Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 14, 2016 | Aug. 01, 2015 | |
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 | $ 1,092,096,870 | ||
Entity Common Stock, Shares Outstanding | 22,827,872 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 30, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 32,274 | $ 88,397 |
Trade receivables, net | 3,787 | 3,681 |
Accounts receivable, other | 3,289 | 3,896 |
Inventories, net | 283,099 | 240,408 |
Prepaid expenses and other | 7,919 | 9,296 |
Deferred income taxes, net | 0 | 9,820 |
Total current assets | 330,368 | 355,498 |
Property and Equipment: | ||
Land and buildings | 28,390 | 27,892 |
Buildings under capital lease | 3,652 | 3,144 |
Equipment | 76,513 | 71,280 |
Equipment under capital lease | 1,121 | 1,121 |
Furniture and fixtures | 32,863 | 31,303 |
Leasehold improvements | 80,394 | 74,085 |
Construction in progress | 8,523 | 3,369 |
Total property and equipment | 231,456 | 212,194 |
Less accumulated depreciation and amortization | 130,067 | 119,213 |
Net property and equipment | 101,389 | 92,981 |
Deferred income taxes, net | 6,657 | 306 |
Other assets, net | 3,958 | 3,612 |
Total Assets | 442,372 | 452,397 |
Current Liabilities: | ||
Accounts payable | 88,456 | 84,439 |
Capital lease obligations | 478 | 436 |
Accrued payroll expenses | 7,702 | 8,249 |
Deferred rent | 3,972 | 3,821 |
Other accrued expenses | 4,582 | 5,180 |
Total current liabilities | 105,190 | 102,125 |
Capital lease obligations | 3,149 | 3,029 |
Deferred rent | 19,119 | 16,043 |
Unrecognized tax benefits | 1,355 | 1,457 |
Other liabilities, net | 2,713 | 4,962 |
Total liabilities | 131,526 | 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, 38,628,385 and 38,465,814 shares issued at January 30, 2016 and January 31, 2015, respectively | 386 | 385 |
Paid-in capital | 169,543 | 162,675 |
Retained earnings | 636,583 | 566,055 |
Treasury stock, at cost; 15,831,926 and 13,595,537 shares repurchased at January 30, 2016 and January 31, 2015, respectively | (495,666) | (404,334) |
Total stockholders' investment | 310,846 | 324,781 |
Total Liabilities and Stockholders' Investment | $ 442,372 | $ 452,397 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 30, 2016 | Jan. 31, 2015 |
Stockholder's 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) | 38,628,385 | 38,465,814 |
Treasury stock, shares (in shares) | 15,831,926 | 13,595,537 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Net sales | $ 943,104 | $ 913,486 | $ 851,965 |
Cost of goods sold, including wholesale and logistics facility and store occupancy costs | 610,389 | 586,702 | 542,700 |
Gross profit | 332,715 | 326,784 | 309,265 |
Store operating, selling and administrative expenses | 203,673 | 192,648 | 181,527 |
Depreciation and amortization | 17,038 | 15,990 | 13,847 |
Operating income | 112,004 | 118,146 | 113,891 |
Interest income | 31 | 22 | 11 |
Interest expense | (323) | (315) | (199) |
Interest expense, net | (292) | (293) | (188) |
Income before provision for income taxes | 111,712 | 117,853 | 113,703 |
Provision for income taxes | 41,184 | 44,269 | 42,826 |
Net income | $ 70,528 | $ 73,584 | $ 70,877 |
Basic earnings per share (in dollars per share) | $ 2.95 | $ 2.90 | $ 2.74 |
Diluted earnings per share (in dollars per share) | $ 2.92 | $ 2.87 | $ 2.70 |
Weighted average shares outstanding: | |||
Basic (in shares) | 23,947 | 25,369 | 25,870 |
Diluted (in shares) | 24,129 | 25,620 | 26,266 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 70,528 | $ 73,584 | $ 70,877 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 17,038 | 15,990 | 13,847 |
Deferred income taxes and unrecognized income tax benefit, net | 1,285 | 4,220 | (73) |
Excess tax benefit from stock option exercises | (900) | (2,911) | (4,357) |
(Gain) loss on disposal and write-down of assets, net | (156) | 181 | 173 |
Stock-based compensation | 5,198 | 4,468 | 5,838 |
Changes in operating assets and liabilities: | |||
Trade receivables, net | (106) | 117 | (452) |
Accounts receivable, other | 607 | 706 | (1,993) |
Inventories, net | (42,691) | (13,863) | (5,167) |
Prepaid expenses and other | 2,186 | 6,614 | 36 |
Other assets, net | (443) | 46 | (475) |
Accounts payable | 4,017 | 9,907 | (27,489) |
Deferred rent, non-current | 3,076 | 2,240 | 1,798 |
Accrued expenses and other | (1,160) | 1,093 | 738 |
Net cash provided by operating activities | 58,479 | 102,392 | 53,301 |
Cash Flows From Investing Activities: | |||
Purchase of investments, net | 65 | (90) | (704) |
Capital expenditures | (25,147) | (22,873) | (50,507) |
Proceeds from sale of property and equipment | 298 | 320 | 221 |
Proceeds from insurance | 107 | 84 | 0 |
Net cash used in investing activities | (24,677) | (22,559) | (50,990) |
Cash Flows From Financing Activities: | |||
Cash used for stock repurchases | (89,212) | (56,302) | (15,807) |
Net payments on capital lease obligations | (346) | (377) | (268) |
Excess tax benefit from stock option exercises | 900 | 2,911 | 4,357 |
Settlement of net share equity awards | (2,120) | (4,669) | (4,288) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 853 | 774 | 3,011 |
Net cash used in financing activities | (89,925) | (57,663) | (12,995) |
Net (decrease) increase in cash and cash equivalents | (56,123) | 22,170 | (10,684) |
Cash and cash equivalents, beginning of year | 88,397 | 66,227 | 76,911 |
Cash and cash equivalents, end of year | 32,274 | 88,397 | 66,227 |
Cash paid during the year for: | |||
Interest | 308 | 306 | 195 |
Income taxes, net of refunds | 42,500 | 32,626 | 42,276 |
Supplemental Schedule of Non-Cash Financing Activities: | |||
Property and equipment additions under capital leases | $ 508 | $ 909 | $ 1,086 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY INVESTMENT - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance-beginning of period at Feb. 02, 2013 | $ 239,127 | $ 378 | $ 140,423 | $ 421,594 | $ (323,268) |
Balance-beginning of period (in shares) at Feb. 02, 2013 | 37,846,321 | 12,023,834 | |||
Consolidated Statements of Stockholders' Investment [Roll Forward] | |||||
Net income | 70,877 | $ 0 | 0 | 70,877 | $ 0 |
Issuance of shares through the Company's equity plans, including tax benefit | 7,368 | $ 4 | 7,364 | 0 | 0 |
Issuance of shares through the Company's equity plans, including tax benefit (in shares) | 356,165 | ||||
Adjustment to income tax benefit from exercises of employee stock options | 908 | $ 0 | 908 | 0 | 0 |
Purchase of shares under the stock repurchase program | (15,807) | $ (15,807) | |||
Purchase of shares under the stock repurchase program (in shares) | 288,224 | ||||
Settlement of net share equity awards (in shares) | 77,473 | ||||
Settlement of net share equity awards | (4,288) | $ (4,288) | |||
Stock-based compensation | 5,838 | 0 | 5,838 | 0 | 0 |
Balance-end of period at Feb. 01, 2014 | 304,023 | $ 382 | 154,533 | 492,471 | $ (343,363) |
Balance-end of period (in shares) at Feb. 01, 2014 | 38,202,486 | 12,389,531 | |||
Consolidated Statements of Stockholders' Investment [Roll Forward] | |||||
Net income | 73,584 | $ 0 | 0 | 73,584 | $ 0 |
Issuance of shares through the Company's equity plans, including tax benefit | 3,685 | $ 3 | 3,682 | 0 | 0 |
Issuance of shares through the Company's equity plans, including tax benefit (in shares) | 263,328 | ||||
Adjustment to income tax benefit from exercises of employee stock options | (8) | $ 0 | (8) | 0 | 0 |
Purchase of shares under the stock repurchase program | (56,302) | $ (56,302) | |||
Purchase of shares under the stock repurchase program (in shares) | 1,124,111 | ||||
Settlement of net share equity awards (in shares) | 81,895 | ||||
Settlement of net share equity awards | (4,669) | $ (4,669) | |||
Stock-based compensation | 4,468 | 0 | 4,468 | 0 | 0 |
Balance-end of period at Jan. 31, 2015 | $ 324,781 | $ 385 | 162,675 | 566,055 | $ (404,334) |
Balance-end of period (in shares) at Jan. 31, 2015 | 38,465,814 | 38,465,814 | 13,595,537 | ||
Consolidated Statements of Stockholders' Investment [Roll Forward] | |||||
Net income | $ 70,528 | $ 0 | 0 | 70,528 | $ 0 |
Issuance of shares through the Company's equity plans, including tax benefit | 1,754 | $ 1 | 1,753 | 0 | 0 |
Issuance of shares through the Company's equity plans, including tax benefit (in shares) | 162,571 | ||||
Adjustment to income tax benefit from exercises of employee stock options | (83) | $ 0 | (83) | 0 | 0 |
Purchase of shares under the stock repurchase program | (89,212) | $ (89,212) | |||
Purchase of shares under the stock repurchase program (in shares) | 2,193,512 | ||||
Settlement of net share equity awards (in shares) | 42,877 | ||||
Settlement of net share equity awards | (2,120) | $ (2,120) | |||
Stock-based compensation | 5,198 | 0 | 5,198 | 0 | 0 |
Balance-end of period at Jan. 30, 2016 | $ 310,846 | $ 386 | $ 169,543 | $ 636,583 | $ (495,666) |
Balance-end of period (in shares) at Jan. 30, 2016 | 38,628,385 | 38,628,385 | 15,831,926 |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY INVESTMENT (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT [Abstract] | |||
Tax benefit included in the issuance of shares through the Company's equity plans | $ 900 | $ 2,911 | $ 4,357 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Hibbett Sports, Inc. is an athletic specialty retailer in small to mid-sized markets predominately in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors. Our fiscal year ends on the Saturday closest to January 31 of each year. The consolidated statements of operations for Fiscal 2016, Fiscal 2015 and Fiscal 2014 include 52 weeks of operations. Our merchandise assortment features a core selection of brand name merchandise emphasizing athletic footwear, team sports equipment, athletic and fashion apparel and related accessories. We complement this core assortment with a selection of localized apparel, footwear and accessories designed to appeal to a wide range of customers within each market. Principles of Consolidation The consolidated financial statements of our Company include its accounts and the accounts of all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Such reclassifications had no impact on total assets, total liabilities, net income or stockholders' investment in any of the years presented. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP) requires management to make estimates and assumptions that affect: · the reported amounts of certain assets, including inventories and property and equipment; · the reported amounts of certain liabilities, including legal, tax-related and other accruals; and · the reported amounts of certain revenues and expenses during the reporting period. The assumptions used by management could change significantly in future estimates due to changes in circumstances and actual results could differ from those estimates. Reportable Segments Given the economic characteristics of the store formats, the similar nature of products offered for sale, the type of customers, the methods of distribution and how our Company is managed, our operations constitute only one reportable segment. Customers No customer accounted for more than 5.0% of our net sales during the fiscal years ended January 30, 2016, January 31, 2015 or February 1, 2014. Vendor Arrangements We enter into arrangements with some of our vendors that entitle us to a partial refund of the cost of merchandise purchased during the year or reimbursement of certain costs we incur to advertise or otherwise promote their product. Volume-based rebates, supported by vendor agreements, are estimated throughout the year and reduce the cost of inventories and cost of goods sold during the year. This estimate is regularly monitored and adjusted for current or anticipated changes in purchase levels and for sales activity. We also receive consideration from vendors through a variety of other programs, including markdown reimbursements, vendor compliance charges and defective merchandise credits. If the payment is a reimbursement for costs incurred, it is recognized as an offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. Markdown reimbursements related to merchandise that has been sold are negotiated by our merchandising teams and are credited directly to cost of goods sold in the period received. If vendor funds are received prior to merchandise being sold, they are recorded as a reduction of merchandise cost. Vendor compliance charges and defective merchandise credits reduce the cost of inventories. Advertising We expense advertising costs when incurred. We participate in various advertising and marketing cooperative programs with our vendors, who, under these programs, reimburse us for certain costs incurred. A receivable for cooperative advertising to be reimbursed is recorded as a decrease to expense as advertisements are run. The following table presents the components of our advertising expense (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Gross advertising costs $ 9,983 $ 9,763 $ 8,980 Advertising reimbursements (2,949 ) (3,456 ) (3,335 ) Net advertising costs $ 7,034 $ 6,307 $ 5,645 Cost of Goods Sold We include inbound freight charges, merchandise purchases, store occupancy costs and a portion of our logistics costs related to our retail business in cost of goods sold. Costs associated with moving merchandise to and between stores are included in store operating, selling and administrative expenses. Stock Repurchase Program In November 2015, the Board of Directors (Board) authorized a Stock Repurchase Program (2015 Program) of $300.0 million to repurchase our common stock through February 2, 2019. The 2015 Program replaced an existing plan that was adopted in November 2012 (2012 Program). 