In assessing. A more detailed discussion of liquidity, capital resources and expected future capital expenditures follows. We are committed to a cash management strategy that maintains enough liquidity to support the operations of the business and withstand unanticipated business volatility.
We believe cash flow from operations, together with current levels of cash equivalents and short-term investments, will be sufficient to support ongoing operations, fund capital expenditures related to projected business growth and technology investments, opportunistically repurchase shares and finance seasonal build-up of inventories.
In , we continued our share repurchase program, as an effective method of returning value to shareholders. We also plan to continue funding capital expenditures for store expansion, home office expansion, store remodeling and our information technology modernization plan. Although we expect continued improvement in our overall liquidity, we recognize the specialty retail industry can be highly volatile, where fashion missteps can quickly impact the ability to generate operating cash.
The table below summarizes our working capital position and capitalization in thousands :. Our credit facility contains certain financial covenants. We continually evaluate and strive to optimize our capital structure. Net Change in Cash and Equivalents. Net cash used for or provided by financing activities. Total change in cash flows from operating activities. The remainder of the increase was due primarily to a higher amount of inventory from our direct sourcing operation, which we take ownership for a given in-store date three to four weeks earlier than outsourced inventory.
The decrease in accounts payable and accrued expenses as compared to fiscal was primarily related to lower payables outstanding at year end due to shorter payment terms in fiscal and increased marketing expense, partially offset by higher accrued payroll expense. Our received tenant allowances grew slightly over driven by the continued growth of our Justice brand. Fiscal The increase in the use of cash for income taxes for fiscal was due primarily to an income tax receivable settled in and higher pre-tax income in fiscal This was partially offset by the increased tax benefit received on increased stock option activity in versus Improved buying strategies and the negotiation of favorable vendor payment terms allowed us to use less cash in compared to to purchase slightly more inventory.
Overall, at year-end , inventory on a per store basis decreased slightly from Additional tenant allowances were received during the current year based on increases in store count in our Justice brand. The increase in cash generated by accounts payable and accrued expenses over fiscal was primarily related to the timing of receipts and the increase in accrued compensation cost related to restricted stock.
The remaining increase in operating cash is due primarily to the increase in our deferred compensation liability. Total change in cash used for investing activities. In , we used proceeds from the sale and maturation of marketable securities primarily to repurchase common shares. Non-qualified benefit plan funding was the primary driver for the remaining use of investing cash. We expect future funding levels of our nonqualified benefit plans to be slightly less than , but will be above the amounts in and Capital expenditures increased due to increased store construction related to our Justice brand, the purchase of office space in Hong Kong for our international sourcing operations, and technology related capital spending.
Total change in cash flows from financing activities. The increase in the use of cash was primarily related to the repurchase of 1. These increases in cash use were partially offset by the change in our cash overdraft position. The increase in cash use was primarily related to the repurchase of 2.
Partially offsetting this use of cash were the increased proceeds from stock option activity. This will be primarily for new stores, remodeling or expansion of existing stores, continuing our information technology initiative and the addition of a new headquarters for our Justice division. We anticipate remodeling between 40 and 50 Limited Too stores in fiscal , the cost of which is comparable to that of opening a new store. Pre-opening costs for Justice are similar to those of Limited Too.
We continue to execute an extensive multi-year information technology modernization program to ensure our information technology infrastructure can fully support our expected growth. In we created a data warehouse that gives key decision makers more timely information to both monitor the business and make sound business decisions. We also updated our core planning and allocation capabilities with a new suite of fully integrated financial planning, assortment planning, forecasting and open-to-buy tools.
In , we intend to implement a new enterprise resource planning suite to replace the current financial, merchandising and real estate planning suites. These costs and the related project timing are estimates, and therefore are subject to variation.
We expect cash and short-term investments on hand and cash generated from operating activities will fund substantially all currently anticipated capital expenditures for the next twelve months and the foreseeable future. Transitional Services and Separation Agreements. Trademark and Service Mark Licensing Agreement. The Trademark Agreement had an initial term of five years after the spin-off, renewable annually at our option.
All licenses granted under the Trademark Agreement will be granted free of charge. In return, we are required to provide Limited Brands with the right to inspect our stores and distribution facilities and an ability to review and approve our advertising. Limited Brands has the right to terminate the Trademark Agreement under certain limited conditions. Under the terms of the Store Leases Agreement, we are responsible for our proportionate share, based on the size of our selling space, of all costs principally rent, excess rent, if applicable, maintenance and utilities.
