Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Oct. 31, 2015 | Dec. 03, 2015 | Aug. 02, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HIBBETT SPORTS INC | ||
Entity Central Index Key | 1,017,480 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,247,074,896 | ||
Entity Common Stock, Shares Outstanding | 22,786,340 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q3 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2015 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 45,453 | $ 88,397 |
Inventories, net | 276,938 | 240,408 |
Other current assets | 29,682 | 26,693 |
Total current assets | 352,073 | 355,498 |
Property and equipment | 223,719 | 212,194 |
Less accumulated depreciation and amortization | 127,918 | 119,213 |
Property and equipment, net | 95,801 | 92,981 |
Other assets, net | 4,098 | 3,918 |
Total Assets | 451,972 | 452,397 |
Current Liabilities: | ||
Accounts payable | 110,663 | 84,439 |
Accrued payroll expenses | 9,628 | 8,249 |
Deferred rent | 3,802 | 3,821 |
Short-term capital lease obligations | 467 | 436 |
Other accrued expenses | 5,367 | 5,180 |
Total current liabilities | 129,927 | 102,125 |
Deferred rent | 18,205 | 16,043 |
Other liabilities, net | 8,022 | 9,448 |
Total liabilities | 156,154 | 127,616 |
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, 38,609,341 and 38,465,814 shares issued at October 31, 2015 and January 31, 2015, respectively | 386 | 385 |
Paid-in capital | 168,539 | 162,675 |
Retained earnings | 619,171 | 566,055 |
Treasury stock, at cost; 15,732,926 and 13,595,537 shares repurchased at October 31, 2015 and January 31, 2015, respectively | (492,278) | (404,334) |
Total stockholders' investment | 295,818 | 324,781 |
Total Liabilities and Stockholders' Investment | $ 451,972 | $ 452,397 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Oct. 31, 2015 | Jan. 31, 2015 |
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) | 38,609,341 | 38,465,814 |
Treasury stock, shares (in shares) | 15,732,926 | 13,595,537 |
UNAUDITED CONDENSED CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Net sales | $ 228,301 | $ 218,321 | $ 697,385 | $ 674,148 |
Cost of goods sold, including wholesale, logistics and store occupancy costs | 145,949 | 139,171 | 450,140 | 432,394 |
Gross profit | 82,352 | 79,150 | 247,245 | 241,754 |
Store operating, selling and administrative expenses | 48,255 | 48,202 | 150,206 | 143,778 |
Depreciation and amortization | 4,238 | 4,136 | 12,656 | 11,777 |
Operating income | 29,859 | 26,812 | 84,383 | 86,199 |
Interest expense, net | 67 | 73 | 201 | 216 |
Income before provision for income taxes | 29,792 | 26,739 | 84,182 | 85,983 |
Provision for income taxes | 11,115 | 9,849 | 31,065 | 32,324 |
Net income | $ 18,677 | $ 16,890 | $ 53,117 | $ 53,659 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.79 | $ 0.67 | $ 2.18 | $ 2.10 |
Diluted (in dollars per share) | $ 0.79 | $ 0.67 | $ 2.17 | $ 2.08 |
Weighted average shares outstanding: | ||||
Basic (in dollars per share) | 23,607 | 25,111 | 24,333 | 25,504 |
Diluted (in dollars per share) | 23,777 | 25,336 | 24,519 | 25,758 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $ 53,117 | $ 53,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,656 | 11,777 |
Stock-based compensation | 4,489 | 3,641 |
Other non-cash adjustments to net income | (303) | (1,097) |
Increase in inventories, net | (36,530) | (16,243) |
(Increase) decrease in prepaid expenses | (4,520) | 1,969 |
Increase in accounts payable | 26,224 | 16,284 |
Changes in other operating assets and liabilities | 4,071 | 5,268 |
Net cash provided by operating activities | 59,204 | 75,258 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (15,616) | (18,955) |
Other, net | 345 | 191 |
Net cash used in investing activities | (15,271) | (18,764) |
Cash Flows From Financing Activities: | ||
Cash used for stock repurchases | (85,824) | (49,908) |
Payments on capital lease obligations | (327) | (273) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 530 | 700 |
Other, net | (1,256) | (1,759) |
Net cash used in financing activities | (86,877) | (51,240) |
Net (decrease) increase in cash and cash equivalents | (42,944) | 5,254 |
Cash and cash equivalents, beginning of period | 88,397 | 66,227 |
Cash and cash equivalents, end of period | $ 45,453 | $ 71,481 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Oct. 31, 2015 | |
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 January 31, 2015, 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 January 31, 2015 filed on March 31, 2015. 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 October 31, 2015 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 January 31, 2015 filed on March 31, 2015. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Oct. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. 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 October 31, 2015, there were no other 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 January 31, 2015 filed on March 31, 2015. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Oct. 31, 2015 | |
