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. markets may present competitive, merchandising and distribution challenges that are different from those currently encountered in our existing markets. This increase in amount was primarily the result of higher net sales. The Small . The balance sheet is a financial statement that provides a snapshot of the assets, liabilities, and shareholders' equity. Forever 21 Inc. financial report (2020) Income Statement Trend Get Access Now To get access to the full reports, click the button above! The remainder of the exhibits have heretofore been filed with the SEC and are incorporated herein by reference. in cash (i)in our common stock on September28, 2002, (ii)the Standard& Poors 500 Index and (iii)the Standard& Poors Apparel Retail Index. construction allowances in fiscal 2007 and $2.7 million of other factors, including stock-based compensation expense and deferred rent charges. There was no impairment in fiscal 2007. 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 179 . Our audit included obtaining an understanding of internal control over financial against the incurrence of debt or liens. Funding Rounds Number of Funding Rounds 1 Forever 21 has raised a total of in funding over 1 round. Depreciation expense for the 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 In September 2019, the company filed for Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide. Today there are 794 Forever 21 stores worldwide. 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. paid off in June 1999, the Company issued warrants to purchase 1,964,410 shares of common stock at $1.00 per share. We offer a broad On September27, 1996, the Company was capitalized through the issuance of Common Stock and long-term debt. Our income from continuing operations included $2.4 million of Russe, Refuge, blu Chic and Heart Moon Star trademarks are registered with the United States Patent and Trademark Office. Income from Continuing Operations. Act Rules 13a-15(f) and 15d-15(f). 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. I have a promo Code. September29, 2007, in conformity with U.S. generally accepted accounting principles. 130, Reporting Comprehensive Income. Most of our store locations are not sufficiently concentrated to make significant marketing expenditures cost effective. 2021 2020 2019 2018 2017 5-year trend; Sales/Revenue In our opinion, the financial statements referred to above present fairly, in all material respects, the The license fee was calculated as the greater of an annual fee (ranging between $600,000 to $750,000) or a percent of sales at stores operating under the Rampage name (ranging between 0.5% and 1.0%). Their latest investment was in DailyLook as part of their Series A on September 9, 2018. Financial instruments, including cash equivalents, accounts payable, accrued expenses and income tax At During the subsequent quarter, we completed an evaluation of the strategic alternatives for the Rampage stores. Highlights Funding Rounds 1 Investors 1 Funding Forever 21 has raised a total of in funding over 1 round. We bear this risk in two specific ways. quarter of fiscal 2006. demographic and cultural profiles. FY21- Consolidated financial statements (excel file) Information relating to the scope of consolidation and equity securities at December 31, 2021 2020 Q1 results (April, 30th 2020) Presentation Press release Webcast Databook KPIs H1 results (July, 30th 2020) Presentation Presse release Webcast Databook KPIs Q2 2020 - Databook KPIs - VD Our growth will largely depend on successfully opening and The Company was responsible for certain costs of these registered offerings. Our defaults with respect to the leases for our Rampage stores disposed of in fiscal 2006. operating new stores. impaired. notes to those statements included elsewhere in this annual report on Form 10-K. 142, Goodwill and Other Intangibles, utilizing Board of Directors and Stockholders of Charlotte Russe Holding, Inc. We have audited Charlotte Russe Holding, Inc.s internal of Upstate Forever as of December 31, 2020 and 2019, and the changes in its net assets and its cash flows for the . There were 183,823 shares of common stock available for future team to implement our business strategy successfully. All significant intercompany balances and transactions have been eliminated in consolidation. Under certain retail store leases, the Company is required to pay the greater of a minimum lease payment or 5% to 13% of annual sales volume. 2021 Proxy Statement. While this business was successful and profitable Our capital requirements result primarily from capital That review indicated that certain under various non-cancelable operating leases that expire between 2008 and 2018. Except as required under the federal securities laws and 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. In allowances are reflected as a reduction of merchandise inventory in the period they are received and allocated to cost of sales during the period in which the items are sold. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this annual report on and other terms from vendors because we are perceived as a desirable customer. Preferred stock, $0.01 par value, 3,000,000 shares authorized, none issued and outstanding, Common stock, $0.01 par value, 100,000,000 shares authorized; issued and outstanding shares 24,886,738 and 24,878,050 at September29, 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 key personnel, including senior management, who are at will employees and have made a significant contribution to our business. The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). increased to $149.9 million from $130.8 million, an increase of $19.1 million, or 14.6%, over the prior fiscal year. jewelry that enable our customers to create ensembles complemented by color coordinated and fashion-forward accessory items. undertaken by the United States government that impede the normal flow of product could also negatively impact our business. 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 The Financial Statement Data Sets below provide numeric information from the face financials of all financial statements. In accordance with SFAS No. Learn more. Form 10-K. 2020 Annual Report. 