FORM 10-Q |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-1630919 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin | 53051 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨¬ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
FINANCIAL INFORMATION | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
OTHER INFORMATION | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||
Assets | (Unaudited) | (Audited) | (Unaudited) | ||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 631 | $ | 971 | $ | 598 | |||||
Merchandise inventories | 4,973 | 3,874 | 4,959 | ||||||||
Income taxes receivable | 52 | — | — | ||||||||
Deferred income taxes | 125 | 142 | 147 | ||||||||
Other | 297 | 305 | 283 | ||||||||
Total current assets | 6,078 | 5,292 | 5,987 | ||||||||
Property and equipment, net | 8,671 | 8,745 | 8,925 | ||||||||
Other assets | 298 | 341 | 333 | ||||||||
Total assets | $ | 15,047 | $ | 14,378 | $ | 15,245 | |||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,384 | $ | 1,365 | $ | 2,261 | |||||
Accrued liabilities | 1,162 | 1,138 | 1,198 | ||||||||
Income taxes payable | — | 94 | 41 | ||||||||
Current portion of capital lease and financing obligations | 109 | 139 | 141 | ||||||||
Total current liabilities | 3,655 | 2,736 | 3,641 | ||||||||
Long-term debt | 2,793 | 2,792 | 2,792 | ||||||||
Capital lease and financing obligations | 1,886 | 1,930 | 1,950 | ||||||||
Deferred income taxes | 336 | 382 | 390 | ||||||||
Other long-term liabilities | 572 | 560 | 548 | ||||||||
Shareholders’ equity: | |||||||||||
Common stock | 4 | 4 | 4 | ||||||||
Paid-in capital | 2,719 | 2,598 | 2,557 | ||||||||
Treasury stock, at cost | (8,615 | ) | (8,052 | ) | (7,802 | ) | |||||
Accumulated other comprehensive loss | (21 | ) | (34 | ) | (39 | ) | |||||
Retained earnings | 11,718 | 11,462 | 11,204 | ||||||||
Total shareholders’ equity | 5,805 | 5,978 | 5,924 | ||||||||
Total liabilities and shareholders’ equity | $ | 15,047 | $ | 14,378 | $ | 15,245 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | ||||||||||||
Net sales | $ | 4,374 | $ | 4,444 | $ | 12,686 | $ | 12,932 | |||||||
Cost of merchandise sold | 2,746 | 2,778 | 7,908 | 8,063 | |||||||||||
Gross margin | 1,628 | 1,666 | 4,778 | 4,869 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 1,097 | 1,073 | 3,078 | 3,071 | |||||||||||
Depreciation and amortization | 227 | 228 | 665 | 665 | |||||||||||
Operating income | 304 | 365 | 1,035 | 1,133 | |||||||||||
Interest expense, net | 85 | 84 | 255 | 251 | |||||||||||
Income before income taxes | 219 | 281 | 780 | 882 | |||||||||||
Provision for income taxes | 77 | 104 | 282 | 327 | |||||||||||
Net income | $ | 142 | $ | 177 | $ | 498 | $ | 555 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.70 | $ | 0.82 | $ | 2.44 | $ | 2.53 | |||||||
Diluted | $ | 0.70 | $ | 0.81 | $ | 2.43 | $ | 2.51 | |||||||
Dividends declared and paid per share | $ | 0.39 | $ | 0.35 | $ | 1.17 | $ | 1.05 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | ||||||||||||
Net income | $ | 142 | $ | 177 | $ | 498 | $ | 555 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Unrealized gains on investments | 9 | — | 11 | 4 | |||||||||||
Reclassification adjustment for interest expense on interest rate derivative included in net income | 1 | 1 | 2 | 2 | |||||||||||
Other comprehensive income | 10 | 1 | 13 | 6 | |||||||||||
Comprehensive income | $ | 152 | $ | 178 | $ | 511 | $ | 561 |
Common Stock | Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||
Balance at February 1, 2014 | 364 | $ | 4 | $ | 2,598 | (153 | ) | $ | (8,052 | ) | $ | (34 | ) | $ | 11,462 | $ | 5,978 | ||||||||||||
Comprehensive income | — | — | — | — | — | 13 | 498 | 511 | |||||||||||||||||||||
Stock options and awards | 3 | — | 121 | (1 | ) | (17 | ) | — | — | 104 | |||||||||||||||||||
Dividends paid ($1.17 per common share) | — | — | — | — | 3 | — | (242 | ) | (239 | ) | |||||||||||||||||||
