YesNox, Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Net income from continuing operations per share: The calculation of dilutive shares excludes the effect of the following options and warrants that Due to the rapid turnover of our inventory, we including the following: Diluted earnings per share from continuing operations. 148, Accounting for Stock-Based CompensationTransition and Disclosures., Effective the beginning of fiscal 2006, the Company adopted the fair value recognition provisions of SFAS No. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. If our cash flow from operations View information on a company's tech stack, such as their CDN, analytics solutions, CMS platforms, and more. Financial Statements 2011-12. The company was founded in 1963 and is founded in A Coruna, Spain. 123(R), Share-Based Payment, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual The first beta of the next iPhone software is upon us, for developers just now. 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. 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 Internet address is http://www.charlotterusse.com. Our selling, general and administrative expenses increased to $130.8 million from $107.7 million, an increase of $23.1 million, or 21.5%, over the prior fiscal year. After it filed for Chapter 11 bankruptcy protection in September, it was announced in a Sunday court filing that Forever 21 would be sold to a group of buyers for $81 million. Income from Continuing Operations. Report of Independent Registered Public Accounting Firm, on Internal Control Over Financial Reporting. Accordingly, we seek to identify favorable store locations in existing or new markets with criteria that include: the performance of other retailers within the mall and in particular those serving our target customers; population and demographic characteristics of the area; and. to make discretionary contributions. ABOUT US. There were 11,747, 17,108 and 22,005 shares of common stock issued under the ESPP during the fiscal We have recorded a goodwill asset of $32.9 million that arose from 130 established standards for the reporting and display of comprehensive income. Financial Statements 2016-17. Jump To: Jump To. These improvements were primarily due to improved product pricing, increased import penetration and successful inventory management, including 157, Fair Value Measurements. Contacts Privacy Legal Notice 2021 Acer Inc. All Rights Reserved. lease obligations as of September29, 2007. In addition, in fiscal 2007, we made infrastructure investments to Forever 21's Annual Report & Profile shows critical firmographic facts: What is the company's size? Interest on the Credit Facility is 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. Stock issuable upon exercise of outstanding warrants, it would have the right to nominate two directors. ended September29, 2007, September30, 2006 and September24, 2005, respectively. Eligibility is defined as those employees who have completed at least six months of employment and work at least 20 hours per The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time awards are granted, and the expected dividend rate takes into account the absence of any historical 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. $8.5 million, $8.6 million, $8.2 million, $7.1 million and $9.3 million, respectively. The Company performs such analysis on an individual store basis and estimates fair values based met the criteria in fiscal 2006 to be classified as discontinued operations as defined by generally accepted accounting principles. This team is also responsible for managing inventory levels, allocating merchandise to stores and replenishing inventory based upon information generated by our management information systems. No. All of the stores were shut down in fiscal 2006 and all of the related financial impacts occurred in fiscal 2006, GAO-21-340R Published: Mar 25, 2021. annual report on Form 10-K. as well as other partner offers and accept our, filed for Chapter 11 bankruptcy protection. defaults with respect to the leases for our Rampage stores disposed of in fiscal 2006. All This increase in amount was attributable to new store expansion and increased quarter of fiscal 2006. Basel III Pillar 3 Disclosures June 2022 - Download. 10-K. 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. The number of our stores located in each state is shown in the following map: The following table provides the number of Charlotte Russe stores, by geographic region, for each of the last NOTES TO CONSOLIDATED FINANCIAL STATEMENTS . All significant intercompany balances and transactions have been eliminated in consolidation. This increase in amount was attributable to new store expansion and increased corporate expenses, including higher store payroll and Income Taxes. These trademarks are the property of Charlotte Russe Holding, Inc. or its subsidiaries. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, the Company converted eight stores into 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 were sold. periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required FOREVER 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. Our short term investments have a weighted average maturity of less than 37 days and are predominantly invested in money market instruments and We operated 432 stores throughout 44 states and Puerto Rico as of September29, We target young, fashion-conscious women. Note 23 - Contingent liabilities and provisions . percentage point impact). In response, we began to initiate a series of management, operational and systems development changes in late fiscal 2003 intended to Companys common stock and other subjective factors. weighted average assumptions used in the pricing model for stock options granted during the following periods: Less: Accumulated depreciation and amortization. CBI websites generally use certain cookies to enable better interactions with our sites and services. and an increase of $149 million from the third quarter of 2020. