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									                                                    Student Name:
                                                            Class:
                                                                     Problem 05-03

Requirement 1:
                                EXQUISITE JEWELERS
                                     Balance Sheet
                                 At December 31, 2012

                                  Assets
Current Assets
 Cash
 Accounts receivable
 Prepaid insurance
 Merchandise inventory
   Total current assets
Long-Term Investments
 Stock of Z Corporation
Fixed Assets
 Store equipment
   Less accumulated depreciation
    Total fixed assets
Other Assets
 Used store equipment held for disposal
    Total assets

                                      Liabilities
Current Liabilities
 Accounts payable
 Income taxes payable
    Total current liabilities
Long-Term Liabilities
 Note payable
    Total liabilities

                             Stockholders' Equity
Contributed Capital
 Common stock, par $1/share, 100,000 shares
 Additional paid-in capital
   Total contributed capital
Retained Earnings
   Total stockholders' equity
   Total liabilities and stockholders' equity


Requirement 2:
                                       GOLD JEWELERS
                                        Net Book Value

          Item                  Book Value                 Explanation
Store equipment
Given Data P05-03:

                          EXQUISITE JEWELERS

Cash                                               $    58,000
Accounts receivable                                     71,000
Merchandise inventory                                  154,000
Prepaid insurance                                        1,500
Investment in Stock of Z Corporation (long-term)        36,000
Store equipment                                         67,000
Used store equipment held for disposal                   9,000
Accumulated depreciation, store equipment               19,000
Accounts payable                                        52,500
Long-term note payable                                  42,000
Income taxes payable                                     9,000
Retained earnings                                      164,000
Common stock, par $1/share, 100,000 shares
Common stock, par $1/share, issue price            $      1.10
                              Student Name:
                                      Class:
                                               Problem 05-04

Requirement 1:
                        BARNARD CORPORATION
                         Balance Sheet (Partial)
                          At December 31, 2011

                             Stockholders' Equity
Contributed Capital
 Common stock, par $15/share; 7,000 shares
 Paid-in capital
   Total contributed capital
Retained Earnings
  Ending balance                                                       69,000
   Total stockholders' equity                                  $       69,000
                                                                   Try again!
Given Data P05-04:


                        BARNARD CORPORATION
                              Balance Sheet
                          At December 31, 2011

Stockholders' Equity
Contributed Capital
 Common stock, par $15/share; 6,000 shares                    $     90,000
 Paid-in capital                                                    13,000
   Total contributed capital                                       103,000
Retained Earnings
  Ending balance                                                    44,000
   Total stockholders' equity                                 $    147,000

Selected 2012 transactions:
Sold and issued 1,000 shares of common stock at $25/share.
Net income for year determined to be $43,000
Declared and paid cash dividend of $3/share on beginning shares.
                                         Student Name:
                                                 Class:
                                                          Problem 05-05

                          AEROPOSTALE, INC.
                    Consolidated Statement of Income
                 For Year Ended March 31, Current Year
               (In Thousands Except Per Share Amounts)




Net income

Earnings per share:
Basic earnings per share
Weighted average shares outstanding                             66,832
Given Data P05-05:

                          AEROPOSTALE, INC.

Items reported on income statement (in thousands):
Cost of goods sold                                   $ 1,231,349
Interest income                                              510
Net revenue                                            1,885,531
Other selling, general and administrative expenses       405,883
Provision for income taxes                                99,387
Weighted average shares outstanding                       66,832
                                      Student Name:
                                              Class:
                                                       Problem 05-06

                   JORDAN SALES COMPANY
                        Income Statement
                For the Year Ended March 31, 2013



Gross Profit
Operating expenses:


   Total operating expenses
Income from operations

Income before income taxes

Net income
Earnings per share
                                               Student Name:
                                                       Class:
                                                                Problem 05-06

                              JORDAN SALES COMPANY
                                   Balance Sheet
                                 At March 31, 2013

                                        Assets
Current Assets:



  Total current assets
Noncurrent Assets:




  Total noncurrent assets
  Total assets

                                      Liabilities
Current Liabilities:



  Total current liabilities
Long-Term Liabilities:

  Total liabilities

                                Stockholders' Equity
Contributed Capital:


  Total contributed capital
Retained earnings

  Total liabilities and stockholders' equity
Given Data P05-06:

                               JORDAN SALES COMPANY
                                    Trial Balance
                                  At March 31, 2013

Cash                                                  $    58,000
Accounts receivable                                        49,000
Office supplies inventory                                   1,000
Automobiles (company cars)                                 34,000
Accumulated depreciation, automobiles                               $    14,000
Office equipment                                            3,000
Accumulated depreciation, office equipment                                1,000
Accounts payable                                                         22,000
Income taxes payable                                                          -
Salaries and commissions payable                                          2,000
Notes payable, long-term                                                 33,000
Capital stock (par $1; 33,000 shares)                                    33,000
Paid-in capital                                                           5,000
Retained earnings (on April 1, 2012)                                      7,500
Dividends declared and paid during current year            10,500
Sales revenue                                                            99,000
Cost of goods sold                                         33,000
Operating expenses (detail omitted)                        19,000
Depreciation expense (on autos and including
   $500 on office equipment)                                8,000
Interest expense                                            1,000
Income tax expense (not yet computed)
  Totals                                              $   216,500   $   216,500
                                                         CP5-3 Comparing Companies within an Industry

           Required:
                             1.   Compute return on assets for the most recent year. Which company provided the highest return to shareholders during
                                  the current year?

                             2.   Use ROE profit driver analysis to determine the cause(s) of any differences. How might the ownership versus the
                                  rental of property, plant, and equipment affect the total asset turnover ratio?

                             3.   Compare the ROE profit driver analysis for American Eagle Outfitters and Urban Outfitters to the ROE profit driver
                                  analysis for their industry. Where does American Eagle Outfitters outperform or underperform the industry? Where
                                  does Urban Outfitters outperform or underperform the industry?


This workbook is organized as follows:
Sheet Name                      Contents
CP5-3 (this worksheet)          CP5-3 Problem Requirements and Workbook Layout
Industry Ratio Report           Industry Ratio Report
AEO Balance Sheets              American Eagle Outfitters, Inc. Consolidated Balance Sheets
AEO Income Statements           American Eagle Outfitters, Inc. Consolidated Statements of Operations
AEO Stmts of Stockholders' Eq   American Eagle Outfitters, Inc. Consolidated Statements of Stockholders' Equity
AEO Statements of Cash Flow     American Eagle Outfitters, Inc. Consolidated Statements of Cash Flows
Urban Balance Sheets            Urban Outfitters, Inc. Consolidated Balance Sheets
Urban Income Statements         Urban Outfitters, Inc. Consolidated Statements of Income
Urban Stmts of Stockholders' Eq Urban Outfitters, Inc. Consolidated Statements of Stockholders' Equity
Urban Stmts of Cash Flow        Urban Outfitters, Inc. Consolidated Statements of Cash Flows
                        INDUSTRY RATIO REPORT
                            Retail Family Clothing Stores

Liquidity                                         COMPANIES USED IN INDUSTRY ANALYSIS
Current Ratio       2.55                  Company
Quick Ratio         1.38                  Name
                                          Abercrombie & Fitch
                                          Aeropostale Inc
Activity                                  American Eagle Outfitters
Inventory           5.92                  Ann Taylor Stores
Turnover
Days to Sell      70.897 days             bebe stores Inc
Inventory
Receivables        54.24                  Chico's FAS Inc
Turnover
Average            15.07 days             Collective Brands Inc
Collection
Fixed Asset         5.76                  Dress Barn Inc.
Turnover
Total Asset         1.90                  Foot Locker, Inc
Turnover
Accounts            6.43                  Gap Inc
Payable                                   Guess? Inc
Profitability                             J. Crew Group Inc
Gross Profit      38.99%                  Limited Brands Inc
Margin
Operating          6.24%                  Nordstrom, Inc.
Profit Margin
Net Profit         3.77%                  Pacific Sunwear of California Inc
Margin
Return on         13.11%                  Ross Stores Inc
Equity on
Return             7.17%                  The Buckle Inc
Assets
Quality of           0.07                 The Men's Warehouse Inc
Income               0.72                 Urban Outfitters Inc
Leverage                                  Wet Seal Inc.
Times Interest     16.33
Earned
Interest           16.39
Coverage
Total               1.08
Debt/Total
Total               1.92
Assets/Total
Dividends
Dividend          19.61%
Payout Yield
Dividend           2.22%

