GUESS INC — Director's Dealing 2007

Jul 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GUESS INC (GES)
CIK: 0000912463
Period of Report: 2007-07-02

Reporting Person: MARCIANO MAURICE (Director, Chairman of the Board, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-02	Common Stock	M	186600	$7.795	Acquired	274300	Direct
2007-07-02	Common Stock	S	186600	$49.00	Disposed	87700	Direct
2007-07-03	Common Stock	M	13400	$7.795	Acquired	101100	Direct
2007-07-03	Common Stock	S	13400	$49.05	Disposed	87700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-02	Stock Option (right to buy)	$7.795	M	186600	Disposed	2014-02-26	Common Stock (186600)	Direct
2007-07-03	Stock Option (right to buy)	$7.795	M	13400	Disposed	2014-02-26	Common Stock (13400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4739970	Indirect
Common Stock	13644492	Indirect
Common Stock	2779256	Indirect
Common Stock	20000	Indirect
Common Stock	70	Indirect

Footnotes

F1: Shares are held by Marciano Financial Holdings II, LLC in accounts specifically allocated to trusts for the benefit of the reporting person and his children.

F2: Shares are held by the Maurice Marciano Trust (2005 Restatement), a revocable trust of which the reporting person is the sole trustee and sole beneficiary and has the exclusive pecuniary interest.

F3: Shares are held by MNM Capital Holdings, LLC in accounts specifically allocated to trusts for the benefit of the reporting person and his children.

F4: Held by Maurice Marciano Gift Trust FBO Caroline Marciano, of which the reporting person is the sole trustee.

F5: The options vested in full on 6/20/05.

F6: Not applicable.