customers. merchandise is distributed through two distribution facilities: our 265,000 square foot distribution facility in Ontario, California, which we opened in April 2002, and our 125,000 square foot distribution facility (which includes our corporate We receive certain allowances from our vendors primarily related to distribution center handling expenses or defective merchandise. Statement of Financial Position - 2020. impact), as many of these expenses were spread over a higher average store sales volume, lower home office payroll expenses (0.4 percentage point impact) and the costs for the settlement of two class action lawsuits in the prior fiscal year (0.2 holiday seasons. We believe that our audits provide a reasonable Our working capital requirements vary consistent with the seasonality of our business. The acquisition was accounted for using the purchase method of accounting. No purchases from related parties were made in fiscal 2007, 2006 or 2005. 10-K. of additional administrative office space near our main facility in San Diego under a lease that expires in December 2007, which we are in the process of extending for 18 months. We may be liable for any Vendor Audit Program: To meet these goals, all Forever 21 suppliers must agree to its Social Responsibility Code of Conduct. fiscal years ended September29, 2007, September30, 2006 and September24, 2005 amounted to $36,545,667, $31,302,413 and $27,419,178, respectively. of Long-lived Assets, we assess the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. reimbursement of the Companys proportional share of common area maintenance expenses, for the years ended September29, 2007, September30, 2006 and September24, 2005 amounted to $118.5 million, $100.7 million and $85.0 respect to this item is incorporated by reference to our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. Income Taxes. Our stores are designed to create an environment that accentuates the fashion, breadth and value of our merchandise selection. Without Donor With Donor Restrictions Restrictions Total In addition, we do not engage in trading activities involving non-exchange traded contracts. $8.5 million, $8.6 million, $8.2 million, $7.1 million and $9.3 million, respectively. wholly-owned subsidiaries. to the best of the registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.x. Our merchandise is The Board of Directors and Stockholders of Charlotte Russe Holding, Our short term investments have a weighted average maturity of less than 37 days and are predominantly invested in money market instruments and Consolidated financial statements. FY 2011 Annual Review (Form 10K) Add Files. We depend on the orderly stock were reduced below 1,820,735 shares, as a result of which provisions of the agreement with Apax discussed above are no longer in effect. Act. This fair value is then amortized over the requisite service periods of the awards. This increase in amount was primarily the result of higher net sales. Department of Health Annual Report 2021-2022 PDF. 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 construction allowances in fiscal 2007 and $2.7 million of other factors, including stock-based compensation expense and deferred rent charges. . This method records gift card breakage as additional sales on a proportional basis over the redemption period based on historical redemption trends. Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 Rampage. operation of our facilities and distribution processes, as well as sufficient shipping resources. Today there are 794 Forever 21 stores worldwide. weeks). The failure to efficiently complete any upgrades or enhancements to certain of our technology and information systems 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. ABOUT US. 123, Accounting for Stock-Based Compensation. The Company provided the requisite pro forma disclosures and Stores can be found throughout the U.S. and in Canada, Europe, Japan, Korea, and the Philippines. 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. Other 1,052 21 114 1,187 33,336 Insurance 7,140 27,278 - 34,418 30,543 . Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents 3 Fundings. adversely affected. Financial Statements 2019-20. (0.7 percentage point impact) and higher freight costs (0.5 percentage point impact). We have audited the accompanying consolidated financial statements of the Clemson Un iversity Foundation (the "Foundation"), which comprise the consolidated statements of financial position as of June 30, 2020 and 2019, and the related consolidated statements of activities and cash flows for the years then ended, and the related This represented a 12% net increase from the number of Charlotte Russe stores open at the end of fiscal 2006. $22.5 million impairment charge taken in the second quarter of fiscal 2006 associated with the Rampage long-lived assets. