jan. 31, 2024 USD ($)	Apr. 29, 2023 USD ($) $ / shares shares	Apr. 30, 2019 USD ($) $ / shares	May 04, 2024 USD ($) $ / shares shares	Feb. 03, 2024 USD ($)	Apr. 29, 2023 USD ($) $ / shares shares	Feb. 03, 2024 USD ($)
Debt Instrument [Line Items]
Repayment of convertible senior notes							$ 33,292,000		$ 0
Proceeds from issuance of convertible senior notes							0		80,324,000
Share repurchases							10,279,000		42,821,000
Loss on extinguishment of debt							1,952,000		7,696,000
Fair value of embedded derivative	$ 30,200,000						30,200,000
Proceeds from issuance of warrant							3,665,000		20,158,000
Proceeds from termination of convertible senior note hedge							1,347,000		7,235,000
Payments for terminated warrants							548,000		1,024,000
Amount paid to purchase bond hedge							6,538,000		51,838,000
Common Stock
Debt Instrument [Line Items]
Share repurchases							$ 3,000		22,000
Settlement of convertible senior notes (in shares) \| shares		122,313					122,313
Exercise of convertible notes hedges (in shares) \| shares							(90,729)
Treasury Stock
Debt Instrument [Line Items]
Share repurchases							$ 10,279,000		42,821,000
Settlement of convertible senior notes (in shares) \| shares							(122,313)
Exercise of convertible notes hedges (in shares) \| shares		90,729					90,729
2028 Bond Hedge
Debt Instrument [Line Items]
Derivative assets	$ 138,300,000			$ 84,700,000			$ 138,300,000
Additional 2028 Bond Hedge
Debt Instrument [Line Items]
Derivative assets				16,200,000
Initial 2028 Bond Hedge
Debt Instrument [Line Items]
Derivative assets				68,500,000
Share Repurchase Program
Debt Instrument [Line Items]
Share repurchases			$ 10,300,000	21,300,000	$ 42,800,000		$ 10,300,000		42,800,000
Senior Notes \| 2028 Notes
Debt Instrument [Line Items]
Interest rate			3.75%
Conversion price (in dollars per share) \| $ / shares	$ 22.39						$ 22.39
Dividend threshold for conversion rate and conversion price adjustment (in dollars per share) \| $ / shares			$ 0.225
Percentage of principal and interest of the Notes that the Company may be required to purchase in the event of a fundamental change			100.00%
Minimum percentage of holders of the Notes which may be able to declare the Notes to be due and payable upon the occurrence of certain events of default			25.00%
Percentage of principal and interest that may be declared due and payable upon the occurrence of certain events of default			100.00%
Strike price of warrants (in dollars per share) \| $ / shares	$ 37.89						$ 37.89
Senior Notes \| Initial 2028 Notes
Debt Instrument [Line Items]
Convertible senior notes issued					$ 275,000,000				$ 275,000,000
Interest rate					3.75%				3.75%
Convertible senior notes issued upon exchange					$ 163,000,000
Proceeds from issuance of convertible senior notes					$ 112,000,000
Aggregate principal amount outstanding	$ 275,000,000						$ 275,000,000	$ 275,000,000		$ 275,000,000
Conversion ratio					0.0404858
Conversion price (in dollars per share) \| $ / shares					$ 24.70				$ 24.70
Dividend threshold for conversion rate and conversion price adjustment (in dollars per share) \| $ / shares					$ 0.225
Debt issuance costs incurred										5,900,000
Option to purchase, number of shares (in shares) \| shares					11,100,000
Strike price (in dollars per share) \| $ / shares					$ 24.70		$ 22.39
Convertible note hedge cost					$ 51,800,000
Warrant holders option to purchase common stock (in shares) \| shares					11,100,000				11,100,000
Strike price of warrants (in dollars per share) \| $ / shares					$ 41.80				$ 41.80
Proceeds from issuance of warrant					$ 20,200,000
Increase in additional paid-In capital due to reclassification of bond hedge				$ 68,500,000
Senior Notes \| Additional 2028 Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding	76,947,000						$ 76,947,000	64,826,000		64,826,000
Fair value of embedded derivative	30,230,000						30,230,000	16,390,000		16,390,000
Debt discount			$ 11,800,000
Senior Notes \| January Additional 2028 Notes
Debt Instrument [Line Items]
Interest rate				3.75%
Convertible senior notes issued upon exchange				$ 64,800,000
Fair value of convertible senior notes				71,900,000
Debt issuance costs incurred										2,000,000
Proceeds from issuance of warrant				5,800,000
Amount paid to purchase bond hedge				16,200,000
Senior Notes \| March Additional 2028 Notes
Debt Instrument [Line Items]
Interest rate			3.75%
Convertible senior notes issued upon exchange			$ 12,100,000
Fair value of convertible senior notes			16,700,000
Debt issuance costs incurred							900,000
Proceeds from issuance of warrant			3,700,000
Amount paid to purchase bond hedge			6,500,000
Senior Notes \| 2024 Notes
Debt Instrument [Line Items]
Convertible senior notes issued						$ 300,000,000
Interest rate						2.00%
Original convertible senior notes exchanged			14,600,000	67,100,000	184,900,000
Repayment of convertible senior notes		$ 33,300,000			33,300,000
Aggregate principal amount outstanding	$ 0		$ 33,500,000	48,100,000	$ 115,100,000		0	48,078,000	$ 115,100,000	48,078,000
Percentage of exchanged notes accounted for as an extinguishment of debt					74.00%				74.00%
Percentage of exchanged notes accounted for as a modification of debt					26.00%				26.00%
Loss on extinguishment of debt							$ 2,000,000	$ 4,700,000	$ 7,700,000
Conversion ratio						0.0387879
Conversion price (in dollars per share) \| $ / shares						$ 25.78
Dividend threshold for conversion rate and conversion price adjustment (in dollars per share) \| $ / shares						$ 0.1125
Debt issuance costs expensed										$ 500,000
Debt issuance costs capitalized						$ 5,300,000
Debt settled		$ 33,500,000
Option to purchase, number of shares (in shares) \| shares	0		1,300,000		4,600,000
Strike price (in dollars per share) \| $ / shares					$ 24.92
Warrant holders option to purchase common stock (in shares) \| shares	1,300,000		1,300,000		4,600,000		1,300,000		4,600,000
Strike price of warrants (in dollars per share) \| $ / shares	$ 41.45				$ 45.31		$ 41.45		$ 45.31
Proceeds from termination of convertible senior note hedge			$ 1,300,000	1,900,000	$ 7,200,000
Payments for terminated warrants			500,000	100,000	1,000,000
Increase to additional paid-in-capital related to termination of convertible note hedge transactions and warrants			$ 800,000	$ 1,800,000	$ 6,200,000
Dividend threshold for strike price adjustment (in dollars per share) \| $ / shares					$ 0.1125
Senior Notes \| 2024 Notes \| Initial Purchasers
Debt Instrument [Line Items]
Debt issuance costs capitalized						3,800,000
Senior Notes \| 2024 Notes \| Third Party Offerers
Debt Instrument [Line Items]
Debt issuance costs capitalized						$ 1,500,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May 04, 2024	Feb. 03, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	142,771,253	142,771,315
Common stock, outstanding (in shares)	53,502,733	53,007,966
Treasury stock (in shares)	89,268,520	89,763,349

Convertible Senior Notes and Related Transactions

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Convertible Senior Notes and Related Transactions

Borrowings and Finance Lease Obligations

Borrowings and finance lease obligations are summarized (in thousands):


	May 4, 2024		Feb 3, 2024
Term loans	$	9,662	$	12,060
Finance lease obligations	14,001		15,430
Mortgage debt	16,257		16,435
Borrowings under credit facilities	195,191		21,653
Other	3,312		3,413
	238,423		68,991
Less current installments	41,504		40,781
Long-term debt and finance lease obligations	$	196,919	$	28,210

Term Loans

Finance Lease Obligations

Mortgage Debt

Credit Facilities

Long-Term 2023 Credit Facility

Long-Term 2022 Credit Facility

Other Credit Facilities

From time-to-time, the Company will obtain other financing in foreign countries for working capital to finance its local operations.

