DFC Global Corp. (NASDAQ: DLLR), a leading international
diversified financial services company serving primarily unbanked
and under-banked consumers for over 30 years, today announced its
results for the fiscal third quarter ended March 31, 2013.
Fiscal Year 2013 Third Quarter Highlights
- Total consolidated revenue was $283.6
million for the quarter, an increase of 5.0%, or $13.6 million,
compared to the prior-year period. On a constant currency basis,
total consolidated revenue increased 5.8%.
- Total unsecured consumer lending
revenue was $181.7 million for the quarter, representing an
increase of $20.4 million, or 12.5%, on a constant currency basis
compared to the prior-year period. Revenue from internet-based
loans was $75.5 million for the quarter, representing an increase
of $9.5 million, or 14.2%, on a constant currency basis compared to
the prior-year period.
- Total revenue from pawn lending for the
quarter was $21.4 million, an increase of $0.3 million on a
constant currency basis. Pawn lending revenue was unfavorably
impacted by a year-over-year decline in gold prices.
- Consolidated adjusted EBITDA was $55.1
million for the three months ended March 31, 2013 compared to $76.2
million for the prior-year period. On a constant currency basis,
consolidated adjusted EBITDA decreased by $20.8 million compared to
the prior-year period.
- Diluted pro forma operating earnings
per share was $0.24 for the fiscal 2013 third quarter compared to
$0.54 for the prior-year period.
- Company reaffirms fiscal 2013 pro forma
diluted operating earnings guidance of $1.70 to $1.80 per
share.
- The Company’s GAAP earnings were
impacted by one-time restructuring and other charges for employee
severance and other costs related to the reorganization of the
Company’s business operations between global retail and internet
platforms, in addition to a goodwill and intangible asset
write-down associated with the Dealers’ Financial Services business
as a result of a delay in the Company’s negotiations with new
potential lending partners who would underwrite future MILES
program loans.
- The Company repurchased 230,000 shares
of its common stock at an average share price of $17.26 during the
three months ended March 31, 2013.
“As we previously reported, our financial results for the fiscal
third quarter were significantly impacted by the transition to the
new responsible lending guidelines in the United Kingdom, which
were developed in consultation with the local regulatory
authorities and our industry association members,” said Jeff Weiss,
the Company’s Chairman and Chief Executive Officer. “As a result of
the temporary ‘credit crunch’ for customers with multiple loans,
which was caused by adhering to these new guidelines, we
experienced higher loan defaults in our U.K. business during the
fiscal third quarter, clearly affecting our bottom line. In
response, we further tightened our lending underwriting criteria to
minimize the risk to our business, which naturally reduced our loan
growth in the United Kingdom during this period. Despite these
issues, strong demand for consumer loans across our geographies
enabled our overall consolidated loan portfolio during the fiscal
third quarter to increase 13.7% from the prior-year period. We have
begun to see moderate sequential quarter growth in our unsecured
loan book in the United Kingdom as we began the fiscal fourth
quarter.”
“Throughout my more than twenty years with the Company, we have
had to navigate through regulatory changes in both the United
States and Canada,” continued Mr. Weiss. “In each case, our
multi-product business model provided us with the necessary
flexibility to successfully adapt to the changing operating
environments. We believe the regulatory transition in the United
Kingdom is comparable to what we have previously faced in our other
markets. Similar to Canada and the United States, we fully expect
our U.K. business will reemerge from this transition a much
stronger business even better positioned against our
competitors.”
Concluded Mr. Weiss, “During the fiscal third quarter, we
continued to invest in the future growth of our global business. In
March, we began offering internet loans in Spain – population of 47
million – through our Finland-based (Risicum) internet lending
platform. Thus far, the demand for short-term consumer loans in
Spain has exceeded our expectations, but we are currently
moderating the growth of our loan book in that market until we
develop a longer history of credit performance. We believe there is
a significant opportunity in Spain to expand our internet loan
product alongside our store-based pawn lending and gold buying
business. Along those lines, we are about to open our first
‘Suttons and Robertsons’ high-end pawn lending store in Madrid. The
‘Suttons & Robertsons’ branded stores provide larger pawn loans
on high-value gold jewelry, diamonds, watches and artwork to higher
income customers that generally have irregular cash flows or
temporary liquidity issues.”