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. No stock repurchases have been made under the 2015 Program. Under the 2012 Program, we repurchased 2.2 million shares of our common stock during Fiscal 2016 at a cost of $91.3 million, including 43,000 shares acquired from holders of restricted stock to satisfy tax withholding requirements of $2.1 million. We repurchased 1.2 million shares of our common stock during Fiscal 2015 at a cost of $61.0 million, including 82,000 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $4.7 million. Historically, under all stock repurchase authorizations, we have repurchased a total of 15.8 million shares of our common stock at an approximate cost of $495.7 million as of January 30, 2016, and had the full $300.0 million remaining under the 2015 Program for stock repurchases. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the authorization. Cash and Cash Equivalents We consider all short-term, highly liquid investments with original maturities of 90 days or less, including commercial paper and money market funds, to be cash equivalents. We are exposed to credit risk in the event of default by our financial institutions where we maintain deposits to the extent the amount recorded on the consolidated balance sheet exceeds the FDIC insurance limits per institution. Amounts due from third-party credit card processors for the settlement of debit and credit card transactions are included as cash equivalents as they are generally collected within three business days. Cash equivalents related to credit and debit card transactions at January 30, 2016 and January 31, 2015 were $4.3 million and $5.2 million, respectively. Investments We hold investments in trust for the Hibbett Sports, Inc. Supplemental 401(k) Plan (Supplemental Plan) and the Hibbett Sports, Inc. Executive Voluntary Deferral Plan (Deferral Plan). These are trading securities. At January 30, 2016, we had $2.6 million of investments of which $0.1 million was included in prepaid expenses and other and $2.5 million was included in other assets, net. At January 31, 2015, we had $2.7 million of investments of which $0.1 million was included in prepaid expenses and other and $2.6 million was included in other assets, net. Net unrealized holding losses for Fiscal 2016 were $0.1 million and net unrealized holding gains for Fiscal 2015 was $31,000. Trade and Other Accounts Receivable Trade accounts receivable consist primarily of amounts due to us from sales to educational institutions for athletic programs. We do not require collateral, and we maintain an allowance for potential uncollectible accounts based on an analysis of the aging of accounts receivable at the date of the financial statements, historical losses and existing economic conditions, when relevant. The allowance for doubtful accounts at January 30, 2016 and January 31, 2015 was $89,000 and $79,000, respectively. Other accounts receivable consists primarily of tenant allowances due from landlords and cooperative advertising due from vendors. We analyze other accounts receivable for collectability based on aging of individual components, underlying contractual terms and economic conditions. Recorded amounts are deemed to be collectible. Inventories Inventories are valued using the lower of weighted average cost or market method. Items are removed from inventory using the weighted average cost method. Lower of Cost or Market: Shrink Reserves: Inventory Purchase Concentration : Consignment Inventories: Property and Equipment Property and equipment are recorded at cost and include assets acquired through capital leases. Depreciation on assets is principally provided using the straight-line method over the following estimated service lives: Buildings 39 years Leasehold improvements 3 – 10 years Furniture and fixtures 7 years Equipment 3 – 7 years In the case of leasehold improvements, we calculate depreciation using the shorter of the term of the underlying leases or the estimated economic lives of the improvements. The term of the lease includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty. We continually reassess the remaining useful life of leasehold improvements in light of store closing plans. Construction in progress has historically been comprised primarily of property and equipment related to unopened stores and amounts associated with technology upgrades at period-end. At January 30, 2016, approximately 94% of the construction in progress balance was comprised of costs associated with information technology capital projects. The remaining balance consisted of costs associated with unopened stores and leasehold improvements. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets sold, retired or otherwise disposed of are removed from property and equipment and the related gain or loss is credited or charged to net income. Deferred Rent Deferred rent primarily consists of step rent and allowances from landlords related to our leased properties. Step rent represents the difference between actual operating lease payments due and straight-line rent expense, which we record over the term of the lease, including the build-out period. This amount is recorded as deferred rent in the early years of the lease, when cash payments are generally lower than straight-line rent expense, and reduced in the later years of the lease when payments begin to exceed the straight-line rent expense. Landlord allowances are generally comprised of amounts received and/or promised to us by landlords and may be received in the form of cash or free rent. We record a receivable from the landlord in accordance with the terms of the lease and a deferred rent liability. This deferred rent is amortized into net income (through lower rent expense) over the term (including the pre-opening build-out period) of the applicable lease, and the receivable is reduced as amounts are realized from the landlord. In our consolidated statements of cash flows, the current and long-term portions of landlord allowances are included as changes in cash flows from operations. The current portion is included as a change in accrued expenses and the long-term portion is included as a change in deferred rent, non-current. The liability for the current portion of unamortized landlord allowances was $3.7 million and $3.3 million at January 30, 2016 and January 31, 2015, respectively. The liability for the long-term portion of unamortized landlord allowances was $14.4 million and $12.4 million at January 30, 2016 and January 31, 2015, respectively. We estimate the non-cash portion of landlord allowances was $1.1 million and $1.3 million at January 30, 2016 and January 31, 2015, respectively. Revenue Recognition We recognize revenue, including gift card and layaway sales, in accordance with the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. Retail merchandise sales occur on-site in our stores. We recognize revenue at the time the customer takes possession of the merchandise. Customers have the option of paying the full purchase price of the merchandise upon sale or paying a down payment and placing the merchandise on layaway. The customer may make further payments in installments, but the entire purchase price for merchandise placed on layaway must be received by us within 30 days. The down payment and any installments are recorded by us as short-term deferred revenue until the customer pays the entire purchase price for the merchandise. Retail sales are recorded net of returns and discounts and exclude sales taxes . We offer a customer loyalty program, the MVP Rewards program, whereby customers, upon registration, can earn points in a variety of ways, including store purchases, website surveys and other activities on our website. Based on the number of points accumulated, customers receive reward certificates on a monthly basis that can be redeemed in our stores. An estimate of the obligation related to the program, based on historical redemption rates, is recorded as a current liability and a reduction of net retail sales in the period earned by the customer. The current liability is reduced, and a corresponding amount is recognized in net retail sales, in the amount of and at the time of redemption of the reward certificate. At January 30, 2016 and January 31, 2015, the amount recorded in other accrued expenses on our consolidated balance sheet for reward certificates issued was not significant. The cost of coupon sales incentives is recognized at the time the related revenue is recognized by us. Proceeds received from the issuance of gift cards are initially recorded as deferred revenue. Revenue is subsequently recognized at the time the customer redeems the gift cards and takes possession of the merchandise. Unredeemed gift cards are recorded as other accrued expenses on our consolidated balance sheet. Income from gift card breakage is recognized to the extent not required to be remitted to jurisdictions as unclaimed property and is based upon historical redemption patterns and represents the balance of gift cards for which we believe the likelihood of redemption by the customer is remote. We have determined the likelihood of redemption is remote when redemptions are equal to or less than five percent of the remaining balances of gift cards aged by activation year. For Fiscal 2016, we recaptured $24,000 of breakage revenue as other income which is included in the accompanying consolidated statements of operations within store operating, selling and administrative expenses. For Fiscal 2015 and Fiscal 2014, $0.7 million and $0.2 million of breakage revenue, respectively, was recorded as other income and is included in the accompanying consolidated statements of operations as a reduction to store operating, selling and administrative expenses. The net deferred revenue liability at January 30, 2016 and January 31, 2015 was $5.5 million and $4.7 million, respectively. Store Opening and Closing Costs New store opening costs, including pre-opening costs, are charged to expense as incurred. Store opening costs primarily include payroll expenses, training costs and straight-line rent expenses. All pre-opening costs are included in store operating, selling and administrative expenses as a part of operating expenses. We consider individual store closings to be a normal part of operations and regularly review store performance against expectations. Costs associated with store closings are recognized at the time of closing or when a liability has been incurred. These costs were not significant in Fiscal 2016, Fiscal 2015 or Fiscal 2014. Impairment of Long-Lived Assets We continually evaluate whether events and circumstances have occurred that indicate the remaining balance of long-lived assets may be impaired and not recoverable. Our policy is to recognize any impairment loss on long-lived assets as a charge to current income when certain events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment is assessed considering the estimated undiscounted cash flows over the asset's remaining life. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized based on a comparison of the cost of the asset to fair value less any costs of disposition. Evaluation of asset impairment requires significant judgment. Insurance Accrual We are self-insured for a significant portion of our health insurance. Liabilities associated with the risks that are retained by us are estimated, in part, by considering our historical claims experience. The estimated accruals for these liabilities could be affected if future occurrences and claims differ from our assumptions. To minimize our potential exposure, we carry stop-loss insurance that reimburses us for losses over $0.2 million per covered person per year. As of January 30, 2016 and January 31, 2015, the accrual for these liabilities was $0.7 million and $0.8 million, respectively, and was included in other accrued expenses in the consolidated balance sheets. We are also self-insured for our workers' compensation, property and general liability insurance up to an established deductible with a cumulative stop-loss on workers' compensation. As of January 30, 2016 and January 31, 2015, the accrual for these liabilities (which is not discounted) was $0.4 million and was included in other accrued expenses in the consolidated balance sheets. Sales Returns Net sales returns were $34.8 million for Fiscal 2016, $32.3 million for Fiscal 2015 and $30.5 million for Fiscal 2014. The accrual for the effect of estimated returns was $0.4 million and $0.5 million as of January 30, 2016 and January 31, 2015, respectively, and was included in other accrued expenses in the consolidated balance sheets. Determination of the accrual for estimated returns requires significant judgment. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Jan. 30, 2016 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) and other authoritative sources of U.S. GAAP for applicability to our operations. In May 2014, the FASB issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software – Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU 2015-11, Inventory – Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes – Balance Sheet Reclassification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02 – Leases |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 3. STOCK-BASED COMPENSATION At January 30, 2016, we had four stock-based compensation plans: (a) The 2015 Equity Incentive Plan (EIP) provides that the Board of Directors may grant equity awards to certain employees of the Company at its discretion. The EIP was adopted effective July 1, 2015 and authorizes grants of equity awards of up to 1,000,000 authorized but unissued shares of common stock. At January 30, 2016, there were 1,000,000 shares available for grant under the EIP. Prior to the adoption of the EIP by our stockholders, equity awards to employees were given under the Amended 2005 Equity Incentive Plan (2005 EIP) which also provided for grants of equity awards to certain employees of the Company at its discretion. The 2005 EIP was superseded by the EIP. (b) The 2015 Employee Stock Purchase Plan (ESPP) allows for qualified employees to participate in the purchase of up to 300,000 shares of our common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. The ESPP was adopted effective July 1, 2015. At January 30, 2016, there were 293,240 shares available for purchase under the ESPP. Prior to the adoption of the ESPP by our stockholders, qualified employees could participate in the Amended 2005 Employee Stock Purchase Plan (2005 ESPP) which allowed the purchase of our common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. The 2005 ESPP was superseded by the ESPP. (c) The 2015 Director Deferred Compensation Plan (Deferred Plan) allows non-employee directors an election to defer all or a portion of their fees into stock units or stock options. The Deferred Plan was adopted effective July 1, 2015 and authorizes grants up to 150,000 authorized but unissued shares of common stock. At January 30, 2016, there were 145,652 shares available for grant under the Deferred Plan. Prior to the adoption of the Deferred Plan by our stockholders, non-employee directors were allowed to defer all or a portion of their fees into stock units or stock options through the Amended 2005 Director Deferred Compensation Plan (2005 Deferred Plan). The 2005 Deferred Plan was superseded by the Deferred Plan. (d) The 2012 Non-Employee Director Equity Plan (DEP) provides for grants of equity awards to non-employee directors. The DEP was adopted effective May 24, 2012 and authorizes grants of equity awards of up to 500,000 authorized but unissued shares of common stock. At January 30, 2016, there were 416,682 shares available for grant under the DEP. Our plans allow for a variety of equity awards including stock options, restricted stock awards, stock appreciation rights and performance awards. As of January 30, 2016, we had only granted awards in the form of stock options, restricted stock units (RSUs) and performance-based units (PSUs) to our employees. The annual grants made for Fiscal 2016, Fiscal 2015 and Fiscal 2014 to employees consisted solely of RSUs. We have also awarded PSUs to our Named Executive Officers (NEOs) and expect the Compensation Committee of the Board will continue to grant PSUs to our NEOs in the future. As of January 30, 2016, we had only granted awards in the form of stock, stock options and deferred stock units (DSUs) to our Board members. Under the DEP, Board members currently receive an annual value of $75,000 worth of equity in the form of stock options or RSUs upon election to the Board and a value of $100,000 worth of equity in any form allowed within the DEP, for each full year of service, pro-rated for Directors who serve less than one full year. The Chairman of the Board receives an annual value of $150,000 worth of equity in any form allowed within the DEP. The terms and vesting schedules for stock-based awards vary by type of grant and generally vest upon time-based conditions. Under the DEP, Directors have the option with certain equity forms to set vesting dates. Upon exercise, stock-based compensation awards are settled with authorized but unissued company stock. All of our awards are classified as equity awards. The compensation cost for these plans was as follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Stock-based compensation expense by type: Stock options $ 391 $ 469 $ 358 Restricted stock units 4,632 3,833 5,250 Employee stock purchases 105 96 100 Director deferred compensation 70 70 130 Total stock-based compensation expense 5,198 4,468 5,838 Income tax benefit recognized 1,895 1,645 2,154 Stock-based compensation expense, net of income tax $ 3,303 $ 2,823 $ 3,684 Stock-based and deferred stock compensation expenses are included in store operating, selling and administrative expenses. There is no capitalized stock-based compensation cost. The income tax benefit recognized in our consolidated financial statements, as disclosed above, is based on the amount of compensation expense recorded for book purposes. The actual income tax benefit realized in our income tax return is based on the intrinsic value, or the excess of the market value over the exercise or purchase price, of stock options exercised and restricted stock unit awards vested during the period. The actual income tax benefit realized for the deductions considered on our income tax returns for Fiscal 2016, Fiscal 2015 and Fiscal 2014 was from option exercises and restricted stock unit releases and totaled $2.5 million, $5.3 million and $6.5 million, respectively. Stock Options Stock options are granted with an exercise price equal to the closing market price of our common stock on the date of grant. Vesting and expiration provisions vary between equity plans, but options granted to employees under the EIP typically vest over a four or five-year period in equal installments beginning on the first anniversary of the grant date and typically expire on the eighth or tenth anniversary of the date of grant. Grants awarded to outside directors under the DEP and Deferred Plan vest immediately upon grant and expire on the tenth anniversary of the date of grant. Following is the weighted average fair value of each option granted during Fiscal 2016. The fair value was estimated on the date of grant using the Black-Scholes pricing model with the following weighted average assumptions for each period: Quarter Ended May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 Grant date Mar 17 Mar 31 Jun 30 Sep 30 Dec 31 Exercise price $ 50.48 $ 49.06 $ 46.58 $ 35.01 $ 30.24 Weighted average fair value at date of grant $ 17.86 $ 17.19 $ 16.14 $ 10.52 $ 9.23 Expected option life (years) 5.36 5.36 5.36 4.84 4.84 Expected volatility 36.19% 36.17% 35.11% 32.21% 31.95% Risk-free interest rate 1.59% 1.41% 1.67% 1.33% 1.71% Dividend yield None None None None None We calculate the expected term for our stock options based on the historical exercise behavior of our participants. Historically, an increase in our stock price has led to a pattern of earlier exercise by participants. Grants made to our Directors have a contractual term of 10 years, while grants made to our employees have a contractual term of 8 years. We have not awarded a stock option grant to employees since 2009. With the absence of option grants to employees, we anticipate the expected term will remain relatively stable. The volatility used to value stock options is based on historical volatility. We calculate historical volatility using an average calculation methodology based on daily price intervals as measured over the expected term of the option. We have consistently applied this methodology since our adoption of the provisions of ASC Topic 718, Stock Compensation In accordance with ASC Topic 718, we base the risk-free interest rate on the annual continuously compounded risk-free rate with a term equal to the option's expected term. The dividend yield is assumed to be zero since we have no current plan to declare dividends. Activity for our option plans during Fiscal 2016 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000's) Options outstanding at January 31, 2015 242,294 $ 35.15 5.34 $ 3,439 Granted 23,497 47.72 Exercised (17,394) 25.53 Forfeited, cancelled or expired (5,000) 30.98 Options outstanding at January 30, 2016 243,397 $ 37.13 5.18 $ 987 Exercisable at January 30, 2016 243,397 $ 37.13 5.18 $ 987 The weighted average grant-date fair value of options granted during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $16.63, $23.12 and $17.97, respectively. The compensation expense included in store operating, selling and administrative expenses and recognized during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $0.4 million, $0.5 million and $0.4 million, respectively, before the recognized income tax benefit of $0.1 million, $0.2 million and $0.1 million, respectively. The total intrinsic value of stock options exercised during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $0.2 million, $1.1 million and $6.8 million, respectively. The total cash received from these stock option exercises during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $0.4 million, $0.4 million and $2.6 million, respectively. Excess income tax proceeds from stock option exercises are included in cash flows from financing activities as required by ASC Topic 230, Statement of Cash Flows Restricted Stock and Performance-Based Units RSUs and PSUs are granted with a fair value equal to the closing market price of our common stock on the date of grant. All PSUs have been awarded in the form of restricted stock units. Compensation expense is recorded straight-line over the vesting period and, in the case of PSUs, at the estimated percentage of achievement. Restricted stock unit awards to our employees generally cliff vest in four years from the date of grant for those awards that are not performance-based. If a Director chooses to receive their annual equity award in stock and he or she sets the vesting period in the future, then the form of stock is a DSU. PSUs provide for awards based on achievement of certain predetermined corporate performance goals and cliff vest in one to five years from the date of grant after achievement of stated performance criterion and upon meeting stated service conditions. The following table summarizes the restricted stock unit awards activity under all of our plans during Fiscal 2016: RSUs PSUs Totals Number of Awards Weighted Average Grant-Date Fair Value Number of Awards Weighted Average Grant-Date Fair Value Number of Awards Weighted Average Grant-Date Fair Value Restricted stock unit awards outstanding at January 31, 2015 265,889 $ 47.62 98,775 $ 43.08 364,664 $ 46.39 Granted 82,405 50.48 29,300 50.48 111,705 50.48 PSU multiplier earned (1) - - - - - - Vested (90,189) 34.21 (39,950) 34.54 (130,139) 34.31 Forfeited, cancelled or expired (8,580) 53.19 - - (8,580) 53.19 Restricted stock unit awards outstanding at January 30, 2016 249,525 $ 53.31 88,125 $ 49.42 337,650 $ 52.29 (1) PSU multiplier earned represents the net RSUs awarded to our NEOs above and below their target grants resulting from the achievement of performance goals above or below the performance targets established at grant. Goals were achieved at 100% for all performance equity awards released in Fiscal 2016; therefore, there were no multipliers. The weighted average grant date fair value of our RSUs granted was $50.48, $56.81 and $54.13 for Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. There were 111,705, 98,374 and 107,303 RSUs awarded during Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. The compensation expense included in store operating, selling and administrative expenses and recognized during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $4.6 million, $3.8 million and $5.3 million, respectively, before the recognized income tax benefit of $1.7 million, $1.4 million and $2.0 million, respectively. During Fiscal 2016, RSU awards of 130,139 unit awards, including 39,950 awards that were PSUs, vested with an intrinsic value of $6.4 million. The total intrinsic value of our RSU awards outstanding and unvested at January 30, 2016, January 31, 2015 and February 1, 2014 was $10.9 million, $17.2 million and $32.5 million, respectively. As of January 30, 2016, there was approximately $7.6 million of total unamortized unrecognized compensation cost related to RSU awards. This cost is expected to be recognized over a weighted average period of 2.3 years. Employee Stock Purchase Plan The Company's ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employee purchases of common stock and the average price per share through the ESPP were as follows: Fiscal Year Ended Shares Purchased Average Price Per Share January 30, 2016 12,251 $ 33.40 January 31, 2015 8,882 $ 42.16 February 1, 2014 8,066 $ 46.39 The assumptions used in the option pricing model were as follows: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Weighted average fair value at date of grant $9.48 $10.78 $12.47 Expected life (years) 0.25 0.25 0.25 Expected volatility 32.0% - 36.2% 36.4% - 46.4% 34.4% - 41.0% Risk-free interest rate 0.02% - 0.09% 0.04% - 0.16% 0.01% - 0.05% Dividend yield None None None The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of ASC Topic 718 as it relates to accounting for certain employee stock purchase plans with a look-back option. The compensation expense included in store operating, selling and administrative expenses and recognized during each of Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $0.1 million. Director Deferred Compensation Under the Deferred Plan, non-employee directors can elect to defer all or a portion of their Board and Board Committee fees into cash, stock options or deferred stock units. Those fees deferred into stock options are subject to the same provisions as provided for in the DEP and are expensed and accounted for accordingly. Director fees deferred into stock units are calculated and expensed each calendar quarter by taking total fees earned during the calendar quarter and dividing by the closing price of our common stock on the last day of the calendar quarter, rounded to the nearest whole share. The total annual retainer, Board and Board Committee fees for non-employee directors that are not deferred into stock options, but which includes amounts deferred into stock units under the Deferred Plan, are expensed as incurred in all periods presented. A total of 1,812, 1,426 and 2,215 stock units were deferred under this plan in Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. One director has elected to defer compensation into stock units in calendar 2016. The compensation expense included in store operating, selling and administrative expenses and recognized during Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $70,000, $70,000 and $130,000, respectively, before the recognized income tax benefit of $26,000, $26,000 and $49,000, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 30, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 4. 