Attached files
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| 8-K - GUESS INC | v177517_8k.htm |
 GUESS?, INC. |
NEWS RELEASE
|
GUESS?, INC. REPORTS RECORD
RESULTS
Q4 EPS
Reached a Record of $0.93 Compared to $0.51 Last Year
Fiscal Year
2010 EPS Reached a Record of $2.61 Compared to $2.25 Last
Year
Provides Q1
Fiscal Year 2011 EPS Guidance in the Range of $0.46 to $0.48
Provides Fiscal Year 2011
EPS Guidance in the Range of $2.87 to $2.95
Increases
Quarterly Dividend 28% to 16 Cents per Share
Fourth
Quarter Fiscal 2010 Highlights
- Global revenues increased 14% to a
record of $642 million
- European revenues increased
24%
- North American retail revenues
increased 7%; comp sales increased 5.3%
- Operating margin, excluding impairment
charges, improved to 19.5% from 16.2%
Fiscal Year
2010 Highlights
- Global revenues increased 2% to a
record of more than $2.1 billion
- Operating margin, excluding impairment
charges, improved to 17.1% from 16.9%
- Operating cash flow increased 57% to
$358 million
LOS
ANGELES, March 17, 2010 – Guess?,
Inc. (NYSE: GES) today reported financial results for the fourth quarter and
fiscal year ended January 30, 2010.
Fourth
Quarter Fiscal 2010 Results
For the fourth quarter of fiscal 2010,
the Company reported net earnings of $86.6 million, an increase of 80.7%
compared to net earnings of $47.9 million for the quarter ended January 31,
2009. Diluted earnings per share increased 82.4% to $0.93 in the
current quarter versus $0.51 in the prior-year quarter. In the
quarter, the Company recorded a $4.3 million non-cash asset impairment charge
(compared to $22.3 million in the prior year fourth quarter) related to
long-lived assets associated with retail stores, primarily in North America. Excluding the impairment
charges, the Company's adjusted net earnings were $89.3 million in the current
fourth quarter, an increase of 44.0% compared to adjusted net earnings of $62.0
million for the quarter ended January 31, 2009. Adjusted diluted
earnings per share increased 45.5% to $0.96 from $0.66 in the comparable period
last year.
Paul Marciano, Chief Executive Officer,
commented, "Today, our brands enjoy outstanding momentum worldwide and a very
strong competitive position. We believe our reported results clearly
validate the relevance of our brands and our success. We remain
focused on our long-term strategies and we continue to see tremendous
opportunities to increase sales productivity and expand further across the
globe. This year, we will reignite our plans for growth and invest in
retail expansion, both in North America and Europe. We will also continue
building our infrastructure and resume investing in marketing programs to
further increase consumer awareness of our brands."
Mr. Marciano continued, "Our performance
in the fourth quarter exceeded our expectations in almost every measure, with
each business posting strong top line growth and solid margin
improvements. We delivered great product that resonated well with our
customers and drove a double-digit revenue increase. We managed the
business well and controlled our costs and our inventories
effectively. These results set a new record and closed a strong year
for Guess?, in spite of the many challenges posed by a difficult economic
environment. This was a year in which we expanded our international
business, improved the profitability of our new businesses, fully restored our
operating margin structure and generated strong cash flows."
Mr. Marciano concluded, "We are pleased
with our record results this past year and we are very excited about our
future. Our strategy remains intact. We have a strong
portfolio of lifestyle brands with significant momentum worldwide. We
have a highly diversified business model that produces outstanding
results. Our capital structure has never been more solid, with more
than half a billion dollars in cash and no debt. And we have a highly
motivated and seasoned management team, capable of delivering in both prosperous
and challenging times. This is a powerful combination that positions
us well to achieve our objectives for growth and
profitability."
