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August 02, 2015 10:59 AM ET

Specialty Retail

Company Overview of Claire's Stores Inc.

Company Overview

Claire’s Stores, Inc. operates as a specialty retailer of fashionable jewelry and accessories for young women, teens, tweens, and kids. It sells jewelry products, including earrings, necklaces, bracelets, body jewelry, and rings, as well as offers ear piercing services. The company also sells accessories comprising hairgoods; beauty products; personal, fashion, and seasonal accessories, including phone cases, jewelry holders, stationery, key rings, DIY kits, attitude glasses, headwear, legwear, armwear, and sunglasses; and handbags and small leather goods. It operates stores under the Claire’s and Icing brand names. As of January 31, 2015, the company operated 2,998 stores, including 1,837 s...

2400 West Central Road

Hoffman Estates, IL 60192

United States

Founded in 1961

6,804 Employees

Phone:

847-765-1100

Key Executives for Claire's Stores Inc.

Chief Executive Officer and Director
Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Age: 53
Senior Vice President of Quality Assurance, General Counsel and Secretary
Chief Merchandise Officer
Age: 62
Executive Vice President and General Merchandise Manager of Buying & Design
Compensation as of Fiscal Year 2015.

Claire's Stores Inc. Key Developments

Claire’s Stores, Inc. Enters into Amendment to Unsecured Multi-Currency Revolving Credit Facility

Claire’s Stores Inc. entered into an amendment to their unsecured multi-currency revolving credit facility (the Euro Revolver), dated October 2, 2014. The amendment increased the size of the Euro Revolver from EUR 35 million to USD 50 million and included certain other technical amendments. The borrowers under the Euro Revolver consist of certain direct and indirect European subsidiaries of Claire’s (Gibraltar) Holdings Ltd. (Claire’s Gibraltar). All obligations under the Euro Revolver continue to be guaranteed by Claire’s (Gibraltar) and the European borrower subsidiaries, subject to certain exceptions and limitations.

Claire's Stores Inc. Plans to Open Stores in Fiscal Year 2015

In fiscal year 2015, Claire's Stores Inc. plan to open approximately 20 company-operated stores and 450 concessions across North America and Europe and plan to remodel 68 stores for the full year.

Claire's Stores Inc. Reports Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Provides Capital Expenditure Guidance for the Fiscal 2016

Claire's Stores Inc. reported consolidated earnings results for the first quarter ended May 2, 2015. For the period, the company reported net sales of $320.0 million, a decrease of $33.3 million, or 9.4% compared to net sales of $353.343 million a year ago. The decrease was attributable to an unfavorable foreign currency translation effect of the company's non-U.S. net sales, the effect of store closures and a decrease in same store sales, partially offset by new store sales. Net sales would have decreased 2.8% excluding the impact of foreign currency exchange rate changes. Adjusted EBITDA was $37.6 million compared to $48.1 million last year. Operating income was $19.024 million against $16.755 million a year ago. Loss before income tax expense was $35.396 million against $38.004 million a year ago. Net loss was $35.418 million against $38.137 million a year ago. The company announced $6.3 million of capital expenditures for the quarter. For fiscal 2016, the company's capital spend is still expected to be approximately $30 million.

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