Express 2014 Annual Report Download - page 30

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* 2012 represents a 53-week year.
(1) Prior to the Reorganization, we were treated as a partnership for federal income tax purposes, and therefore
had not been subject to federal and state income tax, with the exception of a limited number of state and
local jurisdictions. In connection with the Reorganization, we became taxable as a corporation, effective
May 2, 2010, and recorded a $31.8 million tax benefit related to this conversion in 2010.
(2) Comparable sales have been calculated based upon stores that were open at least thirteen full months as of
the end of the reporting period. For 2013, comparable sales were calculated based on the 52-week period
ended February 1, 2014 compared to the 52-week period ended February 2, 2013. For 2012, comparable
sales were calculated based upon the 53-week period ended February 2, 2013 compared to the 53-week
period ended February 4, 2012.
(3) Net sales per gross square foot is calculated by dividing net sales for the applicable period by the average
gross square footage during such period. For the purpose of calculating net sales per gross square foot,
e-commerce sales and other revenues are excluded from net sales.
(4) Working capital is defined as current assets, less cash and cash equivalents, less current liabilities, excluding
the current portion of long-term debt.
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