Convertible Senior Notes and Related Transactions

Exchange and Subscription Agreements

3.75% Convertible Senior Notes due 2028

2.00% Convertible Senior Notes due 2024

90,729 shares of common stock, which were recorded at fair value on settlement. As of May 4, 2024, there were no 2024 Notes outstanding.

The Notes consist of the following (in thousands):


	May 4, 2024		Feb 3, 2024
2024 Notes
Principal	$	—	$	48,078
Unamortized debt issuance costs	—		(30)
Net carrying amount	$	—	$	48,048
Fair value, net1	$	—	$	49,182
Initial 2028 Notes
Principal	$	275,000	$	275,000
Unamortized debt discount and issuance costs2,3	(7,598)		(8,034)
Net carrying amount	$	267,402	$	266,966
Fair value, net1	$	353,793	$	295,550
Additional 2028 Notes
Principal	$	76,947	$	64,826
Unamortized debt discount and issuance costs3	(13,913)		(11,465)
Embedded derivative4	30,230		16,390
Net carrying amount	$	93,264	$	69,751
Fair value, net1	$	117,436	$	60,099

______________________________________________________________________

Notes:

1The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy.

4The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.

Interest expense for the Notes for the three months ended May 4, 2024 and April 29, 2023 consists of the following (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
2024 Notes
Coupon interest	$	334	$	1,096
Amortization of debt discount and issuance costs	28		161
Total	$	362	$	1,257
Initial 2028 Notes
Coupon interest	$	2,578	$	401
Amortization of debt discount and issuance costs	436		63
Total	$	3,014	$	464
Additional 2028 Notes
Coupon interest	$	646	$	—
Amortization of debt discount and issuance costs	662		—
Total	$	1,308	$	—

Convertible Bond Hedge and Warrant Transactions

- Definition

+ References

+ Details

Subsequent Events (Details) - $ / shares			3 Months Ended
Subsequent Events (Details) - $ / shares	May 30, 2024	May 24, 2023	May 04, 2024	Apr. 29, 2023
Subsequent Event [Line Items]
Cash dividend declared per share (in dollars per share)		$ 0.30	$ 2.550	$ 0.225
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared per share (in dollars per share)	$ 0.30

Inventories

3 Months Ended

May 04, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	May 4, 2024		Feb 3, 2024
Raw materials	$	6,702	$	1,488
Work in progress	192		3
Finished goods	548,009		464,806
	$	554,903	$	466,297

The above balances include an allowance to write down inventories to the lower of cost or net realizable value of $27.5 million and $25.5 million as of May 4, 2024 and February 3, 2024, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Current assets:
Cash and cash equivalents	$ 241,654	$ 360,285
Accounts receivable, net	297,422	314,769
Inventories	554,903	466,297
Other current assets	113,548	84,122
Total current assets	1,207,527	1,225,473
Property and equipment, net	259,386	246,648
Goodwill	34,039	34,100
Deferred income tax assets	176,544	178,910
Restricted cash	1,377	0
Operating lease right-of-use assets	720,924	667,031
Other assets	348,844	237,859
Total assets	2,748,641	2,590,021
Current liabilities:
Current portion of borrowings and finance lease obligations	41,504	40,781
Accounts payable	274,449	272,830
Accrued expenses and other current liabilities	270,463	263,447
Convertible senior notes due 2024, net	0	48,048
Current portion of operating lease liabilities	181,702	166,451
Total current liabilities	768,118	791,557
Convertible senior notes, net	360,666	336,717
Long-term debt and finance lease obligations	196,919	28,210
Long-term operating lease liabilities	600,286	542,392
Other long-term liabilities	214,819	155,829
Total liabilities	2,140,808	1,854,705
Redeemable noncontrolling interests	501	522
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding	0	0
Common stock, $.01 par value. Authorized 150,000,000 shares; issued 142,771,253 and 142,771,315 shares; outstanding 53,502,733 and 53,007,966 shares as of May 4, 2024 and February 3, 2024, respectively	535	530
Paid-in capital	598,331	594,520
Retained earnings	1,289,941	1,412,426
Accumulated other comprehensive loss	(137,048)	(137,010)
Treasury stock, 89,268,520 and 89,763,349 shares as of May 4, 2024 and February 3, 2024, respectively	(1,186,286)	(1,185,526)
Guess?, Inc. stockholders’ equity	565,473	684,940
Nonredeemable noncontrolling interests	41,859	49,854
Total stockholders’ equity	607,332	734,794
Total liabilities and stockholders' equity	$ 2,748,641	$ 2,590,021

Convertible Senior Notes and Related Transactions - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs	$ 1,304	$ 360
Senior Notes \| 2024 Notes
Debt Instrument [Line Items]
Coupon interest	334	1,096
Amortization of debt discount and issuance costs	28	161
Total	362	1,257
Senior Notes \| Initial 2028 Notes
Debt Instrument [Line Items]
Coupon interest	2,578	401
Amortization of debt discount and issuance costs	436	63
Total	3,014	464
Senior Notes \| Additional 2028 Notes
Debt Instrument [Line Items]
Coupon interest	646	0
Amortization of debt discount and issuance costs	662	0
Total	$ 1,308	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Lease Accounting - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Assets
Operating	$ 720,924	$ 667,031
Finance	13,507	15,132
Total lease assets	$ 734,431	$ 682,163
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Current:
Operating	$ 181,702	$ 166,451
Finance	5,171	5,573
Noncurrent:
Operating	600,286	542,392
Finance	8,830	9,857
Total lease liabilities	$ 795,989	$ 724,273
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of borrowings and finance lease obligations	Current portion of borrowings and finance lease obligations
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt and finance lease obligations	Long-term debt and finance lease obligations

Earnings (Loss) per Share - Narrative (Details) - $ / shares	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Mar. 31, 2024	Apr. 30, 2019
2024 Notes \| Senior Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Interest rate (as a percent)				2.00%
Warrants outstanding (in shares)	1,300,000	4,600,000
Strike price of warrants (in dollars per share)	$ 41.45	$ 45.31
2028 Notes \| Senior Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Interest rate (as a percent)			3.75%
Warrants outstanding (in shares)	15,700,000
Strike price of warrants (in dollars per share)	$ 37.89
Initial 2028 Notes \| Senior Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Interest rate (as a percent)		3.75%
Warrants outstanding (in shares)		11,100,000
Strike price of warrants (in dollars per share)		$ 41.80
Performance-based or Market-based units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Performance or market awards excluded from computation of EPS (in shares)	300,000	300,000
Equity Awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive equity awards excluded from computation of diluted weighted average common shares (in shares)	149,626	1,091,454
Convertible senior notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive equity awards excluded from computation of diluted weighted average common shares (in shares)	14,741,039	12,834,308

Commitments and Contingencies - Legal and Other Proceedings (Details) € in Millions, $ in Millions	3 Months Ended
	May 04, 2024 USD ($) subsidiary	May 04, 2024 EUR (€) subsidiary	May 04, 2024 EUR (€)	Jan. 04, 2024 USD ($) director consultant
Settled litigation \| Employee Retirement System of Rhode Island
Loss Contingencies [Line Items]
Number of new independent directors to be appointed to the Board \| director				2
Number of new independent directors to be appointed to the Board that will be selected by ERSRI \| director				1
Number of consultants to be on DEI Council \| consultant				2
Number of consultants to be on DEI Council and selected by ERSRI \| consultant				1
Settled litigation \| Employee Retirement System of Rhode Island \| Settlement Pursuant to Terms of Stipulation
Loss Contingencies [Line Items]
Gain contingency recognized \| $				$ 22.0
Settled litigation \| Employee Retirement System of Rhode Island \| Recovery from the Insurers Involved in Pending Litigation
Loss Contingencies [Line Items]
Gain contingency not yet recorded \| $				$ 8.0
Italy \| Pending litigation \| Customs tax audit and appeals \| Europe
Loss Contingencies [Line Items]
Number of subsidiaries under audit by the Italian Customs Agency \| subsidiary	1	1
Customs tax assessments including potential penalties and interest	$ 10.5		€ 9.8
Appealed customs tax assessments	10.4	€ 9.7
Italy \| Pending litigation \| Customs tax audit and appeals \| Europe \| Appeals Court
Loss Contingencies [Line Items]
Amount with appealed ruling in favor of the Company	9.1	8.5
Monetary damages awarded by court to the plaintiff	1.3	1.2
Italy \| Pending litigation \| Customs tax audit and appeals \| Europe \| Italian Supreme Court
Loss Contingencies [Line Items]
Amount being reconsidered in lower court	0.2	0.2
Italy \| Settled litigation \| Customs tax audit and appeals \| Europe \| Italian Supreme Court
Loss Contingencies [Line Items]
Amount with appealed ruling in favor of the Company	$ 1.6	€ 1.5

