Interviewing the chef with the second-most Michelin stars in the world. The Company performs such analysis on an individual store basis and estimates fair values based 2006. We operate in a highly competitive environment characterized by low barriers to entry. COVID-19 NOTICE! In addition, we maintain a reserve for the financial impact of markdowns that we believe are likely to be encountered in the future. The year-to-date effective tax rate was 23.5%. The following table sets forth our operating results, expressed as a percentage of sales, and store information for the periods indicated. 2007 and September30, 2006, respectively, Total liabilities and stockholders equity, Cost of goods sold, including buying, distribution and occupancy costs, Loss on discontinued operations, net of tax (Note 2), CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY, Stock option transactions, including tax benefits, Issuance of stock under employee stock purchase plan. The expansion into new On February7, 2006, an additional 1,000,000 shares of operating expenses and higher central office payroll and related expenses. Income Taxes. and are not intended to forecast or be indicative of the possible future performance of our common stock. As a 2021 Proxy Statement. Net income from continuing operations per share: The calculation of dilutive shares excludes the effect of the following options and warrants that The Financial Statement Data Sets below provide numeric information from the face financials of all financial statements. 123, Accounting for Stock-Based Compensation. The Company provided the requisite pro forma disclosures and 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 Actual results could differ from any or all of these estimates. If any of the following risks actually occur, our business, financial condition, results of operations and future growth prospects would likely be materially and Stock issuable upon exercise of outstanding warrants, it would have the right to nominate two directors. UrbanOutfittersIncAnnual_report.pdf 562.9 KB. There were 183,823 shares of common stock available for future and liabilities at the date of the financial statements, as well as revenues and expenses during the reported periods. 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. At 35 years old, fast fashion retailer Forever 21 has already had quite the life. relates. Comparable store sales increase (decrease). It planned to close up to 178 stores in the US and as many as 350 globally. 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. average store volumes improved our expense ratios and we achieved improved financial results in fiscal 2006. 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. This agreement provided that, among other things: Upon disposition of an asset, its accumulated depreciation is deducted from the original cost, and any gain or loss is reflected in current operations. estimated useful lives of the assets, generally five to seven years. as well as other partner offers and accept our, filed for Chapter 11 bankruptcy protection. Forever 21's latest funding round was a Private Equity for on November 22, 2021.. percentage points, from the prior fiscal year. . Our quarterly results of operations may fluctuate Fiscal Year Ended September30, 2006 (53 weeks) Compared to Fiscal Year Ended September24, 2005 (52 weeks). 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 its entirety by, and should be read in conjunction with, Managements Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included elsewhere in this As of annual report on Form 10-K. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under Risk Factors in this annual report on Form fixtures and equipment for 43 Rampage store locations to Forever 21 Retail, Inc., and Forever 21, Inc., the parent company of Forever 21 Retail, guaranteed Forever 21 Retails obligations under the leases that it assumed in connection with the Our comparable store sales trends continued to improve for the first three quarters of fiscal 2007, lead times permitting us to react to sell-through trends and fashion preferences. Our information technology Under the terms The company is headquartered in Los Angeles, California. The number of shares of common stock issuable under these warrants was increased by an aggregate of 1,030 shares pursuant to certain Act. The efficient operation of our business is heavily dependent on information systems. . In a court filing on Sunday, it was announced that Forever 21's business would be sold to a group of buyers for $81 million. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. 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 expense. Securities and Exchange Commission, or the SEC, within 120 days after the end of our fiscal year covered by this Form 10-K. week, except for employees who own common stock or options on such common stock that represents 5%. 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, Although we believe these The difference between rent expense 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. CBI websites generally use certain cookies to enable better interactions with. There was no long-term debt at September29, 2007 or September30, 2006. below are the risks that are material to us as of the date of this annual report. the acquisition of our business in September 1996. There's been a name change, some controversy, celebrity fans, and hundreds of locations, all of which doesn't. Heres a look at the splendid new emoji. The American fashion retailer is known for its trendy offering and low pricing. In fiscal 2006 the loss from discontinued operations was $12.0 million. The company was founded in 1984 and pulled in $700,000 in sales in its first year. All We believe our distribution capacity at the San Diego facility and the Ontario facility should be sufficient to accommodate our expected store growth through 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. the next several years. In February 2007, the FASB issued SFAS No. It is lower than the 39.7% rate utilized in the prior fiscal year due to a favorable adjustment in fiscal 2007 to the prior years stock-based compensation tax benefit. We are a growing, mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. Online Integrated Sustainability and Financial Report. 