Guarantor Subsidiaries (Tables)
12 Months Ended
Jan. 28, 2012
Guarantor Financial Information [Abstract]  
Guarantor Financial Information [Table Text Block]
 
January 28, 2012
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Eliminations
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,575

 
$
149,237

 
$

 
$
1,550

 
$

 
$
152,362

Receivables, net

 
7,439

 

 
1,588

 

 
9,027

Inventories

 
206,507

 

 
2,447

 

 
208,954

Prepaid minimum rent

 
22,985

 

 
476

 

 
23,461

Intercompany loan receivable

 
12,684

 

 

 
(12,684
)
 

Intercompany receivable

 

 
26,570

 
5,862

 
(32,432
)
 

Other

 
18,228

 

 
4

 

 
18,232

Total current assets
1,575

 
417,080

 
26,570

 
11,927

 
(45,116
)
 
412,036

Property and equipment, net

 
218,701

 

 
8,605

 

 
227,306

Tradename/domain name

 
197,509

 

 

 

 
197,509

Investment in subsidiary
277,920

 
127

 

 
272,135

 
(550,182
)
 

Deferred tax asset
852

 
11,610

 

 

 

 
12,462

Other assets

 
12,882

 

 
4

 

 
12,886

Total assets
$
280,347

 
$
857,909

 
$
26,570

 
$
292,671

 
$
(595,298
)
 
$
862,199

Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
133,061

 
$

 
$
618

 
$

 
$
133,679

Deferred revenue

 
4,493

 
23,141

 
50

 

 
27,684

Accrued bonus

 
14,671

 

 
18

 

 
14,689

Accrued expenses
(800
)
 
108,422

 

 
1,539

 

 
109,161

Accounts payable and accrued expenses—related parties

 
5,997

 

 

 

 
5,997

Intercompany payable

 
32,432

 

 

 
(32,432
)
 

Intercompany loan payable

 

 

 
12,684

 
(12,684
)
 

Total current liabilities
(800
)
 
299,076

 
23,141

 
14,909

 
(45,116
)
 
291,210

Long-term debt

 
198,539

 

 

 

 
198,539

Other long-term liabilities

 
88,159

 

 
3,144

 

 
91,303

Total liabilities
(800
)
 
585,774

 
23,141

 
18,053

 
(45,116
)
 
581,052

Commitments and Contingencies (Note 15)

 

 

 

 

 

Total stockholders’ equity
281,147

 
272,135

 
3,429

 
274,618

 
(550,182
)
 
281,147

Total liabilities and stockholders’ equity
$
280,347

 
$
857,909

 
$
26,570

 
$
292,671

 
$
(595,298
)
 
$
862,199

EXPRESS, INC.
CONDENSED CONSOLIDATING BALANCE SHEET
(Amounts in thousands)

 
 
January 29, 2011
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Eliminations
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,647

 
$
186,115

 
$

 
$

 
$

 
$
187,762

Receivables, net

 
9,908

 

 

 

 
9,908

Inventories

 
185,209

 

 

 

 
185,209

Prepaid minimum rent

 
22,284

 

 

 

 
22,284

Intercompany receivable

 

 
26,029

 
311

 
(26,340
)
 

Other

 
22,130

 

 

 

 
22,130

Total current assets
1,647

 
425,646

 
26,029

 
311

 
(26,340
)
 
427,293

Property and equipment, net

 
211,319

 

 

 

 
211,319

Tradename/domain name

 
197,414

 

 

 

 
197,414

Investment in subsidiary
127,260

 
3,147

 

 
121,757

 
(252,164
)
 

Deferred tax asset
968

 
3,652

 

 
893

 

 
5,513

Other assets

 
21,210

 

 

 

 
21,210

Total assets
$
129,875

 
$
862,388

 
$
26,029

 
$
122,961

 
$
(278,504
)
 
$
862,749

Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
85,843

 
$

 
$

 
$

 
$
85,843

Deferred revenue

 
2,185

 
22,882

 

 

 
25,067

Accrued bonus

 
14,268

 

 

 

 
14,268

Accrued expenses
(444
)
 
96,535

 

 
(4,299
)
 

 
91,792

Accounts payable and accrued expenses—related parties

 
79,865

 

 

 

 
79,865

Intercompany payable

 
26,340

 

 

 
(26,340
)
 

Total current liabilities
(444
)
 
305,036

 
22,882

 
(4,299
)
 
(26,340
)
 
296,835

Long-term debt

 
366,157

 

 

 

 
366,157

Other long-term liabilities
157

 
69,438

 

 

 

 
69,595

Total liabilities
(287
)
 
740,631

 
22,882

 
(4,299
)
 
(26,340
)
 
732,587

Commitments and Contingencies (Note 15)

 

 

 

 

 


Total stockholders’ equity
130,162

 
121,757

 
3,147

 
127,260

 
(252,164
)
 
