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GUESS?, Inc. and Subsidiaries
I N D E P E N D E N T A U D I T O R S ' R E P O R T
The Board of Directors and Stockholders
GUESS?, Inc.:
We have audited the accompanying consolidated balance sheets of GUESS?, Inc. and Subsidiaries as of December 31, 2000 and
1999, and the related consolidated statements of earnings, stockholders' equity and comprehensive income and cash flows for each
of the years in the three year period ended December 31, 2000. These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of
GUESS?, Inc. and Subsidiaries at December 31, 2000 and 1999 and the results of their operations and their cash flows for each of the
years in the three-year period ended December 31, 2000 in conformity with accounting principles generally accepted in the United States
of America.
Los Angeles, California
March 7, 2001, except for the penultimate
paragraph of Note 10 and the second paragraph
of Note 7, which are as of March 15, 2001
and March 27, 2001, respectively
