MIRA
INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
urban outfitters, inc. |
|
|
|
|
Registered Office : |
5000 South Broad Street Philadelphia, PA 19112 |
|
|
|
|
Country : |
United States |
|
|
|
|
Financials (as on) : |
31.01.2011 |
|
|
|
|
Year of Establishment : |
1976 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Retail sale of clothing |
|
|
|
|
No. of Employees : |
6,432 |
RATING & COMMENTS
|
MIRAs Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Urban Outfitters, Inc.
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Urban Outfitters, Inc. (Urban Outfitters) is a lifestyle specialty
retail company that operates under the Urban Outfitters, Anthropologie, Free
People, Terrain, Leifsdottir and BHLDN brands. The Company also operates a
wholesale segment under the Free People and Leifsdottir brands. Its retail
stores offer collections of fashion apparel, accessories and home goods. In
addition to its retail stores, the Company offers its products and markets
its brands directly to the consumer through its e-commerce Websites,
www.urbanoutfitters.com, www.anthropologie.com, www.freepeople.com,
www.urbanoutfitters.co.uk www.urbanoutfitters.de, www.urbanoutfitters.fr,
www.anthropologie.eu, www.leifsdottir.com, www.shopterrain.com and
www.bhldn.com and also through its Urban Outfitters, Anthropologie and Free
People catalogs. For the fiscal year ended 31 January 2011, Urban Outfitters,
Inc.'s revenues increased 17% to $2.27B. Net income increased 24% to $273M.
Revenues reflect a significant increase in income from retail stores segment
and higher income from wholesale segment primarily from domestic operations.
Net income also reflects a substantial increase in gross profit margin,
higher other income and raise in income from operations. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
US SIC 1987: |
Key Executives (Emails Available)
|
Significant
Developments
|
|||||||||||||
|
* number of significant developments within the last 12 months |
|||||||||||||
News
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Urban
Outfitters, Inc. The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
|
|
Sales and Distribution |
|
|
Direct-to-consumer sales rose 19% and wholesale sales declined 5%.
During fiscal 2010, the company opened a total of 33 new stores including 13
Urban Outfitters stores, 16 Anthropologie stores including Anthropologie
store in Europe, and 4 Free People stores. The company plans to open
approximately 45 new stores during Fiscal 2011.Jan 13, 2010Urban Outfitters
set to open in JanuaryThe new Urban Outfitters retail store in downtown
Asheville has planned to hold its grand opening on January 28, 2010.The store
officials announced in July that they had struck a deal to open a store in
the former CVS drugstore building at the corner of Haywood and College
streets. |
|
|
This increase was primarily due to improved merchandise margins and
leveraging of store occupancy expense driven by positive comparable store
sales. Total Company inventory increased 23.3% to $230 million from $186
million in the prior year. The increase is primarily related to the
acquisition of inventory to stock new stores and our direct-to-consumer
channel growth. Comparable retail segment inventory (which includes our
direct-to-consumer channel) grew 9.7%, while comparable store inventories
increased 4.4%. Selling, general and administrative expenses, as a percentage
of net sales for fiscal 2011, decreased to 23.0% of net sales versus 23.1% of
net sales for fiscal 2010. |
|
|
Total company net sales for the year ended January 31, 2010 increased
6%, to $1.9 billion. During the year ended January 31, 2010, the Company
opened a total of 33 new stores including: 13 Urban Outfitters stores, 16
Anthropologie stores including its first Anthropologie store in Europe, and
four Free People stores. The Company plans to open approximately 45 new
stores during fiscal 2011. Urban Outfitters, Inc. is a specialty retail
company which offers a variety of lifestyle merchandise through 155 Urban
Outfitters stores in the United States, Canada, and Europe; two websites and
a catalog; 137 Anthropologie stores in the United States, Canada and Europe,
a web site and a catalog; Free People wholesale which sells its product to
approximately 1,400 specialty stores and select department stores; 34 Free
People stores, a web site and catalog; Leifsdottir wholesale, which sells its
product to approximately 65 specialty and select department stores; and one
Terrain garden center as of January 31, 2010. |
|
|
Urban Outfitters, Inc. is a specialty retail company which offers a
variety of lifestyle merchandise through 155 Urban Outfitters stores in the
United States, Canada, and Europe; two websites and a catalog; 137
Anthropologie stores in the United States, Canada and Europe, a web site and
a catalog; Free People wholesale which sells its product to approximately
1,400 specialty stores and select department stores; 34 Free People stores, a
web site and catalog; Leifsdottir wholesale, which sells its product to
approximately 65 specialty and select department stores; and one Terrain
garden center as of January 31, 2010.Mar 04, 2010Urban Outfitters to open 45
new stores in fiscal 2011Urban Outfitters, a publicly traded American
company, announced that it plans to open 45 new stores during fiscal 2011.The
company also said it began the groundwork to expand in the Far East. The
operator of the Urban Outfitters, Anthropologie and Free People chains also
said it will continue to improve and invest in its direct-to-consumer
channel, sales at which grew 28% in the latest quarter. |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Structure News
|
Urban
Outfitters, Inc. |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Philadelphia, PA |
United States |
Retail (Apparel) |
2,274.1 |
6,432 |
|
|
Subsidiary |
Philadelphia, PA |
United States |
Retail (Apparel) |
22.7 |
700 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
5.5 |
35 |
|
|
Subsidiary |
Philadelphia, PA |
United States |
Retail (Department and Discount) |
150.0 |
400 |
|
|
Branch |
Los Angeles, CA |
United States |
Retail (Apparel) |
12.6 |
80 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
12.6 |
80 |
|
|
Branch |
Portland, OR |
United States |
Retail (Apparel) |
11.1 |
70 |
|
|
Branch |
Seattle, WA |
United States |
Retail (Apparel) |
9.8 |
62 |
|
|
Branch |
Short Hills, NJ |
United States |
Retail (Apparel) |
9.5 |
60 |
|
|
Branch |
Bellevue, WA |
United States |
Retail (Apparel) |
9.5 |
60 |
|
|
Branch |
Santa Monica, CA |
United States |
Retail (Apparel) |
8.7 |
55 |
|
|
Branch |
Dallas, TX |
United States |
Retail (Apparel) |
8.2 |
52 |
|
|
Branch |
Las Vegas, NV |
United States |
Retail (Apparel) |
7.9 |
50 |
|
|
Branch |
Salt Lake City, UT |
United States |
Retail (Apparel) |
7.1 |
45 |
|
|
Branch |
Houston, TX |
United States |
Retail (Apparel) |
7.1 |
45 |
|
|
Branch |
San Antonio, TX |
United States |
Retail (Apparel) |
7.0 |
44 |
|
|
Branch |
White Plains, NY |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
Denver, CO |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
Carlsbad, CA |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
Boston, MA |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
Shrewsbury, NJ |
United States |
Retail (Apparel) |
6.3 |
40 |
|
|
Branch |
Princeton, NJ |
United States |
Retail (Apparel) |
5.5 |
35 |
|
|
Branch |
West Palm Beach, FL |
United States |
Retail (Apparel) |
5.5 |
35 |
|
|
Branch |
Richmond, VA |
United States |
Retail (Apparel) |
5.5 |
35 |
|
|
Branch |
Greenvale, NY |
United States |
Retail (Apparel) |
5.1 |
32 |
|
|
Branch |
South Windsor, CT |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
Oak Brook, IL |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
St Louis, MO |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
Thousand Oaks, CA |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
Austin, TX |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
Madison, WI |
United States |
Retail (Apparel) |
4.7 |
30 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
18.8 |
101 |
|
|
Branch |
San Francisco, CA |
United States |
Retail (Apparel) |
17.1 |
92 |
|
|
Branch |
Los Angeles, CA |
United States |
Retail (Apparel) |
12.1 |
65 |
|
|
Branch |
Gap, PA |
United States |
Advertising |
13.6 |
60 |
|
|
Branch |
Santa Monica, CA |
United States |
Retail (Apparel) |
11.2 |
60 |
|
|
Branch |
Washington, DC |
United States |
Retail (Apparel) |
11.2 |
60 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
11.2 |
60 |
|
|
Subsidiary |
Chadds Ford, PA |
United States |
Retail (Home Improvement) |
|
60 |
|
|
Branch |
Jacksonville, FL |
United States |
Retail (Apparel) |
11.0 |
59 |
|
|
Branch |
St Louis, MO |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
San Jose, CA |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
Studio City, CA |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
Torrance, CA |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
New York, NY |
United States |
Retail (Apparel) |
9.3 |
50 |
|
|
Branch |
Burbank, CA |
United States |
Retail (Apparel) |
8.4 |
45 |
|
|
Branch |
Pasadena, CA |
United States |
Retail (Apparel) |
8.2 |
44 |
|
|
Branch |
Boston, MA |
United States |
Retail (Apparel) |
7.6 |
41 |
|
|
Branch |
Boulder, CO |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Austin, TX |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Las Vegas, NV |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Cheektowaga, NY |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Costa Mesa, CA |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Garden City, NY |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Dallas, TX |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Lynnwood, WA |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Salt Lake City, UT |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Nashville, TN |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Seattle, WA |
United States |
Retail (Apparel) |
7.4 |
40 |
|
|
Branch |
Minneapolis, MN |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
San Diego, CA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Cambridge, MA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Las Vegas, NV |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Mc Lean, VA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Seattle, WA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Dallas, TX |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Pittsburgh, PA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Sacramento, CA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Fresno, CA |
United States |
Retail (Apparel) |
6.5 |
35 |
|
|
Branch |
Toronto, ON |
Canada |
Retail (Apparel) |
8.1 |
33 |
|
|
Branch |
Tempe, AZ |
United States |
Retail (Apparel) |
6.0 |
32 |
|
|
Branch |
Santa Barbara, CA |
United States |
Retail (Apparel) |
6.0 |
32 |
|
|
Branch |
Houston, TX |
United States |
Retail (Apparel) |
6.0 |
32 |
|
|
Branch |
Newport Beach, CA |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Ann Arbor, MI |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Montclair, NJ |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Washington, DC |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Minneapolis, MN |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Irvine, CA |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Thousand Oaks, CA |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Portland, OR |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Miami, FL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Flushing, NY |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Troy, MI |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Oak Brook, IL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Chicago, IL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Tucson, AZ |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Evanston, IL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Tampa, FL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Madison, WI |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Miami Beach, FL |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
New Orleans, LA |
United States |
Retail (Apparel) |
5.6 |
30 |
|
|
Branch |
Berkeley, CA |
United States |
Retail (Apparel) |
5.4 |
29 |
|
|
Branch |
Philadelphia, PA |
United States |
Retail (Apparel) |
5.0 |
27 |
|
|
Branch |
West Palm Beach, FL |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Schaumburg, IL |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Columbus, OH |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
San Luis Obispo, CA |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Cleveland, OH |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Charleston, SC |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Charlotte, NC |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Scottsdale, AZ |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Bloomington, IN |
United States |
Retail (Apparel) |
4.7 |
25 |
|
|
Branch |
Durham, NC |
United States |
Retail (Apparel) |
4.1 |
22 |
Competitors Report
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
|
|
Revel Touch introduces new solution for retailers
Datamonitor TechnologyWire
23 December 2011
|
[What follows is
the full text of the news story.] Revel Touch has
introduced the Revel Touch solution for retailers. Developed by Mar
Hershenson and a team of veterans from PayPal and Amazon, the new solution
reportedly offers a cost-effective way to deliver tablet shopping
experiences. The company said
that it enables retailers to create immersive, touch-optimized shopping on
the tablet that breaks free from scrolls and clicks without the high cost of
agencies or grueling internal development cycles. Through Revel
Touch platform, these tablet stores are long-lasting not just representing a
single season because they are fully integrated with existing commerce
systems, and give retailers flexibility and control over content updates. "We are
thrilled to be launching an iPad app on the Revel Touch platform. We provide
our customers with an unimagined brand experience wherever they choose to
shop with us," said Marcelle Parrish, executive director of ecommerce at
Anthropologie. "Revel
Touch allows us to deliver a breathtaking destination that fuses the beauty
of our print and web assets, the passion and creativity of our social
community; all the while, highlighting the uniqueness of our product and the
Anthropologie Brand." Through the
Revel Touch solution, retailers can now: unify fragmented product, lifestyle
and social media assets into a single, touch-optimized shopping experience
that invites consumer participation; quickly add or remove assets to
merchandise collections or run promotions; integrate the entire inventory;
instantly update experiences with changes in inventory or prices; and delight
customers by allowing transactions to be completed within the app
environment; and achieve longer consumer engagements, more durable brand
impressions and increased conversion rates. |
|
Heyday for Bargain Hunters
New York Times
23 December 2011
By STEPHANIE CLIFFORD
|
[What follows is
the full text of the news story.] Half off at the
entire store at Ann Taylor. Sixty percent at Gap. Forty percent off almost
everything at Abercrombie & Fitch. Aggressive
last-minute deals in the days before Christmas are good for procrastinators,
but they could be an alarm bell for the retail industry. While scattered
markdowns are standard every year, discounts across entire stores -- which
analysts say are more widespread than last year -- suggest merchants are
stuck with too much merchandise. ''It's really a
game of chicken,'' said David Bassuk, managing director and head of the
retail practice at the consultant firm AlixPartners. Many retailers
entered the season ''with pretty optimistic plans'' that shoppers would rush
into stores and pay full price, Mr. Bassuk said. But that did not pan out,
and the final days before Christmas have retailers being ''much more
aggressive in terms of promotions being offered,'' he said. Shoppers are
filling their holiday lists against the backdrop of an uncertain year, with
stubbornly high unemployment, increased food prices, volatile gas prices and
unpredictability for stocks and Europe's debt crisis. The government on
Thursday said that third-quarter economic growth had not been as brisk as it
previously estimated, because of a drop in consumer spending on services like
health care. Toys ''R'' Us
announced on Thursday new deals on dozens of items for Friday and Saturday,
including 'buy one, get one half off'' on popular toys like Legos. A sampling
of other promotions: Up to 70 percent off toys at Amazon; up to 50 percent
off gifts at Restoration Hardware; 40 percent off almost everything at
American Eagle Outfitters, Talbots, Limited and Wet Seal; and 30 percent off
everything at J. Crew. ''There's been
kind of a waiting game with retailers,'' Gerald L. Storch, the chief
executive of Toys ''R'' Us, told CNBC last week. ''And it looks like the
consumer wins.'' Paul Lejuez, an
analyst at Nomura Equity Research, surveyed mall deals over the weekend and
said he was concerned. ''It looks like 40 percent is the new level you have
to be at, 40 percent off, to drive traffic. Those that weren't at that level
weren't getting their fair share,'' he said. Going into the
holiday season, inventories had grown more than three times as fast as sales
at several retailers, including American Eagle Outfitters, Aeropostale, Gap
Inc., Urban Outfitters, Chico's and Talbots. ''If inventory is growing ahead
of sales growth, there is a need to be more promotional to move the goods,''
Mr. Lejuez said. Although sales
over Thanksgiving weekend were surprisingly strong, Mr. Lejuez said they
seemed to have cut into shopping that more typically would occur in December.
Sales were sluggish the first two weeks after Thanksgiving, though they
improved in the third week, according to the International Council of
Shopping Centers. In e-mail
inboxes, the promotional cadence is rapid. Retailers sent about 5.6 e-mails
each last week on average, according to the e-mail marketer Responsys. That
was a 26 percent increase over the same week last year, and matched the
record high hit during the week of Cyber Monday this year. Stores including
Macy's and Toys ''R'' Us are offering 24-hour shopping in the days before
Christmas, and many stores moved ''Super Saturday,'' a promotion that falls
on the final Saturday before Christmas, back a week hoping to spur sales. The deals are a
boon for people who have put off shopping. ''Last-minute
Christmas shopping,'' posted a Twitter user named Samra Tekeste. ''Literally
everything is on sale, LOL. Knew my procrastination would come in handy some
day.'' Another Twitter user with the handle BossNugget suggested that the
King of Prussia mall near Philadelphia hang up a sign saying ''It's Almost
Christmas, and Everything Is on Sale.'' The big
discounts mean that retailers are willing to sacrifice profits for revenue. ''More and more
each year, sales become less of the issue, and it's more about what retailers
have to do to get those,'' Mr. Lejuez said. ''There's a little more pressure
on that out-the-door price than we would have thought, and, I think, what the
market would have anticipated.'' And, after
Christmas, the value of most merchandise slides. ''The inventory
is worth so much less in two weeks,'' said the chief executive of a retailer,
who asked not to be named because he did not want to reveal his store's
strategy. ''With that kind of inventory, you've got to get rid of it.
