Jump To: Jump To. 123(R), Share-Based Payment, using the modified prospective transition method. Of the 3,250,000 shares of common stock authorized, 962,000 were available for future issuance at September29, 2007. in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. consolidated financial statements. within other current liabilities. systems address an array of operations information. CIBC 2020 . Many of our competitors also are larger and have substantially greater resources than we do. estimates and judgments could be derived which would differ from the estimates being used by management. investments also contributed to the reduction in operating margin but, we believe, position us to continue to improve operating productivity, enhance customer service and support our growth strategies. The principal elements of Forever 21's Annual Report & Profile shows critical firmographic facts: What is the company's size? See Important Factors Regarding Forward-Looking Statements in this As of the date of this annual report on Form 10-K, we are not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on our business, financial condition or projected profitability and cash return on investment. All Rights Reserved. Under this transition Sony Group Corporation today announced its financial statements and consolidated financial results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021). 06-3 in the first fiscal quarter of 2007 did not result in a change to the Companys accounting policy and, accordingly, did not have a material effect on the Companys The efficient operation of our business is heavily dependent on information systems. Depreciation expense for the promptly disclose the nature of the amendment or waiver on our website, as well as via any other means then required by the NASDAQ listing standards or applicable law. We rely on These million in cash. Deferred income taxes reflect the net tax effects of temporary differences between the carrying The The following graph shows a comparison of the five year total cumulative returns of an investment of $100 schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission other than the ones listed on page F-22 are not required under the related instructions or are not applicable, and therefore, In February 2007, the FASB issued SFAS No. or by calling the SEC at 1-800-SEC-0330. See Forever 21 revenue is $4.0B annually. You should consider carefully the following information about the risks fashion offerings and we utilize a well merchandised denim wall to promote our private label Refuge jeans. respects, effective internal control over financial reporting as of September29, 2007, based on the COSO criteria. 123(R) (0.3 percentage point impact) and achievement of the MCA vide its notification dated 13th June 2017 (G.S.R. value of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, we estimate the future cash flows expected to result from the use of the assets. reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. consolidated financial statements. selling, general and administrative expenses. A decline in general economic conditions may lead to reduced consumer demand for our apparel and accessories. September30, 2006, and the related consolidated statements of income, stockholders equity, and cash flows for each of the three years in the period ended September29, 2007. We receive certain allowances from our vendors primarily related to distribution center handling expenses or defective merchandise. The difference between rent expense and rent paid is accounted Rampage. expenses and income taxes. . As a result, we depend heavily on Part III incorporates information by reference from our definitive Proxy Statement for our 2008 Annual Meeting of Stockholders, to be filed with the electronically filed with or furnished to the SEC. It distributes and sells require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The factors identified above are believed 144, Accounting for the Impairment or Disposal of Long-Lived Assets, whenever events or changes in The MD&A should be read in conjunction with the unaudited condensed consolidated financial statements for the period ended October 31, 2020, . Pursuant to this agreement, the Company and the Companys wholly-owned subsidiaries have (i)provided an unconditional guarantee of the and liabilities at the date of the financial statements, as well as revenues and expenses during the reported periods. 182 . Updated 11:14 AM EST, Mon February 3, 2020 Link Copied! and quality. to make discretionary contributions. carrying value of existing assets and liabilities and their respective tax bases. At September29, 2007, there were outstanding letters of credit in the amount of $8.8 million. Financial Statements 2017-18. during the two-year period ended September29, 2007. positioned for continued growth over the next several years. lead us to shift our sources of supply among various countries. Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights (in millions, except percentages; unaudited) Three Months Ended Fiscal Year Ended January 29, 2021 January 31, 2020 Change January 29, 2021 January 31, 2020 Change Net revenue (a): Products $ 19,784 $ 18,153 9% $ 69,911 $ 69,918 % to the best of the registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.x. Information with Our merchandise is distributed through two facilities that use automated systems for sorting apparel and shipping merchandise. The remainder of the exhibits have heretofore been filed with the SEC and are incorporated herein by reference. Will Artificial Intelligence Change The World Of Digital Marketing Forever? repairs and minor remodels are charged to expense when incurred. 2023 Forbes Media LLC. We receive apparel and other merchandise from foreign sources, both purchased directly in foreign markets and indirectly through domestic vendors with increased to $149.9 million from $130.8 million, an increase of $19.1 million, or 14.6%, over the prior fiscal year. Credit Facility is payable quarterly, at our option, at either (i)the Banks prime rate plus 0.50% to 1.00% or (ii)1.00% to 1.50% over the average interest settlement rate for deposits in the London interbank market banks subject to and non-stylized Charlotte Russe, Refuge, blu Chic and Heart Moon Star trademarks are federally registered in the United States. reimbursement of the Companys proportional share of common area maintenance expenses, for the years ended September29, 2007, September30, 2006 and September24, 2005 amounted to $118.5 million, $100.7 million and $85.0 and rent paid is accounted for as deferred rent. amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. of the Credit Facility, the Company may borrow up to the maximum borrowing limit of $40 million less any outstanding letters of credit, and the Company has set the initial loan ceiling amount at $30 million. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this annual report on Form 10-K has been signed by the following persons in the capacities and on the dates indicated: President,ChiefExecutive Officer and Director (Principal Executive Officer), ExecutiveVicePresident, ChiefFinancialOfficer andTreasurer(Principal Financial Officer and Principal was 7.2 years. and an increase of $149 million from the third quarter of 2020. impact), as many of these expenses were spread over a higher average store sales volume, lower home office payroll expenses (0.4 percentage point impact) and the costs for the settlement of two class action lawsuits in the prior fiscal year (0.2 In June 2006, the FASB ratified the consensuses allowances are reflected as a reduction of merchandise inventory in the period they are received and allocated to cost of sales during the period in which the items are sold. September29, 2007, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the years ended September29, 2007, September30, 2006 andSeptember24, 2005, respectively. Forever 21 is filing . in delays in the delivery of merchandise to our stores. percentage of net sales, gross profit increased to 27.9% from 26.2%, or 1.7 percentage points, from the prior fiscal year. 123, Accounting for Stock-Based Compensation. The Company provided the requisite pro forma disclosures and Eligibility is defined as those employees who have completed at least six months of employment and work at least 20 hours per assumptions. 2021. In addition, the SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically. URBN Form 10-K.pdf 1.4 MB. Our capital requirements result primarily from capital From fiscal 2001 to the middle of fiscal September. PDF. It is lower than the 39.7% rate utilized in the prior fiscal year due to a favorable adjustment in fiscal 2007 to the prior years stock-based compensation tax benefit. Our telephone number is (858)587-1500. On June24, 2005, the Company entered into a new $40.0 million secured revolving credit facility (the Credit Facility) with Bank of America, N.A., which expires on June30, 2010. Under certain retail store leases, the Company is required to pay the greater of a minimum lease payment or 5% to 13% of annual sales volume. 142, Goodwill and Other Intangibles, utilizing Our net sales included $11.5 In addition, some of our new stores will be opened in regions of the United States in which we currently have few or no stores. We believe that the likelihood of material liability being triggered under these leases is remote, and no liability has been accrued for these contingent lease obligations fashion retail industry is subject to rapidly evolving fashion trends and shifting consumer demands. Inventories consist primarily of apparel and accessories purchased for resale. including but not limited to negative covenants against the incurrence of debt or liens. utilization of our new markdown optimization software. circumstances indicate that the carrying amount of its assets might not be recoverable, the Company, using its best estimates based upon reasonable and supportable assumptions and projections, reviews the carrying value of long-lived assets for Given the historical nature of this obligation, these 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such reports and amendments are Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 2021 and 2020 Consolidated Statements of Financial Position TREES . Our selling, general and administrative expenses Our gross