Acquisition of rag & bone - Purchase Price Allocation (Details) - Rag & Bone $ in Thousands	Apr. 02, 2024 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 2,083
Accounts receivable	23,177
Inventory	52,218
Other current assets	10,993
Total current assets	88,471
Property and equipment	12,605
Operating lease right-of-use assets	38,084
Other assets	61,886
Total assets acquired	201,046
Accounts payable	23,752
Accrued expenses	12,301
Current portion of operating lease liabilities	16,588
Total current liabilities	52,641
Long-term operating lease liabilities	44,496
Total liabilities assumed	97,137
Fair value of net assets acquired	103,909
Cash	57,064
Fair value of acquisition consideration	103,909
Earnout consideration
Business Acquisition [Line Items]
Earnout/ vendor consideration	2,040
Vendor consideration
Business Acquisition [Line Items]
Earnout/ vendor consideration	$ 44,805

Earnings (Loss) per Share

3 Months Ended

May 04, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share

The computation of basic and diluted net earnings (loss) per common share attributable to common stockholders is (in thousands, except per share data):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Net earnings (loss) attributable to Guess?, Inc.	$	13,022	$	(11,805)
Less net earnings attributable to nonvested restricted stockholders	318		164
Net earnings (loss) attributable to common stockholders	12,704		(11,969)
Add interest expense related to the convertible senior notes1	122		—
Net earnings (loss) attributable to common stockholders used in diluted computations	$	12,826	$	(11,969)

Weighted average common shares used in basic computations	52,908		54,348

Effect of dilutive securities:
Stock options and restricted stock units2	1,538		—
Convertible senior notes1	1,092		—
Weighted average common shares used in diluted computations	55,538		54,348

Net earnings (loss) per common share attributable to common stockholders:
Basic	$	0.24	$	(0.22)
Diluted	$	0.23	$	(0.22)

______________________________________________________________________

Notes:

During the three months ended May 4, 2024 and April 29, 2023, equity awards granted for 149,626 and 1,091,454 shares, respectively, of the Company’s common stock were outstanding but were excluded from the computation of diluted weighted average common shares and common equivalent shares outstanding because the assumed proceeds resulted in these awards being antidilutive. During the three months ended May 4, 2024, 14,741,039 potentially dilutive shares related to the convertible senior notes were excluded from the computation of diluted weighted average common shares and common equivalent shares outstanding because their inclusion would have been antidilutive. For each of the three months ended May 4, 2024 and April 29, 2023, the Company excluded 300,000 nonvested stock units which were subject to the achievement of market-based vesting conditions from the computation of diluted weighted average common shares and common equivalent shares outstanding because these conditions were not achieved as of May 4, 2024 and April 29, 2023, respectively.

Warrants related to the 2.00% convertible senior notes due April 2024 (the “2024 Notes”) to purchase approximately 1.3 million and 4.6 million shares of the Company’s common shares at adjusted strike prices of $41.45 and $45.31 per share were outstanding as of May 4, 2024 and April 29, 2023, respectively. Warrants related to the 3.75% convertible senior notes due April 2028 (the “2028 Notes”, and together with the 2024 Notes, the “Notes”) to purchase approximately 15.7 million shares of the Company’s common shares at an adjusted strike price of $37.89 per share were outstanding as of May 4, 2024. Warrants related to the 2028 Notes to purchase approximately 11.1 million shares of the Company’s common shares at an initial strike price of $41.80 per share were outstanding as of April 29, 2023. During the three months ended May 4, 2024, these warrants were excluded from the computation of diluted net earnings per share since the warrants’ adjusted

strike price was greater than the average market price of the Company’s common stock. During the three months ended April 29, 2023, these warrants were excluded from the computation of diluted net earnings per share because their effect would have been antidilutive given the Company’s net loss. See Note 11 for more information regarding the Notes.

Basis of Presentation	3 Months Ended
Basis of Presentation	May 04, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Description of the Business Guess?, Inc. (the “Company” or “GUESS?”) designs, markets, distributes and licenses a leading lifestyle collection of contemporary apparel and accessories for women, men and children that reflect the American lifestyle and European fashion sensibilities. The Company’s designs are sold in GUESS? owned stores, to a network of wholesale accounts that includes better department stores, selected specialty retailers and upscale boutiques and through the Internet. GUESS? branded products, some of which are produced under license, are also sold internationally through a series of retail store licensees and wholesale distributors. On April 2, 2024, the Company acquired all the operating assets and a 50% interest in the intellectual property assets of New York-based fashion brand rag & bone, a leader in the American fashion scene, which directly operates stores in the U.S. and in the U.K., and is also available in high-end boutiques, department stores and through e-commerce globally. Reclassifications The Company has made certain reclassifications to prior period amounts to conform to the current period presentation within the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements. Interim Financial Statements In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheets as of May 4, 2024 and February 3, 2024, and the condensed consolidated statements of income (loss), comprehensive income (loss), cash flows and stockholders’ equity for the three months ended May 4, 2024 and April 29, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations and cash flows for the three months ended May 4, 2024 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended February 3, 2024. Fiscal Periods The Company operates on a 52/53-week fiscal year calendar, which ends on the Saturday nearest to January 31 of each year. The three months ended May 4, 2024 had the same number of days as the three months ended April 29, 2023. All references herein to “fiscal 2025”, “fiscal 2024” and “fiscal 2023” represent the results of the 52-week fiscal year ending February 1, 2025, the 53-week fiscal year ended February 3, 2024 and the 52-week fiscal year ended January 28, 2023, respectively. Business Update, Market Trends and Uncertainties Macroeconomic conditions, including inflation, higher interest rates, foreign exchange rate fluctuations, declines in consumer spending, and the impact of the ongoing wars in Ukraine and Gaza are continuing to negatively impact the Company’s businesses. The Company continues to carefully monitor global and regional developments and respond appropriately. The Company also continues to strategically manage expenses in order to protect profitability and mitigate, to the extent possible, the residual effect of supply chain disruptions, including the Red Sea crisis. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact to the Company’s operating results cannot be reasonably estimated. Summary of Significant Accounting Policies The accounting policies of the Company are set forth in further detail in Note 1 to the Company’s Consolidated Financial Statements contained in the Company’s fiscal 2024 Annual Report on Form 10-K. The Company includes herein certain updates to those policies. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The Company’s restricted cash is held for future payment of a special cash dividend declared in March 2024 as nonvested restricted stock awards vest. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. Significant areas requiring the use of management estimates relate to the allowances for doubtful accounts, sales return and markdown allowances, valuation of inventories, share-based compensation, income taxes, recoverability of deferred income taxes, unrecognized income tax benefits, the useful life of assets for depreciation and amortization, evaluation of asset impairment (including goodwill and long-lived assets, such as property and equipment and operating lease right-of-use (“ROU”) assets), pension obligations, workers’ compensation and medical self-insurance expense and accruals, litigation reserves, restructuring expense and accruals and convertible senior notes, and accounting for business combinations. These estimates and assumptions may change as a result of the impact of global economic conditions, such as the uncertainty regarding the impact of the ongoing wars in Ukraine and Gaza, global inflationary pressures, volatility in foreign exchange rates and declining consumer spending. Actual results could differ from those estimates. Revisions in estimates could materially impact the results of operations and financial position. The Company’s operations could be impacted in ways the Company is not able to predict today. While the Company believes it has made reasonable accounting estimates based on the facts and circumstances that were available as of the reporting date, to the extent there are differences between these estimates and actual results, the Company’s results of operations and financial position could be materially impacted. Revenue Recognition The Company recognizes the majority of its revenue from its direct-to-consumer (brick-and-mortar retail stores and concessions as well as e-commerce) and wholesale distribution channels at a point in time when it satisfies a performance obligation and transfers control of the product to the respective customer. The Company also recognizes royalty revenue from its trademark license agreements. The Company’s trademark license agreements represent symbolic licenses that are dependent on the Company’s continued support over the term of the license agreement. The amount of revenue that is recognized from the licensing arrangements is based on sales-based royalty and advertising fund contributions as well as specific fixed payments, where applicable. The Company’s trademark license agreements customarily provide for a multi-year initial term ranging from three to fifteen years and may contain options to renew prior to expiration for an additional multi-year period. The unrecognized portion of upfront payments is included in deferred royalties in accrued expenses and other long-term liabilities depending on the short or long-term nature of the payments to be recognized. As of May 4, 2024, the Company had $17.3 million and $37.9 million of deferred royalties related to these upfront payments included in accrued expenses and other current liabilities and other long-term liabilities, respectively. This compares to $5.0 million and $14.8 million of deferred royalties related to these upfront payments included in accrued expenses and other current liabilities and other long-term liabilities, respectively, at February 3, 2024. During the three months ended May 4, 2024 and April 29, 2023, the Company recognized $4.5 million and $3.6 million in net royalties, respectively, related to the amortization of deferred royalties. Refer to Note 9 for further information on disaggregation of revenue by segment and country. Allowance for Doubtful Accounts In the normal course of business, the Company grants credit directly to certain wholesale customers after a credit analysis is performed based on financial and other criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. The Company maintains allowances for doubtful accounts for estimated losses that may result from the inability of its wholesale customers and licensing partners to make their required payments. The Company bases its allowances on analysis of the aging of accounts receivable at the date of the financial statements, assessments of historical and current collection trends, evaluation of the impact of current and future forecasted economic conditions and whether the Company has obtained credit insurance or other guarantees. Management performs regular evaluations concerning the ability of its customers to make required payments and records a provision for doubtful accounts based on these evaluations. As of May 4, 2024, approximately 40% of the Company’s total net trade accounts receivable and 63% of its European net trade receivables were subject to credit insurance coverage, certain bank guarantees or letters of credit for collection purposes. The Company’s credit insurance coverage contains certain terms and conditions specifying deductibles and annual claim limits. Management evaluates the creditworthiness of the counterparties to the credit insurance, bank guarantees and letters of credit and records a provision for the risk of loss on these instruments based on these evaluations as considered necessary. The Company’s credit losses for the periods presented were not significant compared to sales and did not significantly exceed management’s estimates. Refer to Note 6 for further information on the Company’s allowance for doubtful accounts. Recently Issued Accounting Guidance Common Control Arrangements In March 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance to amend certain provisions of Accounting Standards Codification 842 that apply to arrangements between related parties under common control. The amendment requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group, and requires certain disclosures when the lease term is shorter than the useful life of the asset. This Accounting Standards Update (“ASU”) is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this new accounting guidance during the three months ended May 4, 2024 had no material impact on the Company’s consolidated financial position, results of operations or cash flows. Joint Venture Formations In August 2023, the FASB issued authoritative guidance regarding the initial measurement of joint ventures. Upon formation, a joint venture is required to recognize and initially measure its assets and liabilities at fair value. The new guidance is applicable to joint ventures with a formation date on or after January 1, 2025. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Segment Reporting In November 2023, the FASB issued authoritative guidance which modifies the disclosure requirements of reportable segments. This guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures. The additional disclosures required by this update are related to the effective tax rate reconciliation and income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Commitments and Contingencies - Investment Commitments (Details) - May 04, 2024 € in Millions, $ in Millions	USD ($)	EUR (€)
Fair Value Measured at Net Asset Value Per Share
Investment commitments
Unfunded commitment to invest in private equity fund	$ 4.0	€ 3.7

