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Francesca's Holdings Corp – ‘10-K’ for 1/28/12 – ‘EX-101.INS’

On:  Wednesday, 3/21/12, at 2:37pm ET   ·   For:  1/28/12   ·   Accession #:  1144204-12-16369   ·   File #:  1-35239

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/21/12  Francesca’s Holdings Corp         10-K        1/28/12   36:2.7M                                   Toppan Merrill/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    705K 
 2: EX-10.24    Material Contract                                   HTML     26K 
 3: EX-21.1     Subsidiaries List                                   HTML     11K 
 4: EX-23.1     Consent of Experts or Counsel                       HTML     12K 
 5: EX-23.2     Consent of Experts or Counsel                       HTML     12K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     17K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     17K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     14K 
23: R1          Document and Entity Information                     HTML     43K 
18: R2          Consolidated Balance Sheets                         HTML    101K 
21: R3          Consolidated Balance Sheets (Parenthetical)         HTML     23K 
25: R4          Consolidated Statements of Operations               HTML     85K 
34: R5          Consolidated Statements of Changes in Convertible   HTML     69K 
                Redeemable Preferred Stock and Shareholders'                     
                Equity (Deficit)                                                 
19: R6          Consolidated Statements of Cash Flows               HTML    153K 
20: R7          Summary of Significant Accounting Policies          HTML     58K 
17: R8          Earnings (Loss) per Share                           HTML     29K 
15: R9          Detail of Certain Balance Sheet Accounts            HTML     25K 
35: R10         Income Taxes                                        HTML     38K 
27: R11         Credit Facility                                     HTML     22K 
26: R12         Stock-Based Compensation                            HTML     44K 
30: R13         Employee Benefits                                   HTML     15K 
31: R14         Commitments and Contingencies                       HTML     23K 
29: R15         Segment Reporting and Concentration of Risk         HTML     23K 
32: R16         Convertible Redeemable Preferred Stock-Series A     HTML     22K 
22: R17         Related Party Transactions                          HTML     20K 
24: R18         Subsequent Events                                   HTML     14K 
28: R19         Quarterly Financial Data (Unaudited)                HTML     25K 
36: XML         IDEA XML File -- Filing Summary                      XML     43K 
16: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    229K 
 9: EX-101.INS  XBRL Instance -- fran-20120128                       XML    357K 
11: EX-101.CAL  XBRL Calculations -- fran-20120128_cal               XML    104K 
12: EX-101.DEF  XBRL Definitions -- fran-20120128_def                XML    260K 
13: EX-101.LAB  XBRL Labels -- fran-20120128_lab                     XML    328K 
14: EX-101.PRE  XBRL Presentations -- fran-20120128_pre              XML    299K 
10: EX-101.SCH  XBRL Schema -- fran-20120128                         XSD     47K 
33: ZIP         XBRL Zipped Folder -- 0001144204-12-016369-xbrl      Zip     60K

‘EX-101.INS’   —   XBRL Instance — fran-20120128

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<dei:EntityVoluntaryFilers contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0"> No </dei:EntityVoluntaryFilers>
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<dei:EntityCurrentReportingStatus contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0"> Yes </dei:EntityCurrentReportingStatus>
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<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>8. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Operating leases</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The Company leases boutique space and office space under operating leases expiring in various years through the fiscal year ending 2023. Certain of the leases provide that the Company may cancel the lease, with penalties as defined in the lease, if the Company’s boutique sales at that location fall below an established level. Certain leases provide for additional rent payments to be made when sales exceed a base amount. Certain operating leases provide for renewal options for periods from three to five years at the market rate at the time of renewal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> Minimum future rental payments under non-cancellable operating leases as of January 28, 2012, are approximately as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid"> Fiscal Year </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font>  </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 1pt"> (in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 87%; text-align: left; padding-left: 0.12in"> 2012</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">19,923</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.12in">2013</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,678</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 0.12in">2014</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,573</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.12in">2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,710</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 0.12in">2016</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,787</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Thereafter</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 64,400</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 157,071</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> For the years ended January 28, 2012, January 29, 2011 and January 30, 2010, rent expense totaled $17.1 million, $12.2 million and $7.2 million, respectively. For the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010, common area maintenance and other rental charges totaled $6.3 million, $3.9 million and $2.3 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On December 27, 2011, the Company entered into a lease for a new headquarters and distribution facility. Initially, the Company will occupy approximately 218,000 square feet, which will house its corporate headquarters, warehouse and distribution facility which includes its ecommerce operations and ecommerce fulfillment. The lease for the new facilities includes an option to add as much as an additional 122,000 square feet if necessary. The primary term of the lease expires on April 30, 2020; however, the Company has an option to renew the lease for an additional period of up to ten years. Annual rent expense for the new facility will average approximately $575,000 per year over the term of the primary term of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Legal Proceedings</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> From time to time, the Company is subject to various claims and legal proceedings arising in the ordinary course of business. While the outcome of any such claim cannot be predicted with certainty, in the opinion of management, the outcome of these matters will not have a material adverse effect on the Company’s business, results of operations or financial conditions.</p> </div>
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<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>7. Employee Benefits</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October 2009, the Company adopted a Profit Sharing and 401(k) Plan (the “Plan”) under which full-time and part-time employees become eligible to participate following twelve consecutive months of employment. Eligible employees may elect to contribute a percentage of their earnings to the 401(k) component of the Plan, and the Company makes a discretionary contribution to the Plan based on the contribution of the employees. The Profit Sharing component of the Plan is entirely funded by the Company at its sole discretion. Effective January 1, 2011, the 401(k) component of the Plan was amended whereby the Company will make matching contributions equal to 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. For the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010, the Company’s matching contributions were $0.2 million, $0.1 million and less than $0.1 million, respectively.</p> </div>
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<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>5. Credit Facility</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>New Revolving Credit Facility</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On July 27, 2011, Francesca’s Collections, Inc., a wholly-owned indirect subsidiary of the Company, (the “Borrower”) entered into an Amended and Restated Credit Agreement (the “new revolving credit facility”) with Royal Bank of Canada, as Administrative Agent, and KeyBank National Association, as Syndication Agent, which provides a $65.0 million of revolving credit facility (including borrowing capacity available for letters of credit). The new revolving credit facility is scheduled to terminate on July 27, 2016. As described in Note 1, on July 27, 2011, net proceeds from the Company’s initial public offering, together with $41.0 million of indebtedness under the new revolving credit facility and $6.8 million of cash on hand, were used to repay the $92.0 million (including accrued interest of $0.6 million) outstanding under the prior senior secured credit facility. The prior senior secured credit facility was then terminated. In addition, in connection with the new revolving credit facility, the Company recorded $1.5 million of debt issue costs that is being amortized over the term of the new revolving credit facility. At January 28, 2012, $43.0 million was available under the new revolving credit facility for future borrowings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> All obligations under the new revolving credit facility are unconditionally guaranteed by, subject to certain exceptions, Parent and each of Borrower’s existing and future direct and indirect wholly owned domestic subsidiaries. All obligations under the new revolving credit facility, and the guarantees of those obligations (as well as cash management obligations and any interest rate hedging or other swap agreements), are secured by substantially all of the Borrower’s assets as well as the assets of any subsidiary guarantor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> The borrowings under the new revolving credit facility bear interest at a rate equal to an applicable margin plus, at the Company’s option, either (a) in the case of base rate borrowings, a rate equal to the highest of (i) the prime rate of Royal Bank of Canada, (ii) the federal funds rate plus 1/2 of 1% and (iii) the LIBOR for an interest period of one month plus 1.00%; or (b) in the case of LIBOR borrowings, a rate equal to the higher of (1) 1.50% and (2) the LIBOR for the interest period relevant to such borrowing. The applicable margin for borrowings under the new revolving credit facility will range from 1.25% to 2.25% with respect to base rate borrowings and from 2.25% to 3.25% with respect to LIBOR borrowings, in each case based upon the achievement of specified levels of the ratio of consolidated total debt to consolidated EBITDA. Additionally, the Borrower will be required to pay a fee to the lenders under the new revolving credit facility on the unused amount at a rate ranging from 0.25% to 0.45%, based on the achievement of specified levels of the ratio of consolidated total debt to consolidated EBITDA. The Borrower is also required to pay customary letter of credit fees. The average interest rate for the LIBOR borrowings was 3.8% in fiscal year 2011.