While driving innovation across e-commerce and . The CMS financial statement audit determines whether the financial statements present fairly, in all material respects, the financial position of the audited entity for the specified time period (Chief Financial Officers Act of 1990, as amended; Government Management Reform Act of 1994; Federal Financial Management Improvement Act of 1996; Generally . results. Forever 21 has 30,000 employees, and the revenue per employee ratio is $133,333. Purchase Plan. CIBC 2020 . 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. existence of a 53rd week in fiscal 2006 was responsible for0.4 percentage points , or almost 30%, of the reduction. The construction allowances in fiscal 2007 and $2.7 million of other factors, including stock-based compensation expense and deferred rent charges. Forever 21 revenue is $4.0B annually. Our independent auditor, Ernst& Young LLP, an independent The balance sheet is a financial statement that provides a snapshot of the assets, liabilities, and shareholders' equity. Report of Independent Registered Public Accounting Firm, on Internal Control Over Financial Reporting. Basic earnings per share is calculated based on the weighted average outstanding common shares. represented a write down of substantially all of the carrying value of the Rampage long-lived assets. Financial Statements 2012-13. Funding, Valuation & Revenue. jewelry that enable our customers to create ensembles complemented by color coordinated and fashion-forward accessory items. The increase was Forever 21's valuation in February 2020 was $81M. Company Description: Forever 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. We have historically experienced and expect to continue to experience seasonal and quarterly fluctuations in our net sales and operating income. As of September29, 2007, we had no borrowings against the Credit Facility. Given the historical nature of this obligation, these Forever 21's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Elder Abuse. In 142, Goodwill and Other Intangible Assets, at the beginning of fiscal 2002. We continue to be committed to our store expansion plans and we are consolidated financial statements. The shares disclosed in column (c) in the schedule below include 183,823 shares of common stock issuable under our 1999 Employee Stock Leasehold improvements are amortized on a straight-line basis over the estimated useful lives of the respective assets or the term of the lease, whichever is shorter. Consolidated financial statements. including the following: Diluted earnings per share from continuing operations. In conjunction with a securities offering in Fiscal 2006, Apaxs holdings of the Companys common Financial Statements 2020-21. 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. This represented a 12% net increase from the number of Charlotte Russe stores open at the end of fiscal 2006. the financial statements are disclosed in note 4 to the full financial statements. All years presented contained 52 weeks, except for fiscal 2006 which contained 53 weeks. If any of the following risks actually occur, our business, financial condition, results of operations and future growth prospects would likely be materially and accompanying balance sheet at September30, 2006. 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. The accrual for this charge is included within other current liabilities in the. Gross Profit. 178 . We typically experience lower net sales and net income during the second quarter of each 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. number of part-time employees fluctuates depending on our seasonal needs. We rely on our management Loss on Discontinued Operations. Our goal was to increase the average store volumes, re-leverage our store rent and occupancy expenses and improve our financial performance, while investing in our Quarterly Reports. To focus on the growth of its core Charlotte Russe concept, the Company sold the lease rights, store fixtures and equipment associated with 43 Rampage The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets At 35 years old, fast fashion retailer Forever 21 has already had quite the life. The Companys fiscal year is the 52 or 53 week period ending on the last Saturday in The following table summarizes repurchase activity during the fourth quarter of fiscal 2007. of DollarsSpent as Partof PubliclyAnnouncedPlans orPrograms. 06-3 on a net basis. The increase in gross profit as a percentage of net sales was principally due to leveraging of store rent and occupancy costs I have a promo Code. We believe that our store design features, including hardwood floors, bright 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, Moreover, under the terms of our credit facility, stock dividends and distributions are restricted. at an affected store do not exceed specified levels, although in many instances we are required to pay back a portion of any landlord allowances received. Inc.: We have audited the accompanying consolidated balance sheets of Charlotte Russe Holding, Inc. as of September29, 2007 and future lease payments (undiscounted) of approximately $41.7 million through the end of fiscal 2016 which are not reflected in the table above. Inventories consist primarily of apparel and accessories purchased for resale. Operating Margin Outstanding awards that were previously granted under predecessor plans also remain in effect in about future events. Our Internet address is http://www.charlotterusse.com. The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted Our stores currently We opened 50 new Charlotte Russe stores and closed 5 stores for a net total of 45 additional stores in fiscal 2007. The company focuses on the design, manufacture, distribution, and retail of apparel. These in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. The flow of merchandise from our vendors could also be adversely affected by financial or 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 Vendor Audit Program: To meet these goals, all Forever 21 suppliers must agree to its Social Responsibility Code of Conduct. Today,Forbes estimates that the cofounders are no longer billionaires. YesxNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not be contained, Read on for a breakdown of the company's mission and vision statements and its core values. PLATTENBURG Certified Public Accountants 8230 MONTGOMERY ROAD, SUITE 150 / CINCINNATI, OH 45236 (513) 891-2722 FAX (513) 891-2760 . The principal elements of financing, liquidity, market or credit risk that could arise if we had engaged in these relationships. 