130,162

Total liabilities and stockholders’ equity
$
129,875

 
$
862,388

 
$
26,029

 
$
122,961

 
$
(278,504
)
 
$
862,749

 
 
2011
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
2,067,447

 
$

 
$
5,908

 
$

 
$
2,073,355

Cost of goods sold, buying and occupancy costs

 
1,312,758

 

 
6,136

 

 
1,318,894

Gross profit

 
754,689

 

 
(228
)
 

 
754,461

Selling, general, and administrative expenses
1,689

 
478,487

 
(282
)
 
3,929

 

 
483,823

Other operating expense (income), net

 
258

 

 
(566
)
 

 
(308
)
Operating income (loss)
(1,689
)
 
275,944

 
282

 
(3,591
)
 

 
270,946

Interest expense

 
35,804

 

 
115

 
(115
)
 
35,804

Interest income

 
(127
)
 

 

 
115

 
(12
)
(Income) loss in subsidiary
(141,467
)
 
3,020

 

 
(141,185
)
 
279,632

 

Other expense (income), net

 

 

 
(411
)
 

 
(411
)
Income (loss) before income taxes
139,778

 
237,247

 
282

 
137,890

 
(279,632
)
 
235,565

Income tax expense (benefit)
(912
)
 
96,062

 

 
(282
)
 

 
94,868

Net income (loss)
$
140,690

 
$
141,185

 
$
282

 
$
138,172

 
$
(279,632
)
 
$
140,697

Foreign currency translation

 

 

 
(7
)
 

 
(7
)
Comprehensive income
$
140,690

 
$
141,185

 
$
282

 
$
138,165

 
$
(279,632
)
 
$
140,690

















EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Amounts in thousands)
 
2010
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,905,814

 
$

 
$

 
$

 
$
1,905,814

Cost of goods sold, buying and occupancy costs

 
1,227,490

 

 

 

 
1,227,490

Gross profit

 
678,324

 

 

 

 
678,324

Selling, general, and administrative expenses
2,984

 
458,428

 
(316
)
 
(23
)
 

 
461,073

Other operating expense (income), net

 
17,997

 

 
3

 

 
18,000

Operating income (loss)
(2,984
)
 
201,899

 
316

 
20

 

 
199,251

Interest expense

 
30,510

 

 
28,983

 

 
59,493

Interest income

 
(16
)
 

 

 

 
(16
)
(Income) loss in subsidiary
(129,939
)
 
(316
)
 

 
(153,742
)
 
283,997

 

Other expense (income), net

 
(1,968
)
 

 

 

 
(1,968
)
Income (loss) before income taxes
126,955

 
173,689

 
316

 
124,779

 
(283,997
)
 
141,742

Income tax expense (benefit)
(433
)
 
19,947

 

 
(5,160
)
 

 
14,354

Net income (loss)
$
127,388

 
$
153,742

 
$
316

 
$
129,939

 
$
(283,997
)
 
$
127,388

Foreign currency translation

 

 

 

 

 

Comprehensive income
$
127,388

 
$
153,742

 
$
316

 
$
129,939

 
$
(283,997
)
 
$
127,388

EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Amounts in thousands)
 
2009
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,721,066

 
$

 
$

 
$

 
$
1,721,066

Cost of goods sold, buying and occupancy costs

 
1,175,088

 

 

 

 
1,175,088

Gross profit

 
545,978

 

 

 

 
545,978

Selling, general, and administrative expenses
19

 
409,414

 
(302
)
 
67

 

 
409,198

Other operating expense (income), net

 
9,943

 

 
2

 
(2
)
 
9,943

Operating income (loss)
(19
)
 
126,621

 
302

 
(69
)
 
2

 
126,837

Interest expense

 
9,726

 

 
43,496

 

 
53,222

Interest income

 
(484
)
 

 

 

 
(484
)
(Income) loss in subsidiary
(75,324
)
 
(302
)
 

 
(118,668
)
 
194,294

 

Other expense (income), net

 
(2,444
)
 

 

 

 
(2,444
)
Income (loss) before income taxes
75,305

 
120,125

 
302

 
75,103

 
(194,292
)
 
76,543

Income tax expense (benefit)

 
1,457

 

 
(221
)
 

 
1,236

Net income (loss)
$
75,305

 
$
118,668

 
$
302

 
$
75,324

 
$
(194,292
)
 
$
75,307

Foreign currency translation

 

 

 

 

 

Comprehensive income
$
75,305

 
$
118,668

 
$
302

 
$
75,324

 
$
(194,292
)
 
$
75,307

 
2011
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(278
)
 
$
215,136

 
$

 
$
(2,249
)
 
$

 
$
212,609

Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(68,289
)
 

 
(8,887
)
 

 
(77,176
)
Purchase of intangible assets

 
(60
)
 