Fiscal 2013 Third Quarter Financial Results
For the quarter ended March 31, 2013, the Company recorded
revenue of $283.6 million, an increase of 5.8% on a constant
currency basis compared to the prior-year period. Total unsecured
consumer lending revenue was $181.7 million, up 12.5% on a constant
currency basis over the prior-year period, and includes revenue
from internet-based loans of $75.5 million, an increase of 14.2% on
a constant currency basis compared to the prior-year period.
Secured pawn lending contributed revenue of $21.4 million, an
increase of 1.2% compared to the prior-year period, excluding the
impact of currency exchange rates.
The consolidated loan loss provision, expressed as a percentage
of gross consumer lending revenue, was 27.4% for the quarter ended
March 31, 2013 compared to 20.6% for the prior-year period. The
loan loss provision for the quarter was significantly impacted by
higher loan defaults in the United Kingdom resulting from the
recently implemented three loan roll-over limitation, and a change
in estimate to the loan loss provision for customers placed on
payment plans following three roll-overs. The Company believes
customer loan default rates will improve moderately on a sequential
quarter basis for the fiscal quarter ending June 30, 2013. As a
percentage of loan originations or principal lent, the consolidated
loan loss provision for the quarter ended March 31, 2013 was
6.5%.
For the three months ended March 31, 2013, the Company incurred
$46.9 million of net one-time charges, which include a $31.1
million goodwill and intangible asset write-down associated with
the present diminished value of the Dealers’ Financial Services
business (DFS). The Consumer Financial Protection Bureau (CFPB)
examination discussed below delayed the Company’s negotiations with
other potential lending partners that the Company believes will
more competitively underwrite future MILES program loans, which was
the impetus for the goodwill and intangible asset devaluation. The
discussions with these new potential lending partners have recently
been restarted. The Company also incurred $7.0 million of one-time
restructuring and other charges for employee severance and other
costs related to the reorganization of the Company’s business
operations between global retail and internet platforms.
DFS has been informed by the CFPB that it intends to initiate an
administrative proceeding against DFS relating to its marketing of
certain vehicle service and insurance products and to the
requirement that MILES program loans be repaid via a military
allotment. DFS has cooperated in the CFPB examination, and intends
to seek to negotiate a consent order (without admitting or denying
any violations) resolving the matter. It is expected that any
consent order would provide for MILES program disclosure and other
changes and would include a restitution fund for certain MILES
program customers. There is no assurance that a consent order will
be successfully negotiated, or as to its terms, and there is
therefore no assurance that this matter will not materially and
adversely affect the MILES program.
Collectively, including the $46.9 million of net one-time
charges for the three months ended March 31, 2013, and $9.0 million
of net one-time gains for the quarter ended March 31, 2012, the
loss before income taxes on a GAAP basis was $35.7 million for the
fiscal 2013 third quarter compared to income before income taxes of
$41.2 million for the prior-year period, resulting in a net loss of
$36.4 million for the fiscal 2013 third quarter compared to net
income of $31.8 million for the prior-year period. Diluted loss per
share on a GAAP basis was $0.86 for the fiscal 2013 third quarter
compared to diluted earnings per share of $0.70 for the prior-year
period.
With respect to the Company’s operating earnings, excluding the
net one-time charges and gains for both periods, pro forma income
before income taxes was $15.2 million for the fiscal 2013 third
quarter, compared to pro forma income before income taxes of $36.1
million for the prior-year period. Considering a pro forma
effective income tax rate from operations of 32.0%, diluted
operating earnings per share was $0.24 for the fiscal 2013 third
quarter compared to $0.54 for the prior-year period. A table
reconciling pro forma income before income taxes and diluted
operating earnings per share to GAAP basis income before income
taxes and GAAP basis diluted earnings per share is included at the
back of this News Release.
Fiscal Year 2013 Outlook
The Company is reaffirming its revised earnings guidance range
for fiscal year 2013, previously announced on April 1, 2013, for
diluted operating earnings per share, which excludes any one-time
charges or gains that may occur, the non-cash impact of ASC-470-20,
and the non-cash amortization associated with the legacy
cross-currency interest rate swap agreements, of between $1.70 and
$1.80 per share.
Company Liquidity
As of March 31, 2013, the Company had drawn $22.6 million of its
$235.0 million global revolving credit facility. Furthermore, as of
March 31, 2013, the Company had drawn £5.3 million of its £6.0
million credit facilities in the United Kingdom, and had drawn SEK
30.0 million and EUR 12.7 million of its total SEK 125.0 million
and EUR 18.8 million credit facilities in Scandinavia.