Related Party Transactions	3 Months Ended
Related Party Transactions	May 04, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company and its subsidiaries periodically enter into transactions with certain entities (the “Marciano Entities”) that are owned by or for the respective benefit of, Paul Marciano, who is an executive and member of the Board of the Company, and Maurice Marciano, who is the brother of Paul Marciano and was a member of the Board until his retirement in September 2023. Leases The Company leases warehouse and administrative facilities from certain of the Marciano Entities. There were four of these leases in effect as of May 4, 2024 with expiration or option exercise dates ranging from calendar years 2025 to 2030, including two leases with respect to the Company’s North American corporate headquarters in Los Angeles, California (the “Los Angeles Location”), a lease for the Company’s Canadian warehouse and administrative facility in Montreal, Quebec (the “Montreal Location”) and a lease for the Company’s showroom and office space in Paris, France (the “Paris Location”). In August 2023, the Company (through a wholly-owned Canadian subsidiary) entered into a three-year lease extension through August 2026 with respect to the Montreal Location. All other material terms in the previously existing lease for the Montreal Location (including base rent of approximately CAD$0.6 million ($0.4 million) per year) remain the same. Aggregate lease costs recorded under the leases for the Los Angeles Location were $1.9 million for each of the three months ended May 4, 2024 and April 29, 2023. The Marciano Entities have a 100% ownership interest in the Los Angeles Location, with Mr. Maurice Marciano having a 56.3% ownership interest and Mr. Paul Marciano having a 43.7% ownership interest. Accordingly, Mr. Maurice Marciano’s interest in the lease amounts for the Los Angeles Location were $1.1 million for each of the three months ended May 4, 2024 and April 29, 2023, and Mr. Paul Marciano’s interest in the lease amounts for the Los Angeles Location were $0.8 million for each of the three months ended May 4, 2024 and April 29, 2023. Aggregate lease costs recorded under the lease for the Montreal Location were $0.1 million for each of the three months ended May 4, 2024 and April 29, 2023. The Marciano Entities have a 100% ownership interest in the Montreal Location, with each of Mr. Maurice Marciano and Mr. Paul Marciano having a 50% ownership interest. Accordingly, the interests in the lease amounts for the Montreal Location for each of Mr. Maurice Marciano and Mr. Paul Marciano were approximately $54,000 for each of the three months ended May 4, 2024 and April 29, 2023. Aggregate lease costs recorded under the lease for the Paris Location were $0.3 million for each of the three months ended May 4, 2024 and April 29, 2023, respectively. The Marciano Entities have a 66.7% ownership interest in the Paris Location, with each of Mr. Maurice Marciano and Mr. Paul Marciano having a 33.3% ownership interest. Accordingly, the interests in the lease amounts for the Paris Location for each of Mr. Maurice Marciano and Mr. Paul Marciano were approximately $0.1 million for each of the three months ended May 4, 2024 and April 29, 2023. The Company believes that the terms of the related party leases are no less favorable to the Company than would have been available from unaffiliated third parties. Refer to Note 3 for more information on lease commitments. Aircraft Arrangements The Company periodically charters aircraft owned by certain of the Marciano Entities through informal arrangements with such Marciano Entities and independent third-party management companies contracted by such Marciano Entities to manage their aircraft. The Marciano Entities have a 100% ownership interest in the aircraft, with each of Mr. Maurice Marciano and Mr. Paul Marciano having a 50% ownership interest. The total fees paid by the Company to the independent third-party management companies under these arrangements for the three months ended May 4, 2024 and April 29, 2023 were approximately $1.0 million and $1.1 million, respectively. The approximate dollar value of the amount of each of Mr. Maurice Marciano’s and Mr. Paul Marciano’s interest in these transactions was approximately $0.4 million for each of the three months ended May 4, 2024 and April 29, 2023. The Company believes that the terms of the charter arrangements are no less favorable to the Company than would have been available from unaffiliated third parties. Minority Investment The Company has a 30% ownership interest in a privately-held men’s footwear company (the “Footwear Company”). The Marciano Entities have a 45% ownership interest in the Footwear Company, with each of Mr. Maurice Marciano and Mr. Paul Marciano having a 22.5% ownership interest. Accordingly, each of Mr. Maurice Marciano and Mr. Paul Marciano has a 22.5% interest in each of the transactions between the Company and the Footwear Company described below. In fiscal 2021, the Company provided the Footwear Company with a $2.0 million revolving credit facility at an annual interest rate of 2.75% and a maturity date of November 2023. In October 2023, the Company and the Footwear Company amended the revolving credit facility to extend the term by three years to November 30, 2026 and to adjust the interest rate, effective December 1, 2023, to a floating rate equal to the one month term SOFR plus 1.75% per annum. As of May 4, 2024 and February 3, 2024, the Company had a note receivable of $0.7 million and $0.6 million, respectively, included in other assets in its condensed consolidated balance sheets related to outstanding borrowings by the Footwear Company under this revolving credit facility. In May 2022, the Company entered into a Fulfillment Services Agreement with the Footwear Company under which the Company provides certain fulfillment services for the Footwear Company’s U.S. wholesale and e-commerce businesses from the Company’s U.S. distribution center on a cost-plus 5% basis. The Footwear Company also pays rent to the Company for the use of a small office space in the Company’s U.S. headquarters. In June 2022, the Company (through a wholly-owned Swiss subsidiary) entered into a Distributorship Agreement with the Footwear Company under which the Company was designated as the exclusive distributor (excluding e-commerce) for the Footwear Company in the European Union and other specified countries. The Distributorship Agreement provided for (i) the Company to receive a 35% discount from the Footwear Company’s wholesale prices, (ii) no minimum sales requirements or advertising spending requirements for the Company, (iii) an initial 15 month term with annual renewals thereafter, and (iv) other standard terms and conditions for similar arrangements. In May 2023, the Distributorship Agreement was amended to (i) reflect a reduction in the amount of sales services to be performed by the Company, (ii) revise the wholesale discount to 22%, and (iii) provide an annual 2% advertising commitment by the Company. During the three months ended May 4, 2024, there were no fees received with respect to the U.S. fulfillment services, no fees received with respect to office rent and $173,000 in amounts paid related to the distributorship arrangements. During the three months ended April 29, 2023, there were less than $5,000 in fees received with respect to the U.S. fulfillment services, less than $5,000 in fees received with respect to office rent and less than $5,000 in amounts paid related to the distributorship arrangements. Vendor Purchases The Company purchases faux fur products from a privately-held fashion accessories company (the “Fashion Company”). The Marciano Entities have a 16% ownership interest in the Fashion Company, with each of Mr. Maurice Marciano and Mr. Paul Marciano having an 8% ownership interest. In addition, Carlos Alberini, Chief Executive Officer of the Company, has a 4% ownership interest in the Fashion Company. The total payments made by the Company to the Fashion Company were approximately $0.4 million and $0.3 million for the three months ended May 4, 2024 and April 29, 2023, respectively. Based on their respective ownership interests in the Fashion Company, the approximate dollar value of the amount of each individual’s interest in these transactions were approximately (i) for each of Mr. Maurice Marciano and Mr. Paul Marciano, $29,000 and $26,000 for the three months ended May 4, 2024 and April 29, 2023, respectively, and (ii) for Mr. Alberini, $15,000 and $13,000 for the three months ended May 4, 2024 and April 29, 2023, respectively. The Company believes that the price paid by the Company for the Fashion Company’s products and the terms of the transactions between the Company and the Fashion Company have not been affected by this passive investment of Messrs. Marciano and Mr. Alberini in the Fashion Company. Vendor Collaboration During April 2023, the Company entered into a co-branding collaboration arrangement in connection with a large-scale music festival with a privately-held alcoholic beverage company (the “Beverage Company”). The Marciano Entities have a 15% ownership interest in the Beverage Company, with each of Mr. Maurice Marciano and Mr. Paul Marciano having a 7.5% ownership interest. In addition, Nicolai Marciano, the Chief New Business Development Officer of the Company and son of Mr. Paul Marciano, has a 1.4% ownership interest in the Beverage Company. Accordingly, each of Mr. Maurice Marciano and Mr. Paul Marciano has a 7.5% interest and Mr. Nicolai Marciano has a 1.4% interest in the transaction between the Company and the Beverage Company described below. The co-branding arrangement provided for (i) the Beverage Company to pay a $100,000 fee, provide certain beverage products, facilitate the acquisition of additional third-party sponsors for the event and co- brand its social media posts with the Company and (ii) the Company to engage social-media influencers to attend the event and promote both companies through social-media posts, and provide promotional travel, lodging, hospitality and other ancillary expenses for select attendees at the co-branded event.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	May 04, 2024	Apr. 29, 2023	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	Apr. 02, 2024
Disaggregation of Revenue [Line Items]
Fiscal period duration				371 days	364 days
Percentage of total accounts receivable that are insured or supported by bank guarantees or letters of credit	40.00%
Europe
Disaggregation of Revenue [Line Items]
Percentage of total accounts receivable that are insured or supported by bank guarantees or letters of credit	63.00%
Royalties
Disaggregation of Revenue [Line Items]
Net royalties revenue recognized	$ 4.5	$ 3.6
Royalties \| Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Current deferred royalties	17.3			$ 5.0
Royalties \| Other long-term liabilities
Disaggregation of Revenue [Line Items]
Noncurrent deferred royalties	$ 37.9			$ 14.8
Minimum \| Royalties
Disaggregation of Revenue [Line Items]
License agreement term	3 years
Maximum \| Royalties
Disaggregation of Revenue [Line Items]
License agreement term	15 years
Forecast
Disaggregation of Revenue [Line Items]
Fiscal period duration			364 days
Rag & Bone, Intellectual Property
Disaggregation of Revenue [Line Items]
Percentage of intellectual property assets acquired						50.00%