Treasury stock purchases | — | — | — | (10 | ) | (549 | ) | — | — | (549 | ) | ||||||||||||||||||
Balance at November 1, 2014 | 367 | $ | 4 | $ | 2,719 | (164 | ) | $ | (8,615 | ) | $ | (21 | ) | $ | 11,718 | $ | 5,805 |
Nine Months Ended | |||||||
November 1, 2014 | November 2, 2013 | ||||||
Operating activities | |||||||
Net income | $ | 498 | $ | 555 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 665 | 665 | |||||
Share-based compensation | 38 | 41 | |||||
Excess tax benefits from share-based compensation | (2 | ) | (3 | ) | |||
Deferred income taxes | (37 | ) | (1 | ) | |||
Other non-cash revenues and expenses | 19 | 30 | |||||
Changes in operating assets and liabilities: | |||||||
Merchandise inventories | (1,093 | ) | (1,204 | ) | |||
Other current and long-term assets | (1 | ) | 11 | ||||
Accounts payable | 1,019 | 954 | |||||
Accrued and other long-term liabilities | (1 | ) | 79 | ||||
Income taxes | (175 | ) | (113 | ) | |||
Net cash provided by operating activities | 930 | 1,014 | |||||
Investing activities | |||||||
Acquisition of property and equipment | (561 | ) | (465 | ) | |||
Sales of investments in auction rate securities | 59 | 1 | |||||
Other | 6 | 13 | |||||
Net cash used in investing activities | (496 | ) | (451 | ) | |||
Financing activities | |||||||
Treasury stock purchases | (549 | ) | (549 | ) | |||
Shares withheld for taxes on vested restricted shares | (17 | ) | (13 | ) | |||
Dividends paid | (239 | ) | (229 | ) | |||
Proceeds from issuance of debt | — | 300 | |||||
Proceeds from financing obligations | 5 | — | |||||
Capital lease and financing obligation payments | (87 | ) | (87 | ) | |||
Proceeds from stock option exercises | 111 | 77 | |||||
Excess tax benefits from share-based compensation | 2 | 3 | |||||
Deferred financing costs | — | (4 | ) | ||||
Net cash used in financing activities | (774 | ) | (502 | ) | |||
Net increase (decrease) in cash and cash equivalents | (340 | ) | 61 | ||||
Cash and cash equivalents at beginning of period | 971 | 537 | |||||
Cash and cash equivalents at end of period | $ | 631 | $ | 598 | |||
Supplemental information: | |||||||
Interest paid, net of capitalized interest | $ | 216 | $ | 221 | |||
Income taxes paid | 493 | 438 | |||||
Non-Cash Investing and Financing Activities | |||||||
Property and equipment acquired through additional liabilities | $ | 40 | $ | 119 |
Outstanding | |||||||||||||
Maturity | Effective Rate | Coupon Rate | November 1, 2014 | February 1, 2014 and November 2, 2013 | |||||||||
(Dollars in Millions) | |||||||||||||
2017 | 6.31 | % | 6.25 | % | $ | 650 | $ | 650 | |||||
2021 | 4.81 | % | 4.00 | % | 650 | 650 | |||||||
2023 | 3.25 | % | 3.25 | % | 350 | 350 | |||||||
2023 | 4.78 | % | 4.75 | % | 300 | 300 | |||||||
2029 | 7.36 | % | 7.25 | % | 200 | 200 | |||||||
2033 | 6.05 | % | 6.00 | % | 300 | 300 | |||||||
2037 | 6.89 | % | 6.88 | % | 350 | 350 | |||||||
5.54 | % | 2,800 | 2,800 | ||||||||||
Unamortized debt discount | (7 | ) | (8 | ) | |||||||||
Long-term debt | $ | 2,793 | $ | 2,792 |
Level 1: | Financial instruments with unadjusted, quoted prices listed on active market exchanges. | |
Level 2: | Financial instruments lacking unadjusted, quoted prices from active market exchanges, including over-the-counter traded financial instruments. The prices for the financial instruments are determined using prices for recently traded financial instruments with similar underlying terms as well as directly or indirectly observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. | |
Level 3: | Financial instruments that are not actively traded on a market exchange. This category includes situations where there is little, if any, market activity for the financial instrument. The prices are determined using significant unobservable inputs or valuation techniques. |
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||