The Company had $61.0 million of excess investible cash on its
balance sheet at March 31, 2013. The Company also repurchased
230,000 shares of its common stock at an average share price of
$17.26 during the three months ended March 31, 2013. Under its
current stock repurchase plan, as of April 1, 2013, the Company is
authorized to purchase an additional 2.2 million shares of its
common stock.
Investors Conference Call
The Company will be holding an investor’s conference call on May
1, 2013 at 5:00 pm ET to discuss its results for the fiscal third
quarter ended March 31, 2013, its guidance for fiscal year 2013 and
U.K. regulatory developments. Investors can participate in the
conference call by dialing (800) 310-8725 (U.S. and Canada) or
(719) 325-2282 (International); use the confirmation code
“9079327”. Hosting the call will be Jeffrey A. Weiss, Chairman and
CEO, and Randy Underwood, Executive Vice President and CFO. For
your convenience, the conference call can be replayed in its
entirety beginning from two hours after the end of the call through
May 8, 2013. If you wish to listen to the replay of this conference
call, please dial (877) 870-5176 (U.S. and Canada) or (858)
384-5517 (International) and enter passcode “9079327.”
The conference call will also be broadcast live through a link
on the Investor Relations page on the Company’s web site at
http://www.dfcglobalcorp.com. Please go to the web site at least 15
minutes prior to the call to register, download and install any
necessary audio software.
About DFC Global Corp.
DFC Global Corp. is a leading international diversified
financial services company serving primarily unbanked and
under-banked consumers who, for reasons of convenience and
accessibility, purchase some or all of their financial services
from the Company rather than from banks and other financial
institutions. As of March 31, 2013, the Company’s global retail
operations consisted of 1,457 retail storefront locations, of which
1,420 are company-owned stores, conducting business primarily under
the names The Money Shop®, Money Mart®, Insta-Cheques®, Suttons and
Robertsons®, The Check Cashing Store®, Sefina®, Helsingin PanttiSM,
Optima®, MoneyNow!®, and Super Efectivo®. In addition to its retail
stores, the Company also offers Internet-based short-term
single-payment consumer loans in the United Kingdom primarily under
the brand names Payday Express® and PaydayUK®, in Canada under the
Money Mart name, in Finland, Sweden, Poland, Czech Republic and
Spain under the Risicum®, OK Money® and MoneyNow!® brand names. For
more information, please visit the Company's website at
www.dfcglobalcorp.com.
The Company’s products and services, principally its short-term
single-payment consumer loans, secured pawn loans, check cashing
services and gold buying services, provide customers with immediate
access to cash for living expenses or other needs. The Company
strives to offer its customers additional high-value ancillary
services, including Western Union® money order and money transfer
products, foreign currency exchange, reloadable VISA® and
MasterCard® prepaid debit cards and electronic tax filing. In
addition to its core retail products, the Company also provides
fee-based services in the United States to enlisted military
personnel applying for loans to purchase new and used vehicles that
are funded and serviced under agreements with third-party lenders
through the Company’s branded Military Installment Loan and
Education Services, or MILES® program.
Forward-Looking Statements
This news release contains forward-looking statements,
including, among other things, statements regarding the following:
pending or recent acquisitions and their expected benefits; the
Company’s future results, growth, guidance and operating strategy;
the global economy; the effects of currency exchange rates on
reported operating results; the regulatory environment in Canada,
the United Kingdom, the United States, Scandinavia and other
countries; the resolution of the CFBP’s examination of the MILES
program; the impact of future development strategy, new stores and
acquisitions; litigation matters; financing initiatives; and the
performance of new products and services. These forward-looking
statements involve risks and uncertainties, including risks related
to: the regulatory environments, including reviews of our
operations by the CFPB in the U.S. and the Office of Fair Trading
in the U.K., and the effect of legislation in Finland that will
restrict our current business in that country; current and
potential future litigation; the identification of acquisition
targets; the consummation of pending acquisitions; the integration
and performance of acquired stores and businesses; the performance
of new stores and internet businesses; the impact of debt and
equity financing transactions; the results of certain ongoing
income tax appeals; the effects of new products and services on the
Company’s business, results of operations, financial condition,
prospects and guidance; the effect of the termination of our
relationship with the third-party national bank that currently
funds a portion of the MILES program loans and our ability to
replace such lending source on acceptable terms; and uncertainties
related to the effects of changes in the value of the U.S. Dollar
compared to foreign currencies. There can be no assurance that the
Company will attain its expected results, successfully consummate
pending acquisitions, successfully integrate and achieve
anticipated synergies from any of its acquisitions, obtain
acceptable financing, or attain its published guidance metrics, or
that ongoing and potential future litigation or the various FDIC,
CFPB, U.S. Federal or state, U.K., Canadian, Scandinavian, European
Union, or other foreign legislative or regulatory activities
affecting the Company or the banks with which the Company does
business will not negatively impact the Company’s operations. A
more complete description of these and other risks, uncertainties
and assumptions is included in the Company’s filings with the
Securities and Exchange Commission, including those described under
the heading “Risk Factors” on the Company’s Annual Report on Form
10-K for the Company’s fiscal year ended June 30, 2012. You should
not place any undue reliance on any forward-looking statements. The
Company disclaims any obligation to update any such factors or to
publicly announce results of any revisions to any of the
forward-looking statements contained herein to reflect future
events or developments.
