Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Nov. 02, 2013 | Dec. 05, 2013 | Jul. 28, 2012 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HIBBETT SPORTS INC | ' | ' |
Entity Central Index Key | '0001017480 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,621,397,062 |
Entity Common Stock, Shares Outstanding | ' | 25,814,449 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $69,937 | $76,911 |
Inventories, net | 230,172 | 221,378 |
Other current assets | 28,519 | 23,325 |
Total current assets | 328,628 | 321,614 |
Property and equipment | 205,187 | 170,560 |
Less accumulated depreciation and amortization | 124,018 | 121,484 |
Property and equipment, net | 81,169 | 49,076 |
Other assets, net | 6,430 | 6,641 |
Total Assets | 416,227 | 377,331 |
Current Liabilities: | ' | ' |
Accounts payable | 93,164 | 102,021 |
Accrued payroll expenses | 9,843 | 8,112 |
Deferred rent | 3,802 | 3,492 |
Short-term capital lease obligations | 682 | 714 |
Other accrued expenses | 4,706 | 4,376 |
Total current liabilities | 112,197 | 118,715 |
Deferred rent | 12,695 | 12,006 |
Other liabilities, net | 6,040 | 7,483 |
Total liabilities | 130,932 | 138,204 |
Stockholders' Investment: | ' | ' |
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $.01 par value, 80,000,000 shares authorized, 38,143,024 and 37,846,321 shares issued at November 2, 2013 and February 2, 2013, respectively | 381 | 378 |
Paid-in capital | 151,352 | 140,423 |
Retained earnings | 475,600 | 421,594 |
Treasury stock, at cost; 12,368,031 and 12,023,834 shares repurchased at November 2, 2013 and February 2, 2013, respectively | -342,038 | -323,268 |
Total stockholders' investment | 285,295 | 239,127 |
Total Liabilities and Stockholders' Investment | $416,227 | $377,331 |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Stockholders' Investment: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 38,143,024 | 37,846,321 |
Treasury stock, shares (in shares) | 12,368,031 | 12,023,834 |
UNAUDITED_CONDENSED_CONSOLIDAT2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Net sales | $207,971 | $202,934 | $634,198 | $601,293 |
Cost of goods sold, including distribution center and store occupancy costs | 131,483 | 127,494 | 402,907 | 380,900 |
Gross profit | 76,488 | 75,440 | 231,291 | 220,393 |
Store operating, selling and administrative expenses | 45,496 | 41,933 | 134,251 | 125,705 |
Depreciation and amortization | 3,549 | 3,207 | 10,193 | 9,613 |
Operating income | 27,443 | 30,300 | 86,847 | 85,075 |
Interest expense, net | 55 | 39 | 142 | 127 |
Income before provision for income taxes | 27,388 | 30,261 | 86,705 | 84,948 |
Provision for income taxes | 10,138 | 11,296 | 32,700 | 31,725 |
Net income | $17,250 | $18,965 | $54,005 | $53,223 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.67 | $0.73 | $2.09 | $2.03 |
Diluted (in dollars per share) | $0.66 | $0.71 | $2.05 | $1.99 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in dollars per share) | 25,823 | 26,125 | 25,893 | 26,234 |
Diluted (in dollars per share) | 26,282 | 26,613 | 26,309 | 26,738 |
UNAUDITED_CONDENSED_CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $54,005 | $53,223 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,193 | 9,613 |
Stock-based compensation | 4,727 | 4,824 |
Other non-cash adjustments to net income | -3,575 | -4,617 |
Increase in inventories, net | -8,794 | -12,212 |
(Decrease) increase in accounts payable | -8,857 | 15,148 |
Changes in other operating assets and liabilities | 1,835 | 2,250 |
Net cash provided by operating activities | 49,534 | 68,229 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -42,504 | -15,112 |
Other, net | -327 | -343 |
Net cash used in investing activities | -42,831 | -15,455 |
Cash Flows From Financing Activities: | ' | ' |
Cash used for stock repurchases | -14,483 | -35,190 |
Payments on capital lease obligations | -204 | -123 |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 1,502 | 2,547 |
Other, net | -492 | 142 |
Net cash used in financing activities | -13,677 | -32,624 |
Net (decrease) increase in cash and cash equivalents | -6,974 | 20,150 |
Cash and cash equivalents, beginning of period | 76,911 | 55,138 |
Cash and cash equivalents, end of period | $69,937 | $75,288 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 3 Months Ended |
