CP11-2 (Static) Finding Financial Information LO11-1, LO11-3, LO11-4, LO11-7

Refer to the financial statements and footnotes of Express given in Appendix C.

Required:

1. At the end of the most recent fiscal year, how many shares of common stock are authorized? How many shares are issued? How many shares are outstanding? (Enter your answer in thousands not in whole dollars.)

2. Did the company pay dividends during the most recent fiscal year? If so, how much per share? (Round your answer to 2 decimal places.)

3. Does the company report treasury stock at the end of the most recent fiscal year? If so, what dollar amount does it report? (Enter your answer in thousands not in whole dollars.)

4. Did the company repurchase any shares of its common stock for tax withholding obligations during the most recent fiscal year? (Enter your answer in thousands not in whole dollars.)

5. What is the par value of Express’s common stock? (Round your answer to 2 decimal places.)

1 Authorized common stock

Issued common stock

Outstanding common stock

2 Dividends per share

3 Report treasury stock

4 Common stock repurchased

5 Par value per share

Transcribed Image Text:ITEM 6. SELECTED FINANCIAL DATA. SELECTED HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA The following tables set forth our key financial measures and our selected historical consolidated financial and operating data as of the dates and for the periods indicated. The selected historical consolidated financial and operating data as of February 3, 2018 and January 28, 2017 and for the years ended February 3, 2018, January 28, 2017, and January 30, 2016 are derived from our audited Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. The selected historical consolidated financial data as of January 30, 2016, January 31, 2015, and February 1, 2014, and the selected operating data for the periods ended January 31, 2015 and February 1, 2014 are derived from our audited Consolidated Financial Statements, which are not included elsewhere in this Annual Report on Form 10-K. The following selected historical consolidated data presented should be read in conjunction with the sections entitled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial Statements and the related Notes and other financial data included elsewhere in this Annual Report on Form 10-K. Fiscal Year Ended 2017* 2016 2015 2014 2013 (dollars in thousands, excluding net sales per gross square foot and per share data) Statement of Operations Data: Net sales $ 2,138,030 $ 2,192,547 $ 2,350,129 S 2,165,481 2,219,125 Cost of goods sold, buying and occupancy costs 1,522,797 $ 1,529,343 $ 1,554,852 $ 1,504,527 1,501,418 Gross profit $ 615,233 $ 663,204 $ 795,277 $ 660,954 717,707 Selling, general, and administrative expenses $ 562,088 $ 559,541 $ 587,747 $ 524,041 504,277 Operating income $ 29,740 $ 103,601 $ 207,238 136,597 214,259 Net income $ 19,366 2$ 57,417 $ 116,513 $ 68,325 $ 116,539 Dividends declared per share $ $ $ 2$ Earnings per share: Basic $ 0.25 0.73 1.39 $ 0.81 $ 1.38 Diluted $ 0.25 $ 0.73 $ 1.38 $ 0.81 1.37 Weighted Average Diluted