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> The new revolving credit facility requires the Borrower to maintain a maximum consolidated total lease adjusted leverage ratio and a minimum consolidated interest coverage ratio, in each case, on the last day of any fiscal quarter and includes a maximum capital expenditure in any fiscal year. The Borrower’s ability to pay dividends to Holdings is subject to restrictions including a maximum secured leverage ratio. If the Borrower’s debt under the new revolving credit facility exceeds that ratio, it is restricted from paying dividends. At January 28, 2012, this ratio was within the required limit, thus, the Borrower could pay dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> The Borrower is in compliance with the debt covenants of its new revolving credit facility as of January 28, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Senior Secured Credit Facility</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On November 17, 2010, the Borrower entered into a senior secured credit facility (the “prior senior secured credit facility”) with a syndicate of financial institutions, which provided financing of up to $100.0 million consisting of a $95.0 million term loan facility and a $5.0 million revolving credit facility each with a maturity date of November 17, 2013. As described in Note 1, on July 27, 2011, the prior senior secured credit facility was terminated. In connection with the termination, the Company wrote-off the unamortized debt issuance costs of $1.6 million associated with the prior senior secured credit facility and included as loss on early extinguishment of debt in the accompanying consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> All obligations under the prior senior secured credit facility were unconditionally guaranteed by, subject to certain exceptions, Parent and each of the Borrower’s existing and future direct and indirect wholly-owned domestic subsidiaries. All obligations under the prior senior secured credit facility, and the guarantees of those obligations (as well as cash management obligations and any interest hedging or other swap agreements), were secured by substantially all of the Borrower’s assets as well as those of the subsidiary guarantor. The borrowings under the prior senior secured credit facility bore interest at a rate equal to an applicable margin plus the base rate or LIBOR rate, at the Borrower’s option. The loans were LIBOR-based and had an interest rate of 7.75% from the time of issuance through termination on July 27, 2011. The Company was in compliance with the debt covenants of the prior senior secured credit facility during the period it was outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Debt maturities</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> <font style="font-family: Times New Roman, Times, Serif">Borrowings under the new revolving facility, which had aggregate principal balance of $22.0 million at January 28, 2012, are due on July 27, 2016.</font></p> </div>
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<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>10. Convertible Redeemable Preferred Stock—Series A</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> Under its Certificate of Incorporation, the Company is authorized to issue 45,000 shares of undesignated Preferred Stock. In April 2007, the Board of Directors designated 35,000 preferred shares as Convertible Redeemable Preferred Stock—Series A, par value $0.01 per share, all of which were outstanding through February 25, 2010. The recipients of the Preferred Stock simultaneously purchased a portion of the Company’s common stock directly from the common shareholders and then exchanged such common stock for Preferred Stock. Accordingly, to properly record the redemption amount of the Preferred Stock (“Face Amount”) at that time, a distribution in excess of capital was recorded. Distributions in excess of capital primarily represent deemed dividends recorded to properly reflect the redemption value of Preferred Stock. Distributions in excess of capital was charged with these deemed dividends as the Company did not have sufficient retained earnings or additional paid in capital at the time of issuance. Upon conversion of the Preferred Stock to common stock, the redemption value of Preferred Stock was treated as contributed capital, which eliminated the distributions in excess of capital and establish additional paid in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The Convertible Redeemable Preferred Stock—Series A had the following rights and privileges:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 30.25pt"></td> <td style="width: 12.25pt"><font style="font-family: Wingdings">ź</font></td> <td><font style="font-family: Times New Roman, Times, Serif"><i>Dividend</i>—The Preferred Stock accrued cash dividends effective each January 1, whether declared or not, at a rate of 12% per year of the original issue price of the Preferred Stock. In the event that certain earnings before income tax, depreciation and amortization (“EBITDA”) thresholds were met in the calendar year 2007, the dividend rate was to be substituted by 15% or 10%, as appropriate in accordance with the Certificate of Designation governing the Preferred Stock. The Company accrued the required dividends, at the dividend rate of 10% having met the conditions under the Certificate of Designation to use such rate, throughout the year and had considered it when estimating the redemption value of the Preferred Stock at each reporting period in the accompanying consolidated balance sheets. The Preferred Stock could also participate in dividends on common stock, if declared.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -12.25pt">  </p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 30.25pt"></td> <td style="width: 12.25pt"><font style="font-family: Wingdings">ź</font></td> <td><font style="font-family: Times New Roman, Times, Serif"><i>Voting—</i>The holders of the Preferred Stock voted on an as-converted basis together with the holders of the Company’s common stock as a single class, except with respect to any increase or decrease in the authorized shares of common stock, as to which the holders of the Preferred Stock had no right to vote.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -12.25pt">  </p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 30.25pt"></td> <td style="width: 12.25pt"><font style="font-family: Wingdings">ź</font></td> <td><font style="font-family: Times New Roman, Times, Serif"><i>Liquidation</i>—Upon any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or the consummation of any Change of Control Transaction (as defined in the Certificate of Designations governing the Preferred Stock) each holder of outstanding shares of Preferred Stock was entitled to receive an amount equal to the greater of (i) $571.43 per share plus all accumulated but unpaid dividends and (ii) the amount that would be distributed or payable in respect of the number of shares of common stock issuable upon conversion of the Preferred Stock if such conversion occurred immediately prior to such liquidation event or change of control transaction.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -12.25pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Wingdings; margin: 0pt 0 0pt 42.5pt; text-indent: -12.25pt">  </p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 30.25pt"></td> <td style="width: 12.25pt"><font style="font-family: Wingdings">ź</font></td> <td><font style="font-family: Times New Roman, Times, Serif"><i>Conversion and redemption feature</i>—The Preferred Stock is convertible into equal number of shares of common stock (adjusted for any stock split) or was mandatorily convertible into common stock upon a Qualified IPO as defined in the Certificate of Designation governing the Preferred Stock. Given that the redemption feature was outside the Company’s control, the Preferred Stock was reflected in the consolidated balance sheets as temporary equity for the period it was outstanding. Upon voluntary or mandatory conversion of the Preferred Stock to common stock all accrued and unpaid dividends were to be deemed automatically satisfied and extinguished without any adjustment to the conversion price or any increase in the number of shares of common stock into which the Preferred Stock was convertible in respect of such accrued but unpaid dividends. The redemption price was the greater of the face amount of the Preferred Stock plus all accrued and unpaid dividends (“Base Amount”) or the fair market value of the Preferred Stock. The Company was required to record the Preferred Stock at its estimated fair market value if determined that the fair market value exceeded the Base Amount. For accounting purposes, the Company has elected to adjust the carrying value of Preferred Stock to equal the redemption value at the end of each reporting period. The increase in redemption value was recorded as a reduction to retained earnings or, in the absence of retained earnings, paid in capital.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> The fair value of the Company’s Preferred Stock was estimated using Level 3 inputs. At January 30, 2010, the estimated fair value totaled $85.9 million, exceeding the Base Amount. The fair value was based on the purchase price paid by CCMP upon purchase of approximately 84% of the underlying common shares (into which the shares of Preferred Stock were converted to in February 2010), as further supported by an independent valuation. Accordingly, the Preferred Stock was recorded at its estimated redemption value of $85.9 million, which took into consideration the accrued dividends of $5.6 million. At January 31, 2009, the estimated fair market value of the Preferred Stock, based on an independent valuation, was determined to be less than the Base Amount. Accordingly, the face amount of the Preferred Stock of $20.0 million plus the accrued dividends of $3.6 million appropriately reflected the redemption value of the Preferred Stock at January 31, 2009.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> On February 26, 2010, the holders of Preferred Stock exercised their right to convert all of the outstanding Preferred Stock into 14.0 million shares of common stock in connection with the acquisition by CCMP of approximately 84% of the Company’s outstanding shares. Thus, there were no outstanding shares of Preferred Stock subsequent to February 26, 2010.</p> </div>
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<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 46471000 </us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:GainLossOnDispositionOfAssets contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> -23000 </us-gaap:GainLossOnDispositionOfAssets>