Whatever the margin is today, it's that much lower next week and the week
after when traffic stops.'' PHOTOS: Gap is
trying to appeal to holiday shopping procrastinators with 60 percent
discounts on some of its items. (B1); Loft was among the retailers offering
deep discounts in the last few days before Christmas. (PHOTOGRAPHS BY TINA
FINEBERG FOR THE NEW YORK TIMES); Going into the holiday season, inventories
had grown much faster than sales at several retailers including Urban
Outfitters. (PHOTOGRAPH BY MATTHEW STAVER/BLOOMBERG NEWS) (B2) |
|
Last-minute shoppers pay price
Boston Herald (MA)
23 December 2011
By By Donna Goodison, Boston Herald
|
[What follows is
the full text of the news story.] Dec. 23--It's
getting down to the wire, and while some stores are wrapping up the holiday
season with marathon hours, last-minute Christmas shoppers hoping to score
drop-dead deals may be out of luck. Deep discounting
and door-busters are over because many retailers have tightly controlled
inventories amid the economic slowdown. "You're
seeing sales, but frankly they're more everyday sales," said consumer
advocate Edgar Dworsky. "Retailers know that procrastinators are going
to be shopping the next couple of days, and they don't have to have an awful
lot of enticements to get people into the stores." An estimated 25
percent of consumers hadn't even started crossing names off their Christmas
lists as of Sunday, according to a Consumer Reports survey, so some chains
are pulling out the stops with extended hours. Select Bay State Toys
"R" Us locations started around-the-clock operations on Tuesday:
Some stores will be open 112 consecutive hours, through 10 p.m. tomorrow.
Whole Foods Market [WFMI]'s Fresh Pond store in Cambridge will remain open
from 8 a.m. today through 7 p.m. tomorrow for its "Whole Night Madness
Sale." Today is
projected to be the third busiest shopping day of the holiday season -- after
Black Friday and last Saturday -- according to retail tracking firm
ShopperTrak. Customer traffic
has been very strong at the Northshore Mall in Peabody, where 40 percent off
is on the high end of discounting, according to general manager Mark Whiting.
Retailers who've had fantastic turnover of their inventory since Black Friday
don't have to promote dramatically, he said. "Others who
may have been impacted by the unseasonably warm temperatures may find they
have to be a little more aggressive in their pricing," Whiting said. Most local malls
will open early and close at 6 p.m. tomorrow, but options remain for those
who prefer armchair shopping. Online stores such as Zappos, Urban Outfitters
and Blue Nile are offering overnight shipping for orders placed early enough
today. Amazon also has local express delivery by FedEx in Boston, allowing
shoppers to purchase items by 10:30 a.m. tomorrow and have them delivered the
same day. But buyers beware.
Overwhelming demand for certain products forced Best Buy to alert some
customers late Wednesday that it couldn't fill November and December online
orders in time for Christmas as planned. ___ (c)2011 the
Boston Herald Visit the Boston
Herald at www.bostonherald.com Distributed by
MCT Information Services |
|
It's all in the cards for the holidays among the younger generation
Press-Register (Mobile, AL)
23 December 2011
By DOUGLAS BROWN, Denver Post
|
[What follows is
the full text of the news story.] Teens want
plastic, even though parents want to give them presents By DOUGLAS BROWN Denver Post I liked
Christmas better when I shopped for it, when I hid boxes in closets, when I
hauled out rolls of wrapping paper and boxes of bows and ribbons and sat down
while the kids were sleeping and turned the mishmash of stuff into a gleaming
pile of holiday jolly. This year,
here's what my 13-year-old daughter is dreaming of, in addition to a white
Christmas: a bunch of plastic cards. I'll buy them online, stick them in
envelopes, and pass'em over. Oh, the joy. Gift cards have
been around since the early 1990s when Blockbuster Entertainment, the
now-bankrupt video store chain, started using them instead of paper gift
certificates that were being counterfeited. Now nearly
everybody hawks the little slips of magnetic-stripped plastic. My daughter's
list of card requests reads like the directory of your local mall: Forever
21, Aeropostale, AMC Theatres, Bath and Body Works, Hollister, Chipotle. She adores them
the way I thrilled to books and jeans and albums and board games, back in
1978 when I was 13 and presents were the only option. The things are
widespread because a lot of people - not just 13-year-old girls - desire
them. This year marks the fifth in a row in which cards are the
most-requested holiday gift, according to the National Retail Federation, an
industry trade group in Washington. The organization predicts the average
shopper this season will spend $155.43 on cards, racking up $27.8 billion in
sales. That's a lot of
Starbucks gingerbread lattes and Old Navy snowflake-patterned sweaters. But listen, it's
also a sound: the whoosh of millions of enthusiasms evacuating a month formerly
gauzed in merry. Of the
accumulated billions of gift card exchanges during the past two decades, has
a single bestower ever studied the face of the person tearing open the
logo-emblazoned sleeve, waiting for the first flicker of surprise and glee? This has never
happened. The synthetic
rectangles have their appeals, most notably convenience. What else are you
going to send that teenage nephew who lives on the other side of the country
and whom you haven't seen in a year? But I resist the
idea of spending the morning of Dec. 25, gathered around the tree, swaddled
in holiday lights and greenery, nodding our heads to Burl Ives belting out
"A Holly Jolly Christmas," inhaling the aroma of popovers rising in
the oven (our tradition), and watching my oldest rifle through a few dozen
grams of distilled commerce. The very
experience, I fear, could vanquish the popover perfume, replacing it with the
stench of Cinnabon. It's one thing to open boxes filled with mall harvests.
But the erasure of the effort? The presentation of a commandment to, simply,
go forth and spend? Has it really
come to this? Maybe I'm being
selfish. It's Christmas. Kids ask for things; parents try their best to
please. Recently, as my
daughter continued speaking adoringly - almost lovingly - about the prospect
of a Christmas bounty she could slide effortlessly into a skinny-jeans front
pocket, I wondered if I could find some middle ground. She wants Urban
Outfitters wafers. I want wrapped boxes with real things in them, not a joke:
a box the size of a microwave oven holding a gift smaller than the queen of
hearts. Beth Litz, a
Boulder mother of an 11- and a 13-year-old, embraces the cards for her kids'
Hanukkah but insists on a mix: some cards, some presents. "I like
them to have the element of surprise," she said. "Maybe they didn't
think of the gift, but Mom did. It's kind of hard to ooh and ah over a gift
card." So she hunts for
a few presents she thinks the kids will like, and then fulfills their request
for cards, which she leverages for mother-child outings. When her 11-year-old
daughter gets an American Girl gift card, the two of them drive to the mall
and make a day of it: shopping, lunching, strolling. Litz also
appreciates how gift cards prolong the holiday, in a way: The card arrives in
December, but her son may not transform the slice of GameStop, his favorite
store, into a video spectacle of swordplay until January or March. In addition,
Litz endorses how card-ownership instills a sense of responsibility in her
kids. They don't buy things impulsively. Instead, they research the things
they want, weeding out items that fail to make them giddy or things that
sound good, but get bad reviews online. Gift cards, says
Litz, also hedge the volume of holiday waste. Kids use the cards for things they
want and that keeps excess stuff out of landfills. That is the case
for my seventh-grader. I'm not sure this is a skill worthy of wild
celebration and community veneration, but with gift cards and the money she
makes through baby sitting and allowance, she has become a wise shopper. The
plastic sends her to the mall; she tends to spend her cash, though, in thrift
stores, where Aeropostale hoodies sell for $7 rather than $50. I have noted,
too, how she revels in the independence she gains after a few parent-free
hours out in the world with friends. They hang out at coffee shops, duck into
different stores, compare outfits. She always returns with good stories, and
with a smile. All of these
pro-card arguments build a strong case for the slivers of corporate retail -
the reduction of waste, the parent-child excursions, the shouldering of
responsibility and the dragged-out holidays and the grins. But still, I
resist. With great futility. The girl will
get her cards. But she'll get presents, too, things my wife and I pick out
for her and wrap and place beneath the tree. At least one
aspect of the cards-for-Christmas phenomenon does please me. That AMC
Theatres card? She will pick the movies. But with each film, either mom or
dad will be along for the ride. And before the showing, we'll catch an early
dinner. Now there's a
card-unveiling that might mark a first-ever in human history: It might compel
me to study her face, waiting for that first flicker of surprise and, I hope,
glee. |
|
The holiday sweater evolves
Once reviled, it now has been granted
fashion cred
Hamilton Spectator, The (Ontario, Canada)
23 December 2011
By Cristina Bolling McClatchy-Tribune Newspapers
|
[What follows is
the full text of the news story.] For many,
they're as reviled as fruitcake. They have entire parties devoted to mocking
them. But this season,
fashion editors are saying - with straight faces - that the holiday sweater
is having a renaissance. That's right.
The holiday sweater, in all its reindeer antler-, snowflake-printed glory,
has been spotted on runways and in fashion-forward shops and websites. Jen Ford, Lucky
magazine fashion news director, says the trend started in the fall, when
big-name fashion houses included novelty sweaters in their collections.
Givenchy made headlines with a men's sweater showing a large, snarling
bulldog face. "It came
from a very 'fashion with a capital F' place. That's what made it cool,"
Ford says. "People began looking at the novelty sweater from a different
perspective." For the modest
budget, stores such as Urban Outfitters and the website topshop.com
offer well-shaped wool pullovers with reindeers or Christmas trees for well
under $100. But the high-end
designers are all over the trend, too. Moschino is selling a $1,430 sweater
with snowflakes and little penguins. Stella McCartney has a $1,145 sweater
that boasts red polar bears. Last month
Justin Bieber turned heads during a Today show appearance when he sported a
$1,650 wool and leather Fair Isle varsity jacket. Zanna Roberts
Rassi, senior fashion editor for Marie Claire magazine, says this season's
remake of the holiday sweater has taken a luxury turn, because the sweaters
are being offered in luxurious fabrics such as cashmere. "The
juxtaposition of a fun, quirky print in a luxury fabric," Roberts Rassi
says. And don't get us
wrong. It's not the boxy, oversized, synthetic, appliqued sweaters that are
making a comeback. To truly be
fashionable, today's holiday sweater should follow a few simple guidelines: It
should always be made from good materials such as wool, cashmere or a cotton
blend; it should be well-constructed, and it shouldn't be too oversized. "The best
way to wear it would be shrunken but not quite tight," Roberts Rossi
says. Both Roberts
Rossi and Ford recommend pairing a holiday sweater with something edgy, like
a pair of leather pants or skinny jeans. Want to revel in
the fun of holiday dressing but aren't ready to go full antler? Or leery of
spending money on something you'll have to shelve after Jan. 1? Opt for a Fair
Isle sweater, which has a holiday feel but is totally acceptable to wear all
winter long. "There's
something so chic about a Fair Isle, whether you wear it with a chiffon
pleated skirt that looks really pretty or you wear it edgy with leather and
leggings," Ford explains. |
|
ING DIRECT CEO Hosts Book Signing at New Cafe in San Francisco
Arkadi Kuhlmann Celebrates Cafe Opening with Meet & Greet with Local
Customers
Associated Press
22 December 2011
|
[What follows is
the full text of the news story.] /FROM PR
NEWSWIRE DALLAS 888-776-3971/ STK IN REA PUB FIN
BKS RST SU PDT -- WITH PHOTO --
TO BUSINESS, AND RETAILING EDITORS: ING DIRECT CEO
Hosts Book Signing at New Cafe in San Francisco SAN FRANCISCO,
Dec. 22, 2011 /PRNewswire/ -- ING DIRECT USA, the nation's largest
direct bank, wants to give San Francisco a place for Savers to sip,
socialize and save their money. On Thursday, December 29 from
2:00-6:00pm, ING DIRECT's President and CEO, Arkadi Kuhlmann, will visit the
new ING DIRECT Cafe to sign his latest book, Rock then Roll and open
the Cafe doors for San Franciscans to get the first look at 101 Post
Street. (Logo: http://photos.prnewswire.com/prnh/20110825/NE58106LOGO
) "When ING
DIRECT announced our plans last spring for the San Francisco Cafe, we aimed
to make it a place of innovation and community," said Arkadi Kuhlmann,
President and CEO of ING DIRECT. "On December 29 we open the doors
for local ING DIRECT Customers to tour the Cafe space, meet some fellow
savers for a conversation and head into the New Year with saving
resolutions." On hand to
discuss his new book on leadership, Kuhlmann will be signing copies
of Rock then Roll, and spending time with Customers visiting the new
Cafe. The material for his book originated from daily "leadership"
messages to ING DIRECT Associates and is based on topics ranging from
innovation, management, and communication, to commitment, brand values,
and navigating life. Designed to
educate, inspire and share the financial responsibility values of ING
DIRECT, the new San Francisco location is an ideal place for Kuhlmann to
meet with locals and offer a first glimpse of the most recent addition
to the city's Union Square neighborhood. The location, on
the corner of Post and Kearny Streets, is a collaboration of
design and construction with Pompei A.D. supporting ING DIRECT's
vision and layout. As a creative partner on the Cafe, Pompei A.D.
created a new design to highlight the aesthetic and the industrial
nature of the city. The natural materials along with dark steel make the
Cafe a perfect destination for the San Francisco community. It
will also serve as a location for community meetings and events. "Using our
design philosophy of C3 which integrates commerce, culture and community,
we created a new design ethos customized for ING DIRECT,"
said Ron Pompei, founder, Pompei A.D. "Our goal was to have a destination
where city residents could use the Cafe as an innovative meeting and
event space for local consumer, lifestyle, arts, social and non-profit
organizations." ING DIRECT USA's
Cafes are currently located in New York City; Philadelphia;
Chicago; Los Angeles; Honolulu; Wilmington, Delaware; and St. Cloud,
Minnesota. About ING DIRECT
USA ING DIRECT, the nation's largest direct bank and largest thrift,
is dedicated to inspiring Americans to become a nation of savers. Since
its inception in 2000, more than 7.6 million Americans have
entrusted their savings with ING DIRECT, building the bank to $91.3
billion in assets. ING DIRECT has developed a comprehensive
social media Savers Community, including Twitter, Facebook and
it's We, The Savers blog. For more information about ING DIRECT call
1-800-ING-DIRECT, and for information about its commitment to financial
education visit Planet Orange. Style note to
Editors: ING DIRECT is always capitalized and never referred to as
ING. About Pompei
A.D. Pompei A.D. is a creative, multidisciplinary design and branding
firm that brings a unique blend of expertise to preeminent
retail brands throughout the U.S and internationally. For the past 20+
years, the Manhattan-based firm has been creating and defining brands
for prominent clientele such as ING DIRECT, C. Wonder, Anthropologie,
Urban Outfitters, Free People, Disney Stores, Discovery Stores, Levi's,
L'Oreal, Monsoon, Coca-Cola, M&M's World, LoveSac, The Art of Shaving,
and others. The company was founded in 1990 by Ron Pompei, who
pioneered the concept of a "transformative environment" that impacts the
user not only on a physical level, but emotionally and
intellectually as well. This concept is embodied in Pompei A.D.'s "C3"
philosophy, which integrates Commerce, Culture, and Community into the design
and brand experience. MEDIA CONTACT: Laura
DiLello, ING DIRECT 215.982.0200 SOURCE ING
DIRECT -0- 12/22/2011 /Photo: http://photos.prnewswire.com/prnh/20110825/NE58106LOGO PRN Photo Desk, photodesk@prnewswire.com /Web Site: http://www.ingdirect.com CO: ING DIRECT;
Pompei A.D. ST: California IN: REA PUB FIN
BKS RST SU: PDT PRN -- PH27075 -- 0000
12/22/201120:41:04 EDThttp://www.prnewswire.com |
|
Some cause for cheer as end of 2011 nears
Express & Echo (UK)
22 December 2011
By Gordon Richardson; by Gordon Richardson Business editor
grichardson@expressandecho.co.uk
|
[What follows is
the full text of the news story.] BUSINESSES in
Exeter have fared better in the final quarter of 2011 than the previous three
months, according to the latest survey of Chamber of Commerce members. It is unclear
how much of the increase in sales reported by firms is due to the seasonal
pre-Christmas uplift. But the more
positive picture has been welcomed after September's poll suggested sales and
profit margins were coming under increased pressure, leading to a dip in
business confidence. Chamber vice chairman Derek Phillips said: "The
latest survey results show that members are experiencing an increase in sales
and margins, which is very promising indeed. "The other
interesting point is that 46 per cent of businesses are operating at full
capacity, The survey, collated to identify the current economic conditions
for Exeter and its subregion, showed the number of respondents whose sales
had increased in the past quarter bounced back to 50 per cent, up 10 per cent
on September's figure. Significantly,
profit margins were up for a third of businesses - the highest level for over
a year - allaying concerns that widespread discounting in the Christmas
shopping period will be hurting traders. Confidence levels
were broadly unchanged, with 14 per cent very optimistic about the future and
a further 71 per cent reporting medium confidence. Mr Phillips
added: "With all of the latest redevelopments and with the Royal Albert
Memorial Museum opening this month I think Exeter is looking ahead to a
bright future, albeit with a bit of caution. We will just have to wait and
see what happens after Christmas." During the autumn employment remained
fairly stable, with 58 per cent of businesses reporting static employee numbers. Only 26 per cent
took on new staff - down slightly from 30 per cent in September - but these
figures do not reflect jobs created by recently opened stores such as Urban
Outfitters, Waitrose and Marks & Spencer Simply Food. A quarter of
respondents expect to increase the size of their team during the next quarter
and over half of all businesses surveyed anticipate increasing employee
numbers before the end of 2012. And 10 per cent of respondents expect to take
on at least five additional personnel. The Chamber of
Commerce has reported the findings of its latest Exeter Business Survey to
the Bank of England's regional agent Stephen Collins, when business leaders
from a range of sectors including banking, travel, residential and commercial
property summarised their experiences of conditions over the past quarter. which is the
highest level for over two years. This is a period when things should be
going well in the run-up to Christmas, but I suspect that would be a very
unusual result for most other places in the South West. "People
were worried about the autumn quarter but overall it's a positive
picture." Promising: Derek
Phillips |
|
ChannelAdvisor Updates on Green Monday Online Same-Store Sales
Professional Services Close-Up
22 December 2011
|
[What follows is
the full text of the article.] ChannelAdvisor,
a global e-commerce software provider that helps retailers sell more across
online channels, announced that its customers experienced 19 percent growth
in online same-store sales on Green Monday, traditionally the last day to
purchase gifts online in order for items to arrive with standard shipping
before Christmas. "Overall,
this holiday shopping season has been extremely strong and is exceeding the
high end of our original growth estimate of 15-17 percent," said
ChannelAdvisor CEO Scot Wingo. "Green Monday same-store sales are in
line with this trend, exceeding last year's sales by close to 20 percent.