Nov. 02, 2013 | |
Basis of Presentation and Accounting Policies [Abstract] | ' |
Basis of Presentation and Accounting Policies | ' |
1. Basis of Presentation and Accounting Policies | |
The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of February 2, 2013, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors. | |
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2013 filed on April 1, 2013. In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of November 2, 2013 and the results of our operations and cash flows for the periods presented. | |
There have been no material changes in our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended February 2, 2013 filed on April 1, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Nov. 02, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
2. Recent Accounting Pronouncements | |
We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations. As of November 2, 2013, there were no new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations since our Annual Report on Form 10-K for the fiscal year ended February 2, 2013 filed on April 1, 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||
3. Fair Value of Financial Instruments | |||||||||||||||||||||||||
Accounting Standards Codification (ASC) Subtopic 820, Fair Value Measurement, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||||||
Level I – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level II – Observable inputs other than quoted prices included in Level I. | |||||||||||||||||||||||||
Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||
The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of November 2, 2013 and February 2, 2013 (in thousands): | |||||||||||||||||||||||||
2-Nov-13 | 2-Feb-13 | ||||||||||||||||||||||||
Level I | Level II | Level III | Level I | Level II | Level III | ||||||||||||||||||||
Short-term investments | $ | 486 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Long-term investments | 1,902 | - | - | 1,912 | - | - | |||||||||||||||||||
Total investments | $ | 2,388 | $ | - | $ | - | $ | 1,912 | $ | - | $ | - | |||||||||||||
Short-term investments are reported in other current assets on our unaudited condensed consolidated balance sheets. Long-term investments are reported in other assets on our unaudited condensed consolidated balance sheets. | |||||||||||||||||||||||||
Debt
Debt | 3 Months Ended |
Nov. 02, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
4. Debt | |
At November 2, 2013, we had two unsecured credit facilities, which are renewable annually in August and November. The August facility allows for borrowings up to $30.0 million at a rate equal to the higher of prime rate, the federal funds rate plus 0.5% or LIBOR. The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2%. Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements. We did not have any borrowings against either of these facilities during the thirteen and thirty-nine weeks ended ended November 2, 2013, nor was there any debt outstanding under either of these facilities at November 2, 2013. At November 2, 2013, a total of $80.0 million was available to us from these facilities. | |
At February 2, 2013, we had the same two unsecured facilities and corresponding terms as listed above. We did not have any borrowings against either of these facilities during Fiscal 2013, nor was there any debt outstanding under either of these facilities at February 2, 2013. | |
Subsequent to November 2, 2013, we renewed our existing November facility of $50.0 million with an interest rate of prime plus 2%. The renewal was effective November 15, 2013 and will expire on November 18, 2014. The facility is unsecured and does not require a commitment or agency fee nor are there any covenant restrictions. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
5. Stock-Based Compensation | |||||||||||||||||
The compensation costs that have been charged against income for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 were as follows (in thousands): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Stock-based compensation expense by type: | |||||||||||||||||
Stock options | $ | 17 | $ | 32 | $ | 340 | $ | 774 | |||||||||
Restricted stock unit awards, including performance-based | 1,321 | 1,024 | 4,207 | 3,978 | |||||||||||||