Total net revenue for the fourth quarter
of fiscal 2010 increased 14.4% to $642.0 million from $561.1 million in the
prior fourth quarter period. During the quarter, the Company's retail
stores in North
America generated revenue
of $309.4 million, a 7.2% increase from $288.6 million in the prior-year
quarter. Comparable store sales for the current fourth quarter
increased 5.3% (2.0% in
constant dollars) compared to the same period a year ago. The
Company operated 432 retail stores in the United States and Canada at the end of the fourth quarter of
fiscal 2010 versus 425 stores a year earlier.
2
The Company's wholesale segment, which
includes its Asian operations, generated revenue of $84.7 million during the
quarter, a 21.1% increase from $69.9 million in the prior-year
quarter.
The Company's European segment generated
revenue of $222.6 million during the quarter, an increase of 23.7% when compared
to $179.9 million in the prior-year quarter.
The Company's licensing segment
generated revenue of $25.4 million, a 12.3% increase from $22.6 million in the
prior-year period.
Operating earnings for the fourth
quarter of fiscal year 2010 increased 76.3% to $120.7 million (including a $7.8
million favorable currency translation benefit) from $68.5 million in the fourth
quarter of the prior year. Operating earnings in the current period
included a $4.3 million non-cash asset impairment charge, compared to a $22.3
million charge in the prior-year period. Operating margin in the
fourth quarter increased 660 basis points to 18.8%, compared to the prior year's
quarter. This operating margin improvement was driven by stronger
product margins in all segments and lower asset impairment charges, partially
offset by higher performance-based compensation expense, primarily due to the
reversal of certain compensation accruals in the prior-year
period.
The Company's net earnings were impacted
by a higher effective tax rate in the current quarter. For the fourth
quarter, the tax rate was 29.9%, compared to 22.9% in the prior year's
quarter. The higher quarterly tax rate resulted from finalization of
the annual effective tax rates in both years.
Excluding the non-cash impairment
charges, adjusted operating earnings increased 37.7% to $125.0 million from
$90.7 million in the fourth quarter of the prior year
period. Adjusted operating margin increased 330 basis points to 19.5%
from 16.2% in the prior year period.
Fiscal Year
2010 Results
For the fiscal year ended January 30,
2010, the Company reported net earnings of $242.8 million, an increase of 13.7%
compared to net earnings of $213.6 million for the year ended January 31,
2009. Diluted earnings per share increased 16.0% to $2.61 in fiscal
year 2010 versus $2.25 in the prior year. Excluding asset impairment
charges of $4.7 million in the current fiscal year and $24.4 million in the
prior year, the Company's adjusted net earnings were $245.7 million, an increase
of 7.3% compared to adjusted net earnings of $229.0 million for the year ended
January 31, 2009. Adjusted diluted earnings per share increased 9.5%
to $2.64 from $2.41 in the prior year.
Total net revenue for fiscal year 2010
increased 1.7% to $2.13 billion from $2.09 billion in the prior
year. The Company's retail stores in North America generated revenue of $983.9 million for
fiscal year 2010, an increase of 0.6% from $978.0 million in the prior
year. Comparable store sales for fiscal 2010 decreased 4.5% compared
to the same period a year ago.
3
Net revenue from the Company's wholesale
segment, which includes its Asian operations, increased 1.3% in fiscal year 2010
to $300.0 million from $296.2 million in the prior year.
Net revenue from the Company's European
segment increased 3.9% to $747.2 million in fiscal year 2010, compared to $719.0
million in the prior year.
Licensing segment net revenue decreased
2.9% to $97.4 million in fiscal year 2010, compared to $100.3 million in the
prior year.
Operating earnings for fiscal year 2010
increased 9.1% to $358.8 million (including a negative $7.8 million currency
translation impact), from $328.8 million in the prior year. Operating
earnings in the current year included $4.7 million in non-cash asset impairment
charges, compared to $24.4 million in the prior-year
period. Operating margin for fiscal year 2010 increased by 120 basis
points to 16.9%. This margin improvement was driven by stronger
product margins in North America and Asia and lower impairment charges,
partially offset by occupancy cost deleverage due to the negative comparable
store sales in North
America, along with a
higher mix of European owned retail stores.