Cyber Monday still remains our biggest sales day, but steady growth in the
20-percent range throughout November and December have made this a much less
volatile holiday season." "Despite
Green Monday having passed, Free Shipping Day is still on the horizon and
there are plenty of retailers offering competitively priced expedited
shipping options," said Wingo. "With ample time for continued
online shopping, we'll be tracking our retailers' sales to see if the 20
percent growth trend maintains." ChannelAdvisor
powers more than 3,000 retailers globally including retail brands such as
Dell, Victoria's Secret, Under Armour, Staples, Crocs, Bed, Bath &
Beyond, Jos. A. Bank, Urban Outfitters and more. More
Information: http://ebaystrategies.blogs.com/ ((Comments on
this story may be sent to health@closeupmedia.com))
|
|
Affordability is tie that binds 'con-demmed'
Marketing Week
08 December 2011
|
[What follows is
the full text of the article.] Brands aspiring
to connect with 18- to 24-year-olds must now tailor their offer to five
distinct groups within this demographic, according to research seen
exclusively by Marketing Week. By Michael Barnett The employment
outlook for young adults in the UK is bleak, with one in five out of work -
the worst figure since comparable began in 1992. But according to new
research shown exclusively to Marketing Week, not all of these consumers are
responding to economic hardship in the same way. Young people
show diverse attitudes towards the economy, their education and consumer
brands, falling into five distinct groups according to agencies Karmarama and
Dipsticks. Researchers
surveyed 1,000 18- to 24-year olds - an age group the report calls the
'Con-Demmed youth', referring to the Conservative and Lib Dem government
under which they find themselves. Of the sample,
23% are classed as Go Getters, the most ambitious and socially aware people,
contrasting with the 22% who make up the more easygoing Passive Massive
segment. Cotton Wool Kids
- financially protected young adults - comprise 23% of the age group, while
15% are classified as Shundergrads, who are extremely savvy and see little
need for a university degree. Finally, 17% fall into the Minimum Rage group -
the most likely to be unhappy and lacking in ambition. The Go Getters
are mostly female, characterised as being academically successful with strong
career goals - 95% want to reach the top of their profession and 50% say they
would like to start their own business one day. Where brands are
concerned, the Go Getters are not particularly materialistic but do have an
appreciation of products as status symbols, according to the report. While
74% shop in H&M and 73% in Primark, they are also likely to express a
preference for premium and luxury fashion brands such as Ray-Ban and Jimmy
Choo. Although Go
Getters are happy mixing high street and designer goods, they are as likely
to spend money on socialising as on possessions, favouring mid-market
restaurants such as Pizza Express and Wagamama. They are also willing to pay
a premium for Fairtrade and organic goods. Brands looking
to target Go Getters would be advised to emphasise their quality credentials,
according to Karmarama chief strategy officer Sid McGrath. "When it
comes to brands, they appreciate really good design - quality over
flashiness. You see that in the brands they buy into. They are blending high
street brands and designer brands in a really interesting way," he says. "Go Getters
will buy from Topshop, Zara and H&M, then put a designer item in their
wardrobe. But they will not spend all of their money on that designer
piece." In marked
contrast, the Passive Massive group shows little discrimination and lacks
strong opinions in terms of both the brands it consumes and its outlook on
the state of the economy. These people
have a high level of unemployment, at 29% compared with an average of 17%
across all groups, but adopt a laissez-faire approach to their future
prospects with 55% saying a career is not necessary for their happiness. The Passive
Massive goes with the flow when it comes to brands, conforming to mainstream
attitudes. They aspire to middle-of-the-road brands such as Ford and Dorothy
Perkins, and tend not to want expensive technology or to eat in upmarket
restaurants. Being easily
influenced by prevailing trends, these consumers are unlikely to be loyal to
brands and could be particularly responsive to marketing messages, according
to McGrath. "The
Passive Massive is an audience that would be classically guided by cut-price
promotions. They will be relatively promiscuous and there could always be a
better option for them. Clearly they are not going to have a great deal of
money, and because they are not particularly discerning about the quality of
the brands they buy, it will be whatever catches their eye. "I would
not be surprised if, for example, they were on the Orange mobile phone
network because of its two-for-one cinema offer." Like the Passive
Massive, Cotton Wool Kids are also relatively unconcerned about the poor jobs
market, but this is because their parents provide them with a financial
safety net. They are career-driven
like the Go Getters, with 92% wanting to reach the top of their careers; but
they generally come from families in the elite professional classes of
society, whereas Go Getters are more likely to have a modest background. As
such, Cotton Wool Kids believe they can afford to be more materialistic, and
reject budget and mid-market brands such as Netto and KFC. They would be a
"hard group to crack" for marketers at lower-priced or less
fashionable brands, according to McGrath. Significantly more own smartphones
(66%) and laptops (95%) than other members of the 18- to 24-year-old age
group. They also count premium brands such as House of Fraser, French
Connection and Waitrose as everyday destinations. Their
aspirations reach a bracket higher into haute couture, with fashion labels
Manolo Blahnik and Alexander McQueen among the brands they would like to own. McGrath says:
"These are brands that signify the Cotton Wool Kids. They are a little
bit exclusive, demonstrably discerning. However, they are probably also going
to shop on the high street from a relatively wide range of retailers. "They are
young enough to pop into Topshop or H&M, but when it comes to brands they
will talk about, that they really admire, it will be the ones that have the
high price tag. They are the ones that carry the most kudos for them." Meanwhile,
Shundergrads - the group that sees no need for a university education but are
savvy shoppers - are unlikely even to consider high-end designer brands as
being within their options. Being focused on weighing up costs and benefits,
they even consciously reject "middle-class" brands such as Waitrose
and Ask. Instead, they are likely to frequent the big four supermarkets and
restaurants such as KFC on an everyday basis. Their sentiments
towards brands are governed by the same no-nonsense approach that leads 75%
of Shundergrads to believe that a university degree is not required to
progress with a career. More than
two-thirds also believe that only those with rich parents can now afford
higher education, as a result of the increase in tuition fees brought in by
the coalition government. This does not
seem to hold them back, with many preferring vocational qualifications, and
they are still likely to hold conservative views. The Sun is the preferred
newspaper of Shundergrads and they are also fond of established British
brands, aspiring to the likes of Mini and Marks & Spencer. Shundergrads
make the most of limited opportunities by training on the job or taking on
apprenticeships. They "despise students and scroungers", according
to McGrath, having started working from a young age. They would therefore
probably have little sympathy for the final group identified by the report,
Minimum Rage. Unlike the
Shundergrads, this group takes little responsibility for their lot in life,
blaming the economy or the government for their lack of a job or
qualifications. At 35%, the unemployment rate among the Minimum Rage group is
higher than among the rest of the 18 to 24 demographic. Their attitudes
towards brands are highly polarised. They use cheaper brands day to day, such
as Primark and McDonald's, while 44% aspire to own a Vauxhall car; but they
also have a love of luxury items from Louis Vuitton or Gucci. Chav
associations According to
McGrath, upmarket brands should be worried about this group latching onto
them, creating "chav" associations such as Burberry suffered in the
Nineties. He suggests that these brands need to control their distribution
more closely in order to avoid being damaged by an abundance of discounted or
counterfeit goods. The Minimum Rage
group is perhaps a familiar stereotype, having received a great deal of media
attention during the UK's riots in August this year. McGrath says: "When
somebody created the spark of discontent during the summer, this is the group
that really kicked off. They are deeply unhappy with their current situation
and they do not have a plan." Comprising only
17% of 18- to 24-year-olds, according to the report, the recent focus on this
group is disproportionate to its size, McGrath says. The vast majority of
young adults have a far more positive outlook and show diverse interests to
which brands could target their appeal. But while the
'Con-Demmed youth' as a whole might not be a lost generation, 60% think the
economy will get worse before it gets better and 50% expect to be poorer
financially than their parents. This remains a group for whom products need
to be affordable as well as aspirational. Jemima Bird Marketing
director Tragus Group
(owner of Bella Italia, Strada and Cafe Rouge) The 18- to
24-year-old is a real target segment for us. Bella Italia is their preferred
brand of our portfolio, which is why we have tried to have a more social
interaction with them. For 48% of 18-
to 34-year-olds, the first thing they do in the morning is check Facebook,
and 28% of them do it before they get out of bed. We have put a
lot of that insight into developing our Facebook pages. We have interactive
competitions and vouchers for money-off deals within the restaurant. That is targeting
the younger demographic that we know likes the brand, but we want to make it
more affordable for them to dine. Strada and Cafe
Rouge also have social media platforms. The young audience sees Strada as
aspirational and by offering them a discount, particularly set-price menus,
they find an affordable treat. With Bella
Italia we are trying to make it an everyday place that they can afford to go
to with their friends. We have created a new positioning called Bella Life,
which is about sharing social times with family and friends. We launched a
menu of sharing dishes. Some young
adults have more disposable income because they are choosing to stay at home
with their parents and therefore they have lower outgoings in rent. We are
very strong with students and first-jobbers who still live at home. We also
see a lot of young families. Bella Italia is where they bring their children
because they feel they can have a grown-up experience, but if a child knocks
over their Coke, it is not the end of the world. Rumbi Pfende UK country
manager Game House
(casual game developer) The good thing
about casual gaming is that it is one of those anomalies - when there is a
recession or the market gets tough, our unique users go up because more
people spend time on escapism. The message does
not necessarily change, but the vehicle we choose to get it out might. For
example, we have a deal in place with BlackBerry. If someone buys a specific
handset targeted at a specific audience of young women they get a gaming
voucher allowing them to get our games free. We see such a
massive uplift when there is an economic downturn because more women are
sharing cheap or free ways to chill out for a little while and forget about
work. As far as our
website is concerned, I would not say the message has changed because our
traffic figures have gone up by a quarter this year and we expect them to
keep going up next year. That is directly attributed to people having more
time on their hands, not having a job and getting away from daily struggles. Christophe
Brumby Head of
marketing Penfield
(outdoor clothing brand) We have pretty
classic styles and the brand is popular among the 18 to 24 age group. That is
also reflected in our distribution, with Urban Outfitters one of our main
retail accounts. It is a heritage brand - we have been going for more than 35
years - and we cater for outdoor enthusiasts as well as fashionistas. The
brand appeals to a wide spectrum of people - men and women aged roughly
between 18 and 40. We recently
launched an online viral competition and social networking campaign called
'Race to the Summit'. The project targets the 18 to 30 market, and probably
the more creative types - the younger people who are connected to social
media. The core idea
was to raise the brand awareness of Penfield online, whether that be through
blogs or social media like Facebook and Twitter. The main aim was to get more
people onto our database and collect some email addresses. We try through
our communications and advertising to be as inspirational as we can. We have
a good quality of garment but are still affordable at the same time. The situation at
the moment is not the best ever in terms of consumer purchasing power, but
people do recognise that our products are good quality and they are willing
to invest the money in it. The brand has
been doing well in the UK, where it has been growing every year, both at a
wholesale and a retail level. Copyright:
Centaur Media Plc. and licensors
|
|
The hottest jacket you'll find for the Autumn/Winter season
The Daily Mail (London, England)
08 December 2011
By GRACE CAHILL
|
[What follows is
the full text of the article.] HAVING been in
sunny Australia for the past two excruciatingly cold Irish winters, this year
I am feeling the effects of the cold. Beach-bronzed skin from Bondi Beach has
been replaced by cracked lips and pale, un-moisturised legs. Tucking a hot
water bottle inside my hoodie for a morning run has become my recent routine,
although - predictably enough - it's often be a struggle to contain it. So
you can only imagine my sheer joy upon discovering I can now buy a jacket
with, yes, a thermal electric heater inside. Hello Columbia! It's been a
while since my scouting days, but I'm back. Dear Urban Outfitters, please
disregard my lack of loyalty right now, I will return in earnest in the
spring. And a jacket is not all the Columbia brand has in store for us this
winter. Bugaglove Max Electric gloves will keep our paws snug and the classic
