8-K

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): May 13, 2003

CLAIRE’S STORES, INC.

(Exact name of registrant as specified in its charter)

Florida
(State or other jurisdiction of incorporation)

001-08899
(Commission File Number)

59-0940416
(IRS Employer Identification Number)

3 S.W. 129th Avenue, Pembroke Pines, Florida 33027
(Address of principal executive offices)

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

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

UPDATED FINANCIAL SECTION

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

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Exhibits.

Exhibit 99.1—Updated Financial Section of Claire’s Stores, Inc. – May 13, 2003

Item 9.    Regulation FD Disclosure Regulation FD Disclosure

     Attached hereto as Exhibit 99.1 and incorporated herein by reference is a copy of an updated financial section (the “Financial Section”) to be presented by Claire’s Stores, Inc. (the “Registrant”) at an investor presentation at noon on May 13, 2003, which will replace the existing Financial Section to the presentation (the “Presentation”) that the Registrant has used and intends to use from time to time in presentations to investors or others, that was originally attached as Exhibit 99.1 to the Registrant’s Form 8-K filed on September 13, 2002. The information contained in the Presentation is not “filed” pursuant to the Securities Exchange Act and is not incorporated by reference into any of the Registrant’s Securities Act registration statements. Additionally, the submission of this Form 8-K is not an admission as to the materiality of any information in this report that is required to be disclosed solely by Regulation FD.

     Please note that the Presentation contains “forward-looking statements” which represent the Registrant’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 and uncertainties generally associated with the specialty retailing business. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Registrant’s forward-looking statements are included in the Registrant’s filings with the Securities and Exchange Commission, specifically as described in the Registrant’s annual report on Form 10-K for the fiscal year ended February 1, 2003. The Registrant undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. The historical results contained in the Presentation are not necessarily indicative of the future performance of the Registrant.

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: May 13, 2003	By:	/s/ Ira D. Kaplan
		Ira D. Kaplan
		Chief Financial Officer

Index to Exhibits

Exhibit No.	Exhibit Title
99.1	Updated Financial Section of Claire’s Stores, Inc. – May 13, 2003

EX-99.1 3 g82816exv99w1.htm UPDATED FINANCIAL SECTION

Projected Store Opening (Gross) (FY 2004) Europe:70 N.A. Claire's Accessories:60 N.A. Icing by Claire's:5 Total: 150 Japan:15

Financial Highlights FY 2003 Net Sales $1 Billion Income from Continuing Operations $78 million Gross Margins 51.4% SG&A 35.5% EPS from Continuing Operations (diluted) $1.59 Return on Sales from Continuing Operations 7.8%

Net Sales FY98 FY99 FY00 FY01 FY02 FY03 Net Sales 500 606 765 947 919 1001 ($ in millions)

Net Income from Continuing Operations FY98 FY99 FY00 FY01 FY02 FY 03 Income 58 68 93 68 41 78 ($ in millions)

Gross Margins From Continuing Operations FY98 FY99 FY00 FY01 FY02 Gross Margins 0.533 0.536 0.552 0.512 0.484 FY98 FY99 FY00 FY01 FY02 FY03 Gross Margins 0.533 0.536 0.552 0.512 0.484 0.514

Selling, General & Admin. FY98 FY99 FY00 FY01 FY02 FY03 SELLING,... 0.327 0.325 0.333 0.347 0.36 0.355 From Continuing Operations

Financial Highlights FY 2003 (Cont.) Cash Balance $195 million EBITDA $162 million Stockholders' Equity $501 million Same Store Sales +5% From Continuing Operations

Cash Balance FY98 FY99 FY00 FY01 FY02 FY03 Cash Balance 132 153 143 112 101 195 ($ in millions) From Continuing Operations

Financial Strength Strong balance sheet Great cash flow even in tough economic environments Low debt to equity ratio Ability to react quickly to economic trends

Financial Goals for FY 2004 Continue to control expenses Manage inventory levels to support sales Control promotional activity

Guidance for FY 2004 Positive same store sales increases +5 percent for full year +8 percent for first quarter Gross Margins to improve by approximately 50 bps for full year

Guidance for FY 2004 (cont.) EPS to increase to $1.81-$1.83 for FY 2004. 1st quarter-$0.24-$0.26 vs $0.19 Capital expenditures will approximate $45-50 million EBITDA to total approximately $178 million

EX-99.1

UPDATED FINANCIAL SECTION