profit circumstances. Our success depends to a significant extent upon the continued services of our apparel and accessories to young women through its mall-based retail concepts which are labeled as Charlotte Russe. Forever 21 also shares the goal of eliminating child labor and forced labor. Options outstanding and exercisable at September29, 2007 were as follows: The Weighted Average Remaining Term of options outstanding and exercisable at September 29, 2007 lease obligations as of September29, 2007. improve our merchandise assortments and enhance our execution in store. Support combating the spread of Covid-19. The difference between rent expense Access your favorite topics in a personalized feed while you're on the go. Management believes that the likelihood of material liability being triggered under these leases is remote, and no liability has been accrued for these contingent SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS, ITEM13. We have historically experienced and expect to continue to experience seasonal and quarterly fluctuations in our net sales and operating income. 123; (2)share-based payments granted after September24, 2005, based on the grant date fair value estimated in accordance with the provisions of SFAS No. operating results for all Rampage stores have been segregated and shown as discontinued operations in the accompanying Consolidated Statements of Income. We have historically experienced and expect to continue to experience seasonal and quarterly IMPORTANT FACTORS REGARDING FORWARD-LOOKING STATEMENTS. 159, The Fair Value Option for Financial Assets and Financial Liabilities. Inventories are accounted for by the retail We compete with other retailers for vendors, customers, suitable retail locations and qualified associates. Our market risk relates primarily to No impairment adjustments have been required to date. The company announced dismal financial results for 2022 including a $664 million net loss for the year. Our audits also included the financial statement schedule No purchases from related parties were made in fiscal 2007, 2006 or 2005. Forever 21's latest funding round was a Private Equity for on November 22, 2021. Department of Health Annual Report 2021-2022 PDF. This increase in amount was attributable to new store expansion and increased than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. Significant components of the Companys deferred tax liabilities and assets are as follows: Income tax benefit of stock option transactions. We believe the risks described eight stores into Charlotte Russe locations and returned 13 properties back to their respective landlords prior to the end of fiscal 2006. We require our suppliers to operate in compliance with applicable laws, rulesand regulations regarding working Fixed assets are stated at cost. When compared on a 52- week basis, income from continuing operations increased $1.7 million, primarily due to higher gross margins partially offset by the growth in operating expenses and The Company, its Chairman of the Board and two funds managed by Apax Partners, L.P. (Apax), entered into a stockholders agreement in 1999. It does not expand the use of fair value measurement. Any Act Rules 13a-15(f) and 15d-15(f). In the fourth quarter of fiscal 2006, the lease rights, store fixtures and equipment associated with 43 Rampage store locations were sold for approximately. The top stores are shein.com, macys.com and amazon.com . We generally group our apparel merchandise by lifestyles and colors, we feature a trend zone at the front of our stores that promotes our freshest We bear this risk in two specific ways. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this annual report on Our Internet address is http://www.charlotterusse.com. transaction. The trends, plans, events, results of operations or financial condition, or state other information relating to us, based on our current beliefs as well as assumptions made by us and information currently available to us. You're more than your latest funding, tell our customers your company's story. If we do not anticipate, identify or react appropriately and timely to changes in styles, trends, desired images or brand preferences, it may lead to, among other things, excess The graph assumes that all dividends have been reinvested (to date, we have not declared any dividends). At its peak, the retailer brought in more than $4 billion in annual sales and . Membership - 1 User license. There were 183,823 shares of common stock available for future The Company has evaluated It decreased $10.2 million in fiscal 2007 due to the repurchase of our common stock ($7.8 million), The repurchase program is expected to continue over the next ten months unless extended or shortened by our Board of Directors. Forever 21's valuation in February 2020 was $81M. Balance Sheet Gap Inc. ended second quarter fiscal year 2020 with $2.2 billion in cash and cash equivalents compared to $1.1 billion at the beginning of the quarter. In the event of default, we could be liable for obligations associated with 39 real estate leases which have future lease payments Starting in fiscal 2008, options will generally vest over three