original Columbia boot is now available in a Bugathermo style. Not the most
stylish footwear for the office but even glamorous colleagues will understand
once that first snowfall arrives. These winter warmers don't come cheap,
mind, at [euro]900 for a women's parka, [euro]1,000 for the men's version and
[euro]400 for the gloves. After this week's Budget, I think I'll be relying
on that hot water bottle for another while yet... Visit
columbia.com for details GRACE CAHILL
|
|
GROOVY, BABY
The Independent (London, England)
26 November 2011
|
[What follows is
the full text of the article.] FAR LEFT: BELTED
COAT, [pounds sterling]2,930, BYPRADA, 16-18 OLD BOND STREET, LONDON W1,
020-7647 5000; TIGHTS, [pounds sterling]19, BY WOLFORD, WOLFORDSHOP.CO.UK;
RING, [pounds sterling]8.50, BY FREEDOM AT TOPSHOP, TOPSHOP.COM LEFT: COTTON AND
PVC SHIFT DRESS, [pounds sterling]450, BY FRED PERRY, LAUREL WREATH BY
RICHARD NICOLL, FREDPERRY.COM; PARKA, [pounds sterling]335, BY YMC, YOUMUSTCREATE.COM;
STRIPEY ROLL-NECK TOP, [pounds sterling]14.99, BYUNIQLO, UNIQLO.COM; TIGHTS,
[pounds sterling]19, BY WOLFORD, AS BEFORE FAR LEFT: ANGORA
POLO SHIRT, [pounds sterling]125, BY FRED PERRY, LAUREL WREATH BY RICHARD
NICOLL, AS BEFORE; LEATHER AND GOLD WATCH, [pounds sterling]165, BY FOLLIE
FOLLIE, FOLLIFOLLIE.CO.UK; TROUSERS, [pounds sterling]110, BY WHISTLES,
WHISTLES.CO.UK; CHELSEA BOOTS, [pounds sterling]75, BY URBAN OUTFITTERS,
URBANOUTFITTERS.COM; LEATHER CLUTCH BAG, [pounds sterling]650, BY PRADA, AS
BEFORE LEFT: COAT,
[pounds sterling]89, BY TOPSHOP, AS BEFORE; SHIRT, [pounds sterling]55, BY
COS, COSSTORES.COM; ARGYLE CARDIGAN, [pounds sterling]95, BY FRED PERRY, AS
BEFORE; SKIRT, [pounds sterling]148, BY PETER JENSEN, BSTORELONDON.COM;
TIGHTS, [pounds sterling]12.50, BY PRETTY POLLY, PRETTYPOLLY.CO.UK BELOW:
SLEEVELESS WOOL TWEED COAT WITH LEATHER AND CHAIN, [pounds sterling]2,760,
AND SHORT-SLEEVE SILK ORGANZA BLOUSE, [pounds sterling]1,375, BY YVES SAINT
LAURENT, 32-33 OLD BOND STREET, LONDON W1, 020- 7493 1800; LEATHER CLUTCH
BAG, ASBEFORE; TIGHTS, [pounds sterling]19, BY WOLFORD, AS BEFORE MODEL: GRACE AT
ELITE MAKE-UP AND HAIR: ALY HAZLEWOOD USING YSL A/W COLLECTION & BUMBLE
& BUMBLE STYLIST(tm)S ASSISTANT: CONOR READING PHOTOGRAPHER(tm)S ASSISTANT:
CHLOE COATES WITH HUGE THANKS TO PAUL AT ESSEX CLASSIC SCOOTERS, 343-345
EASTWOOD ROAD, RAYLEIGH, ESSEX, SS6 7LH, 01702 410017
|
|
THE ART OF GIVING
The Independent (London, England)
26 November 2011
|
[What follows is
the full text of the article.] TOYS FOR BOYS 1. Shark cycling
helmet, [pounds sterling]35, Paul Smith 2. Glass bell
jar with mirrored base, [pounds sterling]90, Selfridges; Lego man torch,
[pounds sterling]14.95, and Lego mini figures, series 5, [pounds
sterling]1.95, John Lewis 3. Iball3,
[pounds sterling]19.95, Iball 4. Dinosaur wall
sticker, [pounds sterling]15.35, Belle & Boo 5. Voice
changer, [pounds sterling]14, John Lewis 6. Sponge Bob
digital camera, [pounds sterling]19.95, John Lewis 7. Early Rider
classic bike, [pounds sterling]99, John Lewis 8. Gruffalo
domino set, [pounds sterling]10.99, Selfridges 9. Ride in
Dalek, [pounds sterling]179.99, John Lewis 10. Wooden food
chain alligator puzzle, [pounds sterling]4.50, Muji 11. Innotab,
[pounds sterling]79.99, Vtech 12. Design your
own superhero set, [pounds sterling]35, V&A Shop 13. Finger
paints, [pounds sterling]5, John Lewis 14. Big-Top Benn
book, [pounds sterling]8.99, Olive Loves Alfie 15. Flair Zibits
robot, [pounds sterling]9.95, John Lewis 16. Oef Batman
hat, [pounds sterling]29, Couverture & the Garbstore 17. P'kolino
wooden rocket puzzle, [pounds sterling]19, The Design Museum shop 18. 'Star Wars'
ultimate force tech lightsaber, [pounds sterling]49.99, I Want One Of Those 19. Spiketus rex
backpack, [pounds sterling]40, Selfridges TOYS FOR GIRLS 1. Tiger
umbrella, [pounds sterling]16, The National Gallery shop 2. Rocking
Rabbit by Playsam, [pounds sterling]136, Skandium 3. Angelina
Ballerina spinning star, [pounds sterling]9.99, John Lewis; wooden frame,
[pounds sterling]12, John Lewis 4. Kids(tm)
patent ballet pumps, [pounds sterling]109, Pretty Ballerina 5. Animal globe,
[pounds sterling]12.99, Insight 6. Puppet
theatre, [pounds sterling]59.95, John Lewis 7. Trampili Elephant,
[pounds sterling]40, Steiff 8. Hello Kitty
digital video camera, [pounds sterling]49.95, John Lewis 9. Kids(tm)
white fur jacket with ears, [pounds sterling]29, Esprit 10. Bon Bon
doll, [pounds sterling]69.99, Olive Loves Alfie 11. Badge it(tm)
Badge maker, [pounds sterling]17.60, John Lewis 12. Giraffe TV,
[pounds sterling]299, Selfridges 13. Sleeping
Beauty(tm) by Louise Rowe, [pounds sterling]14.99, Olive Loves Alfie 14. Double-sided
blackboard, [pounds sterling]50, John Lewis 15. Pop-up
colouring in book, [pounds sterling]6.95, Muji 16. Pram,
[pounds sterling]69.95, Olive Loves Alfie 17. Mini micro
T-bar scooter, pink, [pounds sterling]54.95, John Lewis 18. Lunch box,
[pounds sterling]14.99, Olive Loves Alfie GREEN FINGERS 1. Lace-up gum
boots, [pounds sterling]120, Celtic Sheepskin 2. 'The Plant
Hunters' book, [pounds sterling]20, Kew Gardens shop 3. Eames black
bird, [pounds sterling]108, The Design Museum; frame, [pounds sterling]9,
John Lewis 4. Gardening
gloves, [pounds sterling]25, Kew Gardens shop 5. Eden Project
twin planter chilli set, [pounds sterling]15, John Lewis 6. Bronze
duckling watering can, [pounds sterling]19, Kew Gardens shop 7. Eva Solo
self-watering herb pots, [pounds sterling]25.50, John Lewis 8. Luxury flower
basket, [pounds sterling]25, Marks & Spencer 9. Garden line,
[pounds sterling]12, Kew Gardens shop 10. Animal head
terracotta planter, [pounds sterling]24.95, Graham & Green 11. Seed
packets, [pounds sterling]3.25 each, The Balcony Gardener 12. Floral
Birdhouse Object, [pounds sterling]25, V&A 13. Stella
McCartney gardening bustier, [pounds sterling]86, and briefs, [pounds
sterling]65, Fox & Rose 14. 'Hampton
Gardens' book, [pounds sterling]95, Liberty 15. Gardeners'
hand wash, [pounds sterling]9, The Covent Garden Academy of Flowers 16. Gnome
jumper, [pounds sterling]65, Cath Kidston 17. Flower
arranging evening course voucher, [pounds sterling]95, The Covent Garden
Academy of Flowers 18. Mexican
garden rocking chair, [pounds sterling]425, Graham & Green EAT ME 1. Terre Exotique
diamond salt with grater, [pounds sterling]11.95, Harrods 2. Large
centrepiece pork pie, made to order, The Ginger Pig 3. North Country
cheese plate, [pounds sterling]45, Neal's Yard 4. Maison de la
Truffe black truffle pieces, [pounds sterling]51.50, Harrods 5. Macaroons,
[pounds sterling]14.10 per box, Ladur[c]e 6. Trio of olive
oils, [pounds sterling]18, Nudo Italia 7. Walnut tree
nut selection, [pounds sterling]12, Waitrose 8. Christmas
pudding jelly, made to order, Bompas & Parr; bell jar, [pounds
sterling]40, The White Company; silver cake stand, stylist's own 9. Artisan du
chocolat salted caramel box, [pounds sterling]25, Selfridges 10. Potted
organic blue stilton, [pounds sterling]32, Fortnum & Mason 11. Monthly
delivery deli- box, [pounds sterling]28.50 per month, The Good Fork 12. Red chilli
jam, [pounds sterling]4.50, Marks and Spencer 13. Monroyo
Serrano Pequeno ham set, [pounds sterling]110, Brindisa 14. Smoked
mackerel pcentst[c], [pounds sterling]6.50, Wright Brothers 15. Organic
Christmas pudding, [pounds sterling]29.60, Laverstoke Park Farm 16. Edinburgh
finest shortbread, [pounds sterling]10, John Lewis 17. Divan
Turkish Delight with mastic, [pounds sterling]4.50, Harrods 18. Elves pantry
jar chilli olives, [pounds sterling]13.95, Fortnum & Mason BOOKWORMS 1. Maison Martin
Margiela half frame magnifying glass, [pounds sterling]70, Bodie & Fou 2. 'The Hare
with Amber Eyes', illustrated edition, [pounds sterling]14.49, Amazon 3. Vintage
bookshelf wallpaper, [pounds sterling]70 per roll, Graham & Green 4. 'Bookendings'
set of three book stops, [pounds sterling]54.95, My Deco 5. Cat page
marker clips, [pounds sterling]3.50, Liberty 6. Library bag,
[pounds sterling]12.95, The Literary Gift Company 7. USB
typewriter, [pounds sterling]698, Anthropologie 8. Pocket ball
pen, [pounds sterling]240, Yard-o-led 9. 'Recipe for
Murder: Frightfully Good Food Inspired by Fiction', [pounds sterling]14.95,
The Literary Gift Company 10. 'The Sense
of an Ending' by Julian Barnes, [pounds sterling]6.49, Amazon 11. Rack and
roll (toilet roll holder and bookshelf), [pounds sterling]39.95, The Literary
Gift Company 12. Penguin
notebooks set, [pounds sterling]6.95, Wild & Wolf 13. Alphabet
stationery, from [pounds sterling]1.50, Liberty 14. Kobo eReader
Touch, [pounds sterling]109.99, WH Smith 15. 'Tolstoy: A
Russian Life' by Rosamund Bartlett, [pounds sterling]14.99, Waterstones 16. Madeleines
Marcel Proust candle, [pounds sterling]24, The Literary Gift Company 17. 'Yes I'm
Actually Reading This' bookmark pad, [pounds sterling]5.95, Liberty 18. 'Sense and
Sensibility', by Jane Austen, Flipback pocket edition, [pounds sterling]9.99,
Hodder KITCHEN KIT 1. KitchenAid
Artisan Stand Mixer, [pounds sterling]419, John Lewis 2. Stuart
Gardiner's Seasonal Guide to British Fruit and Vegetables apron, [pounds
sterling]24.50, Liberty 3. Apple holder,
[pounds sterling]78, Whippet Grey 4. Mark Hix
carving masterclass and feast dinner, [pounds sterling]150, Brown's Hotel 5. Paxton &
Whitfield cheese baking set, [pounds sterling]15, Waitrose 6. 'Cook Eat
Smile', by Bill Collison, [pounds sterling]13.25, Amazon 7. Sparrow &
Finch living larder, [pounds sterling]199.95, John Lewis 8. Gordon
two-person picnic hamper, [pounds sterling]180, Fortnum & Mason 9. Provenance
storage jars, from [pounds sterling]14, John Lewis 10. 'Carmen the
Sheep' cheese board, [pounds sterling]29.95, Liberty 11. Nigel
Slater-designed dish cloth, [pounds sterling]13.95, Liberty 12. 'The Art of
French Baking' by Ginette Mathiot, [pounds sterling]24.95, Phaidon; chef's
book easel, [pounds sterling]12, Graham & Green 13. 'The Flavour
Thesaurus' by Niki Segnit, [pounds sterling]15.39, Waterstones 14. Igrill
cooking thermometer, [pounds sterling]62, Igrill 15. 'Love Hate'
oven gloves, [pounds sterling]14, Whippet Grey 16. Bowls by
Paul Smith for Stelton, from [pounds sterling]40, Paul Smith 17. Michaela
Gall 'Voodoo Couple' serving spoon and fork, [pounds sterling]95, The Shop
Floor Project 18. Joseph
Joseph Index Chopping Boards, [pounds sterling]45, Selfridges TECHIE TREATS 1. Built
neoprene sleeve for Kindle, [pounds sterling]24.95, John Lewis 2. NAD C552
turntable, [pounds sterling]285, John Lewis 3. Mini wooden
apple speaker, [pounds sterling]26, V&A Shop 4. Nintendo 3DS,
[pounds sterling]189.95, John Lewis 5. Freeloader
solar charger, [pounds sterling]39.99, Firebox 6. Dell laptop
cover art, [pounds sterling]39.95, W H Smith 7. Samsung 3D
rechargeable glasses, [pounds sterling]79.99, Selfridges 8. Olympus E-P3
camera, [pounds sterling]799, John Lewis 9. Swarovski
crystallised ICE London phone, [pounds sterling]500, Swarovski 10. 'Tweets and
Status Updates: Lines For All Occasions', [pounds sterling]8.95, Liberty 11. Panasonic
50-inch Neo plasma full HD television, [pounds sterling]999, Selfridges 12. Cozy remote
caddy, [pounds sterling]12.50, Hidden Art 13. Spy camera,
[pounds sterling]79.99, Firebox 14. IVictrola
Ipod speaker, [pounds sterling]698, Anthropologie 15. Lomography
coloursplash camera, [pounds sterling]58, Selfridges 16. 'Steve Jobs:
The Exclusive Biography', by Walter Isaacson, [pounds sterling]12.44, Amazon 17. Speaker
balloon by Yuento, [pounds sterling]40, Design Museum shop 18. Vita radio,
[pounds sterling]179.99, Selfridges DRINK ME 1. Mulled wine
fruit basket, [pounds sterling]67.57, Fortnum & Mason 2. Taster
selection of Lyme Bay country wines, [pounds sterling]12 for 5, Waitrose 3. Selamlique
Turkish coffee, cinnamon, [pounds sterling]7.95, Harrods 4. Bull bottle
opener, [pounds sterling]20, Design Museum Shop 5. 'Vintage
Cocktails' by Brian Van Flandern, [pounds sterling]32, Liberty 6. 'Drink up'
drinks dispenser, [pounds sterling]32.50, Jamie at Home 7. Illy
FrancisFrancis!X1 espresso machine, [pounds sterling]399, Espresso Crazy 8. Sipsmith
London Dry Gin, [pounds sterling]27.49, Sipsmith; astrological sign
bottlestop, [pounds sterling]18, V&A shop 9. Nyetimber
sparkling English wine, 2006 Classic Cuvee, [pounds sterling]29.99, Harvey
Nichols 10. Jasmine tea
set, [pounds sterling]25, Canton Tea Co 11. Glenfiddich
vintage reserve 1975, [pounds sterling]499, Glenfiddich 12. Tea/coffee
pot with lid, 60cl, [pounds sterling]79; espresso cups, [pounds sterling]22
each, by Tomfisk from Skandium 13. Hot
chocolate drink 70%, [pounds sterling]8.50, Prestat 14. Sacred
vodka, [pounds sterling]28.95, Sacred Spirits 15. Coca-Cola
paper cup dispenser, [pounds sterling]33.99, Selfridges 16. Brissi
silver-plated tea caddy, [pounds sterling]29, John Lewis 17. Bottles
roller blind, [pounds sterling]38.99, Bodie & Fou 18. Louis Jadot
Chateau de Julienas red boxed, [pounds sterling]18, John Lewis ANIMAL MAGIC 1. Cat
decoration, [pounds sterling]7.50, The National Gallery shop 2. Abigail Ahern
bulldog lamp, [pounds sterling]380, Graham & Green; frame, [pounds
sterling]7, Urban Outfitters 3. Dog print
silk scarf, [pounds sterling]135, Liberty 4. Reiko Kaneko
Echo cat bowl, [pounds sterling]29.95, Hidden Art 5. Cat rag
basket, [pounds sterling]66.50, Mungo & Maud 6. Pink Spinny
dog toy, [pounds sterling]32.95, Harrods 7. Striped dog
bowl, [pounds sterling]10, Celia Birtwell, Boots 8. Le Chat print
by Mini & Maximus, [pounds sterling]42, Bodie & Fou 9. Ancol edible
veg patch for rabbits, [pounds sterling]4.07, Pet Planet 10. Crochet
ball, [pounds sterling]11.50, Mungo & Maud 11. Pod dog
carry bag, [pounds sterling]353, Mungo & Maud 12. Hampster
crayon crunchers, [pounds sterling]2.19, Pet Planet 13. Fish tank,
[pounds sterling]45, The Balcony Gardener 14. Pet portrait
'Dougal', from [pounds sterling]440 for private commission, Rory Dobner 15. Posh paws
pet mat, [pounds sterling]47.95, John Lewis 16. Alessi dog
food jar, [pounds sterling]21, John Lewis 17. Dachshund
bookends, [pounds sterling]60, Graham & Green 18. Multi-stripe
dog collar, [pounds sterling]69, Paul Smith 19. Fuora eco
doghouse, [pounds sterling]234.89, Bodie & Fou TEEN BOY 1. Rubik's Cube
speaker, [pounds sterling]25, Urban Outfitters 2. Cool jazz
guitar ice cube tray, [pounds sterling]7.50, South Bank Centre shop 3. G-shock glide
watch, [pounds sterling]100, Selfridges 4. Skull money
boxes, [pounds sterling]20 each; Urbanears headphones, [pounds sterling]50;
knitted hat, [pounds sterling]16, all from Urban Outfitters 5. 'Eight Hours
of Fame TV' pillowcase, [pounds sterling]25.55, Hidden Art 6. Organic
cotton axe T-shirt, [pounds sterling]25, Conquer Gear 7. Hexbugs,
[pounds sterling]10.95 each, John Lewis 8. Alligator
socks, [pounds sterling]3, Topman 9. Super Mario
3D land, 3DS game, [pounds sterling]39.95, John Lewis 10.