<us-gaap:EarningsPerShareTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>2. Earnings (Loss) per Share</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings (loss) per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of Preferred Stock, while outstanding, and stock options using the if-converted and treasury stock method, respectively.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the years the Preferred Stock was outstanding, the two-class method was used to calculate basic and diluted earnings (loss) per common share since it is a participating security under ASC 260 <i>Earnings per Share</i>. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under the two-class method, basic earnings (loss) per common share is computed by dividing net earnings (loss) attributable to common share after allocation of earnings to participating securities by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per common share is computed using the more dilutive of the two-class method or the if-converted method. In periods of net loss, no effect is given to participating securities since they do not contractually participate in the losses of the Company. The following table summarizes the dilutive impact of Preferred Stock for the year it was outstanding and the potential dilution that could occur if options to acquire common stock were exercised or if restricted stocks have fully vested, and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted earnings per share.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For the Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 28,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 29,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"> (In thousands, except per share data)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Numerator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%">Net Income</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">22,501</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">16,895</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">10,604</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Less: Increase in redemption value of Preferred Stock</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">—</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(60,271</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Less: Preferred Stock dividends</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,022</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Net income (loss) available to shareholders</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">22,501</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">16,895</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(51,689</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Less: Income attributable to participating securities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 9pt">Net income (loss) available to common shareholders</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 22,501</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 16,895</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (51,689</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Denominator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Weighted-average common shares outstanding—basic</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">42,087</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">39,385</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Options and other dilutive securities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 861</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,522</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Weighted-average common shares outstanding—diluted</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 42,948</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 40,907</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 26,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Per common share:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Basic earnings (loss) per common share</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.53</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.43</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(1.99</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Diluted earnings (loss) per common share</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.52</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.41</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(1.99</td> <td style="TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Stock options to purchase 0.9 million, 0 and 1.0 million shares of common stock for the fiscal years 2011, 2010 and 2009, respectively, were outstanding but not included in the computation of diluted earnings per shares due to its anti-dilutive effect.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In fiscal year 2009, dividends accrued on the Preferred Stock and the adjustment to record the increase in the redemption value of the Preferred Stock reduced undistributed earnings, to be allocated between common shares and participating securities, to zero for purposes of calculating earnings per share using the two-class method. As such, net losses were solely attributable to common shareholders. Accordingly, the Preferred Stock was not included in the computation of diluted earnings per share as the effect of doing so would have been anti-dilutive. See Note 10 for more information regarding Preferred Stock.</p> </div>
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<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 37356000 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:UndistributedEarnings contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 22501000 </us-gaap:UndistributedEarnings>
<us-gaap:ShareBasedCompensation contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 4671000 </us-gaap:ShareBasedCompensation>
<us-gaap:ProceedsFromLongTermLinesOfCredit contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 41000000 </us-gaap:ProceedsFromLongTermLinesOfCredit>
<us-gaap:EarningsPerShareDiluted contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD_per_shares" decimals="2"> 0.52 </us-gaap:EarningsPerShareDiluted>
<us-gaap:PaymentsForProceedsFromOtherInvestingActivities contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> -36000 </us-gaap:PaymentsForProceedsFromOtherInvestingActivities>
<us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> -566000 </us-gaap:IncreaseDecreaseInAccruedLiabilities>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 721000 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:SubsequentEventsTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>12. Subsequent Events</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2012, certain of our stockholders sold 11,336,476 shares of common stock in a public offering. The Company did not receive any proceeds from the offering and incurred $0.6 million of expenses in fiscal year 2011 relating to this offering, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to January 28, 2012, the Borrower made principal payments in the aggregate amount of $6.0 million on the new revolving credit facility, bringing the principal balance to $16.0 million.</p> </div>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 44245000 </us-gaap:ProceedsFromIssuanceInitialPublicOffering>
<us-gaap:NetIncomeLoss contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 22501000 </us-gaap:NetIncomeLoss>
<us-gaap:IncreaseDecreaseInReceivables contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> -1898000 </us-gaap:IncreaseDecreaseInReceivables>
<us-gaap:RepaymentsOfLongTermLinesOfCredit contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 19000000 </us-gaap:RepaymentsOfLongTermLinesOfCredit>
<us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 449000 </us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 4498000 </us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>13. Quarterly Financial Data (Unaudited)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fiscal Year 2011</td> <td style="text-align: center; padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fourth<br /> Quarter</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Third<br /> Quarter</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Second<br /> Quarter</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> First<br /> Quarter</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; padding-bottom: 1pt">  </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(in thousands, except per share data)</td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">61,652</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">50,020</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">51,221</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">41,265</td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Gross profit</td> <td> </td> <td>$</td> <td style="text-align: right">32,335</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">25,833</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">27,001</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">21,624</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 12pt; text-indent: -12pt">Income from operations</td> <td> </td> <td>$</td> <td style="text-align: right">14,460</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">8,044</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">12,607</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">8,419</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Net income</td> <td> </td> <td>$</td> <td style="text-align: right">8,353</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,744</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,485</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3,918</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 12pt; text-indent: -12pt">Basic earnings per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.11</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.10</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Diluted earnings per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.19</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.11</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.10</td> <td> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center">  </td> <td colspan="14" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"> Fiscal Year 2010</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center">  </td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fourth<br /> Quarter</td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Third<br /> Quarter</td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Second<br /> Quarter</td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> First<br /> Quarter</td> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(in thousands, except per share data)</td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 48%; padding-left: 12pt; text-indent: -12pt">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">39,882</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">35,073</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">34,804</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">25,417</td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Gross profit</td> <td> </td> <td>$</td> <td style="text-align: right">20,592</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">18,149</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">18,782</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">12,645</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 12pt; text-indent: -12pt">Income from operations</td> <td> </td> <td>$</td> <td style="text-align: right">8,912</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">8,401</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">9,709</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2,621</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Net income</td> <td> </td> <td>$</td> <td style="text-align: right">4,328</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,115</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">5,861</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1,591</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 12pt; text-indent: -12pt">Basic earnings per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.11</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.15</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.04</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 12pt; text-indent: -12pt">Diluted earnings per common share</td> <td> </td> <td>$</td> <td style="text-align: right">0.11</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.14</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.04</td> </tr> </table> </div>
