Guarantor Subsidiaries (Tables)
 9 Months Ended
Nov. 02, 2013
Guarantor Financial Information [Abstract]  
Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements
 
Subsidiary Issuers
 
Thirteen weeks ended April 28, 2012
Fifty-three weeks ended February 2, 2013
 
(in thousands)
(Income) loss in subsidiary
$(12,131)
$(52,195)
Income (loss) before income taxes
$61,873
$197,019
Income tax expense (benefit)
$19,530
$57,284
 
Guarantor Subsidiaries
 
Thirteen weeks ended April 28, 2012
Fifty-three weeks ended February 2, 2013
 
(in thousands)
Income tax expense (benefit)
$8,380
$35,649
Net income (loss)
$12,368
$53,741

In addition, the Condensed Consolidating Balance Sheet as of February 2, 2013, presented herein, has been revised to reflect the impact of the changes previously discussed. The corrections made are as follows:
 
February 2, 2013
 
Subsidiary Issuers
Guarantor Subsidiaries
Consolidating Adjustments
 
(in thousands)
Change to Investment in subsidiary
$(17,987)
$—
$17,987
Change to Total assets
$(17,987)
$—
$17,987
Change to Accrued expenses
$(17,987)
$17,987
$—
Change to Total liabilities
$(17,987)
$17,987
$—
Change to Total stockholders' equity
$—
$(17,987)
$17,987
Guarantor Financial Information

 
November 2, 2013
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,698

 
$
152,792

 
$
23,513

 
$
3,550

 
$
—

 
$
181,553

Receivables, net
—

 
9,844

 
6,398

 
1,191

 
—

 
17,433

Inventories
—

 
20,806

 
316,158

 
6,056

 
—

 
343,020

Prepaid minimum rent
—

 
571

 
24,395

 
1,159

 
—

 
26,125

Intercompany receivable
—

 
32,614

 
—

 
5,784

 
(38,398
)
 
—

Intercompany loan receivable
—

 
7,669

 
—

 
—

 
(7,669
)
 
—

Other
164

 
43,189

 
4,321

 
72

 
(22,939
)
 
24,807

Total current assets
1,862

 
267,485

 
374,785

 
17,812

 
(69,006
)
 
592,938

Property and equipment, net
—

 
45,363

 
291,452

 
18,473

 
—

 
355,288

Tradename/domain name
—

 
197,812

 
—

 
—

 
—

 
197,812

Investment in subsidiary
419,584

 
387,531

 
—

 
413,800

 
(1,220,915
)
 
—

Deferred tax assets
737

 
8,763

 
4,775

 
—

 
—

 
14,275

Intercompany loan receivable
—

 
18,738

 
—

 
—

 
(18,738
)
 
—

Other assets
—

 
6,675

 
1,732

 
6

 
—

 
8,413

Total assets
$
422,183

 
$
932,367

 
$
672,744

 
$
450,091

 
$
(1,308,659
)
 
$
1,168,726

Liabilities and stockholders’ equity

 

 

 

 

 
 
Current liabilities

 

 

 

 

 
 
Accounts payable
$
—

 
$
241,171

 
$
2,744

 
$
991

 
$
—

 
$
244,906

Deferred revenue
—

 
1,059

 
18,566

 
100

 
—

 
19,725

Accrued bonus
—

 
1,163

 
539

 
40

 
—

 
1,742

Accrued expenses
—

 
39,704

 
66,813

 
1,167

 
(22,939
)
 
84,745

Intercompany payable
—

 
5,784

 
32,614

 
—

 
(38,398
)
 
—

Intercompany loan payable
—

 
—

 
—

 
26,407

 
(26,407
)
 
—

Total current liabilities
—

 
288,881

 
121,276

 
28,705

 
(87,744
)
 
351,118

Long-term debt
—

 
199,086

 
—

 
—

 
—

 
199,086

Other long-term liabilities
—

 
30,600

 
158,913

 
6,826

 
—

 
196,339

Total liabilities
—

 
518,567

 
280,189

 
35,531

 
(87,744
)
 
746,543

Commitments and Contingencies (Note 12)

 

 

 

 

 

Total stockholders’ equity
422,183

 
413,800

 
392,555

 
414,560

 
(1,220,915
)
 
422,183

Total liabilities and stockholders’ equity
$
422,183

 
$
932,367

 
$
672,744

 
$
450,091

 
$
(1,308,659
)
 
