-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VOpFYBhMLCYYWlyQJlBG8iEbLp4ppY8r4JwHaXLYkTkqiDPL8SUoiWN4owqOB6XI vnnB8aTR4dtg2GxHjUYFLw== 0000950144-03-003279.txt : 20030318 0000950144-03-003279.hdr.sgml : 20030318 20030318152324 ACCESSION NUMBER: 0000950144-03-003279 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030313 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLAIRES STORES INC CENTRAL INDEX KEY: 0000034115 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 590940416 STATE OF INCORPORATION: DE FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08899 FILM NUMBER: 03607666 BUSINESS ADDRESS: STREET 1: 3 S W 129TH AVE CITY: PEMBROKE PINES STATE: FL ZIP: 33027 BUSINESS PHONE: 9544333900 MAIL ADDRESS: STREET 1: 3 SW 129TH AVE CITY: PEMBROKE PINES STATE: FL ZIP: 33027 FORMER COMPANY: FORMER CONFORMED NAME: FASHION TRESS INC DATE OF NAME CHANGE: 19750923 FORMER COMPANY: FORMER CONFORMED NAME: FT INDUSTRIES INC DATE OF NAME CHANGE: 19831006 8-K 1 g81314e8vk.htm CLAIRE'S STORES 3/13/2003 Claire's Stores 3/13/2003
Table of Contents

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) March 13, 2003

Claire’s Stores, Inc.
(Exact Name of Registrant as Specified in its Charter)
             
Florida   1-8899   59-0940416    
 
 
   
(State or Other Jurisdiction of Incorporation   (Commission File No.)   (IRS Employer
Identification No.)
         
3 S.W. 129th Avenue, Pembroke Pines, Florida   33027
(Address of principal executive office)
   (Zip code)

Registrant’s telephone number, including area code: (954) 433-3900

 
Not Applicable
(Former Names or Former Address, if Changed Since Last Report)

 

SIGNATURES
Index to Exhibits
Ex-99.1 Press Release

Table of Contents

Item 9.    Regulation FD Disclosure

Attached hereto as Exhibit 99.1 and incorporated herein by reference is a copy of a press release (the “Release”) that Claire’s Stores, Inc. (the “Registrant”) issued on March 13, 2003 reporting its earnings for the fiscal fourth quarter and full year ended February 1, 2003.

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.

  (c)   Exhibits.
 
      99.1    Release of Claire’s Stores, Inc. — March 13, 2003

 

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

             
          CLAIRE’S STORES, INC
             
Date: March 17, 2003     By:   /s/ Ira D. Kaplan
           
            Ira D. Kaplan
Chief Financial Officer

 

