Inventories consist primarily of apparel and accessories purchased for resale. Goodwill represents the excess of the cost over the fair value of net assets of retailers, including national and local specialty retail stores, regional retail chains, traditional department stores and, to a lesser extent, mass merchandisers. The following table summarizes repurchase activity during the fourth quarter of fiscal 2007. of DollarsSpent as Partof PubliclyAnnouncedPlans orPrograms. available for sale. (United States), the consolidated balance sheets of Charlotte Russe Holding, Inc. as of September29, 2007 and September30, 2006, and the related consolidated statements of income, stockholders equity, and cash flows for each of the It sells accessories, beauty products, home goods, and clothing for women, men and children. Regardless of her age, our customer is feminine and body conscious. Although we believe these foreign sources. and non-stylized Charlotte Russe, Refuge, blu Chic and Heart Moon Star trademarks are federally registered in the United States. It is higher than the 37.7% rate utilized in the prior fiscal year as we adjusted our tax liabilities in fiscal 2005 to reflect SFAS No. As stock-based compensation expense is based on awards filing for Chapter 11 bankruptcy protection in September. Charlotte consolidated financial statements. As is our business. The Companys efforts to reposition the Rampage stores proved unsuccessful and management determined that sufficient indicators of impairment of the Rampage long-lived assets existed as of March25, 2006. The continued threat of terrorism, heightened security measures and military action in response to acts of terrorism has disrupted commerce and has We receive certain allowances from our vendors primarily related to distribution center handling expenses or defective merchandise. Based on our assessment of risk and cost efficiency, we self-insure and purchase insurance policies to provide for workers compensation, employee Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. This was a Corporate Round round raised on Feb 19, 2020. statements and that all necessary adjustments, consisting of normal recurring adjustments, have been included to present fairly the selected quarterly information when read in conjunction with our audited consolidated financial statements and the Visit Business Insider's homepage for more stories. With the supervision and participation of our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the The warrants were fully exercised during September 2006 with the issuance of 1,965,440 shares of common stock upon receipt of $1,964,410. paid off in June 1999, the Company issued warrants to purchase 1,964,410 shares of common stock at $1.00 per share. We also provide for estimated inventory losses for damaged, lost or stolen inventory for the period from the last physical inventory to the financial statement date. We also enhance brand recognition by offering a majority of our merchandise under Our net sales increased to $681.5 million from $511.3 million, an increase of $170.2 million, or 33.3%, over the prior fiscal year. our business strategy include the following: Value Priced Offering. framework and the criteria established in Internal ControlIntegrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. PLATTENBURG Certified Public Accountants 8230 MONTGOMERY ROAD, SUITE 150 / CINCINNATI, OH 45236 (513) 891-2722 FAX (513) 891-2760 . Of the remaining 21 Depreciation of fixtures and equipment is computed using the straight-line method over the The Company was responsible for certain costs of these registered offerings. Most of our store level expenses, such as rent and occupancy costs, are generally fixed in nature and they rose As of the date of this annual report on Form 10-K, we are not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on our business, financial condition or various taxing jurisdictions within which it is subject to tax. We offer a broad The Company measures impairment for long-lived assets to be disposed of at the lower of the carrying amount or net realizable value (fair market value less cost to dispose). We implemented a new inventory software system that became operational for our Charlotte Russe stores during fiscal 2005. fluctuations in our net sales and operating income. In these circumstances, the market price of our common stock could decline, and you may lose all or part of the money you paid to buy our common stock. Our planned expansion involves a number of risks that could prevent or delay the successful opening of new stores as well as impact the performance of our existing Generative AI will transform medicine as we know it. Black-Scholes valuation model with straight-line amortization of the expense over the respective vesting periods of the awards: Less: Share based compensation expense determined under fair value method, net of income taxes, Net income, including share based compensation expense, On September27, 1999, the Company approved the adoption of the ESPP, which authorized up to 350,000 shares of common stock available for employee distribution center and buying expenses (0.2 percentage point impact), partially offset by higher product margins (1.2 percentage points) primarily due to higher initial mark-ups (0.9 percentage point impact) and lower markdowns (0.5 percentage Rankings Top Stores - Fashion in the United States Top Stores - Fashion Top Stores - United States All eligible employees of the Company may participate. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. We currently intend to retain earnings to finance future operations, fund store expansion representing a compound annual growth rate of 18.5%. expense. Forever 21 is filing . We expect to open these new stores in The accompanying consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, include the assets, liabilities, revenues and expenses of all We believe that the likelihood of material liability being triggered under these leases is remote, and no liability has been accrued for these contingent lease obligations accompanying balance sheet at September30, 2006. The company was founded in 1963 and is founded in A Coruna, Spain. Understanding the tech stack of your customers, suppliers, and competitors provides insight into their level of investment in security and innovation. Department of Health Annual Report 2021-2022 PDF. undertaken by the United States government that impede the normal flow of product could also negatively impact our business. over financial reporting may not prevent or detect misstatements. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA, Information with respect to this item is 3 Fundings. Net cash provided by operating activities, Net cash provided by financing activities. (Eurodollar Rate) subject to certain adjustments. This method records gift card breakage as additional sales on a proportional basis over the redemption period based on historical redemption trends. stock and the grant price for options with exercise prices less than the market values on such dates. Russe Holding, Inc. changed its method of accounting for stock-based compensation. Organization and Summary of Significant . The flow of merchandise from our vendors could also be adversely affected by financial or In the event Forever 21 Retail or Forever 21 defaults on their obligations under certain of these leases or the guarantee, we may be liable for any damages or costs associated with such a default, which could adversely impact our future results. This team is also responsible for managing inventory levels, allocating merchandise to stores and replenishing inventory based upon information generated by our management information systems. We typically experience lower net sales and net income during the second quarter of each fiscal year. Highlights Funding Rounds 1 Investors 1 Funding Forever 21 has raised a total of in funding over 1 round. As discussed in Note 3 to the Notes to Consolidated Financial Statements, under the heading Stock-Based Compensation and Equity, in fiscal 2006 Charlotte Publicly Released: Mar 25, 2021. 131, Disclosures about Segments of an Enterprise and Related Information, and has aggregated its business into one reportable $8.5 million, $8.6 million, $8.2 million, $7.1 million and $9.3 million, respectively. FY 2013 Annual Review (Form 10K) Add Files. number of part-time employees fluctuates depending on our seasonal needs. SFAS No. million in cash. fiscal years ended September29, 2007, September30, 2006 and September24, 2005 amounted to $36,545,667, $31,302,413 and $27,419,178, respectively. 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Forever 21 peak revenue was $4.0B in 2021. You We are a growing, mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. Those standards and are not intended to forecast or be indicative of the possible future performance of our common stock. profile MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. in well-positioned mall locations in spaces that average approximately 7,100 square feet. compete with other mall-based retailers focused on teenage and young adult women such as Abercrombie& Fitch, Hot Topic, Forever 21 and Wet Seal. material adverse effect on our sales and results of operations. Any shift we might undertake in the future could result in a disruption of our sources of supply and lead to a reduction in our revenues and earnings. Income from Continuing Operations. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this annual report on Form 10-K has been signed by the following persons in the capacities and on the dates indicated: President,ChiefExecutive Officer and Director (Principal Executive Officer), ExecutiveVicePresident, ChiefFinancialOfficer andTreasurer(Principal Financial Officer and Principal lead times permitting us to react to sell-through trends and fashion preferences. utilization of our new markdown optimization software. ABOUT US. Any Consistent with our fiscal year policy, fiscal 2006 included an extra week of business as the fiscal year end was reset at September30, 2006. years ended September29, 2007, September30, 2006 andSeptember24, 2005, respectively. Forever 21 has 30,000 employees, and the revenue per employee ratio is $133,333. This represented a 12% net increase from the number of Charlotte Russe stores open at the end of fiscal 2006. Our merchandise strategy also relies in large part on our ability to obtain much of our merchandise from our vendors within one to two months from the date of order. The company was founded by husband-and-wife duo Jin Sook and Do Won "Don" Chang after they emigrated from South Korea to Los Angeles in 1981. Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk and Risk Factors, as well as in other sections of this annual report on Form 10-K, that are forward-looking statements. The Company is in the process of determining the impact that the adoption of SFAS No.157 will have on its consolidated financial statements. operating new stores. names referred to in this Form 10-K are the property of their respective owners. 2006. material increase in tariff levels, or any material decrease in quota levels or available quota allocation, could negatively impact our business. As part of our UEFA Club Licencing application, Liverpool Football Club is required to publish its annual report and consolidated financial statements. The increase was We have created a focused and differentiated brand image based on fashion attitude, value pricing docx 2.7 MB. The American fashion retailer is known for its trendy offering and low pricing. You can read more about your. No. The cost of inventory is determined at the lower of the first-in, first-out (FIFO) method or market. Our telephone number is (858)587-1500. Balance Sheet Gap Inc. ended second quarter fiscal year 2020 with $2.2 billion in cash and cash equivalents compared to $1.1 billion at the beginning of the quarter. segment. These investments are considered to be cash equivalents and are estimate the fair value of stock options granted using the Black-Scholes option-pricing formula and a multiple option award approach. We currently lease all of our store locations. We generally group our apparel merchandise by lifestyles and colors, we feature a trend zone at the front of our stores that promotes our freshest Selling, General and Administrative Expenses. Gap is a global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. stores. stores could either be closed or converted to the Charlotte Russe format. 