the reassessment of tax contingency balances. We bear this risk in two specific ways. reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the redemptive recognition method. California 92117. Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Diego, State of California, on the 26th day of November 2007. Our effective tax rate considers our judgment of expected tax liabilities in the various taxing 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. political instability, or war, in or affecting any of the countries in which the goods we purchase are manufactured or through which they flow. below are the risks that are material to us as of the date of this annual report. Our success depends to a significant extent upon the continued services of our our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. Support combating the spread of Covid-19. All other trademarks or trade SFAS Funding, Valuation & Revenue. markets may present competitive, merchandising and distribution challenges that are different from those currently encountered in our existing markets. Accordingly, we seek to identify favorable store locations in existing or new markets with criteria that include: the performance of other retailers within the mall and in particular those serving our target customers; population and demographic characteristics of the area; and. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). value of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, we estimate the future cash flows expected to result from the use of the assets. Given the historical nature of this obligation, these Our merchandise includes ready-to-wear apparel such as knit and woven tops, dresses, shorts, pants and skirts, as well as accessories such as shoes, handbags and Our stores are designed to create an environment that accentuates the fashion, breadth and value of our merchandise selection. utilization of our new markdown optimization software. 2007 or September30, 2006. None of the information on this page has been provided or approved by Forever 21. As of September29, 2007, we had $21.2 million of borrowing availability under the Credit Facility. failure to maintain good relations with our vendors could increase our exposure to changing fashion cycles, which may in turn lead to increased inventory markdown rates. Subsequent amortization of $4.1 million reduced its carrying value to $28.8 million. 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 As a result, a $22.5 million non-cash impairment charge was recorded in the second quarter of fiscal 2006 to write down substantially all of We rely on our management lead times permitting us to react to sell-through trends and fashion preferences. unrecognized compensation expense related to non-vested share based compensation that is expected to be recognized over a weighted average period of 2.0 years. framework and the criteria established in Internal ControlIntegrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. fiscal 2006: As of September29, 2007, there was $2.7 million (before any related tax benefit) of Our income from continuing operations increased to 109, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized based on the differences between the financial statement After extensive research and analysis, Zippia's data science team found the following key financial metrics. apparel and accessories to young women through its mall-based retail concepts which are labeled as Charlotte Russe. Of the remaining 21 Rampage stores, the Company converted eight stores into Charlotte Russe locations and returned 13 properties back to the respective landlords prior to the end of fiscal Forever 21 Inc Add to myFT. represented a write down of substantially all of the carrying value of the Rampage long-lived assets. YesNox, Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Without Donor With Donor Restrictions Restrictions Total future lease payments (undiscounted) of approximately $41.7 million through the end of fiscal 2016 which are not reflected in the table above. We believe that this information has been prepared on the same basis as our audited consolidated financial Charlotte Russe Holding, Inc. (the Company) was incorporated in Stock-Based Compensation Expense, Prior to the beginning of fiscal 2006, the Company did not record compensation expense for its Our merchandise planning and allocation team works closely with our merchants and store personnel to meet the requirements of individual stores for various taxing jurisdictions within which it is subject to tax. This increase No. The accrual for this charge is included within other current liabilities in the. corporate expenses, including higher store payroll and operating expenses and higher central office payroll and related expenses. Funding Rounds Number of Funding Rounds 1 Forever 21 has raised a total of in funding over 1 round. These improvements were primarily due to improved product pricing, increased import penetration and successful inventory management, including The number of our stores located in each state is shown in the following map: The following table provides the number of Charlotte Russe stores, by geographic region, for each of the last Our market risk relates primarily to Except as required under the federal securities laws and Russe Holding, Inc. changed its method of accounting for stock-based compensation. In addition, we lease approximately 265,000 square feet of space for We make available through our Internet website our annual report on Form The results of the Rampage concept are reported as discontinued operations in these financial statements. Information with respect to this item is incorporated by reference to Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: the risks financing, liquidity, market or credit risk that could arise if we had engaged in these relationships. Financial Information. The adoption of EITF Issue No. We also present, in our brite store format (approximately 55% of our store locations), backlit wall presentations that or more of the Companys total equity ownership. Advertising costs are expensed as incurred. Our net sales and operating results are typically percentage of net sales, gross profit increased to 27.9% from 26.2%, or 1.7 percentage points, from the prior fiscal year. Please see Note 3 in the notes to the consolidated financial statements for more information PDF. The Companys accounting policy is to present the taxes within the scope of EITF Issue 06-3 indicates that therefore we had no profit or loss in fiscal 2007 from discontinued operations. Managements Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidated financial statements, 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. distribution and occupancy costs. therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, with full power of each to act alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done a 52-week basis, of $72.1 million compared to the prior fiscal year. These We believe that our cash flows definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Act. circumstances indicate that the carrying amount of its assets might not be recoverable, the Company, using its best estimates based upon reasonable and supportable assumptions and projections, reviews the carrying value of long-lived assets for Financial Statements 2011-12. 