Shares Outstanding 78,870 79,049 84,591 84,554 85,068 Other Financial and Operating Data: Comparable sales ") (3)% (9)% 6% (5)% 3 % Comparable sales (excluding e-commerce sales)" (10)% (12 )% 4% (7)% (1)% Total gross square feet (in thousands) (average) 5,487 5,604 5,573 5,529 5,439 Number of stores (at year end) 635 656 653 641 632 Capital expenditures 57.435 98,712 $ 115,343 $ 115,088 105,368 Balance Sheet Data (at period end): Cash and cash equivalents $ 236,222 $ 207,373 $ 186,903 346,159 311,884 Working capital 2) 38,050 24,363 19,113 20,618 (27,630) Total assets 1,187,607 1,185,189 1,178,644 1,278,150 1,182,670 Total debt 199,527 199,170 Total stockholders' equity $ 654,000 $ 635,687 $ 617,953 $ 556,339 474,569 * 2017 represents a 53-week year. (1) Comparable sales have been calculated based upon stores that were open at least twelve full months as of the end of the reporting period. For 2017, comparable sales were calculated based upon the 53-week period ended February 3, 2018 compared to the 53-week period ended February 4, 2017. See full definition of comparable sales in the section titled "How We Assess the Performance of Our Business" in Management's Discussion and Analysis of Financial Condition and Results of Operations. (2) Working capital is defined as current assets, less cash and cash equivalents, less current liabilities.
Transcribed Image Text:EXPRESS, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands, Except Per Share Amounts) February 3, 2018 January 28, 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 236,222 $ 207,373 Receivables, net 12,084 15,787 Inventories 266,271 241,424 Prepaid minimum rent 30,779 31,626 Other 19,780 17,923 Total current assets 565,136 514,133 PROPERTY AND EQUIPMENT 1,047,447 1,029,176 Less: accumulated depreciation (642,434 ) (577,890) Property and equipment, net 405,013 451,286 TRADENAME/DOMAIN NAMES/TRADEMARKS 197,618 197,618 DEFERRED TAX ASSETS 7,025 7,926 OTHER ASSETS 12,815 14,226 Total assets $ 1,187,607 $ 1,185,189 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 145,589 $ 172,668 Deferred revenue 28,920 29,428 Accrued expenses 116,355 80,301 Total current liabilities 290,864 282,397 DEFERRED LEASE CREDITS 137,618 146,328 OTHER LONG-TERM LIABILITIES 105,125 120,777 Total liabilities 533,607 549,502 COMMITMENTS AND CONTINGENCIES (Note 13) STOCKHOLDERS' EQUITY: Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding Common stock – $0.01 par value; 500,000 shares authorized; 92,647 shares and 92,063 shares issued at February 3, 2018 and January 28, 2017, respectively, and 76,724 shares and 78,422 shares outstanding at February 3, 2018 and January 28, 2017, respectively 926 921 Additional paid-in capital 199,099 185,097 Accumulated other comprehensive loss (3,803) Retained earnings 710,081 690,715 Treasury stock – at average cost; 15,923 shares and 13,641 shares at February 3, 2018 and January 28, 2017, respectively (256,106 ) (237,243) Total stockholders' equity 654,000 635,687 Total liabilities and stockholders’ equity 2$ 1,187,607 $ 1,185,189 See notes to consolidated financial statements.