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 computation of basic and diluted earnings per share in thousands: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Net income $ $70,528 $ $73,584 $ $70,877 Weighted average number of common shares outstanding 23,947 25,369 25,870 Dilutive stock options 35 66 96 Dilutive restricted stock units 147 185 300 Weighted average number of common shares outstanding and dilutive shares 24,129 25,620 26,266 Basic earnings per share $ 2.95 $ 2.90 $ 2.74 Diluted earnings per share $ 2.92 $ 2.87 $ 2.70 In calculating diluted earnings per share for Fiscal 2016, 120,206 options to purchase shares of common stock outstanding as of the end of the period were excluded in the computations of diluted earnings per share due to their anti-dilutive effect. In calculating diluted earnings per share for Fiscal 2015, 677 options to purchase shares of common stock outstanding as of the end of the period were excluded in the computations of diluted earnings per share due to their anti-dilutive effect. In calculating diluted earnings per share for Fiscal 2014, there were no options to purchase shares of common stock outstanding as of the end of the period that were excluded in the computations of diluted earnings per share due to their anti-dilutive effect. We excluded 24,350 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 performance-based annual vesting conditions which had not been achieved by the end of Fiscal 2016. Assuming the performance criteria had been achieved at target as of January 30, 2016, the incremental dilutive impact would have been 14,555 shares. |
DEBT
DEBT | 12 Months Ended |
Jan. 30, 2016 | |
DEBT [Abstract] | |
DEBT | NOTE 5. DEBT At January 30, 2016, we had two unsecured credit facilities, which are renewable in August and November 2016. 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. There were 36 days during the fifty-two weeks ended January 30, 2016, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $12.9 million and $28.4 million, respectively, and an average interest rate of 2.22%. At January 30, 2016, a total of $80.0 million was available to us from these facilities. At January 31, 2015, we had two unsecured credit facilities, which were renewable in August and November 2015. The August facility allowed 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 allowed for borrowings up to $50.0 million at a rate of prime plus 2%. Under the provisions of both facilities, we did not pay commitment fees and were not subject to covenant requirements. 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. |
LEASES
LEASES | 12 Months Ended |
Jan. 30, 2016 | |
LEASES [Abstract] | |
LEASES | NOTE 6. LEASES We have entered into capital leases for certain property and transportation equipment. At January 30, 2016, total capital lease obligations were $3.6 million, of which $0.5 million was classified as a short-term liability and included in capital lease obligations and $3.1 million was classified as a long-term liability and included in capital lease obligations in our consolidated balance sheet. At January 31, 2015, total capital lease obligations were $3.5 million, of which $0.4 million was classified as a short-term liability and included in capital lease obligations and $3.1 million was classified as a long-term liability and included in capital lease obligations in our consolidated balance sheet. The cost basis of total assets under capital leases at January 30, 2016 and January 31, 2015 was $4.8 million and $4.3 million, respectively, with accumulated amortization at January 30, 2016 and January 31, 2015 of $1.6 million and $1.1 million, respectively. Amortization expense related to assets under capital leases was $0.5 million, $0.5 million and $0.3 million in Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. We lease the majority of our stores under operating leases. The leases typically provide for terms of five to ten years with options to extend at our discretion. Many of our leases contain scheduled increases in annual rent payments and the majority of our leases also require us to pay maintenance, insurance and real estate taxes. Additionally, many of the lease agreements contain tenant improvement allowances, rent holidays and/or rent escalation clauses (contingent rentals) based on net sales for the location. For purposes of recognizing incentives and minimum rental expenses on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we enter the space and begin to make improvements in preparation of our intended use. Most of our store leases contain provisions that allow for early termination of the lease if certain pre-determined annual sales levels are not met. Generally, these provisions allow the lease to be terminated between the third and fifth year of the lease. Should the lease be terminated under these provisions, in some cases, the unamortized portion of any landlord allowances related to that property would be payable to the landlord. We also lease certain office equipment and transportation equipment under operating leases having initial terms of more than one year. During Fiscal 2016, we increased our lease commitments by a net of 56 stores, each having initial lease termination dates between March 2020 and October 2026. At January 30, 2016, the future minimum lease payments under capital leases and the present value of such payments, and the future minimum lease payments under our operating leases, excluding maintenance, insurance and real estate taxes, including the net 56 lease commitments added during Fiscal 2016, were as follows (in thousands): Capital Operating Total Fiscal 2017 $ 746 $ 57,177 $ 57,923 Fiscal 2018 793 49,399 50,192 Fiscal 2019 788 40,657 41,445 Fiscal 2020 761 31,188 31,949 Fiscal 2021 583 22,462 23,045 Thereafter 1,168 39,526 40,694 Total minimum lease payments 4,839 240,409 245,248 Less amount representing interest 1,212 - 1,212 Present value of total minimum lease payments $ 3,627 $ 240,409 $ 244,036 Rental expense for all operating leases consisted of the following (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Minimum rentals $ 52,538 $ 49,323 $ 44,984 Contingent rentals 4,434 4,647 5,280 $ 56,972 $ 53,970 $ 50,264 |
DEFINED CONTRIBUTION BENEFIT PL
DEFINED CONTRIBUTION BENEFIT PLANS | 12 Months Ended |
Jan. 30, 2016 | |
DEFINED CONTRIBUTION BENEFIT PLANS [Abstract] | |
DEFINED CONTRIBUTION BENEFIT PLANS | NOTE 7. DEFINED CONTRIBUTION BENEFIT PLANS We maintain the Hibbett Sports, Inc. 401(k) Plan (401(k) Plan) for the benefit of our employees. The 401(k) Plan covers all employees who have completed one year of service, worked 1,000 hours and who are at least 18 years of age. Participants of the 401(k) Plan may voluntarily contribute from 1% to 100% of their compensation subject to certain yearly dollar limitations as allowed by law. These elective contributions are made under the provisions of Section 401(k) of the Internal Revenue Code which allows deferral of income taxes on the amount contributed to the 401(k) Plan. The Company's contribution to the 401(k) Plan is determined at the discretion of the Board of Directors. Effective Fiscal 2016, the Board adopted the Safe Harbor provisions for our 401(k) Plan. For Fiscal 2016, we matched 100% of the first 3% of eligible compensation and 50% of the next 3% of eligible compensation for a total possible match of 4.5% of the first 6% of eligible compensation for Fiscal 2016. For Fiscal 2015 and Fiscal 2014, we matched $0.75 for each dollar of compensation deferred by the employees up to 6.0% of compensation. Contribution expense incurred under the 401(k) Plan for Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $1.0 million, $0.7 million and $0.8 million, respectively. We maintain the Hibbett Sports, Inc. Supplemental 401(k) Plan (Supplemental Plan) for the purpose of supplementing the employer matching contribution and salary deferral opportunity available to highly compensated employees whose ability to receive Company matching contributions and defer salary under our existing 401(k) Plan has been limited because of certain restrictions applicable to qualified plans. The non-qualified deferred compensation Supplemental Plan allows participants to defer up to 40% of their compensation. Historically, participants received an employer matching contribution equal to $0.75 for each dollar of compensation deferred, subject to a maximum of 4.5% of compensation and subject to Board discretion. The matching contribution under the Supplemental Plan was set by the Board to equal no more than $0.75 for each dollar of compensation deferred under both the 401(k) Plan and the Supplemental Plan up to 6.0% of compensation. Effective Fiscal 2016, with the adoption of the Safe Harbor provisions under our 401(k) Plan, contributions to the Supplemental Plan are no longer subject to matching provisions. Contribution expense incurred under the Supplemental Plan for Fiscal 2016, Fiscal 2015 and Fiscal 2014 was $19,000, $0.1 million and $0.1 million, respectively. The Supplemental Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. We maintain the Hibbett Sports, Inc. Executive Voluntary Deferral Plan (Voluntary Plan) that provides key executives of the Company an opportunity to defer, on a pre-tax basis, up to 50% of their base salary and up to 100% of any bonus earned. Participants, at election, determine the date payout is to be made with payout options as either a lump-sum payout or installment payments over 2 to 10 years. The Voluntary Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA) and was effective February 1, 2010 and is also intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. We maintain a Flexible Spending Account Plan (FSA) that allows employees to set aside pre-tax amounts for out-of-pocket health care and dependent care expenses. The health care FSA is subject to ERISA, whereas the dependent care FSA is not. Employees are eligible to participate in the FSA upon meeting eligibility requirements or upon a defined qualifying event, and may enroll annually during an open enrollment period. Plan amounts are determined annually by the employee in advance and are subject to IRS dollar limitations. Employee elections, in general, cannot be increased, decreased or discontinued during the election period. Unused amounts at the end of the plan year are subject to forfeiture and such forfeitures can be used to offset administrative expenses. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Jan. 30, 2016 | |
