Guarantor Subsidiaries

6 Months Ended

Jul. 30, 2011

Guarantor Subsidiaries [Abstract]

Guarantor Subsidiaries

13. Guarantor Subsidiaries

On March 5, 2010, Express, LLC and Express Finance (the “Subsidiary Issuers”), both wholly-owned indirect subsidiaries of the Company, issued the Senior Notes. The Company (“Guarantor”) and certain of the Company’s indirect wholly-owned subsidiaries (“Guarantor Subsidiaries”) have fully and unconditionally guaranteed, on a joint and several basis, the Company’s obligations under the Senior Notes. The following consolidating schedules present the condensed financial information on a combined basis.

EXPRESS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(Amounts in Thousands)

(Unaudited)

	July 30, 2011
	Express, Inc.		Subsidiary Issuers		Guarantor Subsidiaries		Other Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	1,574	$	142,973	$	—	$	5	$	—		$	144,552
Receivables, net	—		8,716		—		—		—			8,716
Inventories	—		207,430		—		—		—			207,430
Prepaid minimum rent	—		22,399		—		—		—			22,399
Intercompany receivable	—		427		17,069		—		(17,496		)	—
Other	618		28,670		—		4,946		—			34,234
Total current assets	2,192		410,615		17,069		4,951		(17,496		)	417,331
Property and equipment, net	—		219,161		—		—		—			219,161
Tradename/domain name	—		197,474		—		—		—			197,474
Investment in subsidiary	180,025		3,127		—		174,521		(357,673		)	—
Deferred tax asset	968		3,652		—		893		—			5,513
Other assets	—		17,254		—		—		—			17,254
Total assets	$	183,185	$	851,283	$	17,069	$	180,365	$	(375,169	)	$	856,733
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	—	$	166,314	$	—	$	—	$	—		$	166,314
Deferred revenue	—		1,615		13,800		—		—			15,415
Accrued bonus	—		10,992		—		—		—			10,992
Accrued expenses	—		82,081		—		17		—			82,098
Accounts payable and accrued expenses—related parties	—		3,890		—		—		—			3,890
Intercompany payable	102		17,026		—		368		(17,496		)	—
Total current liabilities	102		281,918		13,800		385		(17,496		)	278,709
Long-term debt	—		317,149		—		—		—			317,149
Other long-term liabilities	446		77,695		—		97		—			78,238
Total liabilities	548		676,762		13,800		482		(17,496		)	674,096
Commitments and Contingencies (Note 12)
Total stockholders’ equity	182,637		174,521		3,269		179,883		(357,673		)	182,637
Total liabilities and stockholders’ equity	$	183,185	$	851,283	$	17,069	$	180,365	$	(375,169	)	$	856,733

EXPRESS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(Amounts in Thousands)

(Unaudited)

	January 29, 2011
	Express, Inc.			Subsidiary Issuers		Guarantor Subsidiaries		Other Subsidiaries			Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	1,647		$	186,115	$	—	$	—		$	—		$	187,762
Receivables, net	—			9,908		—		—			—			9,908
Inventories	—			185,209		—		—			—			185,209
Prepaid minimum rent	—			22,284		—		—			—			22,284
Intercompany receivable	—			—		26,029		311			(26,340		)	—
Other	—			22,130		—		—			—			22,130
Total current assets	1,647			425,646		26,029		311			(26,340		)	427,293
Property and equipment, net	—			211,319		—		—			—			211,319
Tradename/domain name	—			197,414		—		—			—			197,414
Investment in subsidiary	127,260			3,147		—		121,757			(252,164		)	—
Deferred tax asset	968			3,652		—		893			—			5,513
Other assets	—			21,210		—		—			—			21,210
Total assets	$	129,875		$	862,388	$	26,029	$	122,961		$	(278,504	)	$	862,749
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	—		$	85,843	$	—	$	—		$	—		$	85,843
Deferred revenue	—			2,185		22,882		—			—			25,067
Accrued bonus	—			14,268		—		—			—			14,268
Accrued expenses	(444		)	96,535		—		(4,299		)	—			91,792
Accounts payable and accrued expenses—related parties	—			79,865		—		—			—			79,865
Intercompany payable	—			26,340		—		—			(26,340		)	—
Total current liabilities	(444		)	305,036		22,882		(4,299		)	(26,340		)	296,835
Long-term debt	—			366,157		—		—			—			366,157
Other long-term liabilities	157			69,438		—		—			—			69,595
Total liabilities	(287		)	740,631		22,882		(4,299		)	(26,340		)	732,587
Commitments and Contingencies (Note 12)
Total stockholders’ equity	130,162			121,757		3,147		127,260			(252,164		)	130,162
Total liabilities and stockholders’ equity	$	129,875		$	862,388	$	26,029	$	122,961		$	(278,504	)	$	862,749