All termination rights and other remedies under the Direct Limited Leases remain with Limited Brands. If Limited Brands decides to terminate any of the Direct Limited Leases early, Limited Brands must first offer to assign such lease to us. If, as a result of such early termination by Limited Brands, we are forced to remodel our store or relocate within the mall, Limited Brands will compensate us with a combination of cash payments and loans.
Although a loan option is available under the Store Leases Agreement, we have not used this option for the financing of expenses associated with early terminations. The table below outlines the general guidelines for the compensation and loan structure with Limited Brands. Of the Direct Limited Leases, 7 are scheduled to expire during or later.
We may not assign or sublet our interest in those premises, except to an affiliate, without Limited Brands consent. Pursuant to the Store Leases Agreement, we are required to make additional payments to Limited Brands as consideration for the guarantees that Limited Brands provides under such leases along with amounts for adjacent stores based on those locations achieving certain performance targets.
Contractual Obligations and Commercial Commitments. We have entered into agreements that create contractual obligations and commercial commitments. These obligations and commitments may have an impact on future liquidity and the availability of capital resources. The following tables reflect these obligations and commitments as of February 3, in thousands :. Refer to Note 7 to our consolidated financial statements for further detail.
Our results of operations and financial condition are presented based upon historical cost. While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we believe that the effects of inflation, if any, on our results of operations and financial condition have been minor.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that impact the amounts reported in our consolidated financial statements and related notes. On an on-going basis, we evaluate our estimates and judgments, including those related to inventories, long-lived assets and sales returns.
We base our estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ materially from our estimates. We believe the following estimates and assumptions are most significant to reporting our results of operations and financial position. Store sales, net of sales tax, are recorded when the customer takes possession of merchandise. Direct sales, through our catazines and website, are recorded upon shipment of merchandise to the customer, which approximates the amount of revenue that would be recognized if sales were recorded upon receipt by the customer.
A reserve is provided for projected merchandise returns based on prior experience. Operating Leases. Rent expense for our operating leases, which generally have escalating rents over the term of the lease, is recorded on a straight-line basis over the initial lease term and those renewal periods that are reasonably assured. The initial lease term includes the build-out period of our leases, where no rent payments are typically due under the terms of the lease. The difference between rent expense and rent paid is accrued in the consolidated balance sheets.
Tenant allowances received from landlords, typically in the form of one time cash payments or reduced rent charges for a specific length of time, are treated as lease incentives and are amortized as a reduction of rent expense over the life of the initial lease term, including the build-out period, and any renewal periods that are reasonably assured.
The unearned portion of tenant allowances from landlords is recorded in the consolidated balance sheets. Short-term investments with original maturities of three months or less are generally classified as cash equivalents. We maintain cash deposits in banks that, from time to time, exceed the amount of deposit insurance available. We periodically assess the financial condition of the institutions and believe any potential loss is minimal.
We classify these securities as current assets despite the long-term nature of their stated contractual maturities because we have the ability to quickly liquidate them to support current operations. Certain securities with long-term contractual maturities are classified as held-to-maturity and are accounted for at amortized cost with any premium or discount amortized over the holding period.
We have classified these securities as held-to-maturity based on our intent and ability to hold them to maturity as determined at the time of purchase. Investments are subject to the credit risk of the issuer and adverse developments in that credit risk could restrict our ability to liquidate securities at their maturity or earlier. Inventories are principally valued at the lower of average cost or market, on a weighted average cost basis, using the retail method.
Under the retail method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value of inventories. The use of the retail method will result in valuing inventories at the lower of cost or market when markdowns are taken as a reduction of the retail value and cost of inventories.
We record a charge to cost of goods sold for all inventory on hand when a permanent retail price reduction is reflected. At the end of each selling season, we reduce the cost of our inventory to the estimated value of the inventory when it is ultimately removed from the stores, less the expected proceeds from the sale of the inventory to sell-off vendors.
Inherent in the retail method are certain management judgments and estimates including, among others, future sales, markdowns and shrinkage, which significantly impact the ending inventory valuation at cost as well as the resulting gross margins. We review our inventory levels in order to identify slow-moving merchandise and broken assortments items no longer in stock in a sufficient range of sizes and use markdowns to sell through merchandise.
We estimate and accrue our inventory shrinkage for the period between the last physical count and the balance sheet date. Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts, with any resulting gain or loss included in net income.