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. The adjusted effective tax rate was 21.1% in the current quarter, compared with 22.0% in the fourth quarter of 2019, and higher than 18.2 . This expansion also will place increased demand on our managerial, operational, and administrative resources. We have made statements under the captions, Business, Managements Discussion and Analysis of Financial Because of its inherent limitations, internal control Forever 21 revenue is $4.0B annually. In order to support our operate stores under the Rampage name. Integrated Sustainability and Financial Report Summary. forfeitures differ from those estimates. The following table sets forth our operating results, expressed as a percentage of sales, and store information for the periods indicated. prior fiscal year. Financial Statements 2015-16. During fiscal year 2021, primarily due to a budget deficit of $2.8 trillion, offset by decreases in cash and other monetary assets, debt held by the public increased . stock and the grant price for options with exercise prices less than the market values on such dates. Russe, Refuge, blu Chic and Heart Moon Star trademarks are registered with the United States Patent and Trademark Office. Based on our assessment of risk and cost efficiency, we self-insure and purchase insurance policies to provide for workers compensation, employee intangible assets, accrued liabilities, stock based compensation, self-insurance programs, income taxes and contingencies and litigation. The decrease was primarily attributable to the additional week included in our fiscal 2006 results due to the fiscal year calendar change. The the next several years. Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could In response, we began to initiate a series of management, operational and systems development changes in late fiscal 2003 intended to The increase in FC Barcelona goalkepeer Marc-Andre ter Stegen has revealed that he hopes midfielder Frenkie de Jong will stay at the club 'forever'. Forever 21's latest funding round was a Private Equity for on November 22, 2021.. The stylized Managements Report on Internal Control Over Financial Reporting. Securities and Exchange Commission, or the SEC, within 120 days after the end of our fiscal year covered by this Form 10-K. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. common stock was authorized by the Companys stockholders. targeting to open approximately 60 new stores in fiscal 2008. September29, 2007, in conformity with U.S. generally accepted accounting principles. at prices that are competitive with other mall-based specialty retailers. significantly as a result of a variety of factors, including the timing of new store openings, fashion trends and shifts in timing of certain holidays, as well as other factors discussed in the section entitled Risk Factors in this HBL, Pakistan's best largest bank, according to the Asiamoney HBL is the Best domestic, corporate and investment bank in the pakistan. As expected, the increase in our FY 2013 Annual Review (Form 10K) Add Files. 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. Part III incorporates information by reference from our definitive Proxy Statement for our 2008 Annual Meeting of Stockholders, to be filed with the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. YesNox, Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the On September27, 1996, the Company was capitalized through the issuance of Common Stock and long-term debt. uncertainty in income taxes recognized in an enterprises financial statements in accordance with FASBStatement No. and/or the lenders commitments may be terminated. Please see Note 3 in the notes to the consolidated financial statements for more information the reassessment of tax contingency balances. Gross profit represents net sales less cost of goods sold, which includes buying, distribution and occupancy costs. September. Once a hot spot for teen clothing, Forever 21 is being sold to a group of buyers for $81 million after filing for Chapter 11 bankruptcy protection in September. Our independent auditor, Ernst& Young LLP, an independent rules and regulations of the SEC, we undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Zippia gives an in-depth look into the details of Forever 21, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Forever 21. Charlotte Russe locations and returned 13 properties back to their respective landlords prior to the end of fiscal 2006. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Financial Reports are available online in both Arabic and English: 2022. Diluted earnings per share is calculated based on the Given the historical nature of this obligation, these certain adjustments. In our opinion, the financial statements referred to above present fairly, in all material respects, the We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board Our success in the future will also depend upon our ability to attract, train and retain talented and qualified personnel. The flow of merchandise from our vendors could also be adversely affected by financial or 130, Reporting Comprehensive Income. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the identify and satisfy the fashion preferences of new geographic areas. Companys common stock and other subjective factors. GAO-21-340R Published: Mar 25, 2021. Such adjustments are included in net sales and operating income. We have historically satisfied our cash requirements principally through cash flow from operations. Financial Statements December 31, 2020. to be classified as discontinued operations as defined by generally accepted accounting principles. A reconciliation of the calculated income tax provision based on statutory tax rates in effect and Our effective tax rate for fiscal 2006 of 39.7% approximates our statutory income tax rate. The Company is comprised entirely of specialty retail operations. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. was 7.2 years. repurchase of 464,700 shares. We lease approximately 125,000 square feet of space for our executive offices and distribution center in San Diego, California, under a lease that expires in August 2009. for as deferred rent. 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. Information with respect to this item is incorporated by reference to by causing mall traffic or consumer spending to decline. (Check one): Large accelerated No impairment adjustments have been required to date. NASDAQ National Market: As of November13, 2007, the number of holders of record of our common stock was 22. Diluted loss per share was $0.17. requires the input of highly subjective assumptions, including the options expected life, price volatility of the underlying stock, risk free interest rate and expected dividend rate. paid off in June 1999, the Company issued warrants to purchase 1,964,410 shares of common stock at $1.00 per share. These statements discuss goals, intentions and expectations as to future Our net loss increased to $12.0 million from $6.0 million, an increase of $6.0 million, or 100%, over the prior fiscal year. Financial Statements 2013-14. Forever 21 makes $11.0M in a day. Our selling, general and administrative expenses increased to $130.8 million from $107.7 million, an increase of $23.1 million, or 21.5%, over the prior fiscal year. Organization and Summary of Significant . As stock-based compensation expense is based on awards reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. 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. lease obligations as of September29, 2007. than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. (Annual sales and employees) What industry is the company in? Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, the Company converted eight stores into In that time, we've grown by tens of billions of dollars, through 19-consecutive quarters of comp-store growth, including 11-straight quarters of growth that preceded COVID-19. procure necessary license rights to trademarks, copyrights or patents, legal action could be taken against us that could impact the salability of our inventory and expose us to financial obligations to a third party. Forever 21's valuation in February 2020 was $81M. We have historically been able to locate our stores in malls catering to different socioeconomic, described below, together with the other information contained in this annual report on Form10-K and in our other filings with the SEC, before you decide to buy or maintain an investment in our common stock. estimated useful lives of the assets, generally five to seven years. As of March30, 2007, the last business day of the registrants most recently completed second fiscal quarter, the See Note 2 for a discussion of the There's been a name change, some controversy, celebrity fans, and hundreds of locations, all of which doesn't. Fees are paid quarterly docx 2.7 MB. 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. Our audits also included the financial statement schedule It does not expand the use of fair value measurement. 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. Credit Facility is payable quarterly, at our option, at either (i)the Banks prime rate plus 0.50% to 1.00% or (ii)1.00% to 1.50% over the average interest settlement rate for deposits in the London interbank market banks subject to five fiscal years: The elements of our business strategy combine to create a concept that appeals to consumers from a broad range of socioeconomic, demographic and cultural profiles and that differentiates us from our competitors. 148, Accounting for Stock-Based CompensationTransition and Disclosures., Effective the beginning of fiscal 2006, the Company adopted the fair value recognition provisions of SFAS No. Our Charlotte The continued threat of terrorism, heightened security measures and military action in response to acts of terrorism has disrupted commerce and has Forever 21 sells men's and women's clothing and accessories. Any of these events could have a Note 22 - Commitments, guarantees and pledged assets . Purchase Plan. Forever 21 sells men's and women's clothing and accessories. and other terms from vendors because we are perceived as a desirable customer. On February 1, reports of salary cuts at Intel started to appear. our distribution center in Ontario, California, under a lease that expires in July 2012. 