Pricing Category | Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 631 | $ | 631 | $ | 971 | $ | 971 | $ | 598 | $ | 598 | ||||||||||||
Auction rate securities | Level 3 | 23 | 23 | 82 | 64 | 82 | 57 | ||||||||||||||||||
Debt | Level 1 | 2,793 | 3,089 | 2,792 | 2,988 | 2,792 | 2,960 |
Nine Months Ended | |||||||
November 1, 2014 | November 2, 2013 | ||||||
(In Thousands) | |||||||
Stock options granted | 186 | 549 | |||||
Restricted shares and units granted, excluding shares earned in lieu of cash dividends | 850 | 873 | |||||
Total stock-based compensation grants | 1,036 | 1,422 | |||||
Weighted average fair value at grant date: | |||||||
Stock options | $ | 12.23 | $ | 10.57 | |||
Restricted shares and units | $ | 56.40 | $ | 47.97 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | ||||||||||||
(In Millions) | |||||||||||||||
Numerator—Net income | $ | 142 | $ | 177 | $ | 498 | $ | 555 | |||||||
Denominator—Weighted average shares: | |||||||||||||||
Basic | 202 | 216 | 204 | 219 | |||||||||||
Impact of dilutive employee stock-based awards | 1 | 2 | 1 | 2 | |||||||||||
Diluted | 203 | 218 | 205 | 221 | |||||||||||
Antidilutive shares | 4 | 8 | 5 | 12 | |||||||||||
Quarter | Year to Date | ||||||
(Dollars and shares in Millions) | |||||||
Net sales | $ | 4,374 | $ | 12,686 | |||
Change in: | |||||||
Net sales | (1.6 | )% | (1.9 | )% | |||
Comparable sales | (1.8 | )% | (2.2 | )% | |||
Gross margin as a percent of net sales | 37.2 | % | 37.7 | % | |||
Selling, general and administrative expenses | $ | 1,097 | $ | 3,078 | |||
Net income | $ | 142 | $ | 498 | |||
Net earnings per diluted share | $ | 0.70 | $ | 2.43 | |||
Shares repurchased | 2.7 | 10.1 | |||||
Treasury stock purchases | $ | 157 | $ | 549 |
Quarter | Year to Date | ||||||||||||
$ | % | $ | % | ||||||||||
(Dollars In Millions) | |||||||||||||
Net Sales - 2013 | $ | 4,444 | $ | 12,932 | |||||||||
Comparable sales: | |||||||||||||
Stores | (187 | ) | (4.0 | )% | (481 | ) | (3.7 | )% | |||||
E-Commerce | 107 | 31.1 | 205 | 21.1 | |||||||||
Total | (80 | ) | (1.8) | (276 | ) | (2.2) | |||||||
New stores and other revenues | 10 | — | 30 | — | |||||||||
Total decrease in net sales | (70 | ) | (1.6 | )% | (246 | ) | (1.9 | )% | |||||
Net Sales - 2014 | $ | 4,374 | $ | 12,686 |
Quarter | Year to Date | ||||
Selling price per unit | 2.6 | % | 2.7 | % | |
Units per transaction | (1.8 | ) | (1.5 | ) | |
Average transaction value | 0.8 | 1.2 | |||
Number of transactions | (2.6 | ) | (3.4 | ) | |
Comparable sales | (1.8 | )% | (2.2 | )% |
Quarter | Year to Date | |||||||||||||||||
Decrease | Decrease | |||||||||||||||||
2014 | 2013 | $ | % | 2014 | 2013 | $ | % | |||||||||||
(Dollars in Millions) | ||||||||||||||||||
Gross margin | $1,628 | $1,666 | $(38) | (2.3)% | $4,778 | $4,869 | $(91) | (1.9 | )% | |||||||||
As a percent of net sales | 37.2% | 37.5% | (0.3)% | 37.7 | % | 37.7 | % | —% |
Quarter | Year to Date | ||||||||||||||||||||||||||||
Increase | Increase | ||||||||||||||||||||||||||||
2014 | 2013 | $ | % | 2014 | 2013 | $ | % | ||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 1,097 | $ | 1,073 | $ | 24 | 2.2 | % | $ | 3,078 | $ | 3,071 | $ | 7 | — | % | |||||||||||||
As a percent of net sales | 25.1 | % | 24.1 | % | 1.0 | % | 24.3 | % | 23.7 | % | 0.6 | % |
Quarter | Year to Date | ||||||
(In Millions) | |||||||
Net revenues from credit card operations | $ | (7 | ) | $ | (24 | ) | |
Store expenses | (5 | ) | (10 | ) | |||
Marketing costs, excluding credit card operations | 6 | 4 | |||||
Corporate expenses | 28 | 30 | |||||
Distribution costs | 2 | 7 | |||||
Increase in SG&A | $ | 24 | $ | 7 |
Quarter | Year to Date | ||||||||||||||||||||||||||||
Increase/ (Decrease) | Increase/ (Decrease) | ||||||||||||||||||||||||||||
2014 | 2013 | $ | % | 2014 | 2013 | $ | % | ||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||||||
Depreciation and amortization | $ | 227 | $ | 228 | $ | (1 | ) | — | % | $ | 665 | $ | 665 | $ | — | — | % | ||||||||||||