Employee stock purchases | 26 | 16 | 84 | 51 | |||||||||||||
Director deferred compensation | 34 | 15 | 96 | 21 | |||||||||||||
Total stock-based compensation expense | 1,398 | 1,087 | 4,727 | 4,824 | |||||||||||||
Income tax benefit recognized | 516 | 403 | 1,745 | 1,797 | |||||||||||||
Stock-based compensation expense, net of income tax | $ | 882 | $ | 684 | $ | 2,982 | $ | 3,027 | |||||||||
In the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012, we granted the following equity awards: | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Stock options | 810 | 1,530 | 19,251 | 39,772 | |||||||||||||
Restricted stock unit awards | - | 2,801 | 62,625 | 66,317 | |||||||||||||
Performance-based restricted stock unit awards | - | - | 36,700 | 38,100 | |||||||||||||
Deferred stock units | 601 | 252 | 8,076 | 361 | |||||||||||||
Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 2,312 shares of our common stock were awarded during the thirty-nine weeks ended November 2, 2013 as part of the annual equity award to directors in the first quarter. Prior to the adoption of the 2012 Plan, the annual equity award to directors was solely in stock options. In addition, under our employee stock purchase plan, our employees purchased 1,994 and 6,860 shares of our common stock during the thirteen and thirty-nine weeks ended November 2, 2013, respectively and 1,769 and 6,183 shares of our common stock during the thirteen and thirty-nine weeks ended October 27, 2012, respectively. | |||||||||||||||||
The weighted-average grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended November 2, 2013 was $21.51 and $17.68 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $12.94 and $12.34, respectively, and the weighted-average price paid by our employees for shares of our common stock was $47.40 and $46.03, respectively, during the thirteen and thirty-nine weeks ended November 2, 2013. | |||||||||||||||||
The weighted-average grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended October 27, 2012 was $20.72 and $19.45 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $14.51 and $12.28, respectively, and the weighted-average price paid by our employees for shares of our common stock was $49.05 and $43.15, respectively, during the thirteen and thirty-nine weeks ended October 27, 2012. | |||||||||||||||||
At November 2, 2013, the total compensation costs, related to nonvested restricted stock unit awards not yet recognized was $10.1 million and the weighted-average period over which such awards are expected to be recognized was 2.4 years. There are no future compensation costs related to nonvested stock options to be recognized at November 2, 2013. | |||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
6. Earnings Per Share | |||||||||||||||||
The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Weighted-average shares used in basic computations | 25,823 | 26,125 | 25,893 | 26,234 | |||||||||||||
Dilutive equity awards | 459 | 488 | 416 | 504 | |||||||||||||
Weighted-average shares used in diluted computations | 26,282 | 26,613 | 26,309 | 26,738 | |||||||||||||
For the thirteen and thirty-nine weeks ended November 2, 2013, 3,106 options were excluded from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. For the thirteen and thirty-nine weeks ended October 27, 2012, no options were excluded from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. | |||||||||||||||||
We excluded 79,400 nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by November 2, 2013. Assuming the performance-criteria had been achieved as of November 2, 2013, the incremental dilutive impact would have been 30,193 shares. | |||||||||||||||||
Stock_Repurchase_Program
Stock Repurchase Program | 3 Months Ended |
Nov. 02, 2013 | |
Stock Repurchase Program [Abstract] | ' |
Stock Repurchase Program | ' |
7. Stock Repurchase Program | |
In November 2012, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through January 29, 2016. The Program replaced an existing program (Former Program) and authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. | |
Under the Program, we repurchased 134,406 shares of our common stock during the thirteen weeks ended November 2, 2013 at a cost of $7.1 million. We repurchased 344,197 shares of our common stock during the thirty-nine weeks ended November 2, 2013 at a cost of $18.8 million, including 77,473 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $4.3 million. | |