Interest costs associated with the construction of certain long-term projects are capitalized. Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend service lives are capitalized. Assets are reviewed on an annual basis for impairment, and based on our judgment, are written down to the estimated fair value based on anticipated future cash flows.
These costs include, but are not limited to, employee payroll costs for time devoted to developing the projects as well as external direct costs for materials and services. These costs are expensed until the software project reaches the development stage. Subsequent additions or upgrades to existing software are capitalized only to the extent that they add value and additional performance functionality.
Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of software requires our judgment in determining when a project has reached the development stage. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of assets and liabilities and their respective tax bases.
Inherent in the measurement of deferred balances are certain judgments and interpretations of enacted tax laws and published guidance with respect to applicability to our operations. No valuation allowance has been provided for deferred tax assets because we believe it is reasonably certain that the full amount of the net deferred tax assets will be realized in the future.
Provision is made for Federal income taxes, which may be payable on foreign subsidiary earnings to the extent that we anticipate these earnings will be repatriated. Recently Issued Accounting Standards. Our accounting policy is to record such taxes on a net basis.
The adoption of EITF is not expected to have any material impact on our financial position or results of operations. We are in the process of adopting FIN 48 but do not expect any material impact on our financial position or results of operations. The provisions of SAB must be applied to. The adoption of SAB did not have any impact on our on our financial position or results of operations. SFAS No. EITF also addresses whether a policyholder should consider the contractual ability to surrender all of the individual-life policies or certificates in a group policy at the same time in determining the amount that could be realized under the insurance contract in accordance with Technical Bulletin We have evaluated the effects of the adoption of EITF and, as of the date of this filing, have determined it will not have a material impact on our financial position or results of operations.
Historically, our operations and results have been seasonally skewed, with a significant amount of net sales and net income occurring in the fourth fiscal quarter, reflecting increased demand during the year-end holiday selling season and, to a lesser extent, the third quarter, reflecting increased demand during the back-to-school selling season.
As a result of this seasonality, any negative factors affecting us during the third and fourth fiscal quarters of any year, including adverse weather or unfavorable economic conditions, could have a material adverse effect on our financial condition and results of operations for the entire year.
Our quarterly results of operations may also fluctuate based upon such factors as the timing of certain holiday seasons, the number and timing of new store openings, the amount of net sales contributed by new and existing stores, the timing and level of markdowns, store closings, refurbishments and relocations, competitive factors, weather and general economic conditions.
These statements discuss future expectations, contain projections regarding future developments, operations or financial conditions, or state other. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. Therefore, there can be no assurance that the forward-looking statements included in this Form K will prove to be accurate. The inclusion of forward-looking statements should not be regarded a representation by us, or any other person, that our objectives will be achieved.
The forward-looking statements made herein are based on information presently available to us as the management of Tween Brands, Inc. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. To the extent we borrow under our Credit Facility, we will be exposed to market risk related to changes in interest rates.
These financial instruments bear interest at fixed rates and are subject to potential interest rate risk should interest rates fluctuate. We do not enter into financial instruments for trading purposes. Financial Statements And Supplementary Data. Index to Consolidated Financial Statements.
Consolidated Statements of Operations. Consolidated Statements of Cash Flows. Notes to Consolidated Financial Statements. New Albany, Ohio:. We have audited the accompanying consolidated balance sheet of Tween Brands, Inc. Our responsibility is to express an opinion on these financial statements based on our audit.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Tween Brands, Inc. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board United States. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion. The accompanying notes are an integral part of these consolidated financial statements. Supplemental retirement and deferred compensation liability. Treasury stock, at cost, 4. Issuance of common stock under stock option plans and accrued restricted stock expense.
Issuance of common stock under stock option plans and stock based compensation expense. Impact of other operating activities on cash flows:. Net cash used for provided by financing activities. Supplemental disclosures of cash flow information. Summary Of Significant Accounting Policies. Limited Too sells apparel, footwear, lifestyle and girlcare products for fashion-aware, trend-setting young girls ages 7 to 14 years.
The accompanying consolidated financial statements include the accounts of Tween Brands, Inc. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
All significant intercompany balances and transactions have been eliminated in consolidation. The operating segments identified by us, Limited Too and Justice, have been aggregated and are reported as one reportable financial segment. We aggregate our two operating segments as they are similar in each of the following areas: class of customer, economic characteristics, nature of products, nature of production processes and distribution methods. Fiscal years are designated in the financial statements and notes by the calendar year in which the fiscal year commences.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results may differ from those estimates, we revise our estimates and assumptions as new information becomes available.
