claire's stores, inc. form 8-k - sec.gov | home (state or other jurisdiction of incorporation)...
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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, KcZs/ibdo6x7MCgQimGeXm5dkB0qIvw1BiViJCGKw4y5ZUdspAZ34aHwMvVJk/CE +rYZEtGVJ1O9OIOlKybZAg==
0000950144-03-006506.txt : 200305130000950144-03-006506.hdr.sgml : 2003051320030513102107ACCESSION NUMBER:0000950144-03-006506CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:15CONFORMED PERIOD OF REPORT:20030513ITEM INFORMATION:Financial statements and exhibitsITEM INFORMATION:Regulation FD DisclosureFILED AS OF DATE:20030513
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:CLAIRES STORES INCCENTRAL INDEX KEY:0000034115STANDARD INDUSTRIAL CLASSIFICATION:RETAIL-APPAREL & ACCESSORY STORES [5600]IRS NUMBER:590940416STATE OF INCORPORATION:DEFISCAL YEAR END:0203
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-08899FILM NUMBER:03694172
BUSINESS ADDRESS:STREET 1:3 S W 129TH AVECITY:PEMBROKE PINESSTATE:FLZIP:33027BUSINESS PHONE:9544333900
MAIL ADDRESS:STREET 1:3 SW 129TH AVECITY:PEMBROKE PINESSTATE:FLZIP:33027
FORMER COMPANY:FORMER CONFORMED NAME:FT INDUSTRIES INCDATE OF NAME CHANGE:19831006
FORMER COMPANY:FORMER CONFORMED NAME:FASHION TRESS INCDATE OF NAME CHANGE:19750923
8-K1g82816e8vk.htmCLAIRE'S STORES, INC. FORM 8-K
CLAIRE'S STORES, INC. FORM 8-K
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May13, 2003
CLAIRES STORES, INC.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
001-08899
(Commission File Number)
59-0940416
(IRS Employer Identification Number)
3 S.W. 129th Avenue, Pembroke Pines, Florida 33027
(Address of principal executive offices)
Registrants telephone number, including area code: (954)433-3900
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
TABLE OF CONTENTS
SIGNATURESIndex to ExhibitsUPDATED FINANCIAL SECTION
Table of Contents
Item7. Financial Statements Pro Forma Financial Information and Exhibits.
(a)
Financial Statements of Business Acquired.
Not applicable
(b)
Pro Forma Financial Information.
Not applicable
(c)
Exhibits.
Exhibit99.1Updated Financial Section of Claires Stores, Inc. May13, 2003
Item9. RegulationFD Disclosure RegulationFD Disclosure
Attached hereto as Exhibit99.1 and incorporated herein by reference is acopy of an updated financial section (the Financial Section) to be presentedby Claires Stores, Inc. (the Registrant) at an investor presentation at noonon May13, 2003, which will replace the existing Financial Section to thepresentation (the Presentation) that the Registrant has used and intends touse from time to time in presentations to investors or others, that wasoriginally attached as Exhibit99.1 to the Registrants Form 8-K filed onSeptember13, 2002. The information contained in the Presentation is notfiled pursuant to the Securities Exchange Act and is not incorporated byreference into any of the Registrants Securities Act registration statements.Additionally, the submission of this Form 8-K is not an admission as to themateriality of any information in this report that is required to be disclosedsolely by RegulationFD.
Please note that the Presentation contains forward-looking statementswhich represent the Registrants expectations or beliefs with respect to futureevents. These forward-looking statements are subject to certain risks anduncertainties that could cause actual results to differ materially from thoseanticipated. Those factors include, without limitation, changes in consumerpreferences and consumer spending for pre-teen and teen apparel andaccessories, competition, general economic conditions and uncertaintiesgenerally associated with the specialty retailing business. These and otherapplicable risks, cautionary statements and factors that could cause actualresults to differ from the Registrants forward-looking statements are includedin the Registrants filings with the Securities and Exchange Commission,specifically as described in the Registrants annual report on Form 10-K forthe fiscal year ended February1, 2003. The Registrant undertakes noobligation to update or revise any forward-looking statements to reflectsubsequent events or circumstances. The historical results contained in thePresentation are not necessarily indicative of the future performance of theRegistrant.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.
CLAIRES STORES, INC.
Date: May13, 2003 By:
/s/ Ira D. Kaplan
Ira D. Kaplan
Chief Financial Officer
Table of Contents
Index to Exhibits
Exhibit No. Exhibit Title
99.1 Updated Financial Section of Claires Stores, Inc. May13, 2003
EX-99.13g82816exv99w1.htmUPDATED FINANCIAL SECTION
UPDATED FINANCIAL SECTION
Projected Store Opening (Gross)(FY 2004)
Europe:70
N.A. Claire's
Accessories:60
N.A. Icing by Claire's:5
Total: 150
Japan:15
Financial Highlights FY 2003
Net Sales $1 Billion
Income from Continuing Operations $78 million
Gross Margins 51.4%
SG&A 35.5%
EPS from Continuing Operations (diluted) $1.59
Return on Sales from Continuing Operations 7.8%
Net Sales FY98 FY99 FY00 FY01 FY02 FY03 Net Sales 500 606 765 947 919 1001
($ in millions)
Net Income from ContinuingOperations FY98 FY99 FY00 FY01 FY02 FY 03 Income 58 68 93 68 41 78
($ in millions)
Gross Margins
From Continuing Operations FY98 FY99 FY00 FY01 FY02 Gross Margins 0.533 0.536 0.552 0.512 0.484
FY98 FY99 FY00 FY01 FY02 FY03 Gross Margins 0.533 0.536 0.552 0.512 0.484 0.514
Selling, General & Admin. FY98 FY99 FY00 FY01 FY02 FY03 SELLING,... 0.327 0.325 0.333 0.347 0.36 0.355
From Continuing Operations
Financial Highlights
FY 2003 (Cont.)
Cash Balance $195 million
EBITDA $162 million
Stockholders' Equity $501 million
Same Store Sales +5%
From Continuing Operations
Cash Balance FY98 FY99 FY00 FY01 FY02 FY03 Cash Balance 132 153 143 112 101 195
($ in millions)
From Continuing Operations
Financial Strength
Strong balance sheet
Great cash flow even in tough
economic environments
Low debt to equity ratio
Ability to react quickly to economic trends
Financial Goals for FY 2004
Continue to control expenses
Manage inventory levels to support sales
Control promotional activity
Guidance for FY 2004
Positive same store sales increases
+5 percent for full year
+8 percent for first quarter
Gross Margins to improve byapproximately 50 bps for full year
Guidance for FY 2004 (cont.)
EPS to increase to $1.81-$1.83 for FY2004. 1st quarter-$0.24-$0.26 vs $0.19
Capital expenditures will approximate
$45-50 million
EBITDA to total approximately
$178 million
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