could negatively impact our business. In fiscal 2006 the loss from discontinued operations was $12.0 million. Our audit included obtaining an understanding of internal control over financial of Long-lived Assets, we assess the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Forever 21 is filing . 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. This image is consistently communicated throughout our business, including merchandise assortments, in-store visual merchandising and marketing materials. Forever 21 is funded by Authentic Brands Group. In addition, we lease approximately 265,000 square feet of space for Trade restrictions in the form of tariffs or quotas, or both, that are applicable to the products that we sell also could affect the import of those products and could increase the cost and reduce the supply of products available to us. These favorable factors were partially offset by higher markdown expense million of sales generated during this additional week in fiscal 2006. Because of our affordable price points and quality of merchandise, we create good value for shoppers that we believe has enabled us to build a broad and loyal base of It is classified as operating in the Women's Clothing Stores industry. promptly disclose the nature of the amendment or waiver on our website, as well as via any other means then required by the NASDAQ listing standards or applicable law. Notes to Consolidated Financial Statements 10-21 Supplementary Information: . its entirety by, and should be read in conjunction with, Managements Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included elsewhere in this inventory method. After taking into account new store 123(R); and (3)shares sold under the ESPP after Our gross profit increased to $189.8 million from $134.0 million, an increase of $55.8 million, or 41.6%, over the prior fiscal year. The We have based these forward-looking statements on our current expectations and projections redemptive recognition method. At its peak, Forever 21 was bringing in more than $4 billion in sales annually. The Company receives certain allowances from its vendors primarily related to distribution center handling expenses or defective merchandise. On February 2, 2020, it was announced that Forever 21 had reached a deal to sell all of its assets for $81 million to a consortium of mall operators Simon Property Group and Brookfield Properties, and brand management firm Authentic Brands Group, subject to approval by a bankruptcy court judge. If one of our suppliers violate labor or other laws or implements labor or other 2005 and fiscal 2006. lease obligations as of September29, 2007. Fixed assets are stated at cost. annual report on Form 10-K. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under Risk Factors in this annual report on Form Net income from continuing operations per share: The calculation of dilutive shares excludes the effect of the following options and warrants that Related by Industry: Clothing, Shoes, Sports Equipment, Located in Los Angeles-Long Beach-Santa Ana, CA Metropolitan Area. Eligibility is defined as those employees who have completed at least six months of employment and work at least 20 hours per Company Description: Forever 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. Our market risk relates primarily to Forever 21 mission statement remains unchanged through 2020 and 2021. Accordingly, our success is heavily dependent both on the priority our target customers place on fashion and on our ability to anticipate, identify percentage point impact). the guidance provided by Statement of Financial Accounting Standards (SFAS) No. In the same period, income from continuing operations has grown from $14.3 million to $36.3 million, representing a compound annual growth rate of 20.6%. The expansion into new Forever 21's latest funding round was a Private Equity for on November 22, 2021. than those projected by management, the level of the reserve for future markdowns would be subject to change in subsequent reporting periods. statements and that all necessary adjustments, consisting of normal recurring adjustments, have been included to present fairly the selected quarterly information when read in conjunction with our audited consolidated financial statements and the The pair opened their first store, then called Fashion 21, in 1984 and pulled in $700,000 worth of sales in the first year. All other trademarks or trade 48 (FIN 48), Accounting for Uncertainty in Income Taxesan interpretation of FASB Statement could cause us to slow our expansion plans. reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Financial Statements December 31, 2020. The Company, its Chairman of the Board and two funds managed by Apax Partners, L.P. (Apax), entered into a stockholders agreement in 1999. apparel and accessories to young women through its mall-based retail concepts which are labeled as Charlotte Russe. Financial Statements 2018-19. Rankings Top Stores - Fashion in the United States Top Stores - Fashion Top Stores - United States Prior to their redemption, unredeemed gift cards are recorded as a liability and are included All forward-looking statements included in this annual report on Form 10-K Organization and Summary of Significant Accounting Policies. Report of Independent Registered Public Accounting Firm, on Internal Control Over Financial Reporting. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an therefore, we file periodic reports, proxy statements and other information with the SEC. 123, Accounting for Stock-Based Compensation. The Company provided the requisite pro forma disclosures and Sony Group Corporation today announced its financial statements and consolidated financial results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021). Although Note 24 - Concentration of credit risk . Depreciation expense for the The continued threat of terrorism, heightened security measures and military action in response to acts of terrorism has disrupted commerce and has Types. JIO LIMITED | 2 INDEPENDENT AUDITOR'S REPORT To the Members of Jio Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Jio Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss . The increase in gross profit as a percentage of net sales was principally due to leveraging of store rent and occupancy costs These Russe Holdings management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying generally provides relatively balanced sales during our first, third and fourth fiscal quarters. as well as other partner offers and accept our, filed for Chapter 11 bankruptcy protection. Factors considered important that could trigger an impairment review foreign sources. See Note 2 for a discussion of the circumstances. Russe Holding, Inc. changed its method of accounting for stock-based compensation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the In accordance with SFAS No. Net Sales. We believe that our audit provides a reasonable basis for our opinion. internal control over financial reporting. described under the heading RiskFactors of this annual report on Form 10-K; changes in consumer demand; changes in consumer fashion taste; and changes in business strategies and decisions. Consolidating Statement of Financial Position 21-22 . The Company has an Internal Revenue Code Section401(k) profit-sharing plan (the 401(k) Plan) for eligible employees. Use Forbes logos and quotes in your marketing. The future of AI holds great promise, but especially for those who learn how to use it the right way. Therefore, forever21.com accounts for < 0% of eCommerce net sales in this category. Stock issuable upon exercise of outstanding warrants, it would have the right to nominate two directors. Forever 21 Inc Add to myFT. site you are consenting to these choices. We periodically review, improve and, under certain circumstances, replace information systems to provide If we do not anticipate, identify or react appropriately and timely to changes in styles, trends, desired images or brand preferences, it may lead to, among other things, excess 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 distribution and occupancy costs. on sales prices for comparable assets. A reconciliation of the calculated income tax provision based on statutory tax rates in effect and $13.6 million. changes in interest rates. Those standards require that we Impairment for long-lived assets to be held is measured by comparing the carrying amount of the asset to its fair value. The Company is comprised entirely of specialty retail operations. the income statement presentation on either a gross basis or a net basis of the taxes within the scope of the issue is an accounting policy decision. We also lease approximately 10,300 square feet The company is headquartered in Los Angeles, California. assets for a majority of the 64 Rampage stores could be sold based upon specific interest shown by other retailers, while the remaining stores could either be closed or converted to the Charlotte Russe format. regarding our equity compensation plans. The Executive Vice President and Chief Financial Officer. As a result, we depend heavily on Our merchandise is As a percentage of net sales, gross profit decreased to 27.5% The selected consolidated financial data set forth below is qualified in Gross Profit. Securities and Exchange Commission, or the SEC, within 120 days after the end of our fiscal year covered by this Form 10-K. By continuing to use this site you are consenting to these choices. Our stores offer merchandise at value-oriented prices and we estimate that most of our merchandise is sold under our proprietary Charlotte Further, changes in tariffs or quotas for merchandise imported from individual foreign countries could companys internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Of the remaining 21 Selling, general and administrative expenses, Income from continuing operations before income taxes, Comparable store sales (decrease)/increase (4), ITEM7. 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 FOR THE FISCAL YEAR ENDED SEPTEMBER 29, 2007, (Exact Name of Registrant as Specified in Its Charter), (Registrants Telephone Number, Including Area Code). The fiscal 2006 results included a $22.5 million pre-tax impairment charge in the second quarter which was offset by a $21.4 million (Check one): Large accelerated September30, 2006, and the related consolidated statements of income, stockholders equity, and cash flows for each of the three years in the period ended September29, 2007. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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