 

 

 
(60
)
Net cash provided by (used in) investing activities

 
(68,349
)
 

 
(8,887
)
 

 
(77,236
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Intercompany loan

 
(12,684
)
 

 
12,684

 

 

Repayments of long-term debt arrangements

 
(169,775
)
 

 

 

 
(169,775
)
Costs incurred in connection with debt arrangements and Senior Notes

 
(1,192
)
 

 

 

 
(1,192
)
Payments on capital lease obligation

 
(14
)
 

 

 

 
(14
)
Proceeds from share-based compensation
309

 

 

 

 

 
309

Repurchase of common stock
(103
)
 

 

 

 

 
(103
)
Net cash provided by (used in) financing activities
206

 
(183,665
)
 

 
12,684

 

 
(170,775
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate on cash

 

 

 
2

 

 
2

 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(72
)
 
(36,878
)
 

 
1,550

 

 
(35,400
)
Cash and cash equivalents, beginning of period
1,647

 
186,115

 

 

 

 
187,762

Cash and cash equivalents, end of period
$
1,575

 
$
149,237

 
$

 
$
1,550

 
$

 
$
152,362


EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(Amounts in thousands)

 
2010
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(3,330
)
 
$
258,783

 
$

 
$
(35,495
)
 
$

 
$
219,958

Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(54,843
)
 

 

 

 
(54,843
)
Investment in subsidiary
(170,535
)
 

 

 
(5,633
)
 
176,168

 

Distributions received
319,801

 

 

 
490,954

 
(810,755
)
 

Net cash provided by (used in) investing activities
149,266

 
(54,843
)
 

 
485,321

 
(634,587
)
 
(54,843
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Borrowings under Senior Notes

 
246,498

 

 

 

 
246,498

Net proceeds from equity offering
166,898

 

 

 

 

 
166,898

Repayments of long-term debt arrangements

 
(1,563
)
 

 
(300,000
)
 

 
(301,563
)
Costs incurred in connection with debt arrangements and Senior Notes

 
(11,651
)
 

 
(560
)
 

 
(12,211
)
Costs incurred in connection with equity offering
(6,498
)
 

 

 

 

 
(6,498
)
Equity contributions
5,633

 

 

 
170,535

 
(176,168
)
 

Repayment of notes receivable

 
5,633

 

 

 

 
5,633

Distributions
(261,000
)
 
(441,440
)
 

 
(270,287
)
 
711,727

 
(261,000
)
Dividends
(49,514
)
 
(49,514
)
 

 
(49,514
)
 
99,028

 
(49,514
)
Net cash provided by (used in) financing activities
(144,481
)
 
(252,037
)
 

 
(449,826
)
 
634,587

 
(211,757
)
Net increase (decrease) in cash and cash equivalents
1,455

 
(48,097
)
 

 

 

 
(46,642
)
Cash and cash equivalents, beginning of period
192

 
234,212

 

 

 

 
234,404

Cash and cash equivalents, end of period
$
1,647

 
$
186,115

 
$

 
$

 
$

 
$
187,762


EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(Amounts in thousands)

 
2009
 
 
 
Subsidiary
 
Guarantor
 
Other
 
 
 
Consolidated
 
Express, Inc.
 
Issuers
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Total
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
317

 
$
237,586

 
$

 
$
(37,182
)
 
$

 
$
200,721

Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(26,853
)
 

 

 

 
(26,853
)
Purchase of intangible assets

 
(20
)
 

 

 

 
(20
)
Dividends received
33,000

 

 

 
76,363

 
(109,363
)
 

Net cash provided by (used in) investing activities
33,000

 
(26,873
)
 

 
76,363

 
(109,363
)
 
(26,873
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Repayments of short-term debt arrangements

 
(75,000
)
 

 

 

 
(75,000
)
Repayments of long-term debt arrangements

 
(937
)
 

 
(6,181
)
 

 
(7,118
)
Costs incurred in connection with debt arrangements and Senior Notes

 
(123
)
 

 

 

 
(123
)
Costs incurred in connection with equity offering
(317
)
 

 

 

 

 
(317
)
Repurchase of equity interests

 
(3
)
 

 

 

 
(3
)
Distributions
(33,000
)
 
(76,363
)
 

 
(33,000
)
 
109,363

 
(33,000
)
Issuance of restricted shares

 
2

 

 

 

 
2

Net cash provided by (used in) financing activities
(33,317
)
 
(152,424
)
 

 
(39,181
)
 
109,363

 
(115,559
)
Net increase (decrease) in cash and cash equivalents

 
58,289

 

 

 

 
58,289

Cash and cash equivalents, beginning of period
192

 
175,923

 

 

 

 
176,115

Cash and cash equivalents, end of period
$
192

 
$
234,212

 
$

 
$

 
$

 
$
234,404