Question

CP11-2 (Static) Finding Financial Information LO11-1, LO11-3, LO11-4, LO11-7

Refer to the financial statements and footnotes of Express given in Appendix C.

Required:

1. At the end of the most recent fiscal year, how many shares of common stock are authorized? How many shares are issued? How many shares are outstanding? (Enter your answer in thousands not in whole dollars.)

2. Did the company pay dividends during the most recent fiscal year? If so, how much per share? (Round your answer to 2 decimal places.)

3. Does the company report treasury stock at the end of the most recent fiscal year? If so, what dollar amount does it report? (Enter your answer in thousands not in whole dollars.)

4. Did the company repurchase any shares of its common stock for tax withholding obligations during the most recent fiscal year? (Enter your answer in thousands not in whole dollars.)

5. What is the par value of Express’s common stock? (Round your answer to 2 decimal places.)

1	Authorized common stock
	Issued common stock
	Outstanding common stock
2	Dividends	per share
3	Report treasury stock
4	Common stock repurchased
5	Par value	per share

ITEM 6. SELECTED FINANCIAL DATA.
SELECTED HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA
The following tables set forth our key financial measures and our selected historical consolidated financial and operating data as of the
dates and for the periods indicated. The selected historical consolidated financial and operating data as of February 3, 2018 and
January 28, 2017 and for the years ended February 3, 2018, January 28, 2017, and January 30, 2016 are derived from our audited
Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. The selected historical consolidated
financial data as of January 30, 2016, January 31, 2015, and February 1, 2014, and the selected operating data for the periods ended
January 31, 2015 and February 1, 2014 are derived from our audited Consolidated Financial Statements, which are not included
elsewhere in this Annual Report on Form 10-K.
The following selected historical consolidated data presented should be read in conjunction with the sections entitled "Risk Factors,"
"Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial
Statements and the related Notes and other financial data included elsewhere in this Annual Report on Form 10-K.
Fiscal Year Ended
2017*
2016
2015
2014
2013
(dollars in thousands, excluding net sales per gross square foot and per share data)
Statement of Operations Data:
Net sales
$
2,138,030
$
2,192,547
$
2,350,129 S
2,165,481
2,219,125
Cost of goods sold, buying and occupancy costs
1,522,797
$
1,529,343
$
1,554,852 $
1,504,527
1,501,418
Gross profit
$
615,233
$
663,204
$
795,277 $
660,954
717,707
Selling, general, and administrative expenses
$
562,088
$
559,541
$
587,747 $
524,041
504,277
Operating income
$
29,740
$
103,601
$
207,238
136,597
214,259
Net income
$
19,366
2$
57,417
$
116,513 $
68,325
$
116,539
Dividends declared per share
$
$
$
2$
Earnings per share:
Basic
$
0.25
0.73
1.39 $
0.81
$
1.38
Diluted
$
0.25
$
0.73
$
1.38 $
0.81
1.37
Weighted Average Diluted Shares Outstanding
78,870
79,049
84,591
84,554
85,068
Other Financial and Operating Data:
Comparable sales ")
(3)%
(9)%
6%
(5)%
3 %
Comparable sales (excluding e-commerce sales)"
(10)%
(12 )%
4%
(7)%
(1)%
Total gross square feet (in thousands) (average)
5,487
5,604
5,573
5,529
5,439
Number of stores (at year end)
635
656
653
641
632
Capital expenditures
57.435
98,712
$
115,343 $
115,088
105,368
Balance Sheet Data (at period end):
Cash and cash equivalents
$
236,222
$
207,373
$
186,903
346,159
311,884
Working capital 2)
38,050
24,363
19,113
20,618
(27,630)
Total assets
1,187,607
1,185,189
1,178,644
1,278,150
1,182,670
Total debt
199,527
199,170
Total stockholders' equity
$
654,000
$
635,687
$
617,953 $
556,339
474,569
* 2017 represents a 53-week year.
(1)
Comparable sales have been calculated based upon stores that were open at least twelve full months as of the end of the reporting period. For 2017, comparable sales were calculated based
upon the 53-week period ended February 3, 2018 compared to the 53-week period ended February 4, 2017. See full definition of comparable sales in the section titled "How We Assess the
Performance of Our Business" in Management's Discussion and Analysis of Financial Condition and Results of Operations.
(2) Working capital is defined as current assets, less cash and cash equivalents, less current liabilities.

EXPRESS, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands, Except Per Share Amounts)
February 3, 2018
January 28, 2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
236,222
$
207,373
Receivables, net
12,084
15,787
Inventories
266,271
241,424
Prepaid minimum rent
30,779
31,626
Other
19,780
17,923
Total current assets
565,136
514,133
PROPERTY AND EQUIPMENT
1,047,447
1,029,176
Less: accumulated depreciation
(642,434 )
(577,890)
Property and equipment, net
405,013
451,286
TRADENAME/DOMAIN NAMES/TRADEMARKS
197,618
197,618
DEFERRED TAX ASSETS
7,025
7,926
OTHER ASSETS
12,815
14,226
Total assets
$
1,187,607
$
1,185,189
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
145,589
$
172,668
Deferred revenue
28,920
29,428
Accrued expenses
116,355
80,301
Total current liabilities
290,864
282,397
DEFERRED LEASE CREDITS
137,618
146,328
OTHER LONG-TERM LIABILITIES
105,125
120,777
Total liabilities
533,607
549,502
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY:
Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding
Common stock – $0.01 par value; 500,000 shares authorized; 92,647 shares and 92,063 shares
issued at February 3, 2018 and January 28, 2017, respectively, and 76,724 shares and 78,422
shares outstanding at February 3, 2018 and January 28, 2017, respectively
926
921
Additional paid-in capital
199,099
185,097
Accumulated other comprehensive loss
(3,803)
Retained earnings
710,081
690,715
Treasury stock – at average cost; 15,923 shares and 13,641 shares at February 3, 2018 and
January 28, 2017, respectively
(256,106 )
(237,243)
Total stockholders' equity
654,000
635,687
Total liabilities and stockholders’ equity
2$
1,187,607
$
1,185,189
See notes to consolidated financial statements.

Accepted Answer

The question is based on the concept of Financial Accounting.