Multi-coloured rucksack, [pounds sterling]60, V&A Shop 11. 'The
Inheritance Cycle' 4-book boxed set by Christopher Paolini, [pounds
sterling]50, Waterstones 12. Telescope,
[pounds sterling]45, John Lewis 13. 'The Street
Art Stencil Book', [pounds sterling]19.95, Laurence King 14. Guitar,
[pounds sterling]195, Paul Smith 15. 'Graphic
Cosmogony' by Nobrow, [pounds sterling]24, Design Museum shop 16. Skatecycle,
[pounds sterling]149.99, Firebox 17. Drakes Fair
Isle scarf, [pounds sterling]90, Mr Porter 18. Stylophone
Beatbox, [pounds sterling]21.49, Firebox TEEN GIRL 1. Hello Kitty
for Liberty eyeshadow compact, [pounds sterling]8, Liberty 2. Merimaking
Wolf fake fur hood, [pounds sterling]39.95, Selfridges 3. 'Who made
your pants?' gift set, [pounds sterling]20, Who Made Your Pants? 4. Casio
slimline gold and purple watch, [pounds sterling]30, Truffle Shuffle 5. 'Girl'
limited edition cushion, [pounds sterling]40, South Bank Centre shop 6. Hot water
bottle, [pounds sterling]19, Joules 7. Love message
bottle, [pounds sterling]10.50, Liberty 8. Faux
fur-trimmed gloves, [pounds sterling]16, Topshop 9. Mug with
wings, [pounds sterling]14, The National Gallery shop 10. Heart
handbag, [pounds sterling]25, Topshop 11. 'Don't lose
your head' bracelet, [pounds sterling]39, Elkin 12. Wolf egg
cup, [pounds sterling]10.95, Liberty 13. 'Twilight
Saga: Breaking Dawn (Part 1)' official soundtrack, [pounds sterling]8.99,
Amazon 14. Lomography
gold camera, [pounds sterling]89, Lomography 15. Dreams
mirror, [pounds sterling]38, Hidden Art 16. 'Cut Out and
Keepsakes', by Fred Butler, [pounds sterling]10, V&A shop 17. Lips
telephone, [pounds sterling]19.99, Truffle Shuffle; wooden display stand,
[pounds sterling]40, Selfridges 18. Sequin
dress, [pounds sterling]125, Topshop GIFT GUIDE STOCKISTS Amazon amazon.co.uk Anthropologie anthropologie.eu Belle & Boo belleandboo.com Bodie & Fou bodieandfou.com Bompas &
Parr jellymongers.co.uk Boots boots.com Brindisa brindisa.com Brown(tm)s Hotel roccofortehotels.com Canton Tea cantonteaco.com Cath Kidston cathkidston.co.uk Celtic Sheepskin celtic-sheepskin.co.uk Conquer Gear conquergear.com Couverture &
the Garb couvertureandthegarbstore.com Design Museum
Shop designmuseum.com Elkin elkinshop.com Espresso Crazy espressocrazy.com Esprit esprit.co.uk Firebox firebox.com Fortnum &
Mason fortnumandmason.com Fox & Rose foxandrose.com Glenfiddich glenfiddich.com Graham &
Green grahamandgreen.co.uk Harrods harrods.com Harvey Nichols harveynichols.com Hidden Art hiddenartshop.com Hodder hodder.co.uk Iball iball3.com Igrill store.igrill.com Insight insightguides.co.uk I Want One Of
Those iwantoneofthose.com Jamie at Home jamieoliver.com/jme John Lewis johnlewis.com Joules joules.com Kew Gardens shop kew.org Ladur[c]e laduree.com Laurence King laurenceking.com Laverstoke Park
Farm laverstokeparkfarm.co.uk Liberty liberty.co.uk Literary Gift
Company theliterarygiftcompany.com Lomography shop.lomography.com Marks &
Spencer marksandspencer.com Mr Porter mrporter.com Muji muji.eu Mungo & Maud mungoandmaud.com My Deco mydeco.com National Gallery nationalgallery.co.uk Neal(tm)s Yard nealsyarddairyshop.co.uk Nudo Italia nudo-italia.com Olive Loves
Alfie olivelovesalfie.co.uk Paul Smith paulsmith.co.uk/store Pet Planet petplanet.co.uk Phaidon uk.phaidon.com Prestat prestat.co.uk Pretty Ballerina prettyballerinas.com Rory Dobner rorydobner.com Sacred Spirits sacredspiritscompany.com Skandium skandium.com Selfridges selfridges.com Sipsmith sipsmith.com South Bank shop shop.southbankcentre.co.uk Steiff steiff.com Swarovski swarovski-crystallized.com The Balcony
Gardener thebalconygardener.com The Covent Garden
Academy of Flowers academyofflowers.com The Design
Museum designmuseumshop.com The Ginger Pig thegingerpig.co.uk The Good Fork thegoodfork.co.uk The Shop Floor
Project theshopfloorproject.com The White
Company thewhitecompany.com Truffle Shuffle truffleshuffle.co.uk Topman topman.com Topshop topshop.com Urban Outfitters urbanoutfitters.co.uk V&A shop vandashop.com VTech vtechuk.com Waitrose waitrose.com Waterstones waterstones.com Whippet Grey whippetgrey.co.uk Who Made Your
Pants? whomadeyourpants.co.uk WHSmith whsmith.co.uk Wild & Wolf wildandwolf.com Wright Brothers shopwrightbros.com Yard-o-led yard-o-led.co.uk NEXT WEEK FASHION AND
BEAUTY
|
|
SWEDEN : Johan Aberg Starts As CEO Of Kappahl
TendersInfo News
24 November 2011
|
[What follows is
the full text of the article.] Johan Aberg has
been employed as President and CEO of KappAhl. It is now made clear that
Johan Aberg starts today. We are very
pleased that Johan will join us and that he can start now. With his vast
experience and competence he will bring a lot, says Christian W. Jansson,
President and CEO of KappAhl. Johan Aberg is
50 years old, has studied in the U.S.A. and has a degree from IHM Business
School. Johan Aberg has many years of experience from leading positions
within the retail business. During the past 2.5 years Johan Aberg has been
the CEO of Jula AB and before that CEO of Bauhaus Sweden. Johan Aberg has
former experience from work at ONOFF, New Sports, H&M and Urban
Outfitters. I look forward to
starting my new role. The industry has certainly some challenges and it will
be interesting and fun to lead KappAhl with its strong brand and broad
product offering, says Johan Aberg, future President and CEO. KappAhl is a
leading Nordic fashion chain with more than 380 stores and close to 4 900
co-workers in Sweden, Norway, Finland, Poland and the Czech Republic. KappAhl
designs, markets and sells value-for-money fashion and focus in particular on
women 30-50 years of age. During the financial year 2010/2011, KappAhl had
sales of close to SEK 5 billion, with an operating profit of SEK 222 million. Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
|
|
The blotter
Daily Herald (Arlington Heights, IL)
16 November 2011
|
[What follows is
the full text of the article.] Bartlett * The Bartlett
Police Department is participating in a statewide traffic safety initiative
funded by a grant through the Illinois Department of Transportation's
Division of Traffic Safety in order to deter impaired driving and seat belt
infractions. The police department was awarded a total of 40 additional
manpower hours to strictly enforce day time and night time seat belt
violations and approximately 100 additional manpower hours to conduct DUI
saturation patrols. * Vandals
damaged a mailbox between 10 a.m. and 9 p.m. Nov. 8. Damage was estimated at
$180. Hanover Park * Nicholas
Larsen, 19, of the 0-100 block of Hawthorne, Streamwood, and a juvenile were
arrested around 7:45 p.m. Nov. 10 at Jensen and Tower and charged with
possession of marijuana and drug paraphernalia. * Devin J.
Laube, 21, of the 1300 block of Whirlaway, Hanover Park, was arrested around
9:55 p.m. Nov. 9 at Bartels and Lake Street and charged with possession of marijuana,
a controlled substance and drug paraphernalia and driving under the influence
of alcohol/drugs. * David L. Reed,
20, of the 400 block of Linwood, Schaumburg, was arrested around 5:30 p.m. in
a store at 7435 Barrington Road and charged with retail theft. * Antoine G.
Rhodes, 35, of the 300 block of Locksley, Streamwood, was arrested around
4:35 a.m. Nov. 6 at Church and Lake streets and charged with possession of
marijuana and illegal transportation of alcohol. * Jacob Braden,
20, of the 800 block of Honey Locust, Bartlett, and Cody Mohrbacher, 19, of
the 500 block of Country, Streamwood, were arrested around noon Nov. 5 at
7458 Barrington Road and charged with retail theft. * Karol
Lewkowski, 27, of the 400 block of George, Wood Dale, was arrested around 2
a.m. Nov. 5 at Greenbrook and Madera and charged with aggravated battery and
driving under the influence. * Jonathan
Cabral, 18, of the 6600 block of Valleyview, Hanover Park, was arrested
around 4:50 p.m. Nov. 4 at Jonquil and Laurel and charged with possession of
marijuana. * Offenders
burglarized an unlocked 1996 GMC Yukon in a driveway on the 1700 block of
Zeppelin around 9 a.m. Nov. 6. Hoffman Estates * Burglars broke
into a 2001 Ford pickup truck in a store lot at 5225 Prairie Stone Parkway between
10:30 and 10:50 a.m. Nov. 7 and stole a gun case containing a rifle and
handgun. Loss was estimated at $1,450. * Thieves stole
a wallet out of a customer's purse at Jewel/Osco, 1169 N. Roselle Road,
between 4 and 4:30 p.m. Nov. 6. Someone used a credit card in the wallet to
make a purchase over $400 at a Walgreens. The card was denied at two
pharmacies in Highland Park. * Burglars broke
a laundry room window at a home on the 1500 block of West Oakmont Road
between 6 and 7:43 p.m. Nov. 5 and entered the home; nothing appeared to be
missing. * Thieves stole
a laptop computer and wallet out of a guest's room at La Quinta hotel, 2280
N. Barrington Road, between 7 and 9:30 a.m. Nov. 5. The female victim
returned to the room to find the door ajar and her belongings scattered. Schaumburg * Nancy Morales,
31, and Sejalkumari V. Patel, 30, both of the 700 block of Dempster Street,
Mount Prospect, were arrested around 3:15 p.m. Nov. 7 at JCPenney in
Woodfield Shopping Center and charged with retail theft after they reportedly
took 13 pairs of underwear, two necklaces, a pair of earrings, two drapery
valances, and a toilet seat cover. Value was estimated at $262. Their court
date is Dec. 1. * Marina Zaimi,
19, of the 4900 block of Kimball Hill Drive, Rolling Meadows, and a
15-year-old juvenile were arrested around 7:30 p.m. Nov. 2 at Macy's in
Woodfield Shopping Center and charged with retail theft after they reportedly
took clothes valued at $249. A court date is Nov. 28. * Mark Phillip
Schubert, 24, of the 800 block of White Oak Street, Arlington Heights, was
arrested around 4:20 p.m. Nov. 4 at Macy's in Woodfield Shopping Center and
charged with retail theft after he reportedly took three shirts valued at
$122. His court date is Dec. 1. * Richard A.
Holloway, 19, of the 0-100 block of Prairie Point Lane, Streamwood, was
arrested around 5:05 p.m. Nov. 1 at Macy's in Woodfield Shopping Center and
charged with retail theft after he reportedly took a pair of jeans, a top and
a toy; value was estimated at $118. His court date is Nov. 28. * Rigoberto R.
Navarro, 19, of the 7400 block of Pingree Road, Crystal Lake, was arrested
around 5:20 p.m. Nov. 3 at Urban Outfitters in Woodfield Shopping Center and
charged with retail theft after he reportedly took a scarf and pair of
gloves; value was estimated at $63. His court date is Nov. 28. * Jose J.
Zarate, 32, of the 700 block of Rodenberg Road, Roselle, was arrested around
5:55 p.m. Nov. 6 at Lord & Taylor in Woodfield Shopping Center and
charged with retail theft after he reportedly took a black puffy vest valued
at $128. His court date is Nov. 28. * Charges are
not evidence of guilt. Under law, individuals are presumed innocent until
proven guilty. More blotter items are at dailyherald.com.
|
|
Steal her style
Manchester Evening
News (Manchester, United Kingdom)
15 November 2011
|
[What follows is
the full text of the article.] EACH week we're
out on the style scene catching up with you fabulous fashionistas. This week
Dianne Bourne quizzed Alex Murray, 22, a fashion designer for IL2L.com, from
Sale. Where did you get today''s outfit? Top: New Look, PS30 Fur gilet:
IL2L.com, PS49.99 Leggings: Primark, PS5 Boots: Carvela, PS120 Handbag:
Topshop, PS90 How would you describe your style? A bit boho, I like to have
fun with fashion and layer up different items. Who is your
style icon? Alexa Chung. I love her distinctive style, she always looks
effortlessly cool and isn't afraid to experiment. What are your favourite
shops? Topshop, Urban Outfitters, Zara. And of course, IL2L! What one item of
clothing can''t you live without? A pair of grey Kurt Geiger heeled shoes,
they go with everything and come out with me nearly every weekend. What's
been your biggest fashion mistake? White ankle boots. At the time I loved
them, but they weren''t the best look, How much do you spend on clothes each
month? I try to be good, so PS50-PS100.
|
|
Annual
Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Total Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Cost of Revenue, Total |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Gross Profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Selling/General/Administrative Expenses |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Operating Expense |
1,859.9 |
1,598.8 |
1,535.2 |
1,282.8 |
1,060.7 |
|
|
|
|
|
|
|
|
Operating Income |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
|
|
|
|
|
|
|
Interest Income -
Non-Operating |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Interest/Investment Income - Non-Operating |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Other Non-Operating Income (Expense) |
-1.7 |
-0.9 |
-1.4 |
0.1 |
-0.4 |
|
Other, Net |
-1.7 |
-0.9 |
-1.4 |
0.1 |
-0.4 |
|
Income Before Tax |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Income After Tax |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
166.9 |
168.1 |
166.8 |
165.3 |
164.7 |
|
Basic EPS Excl Extraord Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Basic/Primary EPS Incl Extraord Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Diluted Weighted Average Shares |
170.3 |
171.2 |
170.9 |
169.6 |
168.7 |
|
Diluted EPS Excl Extraord Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Diluted EPS Incl Extraord Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
92.4 |
86.1 |
79.5 |
68.7 |
53.9 |
|
Normalized Income Before Tax |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Normalized Income After Tax |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Diluted Normalized EPS |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Rental Expenses |
149.8 |
129.0 |
114.9 |
103.3 |
75.0 |
|
Advertising Expense, Supplemental |
58.3 |
46.8 |
45.6 |
40.8 |
35.9 |
|
Reported Gross Profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
Reported Operating Profit |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
Normalized EBIT |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
Normalized EBITDA |
506.6 |
425.1 |
378.9 |
293.7 |
217.9 |
|
Current Tax - Domestic |
127.4 |
107.4 |
103.9 |
66.0 |
48.9 |
|
Current Tax - Foreign |
6.1 |
1.8 |
0.5 |
1.0 |
1.6 |
|
Current Tax - Local |
19.5 |
13.2 |
15.0 |
9.9 |
8.4 |
|
Current Tax - Total |
153.0 |
122.4 |
119.5 |
76.9 |
58.9 |
|
Deferred Tax - Domestic |
-6.7 |
3.0 |
-7.9 |
-2.2 |
0.0 |
|
Deferred Tax - Foreign |
-0.1 |
-0.4 |
-1.1 |
0.9 |
0.3 |
|
Deferred Tax - Local |
-1.9 |
-0.4 |
-0.5 |
-2.5 |
-2.3 |
|
Deferred Tax - Other |
- |
- |
0.2 |
1.0 |
-2.9 |
|
Deferred Tax - Total |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Income Tax - Total |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Defined Contribution Expense - Domestic |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