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<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>1. Summary of Significant Accounting Policies</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Nature of Business</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Francesca’s Holdings Corporation (the “Company”) is a holding company incorporated in 2007 under the laws of Delaware. The Company’s business operations are conducted through its wholly-owned indirect subsidiary Francesca’s Collections, Inc., a corporation formed and existing under the laws of the State of Texas. Francesca’s Collections, Inc. is wholly-owned by Francesca’s LLC (the “Parent”), a limited liability company formed and existing under the laws of Delaware. Parent is a wholly-owned subsidiary of the Company.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company operates a national chain of retail boutiques designed and merchandised to feel like independently owned, upscale boutiques and provide its customers with an inviting, intimate and fun shopping experience. The Company offers a diverse and balanced mix of apparel, jewelry, accessories and gifts at attractive prices. At January 28, 2012, the Company operated 283 boutiques, which are located in 41 states throughout the United States, and its e-commerce website.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2010, two affiliates of CCMP Capital Advisors, LLC (“CCMP”), acquired approximately 84% of the Company’s outstanding shares (the “CCMP Acquisition”) from the founders of the Company and Bear Growth Capital Partners, LP (“BGCP”). The Company considered the application of push-down accounting to the Company’s financial statements and determined that, given the percentage of equity interest acquired in the acquisition, push-down accounting treatment was not required. The Company elected not to apply push-down accounting treatment as a result of the acquisition. In connection with the CCMP Acquisition, the Convertible Redeemable Preferred Stock- Series A (“Preferred Stock”) was converted to common stock. In addition, the outstanding stock options became fully vested and the management agreement with the holders of the Preferred Stock was terminated. See Notes 6 and 10 for more information. The Company incurred zero, $0.2 million and $0.7 million of transaction costs which are included in selling, general and administrative expenses in the accompanying consolidated statement of operations for the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010, respectively.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 28, 2010, the Company authorized a split of its issued and outstanding stock in the ratio of four hundred to one (400-1). Accordingly, the accompanying consolidated financial statements have been retroactively adjusted to reflect the effects of the stock split on common shares and per share amounts.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On July 27, 2011, the Company completed an initial public offering (the “IPO”) of 11,500,000 shares of common stock at a price to the public of $17 per share, of which 2,941,176 shares were sold by the Company and 8,558,824 shares were sold by the selling shareholders (including 616,109 by members of the Company’s management). Upon completion of the offering, the Company received net proceeds of approximately $44.2 million, after deducting the underwriting discount of $3.5 million and related fees and expenses of $2.3 million. On July 27, 2011, net proceeds from the offering, together with $41.0 million of indebtedness under a new revolving credit facility and $6.8 million of cash on hand, were used to repay the $92.0 million (including accrued interest of $0.6 million) outstanding under the senior secured credit facility. The senior secured credit facility was then terminated. See Note 5 for more information.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Fiscal Year</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company maintains its accounts on a 52- to 53- week year ending on the Saturday closest to January 31. All references herein to fiscal year “2011”, “2010” and “2009” represent the 52-week periods ended January 28, 2012, January 29, 2011 and January 30, 2010, respectively.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Principles of Consolidation and Presentation</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements include the accounts of the Company and all its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Management Estimates and Assumptions</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, net of estimated sales return, and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Fair Value of Financial Instruments</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 30.55pt"></td> <td style="WIDTH: 12.25pt"><font style="FONT-FAMILY: Wingdings; COLOR: black">ź</font></td> <td><font style="FONT-FAMILY: Times New Roman, Times, Serif">Level 1—Quoted prices in active markets for identical assets or liabilities.</font></td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 30.55pt"></td> <td style="WIDTH: 12.25pt"><font style="FONT-FAMILY: Wingdings; COLOR: black">ź</font></td> <td><font style="FONT-FAMILY: Times New Roman, Times, Serif">Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.</font></td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 30.55pt"></td> <td style="WIDTH: 12.25pt"><font style="FONT-FAMILY: Wingdings; COLOR: black">ź</font></td> <td><font style="FONT-FAMILY: Times New Roman, Times, Serif">Level 3—Unobservable inputs based on the Company’s own assumptions.</font></td> </tr> </table> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial assets and liabilities with carrying amounts approximating fair value include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. The carrying amount of the Company’s debt approximates its fair value due to proximity of the debt issue date and the latest balance sheet date and the variable component of the interest on the debt.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Cash and Cash Equivalents</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company considers all interest-bearing deposits and investments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances at financial institutions that may from time to time exceed the Federal Deposit Insurance Corporation’s insurance limits. The Company mitigates this concentration of credit risk by monitoring the credit worthiness of the financial institutions.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Accounts Receivable</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Accounts receivable consist of amounts due from credit card companies, tenant allowances due from landlords and income tax receivable. The Company’s management has reviewed accounts receivable for collectibility and has determined an allowance for doubtful accounts is not necessary at January 28, 2012 and January 29, 2011.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Inventory</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company values merchandise inventory at the lower of cost or market on a weighted-average cost basis. Inventory costs include freight-in. The Company records merchandise receipts at the time they are delivered to the distribution center or to its boutiques from vendors.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company reviews its inventory levels to identify slow-moving merchandise and generally uses promotional markdowns to clear slow-moving merchandise. Each period, the Company evaluates recent selling trends and the related promotional events or pricing strategies in place to sell through the current inventory levels.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company also estimates a shrinkage reserve for the period of time between the last physical count and the balance sheet date. The estimate for shrinkage reserve can be affected by changes in merchandise mix and changes in actual shrinkage trends.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Property and Equipment</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property and equipment is stated at cost. Depreciation of property and equipment is provided on a straight-line basis for financial reporting purposes using the following useful lives:</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 50%; FONT-WEIGHT: bold"> Assets</td> <td style="WIDTH: 5%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 45%; FONT-WEIGHT: bold"> Estimated Useful Lives</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Equipment</td> <td> </td> <td style="TEXT-ALIGN: center" nowrap="nowrap"> 3 - 5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Furniture and fixtures</td> <td> </td> <td style="TEXT-ALIGN: center" nowrap="nowrap">5 years</td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 50%; FONT-WEIGHT: bold"> Assets</td> <td style="WIDTH: 5%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 45%; FONT-WEIGHT: bold"> Estimated Useful Lives</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Software</td> <td> </td> <td style="TEXT-ALIGN: center" nowrap="nowrap">3 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Signage and leasehold improvements</td> <td> </td> <td style="TEXT-ALIGN: center" nowrap="nowrap"> the lesser of 5 - 10 years or<br /> lease term</td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Assets under construction are not depreciated until the asset is placed in service and ready for use.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and any gain or loss is reflected in current earnings.