$
1,168,726











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

 
February 2, 2013
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
938

 
$
230,174

 
$
22,924

 
$
2,261

 
$
—

 
$
256,297

Receivables, net
—

 
5,612

 
3,147

 
2,265

 
—

 
11,024

Inventories
—

 
13,597

 
198,094

 
3,391

 
—

 
215,082

Prepaid minimum rent
—

 
451

 
23,697

 
1,018

 
—

 
25,166

Intercompany receivable
—

 
—

 
98,304

 
5,783

 
(104,087
)
 
—

Intercompany loan receivable
—

 
20,754

 
—

 
—

 
(20,754
)
 
—

Other
—

 
5,085

 
3,162

 
46

 
—

 
8,293

Total current assets
938

 
275,673

 
349,328

 
14,764

 
(124,841
)
 
515,862

Property and equipment, net
—

 
46,913

 
215,829

 
15,627

 
—

 
278,369

Tradename/domain name
—

 
197,719

 
—

 
—

 
—

 
197,719

Investment in subsidiary
369,140

 
353,097

 
—

 
363,356

 
(1,085,593
)
 
—

Deferred tax assets
738

 
10,369

 
5,701

 
—

 
—

 
16,808

Other assets
—

 
7,710

 
2,727

 
4

 
—

 
10,441

Total assets
$
370,816

 
$
891,481

 
$
573,585

 
$
393,751

 
$
(1,210,434
)
 
$
1,019,199

Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
173,395

 
$
1,132

 
$
1,598

 
$
—

 
$
176,125

Deferred revenue
—

 
1,223

 
26,507

 
121

 
—

 
27,851

Accrued bonus
—

 
—

 
334

 
2

 
—

 
336

Accrued expenses
(346
)
 
16,503

 
90,950

 
1,357

 
—

 
108,464

Intercompany payable
—

 
104,087

 
—

 
—

 
(104,087
)
 
—

Intercompany loan payable
—

 
—

 
—

 
20,754

 
(20,754
)
 
—

Total current liabilities
(346
)
 
295,208

 
118,923

 
23,832

 
(124,841
)
 
312,776

Long-term debt
—

 
198,843

 
—

 
—

 
—

 
198,843

Other long-term liabilities
—

 
34,074

 
96,706

 
5,638

 
—

 
136,418

Total liabilities
(346
)
 
528,125

 
215,629

 
29,470

 
(124,841
)
 
648,037

Commitments and Contingencies (Note 12)

 

 

 

 

 

Total stockholders’ equity
371,162

 
363,356

 
357,956

 
364,281

 
(1,085,593
)
 
371,162

Total liabilities and stockholders’ equity
$
370,816

 
$
891,481

 
$
573,585

 
$
393,751

 
$
(1,210,434
)
 
$
1,019,199

EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Amounts in thousands)
(Unaudited)

 
Thirteen Weeks Ended November 2, 2013
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Net sales
$
—

 
$
319,989

 
$
486,881

 
$
8,902

 
$
(312,780
)
 
$
502,992

Cost of goods sold, buying and occupancy costs
—

 
246,069

 
398,516

 
5,895

 
(312,753
)
 
337,727

Gross profit
—

 
73,920

 
88,365

 
3,007

 
(27
)
 
165,265

Selling, general, and administrative expenses
55

 
50,064

 
75,233

 
3,015

 
(1
)
 
128,366

Other operating (income) expense, net
—

 
(180
)
 
374

 
1

 
(26
)
 
169

Operating (loss) income
(55
)
 
24,036

 
12,758

 
(9
)
 
—

 
36,730

Interest expense (income), net
—

 
5,065

 
(208
)
 
19

 
—

 
4,876

(Income) loss in subsidiary
(19,301
)
 
(7,775
)
 
—

 
(19,301
)
 
46,377

 
—

Other expense, net
—

 
—

 
—

 
153

 
—

 
153

Income (loss) before income taxes
19,246

 
26,746

 
12,966

 
19,120

 
(46,377
)
 
31,701

Income tax (benefit) expense
(21
)
 
7,445

 
5,010

 
—

 
—

 
12,434

Net income (loss)
$
19,267

 
$
19,301

 
$
7,956

 
$
19,120

 
$
(46,377
)
 
$
19,267

Foreign currency translation
26

 
26

 
—

 
54

 
(80
)
 
26

Comprehensive income (loss)
$
19,293

 
$
19,327

 
$
7,956

 
$
19,174

 
$
(46,457
)
 
$
19,293


 
Thirteen Weeks Ended October 27, 2012
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Net sales
$
—

