GUESS INC — Director's Dealing 2008

Sep 9, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GUESS INC (GES)
CIK: 0000912463
Period of Report: 2008-09-08

Reporting Person: Relich Michael (SVP & CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-08	Common Stock	S	200	$41.17	Disposed	32820	Direct
2008-09-08	Common Stock	S	100	$41.185	Disposed	32720	Direct
2008-09-08	Common Stock	S	320	$41.174	Disposed	32400	Direct
2008-09-08	Common Stock	S	700	$41.18	Disposed	31700	Direct
2008-09-08	Common Stock	S	600	$41.19	Disposed	31100	Direct
2008-09-08	Common Stock	M	15000	$7.72	Acquired	46100	Direct
2008-09-08	Common Stock	S	13800	$41.75	Disposed	32300	Direct
2008-09-08	Common Stock	S	800	$41.76	Disposed	31500	Direct
2008-09-08	Common Stock	S	400	$41.77	Disposed	31100	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-08	Employee Stock Option (right to buy)	$7.72	M	15000	Disposed	2014-05-03	Common Stock (15000)	Direct

Footnotes

F1: Total reflects 468 shares acquired on June 27, 2008 under a tax conditioned plan and not required to be reported pursuant to Rule 16b-3(c).

F2: The option vested in four equal installments on May 3 of each 2005, 2006, 2007 and 2008.

F3: Not Applicable.