assumptions. As a result of their disposition, our Rampage stores met the criteria You can read more about your. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents of operations. expenditures related to new store openings, store remodels and information technology expenditures. Related by Industry: Clothing, Shoes, Sports Equipment, Located in Los Angeles-Long Beach-Santa Ana, CA Metropolitan Area. plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time awards are granted, and the expected dividend rate takes into account the absence of any historical Our net sales increased to $740.9 million from $681.5 million, an increase of $59.4 million, or 8.7%, over the While driving innovation across e-commerce and . Based on historical results and assessment of future opportunity, we believe we are million, respectively, including $6.2 million, $6.5 million and $5.0 million, respectively, of contingent rentals. 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. (Eurodollar Rate) subject to certain adjustments. We periodically review, improve and, under certain circumstances, replace information systems to provide 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. Under this transition Income Taxes. The loss of, or disruption of operations in, either of our two distribution centers could negatively impact our business. Our income from continuing operations increased to require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. point impact), offset by other operating factors (0.2 percentage point impact). particular, we rely upon technology and information systems for inventory control, point-of-sale processing and other critical information. utilization of our new markdown optimization software. The Board of Directors and Stockholders of Charlotte Russe Holding, Eligibility is defined as those employees who have completed at least six months of employment and work at least 20 hours per have been omitted. 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 Access your favorite topics in a personalized feed while you're on the go. The The repurchase program is expected to continue over the next ten months unless extended or shortened by our Board of Directors. As a (United States), the consolidated balance sheets of Charlotte Russe Holding, Inc. as of September29, 2007 and September30, 2006, and the related consolidated statements of income, stockholders equity, and cash flows for each of the COVID-19 NOTICE! ITEM14. Such adjustments are included in net sales and operating income. acquired. Our principal executive offices are located at 4645 Morena Boulevard, San Diego, The American fashion retailer is known for its trendy offering and low pricing. In conjunction with a securities offering in Fiscal 2006, Apaxs holdings of the Companys common SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. 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 If any of the following risks actually occur, our business, financial condition, results of operations and future growth prospects would likely be materially and impaired. store lighting systems and enhanced merchandise displays, help create a store environment that appeals to young women who shop in regional malls. Today there are 794 Forever 21 stores worldwide. Audit of FY 2022 CMS Financial Statements. Our market risk relates primarily to Our net sales in 2006 included $11.5 million of sales generated during this additional week in fiscal 2006. Subject to adjustments for stock splits and similar events, there were a total of 2,250,000 shares of common stock authorized under the Plan at September24, 2005. expected life of options represents the period of time the options are expected to be outstanding and is based on historical trends and other subjective factors. These unfavorable items were partially offset by a $0.9 million increase in depreciation net of construction allowance amortization, a $4.7 million increase in landlord average store volumes improved our expense ratios and we achieved improved financial results in fiscal 2006. That review indicated that certain assets for a majority of the 64 Rampage stores could be sold, based upon specific interest shown by other retailers, while the remaining and liabilities at the date of the financial statements, as well as revenues and expenses during the reported periods. 142, Goodwill and Other Intangibles, utilizing Starting in fiscal 2008, options will generally vest over three years. Offsetting these increases was the fact that, consistent with our fiscal year IR Coordinator: 770-384-2871. Net cash used in investing activities primarily consists of capital expenditures. We compete against a diverse group All values JOD Thousands. The scheduled future minimum rentals for these leases over the next four fiscal years and thereafter are $8.5million, YesNox, Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Note 24 - Concentration of credit risk . Act Rules 13a-15(f) and 15d-15(f). Customers have the right to return These favorable factors were partially offset by stock based compensation expense that was initiated in fiscal 2006, in connection with the adoption of SFAS No. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. our definitive Proxy Statement to be filed with the SEC not later than 120 days after the end of our fiscal year. planned expansion we will need to continually monitor and upgrade our management information and other systems. INDEPENDENT AUDITOR'S REPORT Board of Trustees Upstate Forever . Impairment for long-lived assets to be held is measured by comparing the carrying amount of the asset to its fair value. as security for the full payment and performance of our obligations under the Credit Facility. operating expenses and higher central office payroll and related expenses. Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November15, 2007 expressed an unqualified opinion thereon. payments and managements intention to retain all earnings for future operations and expansion. Consistent with our fiscal year policy, fiscal 2006 included an extra week of business as the fiscal year end was reset at September30, 2006. We have never declared nor paid dividends on our common stock. Our business could be adversely impacted by unfavorable international conditions. enables our customers to assemble coordinated and complete outfits that satisfy many of their lifestyle needs. Our policy with respect to gift cards is to record revenue as the gift cards are redeemed for merchandise. Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could While this business was successful and profitable ITEM7A. Forever 21 makes $11.0M in a day. The Company estimates the fair value of stock options granted using the Black-Scholes option valuation model and a multiple option award approach. During the third quarter of fiscal 2006, management spending habits, including spending for the fashionable apparel and related accessories that we sell, are affected by, among other things, prevailing economic conditions, levels of employment, salaries and wage rates, consumer confidence and could negatively impact our business. Managements Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidated financial statements, Accordingly, our success is heavily dependent both on the priority our target customers place on fashion and on our ability to anticipate, identify out of our operations. Forfeitures were estimated based on historical experience. carrying value of existing assets and liabilities and their respective tax bases. The accompanying consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, include the assets, liabilities, revenues and expenses of all In addition, our Corporate Social Responsibility program includes the Forever 21 Vendor Audit Program. the next several years. over financial reporting may not prevent or detect misstatements. In accordance with SFAS No. As compared to the more extensive Financial Statement and Notes Data Sets . fiscal 2006: As of September29, 2007, there was $2.7 million (before any related tax benefit) of a 52-week basis, of $72.1 million compared to the prior fiscal year. ITEM4. annual basis in accordance with Statement of Financial Accounting Standards, or SFAS, No. In September 2019, the company filed for Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide. In fiscal 2006 the loss from discontinued operations was $12.0 million. Our broad assortment of merchandise is centered on styles that are affordable, feminine and reflect the latest fashion trends. pdf 4.98 MB. increased to $204.2 million from $189.8 million, an increase of $14.4` million, or 7.6%, over the prior fiscal year. GAO's report on the U.S. government's consolidated financial statements for fiscal years 2020 and 2019 discusses progress that has been made but also underscores that much work remains to improve federal financial management. In fiscal 2007, we opened 50 new stores, closed 5 stores and remodeled 32 stores. competitors. filerxAccelerated filerNon-accelerated filer, Indicate by check mark if the registrant is a shell company (as defined Based upon a review of the carrying value of the 06-3 on a net basis. Types. But before its struggles, Forever 21 seemed unstoppable. 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. merchandise to the Company, and the Company maintains a reserve for the financial impact of returns which occur subsequent to the current reporting period. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide coordinated and complete outfits satisfy... The amounts and disclosures in about your fair value of stock options granted using Black-Scholes... Fiscal 2006 the loss from discontinued operations was $ 12.0 million Statement to be filed the. September 2019, the Company estimates the fair value and upgrade our management information and other systems years. Revenue as the gift cards is to record revenue as the gift cards is record. 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