Other
Advertising-to-    2.39%
Sales Growth
Sales              2.39%
Capital              1.93
Acquisitions
Price/Earnings       6.81
DUSTRY ANALYSIS
         Ticker
         Symbol
         ANF
         ARO
         AEO
         ANN
         BEBE
         CHS
         PSS
         DBRN
         FL
         GPS
         GES
         JCG
         LTD
         JWN
         PSUN
         ROST
         BKE
         MW
         URBN
         WTSLA
CP5-3
Home
                                     AMERICAN EAGLE OUTFITTERS, INC.
                                      CONSOLIDATED BALANCE SHEETS


(in thousands, except per share amounts)

                                                         ASSETS
Current assets:
Cash and cash equivalents
Short-term investments
Merchandise inventory
Accounts and note receivable
Prepaid expenses and other
Deferred income taxes
Total current assets

Property and equipment, at cost, net of accumulated depreciation and amortization
Goodwill
Long-term investments
Non-current deferred income taxes
Other assets, net
Total assets
                                       LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
Notes payable
Accrued compensation and payroll taxes
Accrued rent
Accrued income and other taxes
Unredeemed stored value cards and gift certificates
Current portion of deferred lease credits
Other liabilities and accrued expenses
Total current liabilities

Non-current liabilities:
Deferred lease credits
Non-current accrued income taxes
Other non-current liabilities
Total non-current liabilities

Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value; 600,000 shared authorized; 249,328 and 248,763 shares
  share issued; 205,281 and 204,480 shares outstanding , respectively
Contributed capital
Accumulated other comprehensive (loss) income
Retained earnings
Treasury stock, 43,248 and 43,596 shares, repectively, at cost
Total stockholders' equity
Total liabilities and stockholders’ equity
 INC.                                 CP5-3
ETS                                   Home

        January 31,   February 2,
           2009          2008




        $    473,342 $      116,061
              10,511        503,878
             294,928        286,485
              41,471         31,920
              59,660         35,486
              45,447         47,004
             925,359      1,020,834

              740,240       625,568
               10,706        11,479
              251,007       165,810
               15,001        24,238
               21,363        19,751
        $   1,963,676 $   1,867,680
UITY


       $    152,068 $     157,928
       $     75,000 $           -
             29,417        49,494
             64,695        62,161
              6,259        22,803
             42,299        54,554
             13,726        12,953
             18,299        16,285
            401,763       376,178



             88,314        70,355
             39,898        44,837
             24,670        35,846
            152,882       151,038

                  -              -

                  -              -

               2,485         2,481
             513,574       493,395
             (14,389)       35,485
           1,694,161     1,601,784
            (786,800)     (792,681)
           1,409,031     1,340,464
       $   1,963,676 $   1,867,680
                           AMERICAN EAGLE OUTFITTERS, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                     For the Years Ended
                                                            January 1,    February 2,  February 3,
(In thousands, except per share amounts)                      2009           2008         2007
  Net sales                                                $ 2,988,866 $ 3,055,419 $ 2,794,409
  Cost of sales, including certain buying, occupancy and
     warehousi
   ng                                                        1,814,765      1,632,281      1,453,980
 Gross profit                                                1,174,101      1,423,138      1,340,429
 Selling, general and administrative expenses                 740,742        715,180        665,606
 Depreciation                                                 131,219        109,203          88,033
 and
 Operating                                                    302,140        598,755        586,790
 income
 Other                                                          17,790         37,626         42,277
 income, net
 Other-than-                                                    22,889              -              -
 temporary
 Income                                                       297,041        636,381        629,067
 before
 Provision for                                                117,980        236,362        241,708
 income
 Net income                                                $  179,061     $  400,019     $  387,359

