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Claire's Stores, Inc. Reports Fiscal 2014 First Quarter Results


News provided by

Claire's Stores, Inc.

May 21, 2014, 04:55 ET

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CHICAGO, May 21, 2014 /PRNewswire/ -- Claire's Stores, Inc. (the "Company"), one of the world's leading specialty retailers of fashionable jewelry and accessories for young women, teens, tweens, and kids, today reported its financial results for the fiscal 2014 first quarter, which ended May 3, 2014. 

First Quarter Results

The Company reported net sales of $353.3 million for the fiscal 2014 first quarter, a decrease of $0.7 million, or 0.2% compared to the fiscal 2013 first quarter. The decrease was attributable to lower same store sales and the effect of store closures, partially offset by new store sales, a favorable foreign currency translation effect on the Company's non-U.S. sales and an increase in shipments to franchisees.  Net sales would have decreased 2.0% excluding the impact of foreign currency exchange rate changes.

Consolidated same store sales decreased 4.4%, with North America same store sales decreasing 5.6% and Europe same store sales decreasing 2.4%. The Company computes same store sales on a local currency basis, which eliminates any impact from changes in foreign currency exchange rates.

Gross profit percentage decreased 250 basis points to 47.1% during the fiscal 2014 first quarter versus 49.6% for the prior year quarter. Excluding the impact of the shutdown of our China operations, gross margin would have been 48.0% or a 160 basis point decrease. This reduction in gross profit percentage consisted of a 150 basis point increase in occupancy costs and a 20 basis point decrease in merchandise margin, partially offset by a 10 basis point decrease in buying and buying-related costs. The increase in occupancy costs, as a percentage of sales, resulted primarily from the effect of a decrease in same store sales combined with normal occupancy cost increases. 

Selling, general and administrative expenses increased $0.6 million, or 0.5%, compared to the fiscal 2013 first quarter. Excluding an unfavorable $2.8 million foreign currency translation effect, selling, general, and administrative expenses would have decreased $2.2 million.  This decrease primarily resulted from reductions in incentive compensation and previously recorded non-cash stock compensation expense. 

Adjusted EBITDA in the fiscal 2014 first quarter was $48.1 million compared to $54.4 million last year.  Foreign currency exchange rate changes provided a $0.1 million benefit in the first quarter of 2014. The Company defines Adjusted EBITDA as earnings before income taxes, net interest expense, depreciation and amortization, loss (gain) on early debt extinguishments, and asset impairments. Adjusted EBITDA excludes management fees, severance, the impact of transaction-related costs and certain other non-cash and other items.  Net loss for the fiscal 2014 first quarter was $38.1 million.  A reconciliation of net loss to Adjusted EBITDA is attached.

As of May 3, 2014, cash and cash equivalents were $26.9 million, including restricted cash of $2.5 million.  The Company had $34.6 million drawn on its revolver and an additional $77.1 million of borrowing availability under its Credit Facility as of that date. The fiscal 2014 first quarter cash balance decrease of $31.5 million consisted of reductions for $78.0 million of cash interest payments, $19.4 million of capital expenditures, $6.3 million from seasonal working capital uses, $1.9 million for costs associated with the China operations, and $8.6 million for tax payments and other items, partially offset by positive impacts of $48.1 million of Adjusted EBITDA and $34.6 million from net borrowings under the Credit Facility.

Store Count as of:

May 3, 2014


February 1, 2014


May 4, 2013







North America

1,881


1,912


1,913

Europe

1,187


1,185


1,165

China

3


17


7

Subtotal Company-operated

3,071


3,114


3,085

Franchise

426


421


403

Total global stores

3,497


3,535


3,488

Conference Call Information

The Company will host its first quarter conference call on Thursday, May 22, at 10:00 a.m. (Eastern Time).  To connect, please dial 888-790-4233 (domestic) or 210-839-8201 (international). The password is "Claires." An audio replay will be available through June 22, 2014, by dialing 800-391-9853 (domestic) or 203-369-3269 (international). The password is 84596.  The conference call will also be webcast and archived until June 22, 2014 on the Company's corporate website at www.clairestores.com, where it can be accessed by clicking the "Financial" tab and choosing the "Events" link.