Total Pension Expense |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Short Term Investments |
116.4 |
342.5 |
49.9 |
80.1 |
132.0 |
|
Cash and Short Term Investments |
456.7 |
501.5 |
366.0 |
185.4 |
159.3 |
|
Accounts Receivable -
Trade, Gross |
37.5 |
39.7 |
37.6 |
27.3 |
21.7 |
|
Provision for Doubtful
Accounts |
-1.0 |
-1.3 |
-1.2 |
-1.0 |
-0.8 |
|
Trade Accounts Receivable - Net |
36.5 |
38.4 |
36.4 |
26.4 |
20.9 |
|
Total Receivables, Net |
36.5 |
38.4 |
36.4 |
26.4 |
20.9 |
|
Total Inventory |
229.6 |
186.1 |
169.7 |
171.9 |
154.4 |
|
Prepaid Expenses |
66.9 |
67.9 |
46.4 |
46.2 |
27.3 |
|
Deferred Income Tax - Current Asset |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Other Current Assets, Total |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Total Current Assets |
804.0 |
806.2 |
624.4 |
433.6 |
366.4 |
|
|
|
|
|
|
|
|
Buildings |
724.0 |
648.7 |
583.2 |
527.4 |
462.8 |
|
Land/Improvements |
2.4 |
2.4 |
0.5 |
0.5 |
0.5 |
|
Machinery/Equipment |
355.5 |
305.7 |
262.2 |
223.3 |
180.8 |
|
Construction in Progress |
29.3 |
19.9 |
15.5 |
19.8 |
15.9 |
|
Property/Plant/Equipment - Gross |
1,111.2 |
976.7 |
861.4 |
771.1 |
660.0 |
|
Accumulated Depreciation |
-524.8 |
-436.7 |
-356.0 |
-282.2 |
-214.3 |
|
Property/Plant/Equipment - Net |
586.3 |
540.0 |
505.4 |
488.9 |
445.7 |
|
LT Investments - Other |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Long Term Investments |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Deferred Income Tax - Long Term Asset |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Other Long Term Assets, Total |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Total Assets |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
82.9 |
78.0 |
63.0 |
74.0 |
57.9 |
|
Accrued Expenses |
49.4 |
56.8 |
34.7 |
29.5 |
22.8 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
22.5 |
5.2 |
0.3 |
20.6 |
10.6 |
|
Other Current Liabilities |
56.3 |
48.5 |
43.2 |
43.3 |
44.0 |
|
Other Current liabilities, Total |
78.7 |
53.7 |
43.5 |
63.9 |
54.6 |
|
Total Current Liabilities |
211.0 |
188.5 |
141.2 |
167.4 |
135.3 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Other Liabilities, Total |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Total Liabilities |
382.8 |
339.3 |
275.2 |
289.4 |
224.0 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
27.6 |
184.6 |
170.2 |
144.2 |
128.6 |
|
Retained Earnings (Accumulated Deficit) |
1,394.2 |
1,121.2 |
901.3 |
702.0 |
542.4 |
|
Unrealized Gain (Loss) |
-2.5 |
-1.8 |
- |
- |
- |
|
Translation Adjustment |
-7.8 |
-7.3 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-17.7 |
7.2 |
4.3 |
|
Other Equity, Total |
-7.8 |
-7.3 |
-17.7 |
7.2 |
4.3 |
|
Total Equity |
1,411.5 |
1,296.8 |
1,053.8 |
853.4 |
675.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Total Common Shares Outstanding |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
6,432 |
5,740 |
5,500 |
4,900 |
3,864 |
|
Number of Common Shareholders |
107 |
108 |
102 |
96 |
103 |
|
Total Operating Leases, Supplemental |
1,281.0 |
1,155.8 |
1,086.2 |
917.7 |
719.8 |
|
Operating Lease Payments Due in Year 1 |
164.3 |
139.6 |
132.5 |
114.9 |
92.3 |
|
Operating Lease Payments Due in Year 2 |
166.3 |
142.8 |
133.5 |
110.7 |
95.0 |
|
Operating Lease Payments Due in Year 3 |
160.9 |
143.5 |
132.0 |
102.8 |
89.6 |
|
Operating Lease Payments Due in Year 4 |
153.7 |
135.0 |
127.0 |
99.5 |
78.0 |
|
Operating Lease Payments Due in Year 5 |
137.2 |
126.6 |
121.1 |
95.2 |
74.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
327.2 |
286.3 |
265.5 |
213.5 |
184.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
291.0 |
261.7 |
248.1 |
194.7 |
152.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
498.5 |
468.3 |
440.1 |
394.7 |
290.7 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Depreciation |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Depreciation/Depletion |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Deferred Taxes |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Unusual Items |
0.1 |
0.3 |
0.1 |
0.3 |
1.4 |
|
Other Non-Cash Items |
-2.1 |
-1.7 |
-9.8 |
-4.1 |
-1.9 |
|
Non-Cash Items |
-2.0 |
-1.3 |
-9.7 |
-3.7 |
-0.5 |
|
Accounts Receivable |
1.8 |
-1.8 |
-10.7 |
-5.5 |
-6.4 |
|
Inventories |
-43.4 |
-15.5 |
-0.3 |
-17.4 |
-13.4 |
|
Prepaid Expenses |
14.8 |
-25.6 |
9.2 |
-22.4 |
6.8 |
|
Payable/Accrued |
48.5 |
55.3 |
-8.9 |
76.0 |
33.6 |
|
Changes in Working Capital |
21.8 |
12.3 |
-10.7 |
30.6 |
20.7 |
|
Cash from Operating Activities |
385.1 |
325.4 |
251.6 |
254.4 |
187.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Capital Expenditures |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Sale of Fixed Assets |
- |
- |
- |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
571.2 |
421.0 |
864.7 |
220.1 |
193.3 |
|
Purchase of Investments |
-463.1 |
-806.5 |
-809.0 |
-293.6 |
-182.7 |
|
Other Investing Cash Flow Items, Total |
108.1 |
-385.5 |
55.6 |
-73.5 |
10.6 |
|
Cash from Investing Activities |
-35.5 |
-494.8 |
-56.9 |
-188.9 |
-201.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Financing Cash Flow Items |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Repurchase/Retirement
of Common |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Common Stock, Net |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Options Exercised |
24.1 |
3.3 |
8.9 |
5.0 |
6.4 |
|
Issuance (Retirement) of Stock, Net |
-180.6 |
3.3 |
8.9 |
5.0 |
-14.5 |
|
Cash from Financing Activities |
-167.7 |
9.7 |
22.3 |
12.3 |
-9.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
2.7 |
-6.2 |
0.2 |
0.7 |
|
Net Change in Cash |
181.2 |
-157.0 |
210.8 |
78.0 |
-22.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
316.0 |
105.3 |
27.3 |
49.9 |
|
Net Cash - Ending Balance |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Cash Interest Paid |
- |
- |
- |
0.1 |
0.2 |
|
Cash Taxes Paid |
121.3 |
137.5 |
115.0 |
70.8 |
52.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Total Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Selling, General and Administrative |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Operating Expense |
1,859.9 |
1,598.8 |
1,535.2 |
1,282.8 |
1,060.7 |
|
|
|
|
|
|
|
|
Interest Income |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Other Income |
0.5 |
0.5 |
0.7 |
0.6 |
0.4 |
|
Other Expense |
-2.2 |
-1.3 |
-2.1 |
-0.5 |
-0.7 |
|
Net Income Before Taxes |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Net Income After Taxes |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
166.9 |
168.1 |
166.8 |
165.3 |
164.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Basic EPS Including ExtraOrdinary Item |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Diluted Weighted Average Shares |
170.3 |
171.2 |
170.9 |
169.6 |
168.7 |
|
Diluted EPS Excluding ExtraOrd Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Diluted EPS Including ExtraOrd Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Normalized Income After Taxes |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Diluted Normalized EPS |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Depreciation |
92.4 |
86.1 |
79.5 |
68.7 |
53.9 |
|
Rental Expense |
149.8 |
129.0 |
114.9 |
103.3 |
75.0 |
|
Advertisement Expense |
58.3 |
46.8 |
45.6 |
40.8 |
35.9 |
|
Current Tax - Federal |
127.4 |
107.4 |
103.9 |
66.0 |
48.9 |
|
Current Tax - State |
19.5 |
13.2 |
15.0 |
9.9 |
8.4 |
|
Current Tax - Foreign |
6.1 |
1.8 |
0.5 |
1.0 |
1.6 |
|
Current Tax - Total |
153.0 |
122.4 |
119.5 |
76.9 |
58.9 |
|
Deferred Tax - Federal |
-6.7 |
3.0 |
-7.9 |
-2.2 |
0.0 |
|
Deferred Tax - State |
-1.9 |
-0.4 |
-0.5 |
-2.5 |
-2.3 |
|
Deferred Tax - Foreign |
-0.1 |
-0.4 |
-1.1 |
0.9 |
0.3 |
|
Change in Valuation Allowances |
- |
- |
0.2 |
1.0 |
-2.9 |
|
Deferred Tax - Total |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Income Tax - Total |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Gross profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
Income from operations |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
401(k) Savings Plan |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
Total Pension Expense |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Marketable Securities |
116.4 |
342.5 |
49.9 |
80.1 |
132.0 |
|
Accounts Receivable |
37.5 |
39.7 |
37.6 |
27.3 |
21.7 |
|
Provision for Doubtful Accounts |
-1.0 |
-1.3 |
-1.2 |
-1.0 |
-0.8 |
|
Inventories |
229.6 |
186.1 |
169.7 |
171.9 |
154.4 |
|
Prepaid expenses & Other |
66.9 |
67.9 |
46.4 |
46.2 |
27.3 |
|
Deferred Taxes |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Total Current Assets |
804.0 |
806.2 |
624.4 |
433.6 |
366.4 |
|
|
|
|
|
|
|
|
Land |
2.4 |
2.4 |
0.5 |
0.5 |
0.5 |
|
Building |
118.0 |
96.6 |
96.2 |
94.5 |
92.4 |
|
Furniture and Fixtures |
273.6 |
242.1 |
214.2 |
184.9 |
153.6 |
|
Leasehold Improvements |
606.0 |
552.1 |
487.0 |
432.8 |
370.4 |
|
Other Operating Equipment |
81.9 |
63.6 |
48.0 |
38.4 |
27.2 |
|
Construction in Progress |
29.3 |
19.9 |
15.5 |
19.8 |
15.9 |
|
Depreciation |
-524.8 |
-436.7 |
-356.0 |
-282.2 |
-214.3 |
|
Marketable Securities |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Deferred income taxes and other assets |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Total Assets |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
82.9 |
78.0 |
63.0 |
74.0 |
57.9 |
|
Accrued compensation |
20.2 |
21.9 |
12.0 |
10.1 |
5.1 |
|
Accrued Rents and Related Taxes |
9.3 |
10.6 |
10.1 |
8.7 |
7.0 |
|
Gift Certificates |
30.9 |
25.2 |
22.3 |
19.5 |
17.3 |
|
Accruals for Construction in Progress |
8.1 |
13.0 |
6.3 |
6.6 |
10.7 |
|
Income Taxes |
22.5 |
5.2 |
0.3 |
20.6 |
10.6 |
|
Accrued Sales Taxes |
7.8 |
5.4 |
5.2 |
4.0 |
- |
|
Accrued payroll taxes |
4.0 |
5.9 |
1.2 |
- |
- |
|
Sales Return Reserve |
11.4 |
9.9 |
7.5 |
6.0 |
- |
|
Other Current Liabilities |
14.0 |
13.4 |
13.3 |
17.8 |
26.8 |
|
Total Current Liabilities |
211.0 |
188.5 |
141.2 |
167.4 |
135.3 |
|
|
|
|
|
|
|
|
Deferred Rent and Other Liabilities |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Total Liabilities |
382.8 |
339.3 |
275.2 |
289.4 |
224.0 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid-In Capital |
27.6 |
184.6 |
170.2 |
144.2 |
128.6 |
|
Retained Earnings |
1,394.2 |
1,121.2 |
901.3 |
702.0 |
542.4 |
|
Foreign Currency losses |
-7.8 |
-7.3 |
- |
- |
- |
|
Unrealized loss on securities |
-2.5 |
-1.8 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-17.7 |
7.2 |
4.3 |
|
Total Equity |
1,411.5 |
1,296.8 |
1,053.8 |
853.4 |
675.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Total Common Shares Outstanding |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
S/O-Preferred Stock |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Full-Time Employees |
6,432 |
5,740 |
5,500 |
4,900 |
3,864 |
|
Number of Common Shareholders |
107 |
108 |
102 |
96 |
103 |
|
Operating Leases Maturing within 1 Year |
164.3 |
139.6 |
132.5 |
114.9 |
92.3 |
|
Operating Leases Maturing within 2 Years |
166.3 |
142.8 |
133.5 |
110.7 |
95.0 |
|
Operating Leases Maturing within 3 Years |
160.9 |
143.5 |
132.0 |
102.8 |
89.6 |
|
Operating Leases Maturing within 4 Years |
153.7 |
135.0 |
127.0 |
99.5 |
78.0 |
|
Operating Leases Maturing within 5 Years |
137.2 |
126.6 |
121.1 |
95.2 |
74.2 |
|
Operating Leases Remaining Maturities |
498.5 |
468.3 |
440.1 |
394.7 |
290.7 |
|
Total Operating Leases |
1,281.0 |
1,155.8 |
1,086.2 |
917.7 |
719.8 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Depreciation |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Provision for deferred income taxes |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Excess tax benefit on share-based compen |
-12.8 |
-6.4 |
-13.4 |
-7.3 |
-5.4 |
|
Gain on Disposition of Fixed Assets |
0.1 |
0.3 |
0.1 |
0.3 |
1.4 |
|
Receivables |
1.8 |
-1.8 |
-10.7 |
-5.5 |
-6.4 |
|
Inventories |
-43.4 |
-15.5 |
-0.3 |
-17.4 |
-13.4 |
|
(Decrease) increase in prepaid expenses |
14.8 |
-25.6 |
9.2 |
-22.4 |
6.8 |
|
Increase in accounts payable accrued |
48.5 |
55.3 |
-8.9 |
76.0 |
33.6 |
|
Stock based compensation expense |
10.7 |
4.8 |
3.6 |
3.3 |
3.5 |
|
Cash from Operating Activities |
385.1 |
325.4 |
251.6 |
254.4 |
187.1 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Purchase of Investments for Sale |
-463.1 |
-806.5 |
-809.0 |
-293.6 |
-182.7 |
|
Sale of Investments Available for Sale |
571.2 |
421.0 |
864.7 |
220.1 |
193.3 |
|
Proceeds on disposition of property |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Investing Activities |
-35.5 |
-494.8 |
-56.9 |
-188.9 |
-201.4 |
|
|
|
|
|
|
|
|
Exercise of Stock Options |
24.1 |
3.3 |
8.9 |
5.0 |
6.4 |
|
Share repurchases |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Excess tax benefit from stock option exe |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Cash from Financing Activities |
-167.7 |
9.7 |
22.3 |
12.3 |
-9.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
2.7 |
-6.2 |
0.2 |
0.7 |
|
Net Change in Cash |
181.2 |
-157.0 |
210.8 |
78.0 |
-22.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
316.0 |
105.3 |
27.3 |
49.9 |
|
Net Cash - Ending Balance |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Cash Interest Paid |
- |
- |
- |
0.1 |
0.2 |
|
Cash Taxes Paid |
121.3 |
137.5 |
115.0 |
70.8 |
52.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio
Comparisons
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Report
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Total Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Cost of Revenue, Total |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Gross Profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Selling/General/Administrative Expenses |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Operating Expense |
1,859.9 |
1,598.8 |
1,535.2 |
1,282.8 |
1,060.7 |
|
|
|
|
|
|
|
|
Operating Income |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
|
|
|
|
|
|
|
Interest Income -
Non-Operating |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Interest/Investment Income - Non-Operating |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Other Non-Operating Income (Expense) |
-1.7 |
-0.9 |
-1.4 |
0.1 |
-0.4 |
|
Other, Net |
-1.7 |
-0.9 |
-1.4 |
0.1 |
-0.4 |
|
Income Before Tax |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Income After Tax |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
166.9 |
168.1 |
166.8 |
165.3 |
164.7 |
|
Basic EPS Excl Extraord Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Basic/Primary EPS Incl Extraord Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Diluted Weighted Average Shares |
170.3 |
171.2 |
170.9 |
169.6 |
168.7 |
|
Diluted EPS Excl Extraord Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Diluted EPS Incl Extraord Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