Table of Contents

Index to Exhibits

         
Exhibit No.   Exhibit Title
 
99.1   Press Release of Claire's Stores, Inc. -- March 13, 2003

  EX-99.1 3 g81314exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 NEWS BULLETIN RE: CLAIRE'S STORES, INC. 3 S.W. 129TH AVENUE, PEMBROKE PINES, FLORIDA 33027 (954) 433-3900 CLAIRE'S STORES, INC. REPORTS FISCAL 2003 FOURTH QUARTER AND FULL-YEAR RESULTS AND PROVIDES GUIDANCE FOR FISCAL 2004 PEMBROKE PINES, Florida, March 13, 2003 - Claire's Stores, Inc. (NYSE:CLE) today announced sales and earnings for the fourth quarter and fiscal year 2003, which ended February 1, 2003. All numbers are unaudited FOURTH QUARTER Sales for the fourth quarter of fiscal 2003 increased 15 percent to $322.4 million versus $280.4 million for the fourth quarter of fiscal 2002. Same store sales for the fourth quarter increased 9 percent. Income from continuing operations for the fourth quarter of fiscal 2003 ended February 1, 2003, was $42.5 million or $0.87 per diluted share compared with $29.8 million or $0.61 per diluted share for the fourth quarter of fiscal 2002. FULL YEAR Sales for the twelve months of fiscal 2003 increased 9 percent to $1 billion compared with $918.7 million in fiscal 2002. Same store sales increased 5 percent for the fiscal year. Income from continuing operations for the twelve months ended February 1, 2003 was $78.0 million or $1.59 per diluted share compared to $41.1 million or $0.84 per diluted share in the prior year. Marla Schaefer, Vice Chairman of Claire's, added, "Fiscal 2003 was an unusually difficult year in which to do business. Weak consumer confidence led to a very weak retail environment. The holiday season was short and bad weather affected mall traffic in some areas of the country. We also had to deal with the West Coast dock workers strike and the increased costs of shipping. Despite all of these challenges, we delivered financial results that exceeded our plan and showed an improvement from the prior fiscal year. We also maintained our focus on the key elements for driving top and bottom line growth with tight inventory management, strong merchandise margins and expense control. But more importantly we kept our collective eyes on the long-term health of our brands." Bonnie Schaefer, Vice Chairman of Claire's said "Our goals for fiscal 2003 were to improve our financial performance with increasing sales and operating margins. Clearly we accomplished what we set out to do as our focus resulted in record sales and earnings which consistently exceeded expectations throughout the year. Although we anticipate the geopolitical and economic environment will remain challenging and mall traffic will remain weak in fiscal 2004, we are planning for a positive 3-4% same store sales growth for fiscal 2004. Our store-opening plan is for 150 new stores with 89 store closings. Going forward, the majority of our store openings will be concentrated in Europe."
STORE COUNT AT THE END OF FISCAL 2003: FISCAL 2002: ----------- ----------- Claire's North America 1,635 1,638 Claire's U.K. 454 414 Claire's France 104 57 Claire's Bijoux One (Austria, Switzerland & Germany) 95 87 Claire's Nippon 109 97 Icing by Claire's 515 582 ----- ----- GRAND TOTAL 2,912 2,875 ===== =====
BUSINESS OUTLOOK FOR THE FIRST QUARTER AND FULL FISCAL YEAR 2004 Attached to this press release is a model for first quarter and full year of fiscal 2004. The model is based on current expectations and actual results may differ materially. FOURTH QUARTER WEBCAST AND CONFERENCE CALL INFORMATION Claire's will host a summary of fourth quarter results in a live conference call and real-time webcast at approximately 10:00 a.m. on March 13th. Please call 312-470-0029 and the password is Claires. A replay will be available through Friday, March 21st. The replay number is 402-998-0758 and the password is 25247. The webcast is located under the Conference Calls in the Financials section of www.clairestores.com. Replay of this event will also be available on www.clairestores.com until March 21st. Claire's Stores, Inc., is a leading international specialty retailer offering value-priced costume jewelry and accessories to fashion-aware tweens, teens and young adults through its two store concepts: Claire's Accessories (North America and Europe) and Icing by Claire's. As of March 1, 2003, Claire's Stores, Inc. operated approximately 2,800 stores in the United States, the Caribbean, Puerto Rico, Canada, the United Kingdom, Ireland, Switzerland, Austria, Germany and France. Claire's Stores, Inc. also operates through its subsidiary Claire's Nippon, Co., Ltd., over 100 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. (fka JUSCO, Co. Ltd.). FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" which represent the Company's expectations or beliefs with respect to future events. 