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Impairment of Long-lived Assets</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company evaluates long-lived assets held for use and held for sale whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level for which there are identifiable cash flows, which is generally at a boutique level. Boutique assets are reviewed for impairment using factors including, but not limited to, the Company’s future operating plans and projected cash flows. The determination of whether an impairment has occurred is based on an estimate of undiscounted future cash flows directly related to that boutique, compared to the carrying value of the assets. The Company recognizes impairment if the sum of the undiscounted future cash flows of a boutique does not exceed the carrying value of the assets. For impaired assets, the Company recognizes a loss equal to the difference between the net book value of the asset and its estimated fair value. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In addition, at the time a decision is made to close a boutique, the Company accelerates depreciation over the revised useful life of the asset. Based on the analysis performed, there was no impairment for each of the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Operating Leases</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company leases boutiques and distribution center and office space under operating leases. The majority of the Company’s lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company records tenant improvement allowances and other landlord incentives as a component of deferred rent which is amortized on a straight-line basis over the lease term as a reduction of rent expense. The unamortized portion of deferred rent totaled $10.9 million and $5.9 million at January 28, 2012 and January 29, 2011, respectively, and is included in deferred and accrued rents in the consolidated balance sheets.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company records straight-line rent expense beginning on the earlier of taking possession of the boutique (pre-opening or construction period) or the commencement date of the lease. In fiscal 2010, the Company determined that its policy had historically been inconsistently applied. The Company corrected the deferred rent expense account, resulting in a non-cash $0.7 million cumulative adjustment to record additional rent expense during the first quarter of fiscal 2010. That adjustment was included in the cost of goods sold and occupancy cost in the consolidated statements of operations. The adjustment did not impact historical cash flows and will not impact future net cash flows or the timing of the payments under the related leases. Prior years’ financial statements were not restated as the impact of these issues was immaterial to previously reported results for any individual prior year.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Revenue Recognition</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognizes revenue upon purchase of merchandise by customers, net of estimated merchandise returns. Revenue is recognized for boutique sales at the point at which the customer receives and pays for the merchandise at the register. For on-line sales, revenue is recognized upon delivery and includes shipping charges. Management estimates future returns on previously sold merchandise based on return history and current sales levels. The estimated sales returns are periodically compared to actual sales returns and adjusted, if appropriate.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Gift Cards and Gift Card Breakage</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for the sale of gift cards as a liability at the time a gift card is sold. The liability is relieved and revenue is recognized upon redemption of the gift card. The Company’s gift cards do not have an expiration date. We will recognize income from the breakage of gift cards when the likelihood of redemption of the gift card is remote based on historical redemption patterns. The Company has not accumulated adequate historical data to reasonably estimate the amount of gift cards that will never be redeemed. Consequently, the Company has not recognized gift card breakage income in fiscal years 2011, 2010 or 2009. The Company does not anticipate recognizing gift card breakage until it accumulates additional data beyond fiscal year 2011.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Sales Taxes</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company excludes all taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer from revenue.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Cost of Goods Sold and Occupancy Costs</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cost of goods sold and occupancy costs include the direct cost of purchased merchandise, freight costs from the Company’s suppliers to its distribution centers and freight costs for merchandise shipped directly from its vendors to its boutiques, allowances for inventory shrinkage and obsolescence, boutique occupancy costs including rent, utilities, common area maintenance, property taxes, depreciation and boutique repair and maintenance costs, and shipping costs related to e-commerce sales.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Selling, General and Administrative Expenses</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Selling, general and administrative expenses include boutique and headquarters payroll, employee benefits, freight from distribution centers to boutiques, boutique pre-opening expense, credit card merchant fees, costs of maintaining and operating the Company’s e-commerce business, travel and administration costs and other expenses related to operations at the corporate headquarters, as well as share-based compensation. Pre-opening expenses (including boutique set-up and training expenses) incurred prior to the opening of new boutiques are expensed as incurred and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Freight costs included in selling, general and administrative expenses amounted to $1.3 million, $0.8 million and $0.5 million for the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010, respectively.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Advertising</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs associated with advertising are charged to expense as incurred. For the years ended January 28, 2012, January 29, 2011 and January 30, 2010, advertising costs were minimal.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Stock-Based Compensation</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In connection with the Company’s stock based compensation plans, the Board of Directors considers the estimated fair value of the Company’s stock when setting the stock option exercise price as of the date of each grant. Prior to the IPO, because the Company was privately held and there was no public market for its common stock, the fair market value of its common stock was determined by the Board of Directors at the time the option grants were awarded. In determining the fair value of the common stock, the Board of Directors considered such factors as the Company’s actual and projected financial results, the consideration paid by third party investors in the Company, including investments by BGCP and CCMP in arm’s length transactions for their respective investment and controlling investment in the Company (as described in Notes 1 and 10), the principal amount of the Company’s indebtedness, valuations of the Company performed by third parties and other factors the Board of Directors believed were material to the valuation process. To the extent financial projections and anticipated boutique openings did not materially change from the date of the BGCP Acquisition or the CCMP Acquisition through the date of a stock option grant, the Board of Directors concluded that the per share price of the common stock related to each of the acquisition transactions represented the most accurate estimate of the fair value of the common stock for purpose of setting the respective option exercise price as of the date of each grant. Additionally, for these grants, in making its determination of fair value, the Board of Directors did not apply control premium or marketability considerations. To timely secure the necessary talent the Company requires to support its growth, the Board of Directors took into account a number of factors, including utilizing the most recent third-party valuation study available to help establish the exercise price for the applicable grant.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Following the IPO, the Board of Directors determines the exercise price of stock options based on the closing price of the Company’s common stock on the grant date. See Note 6 for further information.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Stock-based compensation cost is measured at the grant date fair value using the Black Scholes option pricing model and is recognized as an expense on a straight-line basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company estimates forfeitures for options granted that are not expected to vest. Changes in these inputs and assumptions can materially affect the measurement of the estimated fair value of the stock-based compensation expense.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Debt Issuance Costs</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs incurred in connection with the Company’s borrowings are capitalized and included in other assets in the consolidated balance sheets. These costs are amortized to interest expense using the effective interest method over the term of the loan. In fiscal year 2011, the Company wrote-off the unamortized balance of debt issuance costs amounting to $1.6 million related to the prior senior secured credit in facility due to its termination, as discussed in Note 1. This write-off was presented as loss on early extinguishment debt in the accompanying consolidated statements of operations. In connection with the new revolving credit facility, the Company incurred $1.5 million of costs that will be amortized over the term of loan. See Note 5 for further information. At January 28, 2012 and January 29, 2011, debt issuance costs totaled $1.3 million and $2.0 million, respectively. Amortization expense amounted to $0.5 million, $0.2 million and $0 for the fiscal years 2011, 2010 and 2009, respectively.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Income Taxes</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for income taxes using the liability method. Under this method, the amount of taxes currently payable or refundable is accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and the financial reporting basis of the Company’s assets and liabilities. Valuation allowances are established against deferred tax assets when it is more-likely-than-not that the realization of those deferred tax assets will not occur.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. The Company recognizes tax liabilities for uncertain tax positions and adjusts these liabilities when the Company’s judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. The Company has no uncertain tax positions or related interest or penalties requiring accrual at January 28, 2012 and January 29, 2011.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b> </b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Recent Accounting Pronouncements</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="FONT-FAMILY: Times New Roman, Times, Serif">In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (“IFRS”).” This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and IFRS. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The Company does not expect the</font> <font style="FONT-FAMILY: Times New Roman, Times, Serif">adoption of ASU 2011-04 to have a significant impact to the consolidated financial position or results of operations.</font></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). This newly issued accounting standard requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions executed under a master netting or similar arrangement and was issued to enable users of financial statements to understand the effects or potential effects of those arrangements on its financial position. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard is not expected to have an impact on the Company’s consolidated financial position or results of operations.</p> </div>