We repurchased 206,729 shares of our common stock during the thirteen weeks ended October 27, 2012 at a cost of $11.8 million. For the thirty-nine weeks ended October 27, 2012, we repurchased 700,132 shares of our common stock at a cost of $38.9 million, including 68,386 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $3.7 million. | |
Under all authorizations, we have repurchased a total of 12.4 million shares of our common stock at an approximate cost of $342.0 million as of November 2, 2013, and had approximately $230.9 million remaining under the Program for stock repurchase. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the authorization. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
8. Commitments and Contingencies | |||||||||||||
Lease Commitments. | |||||||||||||
We have entered into capital leases for certain property. At November 2, 2013, the total capital lease obligations were $2.6 million, of which $0.7 million was included in short-term capital lease obligations and $1.9 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. At February 2, 2013, the total capital lease obligation was $2.8 million, of which $0.7 million was included in short-term capital lease obligations and $2.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. | |||||||||||||
During the thirteen weeks ended November 2, 2013, we opened 16 stores and closed 4 stores increasing our lease commitments by a net of 12 retail stores. The stores we opened have initial lease termination dates between August 2018 and April 2024. At November 2, 2013, the future minimum lease payments, excluding maintenance, insurance and real estate taxes, for our current capital and operating leases, were as follows (in thousands): | |||||||||||||
Capital | Operating | Total | |||||||||||
Remaining Fiscal 2014 | $ | 547 | $ | 11,147 | $ | 11,694 | |||||||
Fiscal 2015 | 372 | 44,457 | 44,829 | ||||||||||
Fiscal 2016 | 375 | 34,417 | 34,792 | ||||||||||
Fiscal 2017 | 385 | 27,040 | 27,425 | ||||||||||
Fiscal 2018 | 385 | 20,131 | 20,516 | ||||||||||
Fiscal 2019 | 385 | 13,263 | 13,648 | ||||||||||
Thereafter | 821 | 24,612 | 25,433 | ||||||||||
Total minimum lease payments | 3,270 | 175,067 | 178,337 | ||||||||||
Less amount representing interest | 622 | - | 622 | ||||||||||
Present value of total minimum lease payments | $ | 2,648 | $ | 175,067 | $ | 177,715 | |||||||
Included in the above table are future minimum lease payments on our distribution center which aggregate approximately $1.2 million. The related operating lease expires in December 2014. | |||||||||||||
Annual Bonuses and Equity Incentive Awards. | |||||||||||||
Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance. At November 2, 2013 and February 2, 2013, there was $2.9 million and $4.3 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets. | |||||||||||||
In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our Named Executive Officers. The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, and are evaluated each quarter to determine the probability that the performance conditions set within will be met. | |||||||||||||
Legal Proceedings and Other Contingencies. | |||||||||||||
No material amounts were accrued at November 2, 2013 or February 2, 2013 pertaining to legal proceedings or other contingencies. | |||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
9. Income Taxes | |||||||||
Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. | |||||||||
We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. In accordance with ASC Subtopic 740-10, we recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. Our liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. Our effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. | |||||||||
A reconciliation of the unrecognized tax benefit under ASC Topic 740 follows (in thousands): | |||||||||
2-Nov-13 | 2-Feb-13 | ||||||||
Unrecognized tax benefits - beginning of year | $ | 2,708 | $ | 2,604 | |||||
Gross increases - tax positions in prior period | 242 | 55 | |||||||
Gross decreases - tax positions in prior period | (964 | ) | (42 | ) | |||||
Gross increases - tax positions in current period | 282 | 278 | |||||||
