EXHIBIT 99.1



                         GUESS ?, INC. AND SUBSIDIARIES


                       VALUATION AND QUALIFYING ACCOUNTS

                 YEARS ENDED DECEMBER 31, 1997, 1998, AND 1999

                                 (IN THOUSANDS)



                                                      BALANCE AT   CHARGED TO   DEDUCTIONS   BALANCE AT
                                                      BEGINNING    COSTS AND       AND          END
DESCRIPTION                                           OF PERIOD     EXPENSES    WRITE-OFFS   OF PERIOD
- -----------                                           ----------   ----------   ----------   ----------
                                                                                 
As of December 31, 1997
  Allowance for obsolescence........................    $ 3,257      $ 3,764     $ (3,456)     $ 3,565
  Reserves for accounts receivable..................      9,720       12,746      (11,270)      11,196
  Allowance for doubtful royalties..................         --           --           --           --

As of December 31, 1998
  Allowance for obsolescence........................      3,565        3,512       (3,217)       3,860
  Reserves for accounts receivable..................     11,196        8,542      (11,901)       7,837
  Allowance for doubtful royalties..................         --        3,667           --        3,667

As of December 31, 1999
  Allowance for obsolescence........................      3,860          583       (2,079)       2,364
  Reserves for accounts receivable..................      7,837        1,398         (372)       8,863
  Allowance for doubtful royalties..................      3,667        1,657       (4,066)       1,258