Interest expense, net | 85 | 84 | 1 | 1 | % | 255 | 251 | 4 | 2 | % | |||||||||||||||||||
Provision for income taxes | 77 | 104 | (27 | ) | (26 | )% | 282 | 327 | (45 | ) | (14 | )% | |||||||||||||||||
Effective tax rate | 35.3 | % | 37.0 | % | 36.1 | % | 37.0 | % |
Decrease in Cash | ||||||||||||||
2014 | 2013 | $ | % | |||||||||||
Net cash provided by (used in): | (Dollars in Millions) | |||||||||||||
Operating activities | $ | 930 | $ | 1,014 | $ | (84 | ) | (8 | )% | |||||
Investing activities | (496 | ) | (451 | ) | (45 | ) | (10 | )% | ||||||
Financing activities | (774 | ) | (502 | ) | (272 | ) | (54 | )% |
2014 | 2013 | Increase/(Decrease) in Free Cash Flow | |||||||||
(In Millions) | |||||||||||
Net cash provided by operating activities | $ | 930 | $ | 1,014 | $ | (84 | ) | ||||
Acquisition of property & equipment | (561 | ) | (465 | ) | (96 | ) | |||||
Capital lease & financing obligation payments | (87 | ) | (87 | ) | — | ||||||
Proceeds from financing obligations | 5 | — | 5 | ||||||||
Free cash flow | $ | 287 | $ | 462 | $ | (175 | ) |
November 1, 2014 | November 2, 2013 | ||||||
Working capital (In Millions) | $ | 2,423 | $ | 2,346 | |||
Current ratio | 1.66 | 1.64 | |||||
Debt/capitalization | 45.2 | % | 45.2 | % |
(Dollars in Millions) | |||
Included Indebtedness | |||
Total debt | $ | 4,795 | |
Permitted exclusions | (7 | ) | |
Subtotal | 4,788 | ||
Rent x 8 | 2,192 | ||
Included Indebtedness | $ | 6,980 | |
Rolling 12-month Adjusted Debt Compliance EBITDAR | |||
Net income | $ | 832 | |
Rent expense | 274 | ||
Depreciation and amortization | 889 | ||
Net interest | 342 | ||
Provision for income taxes | 470 | ||
EBITDAR | 2,807 | ||
Stock based compensation | 51 | ||
Other non-cash revenues and expenses | 13 | ||
Rolling 12-month Adjusted Debt Compliance EBITDAR | $ | 2,871 | |
Debt Ratio (a) | 2.43 | ||
Maximum permitted Debt Ratio | 3.75 | ||
(a) Included Indebtedness divided by Adjusted Debt Compliance EBITDAR |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
(In Millions) | |||||||||||||
August 3 – August 30, 2014 | 325,905 | $ | 54.71 | 325,100 | $ | 1,912 | |||||||
August 31 – October 4, 2014 | 1,111,727 | 60.89 | 1,108,500 | 1,844 | |||||||||
October 5 – November 1, 2014 | 1,257,414 | 57.01 | 1,248,000 | 1,773 | |||||||||
Total | 2,695,046 | $ | 58.33 | 2,681,600 | $ | 1,773 |
Exhibit Number | Description | |
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Kohl’s Corporation (Registrant) | ||
Date: | December 5, 2014 | /s/ Wesley S. McDonald |
Wesley S. McDonald On behalf of the Registrant and as Senior Executive Vice President and Chief Financial Officer (Principal Financial and Chief Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Kohl's Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | December 5, 2014 | /s/ Kevin Mansell |
Kevin Mansell | ||
Chairman, President and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Kohl's Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | December 5, 2014 | /s/ Wesley S. McDonald |
Wesley S. McDonald | ||
Senior Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Chief Accounting Officer) |
1. | This Quarterly Report on Form 10-Q of the Company for the quarterly period ended November 1, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | That the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | December 5, 2014 | /s/ Kevin Mansell |
Kevin Mansell | ||
Chairman, President and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | This Quarterly Report on Form 10-Q of the Company for the quarterly period ended November 1, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | That the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | December 5, 2014 | /s/ Wesley S. McDonald |
Wesley S. McDonald | ||
Senior Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Chief Accounting Officer) |
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