Acquisition of rag & bone - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Rag & Bone
Business Acquisition [Line Items]
Pro-forma net revenue	$ 625,185	$ 624,741

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,691	$ 4,620
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	91	49
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	506
Stock awards/units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,600	$ 4,065

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Nonredeemable Noncontrolling Interests
Beginning balance (in shares) at Jan. 28, 2023		54,609,786
Beginning balance at Jan. 28, 2023	$ 572,751	$ 546	$ 532,398	$ 1,276,857	$ (134,073)	$ (1,141,615)	$ 38,638
Beginning balance (in shares) at Jan. 28, 2023						88,161,467
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(10,694)			(11,805)			1,111
Other comprehensive income (loss), net of income tax	(4,095)				(5,404)		1,309
Issuance of common stock under stock compensation plans (in shares)		1,085,319				1,085,319
Issuance of common stock under stock compensation plans	(450)	$ 11	(14,519)			$ 14,058
Issuance of stock under Employee Stock Purchase Plan (in shares)		11,848				11,848
Issuance of stock under Employee Stock Purchase Plan	181		28			$ 153
Share-based compensation	4,620		4,617	3
Dividends	(12,662)			(12,662)
Share repurchases (in shares)		(2,237,872)				(2,237,872)
Share repurchases	(42,821)	$ (22)	22			$ (42,821)
Equity component value of convertible notes transactions, net	(744)		(744)
Sale of common stock warrants	20,158		20,158
Purchase of convertible note hedges	(39,397)		(39,397)
Termination of common stock warrants	(1,024)		(1,024)
Termination of convertible note hedges	7,235		7,235
Ending balance (in shares) at Apr. 29, 2023		53,469,081
Ending balance at Apr. 29, 2023	$ 493,058	$ 535	508,774	1,252,393	(139,477)	$ (1,170,225)	41,058
Ending balance (in shares) at Apr. 29, 2023						89,302,172
Beginning balance (in shares) at Feb. 03, 2024	53,007,966	53,007,966
Beginning balance at Feb. 03, 2024	$ 734,794	$ 530	594,520	1,412,426	(137,010)	$ (1,185,526)	49,854
Beginning balance (in shares) at Feb. 03, 2024	89,763,349					89,763,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	$ 15,906			13,022			2,884
Other comprehensive income (loss), net of income tax	599				(38)		637
Issuance of common stock under stock compensation plans (in shares)		779,872				779,934
Issuance of common stock under stock compensation plans	5,649	$ 8	(4,682)			$ 10,323
Issuance of stock under Employee Stock Purchase Plan (in shares)		9,740				9,740
Issuance of stock under Employee Stock Purchase Plan	198		69			$ 129
Share-based compensation	3,120		3,115	5
Dividends	(135,512)			(135,512)
Share repurchases (in shares)		(326,429)				(326,429)
Share repurchases	(10,279)	$ (3)	3			$ (10,279)
Noncontrolling interest capital distribution	(11,735)						(11,735)
Noncontrolling interest capital contribution	219						219
Sale of common stock warrants	3,665		3,665
Termination of common stock warrants	(548)		(548)
Termination of convertible note hedges	1,044		1,044
Settlement of convertible senior notes (in shares)		122,313				(122,313)
Settlement of convertible senior notes	212	$ 1	(1,413)			$ 1,624
Exercise of convertible notes hedges (in shares)		(90,729)				90,729
Exercise of convertible notes hedges	$ 0	$ (1)	2,558			$ (2,557)
Ending balance (in shares) at May. 04, 2024	53,502,733	53,502,733
Ending balance at May. 04, 2024	$ 607,332	$ 535	$ 598,331	$ 1,289,941	$ (137,048)	$ (1,186,286)	$ 41,859
Ending balance (in shares) at May. 04, 2024	89,268,520					89,268,520