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, Level I Level II Level III 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 October 31, 2015 and January 31, 2015 (in thousands): October 31, 2015 January 31, 2015 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 87 $ - $ - Long-term investments 2,498 - - 2,619 - - Total investments $ 2,577 $ - $ - $ 2,706 $ - $ - 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 |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt At October 31, 2015, 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 October 31, 2015, nor was there any debt outstanding under either of these facilities at October 31, 2015. At October 31, 2015, a total of $80.0 million was available to us from these facilities. At January 31, 2015, 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 2015, nor was there any debt outstanding under either of these facilities at January 31, 2015. Subsequent to October 31, 2015, we renewed our existing November facility of $50.0 million with an interest rate of prime plus 2%. The renewal was effective November 18, 2015 and will expire on November 18, 2016. The facility is unsecured and does not require a commitment or agency fee nor are there any covenant restrictions. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 and November 1, 2014 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Stock-based compensation expense by type: Stock options $ 16 $ 19 $ 375 $ 449 Restricted stock unit awards, including performance-based 815 122 3,980 3,059 Employee stock purchases 23 25 81 81 Director deferred compensation 18 18 53 52 Total stock-based compensation expense 872 184 4,489 3,641 Income tax benefit recognized 316 60 1,645 1,342 Stock-based compensation expense, net of income tax $ 556 $ 124 $ 2,844 $ 2,299 In the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014, we granted the following equity awards: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Stock options 1,515 1,244 21,743 19,219 Restricted stock unit awards - - 69,529 63,399 Performance-based restricted stock unit awards - - 29,300 25,300 Deferred stock units 500 411 12,128 10,740 Under the 2012 Non-Employee Director Equity Plan (2012 Plan), no shares of our common stock were awarded during the thirteen weeks ended October 31, 2015 and November 1, 2014. A total of 1,981 and 1,759 shares of our common stock were awarded during the thirty-nine weeks ended October 31, 2015 and November 1, 2014, respectively, as part of the annual equity award to directors in the first quarter. In addition, under our employee stock purchase plan, our employees purchased 3,114 and 2,115 shares of our common stock during the thirteen weeks ended October 31, 2015 and November 1, 2014, respectively, and 8,605 and 6,796 shares of our common stock during the thirty-nine weeks ended October 31, 2015 and November 1, 2014, respectively. The weighted-average grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended October 31, 2015 was $10.52 and $17.23 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $10.01 and $10.35, and the weighted-average price paid by our employees for shares of our common stock was $29.76 and $36.66, during the thirteen and thirty-nine weeks ended October 31, 2015, respectively. The weighted-average grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended November 1, 2014 was $15.36 and $23.38 per share, respectively. The weighted-average grant date fair value of shares of stock purchased through our employee stock purchase plan was $9.50 and $11.16, and the weighted-average price paid by our employees for shares of our common stock was $36.24 and $42.35, during the thirteen and thirty-nine weeks ended November 1, 2014, respectively. At October 31, 2015, the total compensation costs related to nonvested restricted stock unit awards not yet recognized was $8.6 million and the weighted-average period over which such awards are expected to be recognized was 2.5 years. There are no future compensation costs related to nonvested stock options to be recognized at October 31, 2015. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Weighted-average shares used in basic computations 23,607 25,111 24,333 25,504 Dilutive equity awards 170 225 186 254 Weighted-average shares used in diluted computations 23,777 25,336 24,519 25,758 For the thirteen weeks ended October 31, 2015, we excluded 104,091 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. For the thirteen weeks ended November 1, 2014, 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 54,250 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 October 31, 2015. Assuming the performance-criteria had been achieved as of October 31, 2015, the incremental dilutive impact would have been 33,619 shares. |
Stock Repurchase Activity
Stock Repurchase Activity | 3 Months Ended |
Oct. 31, 2015 | |
Stock Repurchase Activity [Abstract] | |