 Basic                                                      $      0.87   $       1.85   $       1.74
 income per
 Diluted                                                    $      0.86   $       1.82   $       1.70
 income per
 Weighted average common shares outstanding - basic             205,169        216,119        222,662
 Weighted average common shares outstanding - diluted           207,582        220,280        228,384
CP5-3
Home
                                 AMERICAN EAGLE OUTFITTERS, INC.
                        CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                                                                        For the Years Ended
                                                                               January 1,    February 2,
(In thousands)                                                                   2009           2008
Net income                                                                   $    179,061 $      400,019
Other comprehensive (loss) income:
Temporary impairment related to ivestment securities, net of tax                  (22,795)            -
Reclassification adjustment for OTTI charges realized in net income
 related to ARS                                                                      751
Reclassification adjustment for losses realized in net income due to
 the sale of available-for-sale securities, net of tax                               197           242
Unrealized (loss) gain on investments, net of tax                                   (378)          947
Reclassification adjustment for gain realized in net income realted to the
 transfer of investment securities from available-for-sale classification
 to trading classification, net of tax                                                 -              -
Foreign currency translation adjustment                                          (27,649)        12,582
Reclassification adjustment for foreign currenty loss reasinzed in net
 income realted to the disposition of National Logistics Services                      -              -
Other comprehensive (loss) income                                                (49,874)        13,771
Comprehensive income                                                         $   129,187 $      413,790
                           CP5-3
COME                       Home

e Years Ended
            February 3,
               2007
           $    387,359

                      -




                   356
                  (191)



                   (177)
                 (1,180)

                    878
                  (314)
           $    387,045
                                                                     AMERICAN EAGLE OUTFITTERS, INC.
                                                            CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                                                                                                                   Accumulated
                                                            Shares                                                                                     Deferred        Other
                                                          Outstanding          Common           Contributed         Retained           Treasury      Compensation Comprehensive     Stockholders’
(in thousands, except per share amounts)                      (1)               Stock             Capital           Earnings           Stock (2)       Expense     Income (loss)       Equity
Balance at January 31, 2006                                    221,897     $       2,416    $        369,807    $      978,855     $     (216,513) $       (1,041) $      22,028    $   1,155,552
Stock awards                                                     4,556                45              83,615                 -                   -          1,041              -           84,701
Repurchase of common stock as part of publicly
  announced programs                                            (5,250)                 -                   -                            (146,485)              -              -         (146,485)
Repurchase of common stock from employees                         (443)                 -                   -                 -            (7,635)              -              -           (7,635)
Cash paid for fractional shares in three-for-two                                                            -                 -
  stock split                                                        (4)                -               (113)                 -                  -              -              -             (113)
Reissuance of treasury stock                                       528                  -                109            (2,348)             8,007               -              -            5,768
Net income                                                             -                -                   -          387,359                   -              -              -          387,359
Other comprehensive loss, net of tax                                   -                -                   -                                    -              -           (314)            (314)
Cash dividends ($0.28 per share)                                       -                -                   -           (61,521)                 -              -              -          (61,521)
Balance at February 3, 2007                                    221,284             2,461             453,418          1,302,345          (362,626)              -         21,714        1,417,312
Adoption of FIN 48                                                    -                 -                   -           (13,304)                                -                         (13,304)
Balance at February 4, 2007                                    221,284             2,461             453,418          1,289,041          (362,626)              -         21,714        1,404,008
Stock awards                                                     1,092                20              39,977                   -                 -              -              -           39,997
Repurchase of common stock as part
  of publicly announced programs                               (18,750)                 -                  -                   -         (438,291)              -              -         (438,291)
Repurchase of common stock from employees                         (415)                 -                  -                   -          (12,310)              -              -          (12,310)
Reissuance of treasury stock                                     1,269                  -                  -             (6,480)            20,546              -              -            14,066
Net income                                                            -                 -                  -            400,019                   -             -                         400,019
Other comprehensive income, net of tax                                -                 -                  -                   -                  -             -         13,771            13,771
Cash dividends ($0.98 per share)                                      -                 -                  -            (80,796)                  -             -               -          (80,796)
Balance at February 2, 2008                                    204,480             2,481             493,395          1,601,784          (792,681)              -         35,485        1,340,464
Stock awards                                                       453                 4              20,179                420                   -             -               -           20,603
Repurchase of common stock from employees                         (164)                 -                  -                   -            (3,432)             -               -           (3,432)
Reissuance of treasury stock                                       512                  -                  -             (4,710)             9,313              -               -            4,603
Net income                                                            -                 -                  -            179,061                   -             -               -         179,061
Other comprehensive loss, net of tax                                  -                 -                  -                   -                  -             -        (49,874)         (49,874)
Cash dividends ($0.40 per share)                                      -                 -                  -            (82,394)                  -             -               -          (82,394)
Balance at January 31, 2009                           $        205,281 $           2,485    $        513,574    $     1,694,161 $        (786,800) $            -   $    (14,389) $     1,409,031