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<us-gaap:IncreaseDecreaseInRetailRelatedInventories contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 2729000 </us-gaap:IncreaseDecreaseInRetailRelatedInventories>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>4. Income Taxes</b></p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The provision for income tax expense for fiscal years 2011, 2010 and 2009 is as follows:</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 28,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 29,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">(in thousands)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Current:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; WIDTH: 61%">Federal</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">11,009</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">11,778</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">6,667</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">State</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,125</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,020</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,084</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Total</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,134</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,798</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">7,751</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 28,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 29,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">(in thousands)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Deferred:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; WIDTH: 61%">Federal</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">1,446</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">(2,275</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">(724</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">State</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (725</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (410</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (109</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Total</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 721</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,685</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (833</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Income tax expense</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 14,855</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,113</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,918</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.95pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A reconciliation of the statutory federal income tax rate to the effective tax rate follows:</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 28,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 29,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt; WIDTH: 61%"> Income tax expense at statutory rate</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">35.0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">35.0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">35.0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt"> Nondeductible expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.7</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.5</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.9</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">State tax, net of federal benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.2</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.7</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.0</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt"> Other</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (0.1</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 0.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (0.4</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt"> Effective tax rate</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 39.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">%</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 39.7</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">%</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 39.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">%</td> </tr> </table> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Deferred tax assets and liabilities are recorded due to different carrying amounts for financial and income tax reporting purposes arising from cumulative temporary differences as measured by enacted tax rates, which will be in effect when these temporary differences reverse. These differences consist of the following at January 28, 2012 and January 29, 2011:</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 85%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 28,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">January 29,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">(in thousands)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Deferred tax assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; WIDTH: 74%">Inventories</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">717</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">502</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Accrued liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,635</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">819</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Deferred and accrued rents</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,511</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,618</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Equity based compensation</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,182</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 358</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Total deferred tax assets</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 10,045</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4,297</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Property and equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (6,741</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 272</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Total deferred tax liabilities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (6,741</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 272</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Net deferred tax assets</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,304</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,025</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company’s tax years are subject to examination by federal authorities from 2008 forward, and by state taxing authorities from 2007 forward.</p> </div>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:InterestPaid contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 5569000 </us-gaap:InterestPaid>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>6. Stock-Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>2007 Stock Incentive Plan</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> In 2007, the Company adopted the Francesca’s Holdings Corporation 2007 Stock Incentive Plan (the “2007 Plan”), to be administered by Board of Directors or a committee designated by its Board of Directors (the “Committee”). Under the 2007 Plan, awards may be in the form of stock options, restricted stock or phantom shares and may be granted to any employee, director or consultant of the Company. With respect to incentive stock options granted, the share exercise price shall not be less than the fair market price on the date of grant. For non-qualified stock options granted, the share exercise price of each option is determined by the compensation committee of the Board of Directors, which considers the estimated fair value of the Company’s stock when setting stock option price as of the date of each grant. The awards generally vest evenly over four to five years and have a ten year contractual term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The CCMP Acquisition triggered a “Change of Control” that resulted in the acceleration of vesting, in accordance with the provisions of the 2007 Plan, of the 906,000 stock options issued and outstanding. Accordingly, the Company recognized compensation expense of $1.0 million included in selling, general and administrative expenses in the consolidated statements of operations for the fiscal year ended January 29, 2011 related to the accelerated vesting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On April 28, 2010, the plan was amended to adjust the number of shares available for issuance to account for a 400-for-1 stock split. Accordingly, the number of shares authorized to be issued under the 2007 Plan increased to 2,105,200 shares. As of April 28, 2010, the Company can no longer grant awards under the 2007 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>2010 Stock Incentive Plan</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On February 27, 2010, the Company adopted the Francesca’s Holdings Corporation 2010 Stock Incentive Plan (the “2010 Plan”) to be administered by the Board of Directors or a Committee. Under the 2010 Plan, awards may be in the form of stock options, stock or restricted stock and may be granted to any officers, directors, eligible employees and consultants of the Company. Exercise prices shall not be less than the fair market value of the Company’s common stock at the date of grant as determined by the Board of Directors. The awards generally vest over four to five years and have a ten year contractual term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On April 28, 2010, the plan was amended to adjust the number of shares available for issuance to account for a 400-for-1 stock split. Accordingly, the number of shares authorized to be issued under the 2010 Plan increased to 2,020,400 shares. As of July 14, 2011 the Company can no longer grant awards under the 2010 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On August 18, 2011, the vesting period for the options to purchase 545,333 shares of common stock granted on March 26, 2010 to our Chief Executive Officer (“CEO”) accelerated due to the performance targets achieved by CCMP and certain of their affiliates. The Company recognized compensation expense in the amount of $2.3 million in the third quarter of fiscal year 2011 as a result of the accelerated vesting of these options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>2011 Stock Incentive