The Company's net earnings benefited
from a lower effective tax rate in fiscal 2010. For the year, the tax
rate was 31.9%, compared to 32.6% in the prior year. The lower tax
rate was due primarily to an increase of profits in lower tax
jurisdictions.
Excluding the non-cash impairment
charges, fiscal 2010 adjusted operating earnings increased 2.9% to $363.5
million from $353.2 million in fiscal 2009. Fiscal 2010 adjusted
operating margin increased 20 basis points to 17.1% from 16.9% in fiscal
2009.
Outlook
For the
first quarter ending May 1, 2010, the Company’s expectations are as
follows:
|
-
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Consolidated net revenues are
expected to range from $495 million to $510
million.
|
|
-
|
Operating margin is expected to be
about 12.5%.
|
|
-
|
Diluted earnings per share are
expected to be in the range of $0.46 to
$0.48.
|
For the
fiscal year ending January 29, 2011, the Company’s expectations are as
follows:
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-
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Consolidated net revenues are
expected to range from $2.30 billion to $2.35
billion.
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-
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Operating margin is expected to be
about 17%.
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-
|
Diluted earnings per share are
expected to be in the range of $2.87 to
$2.95.
|
Dividend
The Company also announced today that
its Board of Directors has approved an increase of its quarterly cash dividend
to 16 cents per share on the Company's common stock, a 28% increase over its
most recent quarterly dividend. This dividend will be payable on
April 16, 2010 to shareholders of record at the close of business on March 31,
2010.
4
Adjusted
Results
The adjusted results for the fourth
quarter and full year of fiscal 2010 discussed herein exclude the impact of
non-cash asset impairment charges related to long-lived assets associated with
the Company's retail stores located in North America, Asia and Europe. These adjusted results are
provided to enhance the user's overall understanding of the Company's historical
operations and financial performance. Specifically, the Company
believes the adjusted results provide investors with relevant period-to-period
comparisons that are consistent and more easily understood. The
unaudited adjusted results are provided in addition to, and not as alternatives
for, the Company's reported results determined in accordance with generally
accepted accounting principles. A complete reconciliation of actual
results to the adjusted results appears below in the table entitled
"Reconciliation of Reported Statement of Income to the Adjusted Statement of
Income."
The Company will hold a conference call
at 4:30 pm (ET) on March 17, 2010 to discuss the news announced in this press
release. A live webcast of the conference call will be accessible at
www.guessinc.com via the "Investor's Info"
link. The webcast will be archived on the website for 30
days.
Guess?, Inc. designs, markets,
distributes and licenses a lifestyle collection of contemporary apparel, denim,
handbags, watches, footwear and other related consumer products. As
of January 30, 2010, the Company operated 432 retail stores in the United States and Canada and 778 retail stores outside of the
United States and Canada, of which 125 were directly
owned. The Company also distributes its products through better
department and specialty stores around the world. For more
information about the Company, please visit www.guessinc.com.
Except for historical information
contained herein, certain matters discussed in this press release, including
statements concerning the Company's growth plans and future prospects, including
guidance for the first quarter and full year of fiscal 2011, are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
are only expectations, and involve known and unknown risks and uncertainties,
which may cause actual results in future periods to differ materially from what
is currently anticipated. Factors which may cause actual results in
future periods to differ materially from current expectations include, among
other things, domestic and international economic conditions, including economic
and other events that could negatively impact consumer confidence and
discretionary consumer spending; our ability to, among other things, anticipate
consumer preferences, effectively operate our various retail concepts,
effectively manage inventories and successfully execute our strategies,
including our supply chain and international growth strategies; and risks
associated with changes in economic, political, social and other conditions
affecting our foreign operations, including currency fluctuations. In
addition to these factors, the economic, litigation-related and other risks
identified in the Company's most recent annual report on Form 10-K and other
filings with the Securities and Exchange Commission, including but not limited
to the risk factors discussed therein, could cause actual results to differ
materially from current expectations.