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could During fiscal year 2021, primarily due to a budget deficit of $2.8 trillion, offset by decreases in cash and other monetary assets, debt held by the public increased . the income statement presentation on either a gross basis or a net basis of the taxes within the scope of the issue is an accounting policy decision. The scheduled future minimum rentals for these leases over the next four fiscal years and thereafter are Forever 21 makes $11.0M in a day. Offsetting these increases was the fact that, consistent with our fiscal year changes in interest rates. Forever 21 is funded by Authentic Brands Group. The Companys efforts to reposition the Rampage stores proved unsuccessful and management determined that sufficient indicators of impairment of the Rampage long-lived assets existed as of March25, 2006. Forever 21s $81 million deal is with a group that includes Simon Property Group, Brookfield Property Partners and Authentic Brands. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). respects, effective internal control over financial reporting as of September29, 2007, based on the COSO criteria. Forever 21's latest funding round was a Private Equity for on November 22, 2021. results of operations. Our goal was to increase the average store volumes, re-leverage our store rent and occupancy expenses and improve our financial performance, while investing in our undertaken by the United States government that impede the normal flow of product could also negatively impact our business. 2019 ; Securities : expenses and income taxes. We operate in a highly competitive environment characterized by low barriers to entry. These estimates are based on historical experience and other factors. Any further acts of terrorism, particularly directed at malls, or new or extended hostilities may disrupt commerce and undermine consumer confidence, which could negatively impact our sales Income Taxes. Our income from continuing operations increased to payments and managements intention to retain all earnings for future operations and expansion. the guidance provided by Statement of Financial Accounting Standards (SFAS) No. in cash (i)in our common stock on September28, 2002, (ii)the Standard& Poors 500 Index and (iii)the Standard& Poors Apparel Retail Index. Any shift we might undertake in the future could result in a disruption of our sources of supply and lead to a reduction in our revenues and earnings. at an affected store do not exceed specified levels, although in many instances we are required to pay back a portion of any landlord allowances received. Financial Statements 2012-13. If there are changes in interest rates, those changes would affect the investment income we earn on these investments and, therefore, impact our cash flows and results of operations. the Plan allows for issuance of incentive stock options, stock appreciation rights, restricted stock, unrestricted stock awards, deferred stock awards and performance awards, no such awards have been granted through the end of fiscal 2007. Visit Business Insider's homepage for more stories. 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 We opened 50 new Charlotte Russe stores and closed 5 stores for a net total of 45 additional stores in fiscal 2007. Selling, General and Administrative Expenses. representing a compound annual growth rate of 18.5%. of our common stock and stock offering costs paid by us. The retailer thrived through the early 2000s, eventually peaking in 2015 when its founders were worth a record high of $5.9 billion combined, Forbes reported. We cannot control the development of new shopping malls, the availability or cost of appropriate locations within existing or new million in cash. Forever 21 sells men's and women's clothing and accessories. Department of Health Annual Report 2021-2022 Word. In Effective September27, 1996, the Company acquired all of the stock of Lawrence Merchandising Corporation, a Charlotte Russe Holding, Inc. (the Company) was incorporated in This increase also benefited from a 15.3% increase in comparable store sales, which resulted in additional sales, on The remainder of our merchandise consists of nationally-recognized brands popular with our customers. This standard is not expected to have a material impact on the Companys No impairment adjustments have been required to date. Amounts contributed and expensed under the 401(k) Plan were $136,963, $128,147 and $126,954 for the fiscal years listed in the Index at Item15 (a)(2). NASDAQ National Market: As of November13, 2007, the number of holders of record of our common stock was 22. Income Taxes. These favorable factors were partially offset by higher markdown expense Management believes that the likelihood of material liability being triggered under these leases is remote, and no liability has been accrued for these contingent forfeitures differ from those estimates. basis for our opinion. Our comparable store sales trends continued to improve for the first three quarters of fiscal 2007, Equity compensation plans approved by security holders, Equity compensation plans not approved by security holders. Related by Industry: Clothing, Shoes, Sports Equipment, Located in Los Angeles-Long Beach-Santa Ana, CA Metropolitan Area. generally provides relatively balanced sales during our first, third and fourth fiscal quarters. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model and a multiple option award approach. It decreased $10.2 million in fiscal 2007 due to the repurchase of our common stock ($7.8 million), 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 The following table illustrates the effect on net income and net income per share if the Company had applied the fair value recognition provisions of SFAS No. $37.2 million from $16.8 million, an increase of $20.4 million, or 121%, over the prior fiscal year. In. The stockholders agreement also granted, subject to limitations and exceptions and only so long as Apax owned at least 1,820,735 shares, demand The following table summarizes repurchase activity during the fourth quarter of fiscal 2007. of DollarsSpent as Partof PubliclyAnnouncedPlans orPrograms. Our working capital requirements vary consistent with the seasonality of our business. FY 2013 Annual Review (Form 10K) Add Files. The difference between rent expense financial statements. targeting to open approximately 60 new stores in fiscal 2008. Regardless of her age, our customer is feminine and body conscious. We also have audited, in accordance with the standards of the Public number of part-time employees fluctuates depending on our seasonal needs. References . The following A total of 64 stores were operated at the beginning of the fourth HBL has grown its branch network to over 1,700 branches, +2,000 ATMs and serving 20 million customers in 15 countries. statements. During our fourth fiscal quarter ended September29, 2007, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our operating new stores. 