Settlements | (572 | ) | - | ||||||
Lapse of statute of limitations | (210 | ) | (187 | ) | |||||
Unrecognized tax benefits - end of year | $ | 1,486 | $ | 2,708 | |||||
At November 2, 2013, it is reasonably possible that our liability for unrecognized tax benefits will decrease in the next 12 months between $0.6 million and $0.7 million resulting from a settlement with a state taxing authority. We file income tax returns in the U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2011 or by most state taxing jurisdictions for years prior to Fiscal 2010. | |||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Financial assets measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||
The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of November 2, 2013 and February 2, 2013 (in thousands): | |||||||||||||||||||||||||
2-Nov-13 | 2-Feb-13 | ||||||||||||||||||||||||
Level I | Level II | Level III | Level I | Level II | Level III | ||||||||||||||||||||
Short-term investments | $ | 486 | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Long-term investments | 1,902 | - | - | 1,912 | - | - | |||||||||||||||||||
Total investments | $ | 2,388 | $ | - | $ | - | $ | 1,912 | $ | - | $ | - | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-based compensation expense by type | ' | ||||||||||||||||
The compensation costs that have been charged against income for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 were as follows (in thousands): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Stock-based compensation expense by type: | |||||||||||||||||
Stock options | $ | 17 | $ | 32 | $ | 340 | $ | 774 | |||||||||
Restricted stock unit awards, including performance-based | 1,321 | 1,024 | 4,207 | 3,978 | |||||||||||||
Employee stock purchases | 26 | 16 | 84 | 51 | |||||||||||||
Director deferred compensation | 34 | 15 | 96 | 21 | |||||||||||||
Total stock-based compensation expense | 1,398 | 1,087 | 4,727 | 4,824 | |||||||||||||
Income tax benefit recognized | 516 | 403 | 1,745 | 1,797 | |||||||||||||
Stock-based compensation expense, net of income tax | $ | 882 | $ | 684 | $ | 2,982 | $ | 3,027 | |||||||||
Equity awards granted during the period | ' | ||||||||||||||||
In the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012, we granted the following equity awards: | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Stock options | 810 | 1,530 | 19,251 | 39,772 | |||||||||||||
Restricted stock unit awards | - | 2,801 | 62,625 | 66,317 | |||||||||||||
Performance-based restricted stock unit awards | - | - | 36,700 | 38,100 | |||||||||||||
Deferred stock units | 601 | 252 | 8,076 | 361 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Weighted average common shares outstanding | ' | ||||||||||||||||
The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | ||||||||||||||
Weighted-average shares used in basic computations | 25,823 | 26,125 | 25,893 | 26,234 | |||||||||||||
Dilutive equity awards | 459 | 488 | 416 | 504 | |||||||||||||
Weighted-average shares used in diluted computations | 26,282 | 26,613 | 26,309 | 26,738 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||
Future minimum lease payments | ' | ||||||||||||
During the thirteen weeks ended November 2, 2013, we opened 16 stores and closed 4 stores increasing our lease commitments by a net of 12 retail stores. The stores we opened have initial lease termination dates between August 2018 and April 2024. At November 2, 2013, the future minimum lease payments, excluding maintenance, insurance and real estate taxes, for our current capital and operating leases, were as follows (in thousands): | |||||||||||||
Capital | Operating | Total | |||||||||||
Remaining Fiscal 2014 | $ | 547 | $ | 11,147 | $ | 11,694 | |||||||
Fiscal 2015 | 372 | 44,457 | 44,829 | ||||||||||
Fiscal 2016 | 375 | 34,417 | 34,792 | ||||||||||
Fiscal 2017 | 385 | 27,040 | 27,425 | ||||||||||
Fiscal 2018 | 385 | 20,131 | 20,516 | ||||||||||
Fiscal 2019 | 385 | 13,263 | 13,648 | ||||||||||
Thereafter | 821 | 24,612 | 25,433 | ||||||||||
Total minimum lease payments | 3,270 | 175,067 | 178,337 | ||||||||||
Less amount representing interest | 622 | - | 622 | ||||||||||
Present value of total minimum lease payments | $ | 2,648 | $ | 175,067 | $ | 177,715 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Reconciliation of unrecognized tax benefit | ' | ||||||||