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Guess?,
Inc.
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Investor
Relations
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(213)
765-5578
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| Source: | Guess?, Inc. |
5
Condensed
Consolidated Statements of Income
(amounts
in thousands, except per share data)
|
Three
Months Ended
|
Twelve
Months Ended
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January
30,
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January
31,
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January
30,
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January
31,
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2010
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2009
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2010
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2009
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|||||||||||||||||||||||||||||
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$
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%
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$
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%
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$
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%
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$
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%
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|||||||||||||||||||||||||
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Product
sales
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$ | 616,625 | 96.0 | % | $ | 538,440 | 96.0 | % | $ | 2,031,114 | 95.4 | % | $ | 1,993,125 | 95.2 | % | ||||||||||||||||
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Net
royalties
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25,405 | 4.0 | % | 22,630 | 4.0 | % | 97,352 | 4.6 | % | 100,265 | 4.8 | % | ||||||||||||||||||||
| 642,030 | 100.0 | % | 561,070 | 100.0 | % | 2,128,466 | 100.0 | % | 2,093,390 | 100.0 | % | |||||||||||||||||||||
| 346,714 | 54.0 | % | 333,648 | 59.5 | % | 1,186,979 | 55.8 | % | 1,170,762 | 55.9 | % | |||||||||||||||||||||
| 295,316 | 46.0 | % | 227,422 | 40.5 | % | 941,487 | 44.2 | % | 922,628 | 44.1 | % | |||||||||||||||||||||
| 170,317 | 26.5 | % | 136,678 | 24.3 | % | 577,963 | 27.2 | % | 569,398 | 27.2 | % | |||||||||||||||||||||
| 4,305 | 0.7 | % | 22,272 | 4.0 | % | 4,708 | 0.2 | % | 24,443 | 1.2 | % | |||||||||||||||||||||
| 120,694 | 18.8 | % | 68,472 | 12.2 | % | 358,816 | 16.9 | % | 328,787 | 15.7 | % | |||||||||||||||||||||
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Other
income (expense):
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||||||||||||||||||||||||||||||||
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Interest
expense
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(453 | ) | (0.1 | %) | (1,200 | ) | (0.2 | %) | (2,176 | ) | (0.1 | %) | (4,730 | ) | (0.2 | %) | ||||||||||||||||
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Interest
income
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236 | 0.0 | % | 1,015 | 0.2 | % | 1,697 | 0.1 | % | 6,101 | 0.3 | % | ||||||||||||||||||||
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Other,
net
|
5,005 | 0.8 | % | (6,000 | ) | (1.1 | %) | 3,592 | 0.1 | % | (11,349 | ) | (0.6 | %) | ||||||||||||||||||
| 125,482 | 19.5 | % | 62,287 | 11.1 | % | 361,929 | 17.0 | % | 318,809 | 15.2 | % | |||||||||||||||||||||
| 37,571 | 5.8 | % | 14,258 | 2.5 | % | 115,599 | 5.4 | % | 103,784 | 4.9 | % | |||||||||||||||||||||
| 87,911 | 13.7 | % | 48,029 | 8.6 | % | 246,330 | 11.6 | % | 215,025 | 10.3 | % | |||||||||||||||||||||
| 1,322 | 0.2 | % | 117 | 0.1 | % | 3,569 | 0.2 | % | 1,463 | 0.1 | % | |||||||||||||||||||||
| $ | 86,589 | 13.5 | % | $ | 47,912 | 8.5 | % | $ | 242,761 | 11.4 | % | $ | 213,562 | 10.2 | % | |||||||||||||||||
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Earnings
per common share attributable to common stockholders:
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Basic
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$ | 0.94 | $ | 0.51 | $ | 2.63 | $ | 2.27 | ||||||||||||||||||||||||
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Diluted
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$ | 0.93 | $ | 0.51 | $ | 2.61 | $ | 2.25 | ||||||||||||||||||||||||
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Weighted
average common shares outstanding attributable to common
stockholders:
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Basic
|
91,276 | 91,847 | 90,893 | 92,561 | ||||||||||||||||||||||||||||
