Financials

Investors

v3.19.3.a.u2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 02, 2019
Feb. 02, 2019
Nov. 03, 2018
CURRENT ASSETS:      
Cash and cash equivalents $ 21,193 $ 32,671 $ 56,293
Accounts receivable, net 42,056 34,686 34,637
Inventories 778,342 724,086 772,206
Other current assets 60,778 66,823 66,063
Current assets - discontinued operations   171,376 165,358
Total current assets 902,369 1,029,642 1,094,557
PROPERTY AND EQUIPMENT, net 405,000 424,316 416,061
OPERATING LEASE RIGHT-OF-USE ASSETS 908,505    
RENTAL PRODUCT, net 92,785 99,770 102,540
GOODWILL 79,392 79,491 79,475
INTANGIBLE ASSETS, net 146,890 153,711 154,144
OTHER ASSETS 5,450 8,489 17,232
NON-CURRENT ASSETS - DISCONTINUED OPERATIONS   25,071 25,531
TOTAL ASSETS 2,540,391 1,820,490 1,889,540
CURRENT LIABILITIES:      
Accounts payable 210,165 204,775 218,114
Accrued expenses and other current liabilities 250,706 268,698 290,422
Current portion of operating lease liabilities 184,422    
Income taxes payable 9,928 13,478 12,360
Current portion of long-term debt 9,000 11,619 9,000
Current liabilities - discontinued operations   40,025 33,661
Total current liabilities 664,221 538,595 563,557
LONG-TERM DEBT, net 1,111,732 1,153,242 1,167,906
OPERATING LEASE LIABILITIES 754,956    
DEFERRED TAXES, net AND OTHER LIABILITIES 73,968 119,545 144,138
NON-CURRENT LIABILITIES - DISCONTINUED OPERATIONS   5,477 4,452
Total liabilities 2,604,877 1,816,859 1,880,053
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' (DEFICIT) EQUITY:      
Preferred stock
Common stock 507 501 501
Capital in excess of par 513,106 505,157 501,835
Accumulated deficit (534,979) (468,048) (464,993)
Accumulated other comprehensive loss (33,120) (33,979) (27,856)
Treasury stock, at cost (10,000)    
Shareholders' (deficit) equity (64,486) 3,631 9,487
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 2,540,391 $ 1,820,490 $ 1,889,540

Source

v3.19.3.a.u2
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Nov. 02, 2019
Nov. 03, 2018
Nov. 02, 2019
Nov. 03, 2018
Net sales:        
Total net sales $ 729,481 $ 751,741 $ 2,190,288 $ 2,274,498
Cost of sales:        
Total cost of sales 421,453 406,247 1,258,510 1,247,168
Gross margin:        
Total gross margin 308,028 345,494 931,778 1,027,330
Advertising expense 34,031 37,116 111,527 116,241
Selling, general and administrative expenses 228,453 233,100 687,414 698,833
Operating income 45,544 75,278 132,837 212,256
Interest income 147 207 400 414
Interest expense (17,572) (18,757) (54,493) (61,602)
Loss on extinguishment of debt, net (77) (9,420) (77) (30,253)
Earnings before income taxes 28,042 47,308 78,667 120,815
Provision for income taxes 254 12,521 14,743 26,018
Net earnings from continuing operations 27,788 34,787 63,924 94,797
Loss from discontinued operations, net of tax (117,378) (20,912) (112,106) (17,775)
Net (loss) earnings $ (89,590) $ 13,875 $ (48,182) $ 77,022
Net earnings from continuing operations per common share:        
Basic (in dollars per share) $ 0.56 $ 0.70 $ 1.27 $ 1.90
Diluted (in dollars per share) 0.56 0.69 1.27 1.87
Net loss from discontinued operations per common share:        
Basic (in dollars per share) (2.36) (0.42) (2.23) (0.36)
Diluted (in dollars per share) (2.35) (0.41) (2.23) (0.35)
Net (loss) earnings per common share:        
Basic (in dollars per share) (1.80) 0.28 (0.96) 1.55
Diluted (in dollars per share) $ (1.80) $ 0.27 $ (0.96) $ 1.52
Weighted-average common shares outstanding:        
Basic (in shares) 49,803 50,000 50,210 49,766
Diluted (in shares) 49,905 50,722 50,372 50,764
Retail clothing product | Retail Segment        
Net sales:        
Total net sales $ 573,854 $ 588,447 $ 1,749,533 $ 1,807,879
Cost of sales:        
Total cost of sales 266,481 254,385 794,970 790,565
Gross margin:        
Total gross margin 307,373 334,062 954,563 1,017,314
Rental services | Retail Segment        
Net sales:        
Total net sales 120,021 124,697 334,090 350,019
Cost of sales:        
Total cost of sales 16,041 17,319 48,831 51,342
Gross margin:        
Total gross margin 103,980 107,378 285,259 298,677
Total alteration and other services | Retail Segment        
Net sales:        
Total net sales 35,606 38,597 106,665 116,600
Cost of sales:        
Total cost of sales 33,151 33,022 100,612 100,949
Gross margin:        
Total gross margin 2,455 5,575 6,053 15,651
Occupancy costs | Retail Segment        
Cost of sales:        
Total cost of sales 105,780 101,521 314,097 304,312
Gross margin:        
Total gross margin $ (105,780) $ (101,521) $ (314,097) $ (304,312)