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, changes in consumer preferences and consumer spending for pre-teen and teen apparel and accessories, competition, general economic conditions, uncertainties generally associated with the specialty retailing business, and potential difficulties or delays in identifying, attracting and retaining qualified individuals to serve in senior management positions and uncertainty that definitive financial results may differ from preliminary financial results due to, among other things, final GAAP adjustments. 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 2, 2002. 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. Note: Other Claire's Stores, Inc. press releases, a corporate profile and most recent 10-K and 10-Q reports are available via Claire's Internet home page: http://www.clairestores.com. Contact: Sonia Rohan, Vice President of Investor Relations & Corporate Communications Phone: (212) 594-3127, Fax: (212) 244-4237 E-mail: sonia.rohan@claires.com CLAIRE'S STORES, INC. AND SUBSIDIARIES BUSINESS OUTLOOK FOR FISCAL 2004 (DOLLARS AND SHARES IN MILLIONS)
THREE MONTHS TWELVE MONTHS ENDING ENDING MAY 3, 2003 JANUARY 31, 2004 ------------ ---------------- Net sales $225.0 $1,041.0 Cost of sales, occupancy and buying expense 114.0 501.6 ------ -------- Gross Profit 111.0 539.4 ------ -------- Other Expenses: Selling, general & administrative 86.5 366.5 Depreciation and amortization 9.8 39.7 Interest and other 0.2 0.5 ------ -------- 96.5 406.7 Income from continuing operations before income taxes 14.5 132.7 Income taxes 5.1 46.4 ------ -------- Income from continuing operations $ 9.4 $ 86.3 ====== ======== Diluted earnings per share $ 0.19 $ 1.76 ====== ======== Diluted Shares Outstanding 49.0 49.0 ====== ========
CLAIRE'S STORES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
February 1, 2003 February 2, 2002 ---------------- ---------------- ASSETS Current assets: Cash and equivalents $ 195,482,000 $ 99,912,000 Short-term investments -- 1,563,000 Inventories 88,334,000 78,596,000 Net assets of discontinued operation -- -- Prepaid expenses and other current assets 37,792,000 34,353,000 ------------- ------------- Total current assets 321,608,000 214,424,000 ------------- ------------- Property and equipment: Land and building 18,041,000 17,984,000 Furniture, fixtures and equipment 206,529,000 187,565,000 Leasehold improvements 161,240,000 136,422,000 ------------- ------------- 385,810,000 341,971,000 Less accumulated depreciation and amortization (211,328,000) (177,997,000) ------------- ------------- 174,482,000 163,974,000 Goodwill 197,875,000 193,140,000 Other assets 34,562,000 40,037,000 ------------- ------------- Total Assets $ 728,527,000 $ 611,575,000 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 40,916,000 $ 21,040,000 Trade accounts payable 43,185,000 30,874,000 Income taxes payable 13,153,000 4,800,000 Dividends payable -- -- Accrued expenses 43,762,000 25,822,000 ------------ ------------ Total current liabilities 141,016,000 82,536,000 ------------ ------------ Long-term liabilities: Long-term debt 70,000,000 110,104,000 Deferred credits 16,263,000 14,747,000 ------------ ------------ Total long-term liabilities 86,263,000 124,851,000 ------------ ------------ Stockholders' equity: Class A stock - par value $0.05 per share 135,000 142,000 Common stock- par value $0.05 per share 2,307,000 2,297,000 Additional paid-in capital 32,834,000 29,871,000 Other comprehensive income (loss) 7,219,000 (16,709,000) Retained earnings 458,753,000 389,039,000 ------------ ------------ 501,248,000 404,640,000 Less treasury stock at cost -- (452,000) Total Stockholders' Equity 501,248,000 404,188,000 ------------ ------------ Total Liabilities and Stockholders' Equity $728,527,000 $611,575,000 ============ ============
