October 21, 2014 12:04 PM 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 girls. Its stores provide jewelry products, including earrings, necklaces, bracelets, body jewelry, and rings, as well as ear piercing services; fashion and seasonal accessories comprising headwear, legwear, hairgoods, handbags and small leather goods, attitude glasses, scarves, armwear and belts, sunglasses, hats, gloves, slippers, earmuffs, and beauty products. The company operates its stores under the Claire’s and Icing brand names. As of May 3, 2014, it operated 3,071 stores in 18 countries throughout North America, Europe, and China; and franchised 426 stores...

2400 West Central Road

Hoffman Estates, IL 60192

United States

Founded in 1961

6,956 Employees

Phone:

847-765-1100

Key Executives for Claire's Stores Inc.

Chief Executive Officer and President of The European Division
Chief Financial Officer
Age: 52
Head of Quality Assurance
Chief Merchandise Officer
Age: 61
Executive Vice President and General Merchandise Manager of Buying & Design
Compensation as of Fiscal Year 2014.

Claire's Stores Inc. Key Developments

European Subsidiaries of Claire’s Stores, Inc. Enters into an Unsecured Euro Denominated Multi-Currency Revolving Credit Facility of €35.0 Million

On October 2, 2014, certain of the European subsidiaries of Claire’s Stores Inc. entered into an unsecured Euro (€) denominated multi-currency revolving credit facility (the Euro Revolver) in the amount of €35.0 million that will terminate on August 20, 2017. Loans under the Euro Revolver will bear interest at 2.50% per annum plus the Euro Interbank Offered Rate (EURIBOR) as in effect for interest periods of one, three or six months or any other period agreed upon. The Euro Revolver also provides for a facility fee of 0.875% per annum on the unused amount of the facility. All obligations under the Euro Revolver are unconditionally guaranteed by Claire’s (Gibraltar) Holdings Ltd. (Claire’s Gibraltar) and certain of its existing direct or indirect wholly-owned European subsidiaries, subject to certain exceptions and limitations. The Euro Revolver contains customary affirmative and negative covenants applicable to Claire’s Gibraltar and its subsidiaries, events of default and provisions relating to mandatory and voluntary payments, which include an annual clean-down requirement (i.e., for at least 5 successive Business Days in each year no loans under the Euro Revolver may be outstanding). The Euro Revolver also contains covenants that require Claire’s Gibraltar to maintain particular financial ratios so long as any amounts are outstanding under the facility: Fixed Charge Cover not lower than 1.5:1 based upon the ratio of EBITDAR to Net Finance and Rent Charges for each period of four consecutive fiscal quarters and Leverage not more than 1.50:1 based upon the ratio of Net Debt to adjusted EBITDA for each period of four consecutive fiscal quarters.

Claire's Stores Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014 ; Provides Capital Expenditure Guidance for the Year 2014

Claire's Stores Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, net sales were $377,829,000 against $366,703,000 a year ago. The increase was attributable to new store sales, a favorable foreign currency translation effect on the company's non-U.S. sales and an increase in shipments to franchisees, partially offset by the effect of store closures and lower same store sales. Operating income was $38,227,000 against $44,322,000 a year ago. Loss before income tax expense was $16,330,000 against $16,554,000 a year ago. Net loss was $20,574,000 against $20,672,000 a year ago. Adjusted EBITDA was $64,524,000 against $63,961,000 a year ago. Capital expenditures were $12.1 million. Capital expenditures were $12.1 million in the second quarter, of which 82% was related to new store opening and targeted remodeling projects. For the six months, net sales were $731,172,000 against $720,709,000 a year ago. Operating income was $54,982,000 against $76,911,000 a year ago. Loss before income tax expense was $54,334,000 against $43,858,000 a year ago. Net loss was $58,711,000 against $47,256,000 a year ago. Adjusted EBITDA was $112,646,000 against $118,408,000 a year ago. The company 2014 CapEx is front-end loaded, and expect full year spend to be approximately $40 million.

Claire's Stores Inc., Q2 2015 Earnings Call, Aug 28, 2014

Claire's Stores Inc., Q2 2015 Earnings Call, Aug 28, 2014

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