Financials

Investors

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Oct. 29, 2016
Jan. 30, 2016
Oct. 31, 2015
CURRENT ASSETS:      
Cash and cash equivalents $ 34,948 $ 29,980 $ 53,654
Accounts receivable, net 71,898 63,890 66,902
Inventories 1,047,915 1,022,504 1,060,247
Other current assets 60,190 143,546 168,071
Total current assets 1,214,951 1,259,920 1,348,874
PROPERTY AND EQUIPMENT, net 501,391 521,824 548,481
RENTAL PRODUCT, net 160,101 157,460 147,344
GOODWILL 116,026 118,586 890,991
INTANGIBLE ASSETS, net 172,337 178,510 568,171
OTHER ASSETS 10,323 8,019 8,518
TOTAL ASSETS 2,175,129 2,244,319 3,512,379
CURRENT LIABILITIES:      
Accounts payable 200,199 237,114 233,520
Accrued expenses and other current liabilities 280,658 256,762 265,993
Income taxes payable 917   13,218
Current portion of long-term debt 7,000 42,451 7,000
Total current liabilities 488,774 536,327 519,731
LONG-TERM DEBT, net 1,588,873 1,613,473 1,649,206
DEFERRED TAXES AND OTHER LIABILITIES 175,179 194,605 358,059
Total liabilities 2,252,826 2,344,405 2,526,996
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' (DEFICIT) EQUITY:      
Preferred stock
Common stock 487 485 485
Capital in excess of par 466,817 455,765 452,666
(Accumulated deficit) retained earnings (499,663) (524,876) 541,672
Accumulated other comprehensive loss (45,338) (28,486) (6,356)
Treasury stock, at cost   (2,974) (3,084)
Total shareholders' (deficit) equity (77,697) (100,086) 985,383
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY $ 2,175,129 $ 2,244,319 $ 3,512,379

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 29, 2016
Oct. 31, 2015
Oct. 29, 2016
Oct. 31, 2015
Net sales:        
Total net sales $ 846,934 $ 865,446 $ 2,585,440 $ 2,670,609
Cost of sales:        
Total cost of sales 469,728 492,455 1,446,089 1,497,385
Gross margin:        
Total gross margin 377,206 372,991 1,139,351 1,173,224
Advertising expense 45,656 47,991 138,547 143,628
Selling, general and administrative expenses 270,494 271,301 849,122 822,485
Tradename impairment charge   90,100   90,100
Operating income (loss) 61,056 (36,401) 151,682 117,011
Interest income 52 50 102 140
Interest expense (25,476) (26,457) (77,853) (79,475)
Gain (loss) on extinguishment of debt, net 1,808   1,737 (12,675)
Earnings (loss) before income taxes 37,440 (62,808) 75,668 25,001
Provision for income taxes 9,007 (35,654) 20,623 (5,993)
Net earnings (loss) $ 28,433 $ (27,154) $ 55,045 $ 30,994
Net earnings (loss) per common share allocated to common shareholders:        
Basic (in dollars per share) $ 0.58 $ (0.56) $ 1.13 $ 0.64
Diluted (in dollars per share) $ 0.58 $ (0.56) $ 1.13 $ 0.64
Weighted-average common shares outstanding:        
Basic (in shares) 48,655 48,339 48,570 48,258
Diluted (in shares) 48,812 48,339 48,691 48,513
Cash dividends declared per common share (in dollars per share) $ 0.18 $ 0.18 $ 0.54 $ 0.54
Retail Segment        
Net sales:        
Retail clothing product $ 575,046 $ 615,874 $ 1,806,660 $ 1,931,926
Rental services 138,724 132,443 403,564 392,621
Alteration and other services 49,919 53,070 149,888 160,024
Total net sales 763,689 801,387 2,360,112 2,484,571
Cost of sales:        
Retail clothing product 247,978 274,348 796,215 850,782
Rental services 22,958 21,431 65,943 62,866
Alteration and other services 33,526 36,260 104,085 109,528
Occupancy costs 108,923 114,629 327,673 341,980
Total cost of sales 413,385 446,668 1,293,916 1,365,156
Gross margin:        
Retail clothing product 327,068 341,526 1,010,445 1,081,144
Rental services 115,766 111,012 337,621 329,755
Alteration and other services 16,393 16,810 45,803 50,496
Occupancy costs (108,923) (114,629) (327,673) (341,980)
Total gross margin 350,304 354,719 1,066,196 1,119,415
Corporate Apparel Segment        
Net sales:        
Total net sales 83,245 64,059 225,328 186,038
Cost of sales:        
Total cost of sales 56,343 45,787 152,173 132,229
Gross margin:        
Total gross margin $ 26,902 $ 18,272 $ 73,155 $ 53,809

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Oct. 29, 2016
Oct. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings (loss) $ 55,045 $ 30,994
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 87,838 98,162
Rental product amortization 35,982 30,496
Tradename impairment charge   90,100
(Gain) loss on extinguishment of debt, net (1,737) 12,675
Amortization of deferred financing costs 4,922 5,151
Amortization of discount on long-term debt 728 848
Loss (gain) on disposition of assets 616 (833)
Asset impairment charges 4,293 1,695
Share-based compensation 13,958 12,614
Excess tax benefits from share-based plans   (1,104)
Deferred tax benefit (13,233) (61,108)
Deferred rent expense and other (1,281) 3,141
Changes in operating assets and liabilities:    
Accounts receivable (13,273) 7,116
Inventories (32,833) (122,294)
Rental product (37,817) (45,704)
Other assets 84,844 6,210
Accounts payable, accrued expenses and other current liabilities (4,314) 29,778
Income taxes payable (2,065) 13,357
Other liabilities (4,789) 942
Net cash provided by operating activities 176,884 112,236
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (80,550) (86,406)
Proceeds from sales of property and equipment 605 2,613
Net cash provided by (used in) investing activities (79,945) (83,793)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on term loan (40,701) (6,250)
Proceeds from asset-based revolving credit facility 520,550 5,500
Payments on asset-based revolving credit facility (520,550) (5,500)
Repurchase and retirement of senior notes (25,000)  
Deferred financing costs   (3,566)
Cash dividends paid (26,438) (26,269)
Proceeds from issuance of common stock 1,451 2,454
Tax payments related to vested deferred stock units (1,258) (4,538)
Excess tax benefits from share-based plans   1,104
Repurchases of common stock   (277)
Net cash (used in) provided by financing activities (91,946) (37,342)
Effect of exchange rate changes (25) 292
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,968 (8,607)
Balance at beginning of period 29,980 62,261
Balance at end of period $ 34,948 $ 53,654

Source