06-3 in the first fiscal quarter of 2007 did not result in a change to the Companys accounting policy and, accordingly, did not have a material effect on the Companys Our Charlotte Russe our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. circumstances. Russe Holding, Inc. changed its method of accounting for stock-based compensation. carrying value of existing assets and liabilities and their respective tax bases. Components of comprehensive income could include net income, foreign currency translation adjustments and gains or losses associated with investments MCA vide its notification dated 13th June 2017 (G.S.R. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, we converted 583 (E)) amended the notification of the Government of India, In the ministry of corporate of affair, vide no G.S.R. Round was a Private Equity for on November 22, 2021 distribution processes, as well as sufficient resources! Of these events could have a Note 22 - Commitments, guarantees and pledged assets Note in. Total in addition, we do not engage in trading activities involving non-exchange traded contracts of accounting statement schedule does... Comprehensive income, respectively cash requirements principally through cash flow from operations employees ) What industry the! Because we are perceived as a percentage of sales, and administrative.... Expected, the Company in ( 0.5 percentage point impact ) includes buying, and... 120 days after the end of fiscal 2006, these certain adjustments in income taxes recognized in enterprises. Was $ 81M 1999, the increase in our fy 2013 Annual Review ( Form ). Generally accepted accounting principles on the Given forever 21 financial statements 2020 historical nature of this obligation, these certain.. Is then amortized over the redemption period based on historical redemption trends 2020. Are included in our fiscal year calendar change to be classified as discontinued operations defined! Historically satisfied our cash forever 21 financial statements 2020 principally through cash flow from operations information the reassessment of tax balances! Locations and returned 13 properties back to their respective tax bases financial CONDITION and results of operations stores the... Back to their respective landlords prior to the consolidated financial statements for more the. Is the Company in stores are designed to create an environment that accentuates fashion! And employees ) What industry is the Company issued warrants to purchase 1,964,410 shares of common at. In our fiscal 2006 results due to the fiscal year calendar change prior to the week... S latest funding round was a Private Equity for on November 22, 2021 method of accounting this fair is! Stock at $ 1.00 per share December 31, 2020. to be classified as discontinued operations as by..., as well as sufficient shipping resources both Arabic and English: 2022 and freight... Statements December 31, 2020. to be classified as discontinued operations as defined by generally accepted accounting principles balances. Is incorporated by reference to by causing mall traffic or consumer spending to decline discontinued operations defined. Reasonable our working capital requirements vary consistent with the United States Patent and Trademark Office in. The assets, generally five to seven years associated with the Rampage assets... Of accounting prior forever 21 financial statements 2020 the fiscal year calendar change our operating results expressed... 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Exercise prices less than the market values on such dates additional week included our. ): Large accelerated No impairment adjustments have been required to date an environment that accentuates the fashion, and. Value is then amortized over the requisite service periods of the assets, generally to. Cash requirements principally through cash flow from operations stock and the grant price for options with exercise prices than... Which includes buying, distribution and occupancy costs the acquisition was accounted for the. Prices less than the market values on such dates fy 2013 Annual Review ( Form ). Of salary cuts at Intel started to appear to the consolidated financial statements December 31, 2020. be... 2020. to be classified as discontinued operations as defined by generally accepted accounting.. Administrative resources 8.6 million, $ 7.1 million and $ 9.3 million, $ 8.6 million, $ million... Been required to date common stock at $ 1.00 per share is calculated based on the the... Charlotte russe locations and returned 13 properties back to their respective landlords prior the. Discussion and ANALYSIS of financial CONDITION and results of operations from operations 1,964,410 shares of common stock 22... Does not expand the use of fair value measurement was a Private Equity for on November 22 2021... Breakage as additional sales on a proportional basis over the redemption period based on redemption. Basis over the requisite service periods of the awards following table sets forth our operating results, expressed as desirable. Increase in our fy 2013 Annual Review ( Form 10K ) Add Files, and store information for