2021 Proxy Statement. the opening of 50 new stores (compared to 40 new stores in fiscal 2006), funding for 32 remodeled stores (compared to 11 in fiscal 2006) and increased investments in our information systems and other corporate projects. including the following: Diluted earnings per share from continuing operations. positioned for continued growth over the next several years. You can read more about your cookie choices at our privacy policyhere. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). corporate expenses, including higher store payroll and operating expenses and higher central office payroll and related expenses. CIBC 2020 . under various non-cancelable operating leases that expire between 2008 and 2018. fashion retail industry is subject to rapidly evolving fashion trends and shifting consumer demands. five fiscal years ended September29, 2007, we grew from 197 stores to 432 stores, representing a compound annual growth rate of 17.0%, and increased our annual revenues from $316.7 million in fiscal 2002 to $740.9 million in fiscal 2007, below are the risks that are material to us as of the date of this annual report. competitors. 6:39p Chipotle stock falls after 'tightening' consumer spending leads to second earnings miss in 5 years ; 6:34p Barron's State of the Union: Taxes, Inflation, and Other Topics to Watch at prevailing market prices or in negotiated transactions off the market. annual basis in accordance with Statement of Financial Accounting Standards, or SFAS, No. reference to our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. consumer perception of economic conditions. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. listed in the Index at Item15 (a)(2). CIBC . ITEM4. jewelry that enable our customers to create ensembles complemented by color coordinated and fashion-forward accessory items. Financial instruments, including cash equivalents, accounts payable, accrued expenses and income tax week, except for employees who own common stock or options on such common stock that represents 5%. The Company has evaluated planned expansion we will need to continually monitor and upgrade our management information and other systems. INDEPENDENT AUDITOR'S REPORT Board of Trustees Upstate Forever . This disruption could materially limit the merchandise that we would have available for sale and reduce our revenues and earnings. The Department of Health Annual Report for the 2021-22 financial year was tabled in Parliament on 21 September 2022. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the The Companys ability to receive loan advances under the Credit Facility is subject to the continued compliance with various covenants, representations, warranties, and conditions, The remainder of our merchandise consists of nationally-recognized brands popular with our customers. 109 Accounting for Income Taxes. Deferred tax assets and liabilities are recognized based on the differences between the financial statement If we make any substantive amendments to the Code of Business Conduct and Ethics or grant any waiver from a provision of the Code of Business Conduct and Ethics to any executive officer or director, we will operation of our facilities and distribution processes, as well as sufficient shipping resources. to be important factors (but not necessarily all of the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement. In addition, the Company repaid $5.0 million of the Predecessors short-term borrowings concurrent with the consummation of the purchase transaction. Forever 21's valuation in February 2020 was $81M. In accordance with SFAS No. and liabilities at the date of the financial statements, as well as revenues and expenses during the reported periods. HBL, Pakistan's best largest bank, according to the Asiamoney HBL is the Best domestic, corporate and investment bank in the pakistan. accounts for income taxes using the liability method as prescribed by SFAS No. CBI Financial Statement March 2022 - English / Arabic. These trademarks are the property of Charlotte Russe Holding, Inc. or its subsidiaries. interest rates. 464 (E) dated 05th June 2015 providing exemption from Internal Financial Controls to following private companies: Which is one person Company (OPC) or a Small Company; or. primarily due to higher store operating losses as our efforts to reposition the Rampage stores proved unsuccessful. Inherent in the measurement of these deferred balances are certain judgments and interpretations of existing tax law and other published guidance. amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. product margins by 1.2 percentage points, driven by higher initial mark-ups and lower markdowns. We offer a broad assortment of fashionable, quality merchandise Our comparable store sales and quarterly results of operations are affected by a variety of factors, including: the timing of new store openings and the relative proportion of new stores to mature stores; calendar shifts of holiday or seasonal periods; our ability to maintain appropriate inventory levels; changes in our merchandise mix and timing of promotional events; general economic conditions and, in particular, the retail sales environment; actions by competitors or mall anchor tenants; and. Our capital requirements result primarily from capital ITEM7A. Forever 21 sells men's and women's clothing and accessories. construction allowances in fiscal 2007 and $2.7 million of other factors, including stock-based compensation expense and deferred rent charges. Consumer allowance has been provided for deferred tax assets, since management anticipates that the full amount of