Stock Repurchase Program | 7. Stock Repurchase Activity 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. In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization. During the thirteen weeks ended October 31, 2015, we repurchased 1,341,170 shares of our common stock at a cost of $50.5 million. During the thirty-nine weeks ended October 31, 2015, we repurchased 2,137,389 shares of our common stock at a cost of $87.9 million, including 42,877 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2.1 million. During the thirteen weeks ended November 1, 2014, we repurchased 371,589 shares of our common stock at a cost of $16.7 million, including 689 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $31,000. During the thirty-nine weeks ended November 1, 2014, we repurchased 1,072,295 shares of our common stock at a cost of $54.6 million, including 81,895 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $4.7 million. As of October 31, 2015, we had approximately $87.5 million remaining under the Program for stock repurchases. Subsequent to October 31, 2015, our Board authorized a stock repurchase program of $300.0 million through February 2, 2019 effective November 19, 2015. The new program replaces the authorization that was in place at October 31, 2015. Stock repurchases may be made in the open market or in negotiated transactions with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Lease Commitments. We have entered into capital leases for certain property. At October 31, 2015, the total capital lease obligations were $3.1 million, of which $0.5 million was included in short-term capital lease obligations and $2.6 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. At January 31, 2015, the total capital lease obligations were $3.5 million, of which $0.4 million was included in short-term capital lease obligations and $3.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. During the thirteen weeks ended October 31, 2015, we opened 20 stores and closed 3 stores increasing our lease commitments by a net of 17 retail stores. The stores we opened have initial lease termination dates between October 2020 and October 2026. 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 October 31, 2015 and January 31, 2015, there was $2.5 million and $3.5 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" as determined in accordance with Item 402(a) of Regulation S-K. 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, Legal Proceedings and Other Contingencies. No material amounts were accrued at October 31, 2015 or January 31, 2015 pertaining to legal proceedings or other contingencies. The thirteen week period ended October 31, 2015, included a favorable legal settlement of $1.9 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Oct. 31, 2015 | |
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. At October 31, 2015, we had a liability of $1.3 million associated with unrecognized tax benefits. 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 2013 or by most state taxing jurisdictions for years prior to Fiscal 2012. |
Fair Value of Financial Instr15
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 and January 31, 2015 (in thousands): October 31, 2015 January 31, 2015 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 87 $ - $ - Long-term investments 2,498 - - 2,619 - - Total investments $ 2,577 $ - $ - $ 2,706 $ - $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 and November 1, 2014 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Stock-based compensation expense by type: Stock options $ 16 $ 19 $ 375 $ 449 Restricted stock unit awards, including performance-based 815 122 3,980 3,059 Employee stock purchases 23 25 81 81 Director deferred compensation 18 18 53 52 Total stock-based compensation expense 872 184 4,489 3,641 Income tax benefit recognized 316 60 1,645 1,342 Stock-based compensation expense, net of income tax $ 556 $ 124 $ 2,844 $ 2,299 |
Equity awards granted during the period | In the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014, we granted the following equity awards: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Stock options 1,515 1,244 21,743 19,219 Restricted stock unit awards - - 69,529 63,399 Performance-based restricted stock unit awards - - 29,300 25,300 Deferred stock units 500 411 12,128 10,740 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Weighted average common shares outstanding | The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Weighted-average shares used in basic computations 23,607 25,111 24,333 25,504 Dilutive equity awards 170 225 186 254 Weighted-average shares used in diluted computations 23,777 25,336 24,519 25,758 |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 79 | $ 87 |
Long-term investments | 2,498 | 2,619 |
Total investments | 2,577 | 2,706 |
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) $ in Millions | 9 Months Ended | 12 Months Ended |
Oct. 31, 2015USD ($)CreditFacility | Jan. 31, 2015USD ($)CreditFacility | |
Line of Credit Facility [Line Items] | ||
Number of unsecured credit facilities | CreditFacility | 2 | 2 |
Available borrowings under credit facilities | $ 80 | $ 80 |
November 2014 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Nov. 18, 2015 | Nov. 18, 2015 |
Maximum borrowing capacity under renewed facility | $ 50 | $ 50 |
Description of variable interest rate basis | prime | prime |
Basis spread on variable interest rate (in hundredths) | 2.00% | 2.00% |
Debt outstanding at period end | $ 0 | $ 0 |
August 2015 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Aug. 19, 2016 | Aug. 21, 2015 |
Maximum borrowing capacity under renewed facility | $ 30 | $ 30 |
