Financials

Investors

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 01, 2020
Feb. 02, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 14,420 $ 32,671
Accounts receivable, net 39,973 34,686
Inventories 696,657 724,086
Assets held for sale 34,935  
Other current assets 49,130 66,823
Current assets - discontinued operations   171,376
Total current assets 835,115 1,029,642
PROPERTY AND EQUIPMENT, AT COST:    
Land 17,181 19,162
Buildings 149,942 151,071
Leasehold improvements 650,778 628,572
Furniture, fixtures and equipment 575,986 647,241
Property and Equipment, gross 1,393,887 1,446,046
Less accumulated depreciation and amortization (998,075) (1,021,730)
PROPERTY AND EQUIPMENT, net 395,812 424,316
OPERATING LEASE RIGHT-OF-USE ASSETS 880,291  
RENTAL PRODUCT, net 92,897 99,770
GOODWILL 79,271 79,491
INTANGIBLE ASSETS, net 116,843 153,711
OTHER ASSETS 18,730 8,489
NON-CURRENT ASSETS - DISCONTINUED OPERATIONS   25,071
TOTAL ASSETS 2,418,959 1,820,490
CURRENT LIABILITIES:    
Accounts payable 183,897 204,775
Accrued expenses and other current liabilities 246,110 268,698
Current portion of operating lease liabilities 186,304  
Income taxes payable 3,416 13,478
Current portion of long-term debt 9,000 11,619
Current liabilities - discontinued operations   40,025
Total current liabilities 628,727 538,595
LONG-TERM DEBT, net 1,094,398 1,153,242
OPERATING LEASE LIABILITIES 726,327  
DEFERRED TAXES, net AND OTHER LIABILITIES 67,813 119,545
NON-CURRENT LIABILITIES - DISCONTINUED OPERATIONS   5,477
Total liabilities 2,517,265 1,816,859
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' (DEFICIT) EQUITY:    
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, 48,573,132 and 50,180,832 shares issued 508 501
Capital in excess of par 514,397 505,157
Accumulated deficit (568,697) (468,048)
Accumulated other comprehensive loss (34,514) (33,979)
Treasury stock, 2,336,852 and 0 shares, at cost (10,000)  
Total shareholders' (deficit) equity (98,306) 3,631
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 2,418,959 $ 1,820,490

Source

v3.20.1
CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Net sales:      
Total net sales $ 2,881,261 $ 3,004,511 $ 3,053,021
Cost of sales:      
Total cost of sales 1,712,649 1,693,903 1,711,593
Gross margin:      
Retail clothing product 1,250,750 1,358,715 1,354,018
Rental services 326,771 339,903 358,382
Alteration and other services 7,046 18,027 45,009
Occupancy costs (415,955) (406,037) (415,981)
Total gross margin 1,168,612 1,310,608 1,341,428
Advertising expense 159,052 165,248 172,001
Selling, general and administrative expenses 911,722 919,798 951,831
Goodwill impairment charge     1,500
Operating income 97,838 225,562 216,096
Interest income 523 563 564
Interest expense (71,272) (79,570) (100,471)
(Loss) gain on extinguishment of debt, net (77) (30,253) 5,445
Earnings before income taxes 27,012 116,302 121,634
Provision for income taxes 1,645 17,706 34,617
Net earnings from continuing operations 25,367 98,596 87,017
(Loss) earnings from discontinued operations, net of tax (107,643) (15,356) 9,686
Net (loss) earnings $ (82,276) $ 83,240 $ 96,703
Net earnings from continuing operations per common share:      
Basic (in dollars per share) $ 0.51 $ 1.98 $ 1.77
Diluted (in dollars per share) 0.51 1.94 1.76
Net (loss) earnings from discontinued operations per common share:      
Basic (in dollars per share) (2.16) (0.31) 0.20
Diluted (in dollars per share) (2.16) (0.30) 0.20
Net (loss) earnings per common share:      
Basic (in dollars per share) (1.65) 1.67 1.97
Diluted (in dollars per share) $ (1.65) $ 1.64 $ 1.95
Weighted-average common shares outstanding:      
Basic (in shares) 49,774 49,856 49,094
Diluted (in shares) 49,929 50,725 49,468
Retail clothing product      
Net sales:      
Total net sales $ 2,358,392 $ 2,454,747 $ 2,439,817
Cost of sales:      
Total cost of sales 1,107,642 1,096,032 1,085,799
Rental services      
Net sales:      
Total net sales 383,521 399,146 428,355
Cost of sales:      
Total cost of sales 56,750 59,243 69,973
Total alteration and other services      
Net sales:      
Total net sales 139,348 150,618 184,849
Cost of sales:      
Total cost of sales 132,302 132,591 139,840
Occupancy costs      
Cost of sales:      
Total cost of sales $ 415,955 $ 406,037 $ 415,981