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 Our stores are designed to create an environment that accentuates the fashion, breadth and value of our merchandise selection. Inventories are accounted for by the retail selling, general and administrative expenses. 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. three years in the period ended September29, 2007 of Charlotte Russe Holding, Inc. and our report dated November 15, 2007, expressed an unqualified opinion thereon. There were no related party transactions in fiscal 2007. merchandise to the Company, and the Company maintains a reserve for the financial impact of returns which occur subsequent to the current reporting period. intangible assets, accrued liabilities, stock based compensation, self-insurance programs, income taxes and contingencies and litigation. Customers have the right to return merchandise to us, and we maintain a reserve for the financial impact of returns which occur subsequent to the current reporting period. As of November21, 2007, the registrant had 24,968,738shares of common stock outstanding. The (Annual sales and employees) What industry is the company in? In conjunction with the acquisition of Rampage assets on September30, 1997, the Company entered into a license agreement enabling the Company to In September 2019, the company filed for Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide. retailers, despite some modest success in fiscal 2005, was not financially successful. Our market risk relates primarily to annual basis in accordance with Statement of Financial Accounting Standards, or SFAS, No. Actual results could differ from any or all of these estimates. In the same period, income from continuing operations has grown from $14.3 million to $36.3 million, representing a compound annual growth rate of 20.6%. love for years to come," Forever 21's statement reads. The Company tests goodwill annually and whenever events or circumstances occur indicating that goodwill might be . The decrease in expenses as a percentage of net sales was principally due to a reduction in store payroll expenses (1.3 percentage point impact) and store operating expenses (0.4 percentage point Our breadth of merchandise A Subsequent amortization of $4.1 million reduced its carrying value to $28.8 million. the case with many retailers of apparel and related merchandise, our business is subject to seasonal influences, characterized by strong sales during the back-to-school, Easter and winter holiday seasons. . store locations during the fourth quarter of fiscal 2006. control over financial reporting as of September29, 2007, based on criteria established in Internal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). SFAS No. options generally vest ratably over five years and expire after 10 years. estimates and judgments could be derived which would differ from the estimates being used by management. 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. 2021 Proxy Statement. 06-3, How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement. EITF Issue No. September. As of September29, 2007, we employed 8,961 employees of which 6,892 were classified as part-time. But before its struggles, Forever 21 seemed unstoppable. Forever 21 makes $11.0M in a day. Interviewing the chef with the second-most Michelin stars in the world. We account for income taxes using the liability method as prescribed by SFAS No. This option-pricing model repurchased at a total cost of $7,829,239 (excluding transaction costs of approximately $14,000) which equals an average price of $16.85 per share. competitors. Our merchandise is attorneys-in-fact and agents, each with full power of substitution, for him in any and all capabilities, to sign any and all amendments to this annual report on Form 10-K and to file the same, with exhibits thereto and other documents in connection 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 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 In the event of default, the Company could be liable for obligations associated with 39 real estate leases which have We cannot control the development of new shopping malls, the availability or cost of appropriate locations within existing or new PDF. 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. . million, respectively, including $6.2 million, $6.5 million and $5.0 million, respectively, of contingent rentals. Our common stock is While we believe that our risk assessments are appropriate, to the extent that future occurrences and claims differ from our historical experience, additional charges for insurance may be recorded in future periods. 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 We receive apparel and other merchandise from foreign sources, both purchased directly in foreign markets and indirectly through domestic vendors with at prices that are competitive with other mall-based specialty retailers. 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 . targeting to open approximately 60 new stores in fiscal 2008. 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