Plan</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On July 14, 2011, the 2011 Equity Incentive Plan (the “2011 Plan”) was approved by the stockholders and became immediately effective. Under the 2011 Plan, awards may be in the form of nonqualified stock options, stock appreciation rights, stock bonuses, restricted stock, performance stock and other stock-based awards which can be granted to any officers, directors, employees and consultants of the Company. A total of 3,175,365 shares of common stock are authorized for issuance under the 2011 Plan. Awards granted under the 2011 Plan generally vest over three to five years and have a ten-year contractual life. As of January 28, 2012, there were 2,283,666 awards remaining that can be granted under the 2011 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Stock Option Award Modification</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> In November 2010, the Board of Directors authorized and paid a cash dividend equal to $2.39 per share on its common stock following the issuance of a senior secured credit facility (see Note 5). In accordance with applicable plan documents, stock option holders are entitled to an equitable adjustment to their stock option awards upon, among other events, a recapitalization of the Company. As a result, the Board of Directors approved the reduction of the exercise price of certain outstanding options (724,000 total options) in an amount equal to the per share cash dividend effective on December 12, 2010 to reduce the dilution effect of the cash dividend. No incremental compensation expense was recognized because the fair value of the awards did not increase as a result of the modification. Additionally, the Board of Directors allowed certain stock option holders (1,318,000 total options) to participate in the cash dividend in lieu of stock price adjustment. The Company recognized incremental compensation expense of $0.3 million in fiscal year 2010 related to vested options for which the option holders received a cash dividend in lieu of the decrease in exercise price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Stock Options</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The following table presents stock options granted, vested and expired and aggregate intrinsic value under the existing share-based compensation plans. The intrinsic value of the stock options was calculated based the closing price of the Company’s common stock on the last trading day closest to January 28, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number<br /> of<br /> Options</b></font>  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted<br /> Average<br /> Exercise Price</b></font>  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted<br /> Average<br /> Remaining<br /> Contractual<br /> Life</b></font>  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate<br /> Intrinsic Value</b></font>  </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> (Per share data)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(in Years)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> (In thousands)</td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 48%">Outstanding as of January 29, 2011</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">2,443,088</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">5.23</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Options granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">882,099</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">17.44</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Options exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(140,075</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.60</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Options forfeited or expired</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: right">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> —</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td>Outstanding as of January 28, 2012</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">  </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 3,185,112</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">8.68</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">44,751</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at January 28, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">  </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 1,436,392</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 4.74</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">  </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 7</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 25,846</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> During fiscal years 2011, 2010 and 2009, 882,099, 1,994,430 and 406,000 stock options, respectively, were granted at a weighted-average grant date fair value of $9.67, $3.99 and $2.77, respectively. In fiscal year 2011, proceeds from stock option exercises amounted to $0.5 million while the intrinsic value amounted to $1.7 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The fair value of stock options was estimated on the date of grant using Black Scholes option pricing model using the following assumptions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <table cellpadding="0" cellspacing="0" align="center" style="width: 85%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2010</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2009</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left; text-indent: -12pt; padding-left: 12pt"> Expected volatility</td> <td style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left"> </td> <td nowrap="nowrap" style="width: 10%; text-align: center"> 54.2 % - 69.9%</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left"> </td> <td nowrap="nowrap" style="width: 10%; text-align: center"> 54.2 % - 60.6%</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: center">85.4%</td> <td style="width: 1%; text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt"> Risk-free interest rate</td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center"> 1.1% - 2.11%</td> <td style="text-align: left"> </td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center"> 1.6% - 3.2%</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: center">0.9%</td> <td style="text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -12pt; padding-left: 12pt">Weighted average term</td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center">6.0 - 6.5</td> <td style="text-align: left"> </td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center">6.27 - 6.5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: center">2.00</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt">Expected dividend yield</td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center">—</td> <td style="text-align: left"> </td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td nowrap="nowrap" style="text-align: center">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: center">—</td> <td style="text-align: left"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.95pt"> The risk-free interest rate was determined based on the rate of Treasury instruments with maturities similar to those of the expected term of the award being valued. The expected dividend yield was based on the Company’s expectations of not paying dividends on its common stock for the foreseeable future. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> Stock-based compensation expense for the fiscal years ended January 28, 2012, January 29, 2011 and January 28, 2010 totaled approximately $4.7 million, $2.4 million and $0.1 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The following table summarizes information regarding non-vested outstanding stock options as of and for the fiscal year ended January 28, 2012:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <table cellpadding="0" cellspacing="0" align="center" style="width: 85%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Options</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted<br /> Average<br /> Fair Value at<br /> Grant Date</b></font>  </td> <td style="padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 74%; text-indent: -12pt; padding-left: 12pt"> Non-vested as of January 29, 2011</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">1,757,748</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">4.27</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -12pt; padding-left: 12pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">882,099</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">9.67</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-indent: -12pt; padding-left: 12pt">Vested</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">891,127</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.15</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt"> Cancelled</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> —</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> —</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt"> Non-vested as of January 28, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">  </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 1,748,720</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 7.06</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> As of January 28, 2012, there was approximately $11.2 million of total unrecognized compensation cost related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 4 years. The total fair value of options vested during the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010 was $3.7 million, $2.0 million and less than $0.1 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>Restricted Stock Awards</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> On August 5, 2011, the Company granted 9,600 restricted stock awards, with an aggregate fair value of $0.2 million, to certain employees under the 2011 Plan.  These restricted stock awards vest in three equal annual installments on each anniversary from the grant date subject to continuous employment of the grantee.  The Company determined the fair value of the award based on the closing price of the Company’s stock on the grant date.</p> </div>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0">
<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>11. Related Party Transactions</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> Stony Leather, Inc. (“Stony”) and KJK Trading Corporation (“KJK”) are two of the Company’s vendors that supply apparel, jewelry, accessories and gifts. Stony is owned and operated by certain shareholders of the Company while KJK is owned by the brother-in-law of one of the Company’s founders. During the fiscal years 2011, 2010 and 2009, purchases from KJK totaled $8.1 million, $6.6 million and $2.8 million, respectively, while purchases from Stony totaled $5.0 million, $5.0 million and $3.1 million, respectively. Purchases from Stony and KJK accounted for 7%, 10% and 12%, respectively, and 12%, 13% and 11%, respectively, of total purchases for the fiscal years 2011, 2010 and 2009, respectively. Accounts payable due to related parties for inventory purchases was not material at January 28, 2012 and January 29, 2011.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.6pt"> The Company entered into a management agreement with the holder of the Preferred Stock where such holder would provide consulting services in exchange for quarterly fees of $62,500. Upon the conversion of the Preferred Stock, the management agreement was terminated. For the fiscal years 2011, 2010 and 2009, the Company incurred management fees totaling zero, zero and $0.3 million, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations.</p> </div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="shares" decimals="-3"> 42948000 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> -28083000 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:AmortizationOfFinancingCosts contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 537000 </us-gaap:AmortizationOfFinancingCosts>