A reconciliation of the unrecognized tax benefit under ASC Topic 740 follows (in thousands): | |||||||||
2-Nov-13 | 2-Feb-13 | ||||||||
Unrecognized tax benefits - beginning of year | $ | 2,708 | $ | 2,604 | |||||
Gross increases - tax positions in prior period | 242 | 55 | |||||||
Gross decreases - tax positions in prior period | (964 | ) | (42 | ) | |||||
Gross increases - tax positions in current period | 282 | 278 | |||||||
Settlements | (572 | ) | - | ||||||
Lapse of statute of limitations | (210 | ) | (187 | ) | |||||
Unrecognized tax benefits - end of year | $ | 1,486 | $ | 2,708 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Level I [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | $486 | $0 |
Long-term investments | 1,902 | 1,912 |
Total investments | 2,388 | 1,912 |
Level II [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Total investments | 0 | 0 |
Level III [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Total investments | $0 | $0 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 | Feb. 02, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Number of unsecured credit facilities | 2 | 2 |
Available borrowings under credit facilities | $80 | $80 |
August 2013 Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Expiration date of renewed facility | 22-Aug-14 | 22-Aug-14 |
Maximum borrowing capacity under renewed facility | 30 | 30 |
Interest rate under renewed facility | 'higher of prime rate, the federal funds rate plus 0.5% or LIBOR | 'higher of prime rate, the federal funds rate plus 0.5% or LIBOR |
Interest rate spread on variable rate (in hundredths) | 0.50% | 0.50% |
Debt outstanding at period end | 0 | 0 |
November 2013 Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Expiration date of renewed facility | 18-Nov-13 | 18-Nov-13 |
Maximum borrowing capacity under renewed facility | 50 | 50 |
Interest rate under renewed facility | 'prime plus 2% | 'prime plus 2% |
Interest rate spread on variable rate (in hundredths) | 2.00% | 2.00% |
Debt outstanding at period end | $0 | $0 |
Debt_Subsequent_Event_Details
Debt, Subsequent Event (Details) (Renewal of Line of Credit [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Nov. 15, 2013 |
Renewal of Line of Credit [Member] | ' |
Subsequent Event [Line Items] | ' |
Maximum borrowing capacity under renewed facility | $50 |
Interest rate under renewed facility | 'prime plus 2% |
Expiration date of renewed facility | 18-Nov-14 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Stock-based compensation expense by type [Abstract] | ' | ' | ' | ' |
Stock options | $17,000 | $32,000 | $340,000 | $774,000 |
Restricted stock unit awards, including performance-based | 1,321,000 | 1,024,000 | 4,207,000 | 3,978,000 |
Employee stock purchases | 26,000 | 16,000 | 84,000 | 51,000 |
Director deferred compensation | 34,000 | 15,000 | 96,000 | 21,000 |
Total stock-based compensation expense | 1,398,000 | 1,087,000 | 4,727,000 | 4,824,000 |
Income tax benefit recognized | 516,000 | 403,000 | 1,745,000 | 1,797,000 |
Stock-based compensation expense, net of income tax | 882,000 | 684,000 | 2,982,000 | 3,027,000 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Awarded (in shares) | ' | ' | 2,312 | ' |
Shares of common stock purchased during the period under the employee stock purchase plan (in shares) | 1,994 | 1,769 | 6,860 | 6,183 |
Weighted-average grant date fair value of stock options granted (in dollars per share) | $21.51 | $20.72 | $17.68 | $19.45 |
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share) | $12.94 | $14.51 | $12.34 | $12.28 |
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share) | $47.40 | $49.05 | $46.03 | $43.15 |
Total compensation costs related to nonvested restricted stock unit awards not yet recognized | $10,100,000 | ' | $10,100,000 | ' |
Weighted-average period over which nonvested restricted stock unit awards are expected to be recognized (in years) | '2 years 4 months 24 days | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Awarded (in shares) | 810 | 1,530 | 19,251 | 39,772 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Awarded (in shares) | 0 | 2,801 | 62,625 | 66,317 |
Performance-based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Awarded (in shares) | 0 | 0 | 36,700 | 38,100 |