RELATED-PARTY TRANSACTIONS [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 8. RELATED-PARTY TRANSACTIONS The Company leases one store under a lease arrangement with AL Florence Realty Holdings 2010, LLC, a wholly-owned subsidiary of Books-A-Million, Inc., (BAMM). One of our Directors, Terrance G. Finley is an executive officer of BAMM and another Director, Albert C. Johnson, was a former director of BAMM. Minimum annual lease payments are $0.1 million, if not in co-tenancy, and the lease termination date is February 2017. In Fiscal 2016, Fiscal 2015 and Fiscal 2014, minimum lease payments were $0.1 million. Minimum lease payments remaining under this lease at January 30, 2016 were $0.1 million. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 30, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 9. INCOME TAXES A summary of the components of the provision/(benefit) for income taxes is as follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Federal: Current $ 36,053 $ 35,013 $ 37,313 Deferred 1,188 4,059 312 37,241 39,072 37,625 State: Current 3,743 4,756 5,205 Deferred 200 441 (4 ) 3,943 5,197 5,201 Provision for income taxes $ 41,184 $ 44,269 $ 42,826 A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes follows: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Tax provision computed at the federal statutory rate 35.00% 35.00% 35.00% Effect of state income taxes, net of federal benefits 2.40 2.85 2.81 Other, net (0.53) (0.29) (0.15) 36.87% 37.56% 37.66% Deferred income taxes on the consolidated balance sheets result from temporary differences between the amount of assets and liabilities recognized for financial reporting and income tax purposes. The components of the deferred income taxes, net, are as follows (in thousands): January 30, 2016 January 31, 2015 Current Non-current Current Non-current Deferred rent $ - $ 8,769 $ 1,486 $ 5,893 Inventories - 4,920 5,552 - Accruals - 4,900 2,898 1,656 Stock-based compensation - 4,755 996 3,393 Other - 59 31 92 Total deferred tax assets - 23,403 10,963 11,034 Accumulated depreciation and amortization - (15,723) - (12,809) Prepaid expenses - (681) (645) - Accruals - (44) (26) - State taxes - (298) (472) - Total deferred tax liabilities - (16,746) (1,143) (12,809) Deferred income taxes, net $ - $ 6,657 $ 9,820 $ (1,775) We early adopted Accounting Standards Update ("ASU") 2015-17, Income Taxes – Balance Sheet Reclassification of Deferred Taxes (Topic 740) Recent Accounting Pronouncements Deferred tax assets represent items that will be used as a tax deduction or credit in future tax returns or are items of income that have not been recognized for financial statement purposes but were included in the current or prior tax returns for which we have already properly recorded the tax benefit in the consolidated statements of operations. At least quarterly, we assess the likelihood that the deferred tax assets balance will be recovered. We take into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies that could potentially enhance the likelihood of a realization of a deferred tax asset. To the extent recovery is not more likely than not, a valuation allowance is established against the deferred tax asset, increasing our income tax expense in the year such determination is made. We have determined that no such allowance is required. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. We file income tax returns in the U.S. federal and various state jurisdictions. A number of years may elapse before a particular matter for which we have recorded a liability related to an unrecognized tax benefit is audited and finally resolved. 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. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is adequate. Favorable settlement of an unrecognized tax benefit could be recognized as a reduction in our effective tax rate in the period of resolution. Unfavorable settlement of an unrecognized tax benefit could increase the effective tax rate and may require the use of cash in the period of resolution. Our liability for unrecognized tax benefits is generally presented as non-current. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. A reconciliation of the unrecognized tax benefit, excluding estimated interest and penalties, under ASC Subtopic 740-10 follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Unrecognized tax benefits - beginning of year $ 1,339 $ 1,539 $ 2,708 Gross increases - tax positions in prior period 90 122 245 Gross decreases - tax positions in prior period (39) (168) (964) Gross increases - tax positions in current period 122 162 277 Settlements - (119) (517) Lapse of statute of limitations (270) (197) (210) Unrecognized tax benefits - end of year $ 1,242 $ 1,339 $ 1,539 We classify interest and penalties recognized on unrecognized tax benefits as income tax expense. We have accrued interest and penalties in the amount of $0.1 million, $0.1 million and $0.2 million as of January 30, 2016, January 31, 2015 and February 1, 2014, respectively. During Fiscal 2016, Fiscal 2015 and Fiscal 2014, we recorded ($5,000), ($0.1) million and ($43,000), respectively, for the accrual of interest and penalties in the consolidated statement of operations. Of the unrecognized tax benefits as of January 30, 2016, January 31, 2015 and February 1, 2014, $0.9 million, $1.0 million and $1.0 million, respectively, if recognized, would affect our effective income tax rate. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jan. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10. COMMITMENTS AND CONTINGENCIES Annual Bonuses and Equity Incentive Awards Specified officers and corporate employees of our Company are entitled to annual bonuses, primarily based on measures of Company operating performance. At January 30, 2016 and January 31, 2015, there was $3.2 million and $3.5 million, respectively, of annual bonus-related expense included in accrued payroll expenses. In addition, the Compensation Committee (Committee) of the Board of Directors places performance criteria on awards of PSUs made in the form of RSUs to our NEOs under the EIP. The performance criteria are tied to performance targets with respect to future sales and operating income over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718 and are evaluated each quarter to determine the probability that the performance conditions set within will be met. We expect the Committee to continue to place performance criteria on awards of RSUs to our NEOs in the future. Legal Proceedings and Other Contingencies We are a party to various legal proceedings incidental to our business. Where we are able to reasonably estimate an amount of probable loss in these matters based on known facts, we have accrued that amount as a current liability on our balance sheet. We are not able to reasonably estimate the possible loss or range of loss in excess of the amount accrued for these proceedings based on the information currently available to us, including, among others, (i) uncertainties as to the outcome of pending proceedings (including motions and appeals) and (ii) uncertainties as to the likelihood of settlement and the outcome of any negotiations with respect thereto. We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business or financial condition. We cannot give assurance, however, that one or more of these proceedings will not have a material effect on our results of operations for the period in which they are resolved. At January 30, 2016 and January 31, 2015, we estimated that the liability related to these matters was approximately $0.2 million and $0.4 million, respectively, and accordingly, we accrued $0.2 million and $0.4 million, respectively, as a current liability in our consolidated balance sheets. The estimates of our liability for pending and unasserted potential claims do not include litigation costs. It is our policy to accrue legal fees when it is probable that we will have to defend against known claims or allegations and we can reasonably estimate the amount of the anticipated expense. From time to time, we enter into certain types of agreements that require us to indemnify parties against third-party claims under certain circumstances. Generally, these agreements relate to: (a) agreements with vendors and suppliers under which we may provide customary indemnification to our vendors and suppliers in respect to actions they take at our request or otherwise on our behalf; (b) agreements to indemnify vendors against trademark and copyright infringement claims concerning merchandise manufactured specifically for or on behalf of the Company; (c) real estate leases, under which we may agree to indemnify the lessors from claims arising from our use of the property; and (d) agreements with our directors, officers and employees, under which we may agree to indemnify such persons for liabilities arising out of their relationship with us. We have director and officer liability insurance, which, subject to the policy's conditions, provides coverage for indemnification amounts payable by us with respect to our directors and officers up to specified limits and subject to certain deductibles. If we believe that a loss is both probable and estimable for a particular matter, the loss is accrued in accordance with the requirements of ASC Topic 450, Contingencies |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Jan. 30, 2016 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 11. QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth certain unaudited consolidated financial data for the quarters indicated (dollar amounts in thousands, except per share amounts): Fiscal Year Ended January 30, 2016 First Second Third Fourth Net sales $ 269,823 $ 199,261 $ 228,301 $ 245,719 Gross profit $ 99,714 $ 65,179 $ 82,352 $ 85,469 Operating income $ 43,803 $ 10,722 $ 29,859 $ 27,620 Net income $ 27,408 $ 7,031 $ 18,677 $ 17,411 Basic earnings per share $ 1.10 $ 0.29 $ 0.79 $ 0.76 Diluted earnings per share $ 1.09 $ 0.28 $ 0.79 $ 0.76 Fiscal Year Ended January 31, 2015 First Second Third Fourth Net sales $ 261,909 $ 193,918 $ 218,321 $ 239,338 Gross profit $ 98,196 $ 64,408 $ 79,150 $ 85,030 Operating income $ 45,664 $ 13,723 $ 26,812 $ 31,947 Net income $ 28,388 $ 8,380 $ 16,890 $ 19,925 Basic earnings per share $ 1.10 $ 0.33 $ 0.67 $ 0.80 Diluted earnings per share $ 1.09 $ 0.32 $ 0.67 $ 0.79 In the opinion of our management, this unaudited information has been prepared on the same basis as the audited information. The operating results from any quarter are not necessarily indicative of the results to be expected for any future period. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Jan. 30, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 12. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC Topic 820, Fair Value Measurement, · 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 and liabilities 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 (in thousands): January 30, 2016 January 31, 2015 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 87 $ - $ - Long-term investments 2,562 - - 2,619 - - Total investments $ 2,641 $ - $ - $ 2,706 $ - $ - Short-term investments are reported in prepaid expenses and other while long-term investments are reported in other assets, net, in our consolidated balance sheets. |
BASIS OF PRESENTATION AND SUM20
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of our Company include its accounts and the accounts of all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Such reclassifications had no impact on total assets, total liabilities, net income or stockholders' investment in any of the years presented. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP) requires management to make estimates and assumptions that affect: · the reported amounts of certain assets, including inventories and property and equipment; · the reported amounts of certain liabilities, including legal, tax-related and other accruals; and · the reported amounts of certain revenues and expenses during the reporting period. The assumptions used by management could change significantly in future estimates due to changes in circumstances and actual results could differ from those estimates. |
Reportable Segments | Reportable Segments Given the economic characteristics of the store formats, the similar nature of products offered for sale, the type of customers, the methods of distribution and how our Company is managed, our operations constitute only one reportable segment. |
Vendor Arrangements | Vendor Arrangements We enter into arrangements with some of our vendors that entitle us to a partial refund of the cost of merchandise purchased during the year or reimbursement of certain costs we incur to advertise or otherwise promote their product. Volume-based rebates, supported by vendor agreements, are estimated throughout the year and reduce the cost of inventories and cost of goods sold during the year. This estimate is regularly monitored and adjusted for current or anticipated changes in purchase levels and for sales activity. |
Advertising | Advertising We expense advertising costs when incurred. We participate in various advertising and marketing cooperative programs with our vendors, who, under these programs, reimburse us for certain costs incurred. A receivable for cooperative advertising to be reimbursed is recorded as a decrease to expense as advertisements are run. The following table presents the components of our advertising expense (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Gross advertising costs $ 9,983 $ 9,763 $ 8,980 Advertising reimbursements (2,949 ) (3,456 ) (3,335 ) Net advertising costs $ 7,034 $ 6,307 $ 5,645 |