Lease Accounting (Tables)

3 Months Ended

May 04, 2024

Leases [Abstract]

Assets and liabilities, lessee

The components of leases are (in thousands):


		May 4, 2024		Feb 3, 2024
Assets	Balance Sheet Location
Operating	Operating lease right-of-use assets	$	720,924	$	667,031
Finance	Property and equipment, net	13,507		15,132
Total lease assets		$	734,431	$	682,163

Liabilities	Balance Sheet Location
Current:
Operating	Current portion of operating lease liabilities	$	181,702	$	166,451
Finance	Current portion of borrowings and finance lease obligations	5,171		5,573
Noncurrent:
Operating	Long-term operating lease liabilities	600,286		542,392
Finance	Long-term debt and finance lease obligations	8,830		9,857
Total lease liabilities		$	795,989	$	724,273

Lease cost

The components of lease costs are (in thousands):


		Three Months Ended
	Income Statement Location		May 4, 2024		Apr 29, 2023
Operating lease costs	Cost of product sales		$	48,450	$	46,052
Operating lease costs	Selling, general and administrative expenses		7,832		6,597

Finance lease costs
Amortization of leased assets	Cost of product sales		4		23
Amortization of leased assets	Selling, general and administrative expenses		1,540		1,529
Interest on lease liabilities	Interest expense		188		209
Variable lease costs1	Cost of product sales		24,571		24,491
Variable lease costs1	Selling, general and administrative expenses		1,099		661
Short-term lease costs	Cost of product sales		123		70
Short-term lease costs	Selling, general and administrative expenses		2,060		1,639
Total lease costs			$	85,867	$	81,271

______________________________________________________________________

Notes:

Operating lease liabilities maturity schedule

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):


	Operating Leases
Maturity of Lease Liabilities	Non-Related Parties		Related Parties		Finance Leases		Total
Fiscal 2025	$	163,348	$	6,024	$	4,643	$	174,015
Fiscal 2026	158,445		7,220		5,635		171,300
Fiscal 2027	140,722		7,779		3,162		151,663
Fiscal 2028	107,409		7,697		1,339		116,445
Fiscal 2029	87,595		8,463		285		96,343
After fiscal 2029	201,234		12,323		—		213,557
Total lease payments	858,753		49,506		15,064		923,323
Less: Interest	116,444		9,827		1,063		127,334
Present value of lease liabilities	$	742,309	$	39,679	$	14,001	$	795,989

Finance lease liabilities maturity schedule

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):


	Operating Leases
Maturity of Lease Liabilities	Non-Related Parties		Related Parties		Finance Leases		Total
Fiscal 2025	$	163,348	$	6,024	$	4,643	$	174,015
Fiscal 2026	158,445		7,220		5,635		171,300
Fiscal 2027	140,722		7,779		3,162		151,663
Fiscal 2028	107,409		7,697		1,339		116,445
Fiscal 2029	87,595		8,463		285		96,343
After fiscal 2029	201,234		12,323		—		213,557
Total lease payments	858,753		49,506		15,064		923,323
Less: Interest	116,444		9,827		1,063		127,334
Present value of lease liabilities	$	742,309	$	39,679	$	14,001	$	795,989

Other supplemental information

Other supplemental information is (in thousands):

Lease Term and Discount Rate

May 4, 2024

Weighted-average remaining lease term

Operating leases

6.1 years

Finance leases

3.0 years

Weighted-average discount rate

Operating leases

5.1%

Finance leases

4.9%


	Three Months Ended
Supplemental Cash Flow Information	May 4, 2024		Apr 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	51,173	$	51,225


New operating ROU assets obtained in exchange for lease liabilities	$	46,567	$	36,068

Accounts Receivable (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Accounts receivable
Accounts receivable, gross	$ 303,693	$ 321,945
Less allowances	6,271	7,176
Accounts receivable, net	297,422	314,769
Trade
Accounts receivable
Accounts receivable, gross	281,607	305,900
Royalty
Accounts receivable
Accounts receivable, gross	12,875	9,334
Other
Accounts receivable
Accounts receivable, gross	$ 9,211	$ 6,711

Stockholders' Equity - Cash Dividend Declared Per Share (Details) - $ / shares		3 Months Ended
	May 24, 2023	May 04, 2024	Apr. 29, 2023
Equity [Abstract]
Cash dividend declared per share (in dollars per share)	$ 0.30	$ 2.550	$ 0.225

Share-Based Compensation

3 Months Ended

May 04, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The following summarizes the share-based compensation expense recognized under all of the Company’s stock plans (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
Stock options	$	—	$	506
Stock awards/units	4,600		4,065
Employee Stock Purchase Plan	91		49
Total share-based compensation expense	$	4,691	$	4,620

As of May 4, 2024, there was no unrecognized compensation cost related to nonvested stock options and approximately $29.6 million of unrecognized compensation cost related to nonvested stock awards/units. This cost is expected to be recognized over a weighted average period of 1.8 years.

Annual Grants

On March 29, 2024, the Company granted 375,800 nonvested stock awards/units to its employees.

Performance-Based Awards

The Company has granted certain nonvested stock units subject to performance-based vesting conditions to select executive officers. Each award of nonvested stock units generally has an initial vesting period from the date of the grant through either (i) the end of the first fiscal year or (ii) the first anniversary of the date of grant, followed by annual vesting periods which may range from two-to-three years.

The following summarizes the activity for nonvested performance-based units during the three months ended May 4, 2024:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024	376,916	$	18.36
Granted	—	—
Vested	(112,590)	18.14
Forfeited	—	—
Nonvested at May 4, 2024	264,326	$	18.45

Market-Based Awards

The Company has granted certain nonvested stock units subject to market-based vesting conditions to select executive officers. These market-based awards include (i) units where the number of shares that may ultimately vest will equal 0% to 150% of the target number of shares, subject to the performance of the Company’s total stockholder return (“TSR”) relative to the TSR of a select group of peer companies over a three-year period and (ii) units scheduled to vest based on the attainment of certain absolute stock price levels over a four-year period. Vesting is also subject to continued service requirements through the vesting date.

The following summarizes the activity for nonvested market-based units during the three months ended May 4, 2024:


	Number of Units	Weighted Average Grant Date Fair Value
Nonvested at February 3, 2024	722,780	$	19.55
Granted1	43,150	17.77
Vested1	(172,601)	17.77
Forfeited	—	—
Nonvested at May 4, 2024	593,329	$	19.94

______________________________________________________________________

Notes:

1As a result of the achievement of certain market-based vesting conditions, there were 43,150 shares that vested in addition to the original target number of shares granted in fiscal 2022.

