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We are focusing on opportunities to improve our product development cycle.
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We are implementing new procedures to improve inventory turnover.
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Finally, we are committed to strengthening our capital structure as a result of improved cash flow and reduced
capital expenditures.
While we faced operational challenges last year, our franchise with the customer is still intact. In 2001, we are
committed to repositioning GUESS? for growth.
Leveraging our brand
As we look to the future, we are confident about our new strategy. Our plan provides a
reliable roadmap for enhanced profitability and growth. After nearly twenty years as an industry leader, we know
that our most important assets are our people and our brand. At GUESS? today, both are stronger than ever.
We have a top-notch management team that is passionately dedicated to implementing our strategy. And our
Company continues to benefit from the very strong global awareness of the GUESS? brand.
As we have stated, our team is committed to carefully growing our worldwide network of retail stores and
further developing our licensing and e-commerce businesses. As part of our international retail strategy, we have
an opportunity in 2001 to acquire the remaining interest in GUESS? Canada. And we believe that there is
tremendous market potential to extend the power of the GUESS? brand deeper into other merchandise categories.
That potential exists because the GUESS? brand stands for something more than just a collection of products. It
symbolizes our commitment to the people we interact with daily. For our customers, it means creating innovative,
high quality products. For our employees, it means providing an exceptional work environment with opportunities
for development. For the community, it means supporting worthy charitable organizations and activities through
our GUESS? Foundation and GUESS? Community Outreach programs.
GUESS?'s vision remains very strong and the prognosis for the future of our Company is for healthy growth
and increased profitability. And that translates to shareholder value for our investors. We will accomplish this
through smart management and by continuing our tradition of bringing trend-setting products to market that
meet the needs of our loyal and growing customer base. On behalf of all of us here at the GUESS? family, we
thank you for your continued support in that effort.
Maurice Marciano
Paul Marciano
Co-Chairman of the Board, and
Co-Chairman of the Board, and
Co-Chief Executive Officer
Co-Chief Executive Officer
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