Cost of Goods Sold | Cost of Goods Sold We include inbound freight charges, merchandise purchases, store occupancy costs and a portion of our logistics costs related to our retail business in cost of goods sold. Costs associated with moving merchandise to and between stores are included in store operating, selling and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term, highly liquid investments with original maturities of 90 days or less, including commercial paper and money market funds, to be cash equivalents. We are exposed to credit risk in the event of default by our financial institutions where we maintain deposits to the extent the amount recorded on the consolidated balance sheet exceeds the FDIC insurance limits per institution. Amounts due from third-party credit card processors for the settlement of debit and credit card transactions are included as cash equivalents as they are generally collected within three business days. Cash equivalents related to credit and debit card transactions at January 30, 2016 and January 31, 2015 were $4.3 million and $5.2 million, respectively. |
Investments | Investments We hold investments in trust for the Hibbett Sports, Inc. Supplemental 401(k) Plan (Supplemental Plan) and the Hibbett Sports, Inc. Executive Voluntary Deferral Plan (Deferral Plan). These are trading securities. At January 30, 2016, we had $2.6 million of investments of which $0.1 million was included in prepaid expenses and other and $2.5 million was included in other assets, net. At January 31, 2015, we had $2.7 million of investments of which $0.1 million was included in prepaid expenses and other and $2.6 million was included in other assets, net. Net unrealized holding losses for Fiscal 2016 were $0.1 million and net unrealized holding gains for Fiscal 2015 was $31,000. |
Trade and Other Accounts Receivable | Trade and Other Accounts Receivable Trade accounts receivable consist primarily of amounts due to us from sales to educational institutions for athletic programs. We do not require collateral, and we maintain an allowance for potential uncollectible accounts based on an analysis of the aging of accounts receivable at the date of the financial statements, historical losses and existing economic conditions, when relevant. The allowance for doubtful accounts at January 30, 2016 and January 31, 2015 was $89,000 and $79,000, respectively. Other accounts receivable consists primarily of tenant allowances due from landlords and cooperative advertising due from vendors. We analyze other accounts receivable for collectability based on aging of individual components, underlying contractual terms and economic conditions. Recorded amounts are deemed to be collectible. |
Inventories and Valuation | Inventories Inventories are valued using the lower of weighted average cost or market method. Items are removed from inventory using the weighted average cost method. Lower of Cost or Market: Shrink Reserves: Inventory Purchase Concentration : Consignment Inventories: |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and include assets acquired through capital leases. Depreciation on assets is principally provided using the straight-line method over the following estimated service lives: Buildings 39 years Leasehold improvements 3 – 10 years Furniture and fixtures 7 years Equipment 3 – 7 years In the case of leasehold improvements, we calculate depreciation using the shorter of the term of the underlying leases or the estimated economic lives of the improvements. The term of the lease includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty. We continually reassess the remaining useful life of leasehold improvements in light of store closing plans. Construction in progress has historically been comprised primarily of property and equipment related to unopened stores and amounts associated with technology upgrades at period-end. At January 30, 2016, approximately 94% of the construction in progress balance was comprised of costs associated with information technology capital projects. The remaining balance consisted of costs associated with unopened stores and leasehold improvements. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets sold, retired or otherwise disposed of are removed from property and equipment and the related gain or loss is credited or charged to net income. |
Deferred Rent | Deferred Rent Deferred rent primarily consists of step rent and allowances from landlords related to our leased properties. Step rent represents the difference between actual operating lease payments due and straight-line rent expense, which we record over the term of the lease, including the build-out period. This amount is recorded as deferred rent in the early years of the lease, when cash payments are generally lower than straight-line rent expense, and reduced in the later years of the lease when payments begin to exceed the straight-line rent expense. Landlord allowances are generally comprised of amounts received and/or promised to us by landlords and may be received in the form of cash or free rent. We record a receivable from the landlord in accordance with the terms of the lease and a deferred rent liability. This deferred rent is amortized into net income (through lower rent expense) over the term (including the pre-opening build-out period) of the applicable lease, and the receivable is reduced as amounts are realized from the landlord. In our consolidated statements of cash flows, the current and long-term portions of landlord allowances are included as changes in cash flows from operations. The current portion is included as a change in accrued expenses and the long-term portion is included as a change in deferred rent, non-current. The liability for the current portion of unamortized landlord allowances was $3.7 million and $3.3 million at January 30, 2016 and January 31, 2015, respectively. The liability for the long-term portion of unamortized landlord allowances was $14.4 million and $12.4 million at January 30, 2016 and January 31, 2015, respectively. We estimate the non-cash portion of landlord allowances was $1.1 million and $1.3 million at January 30, 2016 and January 31, 2015, respectively. |
Revenue Recognition | Revenue Recognition We recognize revenue, including gift card and layaway sales, in accordance with the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. Retail merchandise sales occur on-site in our stores. We recognize revenue at the time the customer takes possession of the merchandise. Customers have the option of paying the full purchase price of the merchandise upon sale or paying a down payment and placing the merchandise on layaway. The customer may make further payments in installments, but the entire purchase price for merchandise placed on layaway must be received by us within 30 days. The down payment and any installments are recorded by us as short-term deferred revenue until the customer pays the entire purchase price for the merchandise. Retail sales are recorded net of returns and discounts and exclude sales taxes . We offer a customer loyalty program, the MVP Rewards program, whereby customers, upon registration, can earn points in a variety of ways, including store purchases, website surveys and other activities on our website. Based on the number of points accumulated, customers receive reward certificates on a monthly basis that can be redeemed in our stores. An estimate of the obligation related to the program, based on historical redemption rates, is recorded as a current liability and a reduction of net retail sales in the period earned by the customer. The current liability is reduced, and a corresponding amount is recognized in net retail sales, in the amount of and at the time of redemption of the reward certificate. At January 30, 2016 and January 31, 2015, the amount recorded in other accrued expenses on our consolidated balance sheet for reward certificates issued was not significant. The cost of coupon sales incentives is recognized at the time the related revenue is recognized by us. Proceeds received from the issuance of gift cards are initially recorded as deferred revenue. Revenue is subsequently recognized at the time the customer redeems the gift cards and takes possession of the merchandise. Unredeemed gift cards are recorded as other accrued expenses on our consolidated balance sheet. Income from gift card breakage is recognized to the extent not required to be remitted to jurisdictions as unclaimed property and is based upon historical redemption patterns and represents the balance of gift cards for which we believe the likelihood of redemption by the customer is remote. We have determined the likelihood of redemption is remote when redemptions are equal to or less than five percent of the remaining balances of gift cards aged by activation year. For Fiscal 2016, we recaptured $24,000 of breakage revenue as other income which is included in the accompanying consolidated statements of operations within store operating, selling and administrative expenses. For Fiscal 2015 and Fiscal 2014, $0.7 million and $0.2 million of breakage revenue, respectively, was recorded as other income and is included in the accompanying consolidated statements of operations as a reduction to store operating, selling and administrative expenses. The net deferred revenue liability at January 30, 2016 and January 31, 2015 was $5.5 million and $4.7 million, respectively. |
Store Opening and Closing Costs | Store Opening and Closing Costs New store opening costs, including pre-opening costs, are charged to expense as incurred. Store opening costs primarily include payroll expenses, training costs and straight-line rent expenses. All pre-opening costs are included in store operating, selling and administrative expenses as a part of operating expenses. We consider individual store closings to be a normal part of operations and regularly review store performance against expectations. Costs associated with store closings are recognized at the time of closing or when a liability has been incurred. These costs were not significant in Fiscal 2016, Fiscal 2015 or Fiscal 2014. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We continually evaluate whether events and circumstances have occurred that indicate the remaining balance of long-lived assets may be impaired and not recoverable. Our policy is to recognize any impairment loss on long-lived assets as a charge to current income when certain events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment is assessed considering the estimated undiscounted cash flows over the asset's remaining life. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized based on a comparison of the cost of the asset to fair value less any costs of disposition. Evaluation of asset impairment requires significant judgment. |
Insurance Accrual | Insurance Accrual We are self-insured for a significant portion of our health insurance. Liabilities associated with the risks that are retained by us are estimated, in part, by considering our historical claims experience. The estimated accruals for these liabilities could be affected if future occurrences and claims differ from our assumptions. To minimize our potential exposure, we carry stop-loss insurance that reimburses us for losses over $0.2 million per covered person per year. As of January 30, 2016 and January 31, 2015, the accrual for these liabilities was $0.7 million and $0.8 million, respectively, and was included in other accrued expenses in the consolidated balance sheets. We are also self-insured for our workers' compensation, property and general liability insurance up to an established deductible with a cumulative stop-loss on workers' compensation. As of January 30, 2016 and January 31, 2015, the accrual for these liabilities (which is not discounted) was $0.4 million and was included in other accrued expenses in the consolidated balance sheets. |
Sales Returns | Sales Returns Net sales returns were $34.8 million for Fiscal 2016, $32.3 million for Fiscal 2015 and $30.5 million for Fiscal 2014. The accrual for the effect of estimated returns was $0.4 million and $0.5 million as of January 30, 2016 and January 31, 2015, respectively, and was included in other accrued expenses in the consolidated balance sheets. Determination of the accrual for estimated returns requires significant judgment. |
BASIS OF PRESENTATION AND SUM21
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Advertising expense | The following table presents the components of our advertising expense (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Gross advertising costs $ 9,983 $ 9,763 $ 8,980 Advertising reimbursements (2,949 ) (3,456 ) (3,335 ) Net advertising costs $ 7,034 $ 6,307 $ 5,645 |
Estimated service lives of depreciable assets | Property and equipment are recorded at cost and include assets acquired through capital leases. Depreciation on assets is principally provided using the straight-line method over the following estimated service lives: Buildings 39 years Leasehold improvements 3 – 10 years Furniture and fixtures 7 years Equipment 3 – 7 years |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Expense | The compensation cost for these plans was as follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Stock-based compensation expense by type: Stock options $ 391 $ 469 $ 358 Restricted stock units 4,632 3,833 5,250 Employee stock purchases 105 96 100 Director deferred compensation 70 70 130 Total stock-based compensation expense 5,198 4,468 5,838 Income tax benefit recognized 1,895 1,645 2,154 Stock-based compensation expense, net of income tax $ 3,303 $ 2,823 $ 3,684 |