Description of variable interest rate basis | Higher of prime, federal funds plus 0.5% or LIBOR | Higher of prime, federal funds plus 0.5% or LIBOR |
Basis spread on variable interest rate (in hundredths) | 0.50% | 0.50% |
Debt outstanding at period end | $ 0 | $ 0 |
Debt, Subsequent Event (Details
Debt, Subsequent Event (Details) - Renewal of Line of Credit [Member] $ in Millions | 1 Months Ended |
Nov. 18, 2015USD ($) | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity under renewed facility | $ 50 |
Description of variable interest rate basis | prime |
Basis spread on variable interest rate (in hundredths) | 2.00% |
Expiration date of renewed facility | Nov. 18, 2016 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Stock-based compensation expense by type [Abstract] | ||||
Stock options | $ 16 | $ 19 | $ 375 | $ 449 |
Restricted stock unit awards, including performance-based | 815 | 122 | 3,980 | 3,059 |
Employee stock purchases | 23 | 25 | 81 | 81 |
Director deferred compensation | 18 | 18 | 53 | 52 |
Total stock-based compensation expense | 872 | 184 | 4,489 | 3,641 |
Income tax benefit recognized | 316 | 60 | 1,645 | 1,342 |
Stock-based compensation expense, net of income tax | $ 556 | $ 124 | $ 2,844 | $ 2,299 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 1,981 | 1,759 | ||
Shares of common stock purchased during the period under the employee stock purchase plan (in shares) | 3,114 | 2,115 | 8,605 | 6,796 |
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ 10.52 | $ 15.36 | $ 17.23 | $ 23.38 |
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share) | 10.01 | 9.50 | 10.35 | 11.16 |
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share) | $ 29.76 | $ 36.24 | $ 36.66 | $ 42.35 |
Total compensation costs related to nonvested restricted stock unit awards not yet recognized | $ 8,600 | $ 8,600 | ||
Weighted-average period over which nonvested restricted stock unit awards are expected to be recognized (in years) | 2 years 6 months | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 1,515 | 1,244 | 21,743 | 19,219 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 0 | 0 | 69,529 | 63,399 |
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 0 | 0 | 29,300 | 25,300 |
Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 500 | 411 | 12,128 | 10,740 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares used in basic computations (in shares) | 23,607,000 | 25,111,000 | 24,333,000 | 25,504,000 |
Dilutive equity awards (in shares) | 170,000 | 225,000 | 186,000 | 254,000 |
Weighted-average shares used in diluted computations (in shares) | 23,777,000 | 25,336,000 | 24,519,000 | 25,758,000 |
Nonvested Stock Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 54,250 | |||
Incremental dilutive impact if performance criteria had been achieved (in shares) | 33,619 | |||
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 104,091 | 0 |
Stock Repurchase Activity (Deta
Stock Repurchase Activity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 19, 2015 | Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | Jan. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased to date (in shares) | 15,732,926 | 15,732,926 | 13,595,537 | |||
Value of common stock repurchased to date | $ 492,278,000 | $ 492,278,000 | $ 404,334,000 | |||
Under November 2012 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Amount authorized under stock repurchase program | $ 250,000,000 | $ 250,000,000 | ||||
Stock Repurchase Program Expiration Date | Nov. 19, 2015 | |||||
Shares of common stock repurchased during the period (in shares) | 1,341,170 | 371,589 | 2,137,389 | 1,072,295 | ||
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 0 | 689 | 42,877 | 81,895 | ||
Value of common stock repurchased during current period | $ 50,500,000 | $ 16,700,000 | $ 87,900,000 | $ 54,600,000 | ||
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards | 0 | $ 31,000 | 2,100,000 | $ 4,700,000 | ||
Value of shares of common stock remaining available for repurchase under the program | $ 87,500,000 | $ 87,500,000 | ||||
Under November 2015 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Amount authorized under stock repurchase program | $ 300,000,000 | |||||
Stock Repurchase Program Expiration Date | Feb. 2, 2019 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | |
Oct. 31, 2015USD ($)Lease | Jan. 31, 2015USD ($) | |
Commitments and Contingencies [Abstract] | ||
Capital lease obligation | $ 3.1 | $ 3.5 |
Capital lease obligation included in short-term liabilities | 0.5 | 0.4 |
Capital lease obligation included in long-term liabilities | $ 2.6 | 3.1 |
Stores opened | Lease | 20 | |
Stores closed | Lease | 3 | |
Increase in retail store lease commitments | Lease | 17 | |
Annual Bonuses and Equity Incentive Awards [Abstract] | ||
Annual bonus related expenses included in accrued payroll expenses | $ 2.5 | $ 3.5 |
Litigation Settlement [Abstract] | ||
Gain (Loss) Related to Litigation Settlement | $ 1.9 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Oct. 31, 2015USD ($) |
Reconciliation of unrecognized tax benefit [Roll Forward] | |
Unrecognized tax benefits that would affect effective income tax rate | $ 1.3 |