Total net revenue

+4.6% (Q4 2025: $932.252M vs. Q4 2024: $891.050M)

Modest revenue increase driven by overall market recovery and steady underlying performance across channels, reflecting incremental gains over Q4 2024. " "

Product sales

+4.3% (Q4 2025: $898.975M vs. Q4 2024: $862.746M)

Increased product sales indicate organic growth in core product channels likely supported by improved consumer demand and successful product offerings compared to the previous quarter. " "

Earnings from operations

-28% (Q4 2025: $103.649M vs. Q4 2024: $144.826M)

Significant drop in operating earnings resulting from increased SG&A and other operational expenses that compressed margins, highlighting a cost structure challenge relative to Q4 2024. " "

Net earnings attributable

-29% (Q4 2025: $81.399M vs. Q4 2024: $115.270M; EPS from $2.14 to $1.58)

Lower profitability driven by the combined effects of margin pressure and rising expenses, leading to a nearly 30% decline in net earnings and consequent drop in earnings per share relative to Q4 2024. " "

European revenue

+1.8% (Q4 2025: $493.87M vs. Q4 2024: $484.6M)

Minimal growth in Europe reflects stable market conditions with only slight gains, possibly due to renewed consumer confidence and effective localized strategies compared to the previous period. " "

Asia revenue

-15% (Q4 2025: $69.94M vs. Q4 2024: $82.7M)

Substantial decline in Asia driven by reduced consumer demand and soft retail performance, with the region facing significant challenges that resulted in a dramatic 15% revenue drop relative to Q4 2024. " "

Licensing revenue

+17.7% (Q4 2025: $33.3M vs. Q4 2024: $28.3M)

Strong Licensing performance is attributable to robust sales in key product categories and effective leveraging of the licensing strategy, which outpaced other revenue segments and contributed a higher growth rate compared to the prior year. " "

Revenue Growth

FY 2026

7% to 8% " "

3.9% to 6.2% " "

lowered

Adjusted Operating Margin

FY 2026

6.2% to 6.5% "

4.5% to 5.4% " "

lowered

Adjusted EPS

FY 2026

1.85 to 2 " "

$1.32 to $1.76 " "

lowered

Free Cash Flow

FY 2026

approx $40 million "

$55 million "

raised

Currency Impact

FY 2026

no prior guidance

1‐point net currency headwind "

no prior guidance

Revenue Growth

Q1 2026

2.2% to 5.4% "

5.8% to 7.5% "

raised

Operating Loss Margin

Q1 2026

no prior guidance

5.6% to 4.7% "

no prior guidance

Adjusted Loss Per Share

Q1 2026

no prior guidance

$0.74 to $0.65 "

no prior guidance

Guess Jeans Brand Expansion

Emphasized as a major driver in Q1 " , Q2 " and Q3 " with a focus on capturing younger demographics and leveraging heritage; consistent emphasis on multi-channel rollout and strategic retail events.

Q4 highlighted sustained global expansion with enhanced sustainability messaging, key retail store launches in Melrose and Tokyo, and continued wholesale growth. "

**Steady and refined growth messaging: the theme remains consistent while evolving to a more global and sustainability‐focused strategy. " " " " **

Rag & Bone Acquisition

Repeated across Q1 " " " , Q2 " " " " and Q3 " " " emphasizing revenue contributions and short-term margin dilution as part of a strategic diversification push.