92.4 |
86.1 |
79.5 |
68.7 |
53.9 |
|
Normalized Income Before Tax |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Normalized Income After Tax |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Diluted Normalized EPS |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Rental Expenses |
149.8 |
129.0 |
114.9 |
103.3 |
75.0 |
|
Advertising Expense, Supplemental |
58.3 |
46.8 |
45.6 |
40.8 |
35.9 |
|
Reported Gross Profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
Reported Operating Profit |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
Normalized EBIT |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
Normalized EBITDA |
506.6 |
425.1 |
378.9 |
293.7 |
217.9 |
|
Current Tax - Domestic |
127.4 |
107.4 |
103.9 |
66.0 |
48.9 |
|
Current Tax - Foreign |
6.1 |
1.8 |
0.5 |
1.0 |
1.6 |
|
Current Tax - Local |
19.5 |
13.2 |
15.0 |
9.9 |
8.4 |
|
Current Tax - Total |
153.0 |
122.4 |
119.5 |
76.9 |
58.9 |
|
Deferred Tax - Domestic |
-6.7 |
3.0 |
-7.9 |
-2.2 |
0.0 |
|
Deferred Tax - Foreign |
-0.1 |
-0.4 |
-1.1 |
0.9 |
0.3 |
|
Deferred Tax - Local |
-1.9 |
-0.4 |
-0.5 |
-2.5 |
-2.3 |
|
Deferred Tax - Other |
- |
- |
0.2 |
1.0 |
-2.9 |
|
Deferred Tax - Total |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Income Tax - Total |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Defined Contribution Expense - Domestic |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
Total Pension Expense |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Oct-2011 |
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
610.0 |
609.2 |
524.0 |
668.4 |
573.6 |
|
Revenue |
610.0 |
609.2 |
524.0 |
668.4 |
573.6 |
|
Total Revenue |
610.0 |
609.2 |
524.0 |
668.4 |
573.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
393.9 |
378.1 |
330.7 |
403.3 |
337.6 |
|
Cost of Revenue, Total |
393.9 |
378.1 |
330.7 |
403.3 |
337.6 |
|
Gross Profit |
216.1 |
231.1 |
193.4 |
265.1 |
236.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
142.7 |
143.1 |
134.5 |
144.7 |
131.2 |
|
Total Selling/General/Administrative Expenses |
142.7 |
143.1 |
134.5 |
144.7 |
131.2 |
|
Total Operating Expense |
536.6 |
521.2 |
465.2 |
548.1 |
468.8 |
|
|
|
|
|
|
|
|
Operating Income |
73.4 |
88.0 |
58.8 |
120.3 |
104.8 |
|
|
|
|
|
|
|
|
Other Non-Operating Income (Expense) |
2.0 |
0.9 |
1.4 |
1.1 |
0.9 |
|
Other, Net |
2.0 |
0.9 |
1.4 |
1.1 |
0.9 |
|
Income Before Tax |
75.4 |
88.9 |
60.2 |
121.4 |
105.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
24.7 |
32.2 |
21.6 |
46.2 |
32.6 |
|
Income After Tax |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
Net Income |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
151.2 |
158.6 |
162.4 |
164.2 |
165.7 |
|
Basic EPS Excl Extraord Items |
0.34 |
0.36 |
0.24 |
0.46 |
0.44 |
|
Basic/Primary EPS Incl Extraord Items |
0.34 |
0.36 |
0.24 |
0.46 |
0.44 |
|
Diluted Net Income |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
Diluted Weighted Average Shares |
153.4 |
160.7 |
165.3 |
167.7 |
168.6 |
|
Diluted EPS Excl Extraord Items |
0.33 |
0.35 |
0.23 |
0.45 |
0.43 |
|
Diluted EPS Incl Extraord Items |
0.33 |
0.35 |
0.23 |
0.45 |
0.43 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
- |
26.8 |
26.6 |
26.2 |
25.8 |
|
Normalized Income Before Tax |
75.4 |
88.9 |
60.2 |
121.4 |
105.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
24.7 |
32.2 |
21.6 |
46.2 |
32.6 |
|
Normalized Income After Tax |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.7 |
56.7 |
38.6 |
75.2 |
73.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
0.36 |
0.24 |
0.46 |
0.44 |
|
Diluted Normalized EPS |
0.33 |
0.35 |
0.23 |
0.45 |
0.43 |
|
Reported Gross Profit |
- |
231.1 |
193.4 |
- |
236.0 |
|
Reported Operating Profit |
- |
88.0 |
58.8 |
- |
104.8 |
|
Normalized EBIT |
73.4 |
88.0 |
58.8 |
120.3 |
104.8 |
|
Normalized EBITDA |
73.4 |
114.7 |
85.4 |
146.6 |
130.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Short Term Investments |
116.4 |
342.5 |
49.9 |
80.1 |
132.0 |
|
Cash and Short Term Investments |
456.7 |
501.5 |
366.0 |
185.4 |
159.3 |
|
Accounts Receivable -
Trade, Gross |
37.5 |
39.7 |
37.6 |
27.3 |
21.7 |
|
Provision for Doubtful
Accounts |
-1.0 |
-1.3 |
-1.2 |
-1.0 |
-0.8 |
|
Trade Accounts Receivable - Net |
36.5 |
38.4 |
36.4 |
26.4 |
20.9 |
|
Total Receivables, Net |
36.5 |
38.4 |
36.4 |
26.4 |
20.9 |
|
Total Inventory |
229.6 |
186.1 |
169.7 |
171.9 |
154.4 |
|
Prepaid Expenses |
66.9 |
67.9 |
46.4 |
46.2 |
27.3 |
|
Deferred Income Tax - Current Asset |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Other Current Assets, Total |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Total Current Assets |
804.0 |
806.2 |
624.4 |
433.6 |
366.4 |
|
|
|
|
|
|
|
|
Buildings |
724.0 |
648.7 |
583.2 |
527.4 |
462.8 |
|
Land/Improvements |
2.4 |
2.4 |
0.5 |
0.5 |
0.5 |
|
Machinery/Equipment |
355.5 |
305.7 |
262.2 |
223.3 |
180.8 |
|
Construction in
Progress |
29.3 |
19.9 |
15.5 |
19.8 |
15.9 |
|
Property/Plant/Equipment - Gross |
1,111.2 |
976.7 |
861.4 |
771.1 |
660.0 |
|
Accumulated Depreciation |
-524.8 |
-436.7 |
-356.0 |
-282.2 |
-214.3 |
|
Property/Plant/Equipment - Net |
586.3 |
540.0 |
505.4 |
488.9 |
445.7 |
|
LT Investments - Other |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Long Term Investments |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Deferred Income Tax - Long Term Asset |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Other Long Term Assets, Total |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Total Assets |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
82.9 |
78.0 |
63.0 |
74.0 |
57.9 |
|
Accrued Expenses |
49.4 |
56.8 |
34.7 |
29.5 |
22.8 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
22.5 |
5.2 |
0.3 |
20.6 |
10.6 |
|
Other Current Liabilities |
56.3 |
48.5 |
43.2 |
43.3 |
44.0 |
|
Other Current liabilities, Total |
78.7 |
53.7 |
43.5 |
63.9 |
54.6 |
|
Total Current Liabilities |
211.0 |
188.5 |
141.2 |
167.4 |
135.3 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Other Liabilities, Total |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Total Liabilities |
382.8 |
339.3 |
275.2 |
289.4 |
224.0 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
27.6 |
184.6 |
170.2 |
144.2 |
128.6 |
|
Retained Earnings (Accumulated Deficit) |
1,394.2 |
1,121.2 |
901.3 |
702.0 |
542.4 |
|
Unrealized Gain (Loss) |
-2.5 |
-1.8 |
- |
- |
- |
|
Translation Adjustment |
-7.8 |
-7.3 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-17.7 |
7.2 |
4.3 |
|
Other Equity, Total |
-7.8 |
-7.3 |
-17.7 |
7.2 |
4.3 |
|
Total Equity |
1,411.5 |
1,296.8 |
1,053.8 |
853.4 |
675.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Total Common Shares Outstanding |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
6,432 |
5,740 |
5,500 |
4,900 |
3,864 |
|
Number of Common Shareholders |
107 |
108 |
102 |
96 |
103 |
|
Total Operating Leases, Supplemental |
1,281.0 |
1,155.8 |
1,086.2 |
917.7 |
719.8 |
|
Operating Lease Payments Due in Year 1 |
164.3 |
139.6 |
132.5 |
114.9 |
92.3 |
|
Operating Lease Payments Due in Year 2 |
166.3 |
142.8 |
133.5 |
110.7 |
95.0 |
|
Operating Lease Payments Due in Year 3 |
160.9 |
143.5 |
132.0 |
102.8 |
89.6 |
|
Operating Lease Payments Due in Year 4 |
153.7 |
135.0 |
127.0 |
99.5 |
78.0 |
|
Operating Lease Payments Due in Year 5 |
137.2 |
126.6 |
121.1 |
95.2 |
74.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
327.2 |
286.3 |
265.5 |
213.5 |
184.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
291.0 |
261.7 |
248.1 |
194.7 |
152.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
498.5 |
468.3 |
440.1 |
394.7 |
290.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Oct-2011 |
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
83.4 |
226.4 |
243.9 |
340.3 |
253.5 |
|
Short Term Investments |
46.6 |
59.3 |
68.7 |
116.4 |
250.1 |
|
Cash and Short Term Investments |
130.0 |
285.7 |
312.6 |
456.7 |
503.6 |
|
Accounts Receivable -
Trade, Gross |
47.9 |
53.6 |
47.6 |
37.5 |
49.2 |
|
Provision for Doubtful
Accounts |
-1.0 |
-1.0 |
-1.1 |
-1.0 |
-1.5 |
|
Trade Accounts Receivable - Net |
46.8 |
52.6 |
46.5 |
36.5 |
47.7 |
|
Total Receivables, Net |
46.8 |
52.6 |
46.5 |
36.5 |
47.7 |
|
Total Inventory |
367.4 |
303.2 |
264.3 |
229.6 |
289.3 |
|
Prepaid Expenses |
64.1 |
57.1 |
77.8 |
66.9 |
59.1 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
14.4 |
- |
|
Other Current Assets, Total |
- |
- |
- |
14.4 |
- |
|
Total Current Assets |
608.3 |
698.6 |
701.3 |
804.0 |
899.6 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
670.8 |
626.2 |
601.2 |
586.3 |
582.8 |
|
LT Investments - Other |
129.1 |
322.9 |
333.9 |
352.0 |
186.2 |
|
Long Term Investments |
129.1 |
322.9 |
333.9 |
352.0 |
186.2 |
|
Deferred Income Tax - Long Term Asset |
69.9 |
57.8 |
57.8 |
52.0 |
53.4 |
|
Other Long Term Assets, Total |
69.9 |
57.8 |
57.8 |
52.0 |
53.4 |
|
Total Assets |
1,478.1 |
1,705.4 |
1,694.3 |
1,794.3 |
1,722.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
134.5 |
110.8 |
109.4 |
82.9 |
115.0 |
|
Accrued Expenses |
130.6 |
117.8 |
102.6 |
128.1 |
123.1 |
|
Notes Payable/Short Term Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
265.1 |
228.5 |
212.0 |
211.0 |
238.0 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
179.2 |
172.6 |
169.8 |
171.7 |
164.0 |
|
Other Liabilities, Total |
179.2 |
172.6 |
169.8 |
171.7 |
164.0 |
|
Total Liabilities |
444.3 |
401.1 |
381.8 |
382.8 |
402.1 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
0.0 |
0.0 |
0.0 |
27.6 |
10.2 |
|
Retained Earnings (Accumulated Deficit) |
1,041.8 |
1,310.0 |
1,317.0 |
1,394.2 |
1,319.0 |
|
Other Comprehensive Income |
-8.1 |
-5.7 |
-4.6 |
-10.3 |
-9.2 |
|
Other Equity, Total |
-8.1 |
-5.7 |
-4.6 |
-10.3 |
-9.2 |
|
Total Equity |
1,033.8 |
1,304.3 |
1,312.5 |
1,411.5 |
1,319.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholdersβ Equity |
1,478.1 |
1,705.4 |
1,694.3 |
1,794.3 |
1,722.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
144.2 |
157.5 |
159.7 |
164.4 |
163.9 |
|
Total Common Shares Outstanding |
144.2 |
157.5 |
159.7 |
164.4 |
163.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
2,397.6 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
166.3 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
- |
160.9 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
- |
153.7 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
- |
- |
137.2 |
- |
|
Operating Lease Payments Due in Year 5 |
- |
- |
- |
498.5 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
- |
314.6 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
- |
635.7 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
1,281.0 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Depreciation |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Depreciation/Depletion |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Deferred Taxes |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Unusual Items |
0.1 |
0.3 |
0.1 |
0.3 |
1.4 |
|
Other Non-Cash Items |
-2.1 |
-1.7 |
-9.8 |
-4.1 |
-1.9 |
|
Non-Cash Items |
-2.0 |
-1.3 |
-9.7 |
-3.7 |
-0.5 |
|
Accounts Receivable |
1.8 |
-1.8 |
-10.7 |
-5.5 |
-6.4 |
|
Inventories |
-43.4 |
-15.5 |
-0.3 |
-17.4 |
-13.4 |
|
Prepaid Expenses |
14.8 |
-25.6 |
9.2 |
-22.4 |
6.8 |
|
Payable/Accrued |
48.5 |
55.3 |
-8.9 |
76.0 |
33.6 |
|
Changes in Working Capital |
21.8 |
12.3 |
-10.7 |
30.6 |
20.7 |
|
Cash from Operating Activities |
385.1 |
325.4 |
251.6 |
254.4 |
187.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Capital Expenditures |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Sale of Fixed Assets |
- |
- |
- |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
571.2 |
421.0 |
864.7 |
220.1 |
193.3 |
|
Purchase of Investments |
-463.1 |
-806.5 |
-809.0 |
-293.6 |
-182.7 |
|
Other Investing Cash Flow Items, Total |
108.1 |
-385.5 |
55.6 |
-73.5 |
10.6 |
|
Cash from Investing Activities |
-35.5 |
-494.8 |
-56.9 |
-188.9 |
-201.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Financing Cash Flow Items |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Repurchase/Retirement
of Common |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Common Stock, Net |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Options Exercised |
24.1 |
3.3 |
8.9 |
5.0 |
6.4 |
|
Issuance (Retirement) of Stock, Net |
-180.6 |
3.3 |
8.9 |
5.0 |
-14.5 |
|
Cash from Financing Activities |
-167.7 |
9.7 |
22.3 |
12.3 |
-9.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
2.7 |
-6.2 |
0.2 |
0.7 |
|
Net Change in Cash |
181.2 |
-157.0 |
210.8 |
78.0 |
-22.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
316.0 |
105.3 |
27.3 |
49.9 |
|
Net Cash - Ending Balance |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Cash Interest Paid |
- |
- |
- |
0.1 |
0.2 |
|
Cash Taxes Paid |
121.3 |
137.5 |
115.0 |
70.8 |
52.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
31-Jul-2010 |
|
Period Length |
6 Months |
3 Months |
12 Months |
9 Months |
6 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
95.3 |
38.6 |
273.0 |
197.7 |
124.6 |
|
Depreciation |
53.3 |
26.6 |
101.1 |
74.9 |
49.1 |
|
Depreciation/Depletion |
53.3 |
26.6 |
101.1 |
74.9 |
49.1 |
|
Deferred Taxes |
-2.2 |
-4.2 |
-8.7 |
-12.7 |
-2.3 |
|
Unusual Items |
0.7 |
0.6 |
0.1 |
0.0 |
0.0 |
|
Other Non-Cash Items |
4.4 |
2.2 |
-2.1 |
-4.0 |
-5.7 |
|
Non-Cash Items |
5.0 |
2.8 |
-2.0 |
-4.0 |
-5.7 |
|
Accounts Receivable |
-16.0 |
-9.9 |
1.8 |
-9.3 |
-4.1 |
|
Inventories |
-73.1 |
-33.8 |
-43.4 |
-102.6 |
-57.2 |
|
Prepaid Expenses |
21.1 |
2.3 |
14.8 |
38.3 |
6.2 |
|
Payable/Accrued |
8.0 |
-2.3 |
48.5 |
58.8 |
13.8 |
|
Changes in Working Capital |
-59.9 |
-43.7 |
21.8 |
-14.8 |
-41.3 |
|
Cash from Operating Activities |
91.5 |
20.0 |
385.1 |
241.0 |
124.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-77.5 |
-35.7 |
-143.6 |
-106.7 |
-64.6 |
|
Capital Expenditures |
-77.5 |
-35.7 |
-143.6 |
-106.7 |
-64.6 |
|
Sale/Maturity of Investment |
157.5 |
115.4 |
571.2 |
396.8 |
247.7 |
|
Purchase of Investments |
-73.7 |
-51.1 |
-463.1 |
-253.6 |
-169.6 |
|
Other Investing Cash Flow Items, Total |
83.7 |
64.3 |
108.1 |
143.2 |
78.1 |
|
Cash from Investing Activities |
6.2 |
28.6 |
-35.5 |
36.4 |
13.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.5 |
0.4 |
12.8 |
11.5 |
10.2 |
|
Financing Cash Flow Items |
0.5 |
0.4 |
12.8 |
11.5 |
10.2 |
|
Repurchase/Retirement
of Common |
-216.0 |
-148.7 |
-204.7 |
-204.7 |
-72.0 |
|
Common Stock, Net |
-216.0 |
-148.7 |
-204.7 |
-204.7 |
-72.0 |
|
Options Exercised |
3.5 |
2.4 |
24.1 |
11.4 |
11.0 |
|
Issuance (Retirement) of Stock, Net |
-212.5 |
-146.3 |
-180.6 |
-193.3 |
-61.0 |
|
Cash from Financing Activities |
-212.0 |
-146.0 |
-167.7 |
-181.9 |
-50.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.4 |
1.0 |
-0.6 |
-1.1 |
-1.2 |
|
Net Change in Cash |
-113.9 |
-96.3 |
181.2 |