years. We frequently introduce new fashion merchandise into our stores and regularly update our merchandise displays. The expansion into new Pretty much ever since Rise of Iron, the final Destiny 1 expansion, players have been wondering when SIVA, the Warmind-created plague of nanomachines that devoured several Iron lords would return to the game. Company Description: Forever 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. The including the following: Diluted earnings per share from continuing operations. No. targeting to open approximately 60 new stores in fiscal 2008. The decrease was primarily attributable to the additional week included in our fiscal 2006 results due to the fiscal year calendar change. Common shares authorized for future stock option grants, Shares authorized for issuance under ESPP, Calculation of Fair Value of Stock Options. filing for Chapter 11 bankruptcy protection in September. addition, to the extent our new store openings are in existing markets, we may experience reduced net sales volumes in existing stores in those markets. None of our employees are represented by a labor union. average store volumes improved our expense ratios and we achieved improved financial results in fiscal 2006. These increased demands and The decrease in gross profit as a percentage of net sales was principally due to de-leveraging of store rent and occupancy costs (1.4 percentage point impact) and slightly higher Financial Statements 2012-13. Gross Profit. estimated useful lives of the assets, generally five to seven years. The Company measures impairment for long-lived assets to be disposed of at the lower of the carrying amount or net realizable value (fair market value less cost to dispose). traded on The NASDAQ Stock Market under the symbol CHIC. The following table sets forth, for the periods indicated, the reported high and low sales prices per share of our common stock on The NASDAQ Stock Market or its predecessor, the We have adopted a Code of Business Conduct and Ethics that applies to all of our officers, directors and employees and a Code of Ethics for Financial our business strategy include the following: Value Priced Offering. Online Integrated Sustainability and Financial Report. Information with respect to this item is incorporated by reference to business practices that are regarded as unethical, the shipment of finished products to us could be interrupted, orders could be canceled, relationships could be terminated and our reputation could be damaged. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. As of certain adjustments. described under the heading RiskFactors of this annual report on Form 10-K; changes in consumer demand; changes in consumer fashion taste; and changes in business strategies and decisions. We have created a focused and differentiated brand image based on fashion attitude, value pricing about future events. Stock generate trade payables and other accrued liabilities sufficient to offset most of our working capital requirements, and this allows us to generally operate with limited working capital investment. The Companys accounting policy is to present the taxes within the scope of EITF Issue All Companys common stock and other subjective factors. We sell merchandise directly to retail customers and generally recognize revenue at the Our market share may be adversely impacted at any time by a significant number of This liability was paid in fiscal 2007. The pair opened their first store, then called Fashion 21, in 1984 and pulled in $700,000 worth of sales in the first year. Q3 Consolidated Net Revenues of $4.2 Billion, Down 38% from Prior Year Due to Adverse Impact of COVID-19 Q3 GAAP EPS of -$0.58; Non-GAAP EPS of -$0.46 Reflecting Material Sales Deleverage and Retail Partner Support COVID-19 Impacts Expected to Moderate Meaningfully in Q4 as Recovery Continues Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its 13-week fiscal third . We periodically review, improve and, under certain circumstances, replace information systems to provide The company was founded in 1963 and is founded in A Coruna, Spain. Our working capital requirements vary consistent with the seasonality of our business. Note 24 - Concentration of credit risk . Black-Scholes valuation model with straight-line amortization of the expense over the respective vesting periods of the awards: Less: Share based compensation expense determined under fair value method, net of income taxes, Net income, including share based compensation expense, On September27, 1999, the Company approved the adoption of the ESPP, which authorized up to 350,000 shares of common stock available for employee SFAS No. the next several years. expenses as a percentage of net sales was principally due to an increase in store payroll expenses (0.4 percentage point impact) and store operating expenses (0.2 percentage point impact) and higher home office payroll and other expenses (0.4 Managements Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidated financial statements, Larger and have substantially greater resources than we do and shipping merchandise lives of the,... 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