Financials

Investors

v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 70,889 $ 29,980
Accounts receivable, net 65,714 63,890
Inventories 955,512 1,022,504
Other current assets 73,602 143,546
Total current assets 1,165,717 1,259,920
PROPERTY AND EQUIPMENT, AT COST:    
Land 20,689 20,710
Buildings 148,623 130,719
Leasehold improvements 590,897 590,562
Furniture, fixtures and equipment 621,045 603,047
Property and Equipment, gross 1,381,254 1,345,038
Less accumulated depreciation and amortization (897,089) (823,214)
PROPERTY AND EQUIPMENT, net 484,165 521,824
RENTAL PRODUCT, net 152,610 157,460
GOODWILL 117,026 118,586
INTANGIBLE ASSETS, net 171,659 178,510
OTHER ASSETS 6,695 8,019
TOTAL ASSETS 2,097,872 2,244,319
CURRENT LIABILITIES:    
Accounts payable 177,380 237,114
Accrued expenses and other current liabilities 267,899 256,762
Income taxes payable 1,262  
Current portion of long-term debt 13,379 42,451
Total current liabilities 459,920 536,327
LONG-TERM DEBT, net 1,582,150 1,613,473
DEFERRED TAXES, net AND OTHER LIABILITIES 163,420 194,605
Total liabilities 2,205,490 2,344,405
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT:    
Preferred stock, $0.01 par value, 2,000,000 shares authorized, no shares issued
Common stock, $0.01 par value, 100,000,000 shares authorized, 48,783,700 and 48,567,245 shares issued 487 485
Capital in excess of par 470,801 455,765
Accumulated deficit (538,823) (524,876)
Accumulated other comprehensive loss (40,083) (28,486)
Treasury stock, 120,291 shares at cost   (2,974)
Total equity (107,618) (100,086)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT $ 2,097,872 $ 2,244,319

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Net sales:      
Total net sales $ 3,378,703 $ 3,496,271 $ 3,252,548
Cost of sales:      
Total cost of sales 1,937,235 2,011,848 1,893,934
Gross margin:      
Total gross margin 1,441,468 1,484,423 1,358,614
Advertising expense 189,956 204,985 168,266
Selling, general and administrative expenses 1,099,328 1,085,900 1,116,836
Goodwill and intangible asset impairment charges   1,243,354  
Asset impairment charges 19,358 27,480 302
Operating income (loss) 132,826 (1,077,296) 73,210
Interest income 167 187 356
Interest expense (103,149) (105,977) (66,032)
Gain (loss) on extinguishment of debt, net 1,737 (12,675) (2,158)
Earnings (loss) before income taxes 31,581 (1,195,761) 5,376
Provision (benefit) for income taxes 6,625 (169,042) 5,471
Net earnings (loss) including non-controlling interest 24,956 (1,026,719) (95)
Net earnings attributable to non-controlling interest     (292)
Net earnings (loss) $ 24,956 $ (1,026,719) $ (387)
Net earnings (loss) per common share allocated to common shareholders:      
Basic (in dollars per share) $ 0.51 $ (21.26) $ (0.01)
Diluted (in dollars per share) $ 0.51 $ (21.26) $ (0.01)
Weighted-average common shares outstanding:      
Basic (in shares) 48,607 48,288 47,899
Diluted (in shares) 48,786 48,288 47,899
Retail Segment      
Net sales:      
Retail clothing product $ 2,445,922 $ 2,599,934 $ 2,365,463
Rental services 457,444 443,290 442,866
Alteration and other services 195,035 209,250 186,843
Total net sales 3,098,401 3,252,474 2,995,172
Cost of sales:      
Retail clothing product 1,093,639 1,160,323 1,098,550
Rental services 82,764 76,726 84,978
Alteration and other services 136,904 145,852 134,227
Occupancy costs 431,298 455,486 395,521
Total cost of sales 1,744,605 1,838,387 1,713,276
Gross margin:      
Retail clothing product 1,352,283 1,439,611 1,266,913
Rental services 374,680 366,564 357,888
Alteration and other services 58,131 63,398 52,616
Occupancy costs (431,298) (455,486) (395,521)
Total gross margin 1,353,796 1,414,087 1,281,896
Asset impairment charges 16,500    
Corporate Apparel Segment      
Net sales:      
Total net sales 280,302 243,797 257,376
Cost of sales:      
Total cost of sales 192,630 173,461 180,658
Gross margin:      
Total gross margin $ 87,672 $ 70,336 $ 76,718

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings (loss) including non-controlling interest $ 24,956 $ (1,026,719) $ (95)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities      
Depreciation and amortization 115,205 132,329 112,659
Rental product amortization 42,171 34,592 34,424
Goodwill and intangible asset impairment charges   1,243,354  
(Gain) loss on extinguishment of debt, net (1,737) 12,675 2,158
Amortization of deferred financing costs and discount on long-term debt 7,503 7,915 5,885
Loss on disposition of assets 6,396 3,548 12,328
Asset impairment charges 19,358 27,480 302
Share-based compensation 17,436 14,839 16,513
Excess tax benefits from share-based plans (11) (1,584) (3,766)
Deferred tax benefit (23,988) (184,841) (13,107)
Deferred rent expense and other (1,725) 4,066 4,233
Changes in operating assets and liabilities:      
Accounts receivable (5,593) 8,165 (6,151)
Inventories 61,707 (94,889) (26,586)
Rental product (41,779) (65,866) (37,185)
Other assets 71,338 (8,815) (19,250)
Accounts payable, accrued expenses and other current liabilities (44,630) 22,953 3,831
Income taxes payable 849 289 6,135
Other liabilities (4,828) 2,206 2,436
Net cash provided by operating activities 242,628 131,697 94,764
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (99,694) (115,498) (96,420)
Acquisition of business, net of cash     (1,491,393)
Proceeds from sales of property and equipment 617 2,617 160
Net cash used in (provided by) investing activities (99,077) (112,881) (1,587,653)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from new term loan     1,089,000
Payments on term loan (42,451) (8,000) (2,750)
Proceeds from asset-based revolving credit facility 609,537 180,500 348,000
Payments on asset-based revolving credit facility (609,537) (180,500) (348,000)
Proceeds from issuance of senior notes     600,000
Repurchase and retirement of senior notes (21,924)    
Deferred financing costs   (3,566) (51,080)
Payments on previous term loan     (97,500)
Cash dividends paid (35,240) (34,980) (34,785)
Purchase of non-controlling interest     (6,651)
Proceeds from issuance of common stock 2,189 2,974 8,082
Tax payments related to vested deferred stock units (1,362) (4,538) (6,940)
Excess tax benefits from share-based plans 11 1,584 3,766
Repurchases of common stock   (277) (251)
Net cash (used in) provided by financing activities (98,777) (46,803) 1,500,891
Effect of exchange rate changes (3,865) (4,294) (4,993)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 40,909 (32,281) 3,009
Balance at beginning of period 29,980 62,261 59,252
Balance at end of period 70,889 29,980 62,261
Cash paid (refunded) for:      
Interest 96,408 96,994 44,765
Income taxes, net (39,682) 21,857 33,815
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Increase in capital in excess of par due to purchase of non-controlling interest     7,249
Cash dividends declared 9,842 9,150 8,987
Unpaid capital expenditure purchases      
Unpaid capital expenditure purchases $ 12,200 $ 12,800 $ 15,000

Source