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions				1 Months Ended				3 Months Ended
	Mar. 20, 2024	May 24, 2023	Mar. 14, 2022	Mar. 31, 2024	Jan. 31, 2024	Apr. 29, 2023	Apr. 30, 2019	May 04, 2024	Apr. 29, 2023	Mar. 25, 2024	Feb. 03, 2024	Jan. 29, 2022
Class of Stock [Line Items]
Share repurchases								$ 10,279,000	$ 42,821,000
Cash dividend declared per share (in dollars per share)		$ 0.30						$ 2.550	$ 0.225
Special Dividend
Class of Stock [Line Items]
Cash dividend declared per share (in dollars per share)	$ 2.25
Quarterly Dividend
Class of Stock [Line Items]
Cash dividend declared per share (in dollars per share)	$ 0.30
Senior Notes \| January Additional 2028 Notes
Class of Stock [Line Items]
Interest rate (as a percent)					3.75%
Senior Notes \| March Additional 2028 Notes
Class of Stock [Line Items]
Interest rate (as a percent)				3.75%
Senior Notes \| 2024 Notes
Class of Stock [Line Items]
Interest rate (as a percent)							2.00%
Dividend threshold for conversion rate and conversion price adjustment (in dollars per share)							$ 0.1125
Senior Notes \| 2028 Notes
Class of Stock [Line Items]
Interest rate (as a percent)				3.75%
Dividend threshold for conversion rate and conversion price adjustment (in dollars per share)				$ 0.225
Share Repurchase Program
Class of Stock [Line Items]
Authorized amount for repurchase										$ 200,000,000		$ 200,000,000
Stock repurchase program, authorized amount, increase during period			$ 100,000,000		$ 1,400,000
Remaining purchase amount authorized								$ 189,700,000			$ 0
Share repurchases (in shares)								0.3	2.2
Share repurchases				$ 10,300,000	$ 21,300,000	$ 42,800,000		$ 10,300,000	$ 42,800,000

Convertible Senior Notes and Related Transactions (Tables)

3 Months Ended

May 04, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The Notes consist of the following (in thousands):


	May 4, 2024		Feb 3, 2024
2024 Notes
Principal	$	—	$	48,078
Unamortized debt issuance costs	—		(30)
Net carrying amount	$	—	$	48,048
Fair value, net1	$	—	$	49,182
Initial 2028 Notes
Principal	$	275,000	$	275,000
Unamortized debt discount and issuance costs2,3	(7,598)		(8,034)
Net carrying amount	$	267,402	$	266,966
Fair value, net1	$	353,793	$	295,550
Additional 2028 Notes
Principal	$	76,947	$	64,826
Unamortized debt discount and issuance costs3	(13,913)		(11,465)
Embedded derivative4	30,230		16,390
Net carrying amount	$	93,264	$	69,751
Fair value, net1	$	117,436	$	60,099

______________________________________________________________________

Notes:

1The fair value of the Notes is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy.

4The fair value of the embedded derivative is measured using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.

Schedule of Interest Expense on Convertible Notes

Interest expense for the Notes for the three months ended May 4, 2024 and April 29, 2023 consists of the following (in thousands):


	Three Months Ended
	May 4, 2024		Apr 29, 2023
2024 Notes
Coupon interest	$	334	$	1,096
Amortization of debt discount and issuance costs	28		161
Total	$	362	$	1,257
Initial 2028 Notes
Coupon interest	$	2,578	$	401
Amortization of debt discount and issuance costs	436		63
Total	$	3,014	$	464
Additional 2028 Notes
Coupon interest	$	646	$	—
Amortization of debt discount and issuance costs	662		—
Total	$	1,308	$	—

Inventories (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 6,702	$ 1,488
Work in progress	192	3
Finished goods	548,009	464,806
Inventories	554,903	466,297
Allowance to write down inventories to the lower of cost or net realizable value	$ 27,500	$ 25,500

Borrowings and Finance Lease Obligations - Term Loans, Finance Lease Obligations and Mortgage Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 04, 2024	Jan. 28, 2017	Feb. 03, 2024	May 01, 2023
Debt Instrument [Line Items]
Term loans	$ 9,662		$ 12,060
Finance lease obligations	14,001		15,430
Mortgage debt	16,257		16,435
Interest rate swap \| Cash flow hedges \| Derivatives designated as hedging instruments
Debt Instrument [Line Items]
Fixed rate of interest rate swap derivative (as a percent)				3.14%
Computer hardware and software
Debt Instrument [Line Items]
Finance lease obligations	5,100		5,500
Europe \| Equipment
Debt Instrument [Line Items]
Finance lease obligations	$ 8,900		9,900
Europe \| Term Loans
Debt Instrument [Line Items]
Debt maturity period (in years)	1 year
Term loans	$ 9,700		$ 12,100
Europe \| Term Loans \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	1.50%
Europe \| Term Loans \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.70%
Netherlands \| Finance lease \| Equipment
Debt Instrument [Line Items]
Effective interest rate on finance lease obligations	6.00%
U.S. \| Mortgage debt \| Building
Debt Instrument [Line Items]
Debt maturity period (in years)		10 years
Mortgage debt		$ 21,500

Segment Information (Tables)

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Summary of net revenue and earnings (loss) from operations by segment

Net revenue and earnings (loss) from operations are summarized (in thousands):


	Three Months Ended
		May 4, 2024		Apr 29, 2023
Net revenue:
Europe		$	283,873	$	280,198
Americas Retail		144,196		143,544
Americas Wholesale		62,128		51,393
Asia		72,756		70,775
Licensing		28,990		23,888
Total net revenue		$	591,943	$	569,798
Earnings (loss) from operations:
Europe		$	(439)	$	1,593
Americas Retail		(10,391)		(3,287)
Americas Wholesale		14,127		13,093
Asia		3,741		3,830
Licensing		26,678		22,295
Total segment earnings from operations		33,716		37,524
Corporate overhead		(52,463)		(36,512)

Asset impairment charges1		(1,141)		(1,934)


Total loss from operations		$	(19,888)	$	(922)

______________________________________________________________________

Notes:

Summary of net revenue by country


	Three Months Ended
		May 4, 2024		Apr 29, 2023
Net revenue:
U.S.		$	142,852	$	133,952
Italy		57,542		60,370
South Korea		48,868		47,589
Germany		33,228		32,364
Spain		30,232		29,236
Mexico		30,205		23,796

Other countries		220,026		218,603
Total product sales		562,953		545,910
Net royalties		28,990		23,888
Net revenue		$	591,943	$	569,798

Convertible Senior Notes and Related Transactions - Components of Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Mar. 31, 2024	Feb. 03, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Embedded derivative	$ 30,200
Senior Notes \| 2024 Notes
Debt Instrument [Line Items]
Principal	0	$ 115,100	$ 33,500	$ 48,078	$ 48,100
Unamortized debt issuance costs	0			(30)
Net carrying amount	0			48,048
Senior Notes \| 2024 Notes \| Level 2
Debt Instrument [Line Items]
Fair value, net	0			49,182
Senior Notes \| Initial 2028 Notes
Debt Instrument [Line Items]
Principal	275,000			275,000
Unamortized debt discount and issuance costs	(7,598)			(8,034)
Net carrying amount	$ 267,402			266,966
Effective interest rate	4.50%	4.50%
Discount amortization period	5 years
Senior Notes \| Initial 2028 Notes \| Level 2
Debt Instrument [Line Items]
Fair value, net	$ 353,793			295,550
Senior Notes \| Additional 2028 Notes
Debt Instrument [Line Items]
Principal	76,947			64,826
Unamortized debt discount and issuance costs	(13,913)			(11,465)
Embedded derivative	30,230			16,390
Net carrying amount	$ 93,264			69,751
Effective interest rate	9.30%
Senior Notes \| Additional 2028 Notes \| Level 2
Debt Instrument [Line Items]
Fair value, net	$ 117,436			$ 60,099