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

	Thirteen Weeks Ended July 30, 2011
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries			Other Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	446,041		$	—		$	—		$	—		$	446,041
Cost of goods sold, buying, and occupancy costs	—			296,113			—			96			—			296,209
Gross profit	—			149,928			—			(96		)	—			149,832
Selling, general, and administrative expenses	257			117,433			(52		)	44			—			117,682
Other operating expense (income), net	—			402			—			—			—			402
Operating income (loss)	(257		)	32,093			52			(140		)	—			31,748
Interest expense	—			10,510			—			—			—			10,510
Interest income	—			(2		)	—			—			—			(2		)
(Income) loss in subsidiary	(12,874		)	90			—			(12,874		)	25,658			—
Income (loss) before income taxes	12,617			21,495			52			12,734			(25,658		)	21,240
Income tax expense	(1		)	8,621			—			—			—			8,620
Net income (loss)	$	12,618		$	12,874		$	52		$	12,734		$	(25,658	)	$	12,620
Other comprehensive loss	—			—			—			(2		)	—			(2		)
Comprehensive income	$	12,618		$	12,874		$	52		$	12,732		$	(25,658	)	$	12,618

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

	Thirteen Weeks Ended July 31, 2010
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries			Other Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	407,277		$	—		$	—		$	—		$	407,277
Cost of goods sold, buying, and occupancy costs	—			277,260			—			—			—			277,260
Gross profit	—			130,017			—			—			—			130,017
Selling, general, and administrative expenses	665			110,378			(65		)	(42		)	—			110,936
Other operating expense (income), net	—			14,028			—			3			—			14,031
Operating income (loss)	(665		)	5,611			65			39			—			5,050
Interest expense	—			8,781			—			14,568			—			23,349
Interest income	—			(1		)	—			—			—			(1		)
(Income) loss in subsidiary	(22,678		)	(65		)	—			(31,309		)	54,052			—
Other income, net	—			(1,474		)	—			—			—			(1,474		)
Income (loss) before income taxes	22,013			(1,630		)	65			16,780			(54,052		)	(16,824		)
Income tax expense (benefit)	(101		)	(32,939		)	—			(5,898		)	—			(38,938		)
Net income (loss)	$	22,114		$	31,309		$	65		$	22,678		$	(54,052	)	$	22,114
Other comprehensive loss	—			—			—			—			—			—
Comprehensive income	$	22,114		$	31,309		$	65		$	22,678		$	(54,052	)	$	22,114

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

	Twenty-Six Weeks Ended July 30, 2011
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries			Other Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	913,418		$	—		$	—		$	—		$	913,418
Cost of goods sold, buying, and occupancy costs	—			585,176			—			96			—			585,272
Gross profit	—			328,242			—			(96		)	—			328,146
Selling, general, and administrative expenses	955			226,298			(122		)	44			—			227,175
Other operating expense (income), net	—			(200		)	—			—			—			(200		)
Operating income (loss)	(955		)	102,144			122			(140		)	—			101,171
Interest expense	—			21,515			—			—			—			21,515
Interest income	—			(5		)	—			—			—			(5		)
(Income) loss in subsidiary	(48,588		)	20			—			(48,588		)	97,156			—
Income (loss) before income taxes	47,633			80,614			122			48,448			(97,156		)	79,661
Income tax expense	2			32,026			—			—			—			32,028
Net income (loss)	$	47,631		$	48,588		$	122		$	48,448		$	(97,156	)	$	47,633
Other comprehensive loss	—			—			—			(2		)	—			(2		)
Comprehensive income	$	47,631		$	48,588		$	122		$	48,446		$	(97,156	)	$	47,631