Presentation of Information in this Press Release
In an effort to provide investors with additional information
regarding the Company’s results, the Company has also disclosed in
this press release the following information which management
believes provides useful information to investors:
- Selected local currency results (the
reported results for each country in their respective native
currencies).
- Constant currency results (the Company
calculates constant currency operating results by comparing current
period operating results with prior period operating results, with
both periods converted at the currency exchange rates for the prior
period).
- Pro forma operating results excluding
one-time and non-cash charges and credits and adjusted for pro
forma effective income tax rates.
DFC GLOBAL CORP. UNAUDITED
CONSOLIDATED BALANCE SHEETS (In millions) June
30, March 31, 2012 2013 Assets:
Cash and cash equivalents $ 224.0 $ 207.3 Consumer loans, net:
Consumer loans 206.4 231.4 Less: Allowance for loan losses
(19.8 ) (34.4 ) Consumer loans, net 186.6 197.0 Pawn loans
153.9 165.3 Loans in default, net 29.6 27.9 Prepaid expenses and
other current assets 83.8 84.3 Fair value of derivatives - 3.0
Deferred tax assets, net 22.0 21.4 Property and equipment, net
120.6 121.1 Goodwill and other intangibles, net 902.8 867.4 Debt
issuance costs, net and other assets 43.2 41.8
Total Assets $ 1,766.5 $ 1,736.5
Liabilities: Accounts and income taxes payable $ 67.8
$ 66.0 Accrued expenses and other liabilities 152.4 161.1 Fair
value of derivatives 11.2 1.1 Deferred tax liability 62.3 61.6
Revolving credit facilities and other short-term debt 73.7 36.7
Total long-term debt 938.9 976.5
Total Liabilities 1,306.3 1,303.0
Stockholders' Equity: Additional paid-in
capital 491.5 468.9 Retained earnings (accumulated deficit) (0.8 )
(8.9 ) Accumulated other comprehensive loss (29.4 )
(26.5 ) Total DFC Global Corp. Stockholders' Equity 461.3 433.5
Non-controlling interest (1.1 ) - Total
Stockholders' Equity 460.2 433.5
Total Liabilities and Stockholders' Equity $ 1,766.5
$ 1,736.5
DFC GLOBAL CORP.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In
millions except per share amounts)
Three Months Ended Nine Months
Ended March 31, March 31, 2012
2013 2012
2013 Revenues: Fees from consumer lending $
163.0 $ 181.7 $ 479.7 $ 549.8 Check cashing fees 35.3 31.9 106.2
97.4 Pawn service fees and sales 21.0 21.4 62.3 62.8 Purchased gold
sales 18.6 17.8 52.5 51.0 Money transfer fees 9.4 8.4 28.8 27.9
Other 22.7 22.4 65.5
64.3 Total revenues 270.0 283.6
795.0 853.2 Operating
expenses: Salaries and benefits 56.9 61.3 164.9 181.0 Provision for
loan losses 33.6 49.7 96.9 128.2 Occupancy costs 15.8 17.6 45.6
51.4 Advertising 12.2 18.5 40.2 50.4 Depreciation 5.6 6.5 16.2 19.9
Bank charges and armored carrier services 5.5 5.9 16.2 17.5
Maintenance and repairs 4.4 4.6 12.5 13.3 COGS - purchased gold
15.4 15.3 41.8 40.4 Other 24.8 31.3
72.2 84.4 Total operating expenses
174.2 210.7 506.5
586.5 Operating margin 95.8 72.9
288.5 266.7 Corporate and other
expenses: Corporate expenses 30.4 27.9 91.1 91.4 Interest expense,
net 25.0 28.4 73.7 91.3 Other depreciation and amortization 6.5 6.1
19.5 18.8 Unrealized foreign exchange (gain) loss (11.8 ) 2.1 18.3
0.4 (Gain) loss on derivatives not designated as hedges 6.4 - (6.3
) - Goodwill and intangible assets impairment charge - 31.1 - 36.6
Provision for litigation settlements - - 4.0 2.7 Loss on store
closings and other (1.9 ) 13.0 (0.8 )