Related Party Transactions (Details) $ in Millions		1 Months Ended						3 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 01, 2023	Aug. 31, 2023 USD ($)	Aug. 31, 2023 CAD ($)	May 31, 2023	Apr. 29, 2023 USD ($)	Jun. 30, 2022	May 31, 2022	May 04, 2024 USD ($) lease	Apr. 29, 2023 USD ($)	Jan. 30, 2021 USD ($)	Feb. 03, 2024 USD ($)	Oct. 31, 2023
Related Party Transaction [Line Items]
Lease costs								$ 85,867,000	$ 81,271,000
Revenue								$ 591,943,000	569,798,000
Marciano Entities \| Privately-Held Men's Footwear Company
Related Party Transaction [Line Items]
Equity method ownership percentage								45.00%
Marciano Entities \| Privately-Held Fashion Accessories Company
Related Party Transaction [Line Items]
Equity method ownership percentage								16.00%
Marciano Entities \| Beverage Company
Related Party Transaction [Line Items]
Equity method ownership percentage								15.00%
Maurice Marciano \| Privately-Held Men's Footwear Company
Related Party Transaction [Line Items]
Equity method ownership percentage								22.50%
Maurice Marciano \| Privately-Held Fashion Accessories Company
Related Party Transaction [Line Items]
Equity method ownership percentage								8.00%
Maurice Marciano \| Beverage Company
Related Party Transaction [Line Items]
Equity method ownership percentage								7.50%
Paul Marciano \| Privately-Held Men's Footwear Company
Related Party Transaction [Line Items]
Equity method ownership percentage								22.50%
Paul Marciano \| Privately-Held Fashion Accessories Company
Related Party Transaction [Line Items]
Equity method ownership percentage								8.00%
Paul Marciano \| Beverage Company
Related Party Transaction [Line Items]
Equity method ownership percentage								7.50%
Carlos Alberini \| Privately-Held Fashion Accessories Company
Related Party Transaction [Line Items]
Equity method ownership percentage								4.00%
Nicolai Marciano \| Beverage Company
Related Party Transaction [Line Items]
Equity method ownership percentage								1.40%
Aircraft \| Marciano Entities
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								100.00%
Aircraft \| Maurice Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								50.00%
Aircraft \| Paul Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								50.00%
California \| Building \| Marciano Entities
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								100.00%
California \| Building \| Maurice Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								56.30%
California \| Building \| Paul Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								43.70%
Canada \| Building \| Marciano Entities
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								100.00%
Canada \| Building \| Maurice Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								50.00%
Canada \| Building \| Paul Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								50.00%
France \| Building \| Marciano Entities
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								66.70%
France \| Building \| Maurice Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								33.30%
France \| Building \| Paul Marciano
Related Party Transaction [Line Items]
Property, plant and equipment ownership percentage								33.30%
Marciano Entities \| Fees incurred for aircraft charter
Related Party Transaction [Line Items]
Payments under related party transaction								$ 1,000,000	1,100,000
Marciano Entities \| Related Parties
Related Party Transaction [Line Items]
Number of leases under related party lease agreements \| lease								4
Marciano Entities \| Related Parties \| Privately-Held Men's Footwear Company
Related Party Transaction [Line Items]
Equity method ownership percentage								30.00%
Marciano Entities \| Related Parties \| Co-branding Collaboration Arrangement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Related Party Transaction [Line Items]
Fee per the agreement					$ 100,000
Marciano Entities \| Related Parties \| California
Related Party Transaction [Line Items]
Number of leases under related party lease agreements \| lease								2
Marciano Entities \| Related Parties \| California \| Related party leases
Related Party Transaction [Line Items]
Lease costs								$ 1,900,000	1,900,000
Marciano Entities \| Related Parties \| Canada
Related Party Transaction [Line Items]
Extension (in years)		3 years	3 years
Base rent per year		$ 400,000	$ 0.6
Marciano Entities \| Related Parties \| Canada \| Related party leases
Related Party Transaction [Line Items]
Lease costs								100,000	100,000
Marciano Entities \| Related Parties \| France \| Related party leases
Related Party Transaction [Line Items]
Lease costs								300,000	300,000
Maurice Marciano \| Fees incurred for aircraft charter
Related Party Transaction [Line Items]
Payments under related party transaction								400,000	400,000
Maurice Marciano \| Privately-Held Fashion Accessories Company, Vendor purchases
Related Party Transaction [Line Items]
Payments under related party transaction								29,000	26,000
Maurice Marciano \| Related Parties \| California \| Related party leases
Related Party Transaction [Line Items]
Lease costs								1,100,000	1,100,000
Maurice Marciano \| Related Parties \| Canada \| Related party leases
Related Party Transaction [Line Items]
Lease costs								54,000	54,000
Maurice Marciano \| Related Parties \| France \| Related party leases
Related Party Transaction [Line Items]
Lease costs								100,000	100,000
Paul Marciano \| Fees incurred for aircraft charter
Related Party Transaction [Line Items]
Payments under related party transaction								400,000	400,000
Paul Marciano \| Privately-Held Fashion Accessories Company, Vendor purchases
Related Party Transaction [Line Items]
Payments under related party transaction								29,000	26,000
Paul Marciano \| Related Parties \| California \| Related party leases
Related Party Transaction [Line Items]
Lease costs								800,000	800,000
Paul Marciano \| Related Parties \| Canada \| Related party leases
Related Party Transaction [Line Items]
Lease costs								54,000	54,000
Paul Marciano \| Related Parties \| France \| Related party leases
Related Party Transaction [Line Items]
Lease costs								100,000	100,000
Marciano Entities, Privately-Held Men's Footwear Company
Related Party Transaction [Line Items]
Interest rate for line of credit provided (in percent)										2.75%
Marciano Entities, Privately-Held Men's Footwear Company \| Fulfillment Services Agreement
Related Party Transaction [Line Items]
Cost-plus percentage							5.00%
Marciano Entities, Privately-Held Men's Footwear Company \| Distributorship Agreement
Related Party Transaction [Line Items]
Discount percentage				22.00%		35.00%
Agreement term						15 months
Annual advertising commitment percentage				2.00%
Marciano Entities, Privately-Held Men's Footwear Company \| Distributorship Agreement, Fees paid
Related Party Transaction [Line Items]
Payments under related party transaction								173,000	5,000
Marciano Entities, Privately-Held Men's Footwear Company \| Related Parties
Related Party Transaction [Line Items]
Line of credit provided										$ 2,000,000
Line of credit extension term												3 years
Note receivable								700,000			$ 600,000
Marciano Entities, Privately-Held Men's Footwear Company \| Related Parties \| Credit Facility \| SOFR
Related Party Transaction [Line Items]
Interest rate margin (as a percent)	1.75%
Marciano Entities, Privately-Held Men's Footwear Company \| Related Parties \| Related party leases
Related Party Transaction [Line Items]
Revenue								0	5,000
Marciano Entities, Privately-Held Men's Footwear Company \| Related Parties \| Fulfillment Services Agreement
Related Party Transaction [Line Items]
Revenue								0	5,000
Privately-Held Fashion Accessories Company \| Privately-Held Fashion Accessories Company, Vendor purchases
Related Party Transaction [Line Items]
Payments under related party transaction								400,000	300,000
Carlos Alberini \| Privately-Held Fashion Accessories Company, Vendor purchases
Related Party Transaction [Line Items]
Payments under related party transaction								$ 15,000	$ 13,000

Lease Accounting - Lease Term and Discount Rate (Details)	May 04, 2024
Weighted-average remaining lease term
Operating leases	6 years 1 month 6 days
Finance leases	3 years
Weighted-average discount rate
Operating leases	5.10%
Finance leases	4.90%

Accounts Receivable (Tables)

3 Months Ended

May 04, 2024

Receivables [Abstract]

Schedule of accounts receivable

Accounts receivable is summarized as follows (in thousands):


	May 4, 2024		Feb 3, 2024
Trade	$	281,607	$	305,900
Royalty	12,875		9,334
Other	9,211		6,711
	303,693		321,945
Less allowances	6,271		7,176
	$	297,422	$	314,769

Acquisition of rag & bone - Narrative (Details)		3 Months Ended
Acquisition of rag & bone - Narrative (Details)	Apr. 02, 2024 USD ($) store renewal	May 04, 2024 USD ($)	Feb. 03, 2024 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 34,039,000	$ 34,100,000
Royalties \| Joint Venture
Business Acquisition [Line Items]
License agreement term	10 years
Maximum number of license agreement renewals \| renewal	4
License agreement renewal term	10 years
Joint Venture
Business Acquisition [Line Items]
Loan receivable	$ 15,600,000
Joint Venture
Business Acquisition [Line Items]
Equity method ownership percentage	50.00%
Fair value of joint venture	$ 44,800,000
Rag & Bone
Business Acquisition [Line Items]
Cash consideration	57,064,000
Maximum earnout consideration payable	$ 12,800,000
Amortization period for off-market leases	3 years 6 months
Goodwill	$ 0
Vendor consideration amortization period	5 years
Transaction-related costs		5,600,000
Revenue of acquiree since acquisition date		$ 23,300,000
Rag & Bone \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets useful life	10 years
Rag & Bone \| Earnout consideration
Business Acquisition [Line Items]
Earnout/ vendor consideration liability	$ 2,040,000
Rag & Bone \| Vendor consideration
Business Acquisition [Line Items]
Earnout/ vendor consideration liability	$ 44,805,000
Rag & Bone \| U.S.
Business Acquisition [Line Items]
Number of stores acquired \| store	34
Rag & Bone \| UK
Business Acquisition [Line Items]
Number of stores acquired \| store	2