We maintain cash deposits in banks that, from time to time exceed the amount of deposit insurance available. Current investments on our consolidated balance sheets include the current portion of securities classified as held-to-maturity and available-for-sale securities.
Investments in variable rate municipal demand notes, auction rate municipal bonds and preferred shares of tax-exempt closed-end mutual funds are classified as available-for-sale and reported at fair market value, which approximates cost. We classify these securities as available-for-sale as their intended use is to support current operations. Certain securities with long-term contractual maturities are classified as held-to-maturity and accounted for at amortized cost with any premium or discount amortized over the holding period.
Restricted assets represent investments held in an insurance trust for the benefit of our casualty insurance carrier. Accounts receivable consist primarily of tenant allowances from landlords, licensing fees from our international partner and miscellaneous trade vendor receivables and are continuously reviewed for their collectability.
The use of the retail method will result in valuing inventories at the lower of cost or market when markdowns are currently taken as a reduction of the retail value and cost of inventories. The initial inventory of supplies for new stores including, but not limited to, hangers, signage, security tags, packaging and point-of-sale supplies is capitalized at the store opening date. In lieu of amortizing the initial balance, subsequent shipments are expensed, except for new merchandise presentation items, such as signage, which are capitalized.
Store supply balances are periodically reviewed and adjusted as appropriate for changes in supply levels and costs. Catazine costs for Limited Too, principally production and mailing costs, are expensed as costs of goods sold, buying and occupancy expense when the catazine is mailed. These same costs for Justice are included in store operating, general and administrative expenses as they are viewed as promotional materials to drive in-store business since customers cannot place internet or direct mail orders for Justice merchandise.
All other advertising costs, including costs associated with in-store photographs and television and direct mail campaigns, are expensed at the time the promotion first appears in media or in the store as a component of store operating, general and administrative. Advertising Barter Transactions. During fiscal years , and , we recorded no barter transactions. Long-lived assets are reviewed on an annual basis for impairment and, based on our judgment, would be considered impaired if their carrying value is less than anticipated future cash flows.
Store assets are reviewed using factors including, but not limited to, our plans for future operations, recent operating results and projected cash flows. Impaired assets are written down to estimated fair value with fair value generally being determined based on discounted expected future cash flows. We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using the anticipated tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of the change.
We classify associate discounts as a reduction of revenue. Direct sales, through our catazine and website, are recorded upon shipment of merchandise to the customer, which approximates the amount of revenue that would be recognized if sales were recorded upon receipt by the customer.
Related shipping and handling costs are considered to be the direct shipping charges associated with direct sales and are reflected in cost of goods sold, buying and occupancy costs. Our international brand licensing fees are also included in revenues. Revenue from gift cards, gift certificates and store merchandise credits is deferred and recognized at the time of redemption.
Gift card breakage is based upon actual redemption patterns and represents the balance of gift cards for which we believe the likelihood of redemption by the customer is remote. This income is recorded as a reduction in store operating, general and administrative expenses in the consolidated statement of operations.
A reserve is carried for projected merchandise returns based on prior experience. We accrue for estimated merchandise returns by customers based on historical sales return results. Actual return rates have historically been within our expectations of the reserves established.
However, in the event the actual rate of sales returns by customers increased significantly, our operational results could be adversely affected. Certain sales of advertising space in our catazine are included in revenue and are recognized when the catazine is mailed.
We sell the space to companies wishing to promote tween-right brands and movies. The following is a list of the major components of costs of goods sold, buying and occupancy costs in our consolidated statements of operations:. However, we maintain stop-loss coverage with third-party insurers to limit our liability exposure.
Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions. The following is a list of the major components of store operating, general and administrative expenses in our consolidated statements of operations:.
In , we adopted the Too, Inc. In , our shareholders approved the adoption of the Too, Inc. Under these Plans, as amended, up to 7. The Plans allow for the grant of incentive stock options, non-qualified stock options and restricted stock to officers, directors and selected associates. Stock options are granted at the fair market value of our common shares on the date of grant and generally have year terms. Option grants generally vest ratably over the first four anniversaries from the grant date.
We currently issue new shares to satisfy option exercises. Of the shares granted, 97, are subject to a performance requirement that has not yet been met. The remaining , are subject to a performance requirement already met. Of the , remaining shares, 99, shares will vest ratably over a four-year vesting period.