Employee Stock Purchases | Our employee purchases of common stock and the average price per share through the ESPP were as follows: Fiscal Year Ended Shares Purchased Average Price Per Share January 30, 2016 12,251 $ 33.40 January 31, 2015 8,882 $ 42.16 February 1, 2014 8,066 $ 46.39 |
Restricted Stock Unit Awards Activity | The following table summarizes the restricted stock unit awards activity under all of our plans during Fiscal 2016: RSUs PSUs Totals Number of Awards Weighted Average Grant-Date Fair Value Number of Awards Weighted Average Grant-Date Fair Value Number of Awards Weighted Average Grant-Date Fair Value Restricted stock unit awards outstanding at January 31, 2015 265,889 $ 47.62 98,775 $ 43.08 364,664 $ 46.39 Granted 82,405 50.48 29,300 50.48 111,705 50.48 PSU multiplier earned (1) - - - - - - Vested (90,189) 34.21 (39,950) 34.54 (130,139) 34.31 Forfeited, cancelled or expired (8,580) 53.19 - - (8,580) 53.19 Restricted stock unit awards outstanding at January 30, 2016 249,525 $ 53.31 88,125 $ 49.42 337,650 $ 52.29 |
Stock Option Activity | Activity for our option plans during Fiscal 2016 was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000's) Options outstanding at January 31, 2015 242,294 $ 35.15 5.34 $ 3,439 Granted 23,497 47.72 Exercised (17,394) 25.53 Forfeited, cancelled or expired (5,000) 30.98 Options outstanding at January 30, 2016 243,397 $ 37.13 5.18 $ 987 Exercisable at January 30, 2016 243,397 $ 37.13 5.18 $ 987 |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value weighted average assumptions-stock options | The assumptions used in the option pricing model were as follows: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Weighted average fair value at date of grant $9.48 $10.78 $12.47 Expected life (years) 0.25 0.25 0.25 Expected volatility 32.0% - 36.2% 36.4% - 46.4% 34.4% - 41.0% Risk-free interest rate 0.02% - 0.09% 0.04% - 0.16% 0.01% - 0.05% Dividend yield None None None |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value weighted average assumptions-stock options | The fair value was estimated on the date of grant using the Black-Scholes pricing model with the following weighted average assumptions for each period: Quarter Ended May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 Grant date Mar 17 Mar 31 Jun 30 Sep 30 Dec 31 Exercise price $ 50.48 $ 49.06 $ 46.58 $ 35.01 $ 30.24 Weighted average fair value at date of grant $ 17.86 $ 17.19 $ 16.14 $ 10.52 $ 9.23 Expected option life (years) 5.36 5.36 5.36 4.84 4.84 Expected volatility 36.19% 36.17% 35.11% 32.21% 31.95% Risk-free interest rate 1.59% 1.41% 1.67% 1.33% 1.71% Dividend yield None None None None None |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Earnings per share | The following table sets forth the computation of basic and diluted earnings per share in thousands: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Net income $ $70,528 $ $73,584 $ $70,877 Weighted average number of common shares outstanding 23,947 25,369 25,870 Dilutive stock options 35 66 96 Dilutive restricted stock units 147 185 300 Weighted average number of common shares outstanding and dilutive shares 24,129 25,620 26,266 Basic earnings per share $ 2.95 $ 2.90 $ 2.74 Diluted earnings per share $ 2.92 $ 2.87 $ 2.70 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
LEASES [Abstract] | |
Future lease payments under non-cancelable leases | At January 30, 2016, the future minimum lease payments under capital leases and the present value of such payments, and the future minimum lease payments under our operating leases, excluding maintenance, insurance and real estate taxes, including the net 56 lease commitments added during Fiscal 2016, were as follows (in thousands): Capital Operating Total Fiscal 2017 $ 746 $ 57,177 $ 57,923 Fiscal 2018 793 49,399 50,192 Fiscal 2019 788 40,657 41,445 Fiscal 2020 761 31,188 31,949 Fiscal 2021 583 22,462 23,045 Thereafter 1,168 39,526 40,694 Total minimum lease payments 4,839 240,409 245,248 Less amount representing interest 1,212 - 1,212 Present value of total minimum lease payments $ 3,627 $ 240,409 $ 244,036 |
Rental expense for all operating leases | Rental expense for all operating leases consisted of the following (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Minimum rentals $ 52,538 $ 49,323 $ 44,984 Contingent rentals 4,434 4,647 5,280 $ 56,972 $ 53,970 $ 50,264 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
INCOME TAXES [Abstract] | |
Components of provision for income taxes | A summary of the components of the provision/(benefit) for income taxes is as follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Federal: Current $ 36,053 $ 35,013 $ 37,313 Deferred 1,188 4,059 312 37,241 39,072 37,625 State: Current 3,743 4,756 5,205 Deferred 200 441 (4 ) 3,943 5,197 5,201 Provision for income taxes $ 41,184 $ 44,269 $ 42,826 |
Reconciliation of statutory federal income tax rate | A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes follows: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Tax provision computed at the federal statutory rate 35.00% 35.00% 35.00% Effect of state income taxes, net of federal benefits 2.40 2.85 2.81 Other, net (0.53) (0.29) (0.15) 36.87% 37.56% 37.66% |
Components of deferred income tax assets, net | The components of the deferred income taxes, net, are as follows (in thousands): January 30, 2016 January 31, 2015 Current Non-current Current Non-current Deferred rent $ - $ 8,769 $ 1,486 $ 5,893 Inventories - 4,920 5,552 - Accruals - 4,900 2,898 1,656 Stock-based compensation - 4,755 996 3,393 Other - 59 31 92 Total deferred tax assets - 23,403 10,963 11,034 Accumulated depreciation and amortization - (15,723) - (12,809) Prepaid expenses - (681) (645) - Accruals - (44) (26) - State taxes - (298) (472) - Total deferred tax liabilities - (16,746) (1,143) (12,809) Deferred income taxes, net $ - $ 6,657 $ 9,820 $ (1,775) |
Reconciliation of unrecognized tax benefit | A reconciliation of the unrecognized tax benefit, excluding estimated interest and penalties, under ASC Subtopic 740-10 follows (in thousands): Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Unrecognized tax benefits - beginning of year $ 1,339 $ 1,539 $ 2,708 Gross increases - tax positions in prior period 90 122 245 Gross decreases - tax positions in prior period (39) (168) (964) Gross increases - tax positions in current period 122 162 277 Settlements - (119) (517) Lapse of statute of limitations (270) (197) (210) Unrecognized tax benefits - end of year $ 1,242 $ 1,339 $ 1,539 |
QUARTERLY FINANCIAL DATA (UNA26
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Selected quarterly financial information | The following tables set forth certain unaudited consolidated financial data for the quarters indicated (dollar amounts in thousands, except per share amounts): Fiscal Year Ended January 30, 2016 First Second Third Fourth Net sales $ 269,823 $ 199,261 $ 228,301 $ 245,719 Gross profit $ 99,714 $ 65,179 $ 82,352 $ 85,469 Operating income $ 43,803 $ 10,722 $ 29,859 $ 27,620 Net income $ 27,408 $ 7,031 $ 18,677 $ 17,411 Basic earnings per share $ 1.10 $ 0.29 $ 0.79 $ 0.76 Diluted earnings per share $ 1.09 $ 0.28 $ 0.79 $ 0.76 Fiscal Year Ended January 31, 2015 First Second Third Fourth Net sales $ 261,909 $ 193,918 $ 218,321 $ 239,338 Gross profit $ 98,196 $ 64,408 $ 79,150 $ 85,030 Operating income $ 45,664 $ 13,723 $ 26,812 $ 31,947 Net income $ 28,388 $ 8,380 $ 16,890 $ 19,925 Basic earnings per share $ 1.10 $ 0.33 $ 0.67 $ 0.80 Diluted earnings per share $ 1.09 $ 0.32 $ 0.67 $ 0.79 |
FAIR VALUE OF FINANCIAL INSTR27
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Fair value, assets measured on recurring and non recurring basis | The table below segregates all financial assets and liabilities 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 (in thousands): January 30, 2016 January 31, 2015 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 87 $ - $ - Long-term investments 2,562 - - 2,619 - - Total investments $ 2,641 $ - $ - $ 2,706 $ - $ - |
BASIS OF PRESENTATION AND SUM28
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | 138 Months Ended | ||
Jan. 30, 2016USD ($)Segmentshares | Jan. 31, 2015USD ($)shares | Feb. 01, 2014USD ($) | Jan. 30, 2016USD ($)shares | |
Business [Abstract] | ||||
Operating Cycle, Period Disclosure | 364 days | 364 days | 364 days | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | Segment | 1 | |||
Customers [Abstract] | ||||
Concentration risk | No customer accounted for more than 5.0% of our net sales | |||
Advertising expense [Abstract] | ||||
Gross advertising costs | $ 9,983,000 | $ 9,763,000 | $ 8,980,000 | |
Advertising reimbursements | (2,949,000) | (3,456,000) | (3,335,000) | |
Net advertising costs | 7,034,000 | 6,307,000 | 5,645,000 | |
Stock repurchase program [Abstract] | ||||
Amount authorized for Stock Repurchase Program | 300,000,000 | $ 300,000,000 | ||
Repurchased common stock (in shares) | shares | 15,800,000 | |||
Cost of repurchased common stock | 89,212,000 | 56,302,000 | 15,807,000 | $ 495,700,000 |
Remaining amount available under Stock Repurchase Program | 300,000,000 | 300,000,000 | ||
Cash and cash equivalents [Abstract] | ||||
Cash equivalents related to credit and debit card transactions | $ 4,300,000 | 5,200,000 | 4,300,000 | |
Days to collect debit and credit card transactions (in days) | 3 days | |||
Investments [Abstract] | ||||
Investments included in other assets | $ 2,500,000 | 2,600,000 | 2,500,000 | |
Net unrealized holding gains | (100,000) | 31,000 | ||
Other Prepaid Expense, Current | 100,000 | 100,000 | 100,000 | |
Total Investments | 2,600,000 | 2,700,000 | 2,600,000 | |
Trade and other accounts receivable [Abstract] | ||||
Allowance for doubtful accounts | 89,000 | 79,000 | 89,000 | |
Inventory and valuation [Abstract] | ||||
Accrual for inventory obsolescence | 3,700,000 | 3,500,000 | 3,700,000 | |
Accrual for inventory shrinkage | 1,300,000 | 1,200,000 | 1,300,000 | |
Vendor-owned inventories held at our locations | $ 5,700,000 | 3,800,000 | $ 5,700,000 | |
Property and equipment [Abstract] | ||||
Construction in progress, technology projects (in hundredths) | 94.00% | 94.00% | ||
Deferred rent [Abstract] | ||||
Liability for the current portion of unamortized landlord allowances | $ 3,700,000 | 3,300,000 | $ 3,700,000 | |
Liability for long-term portion of unamortized landlord allowances | 14,400,000 | 12,400,000 | 14,400,000 | |
Estimate of the non-cash portion of landlord allowances | $ 1,100,000 | 1,300,000 | ||
Revenue recognition [Abstract] | ||||
Days allowed for entire purchase price for merchandise placed on layaway | within 30 days | |||
Gift card breakage revenue | $ (24,000) | 700,000 | 200,000 | |
Net deferred revenue liability | 5,500,000 | 4,700,000 | 5,500,000 | |
Sales returns [Abstract] | ||||
Net sales returns | 34,800,000 | 32,300,000 | $ 30,500,000 | |
Accrual for the effect of estimated returns on pre-tax income | $ 400,000 | 500,000 | 400,000 | |
Equipment [Member] | Minimum [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 3 years | |||
Equipment [Member] | Maximum [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 7 years | |||
Furniture and Fixtures [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 7 years | |||
Buildings [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 39 years | |||
Leasehold Improvements [Member] | Minimum [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 3 years | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Property and equipment [Abstract] | ||||
Estimated service lives (in years) | 10 years | |||
Health Claims [Member] | ||||
Insurance accrual [Abstract] | ||||
Accrual for insurance liability | $ 700,000 | 800,000 | 700,000 | |
Workers Compensation and General Liability Stop-loss [Member] | ||||
Insurance accrual [Abstract] | ||||
Accrual for insurance liability | 400,000 | $ 400,000 | 400,000 | |
Health Claims Stop-Loss, Per Year [Member] | ||||
Insurance accrual [Abstract] | ||||
Stop-loss insurance, maximum per covered person | $ 200,000 | $ 200,000 | ||
Health Care Claims Stop-loss, Lifetime [Member] | ||||
Insurance accrual [Abstract] | ||||
Stop-loss insurance, maximum per covered person | ||||
Under November 2012 Authorization [Member] | ||||
Stock repurchase program [Abstract] | ||||
Repurchased common stock (in shares) | shares | 2,200,000 | 1,200,000 | ||
Cost of repurchased common stock | $ 91,300,000 | $ 61,000,000 | ||
Number of restricted stock unit awards repurchased to satisfy tax withholding requirements (in shares) | shares | 43,000 | 82,000 | ||
Tax withholding requirements | $ 2,100,000 | $ 4,700,000 | ||
Supplier Concentration Risk [Member] | Nike [Member] | ||||
Inventory and valuation [Abstract] | ||||
Percentage of purchases from supplier (in hundredths) | 57.50% | 55.70% | 52.30% | |
Supplier Concentration Risk [Member] | Second Largest Vendor [Member] | ||||
Inventory and valuation [Abstract] | ||||
Percentage of purchases from supplier (in hundredths) | 15.90% | 15.40% | 15.60% | |
Supplier Concentration Risk [Member] | Third Largest Vendor [Member] | ||||
Inventory and valuation [Abstract] | ||||
Percentage of purchases from supplier (in hundredths) | 4.20% | 6.40% | 8.60% |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