 
$
263,985

 
$
462,960

 
$
4,157

 
$
(262,575
)
 
$
468,527

Cost of goods sold, buying and occupancy costs
—

 
202,519

 
374,101

 
2,602

 
(262,233
)
 
316,989

Gross profit
—

 
61,466

 
88,859

 
1,555

 
(342
)
 
151,538

Selling, general, and administrative expenses
114

 
45,761

 
69,940

 
2,249

 
(342
)
 
117,722

Other operating income, net
—

 
—

 
(586
)
 
—

 
—

 
(586
)
Operating (loss) income
(114
)
 
15,705

 
19,505

 
(694
)
 
—

 
34,402

Interest expense, net
—

 
4,771

 
—

 
11

 
—

 
4,782

(Income) loss in subsidiary
(17,292
)
 
(11,038
)
 
—

 
(17,292
)
 
45,622

 
—

Other expense, net
—

 
—

 
—

 
(116
)
 
—

 
(116
)
Income (loss) before income taxes
17,178

 
21,972

 
19,505

 
16,703

 
(45,622
)
 
29,736

Income tax (benefit) expense
(244
)
 
4,680

 
7,878

 
—

 
—

 
12,314

Net income (loss)
$
17,422

 
$
17,292

 
$
11,627

 
$
16,703

 
$
(45,622
)
 
$
17,422

Foreign currency translation
(49
)
 
(49
)
 
—

 
(98
)
 
147

 
(49
)
Comprehensive income (loss)
$
17,373

 
$
17,243

 
$
11,627

 
$
16,605

 
$
(45,475
)
 
$
17,373





EXPRESS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Amounts in thousands)
(Unaudited)

 
Thirty-Nine Weeks Ended November 2, 2013
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Net sales
$
—

 
$
779,996

 
$
1,455,753

 
$
24,180

 
$
(762,255
)
 
$
1,497,674

Cost of goods sold, buying and occupancy costs
—

 
574,603

 
1,181,149

 
15,588

 
(762,255
)
 
1,009,085

Gross profit
—

 
205,393

 
274,604

 
8,592

 
—

 
488,589

Selling, general, and administrative expenses
286

 
129,825

 
222,070

 
7,984

 
—

 
360,165

Other operating (income) expense, net
—

 
(180
)
 
(250
)
 
15

 
—

 
(415
)
Operating (loss) income
(286
)
 
75,748

 
52,784

 
593

 
—

 
128,839

Interest expense, net
—

 
15,612

 
(1,197
)
 
42

 
—

 
14,457

(Income) loss in subsidiary
(68,788
)
 
(32,627
)
 
—

 
(68,788
)
 
170,203

 
—

Other expense, net
—

 
—

 
—

 
958

 
—

 
958

Income (loss) before income taxes
68,502

 
92,763

 
53,981

 
68,381

 
(170,203
)
 
113,424

Income tax (benefit) expense
(111
)
 
23,975

 
20,947

 
—

 
—

 
44,811

Net income (loss)
$
68,613

 
$
68,788

 
$
33,034

 
$
68,381

 
$
(170,203
)
 
$
68,613

Foreign currency translation
242

 
242

 
—

 
486

 
(728
)
 
242

Comprehensive income (loss)
$
68,855

 
$
69,030

 
$
33,034

 
$
68,867

 
$
(170,931
)
 
$
68,855


 
Thirty-Nine Weeks Ended October 27, 2012
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Net sales
$
—

 
$
819,709

 
$
1,406,431

 
$
10,692

 
$
(817,474
)
 
$
1,419,358

Cost of goods sold, buying and occupancy costs
—

 
606,086

 
1,136,406

 
6,837

 
(816,797
)
 
932,532

Gross profit
—

 
213,623

 
270,025

 
3,855

 
(677
)
 
486,826

Selling, general, and administrative expenses
614

 
130,866

 
211,328

 
5,093

 
(677
)
 
347,224

Other operating expense, net
—

 
—

 
(553
)
 
—

 
—

 
(553
)
Operating (loss) income
(614
)
 
82,757

 
59,250

 
(1,238
)
 
—

 
140,155

Interest expense, net
—

 
14,328

 
—

 
9

 
—

 
14,337

(Income) loss in subsidiary
(75,694
)
 
(34,177
)
 
—

 
(75,694
)
 
185,565

 
—

Other expense, net
—

 
—

 
—

 
(104
)
 