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Diluted
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92,254 | 92,282 | 91,592 | 93,258 | ||||||||||||||||||||||||||||
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Adjusted
earnings from operations (1)
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$ | 124,999 | 19.5 | % | $ | 90,744 | 16.2 | % | $ | 363,524 | 17.1 | % | $ | 353,230 | 16.9 | % | ||||||||||||||||
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Adjusted
net earnings attributable to Guess?, Inc. (1)
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$ | 89,325 | 13.9 | % | $ | 61,982 | 11.0 | % | $ | 245,749 | 11.5 | % | $ | 228,962 | 10.9 | % | ||||||||||||||||
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Adjusted
diluted earnings per common share attributable to common stockholders
(1)
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$ | 0.96 | $ | 0.66 | $ | 2.64 | $ | 2.41 | ||||||||||||||||||||||||
(1) The
adjusted results reflect the exclusion of the asset impairment charges (and
related taxes where applicable) recorded during the
periods presented. A complete reconciliation of actual results to
adjusted results is presented in the table entitled "Reconciliation of Reported
Statement of Income to the Adjusted Statement of Income."
6
Reconciliation
of Reported Statement of Income to the Adjusted Statement of Income
(amounts
in thousands, except per share data)
The
following table provides reconciliations of reported earnings from operations to
adjusted earnings from operations and reported net earnings attributable to
Guess?, Inc. to adjusted net earnings attributable to Guess?, Inc., in each case
to reflect the exclusion of non-cash asset impairment charges.
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Three
Months Ended
|
Twelve
Months Ended
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January
30,
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January
31,
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January
30,
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January
31,
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|||||||||||||||||||||||||||||
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2010
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2009
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2010
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2009
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%
of
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%
of
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%
of
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%
of
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|||||||||||||||||||||||||||||
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$
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Revenues
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$
|
Revenues
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$
|
Revenues
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$
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Revenues
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|||||||||||||||||||||||||
| $ | 4,305 | $ | 22,272 | $ | 4,708 | $ | 24,443 | |||||||||||||||||||||||||
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Less
related income taxes
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1,569 | 8,202 | 1,720 | 9,043 | ||||||||||||||||||||||||||||
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Asset
impairment charges net of income taxes
|
$ | 2,736 | $ | 14,070 | $ | 2,988 | $ | 15,400 | ||||||||||||||||||||||||
| $ | 120,694 | 18.8 | % | $ | 68,472 | 12.2 | % | $ | 358,816 | 16.9 | % | $ | 328,787 | 15.7 | % | |||||||||||||||||
| 4,305 | 22,272 | 4,708 | 24,443 | |||||||||||||||||||||||||||||
| $ | 124,999 | 19.5 | % | $ | 90,744 | 16.2 | % | $ | 363,524 | 17.1 | % | $ | 353,230 | 16.9 | % | |||||||||||||||||
| $ | 86,589 | 13.5 | % | $ | 47,912 | 8.5 | % | $ | 242,761 | 11.4 | % | $ | 213,562 | 10.2 | % | |||||||||||||||||
| 2,736 | 14,070 | 2,988 | 15,400 | |||||||||||||||||||||||||||||
| $ | 89,325 | 13.9 | % | $ | 61,982 | 11.0 | % | $ | 245,749 | 11.5 | % | $ | 228,962 | 10.9 | % | |||||||||||||||||
| $ | 0.96 | $ | 0.66 | $ | 2.64 | $ | 2.41 | |||||||||||||||||||||||||
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Weighted
average common shares outstanding attributable to common
stockholders:
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Basic
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91,276 | 91,847 | 90,893 | 92,561 | ||||||||||||||||||||||||||||
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Diluted