                  Note 1            600,000 authorized, 249,328 issued and 205,281 outstanding (excluding 799 shares of non-vested restricted stock), $0.01 par value common stock at January 31,
                                    2009; 600,000 authorized, 248,763 issued and 204,480 outstanding (excluding 687 shares of non-ves




                  Note2             43,248 shares 43,596 shares and 25,699 shares at January 31, 2009, February 2, 2008, and February 3, 2007, respectively. During Fiscal 2008 and Fiscal 2007,
                                    512 shares and 1,269 shares, respectively, were reissued from treasury stock for the issuance of
CP5-3
Home
                                                     AMERICAN EAGLE OUTFITTERS, INC.
                                                 CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                                          For the Years Ended
                                                                                 January 31,   February 2,  February 3,
(In thousands)                                                                      2009          2008         2007
Operating activities:
Net income                                                                       $    179,061 $      400,019 $      387,359
Adjustments to reconcile income to net cash provided by operating activities:
  Depreciation and amortization                                                       133,141        110,753         89,698
  Stock-based compensation                                                             20,296         33,670         36,556
  Provision for deferred income taxes                                                  24,469         (8,147)       (27,572)
  Tax benefit from share-based payments                                                 1,121          7,260         25,465
  Excess tax benefit from share-based payments                                           (693)        (6,156)       (19,541)
  Foreign currency transaction (gain) loss                                             (1,141)         1,221            687
  Loss on impairment of assets                                                          6,713            592               -
  Other-than-temporary impairment charge                                               22,889               -              -
Proceeds from sale of trading securities                                                     -              -       183,968
Changes in assets and liabilities:
  Merchandise inventory                                                               (13,735)       (19,074)       (53,527)
  Accounts and note receivable                                                        (10,094)        (5,660)         7,448
  Prepaid expenses and other                                                          (24,781)        (1,334)        (4,204)
  Other assets, net                                                                       390         (3,242)        (5,357)
  Accounts payable                                                                     (3,053)       (15,559)        32,345
  Unredeemed gift cards and gift certificates                                         (11,392)          (699)        11,623
  Deferred lease credits                                                               18,887          4,640          7,791
  Accrued income and other taxes                                                      (20,697)       (31,416)        43,482
  Accrued liabilities                                                                 (19,188)        (2,598)        33,047
Total adjustments                                                                     123,132         64,251        361,909
Net cash provided by operating activities                                             302,193        464,270        749,268
Investing activities:
  Capital expenditures                                                               (265,335)       (250,407)      (225,939)
  Proceeds from sale of assets                                                               -               -        12,345
  Purchase of available-for-sale securities                                           (48,655)     (1,772,653)    (1,353,339)
  Sale of available-for-sale securities                                               393,559       2,126,891        915,952
  Other investing activities                                                           (1,180)         (1,170)          (140)
Net cash provided by (used for) investing activities                                   78,389         102,661       (651,121)
Financing activities:
  Payments on note payable and capital leases                                          (2,177)        (1,912)        (3,020)
  Proceeds from issuance of note payable                                               75,000               -         2,025
  Repurchase of common stock as part of publicly announced programs                          -      (438,291)      (146,485)
  Repurchase of common stock from employees                                            (3,432)       (12,310)        (7,635)
  Cash paid for fractional shares in connection with three-for-two stock split               -              -          (113)
  Net proceeds from stock options exercised                                             3,799         13,183         28,447
  Excess tax benefit from share-based payments                                            693          6,156         19,541
  Cash dividends paid                                                                 (82,394)       (80,796)       (61,521)
Net cash used for financing activities                                                 (8,511)      (513,970)      (168,761)
Effect of exchange rates on cash                                                      (14,790)         3,363           (178)
Net (increase) decrease in cash and cash equivalents                                  357,281         56,324        (70,792)
Cash and cash equivalents - beginning of period                                       116,061         59,737        130,529
Cash and cash equivalents - end of period                                        $     473,342 $      116,061 $       59,737
CP5-3
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                                      URBAN OUTFITTERS, INC.
                                     Consolidated Balance Sheets
                               (in thousands, except share and per share data)

