Express 2014 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2014 Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 78

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
EXPRESS, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands, Except Per Share Amounts)
January 31, 2015 February 1, 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ...................................... $ 346,159 $ 311,884
Receivables, net .............................................. 23,272 17,384
Inventories .................................................. 241,063 212,510
Prepaid minimum rent ......................................... 29,465 28,554
Other ....................................................... 14,277 13,129
Total current assets ........................................ 654,236 583,461
PROPERTY AND EQUIPMENT .................................... 840,340 767,661
Less: accumulated depreciation .................................. (432,733) (391,539)
Property and equipment, net ..................................... 407,607 376,122
TRADENAMES/DOMAIN NAMES ................................. 197,562 197,812
DEFERRED TAX ASSETS ......................................... 12,371 17,558
OTHER ASSETS ................................................. 6,374 7,717
Total assets .............................................. $1,278,150 $1,182,670
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable ............................................. $ 153,745 $ 154,736
Deferred revenue ............................................. 28,575 28,436
Accrued expenses ............................................. 105,139 116,035
Total current liabilities ..................................... 287,459 299,207
LONG-TERM DEBT .............................................. 199,527 199,170
DEFERRED LEASE CREDITS ..................................... 128,450 114,509
OTHER LONG-TERM LIABILITIES ................................ 106,375 95,215
Total liabilities ........................................... 721,811 708,101
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS’ EQUITY:
Common stock – $0.01 par value; 500,000 shares authorized; 90,400
shares and 89,859 shares issued at January 31, 2015 and February 1,
2014, respectively, and 84,298 shares and 83,966 shares outstanding at
January 31, 2015 and February 1, 2014, respectively ............... 904 899
Additional paid-in capital ....................................... 149,789 130,511
Accumulated other comprehensive loss ............................ (3,057) (728)
Retained earnings ............................................. 516,785 448,460
Treasury stock – at average cost; 6,102 shares and 5,893 shares at
January 31, 2015 and February 1, 2014, respectively ............... (108,082) (104,573)
Total stockholders’ equity .................................. 556,339 474,569
Total liabilities and stockholders’ equity ....................... $1,278,150 $1,182,670
See notes to consolidated financial statements.
43