Source

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) earnings $ (82,276) $ 83,240 $ 96,703
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:      
Depreciation and amortization 107,174 104,216 106,493
Non-cash lease expense 194,529    
Rental product amortization 34,289 35,058 38,021
Disposal Group, Including Discontinued Operation, Goodwill Impairment Loss   23,991  
Goodwill impairment charge     1,500
Loss (gain) on extinguishment of debt, net 77 30,253 (5,445)
Amortization of deferred financing costs and discount on long-term debt 1,878 3,422 7,066
Loss on divestiture of business 83,513 3,766  
Loss on release of cumulative foreign currency translation adjustment 26,885    
Loss on disposition of assets 2,628 4,821 1,237
Asset impairment charges 3,404 1,026 3,547
Share-based compensation 8,902 14,770 20,636
Deferred tax benefit (13,461) (8,009) (5,763)
Other 80 272 938
Changes in operating assets and liabilities:      
Accounts receivable 3,161 2,264 (9,440)
Inventories 26,243 (4,482) 114,652
Rental product (30,513) (16,217) (9,582)
Other assets (20,015) 9,385 (5,956)
Accounts payable, accrued expenses and other current liabilities (39,325) 43,706 (10,843)
Income taxes payable (11,750) 9,993 4,650
Operating lease and other liabilities (195,782) (18,803) 2,354
Net cash provided by operating activities 99,641 322,672 350,768
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (88,502) (82,286) (94,958)
Proceeds from divestiture of business, net 45,034 17,755  
Acquisition of business, net of cash     (457)
Proceeds from sales of property and equipment 311   5,480
Net cash used in investing activities (43,157) (64,531) (89,935)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on original term loan   (993,420) (53,379)
Proceeds from new term loan   895,500  
Payments on new term loan (9,370) (9,000)  
Proceeds from asset-based revolving credit facility 1,333,000 655,500 276,300
Payments on asset-based revolving credit facility (1,331,500) (607,000) (276,300)
Repurchase and retirement of senior notes (54,425) (199,365) (145,371)
Deferred financing costs   (6,713) (2,580)
Cash dividends paid (28,071) (36,946) (35,761)
Proceeds from issuance of common stock 1,561 6,649 1,903
Tax payments related to vested deferred stock units (1,216) (7,901) (1,687)
Repurchases of common stock (10,000)    
Net cash used in financing activities (100,021) (302,696) (236,875)
Effect of exchange rate changes 2,526 (3,621) 8,760
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (41,011) (48,176) 32,718
Balance at beginning of period 55,431 103,607 70,889
Balance at end of period 14,420 55,431 103,607
Cash paid for:      
Interest 65,669 77,571 106,372
Income taxes, net 38,031 11,431 39,537
Unpaid capital expenditure purchases      
Unpaid capital expenditure purchases 2,800 11,700 $ 2,900
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Receivable related to sale of corporate apparel business $ 6,048 $ 38,387  

Source