We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess? stores in Milan, Italy. We believe, in the second largest country for Guess? (with over 110 stores and $313 million in sales in FY24), management, is aggressively elevating the shopping experience and focusing on driving higher levels of both revenue and returns. Further, given the business is back in the traditional full price selling season, traffic has remained strong and the business is being driven by full price sales of compelling fashion items, including sweaters, jackets and continued expansion of the higher-end Marciano brand. As such, we believe Guess? is well positioned to drive strong international returns, and we reiterate our Buy rating and $29 price target for GES.