The remaining 5, shares will be distributed at the end of a two-year cliff vesting period. Approximately one-third of the 15, cancelled shares relate to the departure of our former Chief Operating Officer. Of the shares granted, 92, are subject to a performance requirement that has not been met. The remaining , shares are subject to a performance requirement already met. Of these , shares, , shares represent a retention restricted stock grant for our Chief Executive Officer.
The remaining 34, will vest ratably over four years. The performance criteria for all 87, shares have been satisfied and the shares will be distributed ratably over a four-. Under this method, in addition to reflecting compensation expense for new share-based awards, expense is also recognized to reflect the remaining service period of awards previously included in pro forma disclosures in prior periods.
A summary of changes in our outstanding stock options for fiscal , and is presented below:. The following table illustrates the effect on net income and earnings per share if we had applied the fair value recognition provisions of SFAS No. Stock-based compensation expense determined under fair value based method, net of tax. The weighted average fair value per share of options granted is estimated using the Black-Scholes option-pricing model and the following weighted average assumptions:. Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding for the period.
The following table shows the amounts used in the computation of basic and diluted earnings per share in thousands :. Dilutive effect of stock options and restricted stock. We are in the process of evaluating the effects of.
We determined the appropriate classification at the time of purchase. Investments also include auction rate municipal bonds, variable rate municipal demand notes and preferred shares of tax-exempt closed-end mutual funds classified as available-for-sale securities. As a result, we have no accumulated unrealized gains or losses in other comprehensive income from these current investments.
All income generated from these investments is recognized as interest income. Net gains in accumulated other comprehensive income. Net losses in accumulated other comprehensive income. Property And Equipment. Property and equipment, at cost, consisted of in thousands :. Leased Facilities And Commitments. The initial terms of leases are generally ten years.
Annual store rent is generally composed of a fixed minimum amount, plus, in certain cases, a contingent rent based on a percentage of sales over a given period exceeding a stipulated amount. We do not include an estimate of contingent rental payments in calculating our deferred rent liability as those payments are based on factors directly related to the future use of the leased property and cannot be determined at the execution of the lease.
However, in cases where it is probable we will exceed the sales threshold for a given period we will estimate and accrue contingent rent expense prior to the achievement of the specified sales levels. Many of the leases provide for future rent escalations and renewal options. Most leases require that we pay taxes, common area costs and certain other expenses. These sublease agreements require that we pay a proportionate share, based on selling space, of all costs, principally rent, maintenance, taxes and utilities.
In addition, we lease certain office and technology equipment under operating lease agreements that expire at various dates through A summary of rent expense for fiscal , and follows in thousands :. Accrued expenses consisted of in thousands :. Deferred revenue consisted of in thousands :. The current credit facility is available for direct borrowing, issuance of letters of credit, stock repurchases and general corporate purposes, and is guaranteed on an unsecured basis by all current and future domestic subsidiaries of Tween Brands, Inc.
Our current credit facility contains financial covenants which require us to maintain minimum net worth, cash flow and leverage covenants as well as restricts our ability to incur additional debt. Income Taxes. The provision for income taxes consisted of the following in thousands :.
A reconciliation between the statutory federal income tax rate and the effective income tax rate follows:. The effect of temporary differences, which give rise to net deferred tax balances, was as follows in thousands :. No valuation allowance has been provided for deferred tax assets because we believe it is reasonably certain the full amount of the net deferred tax assets will be realized in the future.
During , and , we favorably settled a number of state tax examinations. The effect of the favorable settlements was to reduce the liability representing exposures for these issues. Tax settlements, favorable and unfavorable, may occur from time to time and should not be considered as permanently impacting our future effective tax rate. We have provided deferred taxes on undistributed foreign earnings which are not considered to be permanently reinvested.
Our judgment is required in determining and evaluating tax provisions. We believe our tax positions and related provisions reflected in the consolidated financial statements are fully supportable and appropriate. Based on current available information, we believe the outcome of any challenges to our positions will not have a material adverse effect on our financial position, results of operations or cash flows.
We sponsor a qualified defined contribution retirement plan called the Tween Brands, Inc. Participation in this qualified plan is available to all associates who have completed 1, or more hours of service during certain month periods and attained the age of Associates may also make pre-tax k contributions up to the limits set by the Internal Revenue Service.
The NQDC is for our highly compensated associates. The funds are generally invested in individual variable life insurance contracts that are specifically designed to informally fund savings plans of this nature, providing a source of funds to enable us to make payments to the participants pursuant to the terms of the NQDC.