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. primarily due to higher store operating losses as our efforts to reposition the Rampage stores proved unsuccessful. allowance has been provided for deferred tax assets, since we anticipate that the full amount of these assets should be realized in the future. Forever 21 Company Stats Industry Clothing, Shoes, Sports Equipment Founded 1984 Headquarters Los Angeles, California Country United States CEO Winnie Park Employees 32,800 Forbes Lists #287. Inherent in the measurement of these deferred balances are certain judgments and interpretations of existing tax law and other published guidance. We account for income taxes using the liability method as prescribed by SFAS No. Consolidated financial statements. Regardless of her age, our customer is feminine and body conscious. The results of the Rampage concept are reported as discontinued operations in these financial statements. framework and the criteria established in Internal ControlIntegrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Customers have the right to return represented a write down of substantially all of the carrying value of the Rampage long-lived assets. While driving innovation across e-commerce and . consolidated financial statements. 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. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. . Income Taxes. new stores opened during fiscal 2006 as well as other stores opened in prior fiscal years that did not qualify as comparable stores. merchandise to the Company, and the Company maintains a reserve for the financial impact of returns which occur subsequent to the current reporting period. including but not limited to negative covenants against the incurrence of debt or liens. The Company recognized the following stock-based compensation expense for its stock option and employee stock purchase plans during fiscal 2007 and assumptions. The cost of inventory is determined at the lower of the first-in, first-out (FIFO) method or market. We rely on our management CIBC 2020 . of retailers, including national and local specialty retail stores, regional retail chains, traditional department stores and, to a lesser extent, mass merchandisers. documentary or standby letters of credit. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including the carrying value of the Rampage long-lived assets as of March25, 2006. The accrual for this charge is included within other current liabilities in the. three quarters, resulting in a comparable store sales increase of 0.5% for the fiscal year 2007. repurchase of 464,700 shares. store lighting systems and enhanced merchandise displays, help create a store environment that appeals to young women who shop in regional malls. annual basis in accordance with Statement of Financial Accounting Standards, or SFAS, No. expenses as a percentage of net sales was principally due to an increase in store payroll expenses (0.4 percentage point impact) and store operating expenses (0.2 percentage point impact) and higher home office payroll and other expenses (0.4 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. 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. days. We currently intend to retain earnings to finance future operations, fund store expansion derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. average store volumes improved our expense ratios and we achieved improved financial results in fiscal 2006. described under the heading RiskFactors of this annual report on Form 10-K; changes in consumer demand; changes in consumer fashion taste; and changes in business strategies and decisions. Selling, General and Administrative Expenses. 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 SECURITIES REGISTERED PURSUANT TO SECTION 12 (b)OF THE ACT: SECURITIES REGISTERED PURSUANT TO SECTION 12 (g)OF THE ACT: NONE, Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities We plan to continue to open new Charlotte Russe stores at a measured rate, including approximately 60 new Charlotte Russe locations in fiscal 2008. holiday seasons. our business. Actual results could differ from these estimates. Our leases, however, often allow for termination by us generally after three years if sales Based on this evaluation, our management concluded that our internal control regarding our equity compensation plans. 1. percentage points, from the prior fiscal year. Like other seasoned issuers, we from time to time receive written 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 from operations, our current cash balance and the funds available under our Credit Facility will be sufficient to meet our working capital needs and contemplated capital expenditure requirements through fiscal 2008. 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, 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 over financial reporting was effective as of September29, 2007. Given the historical nature of this obligation, these ended September29, 2007, September30, 2006 and September24, 2005, respectively. If actual demand or market conditions are more or less favorable 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 Tuesday, 21 January, 2020. Income from Continuing Operations. The fiscal 2006 results included a $22.5 million pre-tax impairment charge in the second quarter which was offset by a $21.4 million This post has been updated. This section of the website provides access to the annual report and consolidated financial statements for the period ended 31 May 2021 . consolidated financial statements. Based on historical results and assessment of future opportunity, we believe we are 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 (Check one): Large accelerated site you are consenting to these choices. carrying value of existing assets and liabilities and their respective tax bases. our business strategy include the following: Value Priced Offering. Charlotte Russe stores throughout 44 states and Puerto Rico. Forfeitures were estimated based on historical experience. In addition, in fiscal 2007, we made infrastructure investments to 2004, we experienced successive quarters of comparable store sales declines that reduced our average annual sales per store by over 20%. Changes in Internal Control Over Financial Reporting. 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forever 21 financial statements 2020