Stein Mart 2013 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 2013 Stein Mart 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 52

  • 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

UHJXODWLRQV DQG GLVFORVXUH REOLJDWLRQV  $GGLWLRQDO OHJDO RU UHJXODWRU\ UHTXLUHPHQWV RU PRUH VWULQJHQW LQWHUSUHWDWLRQV RI DSSOLFDEOH
UHTXLUHPHQWVFRXOGLQFUHDVH WKHFRPSOH[LW\RI WKHUHJXODWRU\HQYLURQPHQWLQZKLFK ZHRSHUDWH DQGWKHFRVW RIFRPSOLDQFH )DLOXUHWR
FRPSO\ZLWKWKHYDULRXVODZVDQGUHJXODWLRQVDVZHOODVFKDQJHVLQODZVDQGUHJXODWLRQVFRXOGKDYHDQDGYHUVHLPSDFWRQRXUUHSXWDWLRQ
RSHUDWLRQVRUILQDQFLDOUHVXOWV
7KH6(&,QYHVWLJDWLRQFRXOGPDWHULDOO\DQGDGYHUVHO\DIIHFWRXUEXVLQHVVRXUILQDQFLDOFRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV2Q
-XO\WKH6(&LQIRUPHGWKH&RPSDQ\WKDWLWZDVFRQGXFWLQJDQLQYHVWLJDWLRQRIWKH&RPSDQ\DQGPDGHDUHTXHVWIRUYROXQWDU\
SURGXFWLRQRIGRFXPHQWVDQGLQIRUPDWLRQ%DVHGXSRQWKHUHTXHVWWKH&RPSDQ\EHOLHYHVWKHLQYHVWLJDWLRQLVIRFXVHGRQWKH&RPSDQ\¶V
UHFHQWUHVWDWHPHQWRISULRUILQDQFLDOVWDWHPHQWVDQGWKH&RPSDQ\¶VFKDQJHLQDXGLWRUV7KH&RPSDQ\LVFRRSHUDWLQJIXOO\ZLWKWKH6(&LQ
WKLVPDWWHU7KH&RPSDQ\LVXQDEOHWRSUHGLFWZKDWDFWLRQLIDQ\PLJKWEHWDNHQLQWKHIXWXUHE\WKH6(&DVDUHVXOWRIWKHPDWWHUVWKDW
DUH WKH VXEMHFW RI WKH LQYHVWLJDWLRQ RU ZKDW LPSDFW WKH FRVW RI UHVSRQGLQJ WR WKH LQYHVWLJDWLRQ PLJKW KDYH RQ WKH &RPSDQ\¶V ILQDQFLDO
FRQGLWLRQ RU UHVXOWV RI RSHUDWLRQV 7KH &RPSDQ\ KDV QRW HVWDEOLVKHG DQ\ SURYLVLRQ IRU ORVVHV LQ UHVSHFW RI WKLV PDWWHU $ SURWUDFWHG
LQYHVWLJDWLRQ FRXOG LPSRVH VXEVWDQWLDO FRVWV DQG GLVWUDFWLRQV UHJDUGOHVV RI LWV RXWFRPH 7KHUH FDQ EH QR DVVXUDQFH WKDW DQ\ ILQDO
UHVROXWLRQRIWKLVLQYHVWLJDWLRQZLOOQRWKDYHDPDWHULDODQGDGYHUVHHIIHFWRQWKH&RPSDQ\¶VILQDQFLDOFRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV
:HSUHYLRXVO\LGHQWLILHGDQGUHPHGLDWHGPDWHULDOZHDNQHVVHVLQRXULQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJZKLFKPD\LIRXU
UHPHGLDWLRQPHDVXUHVDUHLQVXIILFLHQWUHVXOWLQDGGLWLRQDOPDWHULDOPLVVWDWHPHQWVLQRXUILQDQFLDOVWDWHPHQWV2XUPDQDJHPHQWLV
UHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJDGHTXDWHLQWHUQDOFRQWURORYHURXUILQDQFLDOUHSRUWLQJDVGHILQHGLQ5XOHDIXQGHUWKH
6HFXULWLHV([FKDQJH$FWRI,QSULRUILVFDO\HDUVRXUPDQDJHPHQWLGHQWLILHGFHUWDLQPDWHULDOZHDNQHVVHVLQRXULQWHUQDOFRQWURORYHU
ILQDQFLDOUHSRUWLQJ:HEHOLHYHDOOVXFKPDWHULDOZHDNQHVVHVKDYHEHHQIXOO\DGGUHVVHGE\WKHUHPHGLDWLRQPHDVXUHVSXWLQSODFHGXULQJ
WKHILVFDO\HDU+RZHYHULIRXUUHPHGLDWLRQPHDVXUHVDUHLQVXIILFLHQWWRDGGUHVVWKHPDWHULDOZHDNQHVVHVRULIDGGLWLRQDOPDWHULDO
ZHDNQHVVHVRUVLJQLILFDQWGHILFLHQFLHVLQRXULQWHUQDOFRQWURODUHGLVFRYHUHGRURFFXULQWKHIXWXUHRXUILQDQFLDOVWDWHPHQWVPD\FRQWDLQ
PDWHULDOPLVVWDWHPHQWVDQGZHFRXOGEHUHTXLUHGWRUHVWDWHRXUILQDQFLDOUHVXOWV
,7(0%815(62/9('67$))&200(176
1RQH
,7(03523(57,(6
6WRUHV
7KHIROORZLQJWDEOHVXPPDUL]HVRXUVWRUHFRXQWDFWLYLW\GXULQJWKHODVWWKUHHILVFDO\HDUV
  
6WRUHVDWEHJLQQLQJRI\HDU   
6WRUHVR
S
HQHGGXULQ
J
WKH
\
HDU   
6WRUHVFORVHGGXULQ
WKH
HDU
6WRUHVDWHQGRI
\
HDU   
$VRI)HEUXDU\RXUVWRUHVRSHUDWHGLQWKHIROORZLQJVWDWHV
6WDWH 1XPEHURI6WRUHV
6WDWH 1XPEHURI6WRUHV
$
ODEDPD  0LVVRXUL
$
UL]RQD  1HYDGD
$
UNDQVDV  1HZ-HUVH\
&DOLIRUQLD  1HZ<RUN
&RORUDGR 1RUWK&DUROLQD 
)ORULGD  2KLR
*HRUJLD  2NODKRPD
,OOLQRLV  3HQQV\OYDQLD
,QGLDQD 6RXWK&DUROLQD 
.DQVDV  7HQQHVVHH 
.HQWXFN\  7H[DV 
/RXLVLDQD  8WDK
0DVVDFKXVHWWV  9LUJLQLD 
0LFKLJDQ  :LVFRQVLQ
0LVVLVVLSSL  
:HOHDVHDOORIRXUVWRUHORFDWLRQVJHQHUDOO\IRU\HDUVZLWKRSWLRQVWRH[WHQGWKHOHDVHWHUPIRUWZRRUPRUH\HDUSHULRGV:HKDYH
WKHULJKWWRWHUPLQDWHVRPHRIWKHVHOHDVHVEHIRUHWKHH[SLUDWLRQGDWHXQGHUVSHFLILHGFLUFXPVWDQFHVDQGVRPHZLWKVSHFLILHGWHUPLQDWLRQ