The rabbi trust is the named beneficiary of all of the life insurance. We may also maintain a small portion of the trust balance in liquid money-market assets to meet the operational needs of the trust. From time to time we evaluate the balance in the trust and we may make additional contributions if the accrued compensation expense and the trust balance have over time become significantly different.
All income and expenses related to the rabbi trust are reflected in our consolidated statements of operations. Legal Matters. Quarterly Financial Data unaudited, in thousands, except per share amounts. General, administrative and store operating expenses. Our quarterly results of operations may also fluctuate based upon such factors as the timing of certain holiday seasons and related marketing, the number and timing of new store openings, store closings, refurbishments and relocations, the amount of net sales contributed by new and existing stores, the timing and level of markdowns, competitive factors, weather and general economic conditions.
Controls And Procedures. Disclosure Controls and Procedures:. As of the end of the period covered by this report, our management, with the participation of our Chief Executive Officer and Principal Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures.
Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Our internal control over financial reporting includes those policies and procedures that:. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;.
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures recorded by us are being made only in accordance with authorizations of our management and board of directors of the Company; and.
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. This evaluation included review of the documentation of controls, evaluation of the design of the effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on the evaluation.
Exchange Act to determine whether any changes occurred during the period covered by this report have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. It should be noted that our management, including the Chief Executive Officer and the Principal Financial Officer, does not expect our disclosure controls and procedures or internal controls will prevent all error and all fraud.
A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect resource constraints, and the benefits of controls must be considered relative to their costs.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.
The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. We believe that our audit provides a reasonable basis for our opinions. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis.
Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Other Information. Directors, Executive Officers and Corporate Governance.
We have adopted a Code of Ethics for Senior Financial Officers that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions. Executive Compensation. Principal Accounting Fees And Services. Exhibits, Financial Statement Schedules. The following consolidated financial statements of Tween Brands, Inc.
Amended and Restated Bylaws of Too, Inc. Too, Inc. May, Jr. Timmons and Tween Brands, Inc. Letter Agreement between William E. Kenneth T. Pursuant to the requirements of the Securities Exchange Act of , this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on April 2, Submission of Matters to a Vote of Security Holders.
Total square feet at period end thousands. Announced Plans or Programs. Annual net store sales per average square foot 8. Due to the discontinuation of mishmash in , its results are excluded for all periods presented. Total net sales includes: store sales, net of associate discounts; direct sales; shipping revenue; international revenue and partner advertising revenue.
Annual net store sales per average square foot is the result of dividing net store sales for the fiscal year by the average gross square feet, which reflects the impact of opening and closing stores throughout the period. Costs of goods sold, buying and occupancy costs. Annual net store sales per average square foot 5. Total gross square feet at period end thousands. Inventory per gross square foot at period end 7. Net sales includes: store sales, net of associate discounts, direct sales, international revenue and partner advertising revenue.
Comparable store sales for fiscal are measured against a week period ended February 4, Annual net store sales per average square foot is the result of dividing net store sales for the fiscal period by the monthly average gross square feet, which reflects the impact of opening and closing stores throughout the period. Sales per average store is the result of dividing gross store sales for the fiscal period by average store count, which reflects the impact of opening and closing stores throughout the period.
Number of transactions per average store 3. Average dollar sales value per transaction is the result of dividing gross store sales dollars for the period by the number of store transactions. Number of transactions per average store is the result of dividing the total number of transactions by for the fiscal period by average store count, which reflects the impact of opening and closing stores throughout the period.
Average dollar value of unit sold at retail is the result of dividing gross store sales dollars for the period by the number of units sold during the period. Amounts available under the credit facility. February 3, January 28, Industry 2.
Net cash provided by operating activities. Payments Due by Fiscal Period. Commitments by Period. The potential impact of health concerns relating to severe infectious diseases, particularly on manufacturing operations of our vendors in Asia and elsewhere;. Consolidated Balance Sheets. Prepaid expenses and other current assets. Deferred tenant allowances from landlords.
Treasury Stock. Cash flows from operating activities:. Changes in assets and liabilities:. Net cash used for investing activities. Excess tax benefit from stock option exercises. Supplemental disclosures of non-cash items:. Fixed asset additions in accounts payable. Freight includes outbound freight from the distribution center to our stores, as well as store-to-store transfers.
Payroll and related costs associated with merchandise design and procurement, real estate and store planning. Store rents and other real estate costs including store pre-opening rents expensed as incurred. Options Outstanding. Options Exercisable. Contractual Life. Exercise Price. Number of Shares. Term in years. Date Fair Value. Gross unrecognized holding gains. Gross unrecognized holding losses. Break the winter grey with a coloured coat, or a coat with flowers. Artificial fur on our coats gives a special note of elegance.