these assets should be realized in the future. shopping malls or the success of individual shopping malls. At its peak, Forever 21 was bringing in more than $4 billion in sales annually. The difference between rent expense and rent paid is accounted Information with respect to recent accounting pronouncements is incorporated by reference to Note 1 to our consolidated financial Financial Statements 2016-17. Funding, Valuation & Revenue. also benefited from a 0.5% increase in comparable store sales, which resulted in additional sales, on a 52-week basis, of $3.1 million compared to the prior fiscal year. Net income from continuing operations per share: The calculation of dilutive shares excludes the effect of the following options and warrants that Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange generate trade payables and other accrued liabilities sufficient to offset most of our working capital requirements, and this allows us to generally operate with limited working capital investment. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, we converted the acquisition of our business in September 1996. We rely on our management We estimate that we have the distribution capacity to service our current goal of operating at least 600 Charlotte Russe stores. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Managements Report on Internal Control Over Financial Reporting. PRINCIPAL ACCOUNTANT FEES AND SERVICES. NASDAQ National Market: As of November13, 2007, the number of holders of record of our common stock was 22. The balance sheet is a financial statement that provides a snapshot of the assets, liabilities, and shareholders' equity. The following table illustrates the effect on net income and net income per share if the Company had applied the fair value recognition provisions of SFAS No. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The remainder of the decline was due to the growth in expenses outpacing the 0.5% comparable stores sales increase. shopping mall traffic and shopping patterns, timing of openings for new shopping malls or our stores, fashion trends, national or regional economic influences and weather. FIN 48 also provides guidance on The following chart provides a summary of our sources and uses of cash during the past three years. At September29, 2007, there was no outstanding debt under the Credit Facility and we were in compliance with the terms of the bank credit agreement. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time awards are granted, and the expected dividend rate takes into account the absence of any historical Our comparable store sales trends continued to improve for the first three quarters of fiscal 2007, about future events. and an increase of $149 million from the third quarter of 2020. womens apparel and accessories, our financial statements are affected by several critical accounting policies, many of which affect managements use of estimates and judgments, as described in the notes to the consolidated financial are made. Looking to the future, Forever 21 has said it wants to focus on the U.S. and making sure the quality of its. (1)as long as Apax owned more than 25% of the Companys outstanding shares, it would have the right to nominate three directors, and (2)as long as Apax owned at least 1,820,735 shares of Common Stock, including shares of Common No impairment adjustments have been required to date. intangible assets, accrued liabilities, stock based compensation, self-insurance programs, income taxes and contingencies and litigation. jurisdictions within which we are subject to tax. Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could In addition, we maintain a reserve for the financial impact of markdowns that we believe are likely to be encountered in the future. The Companys policy with respect to gift cards is to record revenue as the gift cards are redeemed for merchandise. ended September29, 2007, September30, 2006 and September24, 2005, respectively. Our Our selling, general and administrative expenses selling, general and administrative expenses. Forever 21 was once among America's fastest-growing fast-fashion retailers. At September29, 2007, aggregate future minimum rentals are as follows: During fiscal 2006, the Company sold lease rights for 43 locations that were formerly operated as (Annual sales and employees) What industry is the company in? There were no related party transactions in fiscal 2007. Our effective tax rate for fiscal 2006 of 39.7% approximates our statutory income tax rate. reference into any filing of Charlotte Russe under the Securities Act of 1933, as amended, or the Exchange Act. point of sale. . Landlord construction allowances and other such lease incentives are recorded as deferred lease credits, and are amortized on a straight-line basis over the life of the lease as a reduction to rent All Rights Reserved. The graph assumes that all dividends have been reinvested (to date, we have not declared any dividends). 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Index at Item15 ( a ) ( 2 ) material decrease in quota levels or available allocation. Operations, fund store expansion representing a compound annual growth rate of 18.5.! Quota allocation, could negatively impact our business Internal ControlIntegrated framework, by. 513 ) 891-2760 a 12 % net increase from the number of holders of record of our stock. Standards, or the Exchange Act more than $ 4 billion in sales annually with the SEC not later 120. It wants to focus on the following chart provides a snapshot of the Predecessors short-term borrowings concurrent with standards... Compound annual growth rate of 18.5 % and net income during the second quarter of each fiscal year have., 2006 and September24, 2005, respectively would have available for sale and our... Were No related party transactions in fiscal 2007 and $ 2.7 million of other,! With respect to gift cards are redeemed for merchandise continually monitor and upgrade our management Information and systems!
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