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

	Twenty-Six Weeks Ended July 31, 2010
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries			Other Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	833,739		$	—		$	—		$	—		$	833,739
Cost of goods sold, buying, and occupancy costs	—			546,516			—			—			—			546,516
Gross profit	—			287,223			—			—			—			287,223
Selling, general, and administrative expenses	2,140			211,872			(143		)	(23		)	—			213,846
Other operating expense (income), net	—			17,042			—			3			—			17,045
Operating income (loss)	(2,140		)	58,309			143			20			—			56,332
Interest expense	—			15,145			—			28,984			—			44,129
Interest income	—			(11		)	—			—			—			(11		)
(Income) loss in subsidiary	(54,714		)	(143		)	—			(77,675		)	132,532			—
Other income, net	—			(1,906		)	—			—			—			(1,906		)
Income (loss) before income taxes	52,574			45,224			143			48,711			(132,532		)	14,120
Income tax expense (benefit)	(101		)	(32,451		)	—			(6,003		)	—			(38,555		)
Net income (loss)	$	52,675		$	77,675		$	143		$	54,714		$	(132,532	)	$	52,675
Other comprehensive loss	—			—			—			—			—			—
Comprehensive income	$	52,675		$	77,675		$	143		$	54,714		$	(132,532	)	$	52,675

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(Amounts in Thousands)

(Unaudited)

	Twenty-Six Weeks Ended July 30, 2011
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries		Other Subsidiaries			Eliminations		Consolidated Total
Operating Activities
Net cash provided by (used in) operating activities	$	(162	)	$	41,407		$	—	$	7		$	—	$	41,252
Investing Activities
Capital expenditures	—			(33,553		)	—		—			—		(33,553		)
Purchase of intangible assets	—			(60		)	—		—			—		(60		)
Net cash provided by (used in) investing activities	—			(33,613		)	—		—			—		(33,613		)
Financing Activities
Repayments of long-term debt arrangements	—			(49,775		)	—		—			—		(49,775		)
Costs incurred in connection with debt arrangements and Senior Notes	—			(1,161		)	—		—			—		(1,161		)
Proceeds from share-based compensation	191			—			—		—			—		191
Purchase of treasury stock	(102		)	—			—		—			—		(102		)
Net cash provided by (used in) financing activities	89			(50,936		)	—		—			—		(50,847		)
Effect of exchange rates on cash	—			—			—		(2		)	—		(2		)
Net increase (decrease) in cash and cash equivalents	(73		)	(43,142		)	—		5			—		(43,210		)
Cash and cash equivalents, beginning of period	1,647			186,115			—		—			—		187,762
Cash and cash equivalents, end of period	$	1,574		$	142,973		$	—	$	5		$	—	$	144,552

EXPRESS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(Amounts in Thousands)

(Unaudited)

	Twenty-Six Weeks Ended July 31, 2010
	Express, Inc.			Subsidiary Issuers			Guarantor Subsidiaries		Other Subsidiaries			Eliminations			Consolidated Total
Operating Activities
Net cash provided by (used in) operating activities	$	5,805		$	71,479		$	—	$	(35,495	)	$	—		$	41,789
Investing Activities
Capital expenditures	—			(28,181		)	—		—			—			(28,181		)
Investment in subsidiary	(170,535		)	—			—		(5,633		)	176,168			—
Dividends received	261,000			—			—		432,153			(693,153		)	—
Net cash provided by (used in) investing activities	90,465			(28,181		)	—		426,520			(516,985		)	(28,181		)
Financing Activities
Borrowings under Senior Notes	—			246,498			—		—			—			246,498
Net proceeds from equity offering	166,898			—			—		—			—			166,898
Repayments of long term debt arrangements	—			(625		)	—		(300,000		)	—			(300,625		)
Costs incurred in connection with debt arrangements and Senior Notes	—			(11,426		)	—		(560		)	—			(11,986		)
Costs incurred in connection with equity offering	(6,498		)	—			—		—			—			(6,498		)
Equity contributions	5,633			—			—		170,535			(176,168		)	—
Repayment of notes receivable	—			5,633			—		—			—			5,633
Distributions	(261,000		)	(432,153		)	—		(261,000		)	693,153			(261,000		)
Net cash provided by (used in) financing activities	(94,967		)	(192,073		)	—		(391,025		)	516,985			(161,080		)
Net increase (decrease) in cash and cash equivalents	1,303			(148,775		)	—		—			—			(147,472		)
Cash and cash equivalents, beginning of period	192			234,212			—		—			—			234,404
Cash and cash equivalents, end of period	$	1,495		$	85,437		$	—	$	—		$	—		$	86,932