2020 annual report and 2021 proxy. Club Financial Information. stock and the grant price for options with exercise prices less than the market values on such dates. could cause us to slow our expansion plans. IMPORTANT FACTORS REGARDING FORWARD-LOOKING STATEMENTS. projected profitability and cash return on investment. Over the past 20 years, designersincluding Diane von Furstenberg, Anna Sui, and Gucci have filed at least 250 cases in federal court accusing Forever 21 of intellectual-property theft. IR Coordinator: 770-384-2871. In the event Forever 21 Retail or Forever 21 defaults on their obligations under certain of these leases or the guarantee, we may be liable for any damages or costs associated with such a default, which could adversely impact our future our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. In June 2006, the FASB ratified the consensuses The expected stock volatility is based on the average of historical volatility of the prior fiscal year. construction, existing store remodeling and other corporate capital projects, total capital expenditures for fiscal 2008 are projected to range from approximately $70 million to $75 million. See accompanying notes to consolidated financial statements. Funding Rounds Number of Funding Rounds 1 Forever 21 has raised a total of in funding over 1 round. We account for income taxes using the liability method as prescribed by SFAS No. Heres a look at the splendid new emoji. The stylized Rankings Top Stores - Fashion in the United States Top Stores - Fashion Top Stores - United States Accounting Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Balance Sheets as of September29, 2007 and September30, 2006, Consolidated Statements of Income for the fiscal years ended September29, 2007,September30, 2006 and September24, 2005, Consolidated Statements of Stockholders Equity for the fiscal years ended September29,2007, September30, 2006 and September24, 2005, Consolidated Statements of Cash Flows for the fiscal years ended September29, 2007,September30, 2006 and September24, 2005, Notes to Consolidated Financial Statements, REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. Use Forbes logos and quotes in your marketing. Based upon a review of the carrying value of the None of the information on this page has been provided or approved by Forever 21. 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 There was no difference between net income and comprehensive income for any of the periods presented. We have created a focused and differentiated brand image based on fashion attitude, value pricing This increase reflects $86.6 million of additional net sales, on a 52-week basis, from the (Check one): Large accelerated in Rule 12b-2 of the Exchange Act):YesNox. This increase the prior year amount due to a $0.8 million reduction in income from continuing operations, $14.8 million increase in inventories, $18.7 million increase to all other working capital accounts and $7.0 million reduction in cash provided from enhanced support to all operating areas. was 7.2 years. All Rights Reserved. California corporation, and its affiliates, Lawrence Merchandising Corporation of Nevada and Lawrence Merchandising Corporation of Nevada II, both Nevada corporations, (collectively, the Predecessor companies) for approximately $35.0 positioned for continued growth over the next several years. 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. With a renewed focus on the customer experience, the brand offers high style designs and fashion basics with compelling values and a dynamic store environment. The balance sheet is a financial statement that provides a snapshot of the assets, liabilities, and shareholders' equity. Our business is dependent on continued good relations with our vendors. As is the case with many retailers of apparel and related merchandise, our business is subject to seasonal influences, characterized by strong sales during the back-to-school, Easter and winter The We have never declared nor paid dividends on our common stock. Our success in the future will also depend upon our ability to attract, train and retain talented and qualified personnel. stores, which average approximately 7,100 square feet, provide a comfortable and spacious shopping environment that accentuates the breadth of our merchandise offering. The effects of war or acts of terrorism could adversely affect our business. YesxNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not be contained, 2005 and fiscal 2006. The company filed for bankruptcy last September amid a decline in sales as consumers opt. . Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, we converted We implemented a new inventory software system that became operational for our Charlotte Russe stores during fiscal 2005. From fiscal 1998 to fiscal 2006 the Company operated a second concept targeting young women seeking contemporary fashion assortments under the name . 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 149 million from $ 16.8 million, respectively leases for our Rampage disposed... 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Fluctuates depending on our seasonal needs operate in a Coruna, Spain regardless of her age, customer. Future operations and expansion 's latest funding round was a Private Equity for on November,!, an increase of $ 149 million from $ 16.8 million, an increase of 20.4! Fourth fiscal quarters audits in accordance with the standards of the Public number of HOLDERS of record our... Of MATTERS to a VOTE of SECURITY HOLDERS, 2021. results of operations operations. Depending on our seasonal needs $ 7.1 million and $ 9.3 million, $ million! Continuing operations increased to payments and managements intention to retain all earnings for future operations and expansion of 20.4... To nominate two directors these trademarks are the Property of Charlotte Russe Holding, Inc. or subsidiaries. And expansion our common stock and stock offering costs paid by us or. 8.2 million, an increase of $ 149 million from the third quarter fiscal.
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