On this page of StockholderLetter.com we present the latest annual shareholder letter from GUESS INC — ticker symbol GES. Reading current and past GES letters to shareholders can bring important insights into the investment thesis.

 •  5/16/2025 Letter Continued (Full PDF)
 •  4/13/2023 GES Stockholder Letter
 •  5/2/2024 GES Stockholder Letter
 •  More "Apparel Stores" Category Stockholder Letters
 •  GES Benford's Law Stock Score = 99

GES Shareholder/Stockholder Letter Transcript:

FISCAL 2025 ANNUAL REPORT

GUESS Centro Comercial Santa Fe
Mexico City, MEXICO

GUESS Puerto Venecia
Zaragoza, SPAIN

GUESS Man Madrid Xanad  
Madrid, SPAIN

CEO   S LETTER TO OUR SHAREHOLDERS
Dear Shareholders:
For our Company, fiscal 2025 was a year of continued progress against important operational, strategic and
financial objectives that support our goal to drive sustainable revenues, earnings growth and value creation for
our shareholders. During the year we continued to navigate a challenging environment, impacted by customer
traffic declines into our retail stores, inflationary pressures tempering demand for more discretionary products
and supply chain disruptions due to geopolitical issues. Our teams remained nimble and adapted very
effectively to mitigate these external factors and focused on what we could control.
Overall, we grew revenues by 8% in US dollars to $3 billion, and 10% in constant currency, with solid
performance in our Licensing segment and our Wholesale businesses in Europe and the Americas. We delivered
$174 million and $180 million in GAAP and adjusted earnings from operations, respectively. In terms of capital
allocation, we remain committed to returning capital to our shareholders and delivered $185 million of dividend
payments, which included a special dividend of $120 million, and $60 million of shares repurchased during the
year.
Fiscal 2025 was a year marked by significant accomplishments which included:
1.
The acquisition of rag & bone with WHP Global     our first brand acquisition in our 44-year history as
we begin to leverage our powerful operating platform across more brands,
2.
The global launch of our Guess Jeans brand, aimed at attracting a new, younger customer, offering an
entire collection inspired by our rich archives, and providing denim that is affordable, yet sustainable,
3.
The launch of an aggressive plan to expand the awareness and distribution of the Guess brand in India,
closing the year with 22 new stores in the market, as well as a new partnership with the Tata Group to
represent Guess Jeans in that market,
4.
A fifteen-year renewal of our Guess handbag license with Signal Products, Inc., cementing an
important licensing partnership under very favorable terms. In addition, we signed a new licensing deal
with Signal to produce handbags for rag & bone,
5.
A new joint venture in the Middle East with the Chalhoub Group,
6.
The internalization of the development and distribution of our outerwear and dresses businesses,
previously licensed to GIII, and
7.
A new partnership with GXO Global to manage our U.S. distribution center to drive operating
efficiencies.
As we enter fiscal 2026, we are focused on key strategic initiatives to strengthen our organization, improve
brand awareness and customer engagement through enhanced marketing strategies, increase retail store and ecommerce productivity by focusing on product, pricing, visual merchandising and customer experience, build a



 5/16/2025 Letter Continued (Full PDF)