                                                                                        January 31,
                                                                                 2009                 2008
                                                     ASSETS
Current Assets:
 Cash and cash equivalents                                                $       316,035      $        49,912
 Marketable securities                                                             49,948              141,883
 Accounts receivable, net of allowance for doubtful accounts of $1,229
   and $966, respectively                                                           36,390              14,324
 Inventories                                                                       169,698             140,377
 Prepaid expenses and other current assets                                          46,412              33,993
 Deferred taxes                                                                      5,919               4,694
   Total current assets                                                            624,402             385,183
 Property and equipment, net                                                       505,407             299,291
 Marketable securities                                                             155,226              64,748
 Deferred income taxes and other assets                                             43,974              19,983
 Total Assets                                                             $      1,329,009     $       769,205

                                LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
 Accounts payable                                                                  62,955               41,291
 Accrued compensation                                                              11,975               12,673
 Accrued expenses and other current liabilities                                    66,220               79,544
    Total current liabilities                                                     141,150              133,508
Deferred rent and other liabilities                                               134,084               74,817
    Total Liabilities                                                             275,234              208,325
Commitments and contingencies (see Note 11)
Shareholders' equity:
 Preferred shares; $.0001 par value, 10,000,000 shares authorized,
    none issued                                                                            -                 -
 Common shares; $.0001 par value, 200,000,000 shares authorized,
    167,712,088 and 166,104,615 issued and outstanding respectively                     17                  16
 Additional paid-in capital                                                        170,166             134,146
 Retained earnings                                                                 901,339             426,190
 Accumulated other comprehensive (loss) income                                     (17,747)                528
    Total Shareholders’ Equity                                                   1,053,775             560,880
   Total Liabilities and Shareholders' Equity                             $      1,329,009 $           769,205
CP5-3
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                                   URBAN OUTFITTERS, INC.
                                Consolidated Statements of Income
                             (in thousands, except share and per share data)

                                                                 Fiscal Year Ended January 31,
                                                             2009             2008           2007
Net sales                                               $    1,834,618 $      1,507,724 $     1,224,717
Cost of sales, including certain buying, distribution
  and occupancy costs                                         1,121,140          930,952           772,796
    Gross profit                                                713,478          576,772           451,921
Selling, general and administrative expenses                    414,043          351,827           287,932
  Income from operations                                        299,435          224,945           163,989
Interest income                                                  11,504            9,390             6,531
Other income                                                         694             575               353
Other expenses                                                    (2,143)           (515)             (715)
  Income before income tax expense                              309,490          234,395           170,158
Income tax expense                                              110,126           74,164            53,952
  Net income                                            $       199,364 $        160,231 $         116,206
Net income per common share:
 Basic                                                  $          1.20   $          0.97   $          0.71
 Diluted                                                $          1.17   $          0.94   $          0.69
Weighted average common shares outstanding:
 Basic                                                      166,793,062       165,305,207       164,679,786
 Diluted                                                    170,860,605       169,640,585       168,652,005
CP5-3
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                                                                        URBAN OUTFITTERS, INC.
                                                              Consolidated Statements of Shareholders' Equity
                                                                        (in thousands, except share data)

