Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED FINANCIAL INFORMATION (Tables)

v3.19.1
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (Tables)
3 Months Ended
May 04, 2019
CONDENSED CONSOLIDATED FINANCIAL INFORMATION  
Schedule of Condensed Consolidated Balance Sheets

Michaels Stores, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

May 4,

 

February 2,

 

May 5,

ASSETS

    

2019

 

2019

 

2018

Current assets:

 

 

 

 

 

 

 

 

 

Cash and equivalents

 

$

245,944

 

$

245,108

 

$

421,685

Merchandise inventories

 

 

1,101,729

 

 

1,108,715

 

 

1,121,563

Prepaid expenses and other current assets

 

 

101,423

 

 

160,767

 

 

141,229

Total current assets

 

 

1,449,096

 

 

1,514,590

 

 

1,684,477

Property and equipment, net

 

 

433,882

 

 

439,077

 

 

424,905

Operating lease assets

 

 

1,613,719

 

 

 —

 

 

 —

Goodwill

 

 

112,069

 

 

112,069

 

 

119,074

Other assets

 

 

69,607

 

 

61,667

 

 

84,608

Total assets

 

$

3,678,373

 

$

2,127,403

 

$

2,313,064

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

406,947

 

$

485,004

 

$

449,687

Accrued liabilities and other

 

 

353,961

 

 

378,313

 

 

384,170

Current portion of operating lease liabilities

 

 

300,489

 

 

 —

 

 

 —

Current portion of long-term debt

 

 

24,900

 

 

24,900

 

 

24,900

Other current liabilities

 

 

55,339

 

 

43,907

 

 

127,568

Total current liabilities

 

 

1,141,636

 

 

932,124

 

 

986,325

Long-term debt

 

 

2,675,602

 

 

2,681,000

 

 

2,696,408

Long-term operating lease liabilities

 

 

1,380,175

 

 

 —

 

 

 —

Other liabilities

 

 

125,761

 

 

199,705

 

 

173,162

Total stockholders’ deficit

 

 

(1,644,801)

 

 

(1,685,426)

 

 

(1,542,831)

Total liabilities and stockholders’ deficit

 

$

3,678,373

 

$

2,127,403

 

$

2,313,064

 

Schedule of Condensed Consolidated Statements of Comprehensive Income

Michaels Stores, Inc.

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

May 4,

 

May 5,

 

    

2019

    

2018

Net sales

 

$

1,093,720

 

$

1,155,511

Cost of sales and occupancy expense

 

 

676,080

 

 

698,948

Gross profit

 

 

417,640

 

 

456,563

Selling, general and administrative

 

 

320,387

 

 

328,392

Restructure charges

 

 

3,087

 

 

47,498

Store pre-opening costs

 

 

1,226

 

 

1,505

Operating income

 

 

92,940

 

 

79,168

Interest and other expense, net

 

 

40,469

 

 

32,904

Income before income taxes

 

 

52,471

 

 

46,264

Income taxes

 

 

14,624

 

 

19,211

Net income

 

$

37,847

 

$

27,053

 

 

 

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

Foreign currency translation and other

 

 

(4,826)

 

 

(7,053)

Comprehensive income

 

$

33,021

 

$

20,000

 

Schedule of Condensed Consolidated Statements of Cash Flows

Michaels Stores, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

May 4,

 

May 5,

 

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

 

 

Net cash provided by operating activities

 

$

32,162

 

$

30,605

 

 

 

 

 

 

 

Cash flows used in investing activities:

 

 

 

 

 

 

Additions to property and equipment

 

 

(25,101)

 

 

(27,824)

 

 

 

 

 

 

 

Cash flows used in financing activities:

 

 

 

 

 

 

Net repayments of debt

 

 

(6,225)

 

 

(6,225)

 

 

 

 

 

 

 

Net change in cash and equivalents

 

 

836

 

 

(3,444)

Cash and equivalents at beginning of period

 

 

245,108

 

 

425,129

Cash and equivalents at end of period

 

$

245,944

 

$

421,685