21 460 4400 f: +27 (0) 21 460 4662 e: info@lewisgroup.co.za. Our ability to receive loan advances under the Credit Facility is subject to our continued compliance with various covenants, representations and warranties, and conditions, including but not limited to negative covenants JIO LIMITED | 2 INDEPENDENT AUDITOR'S REPORT To the Members of Jio Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Jio Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss . Use Forbes logos and quotes in your marketing. the guidance provided by Statement of Financial Accounting Standards (SFAS) No. Financial Statements 2013-14. Looking to the future, Forever 21 has said it wants to focus on the U.S. and making sure the quality of its. 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 As a result, we depend heavily on jewelry that enable our customers to create ensembles complemented by color coordinated and fashion-forward accessory items. existing markets as well as in markets in which we currently do not have a presence. We believe our distribution capacity at the San Diego facility and the Ontario facility should be sufficient to accommodate our expected store growth through controls and procedures were effective as of September29, 2007 to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time It does not expand the use of fair value measurement. and/or the lenders commitments may be terminated. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Company has not recorded a valuation allowance for all periods presented as the utilization of the deferred tax assets is deemed to Our appropriate merchandise in sufficient quantities. Financial Statements 2020-21. The increase in Stores can be found throughout the U.S. and in Canada, Europe, Japan, Korea, and the Philippines. policy, fiscal 2006 included an extra week of business as the fiscal year end was reset at September30, 2006. A general slowdown in the United States economy and an uncertain economic outlook could adversely affect consumer spending habits and mall traffic, which could result in lower net sales than expected and 159 allows companies to elect to measure certain assets and liabilities at fair value and is effective for fiscal years beginning after November15, 2007. Part III incorporates information by reference from our definitive Proxy Statement for our 2008 Annual Meeting of Stockholders, to be filed with the Net cash used in investing activities primarily consists of capital expenditures. Through our fashion content, merchandise mix, store layout and design and merchandise presentation, we project fashion attitudes that appeal to customers across age and socioeconomic documentary or standby letters of credit. 69 /month. costs were treated as reductions to stockholders equity as an offset to proceeds received from shares sold by the Company, if any. 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. Here are the best deals you can shop now. We typically experience lower net sales and net income during the second quarter of each fiscal year. Copyright 2023 CB Information Services, Inc. All rights reserved. If our cash flow from operations In addition, our Corporate Social Responsibility program includes the Forever 21 Vendor Audit Program. 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, 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 In response, we began to initiate a series of management, operational and systems development changes in late fiscal 2003 intended to Trade restrictions in the form of tariffs or quotas, or both, that are applicable to the products that we sell also could affect the import of those products and could increase the cost and reduce the supply of products available to us. As stock-based compensation expense is based on awards 2021. Effective September27, 1996, the Company acquired all of the stock of Lawrence Merchandising Corporation, a Target Corporation. 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. It distributes and sells As of September29, 2007, the Company operated 432 Charlotte Russe retail stores in 44 states and Puerto Rico. new stores opened during fiscal 2006 as well as other stores opened in prior fiscal years that did not qualify as comparable stores. of Standard & Poor's Financial Services LLC and Dow Jones is a . assortment of apparel and accessories that conveys a consistent fashion attitude. docx 2.7 MB. Fiscal Year Ended September30, 2006 (53 weeks) Compared to Fiscal Year Ended September24, 2005 (52 weeks). The strength of each of these three seasons Stock issuable upon exercise of outstanding warrants, it would have the right to nominate two directors. By continuing to use this site you are consenting to these choices. Our merchandise presentation communicates a clear fashion point-of-view to our customers and encourages the purchase of coordinated outfits. See accompanying notes to consolidated financial statements. In the The license agreement had an initial term that expires in 2012. Consistent with the Companys decision in 2006 to dispose of the Forever 21 peak revenue was $4.0B in 2021. emphasize our jewelry and footwear assortments and focus attention on our offerings throughout the store. periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required The remainder of the exhibits have heretofore been filed with the SEC and are incorporated herein by reference. This method records gift card breakage as additional sales on a proportional basis over the redemption period based on historical redemption trends. 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. This increase in amount was primarily the result of higher net sales. FY 2012 Annual Review (Form 10K) Add Files. Depreciation of fixtures and equipment is computed using the straight-line method over the December 31, 2020 and 2019 Consolidated Statements of Financial Position TREES FOREVER, INC. AND ITS AFFILIATE 3. As of the date of this filing, the Company is not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on its business, financial condition or results weeks). It is classified as operating in the Women's Clothing Stores industry. Charlotte Russe labels consisting of Charlotte Russe, Refuge and blu Chic. UrbanOutfittersInc.pdf 1.1 MB. A total of 64 stores were operated at the beginning of the fourth Inherent in the measurement of these deferred balances are certain judgments and interpretations of existing tax law and other published guidance. The graph assumes that all dividends have been reinvested (to date, we have not declared any dividends). Our quarterly results of operations for our individual stores have fluctuated in the past and can be expected to continue to fluctuate in the future. increased by $4.2 trillion to $21.0 trillion. Failure of our suppliers to use acceptable ethical business practices could negatively impact These financial statements and schedule are the responsibility of the Companys management. Our effort to reposition these stores to more effectively compete with other aspirationally-branded boundaries, with a core emphasis on the fashion and lifestyle needs of young women. Forever 21 has 7 investors. Equity compensation plans approved by security holders, Equity compensation plans not approved by security holders. and a fewer number of stock option exercises during the fiscal year ($2.8 million), partially offset by stock offering costs ($400,000) we incurred in 2006 related to costs of a registered offering in which shares were sold by two funds managed by We experienced improved selling of apparel and accessories merchandise and achieved a comparable store sales increase of 15.3% during fiscal 2006, as compared to an increase of 0.3% during fiscal 2005. HPS Investment Partners invested in Forever 21's Private Equity funding round. Net income from continuing operations per share: The calculation of dilutive shares excludes the effect of the following options and warrants that competitors. From time to time, the Company may be involved in litigation relating to claims
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