94.5 |
85.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.3 |
340.3 |
159.0 |
159.0 |
159.0 |
|
Net Cash - Ending Balance |
226.4 |
243.9 |
340.3 |
253.5 |
245.0 |
|
Cash Taxes Paid |
48.2 |
47.0 |
121.3 |
76.9 |
70.4 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
Total Revenue |
2,274.1 |
1,937.8 |
1,834.6 |
1,507.7 |
1,224.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,337.5 |
1,151.7 |
1,121.1 |
931.0 |
772.8 |
|
Selling, General and Administrative |
522.4 |
447.2 |
414.0 |
351.8 |
287.9 |
|
Total Operating Expense |
1,859.9 |
1,598.8 |
1,535.2 |
1,282.8 |
1,060.7 |
|
|
|
|
|
|
|
|
Interest Income |
4.7 |
6.3 |
11.5 |
9.4 |
6.5 |
|
Other Income |
0.5 |
0.5 |
0.7 |
0.6 |
0.4 |
|
Other Expense |
-2.2 |
-1.3 |
-2.1 |
-0.5 |
-0.7 |
|
Net Income Before Taxes |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Net Income After Taxes |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
166.9 |
168.1 |
166.8 |
165.3 |
164.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Basic EPS Including ExtraOrdinary Item |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Dilution Adjustment |
- |
- |
- |
- |
0.0 |
|
Diluted Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Diluted Weighted Average Shares |
170.3 |
171.2 |
170.9 |
169.6 |
168.7 |
|
Diluted EPS Excluding ExtraOrd Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Diluted EPS Including ExtraOrd Items |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
417.2 |
344.4 |
309.5 |
234.4 |
170.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Normalized Income After Taxes |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.64 |
1.31 |
1.20 |
0.97 |
0.71 |
|
Diluted Normalized EPS |
1.60 |
1.28 |
1.17 |
0.94 |
0.69 |
|
Depreciation |
92.4 |
86.1 |
79.5 |
68.7 |
53.9 |
|
Rental Expense |
149.8 |
129.0 |
114.9 |
103.3 |
75.0 |
|
Advertisement Expense |
58.3 |
46.8 |
45.6 |
40.8 |
35.9 |
|
Current Tax - Federal |
127.4 |
107.4 |
103.9 |
66.0 |
48.9 |
|
Current Tax - State |
19.5 |
13.2 |
15.0 |
9.9 |
8.4 |
|
Current Tax - Foreign |
6.1 |
1.8 |
0.5 |
1.0 |
1.6 |
|
Current Tax - Total |
153.0 |
122.4 |
119.5 |
76.9 |
58.9 |
|
Deferred Tax - Federal |
-6.7 |
3.0 |
-7.9 |
-2.2 |
0.0 |
|
Deferred Tax - State |
-1.9 |
-0.4 |
-0.5 |
-2.5 |
-2.3 |
|
Deferred Tax - Foreign |
-0.1 |
-0.4 |
-1.1 |
0.9 |
0.3 |
|
Change in Valuation Allowances |
- |
- |
0.2 |
1.0 |
-2.9 |
|
Deferred Tax - Total |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Income Tax - Total |
144.3 |
124.5 |
110.1 |
74.2 |
54.0 |
|
Gross profit |
936.6 |
786.1 |
713.5 |
576.8 |
451.9 |
|
Income from operations |
414.2 |
339.0 |
299.4 |
224.9 |
164.0 |
|
401(k) Savings Plan |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
Total Pension Expense |
1.3 |
1.2 |
1.1 |
1.0 |
0.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
31-Jul-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net sales |
609.2 |
524.0 |
668.4 |
573.6 |
552.2 |
|
Total Revenue |
609.2 |
524.0 |
668.4 |
573.6 |
552.2 |
|
|
|
|
|
|
|
|
Cost of sales |
378.1 |
330.7 |
403.3 |
337.6 |
317.4 |
|
Selling/General/Administrative |
143.1 |
134.5 |
144.7 |
131.2 |
127.9 |
|
Total Operating Expense |
521.2 |
465.2 |
548.1 |
468.8 |
445.3 |
|
|
|
|
|
|
|
|
Other, Net |
0.9 |
1.4 |
1.1 |
0.9 |
0.6 |
|
Net Income Before Taxes |
88.9 |
60.2 |
121.4 |
105.7 |
107.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
32.2 |
21.6 |
46.2 |
32.6 |
35.8 |
|
Net Income After Taxes |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
Net Income |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
158.6 |
162.4 |
164.2 |
165.7 |
168.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.36 |
0.24 |
0.46 |
0.44 |
0.42 |
|
Basic EPS Including ExtraOrdinary Item |
0.36 |
0.24 |
0.46 |
0.44 |
0.42 |
|
Diluted Net Income |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
Diluted Weighted Average Shares |
160.7 |
165.3 |
167.7 |
168.6 |
172.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.35 |
0.23 |
0.45 |
0.43 |
0.42 |
|
Diluted EPS Including ExtraOrd Items |
0.35 |
0.23 |
0.45 |
0.43 |
0.42 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
88.9 |
60.2 |
121.4 |
105.7 |
107.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
32.2 |
21.6 |
46.2 |
32.6 |
35.8 |
|
Normalized Income After Taxes |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
56.7 |
38.6 |
75.2 |
73.1 |
71.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.36 |
0.24 |
0.46 |
0.44 |
0.42 |
|
Diluted Normalized EPS |
0.35 |
0.23 |
0.45 |
0.43 |
0.42 |
|
Depreciation |
26.8 |
26.6 |
26.2 |
25.8 |
24.7 |
|
Gross profit |
231.1 |
193.4 |
- |
236.0 |
234.8 |
|
Income from operations |
88.0 |
58.8 |
- |
104.8 |
106.9 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Marketable Securities |
116.4 |
342.5 |
49.9 |
80.1 |
132.0 |
|
Accounts Receivable |
37.5 |
39.7 |
37.6 |
27.3 |
21.7 |
|
Provision for Doubtful Accounts |
-1.0 |
-1.3 |
-1.2 |
-1.0 |
-0.8 |
|
Inventories |
229.6 |
186.1 |
169.7 |
171.9 |
154.4 |
|
Prepaid expenses & Other |
66.9 |
67.9 |
46.4 |
46.2 |
27.3 |
|
Deferred Taxes |
14.4 |
12.3 |
5.9 |
3.7 |
4.6 |
|
Total Current Assets |
804.0 |
806.2 |
624.4 |
433.6 |
366.4 |
|
|
|
|
|
|
|
|
Land |
2.4 |
2.4 |
0.5 |
0.5 |
0.5 |
|
Building |
118.0 |
96.6 |
96.2 |
94.5 |
92.4 |
|
Furniture and Fixtures |
273.6 |
242.1 |
214.2 |
184.9 |
153.6 |
|
Leasehold Improvements |
606.0 |
552.1 |
487.0 |
432.8 |
370.4 |
|
Other Operating Equipment |
81.9 |
63.6 |
48.0 |
38.4 |
27.2 |
|
Construction in Progress |
29.3 |
19.9 |
15.5 |
19.8 |
15.9 |
|
Depreciation |
-524.8 |
-436.7 |
-356.0 |
-282.2 |
-214.3 |
|
Marketable Securities |
352.0 |
243.4 |
155.2 |
188.3 |
62.3 |
|
Deferred income taxes and other assets |
52.0 |
46.5 |
44.0 |
32.0 |
24.8 |
|
Total Assets |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
82.9 |
78.0 |
63.0 |
74.0 |
57.9 |
|
Accrued compensation |
20.2 |
21.9 |
12.0 |
10.1 |
5.1 |
|
Accrued Rents and Related Taxes |
9.3 |
10.6 |
10.1 |
8.7 |
7.0 |
|
Gift Certificates |
30.9 |
25.2 |
22.3 |
19.5 |
17.3 |
|
Accruals for Construction in Progress |
8.1 |
13.0 |
6.3 |
6.6 |
10.7 |
|
Income Taxes |
22.5 |
5.2 |
0.3 |
20.6 |
10.6 |
|
Accrued Sales Taxes |
7.8 |
5.4 |
5.2 |
4.0 |
- |
|
Accrued payroll taxes |
4.0 |
5.9 |
1.2 |
- |
- |
|
Sales Return Reserve |
11.4 |
9.9 |
7.5 |
6.0 |
- |
|
Other Current Liabilities |
14.0 |
13.4 |
13.3 |
17.8 |
26.8 |
|
Total Current Liabilities |
211.0 |
188.5 |
141.2 |
167.4 |
135.3 |
|
|
|
|
|
|
|
|
Deferred Rent and Other Liabilities |
171.7 |
150.8 |
134.1 |
122.0 |
88.7 |
|
Total Liabilities |
382.8 |
339.3 |
275.2 |
289.4 |
224.0 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid-In Capital |
27.6 |
184.6 |
170.2 |
144.2 |
128.6 |
|
Retained Earnings |
1,394.2 |
1,121.2 |
901.3 |
702.0 |
542.4 |
|
Foreign Currency losses |
-7.8 |
-7.3 |
- |
- |
- |
|
Unrealized loss on securities |
-2.5 |
-1.8 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
-17.7 |
7.2 |
4.3 |
|
Total Equity |
1,411.5 |
1,296.8 |
1,053.8 |
853.4 |
675.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,794.3 |
1,636.1 |
1,329.0 |
1,142.8 |
899.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
Total Common Shares Outstanding |
164.4 |
168.6 |
167.7 |
166.1 |
165.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
S/O-Preferred Stock |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Full-Time Employees |
6,432 |
5,740 |
5,500 |
4,900 |
3,864 |
|
Number of Common Shareholders |
107 |
108 |
102 |
96 |
103 |
|
Operating Leases Maturing within 1 Year |
164.3 |
139.6 |
132.5 |
114.9 |
92.3 |
|
Operating Leases Maturing within 2 Years |
166.3 |
142.8 |
133.5 |
110.7 |
95.0 |
|
Operating Leases Maturing within 3 Years |
160.9 |
143.5 |
132.0 |
102.8 |
89.6 |
|
Operating Leases Maturing within 4 Years |
153.7 |
135.0 |
127.0 |
99.5 |
78.0 |
|
Operating Leases Maturing within 5 Years |
137.2 |
126.6 |
121.1 |
95.2 |
74.2 |
|
Operating Leases Remaining Maturities |
498.5 |
468.3 |
440.1 |
394.7 |
290.7 |
|
Total Operating Leases |
1,281.0 |
1,155.8 |
1,086.2 |
917.7 |
719.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
31-Jul-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash/Equivalents |
226.4 |
243.9 |
340.3 |
253.5 |
245.0 |
|
Marketable securities |
59.3 |
68.7 |
116.4 |
250.1 |
346.1 |
|
Accounts Receivable |
53.6 |
47.6 |
37.5 |
49.2 |
43.8 |
|
Doubtful Account |
-1.0 |
-1.1 |
-1.0 |
-1.5 |
-1.4 |
|
Inventories |
303.2 |
264.3 |
229.6 |
289.3 |
243.2 |
|
Prepaid expenses, deferred taxes and oth |
57.1 |
77.8 |
66.9 |
59.1 |
85.9 |
|
Deferred taxes |
- |
- |
14.4 |
- |
- |
|
Total Current Assets |
698.6 |
701.3 |
804.0 |
899.6 |
962.6 |
|
|
|
|
|
|
|
|
Prop./Equipment, Net |
626.2 |
601.2 |
586.3 |
582.8 |
559.9 |
|
Marketable Sec's. |
322.9 |
333.9 |
352.0 |
186.2 |
157.6 |
|
Deferred income taxes and other assets |
57.8 |
57.8 |
52.0 |
53.4 |
46.9 |
|
Total Assets |
1,705.4 |
1,694.3 |
1,794.3 |
1,722.0 |
1,727.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
110.8 |
109.4 |
82.9 |
115.0 |
92.2 |
|
Accrued compensation |
- |
- |
20.2 |
- |
- |
|
Accrued expenses, accrued compensation a |
117.8 |
102.6 |
107.9 |
123.1 |
106.3 |
|
Total Current Liabilities |
228.5 |
212.0 |
211.0 |
238.0 |
198.4 |
|
|
|
|
|
|
|
|
Deferred rent and other liabilities |
172.6 |
169.8 |
171.7 |
164.0 |
155.4 |
|
Total Liabilities |
401.1 |
381.8 |
382.8 |
402.1 |
353.8 |
|
|
|
|
|
|
|
|
Preferred shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid in Capital |
0.0 |
0.0 |
27.6 |
10.2 |
138.4 |
|
Retained Earnings |
1,310.0 |
1,317.0 |
1,394.2 |
1,319.0 |
1,245.8 |
|
Accumulated other comprehensive (loss) i |
-5.7 |
-4.6 |
-10.3 |
-9.2 |
-11.0 |
|
Total Equity |
1,304.3 |
1,312.5 |
1,411.5 |
1,319.9 |
1,373.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,705.4 |
1,694.3 |
1,794.3 |
1,722.0 |
1,727.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
157.5 |
159.7 |
164.4 |
163.9 |
168.1 |
|
Total Common Shares Outstanding |
157.5 |
159.7 |
164.4 |
163.9 |
168.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
S/O-Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Optg leases-year 1 |
- |
- |
166.3 |
- |
- |
|
Optg leases-year 2 |
- |
- |
160.9 |
- |
- |
|
Optg leases-year 3 |
- |
- |
153.7 |
- |
- |
|
Optg leases-year 4 |
- |
- |
137.2 |
- |
- |
|
Optg leases-year 5 |
- |
- |
498.5 |
- |
- |
|
Optg leases-year 6+ |
- |
- |
1,281.0 |
- |
- |
|
Total Operating Leases |
- |
- |
2,397.6 |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
273.0 |
219.9 |
199.4 |
160.2 |
116.2 |
|
Depreciation |
101.1 |
92.4 |
81.9 |
70.0 |
55.7 |
|
Provision for deferred income taxes |
-8.7 |
2.2 |
-9.4 |
-2.8 |
-5.0 |
|
Excess tax benefit on share-based compen |
-12.8 |
-6.4 |
-13.4 |
-7.3 |
-5.4 |
|
Gain on Disposition of Fixed Assets |
0.1 |
0.3 |
0.1 |
0.3 |
1.4 |
|
Receivables |
1.8 |
-1.8 |
-10.7 |
-5.5 |
-6.4 |
|
Inventories |
-43.4 |
-15.5 |
-0.3 |
-17.4 |
-13.4 |
|
(Decrease) increase in prepaid expenses |
14.8 |
-25.6 |
9.2 |
-22.4 |
6.8 |
|
Increase in accounts payable accrued |
48.5 |
55.3 |
-8.9 |
76.0 |
33.6 |
|
Stock based compensation expense |
10.7 |
4.8 |
3.6 |
3.3 |
3.5 |
|
Cash from Operating Activities |
385.1 |
325.4 |
251.6 |
254.4 |
187.1 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-143.6 |
-109.3 |
-112.6 |
-115.4 |
-212.0 |
|
Purchase of Investments for Sale |
-463.1 |
-806.5 |
-809.0 |
-293.6 |
-182.7 |
|
Sale of Investments Available for Sale |
571.2 |
421.0 |
864.7 |
220.1 |
193.3 |
|
Proceeds on disposition of property |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Investing Activities |
-35.5 |
-494.8 |
-56.9 |
-188.9 |
-201.4 |
|
|
|
|
|
|
|
|
Exercise of Stock Options |
24.1 |
3.3 |
8.9 |
5.0 |
6.4 |
|
Share repurchases |
-204.7 |
0.0 |
0.0 |
0.0 |
-20.8 |
|
Excess tax benefit from stock option exe |
12.8 |
6.4 |
13.4 |
7.3 |
5.4 |
|
Cash from Financing Activities |
-167.7 |
9.7 |
22.3 |
12.3 |
-9.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
2.7 |
-6.2 |
0.2 |
0.7 |
|
Net Change in Cash |
181.2 |
-157.0 |
210.8 |
78.0 |
-22.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
316.0 |
105.3 |
27.3 |
49.9 |
|
Net Cash - Ending Balance |
340.3 |
159.0 |
316.0 |
105.3 |
27.3 |
|
Cash Interest Paid |
- |
- |
- |
0.1 |
0.2 |
|
Cash Taxes Paid |
121.3 |
137.5 |
115.0 |
70.8 |
52.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Jul-2011 |
30-Apr-2011 |
31-Jan-2011 |
31-Oct-2010 |
31-Jul-2010 |
|
Period Length |
6 Months |
3 Months |
12 Months |
9 Months |
6 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
95.3 |
38.6 |
273.0 |
197.7 |
124.6 |
|
Depreciation |
53.3 |
26.6 |
101.1 |
74.9 |
49.1 |
|
Excess tax benefit on share-based compen |
-0.5 |
-0.4 |
-12.8 |
-11.5 |
-10.2 |
|
Stock Based Compensation Expense |
4.9 |
2.6 |
10.7 |
7.4 |
4.5 |
|
Gain/Loss on Disposition of Fixed Assets |
0.7 |
0.6 |
0.1 |
0.0 |
0.0 |
|
Provision for deferred income taxes |
-2.2 |
-4.2 |
-8.7 |
-12.7 |
-2.3 |
|
Receivables |
-16.0 |
-9.9 |
1.8 |
-9.3 |
-4.1 |
|
Inventories |
-73.1 |
-33.8 |
-43.4 |
-102.6 |
-57.2 |
|
Decrease (increase) in prepaid expenses |
21.1 |
2.3 |
14.8 |
38.3 |
6.2 |
|
Accounts Payable & Accrued Expenses |
8.0 |
-2.3 |
48.5 |
58.8 |
13.8 |
|
Cash from Operating Activities |
91.5 |
20.0 |
385.1 |
241.0 |
124.3 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-77.5 |
-35.7 |
-143.6 |
-106.7 |
-64.6 |
|
Purch. Invest. Sale |
-73.7 |
-51.1 |
-463.1 |
-253.6 |
-169.6 |
|
Sale of Investments |
157.5 |
115.4 |
571.2 |
396.8 |
247.7 |
|
Cash from Investing Activities |
6.2 |
28.6 |
-35.5 |
36.4 |
13.5 |
|
|
|
|
|
|
|
|
Options/Warrants |
3.5 |
2.4 |
24.1 |
11.4 |
11.0 |
|
Excess tax benefit from stock option exe |
0.5 |
0.4 |
12.8 |
11.5 |
10.2 |
|
Share repurchases |
-216.0 |
-148.7 |
-204.7 |
-204.7 |
-72.0 |
|
Cash from Financing Activities |
-212.0 |
-146.0 |
-167.7 |
-181.9 |
-50.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.4 |
1.0 |
-0.6 |
-1.1 |
-1.2 |
|
Net Change in Cash |
-113.9 |
-96.3 |
181.2 |
94.5 |
85.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
340.3 |
340.3 |
159.0 |
159.0 |
159.0 |
|
Net Cash - Ending Balance |
226.4 |
243.9 |
340.3 |
253.5 |
245.0 |
|
Cash Taxes Paid |
48.2 |
47.0 |
121.3 |
76.9 |
70.4 |
Geographic Segments
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard
& Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's
wide-ranging debate, in our view, the differences between political parties
have proven to be extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal consolidation
program that some proponents had envisaged until quite recently. Republicans
and Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second round
of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we will issue separate releases concerning
affected ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.68.93 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.