Q4 detailed stronger revenue contributions (e.g., 9 percentage points and 63% growth in Americas Wholesale) with ongoing margin pressure yet clear long‐term potential. " " " " "

**Consistent focus on strategic importance with a gradual narrative shift from short‑term expansion challenges to longer‑term margin improvement. " " " " " **

Americas Retail Operational Challenges

Q1 noted declines in traffic, conversion and significant comp drops. " " " Q2 and Q3 reiterated headwinds with declining store comps and rising operational costs. " " " " " " "

In Q4, challenges persist with notable comp declines, increased markdowns and store cost pressures, though recovery initiatives (inventory management, pricing and store consolidation) are being accelerated. " " " " "

**Persistent retail challenges that remain a consistent concern across periods, with evolving recovery initiatives showing incremental progress. " " " " " " **

International Expansion Strategies

Q1 mentioned emerging markets including India, Chile, Peru and the Middle East. " " Q2 discussed India and the Middle East. " " Q3 focused on Japan, India and the Middle East. " "

Q4 emphasized strategic moves in India (22 new stores), the Middle East (JV with Chalhoub) and Japan (new Tokyo store for Guess Jeans) while omitting Chile and Peru. " " "

**Consistent pursuit of international growth—steady emphasis on India, the Middle East and Japan, with less frequent mention of Chile/Peru over time. " " " " " **

Fluctuations in Product Mix and Execution Risks

Q3 provided indirect insights via discussions of varied product performance and promotional adjustments " but not explicit focus; Q1 and Q2 did not specifically highlight these issues.

Q4 did not include any discussion of fluctuations in product mix or execution risks.

These topics have largely diminished in discussion, indicating a reduced emphasis or successful management over time. [None]

Supply Chain Disruptions and Freight Cost Pressures

Q1 mentioned persistent freight cost headwinds due to the Red Sea disruption. " Q2 elaborated on increased ocean and air freight costs and proactive logistics measures. " " Q3 detailed operational adjustments and strategic sourcing shifts to mitigate these issues. " "

Q4 emphasized that despite earlier challenges, effective management has mitigated most external supply chain disruptions, allowing on‑time deliveries and healthy margins. "

**A clear reduction in emphasis as proactive measures have lessened the supply chain disruptions and freight cost pressures. " " " " **

Marketing Investment and Brand Repositioning Strategies

Q1 introduced initiatives around the launch of Guess Jeans with integrated campaigns. " Q2 saw a significant ramp‑up of marketing spend and repositioning, especially for new brands and international awareness. " " Q3 reported an 85% increase in marketing spend and focused repositioning initiatives including social media and influencer programs. " " "

Q4 outlined continued and even heightened investments in marketing—doubling spend, rolling out a new CRM system in Europe, local imagery enhancements, and leveraging flagship events to drive brand engagement. " " "

**A steady and intensifying focus on marketing and brand repositioning, with increasing investments reinforcing an evolving, customer-centric global strategy. " " " " " **

Currency Headwinds Impacting Revenues

Q1 discussed significant headwinds across regions (Europe, Asia, Americas) with impacts on revenue growth and margins. " " " " " Q2 mentioned mixed currency impacts in Asia with potential tailwinds if trends persist. " " Q3 highlighted strong USD effects that turned expected tailwinds into headwinds, causing notable revenue adjustments. " " "

Q4 provided a detailed breakdown by region showing that currency headwinds reduced overall growth figures (e.g., converting a 14% adjusted growth into 5% reported growth) and noted ongoing strategic expectations for tailwinds later in the year. " "

**A consistently challenging factor with persistent negative impacts, though management now provides more granular adjustments and future outlook insights. " " " " " **

Operating Margin Expansion and Pricing Strategy Adjustments

Q1 focused on future margin expansion through improved full‑price selling, disciplined inventory management, and brand integrations like rag & bone. " " " Q2 discussed margin improvements via cost management, pricing discipline in rag & bone and adjusting promotions. " " Q3 emphasized target operating margin recovery, highlighting initiatives in pricing and cost control. " " "

Q4 set clear targets for fiscal 2026 operating margins (4.5%–5.4%) and outlined detailed pricing adjustments (entry price expansions, speed-to-market models) with strategic plans for cost rationalization including store consolidations. " " " " "

**An evolving narrative moving from initial strategies for margin recovery to more detailed, forecasted targets and comprehensive pricing discipline as part of long‑term profitability plans. " " " " " **