Deferred Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Awarded (in shares) | 601 | 252 | 8,076 | 361 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares used in basic computations (in shares) | 25,823,000 | 26,125,000 | 25,893,000 | 26,234,000 |
Dilutive equity awards (in shares) | 459,000 | 488,000 | 416,000 | 504,000 |
Weighted-average shares used in diluted computations (in shares) | 26,282,000 | 26,613,000 | 26,309,000 | 26,738,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from the computation of earnings per share (in shares) | ' | ' | 3,106 | ' |
Incremental dilutive impact if performance criteria had been achieved (in shares) | ' | ' | 30,193 | ' |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Amount authorized under stock repurchase program | ' | ' | $250,000,000 | ' | ' |
Shares of common stock repurchased during the period (in shares) | 134,406 | 206,729 | 344,197 | 700,132 | ' |
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 0 | 0 | 77,473 | 68,386 | ' |
Value of common stock repurchased during current period | 7,100,000 | 11,800,000 | 18,800,000 | 38,900,000 | ' |
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards | 0 | 0 | 4,300,000 | 3,700,000 | ' |
Shares of common stock repurchased to date (in shares) | 12,368,031 | ' | 12,368,031 | ' | 12,023,834 |
Value of common stock repurchased to date | 342,038,000 | ' | 342,038,000 | ' | 323,268,000 |
Value of shares of common stock remaining available for repurchase under the program | ' | ' | $230,900,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Nov. 02, 2013 | Feb. 02, 2013 | |
Commitments and Contingencies [Abstract] | ' | ' |
Capital lease obligation | $2,600,000 | $2,800,000 |
Capital lease obligation included in short-term liabilities | 700,000 | 700,000 |
Capital lease obligation included in long-term liabilities | 1,900,000 | 2,100,000 |
Stores opened | 16 | ' |
Stores closed | 4 | ' |
Increase in retail store lease commitments | 12 | ' |
Future Minimum Lease Payments, Capital Leases [Abstract] | ' | ' |
Remaining Fiscal 2014 | 547,000 | ' |
Fiscal 2015 | 372,000 | ' |
Fiscal 2016 | 375,000 | ' |
Fiscal 2017 | 385,000 | ' |
Fiscal 2018 | 385,000 | ' |
Fiscal 2019 | 385,000 | ' |
Thereafter | 821,000 | ' |
Total minimum lease payments | 3,270,000 | ' |
Less amount representing interest | 622,000 | ' |
Present value of total minimum lease payments | 2,648,000 | ' |
Future Minimum Lease Payment, Operating Leases [Abstract] | ' | ' |
Remaining Fiscal 2014 | 11,147,000 | ' |
Fiscal 2015 | 44,457,000 | ' |
Fiscal 2016 | 34,417,000 | ' |
Fiscal 2017 | 27,040,000 | ' |
Fiscal 2018 | 20,131,000 | ' |
Fiscal 2019 | 13,263,000 | ' |
Thereafter | 24,612,000 | ' |
Total minimum lease payments | 175,067,000 | ' |
Amount representing interest | 0 | ' |
Present value of total minimum lease payments | 175,067,000 | ' |
Future Minimum Lease Payments, Total [Abstract] | ' | ' |
Remaining Fiscal 2014 | 11,694,000 | ' |
Fiscal 2015 | 44,829,000 | ' |
Fiscal 2016 | 34,792,000 | ' |
Fiscal 2017 | 27,425,000 | ' |
Fiscal 2018 | 20,516,000 | ' |
Fiscal 2019 | 13,648,000 | ' |
Thereafter | 25,433,000 | ' |
Total minimum lease payments | 178,337,000 | ' |
Amount representing interest | 622,000 | ' |
Present value of total minimum lease payments | 177,715,000 | ' |
Distribution Center [Abstract] | ' | ' |
Future minimum lease payments related to distribution center | 1,200,000 | ' |
Annual Bonuses and Equity Incentive Awards [Abstract] | ' | ' |
Annual bonus related expenses included in accrued payroll expenses | $2,900,000 | $4,300,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Nov. 02, 2013 | Feb. 02, 2013 | |
Reconciliation of unrecognized tax benefit [Roll Forward] | ' | ' |
Unrecognized tax benefit - beginning of year | $2,708,000 | $2,604,000 |
Gross increases - tax positions in prior period | 242,000 | 55,000 |
Gross decreases - tax positions in prior period | -964,000 | -42,000 |
Gross increases - tax positions in current period | 282,000 | 278,000 |
Settlements | -572,000 | 0 |
Lapse of statute of limitations | -210,000 | -187,000 |
Unrecognized tax benefit - end of year | 1,486,000 | 2,708,000 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 600,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $700,000 | ' |