13.0 Income (loss) before income taxes (incl.
non-controlling interest) 41.2 (35.7 ) 89.0 12.5 Income tax
provision 9.4 0.7 32.5
20.6 Net income (loss) $ 31.8 $ (36.4 ) $ 56.5
$ (8.1 ) Net income (loss) per share Basic $ 0.72
($0.86 ) $ 1.29 ($0.19 ) Diluted $ 0.70 ($0.86 ) $ 1.24 ($0.19 )
Weighted average shares outstanding Basic 44.1 42.1 43.9
42.8 Diluted 45.2 42.1 45.5 42.8
Revenue Breakdown by Channel and
Product
Revenue By Channel ($M) Three Months
Ended March 31, 2013
Year-over-Year Constant Currency Growth
Retail/ Retail/
Region
Other Internet Total Other
Internet Total United Kingdom $ 79.6 $ 62.9 $
142.5 8.0 % 13.1 % 10.2 % Canada 78.7 2.5 81.2 0.5 % 80.4 %
1.9 % United States 34.2 N/A 34.2 -6.1 % N/A -6.1 %
Continental Europe 15.6 10.1 25.7 15.4 % 11.0 % 13.6 %
Total Revenue $
208.1 $ 75.5 $ 283.6 3.1
% 14.2 % 5.8 %
Revenue By Product ($M)
Three Months Ended March 31, 2013
Year-over-Year Constant Currency Growth
Unsecured Pawn Other Unsecured
Pawn
Region
Lending Lending Products Total
Lending Lending (1) Other (2) Total
United Kingdom $103.1 $11.5 $27.9 $142.5 14.1% 2.0% 0.9%
10.2% Canada 48.1 0.1 33.0 81.2 10.7% N/M -8.7% 1.9%
United States 16.7 N/M 17.5 34.2 7.3% N/M -16.0% -6.1%
Continental Europe 13.8 9.8 2.1 25.7 13.8% -0.4% 240.8% 13.6%
Total
Revenue $181.7 $21.4 $80.5 $283.6
12.5% 1.2% -5.7% 5.8%
1)
Gold price decline unfavorably impacted
pawn lending revenue during the quarter.
2)
Primary driver of lower revenue is
decreased purchased gold sales in U.S., Canada and U.K., and lower
loans for the U.S. based DFS Military Lending Services
business.
Pro forma Net Income Reconciliation
Pro forma net income and operating earnings per share are not
items prepared in accordance with GAAP. The Company defines pro
forma net income as net income adjusted to exclude one-time and
non-cash charges and credits as described below, and diluted
operating earnings per share as pro forma net income divided by
weighted average diluted shares outstanding. The Company presents
pro forma net income and diluted operating earnings per share as
indications of its financial performance excluding one-time and
other net non-cash charges and to show comparative results of its
operations. Not all companies calculate pro forma net income or
diluted operating earnings per share in the same fashion, and
therefore these amounts as presented may not be comparable to other
similarly titled measures of other companies. The table below
reconciles income before income taxes as reported on the Company’s
Unaudited Consolidated Statements of Operations to pro forma net
income (dollars in millions) and diluted operating earnings per
share:
DFC GLOBAL CORP. PRO FORMA NET INCOME (excluding
one-time items & effects of ASC 470-20) (In millions
except per share amounts)
Three Months Ended Nine Months
Ended March 31, March 31, 2012 2013
2012 2013 Income (loss) before income taxes
(incl. non-controlling interest) $ 41.2 $ (35.7 ) $ 89.0 $ 12.5
Pro forma adjustments: Non-cash interest on convertible debt
(ASC 470-20) 2.3 4.0 6.9 13.2 Unrealized foreign exchange (gain)
loss (11.8 ) 2.1 18.3 0.4 Non-cash impact of hedge ineffectiveness
2.0 - (19.8 ) - Goodwill and other intangible assets impairment
charge - 31.1 - 36.6 Cross-currency swap amortization 1.6 - 4.9 2.2
Provision for litigation settlements - - 4.0 2.7 Acquisition costs
expensed 0.8 0.9 2.9 1.8 Restructuring and other charges - 7.0 -
7.0 Other items, net - 5.8 0.7
5.2 Pro forma income before income taxes 36.1
15.2 106.9 81.6 Pro forma income taxes (33% for 2012; 32% for 2013)
11.9 4.9 35.3 26.1
Pro forma net income $ 24.2 $ 10.3 $ 71.6
$ 55.5 Weighted average diluted shares
outstanding 45.2 43.2 45.5
43.9 Diluted operating earnings per
share $ 0.54 $ 0.24 $ 1.57 $ 1.26
Diluted GAAP earnings (loss) per share $ 0.70 $ (0.86
) $ 1.24 $ (0.19 )
Adjusted EBITDA Reconciliation
Adjusted EBITDA is not a financial measure prepared in
accordance with GAAP. The Company defines Adjusted EBITDA as
earnings before interest expense, income tax provision,
depreciation and amortization, stock-based compensation expense,
loss on store closings, litigation settlements, and other items
described below. The Company presents Adjusted EBITDA as an
indication of operating performance, as well as its ability to
service its future debt and capital expenditure requirements.