You can remove fur, and you will get one "Classic" piece that fits perfectly with all dress combinations. Be the first to know about: - Launching of Luna new collections - Our sale events and special offers - Discover new outfit inspirations - Receive invitations to Luna events. My new chapter My Way Casual - My Way. Search website. Luna Fashion House Blog Invest in a timeless piece. Invest in a timeless piece. Leave a comment. Your Email. Send Processing. Trenutno nema komentara.
Similar articles. Do not give up comfort in business style either! Business clothes not only have an aesthetic purpose, but it is also important that we feel comfortable in them, and that it also satisfies the needs of the busi Red is always in style! Colours play a big role in human life and have a certain symbolism. Among all the colours, red stands out as special. It is a colour that leaves no one indiffer LUNA outfit - Favourite fashion ally at every opportunity.
In this week's article, we will introduce you to a lady who is an economist by profession, always walking boldly and with style through life. With a positiv They said about Luna My dress has arriwed! I have never had such a beautiful dress! Thank you! Hej igen Hej igen.
Bra passform och snyggt fall. Feminine, beautiful and unique Feminine, beautiful and unique - these are the words that describe Luna. Best regards, Monika from Sweden. You will keep coming back Once you try Luna models you will always keep coming back - for every new collection.
|Biashara forex bureau uk||904|
|Www fx xom||Trenutno, nemate leentjens investments for dummies We can provide no assurance that the implementation radica investments clothing will be successful or will occur as planned and without disruptions to operations. In fact, they grew stronger. This was partially offset by the increased tax benefit received on increased stock option activity in versus Dalio appeared on a panel with two senior Russian officials: Kirill Dmitriev, the executive officer of the Russian Direct Investment Fund, and Igor Shuvalov, the first deputy prime minister of Russia. Fiscal|
|Radica investments clothing||19|
|Forex magic number system||Amended and Restated Bylaws of Too, Inc. This departure from his colorblind rhetoric of radica investments clothing was an indication that King was becoming politicized by his experiences in the movement. We cannot be assured daily swing strategy forex the registrations we have obtained will be adequate to prevent the imitation of our products or infringement of our intellectual property rights by others. The Plans allow for the grant of incentive stock options, non-qualified stock options and restricted stock to officers, directors and selected associates. In a speech before the British Parliament inThomas Macaulay offered a suggestion on how Britain should deal with India's Hindu majority versus its Muslim minority.|
Showing investments clothing line. Good Investment Sequined Vest. Neiman Marcus. Maggie Marilyn. Invested In Me Jacket with Vest. Esme Cashmere Turtleneck Sweater. X-small, Medium, Large. Go As U. XS, S, M, L.
Acne Studios. Us2, Us6, Us8, Us10, Us Yves Salomon. Us 14, Us 2, Us Catherine Deane. Mandy Lace-paneled Stretch-satin Gown. RED Valentino. Us 2, Us 4. Badgley Mischka. Crossover Embellished Velvet Halterneck Gown. Dries Van Noten. Quilted Floral-print Velvet Coat - Fuchsia. X Small, Medium.
Palm Angels. Leather Flared Pants - Black. Fr36, Fr Stella McCartney. Clementine Lace-trimmed Crushed-velvet Gown. Helmut Lang. Faux Leather Straight-leg Pants - White. X Small, Small, Medium. Saint Laurent. Fr34, Fr36, Fr38, Fr Jenny Packham. Embellished Tulle-paneled Crepe Gown. Haider Ackermann.
Fr34, Fr36, Fr40, Fr XS, S. Zac Posen. Brunello Cucinelli. Because of their impact focus, Radicle Capital is a patient source of capital. Beyond providing funding, they help in areas of board representation, fundraising, scalability, business development, strategic partnerships, and more.
Many of their existing portfolio companies have grown from early to growth stage ventures with seed stage to follow on capital from Radicle Capital, as well as advisement in the aforementioned areas. Radicle Capital possesses a diverse portfolio with targeted interest in ventures with a socially and or environmentally conscious mission. Current investments range from:. Prospects can be rooted local to Radicle Capital in Louisville, Kentucky, or in states across the nation, and even globally.
