We are reiterating our Hold rating and projections for Guess? after visiting stores in the Metropolitan New York City and New Jersey areas. As we have seen throughout 2025, Guess? has continued to take a more measured approach to flowing in new seasonal goods, with our stores tours registering less heavier-weight items (sweaters, outerwear, small accessories) and a continued focus on fashion driven newness, including a materially deeper denim offering and activewear excitement, with an impressive new men's Guess Golf collection. We believe these shifts, especially in the current 70 degree+ weather, have a much higher potential for success; further, we believe, for customers looking for sweaters, the right winter look for a gala and outerwear, next month will bring more compelling offerings. As GES continues to trade near the current proposed buyout price of $16.75, we reiterate our Hold rating.