Adjusted EBITDA does not indicate whether the Company’s cash flow
will be sufficient to fund all of its cash needs. Adjusted EBITDA
should not be considered in isolation or as a substitute for net
income, cash flows from operating activities, or other measures of
operating performance or liquidity determined in accordance with
GAAP. Not all companies calculate Adjusted EBITDA in the same
fashion, and therefore these amounts as presented may not be
comparable to other similarly titled measures of other companies.
The table below reconciles income before income taxes as reported
on the Company’s Unaudited Consolidated Statements of Operations to
Adjusted EBITDA (dollars in millions):
Three Months Ended Nine
Months Ended March 31, March 31, 2012
2013 2012 2013
Income (loss) before income taxes (incl. non-controlling
interest) $ 41.2 $ (35.7 ) $ 89.0 $ 12.5 Add: Depreciation
and amortization 12.1 12.6 35.7 38.7 Interest expense, net 25.0
28.4 73.7 91.3 Stock based compensation expense 2.8 3.0 7.8 9.3
Unrealized foreign exchange (gain) loss (11.8 ) 2.1 18.3 0.4 (Gain)
loss on derivatives not designated as hedges 6.4 - (6.3 ) -
Goodwill and other intangible assets impairment charge - 31.1 -
36.6 Provision for litigation settlements - - 4.0 2.7 Acquisition
costs expensed 0.8 0.9 2.9 1.8 Restructuring and other charges -
7.0 - 7.0 Other items, net (0.3 ) 5.7
0.1 4.9 Adjusted EBITDA $ 76.2 $ 55.1 $
225.2 $ 205.2
DFC GLOBAL CORP.
UNAUDITED STORE DATA
Three Months Ended Nine Months Ended March
31, March 31, 2012 2013 2012
2013 De novo Store Builds United States 1 0 1 0
Canada 4 0 10 4 United Kingdom 24 11 62 30 Poland 0 5 4 16 Spain 0
4 0 7 Sweden 0 0 2 0 Finland 0 0 1 0
Total 29
20 80 57 Acquired Stores United
States 0 0 0 0 Canada 6 2 8 4 United Kingdom 1 0 16 31 Poland 0 0 0
0 Spain 8 0 8 0 Sweden 0 0 0 0 Finland 0 0 0 0
Total
15 2 32 35 Closed Stores
United States 1 6 7 11 Canada 0 5 0 5 United Kingdom 0 0 1 1 Poland
0 0 0 0 Spain 0 0 0 0 Sweden 0 0 0 0 Finland 0 0 0 0
Total
1 11 8 17 Ending
Company-Operated Stores United States 306 293 306 293 Canada
473 477 473 477 United Kingdom 477 575 477 575 Poland 7 25 7 25
Spain 8 15 8 15 Sweden 18 22 18 22 Finland 13 13 13 13
Total
Ending Company-Operated Stores 1,302 1,420
1,302 1,420 Ending Franchise/Agent
Stores Canada 14 10 14 10 U.K. 45 27 45 27
Total Ending
Franchise/Agent Stores 59 37 59 37
Total Ending Store Count 1,361 1,457
1,361 1,457
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