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92,254 | 92,282 | 91,592 | 93,258 | ||||||||||||||||||||||||||||
7
Consolidated
Segment Data
(dollars
in thousands)
|
Three
Months Ended
|
Twelve
Months Ended
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January
30,
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January
31,
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%
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January
30,
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January
31,
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%
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2010
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2009
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chg
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2010
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2009
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chg
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Retail
operations
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$ | 309,365 | $ | 288,609 | 7 | % | $ | 983,903 | $ | 977,980 | 1 | % | ||||||||||||
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Wholesale
operations
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84,704 | 69,924 | 21 | % | 299,969 | 296,181 | 1 | % | ||||||||||||||||
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European
operations
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222,556 | 179,907 | 24 | % | 747,242 | 718,964 | 4 | % | ||||||||||||||||
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Licensing
operations
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25,405 | 22,630 | 12 | % | 97,352 | 100,265 | -3 | % | ||||||||||||||||
| $ | 642,030 | $ | 561,070 | 14 | % | $ | 2,128,466 | $ | 2,093,390 | 2 | % | |||||||||||||
|
Earnings
(loss) from operations:
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Retail
operations before asset impairment charges
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$ | 54,269 | $ | 33,920 | 60 | % | $ | 135,997 | $ | 116,449 | 17 | % | ||||||||||||
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Retail
asset impairment charges
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(3,307 | ) | (21,122 | ) | (3,710 | ) | (23,293 | ) | ||||||||||||||||
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Retail
operations including asset impairment charges
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$ | 50,962 | $ | 12,798 | 298 | % | $ | 132,287 | $ | 93,156 | 42 | % | ||||||||||||
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Wholesale
operations before asset impairment charges
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15,960 | 9,467 | 69 | % | 50,991 | 46,651 | 9 | % | ||||||||||||||||
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Wholesale
asset impairment charges
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− | (1,150 | ) | − | (1,150 | ) | ||||||||||||||||||
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Wholesale
operations including asset impairment charges
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$ | 15,960 | $ | 8,317 | 92 | % | $ | 50,991 | $ | 45,501 | 12 | % | ||||||||||||
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European
operations before asset impairment charges
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58,000 | 39,002 | 49 | % | 174,233 | 168,630 | 3 | % | ||||||||||||||||
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European
asset impairment charges
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(998 | ) | − | (998 | ) | − | ||||||||||||||||||
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European
operations including asset impairment charges
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$ | 57,002 | $ | 39,002 | 46 | % | $ | 173,235 | $ | 168,630 | 3 | % | ||||||||||||
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Licensing
operations
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24,777 | 19,570 | 27 | % | 86,640 | 86,422 | 0 | % | ||||||||||||||||
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Corporate
overhead
|
(28,007 | ) | (11,215 | ) | 150 | % | (84,337 | ) | (64,922 | ) | 30 | % | ||||||||||||
| $ | 120,694 | $ | 68,472 | 76 | % | $ | 358,816 | $ | 328,787 | 9 | % | |||||||||||||
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Operating
margins:
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Retail
operations before asset impairment charges
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17.5 | % | 11.8 | % | 13.8 | % | 11.9 | % | ||||||||||||||||
