What fiscal years are covered by the consolidated financial statements of Carls audited by CKE Restaurants Holdings, Inc.?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
Also attached as Exhibit J are the audited consolidated financial statements for CJR's indirect corporate parent, CKE Restaurants Holdings, Inc. ("CKR") (formerly known as CKE Restaurants, Inc.), which comprise (1) consolidated balance sheets as of January 29, 2024 and January 30, 2023, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements; and (2) consolidated balance sheets as of January 30, 2023 and January 31, 2022, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements. As noted in Item 1, CKR will be providing required support and services to franchisees under a Management Agreement with us. CKR's financial statements are being provided for disclosure purposes only. CKR is not a party to any agreement that we sign with franchisees, nor does CKR guarantee our obligations under any agreement that we sign with franchisees.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
According to the 2024 FDD, the audited consolidated financial statements for CKE Restaurants Holdings, Inc. include consolidated balance sheets, statements of operations, comprehensive income, equity, and cash flows. These statements cover the fiscal years ended January 29, 2024, January 30, 2023, and January 31, 2022.
Specifically, the financial statements comprise two sets of reports. The first set includes balance sheets as of January 29, 2024, and January 30, 2023, along with statements for the fiscal years then ended. The second set includes balance sheets as of January 30, 2023, and January 31, 2022, with corresponding statements for those fiscal years.
As the parent company's financials are included for disclosure purposes, prospective Carls franchisees can review CKE Restaurants Holdings, Inc.'s financial performance over these three fiscal years to gain insight into the overall financial health of the organization. However, the FDD clearly states that CKE Restaurants Holdings, Inc. is not a party to any agreement with franchisees and does not guarantee Carls' obligations.