<fran:StockIssuedDuringPeriodValueStockOptionsExercisedIncludingAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 953000 </fran:StockIssuedDuringPeriodValueStockOptionsExercisedIncludingAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
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<div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>3. Detail of Certain Balance Sheet Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> January 28,<br /> 2012</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> January 29,<br /> 2011</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Accounts and other receivables:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-left: 9pt">Credit card receivables</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">1,315</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">825</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Tenant allowances</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">841</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,574</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Income tax receivable</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> —</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 655</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 2,156</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 4,054</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-left: 9pt">Equipment</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,329</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,798</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Furniture and fixtures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,650</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,475</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Signage and leasehold improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,324</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,829</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Construction in progress</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,750</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,799</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 1pt; padding-left: 9pt">Software</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 2,821</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 191</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">43,874</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,092</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> (10,675</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> (5,792</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 33,199</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 21,300</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left">Accrued liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Gift cards and store credits outstanding</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,140</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2,110</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Accrued payroll, benefits and bonuses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,013</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,573</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Accrued interest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">69</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,308</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Accrued sales tax</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">622</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">419</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Income tax payable</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 4,049</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> —</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 9,893</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 6,410</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred and accrued rents:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-left: 9pt">Deferred rent</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">10,889</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,880</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Accrued rent</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 4,001</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">  </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 2,343</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 14,890</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $</td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 8,223</td> </tr> </table> </div>
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<fran:IncreaseDecreaseInDeferredAndAccruedRents contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0" unitRef="iso4217_USD" decimals="-3"> 6667000 </fran:IncreaseDecreaseInDeferredAndAccruedRents>
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<div> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>9. Segment Reporting and Concentration of Risk</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company determined its operating segments on the same basis used internally to evaluate performance. The Company’s reporting segments are the operation of boutiques and the e-commerce website, which have been aggregated into one reportable financial segment. The Company aggregates its operating segments because (i) the merchandise offered at retail locations and through the e-commerce business is largely the same, (ii) management believes that the majority of its e-commerce customers are also customers of retail locations and (iii) the merchandise margin of both segments is similar. All of the Company’s identifiable assets are located in the United States.</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is net sales information regarding the Company’s major product classes:</p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="MARGIN: 0px"> </p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <p style="MARGIN: 0px"></p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 28,<br /> 2012</td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 29,<br /> 2011</td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">(in thousands)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt; WIDTH: 61%"> Apparel</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">104,666</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">70,326</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">45,540</td> <td style="WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Jewelry</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">41,802</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">27,911</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">16,764</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Accessories</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">32,084</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">19,567</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">8,007</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Gifts</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">25,602</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">17,367</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">8,949</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt"> Shipping</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 220</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 195</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 107</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">204,374</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">135,366</td> <td> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: right">79,367</td> <td> </td> </tr> </table> <p style="MARGIN: 0px"> </p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">For Fiscal Years Ended</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 28,<br /> 2012</td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 29,<br /> 2011</td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">January 30,<br /> 2010</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10">(in thousands)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt"> Allowance for sales returns</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (216</td> <td style="PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (190</td> <td style="PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> —</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -12pt; PADDING-LEFT: 12pt">Net sales</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.25pt double">$</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 204,158</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.25pt double">$</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 135,176</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.25pt double">$</td> <td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right"> 79,367</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </p> <p style="TEXT-INDENT: 30.6pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For fiscal year 2011, 2010 and 2009, two of the Company’s vendors accounted for approximately 19%, 23% and 23% of its purchases, with no single vendor accounting for more than 15% of purchases. Those vendors are related parties. See Note 11. Other than those mentioned, no vendor accounted for more than 10% of the Company’s purchases during the fiscal years 2011, 2010 and 2009. The Company believes that there are other vendors that could replace these vendors and therefore loss of one or both would not result in a material disruption to its business.</p> </div>
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<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0_452905x444581" unitRef="shares" decimals="-3"> 2941000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
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<fran:StockIssuedDuringPeriodValueStockOptionsExercisedIncludingAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="eol_PE744462--1210-K0003_STD_364_20120128_0_452905x453698" unitRef="iso4217_USD" decimals="-3"> 952000 </fran:StockIssuedDuringPeriodValueStockOptionsExercisedIncludingAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
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2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/06/12  SEC                               UPLOAD9/27/17    1:104K FHC Holdings Corp.
 6/27/12  SEC                               UPLOAD9/27/17    1:123K FHC Holdings Corp.
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Filing Submission 0001144204-12-016369   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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