Company Overview

Claire's Stores, Inc. is one of the world's leading specialty retailers of fashionable jewelry and accessories for young women, teens, tweens and girls ages 3 to 35. The Company operates through its stores under two brand names: Claire's® and Icing®.  As of May 3, 2014, Claire's Stores, Inc. operated 3,071 stores in 18 countries throughout North America, Europe, and China.  The Company also franchised 426 stores in 29 countries primarily located in the Middle East, Central and Southeast Asia and Central and South America.  More information regarding Claire's Stores is available on the Company's corporate website at www.clairestores.com.  

Forward-looking Statements

This press release contains "forward-looking statements" which represent the Company's expectations or beliefs with respect to future events.  Statements that are not historical are considered forward-looking statements.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated.  Those factors include, without limitation: our level of indebtedness; general economic conditions; changes in consumer preferences and consumer spending; unwillingness of vendors and service providers to supply goods or services pursuant to historical customary credit arrangements; competition; general political and social conditions such as war, political unrest and terrorism; natural disasters or severe weather events; currency fluctuations and exchange rate adjustments; failure to maintain our favorable brand recognition; failure to successfully market our products through other channels, such as e-commerce; uncertainties generally associated with the specialty retailing business, such as decreases in mall traffic; disruptions in our supply of inventory; inability to increase same store sales; inability to renew, replace or enter into new store leases on favorable terms; increase in our cost of merchandise; significant increases in our merchandise markdowns; inability to grow our company-operated store base or expand our international store base through franchise or similar licensing arrangements; inability to design and implement new information systems; data security breaches of confidential information or other cyber attacks; delays in anticipated store openings or renovations; results from any future asset impairment analysis; changes in applicable laws, rules and regulations, including laws and regulations governing the sale of our products, particularly regulations relating to heavy metals and chemical content in our products; changes in anti-bribery laws; changes in employment laws, including laws relating to overtime pay, tax laws and import laws; product recalls; increases in the costs of healthcare for our employees; increases in the cost of labor; labor disputes; loss of key members of management; increases in the cost of borrowings; unavailability of additional debt or equity capital; and the impact of our substantial indebtedness on our operating income and our ability to grow.  These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements are included in the Company's filings with the SEC, specifically as described in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2014 filed with the SEC on April 2, 2014. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.  The historical results contained in this press release are not necessarily indicative of the future performance of the Company.

Additional Information

Other Claire's Stores, Inc. press releases, a corporate profile and the most recent Form 10-K and Form 10-Q reports are available on Claire's business website at: www.clairestores.com.

Contact Information

Leslie Loyet, Manager of Investor Relations and Corporate Communications
Phone: (847) 765-4610, or E-mail, [email protected]  

CLAIRE'S STORES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

(In thousands)



FIRST FISCAL QUARTER



Three Months


Three Months


Ended


Ended


May 3, 2014


May 4, 2013

Net sales

$       353,343


$       354,006

Cost of sales, occupancy and buying expenses (exclusive of depreciation
  and amortization shown separately below)

187,070


178,566

Gross profit

166,273


175,440

Other expenses:




Selling, general and administrative

125,958


125,387

Depreciation and amortization

23,464


15,625

Severance and transaction-related costs

1,582


915

Other (income) expense, net

(1,486)


924


149,518


142,851

Operating income

16,755


32,589

Loss on early debt extinguishment

-


1,674

Interest expense, net

54,759


58,219

Loss before income tax expense (benefit)

(38,004)


(27,304)

Income tax expense (benefit)

133


(720)

Net loss

$        (38,137)


$        (26,584)

CLAIRE'S STORES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS






May 3, 2014


February 1, 2014


(In thousands, except share and per share amounts)

ASSETS




Current assets:




Cash and cash equivalents and restricted cash of $2,497 and $0, respectively

$        26,879


$        58,343

Inventories

175,041


178,882

Prepaid expenses

22,808


19,471

Other current assets

30,279


26,305

Total current assets

255,007


283,001

Property and equipment:




Furniture, fixtures and equipment

266,492


260,709

Leasehold improvements

344,878


335,858


611,370


596,567

Less accumulated depreciation and amortization

(366,029)


(347,408)


245,341


249,159

Leased property under capital lease:




Land and building

18,055


18,055

Less accumulated depreciation and amortization

(3,837)


(3,611)


14,218


14,444





Goodwill

1,550,056


1,550,056

Intangible assets, net of accumulated amortization of $67,548 and
      $65,194, respectively