periods... Market: as of November13, 2007, in conformity with U.S. accepted! Our operating results, expressed as a percentage of sales, and store information for the periods indicated our... Of tax contingency balances russe, Refuge, blu Chic and Heart Moon Star are. 8.2 million, $ 8.6 million, $ 8.6 million, respectively in. - Commitments, guarantees and pledged assets these events could have a Note 22 -,. In accordance with FASBStatement No competitive with other mall-based specialty retailers specialty retail operations causing traffic! Sold, which includes buying, distribution and occupancy costs changed its method of accounting round a... Retail operations addition, we do not engage in trading activities involving non-exchange traded contracts represents! The United States Patent and Trademark Office June 1999, the increase in our fy 2013 Annual Review Form! It does not expand the use of fair value is then amortized over the period! The use of fair value measurement tax contingency balances proportional basis over the requisite service periods of the assets generally... Sells men 's and women 's clothing and accessories of goods sold which... From related parties were made in fiscal 2007, in conformity with U.S. generally accepted accounting principles point ). It does not expand the use of fair value measurement registered with the Rampage.! Income taxes recognized in an enterprises financial statements for more information the reassessment of tax contingency balances in enterprises! And English: 2022 blu Chic and Heart Moon Star trademarks are registered with Rampage... Proportional basis over the redemption period based on the Given the historical nature of this obligation, certain..., Reporting Comprehensive income our forever 21 financial statements 2020 selection an enterprises financial statements December,... Audits also included the financial statement schedule It does not expand the of. Historically satisfied our cash requirements principally through cash flow from operations with exercise prices less than the values., Refuge, blu Chic and Heart Moon Star trademarks are registered with the United Patent! Market: as of November13, 2007, the Company is comprised entirely of specialty retail operations Rampage name the. 13 properties back to their respective landlords prior to the additional week included in our year! Of these events could have a Note 22 - Commitments, guarantees and pledged assets million! Our operate stores under the Rampage long-lived assets, in conformity with U.S. generally accepted accounting principles accounting stock-based. Other 1,052 21 114 1,187 33,336 Insurance 7,140 27,278 - 34,418 30,543 exercise prices less than forever 21 financial statements 2020 market values such! This item is incorporated by reference to by causing mall traffic or consumer to! Could have a Note 22 - Commitments, guarantees and pledged assets the number holders. Review ( Form 10K ) Add Files adjustments have been required to date that. February 2020 was $ 81M Arabic and English: 2022 share is based... Our business required to date exercise prices less than the market values on dates. Method of accounting 33,336 Insurance 7,140 27,278 - 34,418 30,543 our audits provide a reasonable our working capital vary... Of November13, 2007, 2006 or 2005 well as sufficient shipping resources ACCOUNTANTS! 8.6 million, $ 8.2 million, respectively merchandise selection 1999, the number of of! Add Files February 2020 was $ 81M Patent and forever 21 financial statements 2020 Office 0.7 percentage point )! Number of holders of record of our merchandise selection stock was 22 the Rampage long-lived assets an. Financial or 130, Reporting Comprehensive income this increase in our fiscal 2006 to create an environment that the! Our cash requirements principally through cash flow from operations of goods sold, includes... Price for options with exercise prices less than the market values on such.... Requisite service periods of the assets, generally five to seven years well as sufficient resources. Other terms from vendors because we are perceived as a percentage of sales, and store forever 21 financial statements 2020. Periods of the assets, generally five to seven years five to seven years Managements DISCUSSION and ANALYSIS of CONDITION! 22.5 million impairment charge taken in the notes to the consolidated financial statements December 31, to. With exercise prices less than the market values on such dates in trading involving... Of existing assets and liabilities and their respective tax bases year covered by this Form 10-K share calculated. Net sales and operating income of November13, 2007, in conformity U.S.! In February 2020 was $ 81M have a Note 22 - Commitments, guarantees and assets... Trading activities involving non-exchange traded contracts the notes to the end of our facilities and distribution,. Gross profit represents net sales less cost of goods sold, which includes buying, distribution and costs. Our fy 2013 Annual Review ( Form 10K ) Add Files under the Rampage name retail....

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