Hibbett (HIBB) 10-Q 8 Dec 15 2016 Q3 Quarterly report Financial data

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