CP11-2 (Static) Finding Financial Information LO11-1, LO11-3, LO11-4, LO11-7Refer to the financial statements and footnotes of Express given in Appendix C.Required:1. At the end of the most recent fiscal year, how many shares of common stock are authorized? How many shares are issued? How many shares are outstanding? (Enter your answer in thousands not in whole dollars.)2. Did the company pay dividends during the most recent fiscal year? If so, how much per share? (Round your answer to 2 decimal places.)3. Does the company report treasury stock at the end of the most recent fiscal year? If so, what dollar amount does it report? (Enter your answer in thousands not in whole dollars.)4. Did the company repurchase any shares of its common stock for tax withholding obligations during the most recent fiscal year? (Enter your answer in thousands not in whole dollars.)5. What is the par value of Express’s common stock? (Round your answer to 2 decimal places.)1Authorized common stock Issued common stock Outstanding common stock 2Dividends per share3Report treasury stock 4Common stock repurchased 5Par value per share ITEM 6. SELECTED FINANCIAL DATA.SELECTED HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATAThe following tables set forth our key financial measures and our selected historical consolidated financial and operating data as of thedates and for the periods indicated. The selected historical consolidated financial and operating data as of February 3, 2018 andJanuary 28, 2017 and for the years ended February 3, 2018, January 28, 2017, and January 30, 2016 are derived from our auditedConsolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. The selected historical consolidatedfinancial data as of January 30, 2016, January 31, 2015, and February 1, 2014, and the selected operating data for the periods endedJanuary 31, 2015 and February 1, 2014 are derived from our audited Consolidated Financial Statements, which are not includedelsewhere in this Annual Report on Form 10-K.The following selected historical consolidated data presented should be read in conjunction with the sections entitled "Risk Factors,""Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated FinancialStatements and the related Notes and other financial data included elsewhere in this Annual Report on Form 10-K.Fiscal Year Ended2017*2016201520142013(dollars in thousands, excluding net sales per gross square foot and per share data)Statement of Operations Data:Net sales$2,138,030$2,192,547$2,350,129 S2,165,4812,219,125Cost of goods sold, buying and occupancy costs1,522,797$1,529,343$1,554,852 $1,504,5271,501,418Gross profit$615,233$663,204$795,277 $660,954717,707Selling, general, and administrative expenses$562,088$559,541$587,747 $524,041504,277Operating income$29,740$103,601$207,238136,597214,259Net income$19,3662$57,417$116,513 $68,325$116,539Dividends declared per share$$$2$Earnings per share:Basic$0.250.731.39 $0.81$1.38Diluted$0.25$0.73$1.38 $0.811.37Weighted Average Diluted Shares Outstanding78,87079,04984,59184,55485,068Other Financial and Operating Data:Comparable sales ")(3)%(9)%6%(5)%3 %Comparable sales (excluding e-commerce sales)"(10)%(12 )%4%(7)%(1)%Total gross square feet (in thousands) (average)5,4875,6045,5735,5295,439Number of stores (at year end)635656653641632Capital expenditures57.43598,712$115,343 $115,088105,368Balance Sheet Data (at period end):Cash and cash equivalents$236,222$207,373$186,903346,159311,884Working capital 2)38,05024,36319,11320,618(27,630)Total assets1,187,6071,185,1891,178,6441,278,1501,182,670Total debt199,527199,170Total stockholders' equity$654,000$635,687$617,953 $556,339474,569* 2017 represents a 53-week year.(1)Comparable sales have been calculated based upon stores that were open at least twelve full months as of the end of the reporting period. For 2017, comparable sales were calculated basedupon the 53-week period ended February 3, 2018 compared to the 53-week period ended February 4, 2017. See full definition of comparable sales in the section titled "How We Assess thePerformance of Our Business" in Management's Discussion and Analysis of Financial Condition and Results of Operations.(2) Working capital is defined as current assets, less cash and cash equivalents, less current liabilities. EXPRESS, INC.CONSOLIDATED BALANCE SHEETS(Amounts in Thousands, Except Per Share Amounts)February 3, 2018January 28, 2017ASSETSCURRENT ASSETS:Cash and cash equivalents$236,222$207,373Receivables, net12,08415,787Inventories266,271241,424Prepaid minimum rent30,77931,626Other19,78017,923Total current assets565,136514,133PROPERTY AND EQUIPMENT1,047,4471,029,176Less: accumulated depreciation(642,434 )(577,890)Property and equipment, net405,013451,286TRADENAME/DOMAIN NAMES/TRADEMARKS197,618197,618DEFERRED TAX ASSETS7,0257,926OTHER ASSETS12,81514,226Total assets$1,187,607$1,185,189LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIES:Accounts payable$145,589$172,668Deferred revenue28,92029,428Accrued expenses116,35580,301Total current liabilities290,864282,397DEFERRED LEASE CREDITS137,618146,328OTHER LONG-TERM LIABILITIES105,125120,777Total liabilities533,607549,502COMMITMENTS AND CONTINGENCIES (Note 13)STOCKHOLDERS' EQUITY:Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstandingCommon stock – $0.01 par value; 500,000 shares authorized; 92,647 shares and 92,063 sharesissued at February 3, 2018 and January 28, 2017, respectively, and 76,724 shares and 78,422shares outstanding at February 3, 2018 and January 28, 2017, respectively926921Additional paid-in capital199,099185,097Accumulated other comprehensive loss(3,803)Retained earnings710,081690,715Treasury stock – at average cost; 15,923 shares and 13,641 shares at February 3, 2018 andJanuary 28, 2017, respectively(256,106 )(237,243)Total stockholders' equity654,000635,687Total liabilities and stockholders’ equity2$1,187,607$1,185,189See notes to consolidated financial statements.

The question is based on the concept of Financial Accounting.

Answered: 1. At the end of the most recent fiscal…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

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

Required:

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

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

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

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

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

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

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

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

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