                                                                                                                                              Accumulated
                                                                      Common Shares              Additional                                       Other
                                              Comprehensive      Number of        Par             Paid-in         Unearned       Retained    Comprehensive
                                                 Income           Shares         Value            Capital       Compensation     Earnings     Income (loss)     Total
Balances as of February 1, 2006                                  164,831,477 $         16      $     138,050    $      (3,905) $     426,190 $          528 $     560,880
Net Income                                    $     116,206                -            -                   -               -        116,206              -       116,206
Foreign currency translation                          3,614                -            -                   -               -              -          3,614         3,614
Unrealized losses on marketable securities,
   net of tax                                           142                -               -                -               -             -           142            142
Comprehensive income                          $     119,962
Share-based compensation                                                   -               -           3,497                              -              -         3,497
Unearned compensation reclass                                              -               -          (3,905)           3,905             -              -             -
Exercise of stock options                                          1,375,986               1           6,350                -             -              -         6,351
Tax effect of share exercises                                              -                           5,394                                                       5,394
Share Repurchase                                                  (1,220,000)              -         (20,801)               -             -              -       (20,801)
Balances as of January 31, 2007                                  164,987,463              17         128,586                -       542,396          4,284       675,283
Net income                                          160,231                -               -               -                -       160,231              -       160,231
Foreign currency translation                            703                -               -               -                -             -            703           703
FIN48 adjustment                                          -                                                                            (652)                        (652)
Unrealized gains on marketable securities,
   net of tax                                         2,248                -               -                -               -             -          2,248          2,248
Comprehensive income                          $     163,182
Share-based compensation                                                   -               -           3,277                -             -              -         3,277
Exercise of stock options                                          1,117,152               -           5,000                -             -              -         5,000
Tax effect of share exercises                                              -               -           7,341                -             -              -         7,341
Balances as of January 31, 2008                                  166,104,615              17         144,204                -       701,975          7,235       853,431
Net income                                          199,364                -               -               -                -       199,364              -       199,364
Foreign currency translation                        (19,866)               -               -               -                -             -        (19,866)      (19,866)
Unrealized losses on marketable securities,
   net of tax                                        (5,116)               -               -                -               -             -         (5,116)        (5,116)
Comprehensive income                          $     174,382
Share-based compensation                                                   -               -           3,637                -             -              -          3,637
Exercise of stock options                                          1,607,473               -           8,891                -             -              -          8,891
Tax effect of share exercises                                              -               -          13,434                -             -              -         13,434
Balances as of January 31, 2009                                  167,712,088    $         17   $     170,166    $           -   $   901,339    $   (17,747) $   1,053,775
CP5-3
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                                                   URBAN OUTFITTERS, INC.
                                              Consolidated Statements of Cash Flows
                                                                  (in thousands)

                                                                                              Fiscal Year Ended January 31,
                                                                                          2009             2008           2007
Cash flows from operating activities:
  Net income                                                                          $    199,364     $   160,231     $   116,206
  Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization                                                            81,949         70,017          55,713
    Provision for deferred income taxes                                                      (9,351)        (2,782)         (4,959)
    Tax benefit of stock option exercises                                                   (13,434)        (7,341)         (5,394)
    Share-based compensation expense                                                          3,637          3,277           3,497
    Loss on disposition of property and equipment, net                                           61            317           1,393
    Changes in assets and liabilities:
       Receivables                                                                         (10,726)         (5,462)         (6,371)
       Inventories                                                                            (272)        (17,430)        (13,416)
       Prepaid expenses and other assets                                                     9,210         (22,441)          6,848
       Accounts payable, accrued expenses and other liabilities                             (8,868)         75,967          33,600
  Net cash provided by operating activities                                                251,570         254,353         187,117
Cash flows from investing activities:
  Cash paid for property and equipment                                                     (112,553)       (115,370)       (212,029)
  Cash paid for marketable securities                                                      (809,039)       (293,633)       (182,653)
  Sales and maturities of marketable securities                                             864,685         220,101         193,274
   Net cash used in investing activities                                                    (56,907)       (188,902)       (201,408)
Cash flows from financing activities:
  Exercise of stock options                                                                  8,891           5,000            6,351
  Excess tax benefit of stock options exercises                                             13,434           7,341            5,394
  Share repurchases                                                                              -               -          (20,801)
  Net cash provided by (used in) financing activities                                       22,325          12,341           (9,056)
Effect of exchange rate changes on cash and cash equivalents                                (6,224)            212              702
Increase (decrease) in cash and cash equivalents                                           210,764          78,004          (22,645)
Cash and cash equivalents at beginning of period                                           105,271          27,267           49,912
Cash and cash equivalents at end of period                                            $    316,035 $       105,271     $     27,267
Supplemental cash flow information:
Cash paid during the year for:
  Income taxes                                                                        $    115,040     $    70,765     $    52,535
  Non-cash investing activities - Accrued capital expenditures                        $      6,561     $     6,645     $    14,618
CP5-3
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