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Retail
operations including asset impairment charges
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16.5 | % | 4.4 | % | 13.4 | % | 9.5 | % | ||||||||||||||||
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Wholesale
operations before asset impairment charges
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18.8 | % | 13.5 | % | 17.0 | % | 15.8 | % | ||||||||||||||||
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Wholesale
operations including asset impairment charges
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18.8 | % | 11.9 | % | 17.0 | % | 15.4 | % | ||||||||||||||||
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European
operations before asset impairment charges
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26.1 | % | 21.7 | % | 23.3 | % | 23.5 | % | ||||||||||||||||
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European
operations including asset impairment charges
|
25.6 | % | 21.7 | % | 23.2 | % | 23.5 | % | ||||||||||||||||
|
Licensing
operations
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97.5 | % | 86.5 | % | 89.0 | % | 86.2 | % | ||||||||||||||||
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Total
Company before asset impairment charges
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19.5 | % | 16.2 | % | 17.1 | % | 16.9 | % | ||||||||||||||||
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Total
Company including asset impairment charges
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18.8 | % | 12.2 | % | 16.9 | % | 15.7 | % | ||||||||||||||||
8
Selected
Condensed Consolidated Balance Sheet Data
(in
thousands)
|
January
30,
|
January
31,
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2010
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2009
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ASSETS
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Cash
and cash equivalents
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$ | 502,063 | $ | 294,118 | ||||
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Receivables,
net
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289,638 | 262,349 | ||||||
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Inventories
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246,197 | 239,675 | ||||||
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Other
current assets
|
85,191 | 98,047 | ||||||
|
Property
and equipment, net
|
255,308 | 221,416 | ||||||
|
Other
assets
|
151,778 | 130,961 | ||||||
|
Total
Assets
|
$ | 1,530,175 | $ | 1,246,566 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current
portion of borrowings and capital lease obligations
|
$ | 2,357 | $ | 24,018 | ||||
|
Other
current liabilities
|
339,322 | 311,866 | ||||||
|
Capital
lease obligations
|
14,137 | 14,586 | ||||||
|
Other
long-term liabilities
|
134,203 | 110,592 | ||||||
|
Redeemable
and nonredeemable noncontrolling interests
|
19,945 | 12,503 | ||||||
|
Guess?,
Inc. stockholders' equity
|
1,020,211 | 773,001 | ||||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 1,530,175 | $ | 1,246,566 | ||||
9
|
Twelve
Months Ended
|
||||||||
|
January
30,
|
January
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Net
cash provided by operating activities
|
$ | 358,210 | $ | 228,625 | ||||
|
Net
cash used in investing activities
|
(90,836 | ) | (102,217 | ) | ||||
|
Net
cash used in financing activities
|
(61,763 | ) | (99,126 | ) | ||||
|
Effect
of exchange rates on cash
|
2,334 | (8,759 | ) | |||||
|
Net
increase in cash and cash equivalents
|
207,945 | 18,523 | ||||||
|
Cash
and cash equivalents at the beginning of the year
|
294,118 | 275,595 | ||||||
|
Cash
and cash equivalents at the end of the period
|
$ | 502,063 | $ | 294,118 | ||||
|
Supplemental
information:
|
||||||||
|
Depreciation
and amortization
|
$ | 64,374 | $ | 61,096 | ||||
|
Rent
|
180,488 | 159,426 | ||||||
10
As
of January 30, 2010
|
Total
|
Directly
Operated
|
|||||||
|
Region
|
Stores
|
Stores
|
||||||
|
United
States and Canada
|
432 | 432 | ||||||
|
Europe
and the Middle East
|
388 | 84 | ||||||
|
Asia
|
335 | 28 | ||||||
|
Other
|
55 | 13 | ||||||
| 1,210 | 557 | |||||||
11
Retail
Store Data
U.S.
and Canada
|
Twelve
Months Ended
|
||||||||
|
January
30,
|
January
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Number
of stores at the beginning of the year
|
425 | 373 | ||||||
|
Store
openings
|
18 | 57 | ||||||
|
Store
closures
|
(11 | ) | (5 | ) | ||||
|
Number
of stores at the end of the period
|
432 | 425 | ||||||
|
Total
store square footage at the end of the period
|
1,992,000 | 1,953,600 | ||||||
12