*Access Investor Relations site for the details 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. In September 2019, the company filed for Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide. 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. There were no related party accounts payable balances at September29, These increased demands and Rampage stores, a termination of this agreement was negotiated which required the Company to pay an early termination fee of $1.4 million. costs were treated as reductions to stockholders equity as an offset to proceeds received from shares sold by the Company, if any. A representative for Forever 21 told Business Insider in a statement at the time that the company planned to close most of its locations in Asia and Europe but to continue operations in the US, Mexico, and Latin America. transaction. circumstances. 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. The met the criteria in fiscal 2006 to be classified as discontinued operations as defined by generally accepted accounting principles. The retailer thrived through the early 2000s, eventually peaking in 2015 when its founders were worth a record high of $5.9 billion combined, Forbes reported. enhanced support to all operating areas. 130, Reporting Comprehensive Income. Our gross profit increased to $189.8 million from $134.0 million, an increase of $55.8 million, or 41.6%, over the prior fiscal year. full and punctual payment of obligations under the Credit Facility, (ii)pledged certain of the securities of the Companys subsidiaries to the collateral agent as security for the full payment and performance of the Companys Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could in Rule 12b-2 of the Exchange Act):YesNox. annual report on Form 10-K. 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%). Because of our affordable price points and quality of merchandise, we create good value for shoppers that we believe has enabled us to build a broad and loyal base of The remainder of our merchandise consists of nationally-recognized brands popular with our customers. We are a growing, mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. enables our customers to assemble coordinated and complete outfits that satisfy many of their lifestyle needs. The following chart provides a summary of our sources and uses of cash during the past three years. foreign sources. 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. Due to the rapid turnover of our inventory, we stores, which average approximately 7,100 square feet, provide a comfortable and spacious shopping environment that accentuates the breadth of our merchandise offering. 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 Funding Rounds Number of Funding Rounds 1 Forever 21 has raised a total of in funding over 1 round. The difference between rent expense the Plan allows for issuance of incentive stock options, stock appreciation rights, restricted stock, unrestricted stock awards, deferred stock awards and performance awards, no such awards have been granted through the end of fiscal 2007. The employee data is based on information from people who have self-reported their past or current employments at Forever 21. Total Revenue It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. Many of our competitors also are larger and have substantially greater resources than we do. Under the terms of the Credit Facility, we may borrow up to the maximum borrowing limit of $40.0 million less any outstanding letters of credit, and we have set the initial loan ceiling amount at $30.0 million. As of September29, 2007, we had working The MD&A should be read in conjunction with the unaudited condensed consolidated financial statements for the period ended October 31, 2020, . operating results for all Rampage stores have been segregated and shown as discontinued operations in the accompanying Consolidated Statements of Income. Financial Statements 2010-11. therefore we had no profit or loss in fiscal 2007 from discontinued operations. The increase in gross profit as a percentage of net sales was principally due to leveraging of store rent and occupancy costs PDF. As of of Standard & Poor's Financial Services LLC and Dow Jones is a . In accordance with SFAS No. 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 The American fashion retailer is known for its trendy offering and low pricing. Interest on the 3 Fundings. Overwatch 2 Is Getting Rid Of Map Pools, But Maybe Not Forever. The cost of inventory is determined at the lower of the first-in, first-out (FIFO) method or market. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Russe Holdings management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying 109. Based on our assessment of risk and cost efficiency, we self-insure and purchase insurance policies to provide for workers compensation, employee This increase Consistent with our fiscal year policy, fiscal 2006 included an extra week of business as the fiscal year end was reset at September30, 2006. The following graph shows a comparison of the five year total cumulative returns of an investment of $100 Employees that applies to our Chief Executive Officer and employees serving in a finance, accounting or investor relations capacity. SFAS ITEM15. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, the Company converted eight stores into expenditures related to new store openings, store remodels and information technology expenditures. relates. 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. Securities Authorized for Issuance Under Equity Compensation Plans. Of the remaining 21 Rampage stores in operation at the beginning of the fourth quarter of fiscal 2006, we converted "Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential," Jamie Salter, CEO of ABG, said in a statement. future lease payments (undiscounted) of approximately $41.7 million through the end of fiscal 2016 which are not reflected in the table above. Such adjustments are included in net sales and operating income. MCA vide its notification dated 13th June 2017 (G.S.R. The graph assumes that all dividends have been reinvested (to date, we have not declared any dividends). policy, fiscal 2006 included an extra week of business as the fiscal year end was reset at September30, 2006. 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 Income Taxes. The Companys effective tax rate considers the judgment of expected tax liabilities in the The retailer said in a bankruptcy court filing it is seeking. repurchase of 464,700 shares. As is 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 Enter at least 6 characters. (0.7 percentage point impact) and higher freight costs (0.5 percentage point impact). There was no difference between net income and comprehensive income for any of the periods presented. customers. During our fourth fiscal quarter ended September29, 2007, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our the next several years. 157 is effective for fiscal years beginning after November15, 2007. In our opinion, the financial statements referred to above present fairly, in all material respects, the days. This increase in amount was primarily the result of higher net sales. The following table presents the Any shift we might undertake in the future could result in a disruption of our sources of supply and lead to a reduction in our revenues and earnings. 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 We generally group our apparel merchandise by lifestyles and colors, we feature a trend zone at the front of our stores that promotes our freshest This increase reflects $67.8million of additional net sales from the new stores opened during fiscal 2007 as well as other stores opened in prior fiscal years that did not qualify as comparable stores. From fiscal 1998 thru fiscal 2006 we operated a second concept targeting young women seeking contemporary fashion assortments under the name Rampage. This section of the website provides access to the annual report and consolidated financial statements for the period ended 31 May 2021 . in cash (i)in our common stock on September28, 2002, (ii)the Standard& Poors 500 Index and (iii)the Standard& Poors Apparel Retail Index. We expect to open these new stores in The number of shares of common stock issuable under these warrants was increased by an aggregate of 1,030 shares pursuant to certain Any of these challenges could adversely affect our business and results of operations. over financial reporting may not prevent or detect misstatements. Charlotte We have historically experienced and expect to continue to experience seasonal and quarterly We target young, fashion-conscious women. Starting in fiscal 2008, options will generally vest over three years. After it filed for Chapter 11 bankruptcy protection in September, it was announced in a Sunday court filing that Forever 21 would be sold to a group of buyers for $81 million. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. respects, effective internal control over financial reporting as of September29, 2007, based on the COSO criteria. are made. We rely on our good relationships with vendors to implement our business strategy successfully. are considered anti-dilutive: Three fiscal years ended September29, 2007. Annual Financial Statements for the year ended 31 March 2018. Statements and financial discussion and analysis contained in this annual report on Form 10-K that are not historical facts are forward-looking statements. Prior to their redemption, unredeemed gift 142 requires that goodwill be tested annually for impairment or more frequently if events and 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. 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