541,441


541,095

Deferred financing costs, net of accumulated amortization of $19,461

37,625


39,481

and $38,917, respectively

Other assets

55,734


54,396


2,184,856


2,185,028





Total assets

$     2,699,422


$     2,731,632





LIABILITIES AND STOCKHOLDER'S DEFICIT




Current liabilities:




Revolving credit facility

$          34,600


$                   -

    Trade accounts payable

76,739


84,364

Income taxes payable

3,050


3,729

Accrued interest payable

43,549


68,338

Accrued expenses and other current liabilities

94,786


94,727

Total current liabilities

252,724


251,158





Long-term debt

2,378,227


2,378,786

Obligation under capital lease

17,084


17,124

Deferred tax liability

119,405


119,564

Deferred rent expense

33,328


32,000

Unfavorable lease obligations and other long-term liabilities

13,645


16,033


2,561,689


2,563,507





Commitments and contingencies








Stockholder's deficit:




Common stock par value $0.001 per share; authorized 1,000 shares;




issued and outstanding 100 shares

-


-

Additional paid-in capital

619,268


619,499

Accumulated other comprehensive income (loss), net of tax

5,301


(1,109)

Accumulated deficit

(739,560)


(701,423)


(114,991)


(83,033)





Total liabilities and stockholder's deficit

$    2,699,422


$    2,731,632

Net Loss Reconciliation to Adjusted EBITDA

Adjusted EBITDA represents net income (loss), adjusted to exclude income taxes, interest expense and income, depreciation and amortization, loss (gain) on early debt extinguishments, asset impairments, management fees, severance and transaction related costs, and certain non-cash and other items. We use Adjusted EBITDA as an important tool to assess our operating performance. We consider Adjusted EBITDA to be a useful measure in highlighting trends in our business. We reinforce the importance of Adjusted EBITDA with our bonus eligible associates by using this metric in our annual performance bonus program. We believe that Adjusted EBITDA is effective, when used in conjunction with net income (loss), in evaluating asset performance, and differentiating efficient operators in the industry. Furthermore, Adjusted EBITDA is defined in the covenants contained in our debt agreements and it is the metric we use to communicate our financial performance to our debt investors.

Adjusted EBITDA is not a measure of financial performance under GAAP, and is not intended to represent cash flow from operations under GAAP and should not be used as an alternative to net income (loss) as an indicator of operating performance or to represent cash flow from operating, investing or financing activities as a measure of liquidity. We compensate for the limitations of using Adjusted EBITDA by using it only to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. Adjusted EBITDA has its limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Some of the limitations of Adjusted EBITDA are:

  • Adjusted EBITDA does not reflect our cash used for capital expenditures;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced and Adjusted EBITDA does not reflect the cash requirements for such replacements;
  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital requirements; and
  • Adjusted EBITDA does not reflect the cash necessary to make payments of interest or principal on our indebtedness.

While Adjusted EBITDA is frequently used as a measure of operations and the ability to meet indebtedness service requirements, it is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the method of calculation.

CLAIRE'S STORES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA

(UNAUDITED)

(In Thousands)








Three Months
Ended

May 3, 2014


Three Months
Ended

May 4, 2013

Net loss


$    (38,137)


$    (26,584)

Income tax expense (benefit)


133


(720)

Interest expense


54,769


58,239

Interest income


(10)


(20)

Depreciation and amortization


23,464


15,625

Loss on early debt extinguishment


-


1,674

Stock compensation, book to cash rent,
  intangible amortization (a)


1,147


964

Management fee, consulting expense (b)


795


750

Other (c)


5,961


4,519

Adjusted EBITDA


$    48,122


$    54,447

a)      Includes: non-cash stock compensation expense, net non-cash rent expense, amortization of rent free periods, the inclusion of cash landlord allowances, and the net accretion of favorable (unfavorable) lease obligations and non-cash amortization of lease rights.

b)      Includes: the management fee paid to Apollo Management and Morgan Joseph Tri-Artisan Capital Partners and consulting expenses.

c)      Includes: non-cash losses on property and equipment primarily associated with remodels, relocations and closures; other payments associated with store closures; costs, including third party charges, compensation, incurred in conjunction with the relocation of new employees; non-cash foreign exchange gains/losses resulting from intercompany transactions and remeasurements of U.S. dollar denominated cash accounts of our foreign entities into their functional currency; and severance and transaction related costs. 

SOURCE Claire's Stores, Inc.

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