CLAIRE'S STORES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED ----------------------------------------- February 1, 2003 February 2, 2002 ---------------- ---------------- Net sales $322,393,000 100.0% $280,410,000 100.0% Cost of sales, occupancy and buying expenses 142,990,000 44.4% 133,468,000 47.6% ------------ ------------ Gross Profit 179,403,000 55.6% 146,942,000 52.4% ------------ ------------ Other Expenses: Selling, general & administrative 103,546,000 32.1% 88,222,000 31.5% Depreciation and amortization 9,905,000 3.1% 10,954,000 3.9% Interest and other 232,000 0.1% 1,020,000 0.4% ------------ ------------ 113,683,000 35.3% 100,196,000 35.7% ------------ ------------ Income from continuing operations before income taxes 65,720,000 20.4% 46,746,000 16.7% Income taxes 23,180,000 7.2% 16,935,000 6.0% ------------ ------------ Income from continuing operations $ 42,540,000 13.2% $ 29,811,000 10.6% ============ ============ Discontinued operation: (Loss) from discontinued operation of Lux Corp. less applicable income tax benefit of $0, ($884,000), $0 and ($5,152,000), respectively -- (1,474,000) (Loss) on disposal of Lux Corp. less applicable income tax benefit of ($1,388,000), ($7,773,000), ($141,000) and ($7,773,000) (2,313,000) (12,955,000) ------------ ------------ Net (loss) from discontinued operation (2,313,000) (14,429,000) ------------ ------------ Net income $40,227,000 $15,382,000 ============ ============ Income (loss) per share: Basic: Income from continuing operations $0.87 $0.61 ------------ ------------ (Loss) from operations of discontinued operation -- (0.02) (Loss) from disposal of discontinued operation (0.05) (0.27) ------------ ------------ Net (loss) from discontinued operation (0.05) (0.29) Net income $0.82 $0.32 ============ ============ Diluted: Income from continuing operations $0.87 $0.61 ------------ ------------ (Loss) from operations of discontinued operation -- (0.02) (Loss) from disposal of discontinued operation (0.05) (0.27) ------------ ------------ Net (loss) from discontinued operation (0.05) (0.29) Net income $0.82 $0.32 ============ ============ Weighted Average Number of Shares Outstanding: Basic 48,809,000 48,671,000 ============ ============ Diluted 49,010,000 48,749,000 ============ ============
TWELVE MONTHS ENDED ----------------------------------------- February 1, 2003 February 2, 2002 ---------------- ---------------- Net sales $1,001,537,000 100.0% $918,737,000 100.0% Cost of sales, occupancy and buying expenses 486,858,000 48.6% 473,785,000 51.6% ------------ ------------ Gross Profit 514,679,000 51.4% 444,952,000 48.4% ------------ ------------ Other Expenses: Selling, general & administrative 355,093,000 35.5% 330,993,000 36.0% Depreciation and amortization 37,897,000 3.8% 42,931,000 4.7% Interest and other 1,566,000 0.2% 6,432,000 0.7% ------------ ------------ 394,556,000 39.4% 380,356,000 41.4% ------------ ------------ Income from continuing operations before income taxes 120,123,000 12.0% 64,596,000 7.0% Income taxes 42,144,000 4.2% 23,470,000 2.6% ------------ ------------ Income from continuing operations $ 77,979,000 7.8% $ 41,126,000 4.5% ============ ============ Discontinued operation: (Loss) from discontinued operation of Lux Corp. less applicable income tax benefit of $0, ($884,000), $0 and ($5,152,000), respectively -- (8,588,000) (Loss) on disposal of Lux Corp. less applicable income tax benefit of ($1,388,000), ($7,773,000), ($141,000) and ($7,773,000) (235,000) (12,955,000) Net (loss) from discontinued operation (235,000) (21,543,000) ------------ ------------ Net (loss) from discontinued operation (235,000) (21,543,000) ------------ ------------ Net income $77,744,000 $19,583,000 ============ ============ Income (loss) per share: Basic: Income from continuing operations $ 1.60 $ 0.84 ------------ ------------ (Loss) from operations of discontinued operation -- (0.18) (Loss) from disposal of discontinued operation (0.00) (0.26) ------------ ------------ Net (loss) from discontinued operation (0.00) (0.44) Net income $ 1.60 $ 0.40 ============ ============ Diluted: Income from continuing operations $1.59 $0.84 ------------ ------------ (Loss) from operations of discontinued operation -- (0.18) (Loss) from disposal of discontinued operation (0.00) (0.26) ------------ ------------ Net (loss) from discontinued operation (0.00) (0.44) Net income $ 1.59 $ 0.40 ============ ============ Weighted Average Number of Shares Outstanding: Basic 48,717,000 48,671,000 ============ ============ Diluted 48,891,000 48,751,000 ============ ============
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