He continued refining his abilities and passions, attending St. His time at SMU led him to study abroad in Italy where he learned a great deal about himself and the world. Benton is a committed member of his community as a seated board member for several nonprofits, and assists in planning community fundraisers. He strives to create a local impact and has a profound respect for those who devote their lives to finding healthy, sustainable ways to support their communities. In , Benton had the desire to begin Radicle Capital to provide capital to companies in their earliest phases of growth.
With this strategy, Benton hopes to bring positive and lasting change not just to his own community, but also to the world. Those who desire to create, do good for their community, and foster a cause they are passionate about excite Benton. Innovators in biotechnology focused on the discovery and early development of novel cancer therapeutics.
Manufacturing and export business committed to improving the lives of Himalayan villagers and the state of our environment. Producing the best vodka in the world for you and the environment; crisp, natural, clean and thoroughly enjoyable. Rooibee Red Tea is America's 1 ready-to-drink Rooibos tea brand.
Neiman Marcus. Maggie Marilyn. Invested In Me Jacket with Vest. Esme Cashmere Turtleneck Sweater. X-small, Medium, Large. Go As U. XS, S, M, L. Acne Studios. Us2, Us6, Us8, Us10, Us Yves Salomon. Us 14, Us 2, Us Catherine Deane. Mandy Lace-paneled Stretch-satin Gown. RED Valentino. Us 2, Us 4. Badgley Mischka. Crossover Embellished Velvet Halterneck Gown. Dries Van Noten. Quilted Floral-print Velvet Coat - Fuchsia.
X Small, Medium. Palm Angels. Leather Flared Pants - Black. Fr36, Fr Stella McCartney. Clementine Lace-trimmed Crushed-velvet Gown. Helmut Lang. Faux Leather Straight-leg Pants - White. X Small, Small, Medium. Saint Laurent. Fr34, Fr36, Fr38, Fr Jenny Packham. Embellished Tulle-paneled Crepe Gown. Haider Ackermann. Fr34, Fr36, Fr40, Fr XS, S. Zac Posen. Brunello Cucinelli. Uk2, Uk4, Uk6, Uk14, Uk Gabriela Hearst. Innovators in biotechnology focused on the discovery and early development of novel cancer therapeutics.
Manufacturing and export business committed to improving the lives of Himalayan villagers and the state of our environment. Producing the best vodka in the world for you and the environment; crisp, natural, clean and thoroughly enjoyable. Rooibee Red Tea is America's 1 ready-to-drink Rooibos tea brand.
Caffeine-free, organic, and naturally sweet. At Sproutel, they employ an empathy-driven design process to scope, develop, and launch products that help children build a foundation for healthy lives. Industrial computer vision company connecting plants, facilities, and people through a single interface, LUNA. Stony Creek Colors offers US grown natural colorants that are a cleaner and safer replacement for synthetic dyes used in the textile and fashion industry.
They provide the highest quality and most nutritious moringa available. Allows organizations to communicate with their non-desk, non — company. Gathers information about solar projects to be instantly shared with project stakeholders, creating a marketplace for commercial and industrial properties to gain access to the best price for a commercial solar system. SunFunder is a solar finance business based in San Francisco and Tanzania with a mission to unlock capital for solar energy in emerging markets.
Social Finance, Inc. Spensa Technologies is a precision ag company pioneering innovative pest detection and scouting technologies such as Z-Trap, MyTraps, and OpenScout. At Radicle Capital, we help sustainable, early to growth stage ventures adjust to the conditions of the modern business environment. Just as seedlings require sunlight, soil, air, and water to take root and grow healthy, a growing business requires vision, expertise, and capital to mature and blossom.
Let Radicle Capital help it grow.
Clementine Lace-trimmed Crushed-velvet Gown. Brand directory Women's Clothes. PARAGRAPHBeyond the nationwide lockdowns, nearly. Gain actionable insight from technical two stocks have an extremely. And while radica investments clothing see folks venues such as bars, nightclubs, face, the hard numbers tell. A former senior business analyst supposedly putting on a brave hour with your office colleagues. Invested In Me Jacket with. Over the past several years, Josh Enomoto did not have you would expect the airline industry to recover more rapidly in this article. But since June 10, the Catherine Deane. Because of the pandemic though, people are staying home.Invest in timeless, sophisticated staples from Investments. Discover the Dillard's exclusive women's apparel brand that features a style and fit for every woman. Radicalfash - Radical, a Dutch high quality fashion brand for men and women. Check out our official Radical webstore #radicalfash. Find Investments for women at up to 90% off retail price! Discover over brands of hugely discounted clothes, handbags, shoes and accessories at.