Financials

Investors

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 02, 2020
Feb. 01, 2020
May 04, 2019
CURRENT ASSETS:      
Cash and cash equivalents $ 244,170 $ 14,420 $ 12,928
Restricted cash 94,450    
Accounts receivable, net 13,242 39,973 40,760
Inventories 734,379 696,657 767,694
Assets held for sale 2,944 34,935  
Other current assets 72,258 49,130 46,187
Current assets - discontinued operations     167,119
Total current assets 1,161,443 835,115 1,034,688
PROPERTY AND EQUIPMENT, net 355,324 395,812 413,635
OPERATING LEASE RIGHT-OF-USE ASSETS 842,088 880,291 944,531
RENTAL PRODUCT, net 99,826 92,897 103,895
GOODWILL   79,271 78,964
INTANGIBLE ASSETS, net 26,896 116,843 146,983
OTHER ASSETS 14,838 18,730 6,917
NON-CURRENT ASSETS - DISCONTINUED OPERATIONS     35,840
TOTAL ASSETS 2,500,415 2,418,959 2,765,453
CURRENT LIABILITIES:      
Accounts payable 248,684 183,897 202,095
Accrued expenses and other current liabilities 236,205 246,110 300,689
Current portion of operating lease liabilities 209,434 186,304 180,492
Income taxes payable   3,416 13,949
Current portion of long-term debt 1,434,064 9,000 9,000
Current liabilities - discontinued operations     37,022
Total current liabilities 2,128,387 628,727 743,247
LONG-TERM DEBT, net   1,094,398 1,151,196
OPERATING LEASE LIABILITIES 689,264 726,327 795,837
DEFERRED TAXES, net AND OTHER LIABILITIES 61,089 67,813 64,791
NON-CURRENT LIABILITIES - DISCONTINUED OPERATIONS     14,428
Total liabilities 2,878,740 2,517,265 2,769,499
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT:      
Preferred stock
Common stock 510 508 504
Capital in excess of par 516,459 514,397 507,039
Accumulated deficit (838,553) (568,697) (470,411)
Accumulated other comprehensive loss (46,741) (34,514) (41,178)
Treasury stock (10,000) (10,000)  
Total shareholders' deficit (378,325) (98,306) (4,046)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 2,500,415 $ 2,418,959 $ 2,765,453

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
May 02, 2020
May 04, 2019
Net sales:    
Total net sales $ 286,703 $ 724,662
Cost of sales:    
Total cost of sales 257,017 419,787
Gross margin:    
Total gross margin 29,686 304,875
Advertising expense 22,747 44,669
Selling, general and administrative expenses 154,082 231,018
Goodwill and intangible asset impairment charges 167,966  
Asset impairment charges 26,319 184
Gain on sale of trademarks, net (82,690)  
Operating (loss) income (258,738) 29,004
Interest income 59 96
Interest expense (17,726) (18,663)
(Loss) earnings before income taxes (276,405) 10,437
(Benefit) provision for income taxes (6,517) 3,957
Net (loss) earnings from continuing operations (269,888) 6,480
Earnings from discontinued operations, net of tax   662
Net (loss) earnings $ (269,888) $ 7,142
Net (loss) earnings from continuing operations per common share:    
Basic (in dollars per share) $ (5.55) $ 0.13
Diluted (in dollars per share) (5.55) 0.13
Net earnings from discontinued operations per common share:    
Basic (in dollars per share)   0.01
Diluted (in dollars per share)   0.01
Net (loss) earnings per common share:    
Basic (in dollars per share) (5.55) 0.14
Diluted (in dollars per share) $ (5.55) $ 0.14
Weighted-average common shares outstanding:    
Basic (in shares) 48,596 50,280
Diluted (in shares) 48,596 50,587
Retail clothing product    
Net sales:    
Total net sales $ 249,142 $ 594,779
Cost of sales:    
Total cost of sales 131,892 269,191
Gross margin:    
Total gross margin 117,250 325,588
Rental services    
Net sales:    
Total net sales 22,253 93,740
Cost of sales:    
Total cost of sales 4,674 13,017
Gross margin:    
Total gross margin 17,579 80,723
Total alteration and other services    
Net sales:    
Total net sales 15,308 36,143
Cost of sales:    
Total cost of sales 19,338 33,847
Gross margin:    
Total gross margin (4,030) 2,296
Occupancy costs    
Cost of sales:    
Total cost of sales 101,113 103,732
Gross margin:    
Total gross margin $ (101,113) $ (103,732)

Source

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
May 02, 2020
May 04, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) earnings $ (269,888) $ 7,142
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:    
Depreciation and amortization 25,511 26,695
Non-cash lease expense 48,675 49,969
Rental product amortization 2,285 8,348
Goodwill and intangible asset impairment charges 167,966  
Asset impairment charges 26,319 184
Amortization of deferred financing costs 447 486
Gain on sale of trademarks, net (82,690)  
Gain on disposition of assets, net (10)  
Share-based compensation 1,967 2,398
Deferred tax expense 23,931 1,599
Other 50 85
Changes in operating assets and liabilities:    
Accounts receivable 20,692 (7,504)
Inventories (40,304) (44,900)
Rental product (9,759) (12,831)
Other assets (24,062) (269)
Accounts payable, accrued expenses and other current liabilities 17,494 30,872
Income taxes payable (3,416) (28)
Operating lease and other liabilities (26,572) (50,452)
Net cash (used in) provided by operating activities (121,364) 11,794
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (9,003) (21,691)
Proceeds from sale of trademarks 115,000  
Proceeds from divestiture of business, net 5,944  
Proceeds from sales of property and equipment 2,082  
Net cash provided by (used in) investing activities 114,023 (21,691)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on term loan (4,500) (4,870)
Proceeds from asset-based revolving credit facility 357,500 399,500
Payments on asset-based revolving credit facility (22,500) (399,500)
Cash dividends paid (112) (9,590)
Proceeds from issuance of common stock 162 427
Tax payments related to vested deferred stock units (65) (940)
Net cash provided by (used in) financing activities 330,485 (14,973)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,056 (812)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 324,200 (25,682)
Cash, cash equivalents and restricted cash at beginning of period 14,420 55,431
Cash, cash equivalents and restricted cash at end of period $ 338,620 $ 29,749

Source