Source

v3.19.3.a.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Nov. 02, 2019
Nov. 03, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) earnings $ (48,182,000) $ 77,022,000
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:    
Depreciation and amortization 79,394,000 78,088,000
Non-cash lease expense 147,602,000  
Rental product amortization 29,739,000 30,720,000
Goodwill impairment charge   23,991,000
Loss on extinguishment of debt, net 77,000 30,253,000
Amortization of deferred financing costs and discount on long-term debt 1,431,000 2,936,000
Loss on divestiture of business 82,808,000 3,766,000
Loss on release of cumulative foreign currency translation adjustment 26,885,000  
Loss on disposition of assets 1,942,000 4,833,000
Asset impairment charges 1,185,000 504,000
Share-based compensation 7,853,000 11,555,000
Deferred tax benefit (1,540,000) (2,956,000)
Other 67,000 395,000
Changes in operating assets and liabilities:    
Accounts receivable 1,078,000 (5,661,000)
Inventories (55,116,000) (49,739,000)
Rental product (25,798,000) (14,665,000)
Other assets (16,804,000) 10,560,000
Accounts payable, accrued expenses and other current liabilities (13,076,000) 70,924,000
Income taxes payable (5,239,000) 10,313,000
Other liabilities (148,744,000) (5,022,000)
Net cash provided by operating activities 65,562,000 277,817,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (63,408,000) (46,927,000)
Proceeds from divestiture of business, net 45,034,000 17,755,000
Net cash used in investing activities (18,374,000) (29,172,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on original term loan   (993,420,000)
Proceeds from new term loan   895,500,000
Payments on new term loan (9,370,000) (6,750,000)
Proceeds from asset-based revolving credit facility 1,065,000,000 465,500,000
Payments on asset-based revolving credit facility (1,046,000,000) (407,000,000)
Repurchase and retirement of senior notes (54,425,000) (199,365,000)
Deferred financing costs   (6,713,000)
Cash dividends paid (27,938,000) (27,833,000)
Proceeds from issuance of common stock 1,220,000 6,149,000
Tax payments related to vested deferred stock units (1,118,000) (7,510,000)
Repurchases of common stock (10,000,000)  
Net cash used in financing activities (82,631,000) (281,442,000)
Effect of exchange rate changes 1,205,000 (2,385,000)
DECREASE IN CASH AND CASH EQUIVALENTS (34,238,000) (35,182,000)
Balance at beginning of period 55,431,000 103,607,000
Balance at end of period $ 21,193,000 $ 68,425,000

Source