—

 
(104
)
Income (loss) before income taxes
75,080

 
102,606

 
59,250

 
74,551

 
(185,565
)
 
125,922

Income tax expense
(244
)
 
26,912

 
23,930

 
—

 
—

 
50,598

Net income (loss)
$
75,324

 
$
75,694

 
$
35,320

 
$
74,551

 
$
(185,565
)
 
$
75,324

Foreign currency translation
(46
)
 
(46
)
 
—

 
(92
)
 
138

 
(46
)
Comprehensive income (loss)
$
75,278

 
$
75,648

 
$
35,320

 
$
74,459

 
$
(185,427
)
 
$
75,278

 
Thirty-Nine Weeks Ended November 2, 2013
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(86
)
 
$
(15,994
)
 
$
52,240

 
$
1,480

 
$
—

 
$
37,640

Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(21,497
)
 
(51,651
)
 
(5,624
)
 
—

 
(78,772
)
Distributions received
34,325

 
—

 
—

 
34,325

 
(68,650
)
 
—

Purchase of intangible assets
—

 
(69
)
 
—

 
—

 
—

 
(69
)
Net cash (used in) provided by investing activities
34,325

 
(21,566
)
 
(51,651
)
 
28,701

 
(68,650
)
 
(78,841
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Payments on capital lease obligation
—

 
(45
)
 
—

 
—

 
—

 
(45
)
Excess tax benefit from share-based compensation
—

 
201

 
—

 
—

 
—

 
201

Proceeds from share-based compensation
4,426

 
—

 
—

 
—

 
—

 
4,426

Repurchase of common stock
(37,905
)
 
—

 
—

 
—

 
—

 
(37,905
)
Repayment of intercompany loan
—

 
5,806

 
—

 
(5,806
)
 
—

 
—

Borrowings under intercompany loan
—

 
(11,459
)
 
—

 
11,459

 
—

 
—

Distributions paid
—

 
(34,325
)
 
—

 
(34,325
)
 
68,650

 
—

Net cash (used in) provided by financing activities
(33,479
)
 
(39,822
)
 
—

 
(28,672
)
 
68,650

 
(33,323
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate on cash
—

 
—

 
—

 
(220
)
 
—

 
(220
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
760

 
(77,382
)
 
589

 
1,289

 
—

 
(74,744
)
Cash and cash equivalents, beginning of period
938

 
230,174

 
22,924

 
2,261

 
—

 
256,297

Cash and cash equivalents, end of period
$
1,698

 
$
152,792

 
$
23,513

 
$
3,550

 
$
—

 
$
181,553











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

 
Thirty-Nine Weeks Ended October 27, 2012
 
Express, Inc.
 
Subsidiary
Issuers
 
Guarantor
Subsidiaries
 
Other
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Total
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
74

 
$
38,875

 
$
49,727

 
$
466

 
$
—

 
$
89,142

Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(16,065
)
 
(53,348
)
 
(3,941
)
 
—

 
(73,354
)
Distributions received
65,200

 
—

 
—

 
65,200

 
(130,400
)
 
—

Purchase of intangible assets
—

 
(210
)
 
—

 
—

 
—

 
(210
)
Net cash provided by (used in) investing activities
65,200

 
(16,275
)
 
(53,348
)
 
61,259

 
(130,400
)
 
(73,564
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Payments on capital lease obligation
—

 
(41
)
 
—

 
—

 
—

 
(41
)
Excess tax benefit from share-based compensation
—

 
409

 
—

 
—

 
—

 
409

Proceeds from share-based compensation
623

 
—

 
—

 
—

 
—

 
623

Repurchase of common stock
(66,534
)
 
—

 
—

 
—

 
—

 
(66,534
)
Borrowings under intercompany loan
—

 
(4,912
)
 
—

 
4,912

 
—

 
—

Distributions paid
—

 
(65,200
)
 
—

 
(65,200
)
 
130,400

 
—

Net cash (used in) provided by financing activities
(65,911
)
 
(69,744
)
 
—

 
(60,288
)
 
130,400

 
(65,543
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate on cash
—

 
—

 
—

 
41

 
—

 
41

 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(637
)
 
(47,144
)
 
(3,621
)
 
1,478

 
—

 
(49,924
)
Cash and cash equivalents, beginning of period
1,575

 
121,273

 
27,964

 
1,550

 
—

 
152,362

Cash and cash equivalents, end of period
$
938

 
$
74,129

 
$
24,343

 
$
3,028

 
$
—

 
$
102,438