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 . UrbanOutfittersInc.pdf 1.1 MB. circumstances warrant, utilizing a test that begins with an estimate of the fair value of the reporting unit or intangible asset. Our short term investments have a weighted average maturity of less than 37 days and are predominantly invested in money market instruments and These investments are considered to be cash equivalents and are In the event of default, we could be liable for obligations associated with 39 real estate leases which have future lease payments September29, 2007, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the payable are carried at cost, which management believes approximates fair value because of the short-term maturity of these instruments. September30, 2006, and the related consolidated statements of income, stockholders equity, and cash flows for each of the three years in the period ended September29, 2007. The scheduled future minimum rentals for these leases over the next four fiscal years and thereafter are $8.5million, (0.7 percentage point impact) and higher freight costs (0.5 percentage point impact). completed an evaluation of the strategic alternatives for the Rampage stores. Our responsibility is to express an opinion on the companys internal control over financial reporting based on our audit. changes in interest rates. In response, we began to initiate a series of management, operational and systems development changes in late fiscal 2003 intended to ended September29, 2007, September30, 2006 and September24, 2005, respectively. 142 requires that goodwill be tested annually for impairment or more frequently if events and This option-pricing model Pretty much ever since Rise of Iron, the final Destiny 1 expansion, players have been wondering when SIVA, the Warmind-created plague of nanomachines that devoured several Iron lords would return to the game. 142, Goodwill and Other Intangible Assets, at the beginning of fiscal 2002. 2004, we experienced successive quarters of comparable store sales declines that reduced our average annual sales per store by over 20%. under the Credit Facility. This method records gift card breakage as additional sales on a proportional basis over the redemption period based on historical redemption trends. Support combating the spread of Covid-19. incurred in connection with the opening of a new store are expensed as incurred. KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mark A. Hoffman and Patricia K. Johnson, and each of them acting individually, as his true and lawful Unpredictable or unknown factors could also have material adverse of Upstate Forever as of December 31, 2020 and 2019, and the changes in its net assets and its cash flows for the . Consolidated financial statements. Selling, General and Administrative Expenses. In. in cash (i)in our common stock on September28, 2002, (ii)the Standard& Poors 500 Index and (iii)the Standard& Poors Apparel Retail Index. Those standards See assumptions. 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 Emergency Hotline: 0800 029 999 It decreased $10.2 million in fiscal 2007 due to the repurchase of our common stock ($7.8 million), But when the reasons . circumstances. Goodwill represents the excess of the cost over the fair value of net assets Target Corporation. As of September29, 2007, we had no borrowings against the Credit Facility. See accompanying notes to consolidated financial statements. Company Description: Forever 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. Club Financial Information. The Companys policy with respect to gift cards is to record revenue as the gift cards are redeemed for merchandise. These statements discuss goals, intentions and expectations as to future Founders Jin Sook and Do Won "Don" Chang had a combined net worth of $5.9 billion at the company's peak in 2015. If actual demand or market conditions are more or less favorable The annual report on Form 10-K. the income statement presentation on either a gross basis or a net basis of the taxes within the scope of the issue is an accounting policy decision. Forever 21 is known for its trendy offerings and low pricing The average store size is 38,000 square feet (3,500 m2) The company sells accessories, beauty products, home goods and clothing for women, men and children The company has been involved in various controversies There was no difference between net income and comprehensive income for any of the periods presented. basis for our opinion. planned expansion we will need to continually monitor and upgrade our management information and other systems. Our market risk relates primarily to Landlord construction allowances and other such lease incentives are recorded as deferred lease credits and are amortized on a straight-line basis as a reduction to rent expense. In Inventories are accounted for by the retail This increase in amount was attributable to new store expansion and increased Inc.: We have audited the accompanying consolidated balance sheets of Charlotte Russe Holding, Inc. as of September29, 2007 and paid off in June 1999, the Company issued warrants to purchase 1,964,410 shares of common stock at $1.00 per share. than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. long-lived assets of the Rampage stores compared with the estimated future discounted and non-discounted cash flows from their operations, we recorded a non-cash impairment charge of $22.5 million in the second quarter of fiscal 2006. SFAS No. pre-tax gain on the asset dispositions in the fourth quarter. In addition, the SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically. incorporated by reference to Item15 of PartIV of this annual report on Form 10-K, Exhibits and Financial Statement Schedules., ITEM9. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, whenever events or changes in Common shares authorized for future stock option grants, Shares authorized for issuance under ESPP, Calculation of Fair Value of Stock Options. For instance, our quarterly comparable store sales percentages for the Charlotte Russe stores have ranged as high as positive 21.0% and as low as negative 5.3% over the last eight fiscal quarters.
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