May. 02, 2015 | Mar. 17, 2015 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Stock-based compensation expense by type [Abstract] | |||||||||
Total stock-based compensation expense | $ 5,198,000 | $ 4,468,000 | $ 5,838,000 | ||||||
Income tax benefit recognized | 1,895,000 | 1,645,000 | 2,154,000 | ||||||
Stock-based compensation expense, net of income tax | 3,303,000 | 2,823,000 | 3,684,000 | ||||||
Actual income tax benefit realized for the deductions considered on our income tax returns | $ 2,500,000 | 5,300,000 | 6,500,000 | ||||||
Equity Incentive Plan [Member] | |||||||||
Stock-based compensation plans [Abstract] | |||||||||
Authorized but unissued shares of common stock (in shares) | 1,000,000 | 1,000,000 | |||||||
Shares available for grant under the Plan (in shares) | 1,000,000 | 1,000,000 | |||||||
Employee Stock Purchase Plan [Member] | |||||||||
Stock-based compensation plans [Abstract] | |||||||||
Authorized but unissued shares of common stock (in shares) | 300,000 | 300,000 | |||||||
Shares available for grant under the Plan (in shares) | 293,240 | 293,240 | |||||||
Percentage of quarterly closing price employees pay for shares (in hundredths) | 85.00% | ||||||||
Stock-based compensation expense by type [Abstract] | |||||||||
Total stock-based compensation expense | $ 105,000 | $ 96,000 | $ 100,000 | ||||||
Fair value and valuation assumptions [Abstract] | |||||||||
Weighted average fair value at grant date (in dollars per share) | $ 9.48 | $ 10.78 | $ 12.47 | ||||||
Expected life (in years) | 3 months | 3 months | 3 months | ||||||
Expected volatility - minimum (in hundredths) | 32.00% | 36.40% | 34.40% | ||||||
Expected volatility - maximum (in hundredths) | 36.20% | 46.40% | 41.00% | ||||||
Risk-free interest rate - minimum (in hundredths) | 0.02% | 0.04% | 0.01% | ||||||
Risk-free interest rate - maximum (in hundredths) | 0.09% | 0.16% | 0.05% | ||||||
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% | ||||||
Employee Stock Purchases [Abstract] | |||||||||
Shares purchased (in shares) | 12,251 | 8,882 | 8,066 | ||||||
Average price per share (in dollars per share) | $ 33.40 | $ 42.16 | $ 46.39 | ||||||
Director Deferred Compensation Plan [Member] | |||||||||
Stock-based compensation plans [Abstract] | |||||||||
Authorized but unissued shares of common stock (in shares) | 150,000 | 150,000 | |||||||
Shares available for grant under the Plan (in shares) | 145,652 | 145,652 | |||||||
Stock-based compensation expense by type [Abstract] | |||||||||
Total stock-based compensation expense | $ 70,000 | $ 70,000 | $ 130,000 | ||||||
Income tax benefit recognized | $ 26,000 | $ 26,000 | $ 49,000 | ||||||
Director Deferred Compensation [Abstract] | |||||||||
Total number of stock units deferred under plan (in shares) | 1,812 | 1,426 | 2,215 | ||||||
Non-Employee Director Equity Plan [Member] | |||||||||
Stock-based compensation plans [Abstract] | |||||||||
Authorized but unissued shares of common stock (in shares) | 500,000 | 500,000 | |||||||
Shares available for grant under the Plan (in shares) | 416,682 | 416,682 | |||||||
Stock Options [Member] | |||||||||
Stock-based compensation expense by type [Abstract] | |||||||||
Total stock-based compensation expense | $ 391,000 | $ 469,000 | $ 358,000 | ||||||
Income tax benefit recognized | $ 100,000 | $ 200,000 | $ 100,000 | ||||||
Fair value and valuation assumptions [Abstract] | |||||||||
Exercise price (in dollars per share) | $ 49.06 | $ 50.48 | $ 30.24 | $ 35.01 | $ 46.58 | ||||
Weighted average fair value at grant date (in dollars per share) | $ 17.19 | $ 17.86 | $ 9.23 | $ 10.52 | $ 16.14 | $ 16.63 | $ 23.12 | $ 17.97 | |
Expected life (in years) | 5 years 4 months 10 days | 5 years 4 months 10 days | 4 years 10 months 2 days | 4 years 10 months 2 days | 5 years 4 months 10 days | ||||
Expected volatility (in hundredths) | 36.17% | 36.19% | 31.95% | 32.21% | 35.11% | ||||
Risk-free interest rate (in hundredths) | 1.41% | 1.59% | 1.71% | 1.33% | 1.67% | ||||
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Stock option activity [Roll Forward] | |||||||||
Options outstanding at beginning of period (in shares) | 242,294 | 242,294 | |||||||
Granted (in shares) | 23,497 | ||||||||
Exercised (in shares) | (17,394) | ||||||||
Forfeited, cancelled or expired (in shares) | (5,000) | ||||||||
Options outstanding at end of period (in shares) | 243,397 | 243,397 | 242,294 | ||||||
Exercisable at end of period (in shares) | 243,397 | 243,397 | |||||||
Weighted Average Exercise Price, Options outstanding at beginning of period (in dollars per share) | $ 35.15 | $ 35.15 | |||||||
Weighted Average Exercise Price, Options granted (in dollars per share) | 47.72 | ||||||||
Weighted Average Exercise Price, Options exercised (in dollars per share) | 25.53 | ||||||||
Weighted Average Exercise Price, Options forfeited, cancelled or expired (in dollars per share) | 30.98 | ||||||||
Weighted Average Exercise Price, Options outstanding at end of period (in dollars per share) | $ 37.13 | 37.13 | $ 35.15 | ||||||
Weighted Average Exercise Price, Options Exercisable at end of period (in dollars per share) | $ 37.13 | $ 37.13 | |||||||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 5 years 2 months 5 days | 5 years 4 months 2 days | |||||||
Weighted Average Remaining Contractual Term, Options outstanding at end of period (in years) | 5 years 2 months 5 days | 5 years 4 months 2 days | |||||||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 | 5 years 2 months 5 days | ||||||||
Aggregate Intrinsic Value, Options outstanding at beginning of period | $ 3,439,000 | $ 3,439,000 | |||||||
Aggregate Intrinsic Value, Options outstanding at end of period | $ 987,000 | 987,000 | $ 3,439,000 | ||||||
Aggregate Intrinsic Value, Options exercisable at end of period | 987,000 | 987,000 | |||||||
Intrinsic value of stock options exercised | 200,000 | 1,100,000 | $ 6,800,000 | ||||||
Cash received from stock option exercises | 400,000 | 400,000 | 2,600,000 | ||||||
RSUs [Member] | |||||||||
Stock-based compensation expense by type [Abstract] | |||||||||
Total stock-based compensation expense | 4,632,000 | 3,833,000 | 5,250,000 | ||||||
Income tax benefit recognized | $ 1,700,000 | $ 1,400,000 | $ 2,000,000 | ||||||
Fair value and valuation assumptions [Abstract] | |||||||||
Weighted average fair value at grant date (in dollars per share) | $ 50.48 | $ 56.81 | $ 54.13 | ||||||
Nonvested awards [Abstract] | |||||||||
Unrecognized compensation cost related to nonvested awards | $ 7,600,000 | $ 7,600,000 | |||||||
Unrecognized compensation cost related to nonvested awards, recognition period (in years) | 2 years 3 months 18 days | ||||||||
Restricted stock unit activity [Roll Forward] | |||||||||
Restricted stock unit awards outstanding at February 2, 2013 (in shares) | 265,889 | 265,889 | |||||||
Granted (in shares) | 82,405 | ||||||||
PSU Multiplier Earned | [1] | 0 | |||||||
Vested (in shares) | (90,189) | ||||||||
Forfeited, cancelled or expired (in shares) | (8,580) | ||||||||
Restricted stock unit awards outstanding at February 1, 2014 (in shares) | 249,525 | 249,525 | 265,889 | ||||||
Weighted Average Grant Date Fair Value at February 2, 2013 (in dollars per share) | $ 47.62 | $ 47.62 | |||||||
Weighted Average Grant Date Fair Value - Granted (in dollars per share) | 50.48 | ||||||||
Weighted Average Grant Date Fair Value - PSU Multiplier Earned (in dollars per share) | [1] | 0 | |||||||
Weighted Average Grant Date Fair Value - Vested (in dollars per share) | 34.21 | ||||||||
Weighted Average Grant Date Fair Value - Forfeited, cancelled or expired (in dollars per share) | 53.19 | ||||||||
Weighted Average Grant Date Fair Value at February 1, 2014 (in dollars per share) | $ 53.31 | $ 53.31 | $ 47.62 | ||||||
Restricted Stock and Performance-Based Units | |||||||||
Intrinsic value of vested RSUs | $ 6,400,000 | ||||||||
Intrinsic value of nonvested RSUs | $ 10,900,000 | $ 10,900,000 | $ 17,200,000 | $ 32,500,000 | |||||
PSUs [Member] | |||||||||
Restricted stock unit activity [Roll Forward] | |||||||||
Restricted stock unit awards outstanding at February 2, 2013 (in shares) | 98,775 | 98,775 | |||||||
Granted (in shares) | 29,300 | ||||||||
PSU Multiplier Earned | [1] | 0 | |||||||
Vested (in shares) | (39,950) | ||||||||
Forfeited, cancelled or expired (in shares) | 0 | ||||||||
Restricted stock unit awards outstanding at February 1, 2014 (in shares) | 88,125 | 88,125 | 98,775 | ||||||
Weighted Average Grant Date Fair Value at February 2, 2013 (in dollars per share) | $ 43.08 | $ 43.08 | |||||||
Weighted Average Grant Date Fair Value - Granted (in dollars per share) | 50.48 | ||||||||
Weighted Average Grant Date Fair Value - PSU Multiplier Earned (in dollars per share) | [1] | 0 | |||||||
Weighted Average Grant Date Fair Value - Vested (in dollars per share) | 34.54 | ||||||||
Weighted Average Grant Date Fair Value - Forfeited, cancelled or expired (in dollars per share) | 0 | ||||||||
Weighted Average Grant Date Fair Value at February 1, 2014 (in dollars per share) | $ 49.42 | $ 49.42 | $ 43.08 | ||||||
Total Restricted Stock Units [Member] | |||||||||
Restricted stock unit activity [Roll Forward] | |||||||||
Restricted stock unit awards outstanding at February 2, 2013 (in shares) | 364,664 | 364,664 | |||||||
Granted (in shares) | 111,705 | 98,374 | 107,303 | ||||||
PSU Multiplier Earned | [1] | 0 | |||||||
Vested (in shares) | (130,139) | ||||||||
Forfeited, cancelled or expired (in shares) | (8,580) | ||||||||
Restricted stock unit awards outstanding at February 1, 2014 (in shares) | 337,650 | 337,650 | 364,664 | ||||||
Weighted Average Grant Date Fair Value at February 2, 2013 (in dollars per share) | $ 46.39 | $ 46.39 | |||||||
Weighted Average Grant Date Fair Value - Granted (in dollars per share) | 50.48 | ||||||||
Weighted Average Grant Date Fair Value - PSU Multiplier Earned (in dollars per share) | [1] | 0 | |||||||
Weighted Average Grant Date Fair Value - Vested (in dollars per share) | 34.31 | ||||||||
Weighted Average Grant Date Fair Value - Forfeited, cancelled or expired (in dollars per share) | 53.19 | ||||||||
Weighted Average Grant Date Fair Value at February 1, 2014 (in dollars per share) | $ 52.29 | $ 52.29 | $ 46.39 | ||||||
[1] | PSU multiplier earned represents the net RSUs awarded to our NEOs above and below their target grants resulting from the achievement of performance goals above or below the performance targets established at grant. Goals were achieved at 100% for all performance equity awards released in Fiscal 2016; therefore, there were no multipliers. |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Basic and diluted earnings per share [Abstract] | |||||||||||
Net income, in thousands | $ 17,411 | $ 18,677 | $ 7,031 | $ 27,408 | $ 19,925 | $ 16,890 | $ 8,380 | $ 28,388 | $ 70,528 | $ 73,584 | $ 70,877 |
Weighted average number of common shares outstanding (in shares) | 23,947,000 | 25,369,000 | 25,870,000 | ||||||||
Weighted average number of common shares outstanding and dilutive shares (in shares) | 24,129,000 | 25,620,000 | 26,266,000 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.76 | $ 0.79 | $ 0.29 | $ 1.10 | $ 0.80 | $ 0.67 | $ 0.33 | $ 1.10 | $ 2.95 | $ 2.90 | $ 2.74 |
Diluted earnings per share (in dollars per share) | $ 0.76 | $ 0.79 | $ 0.28 | $ 1.09 | $ 0.79 | $ 0.67 | $ 0.32 | $ 1.09 | $ 2.92 | $ 2.87 | $ 2.70 |
Stock Options [Member] | |||||||||||
Basic and diluted earnings per share [Abstract] | |||||||||||
Dilutive equity awards (in shares) | 35,000 | 66,000 | 96,000 | ||||||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 120,206 | 677 | 0 | ||||||||
Nonvested Stock Awards [Member] | |||||||||||
Basic and diluted earnings per share [Abstract] | |||||||||||
Dilutive equity awards (in shares) | 147,000 | 185,000 | 300,000 | ||||||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 24,350 | ||||||||||
Incremental dilutive impact if performance criteria had been achieved (in shares) | 14,555 |
DEBT (Details)
DEBT (Details) $ in Millions | 12 Months Ended | |
Jan. 30, 2016USD ($)CreditFacility | Jan. 31, 2015USD ($)CreditFacility | |
DEBT [Abstract] | ||
Number of unsecured credit facilities | CreditFacility | 2 | 2 |
Line of Credit Facility [Line Items] | ||
Available borrowings under credit facilities | $ 80 | $ 80 |
Days borrowing incurred against facilities | 36 days | 0 days |
Average borrowings outstanding | $ 12.9 | $ 0 |
Maximum borrowings outstanding | $ 28.4 | $ 0 |
Average interest rate on outstanding borrowings | 2.22% | 0.00% |
Debt outstanding at period end | $ 0 | $ 0 |
August 2014 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Aug. 14, 2015 | |
Maximum borrowing capacity under renewed facility | $ 30 | |
Line of Credit Facility, Interest Rate Description | higher of prime rate, the federal funds rate plus 0.5% or LIBOR | |
Description of variable interest rate basis | federal funds rate | |
Basis spread on variable interest rate (in hundredths) | 0.50% | |
November 2015 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Nov. 18, 2016 | |
Maximum borrowing capacity under renewed facility | $ 50 | |
Line of Credit Facility, Interest Rate Description | prime plus 2% | |
Description of variable interest rate basis | prime | |
Basis spread on variable interest rate (in hundredths) | 2.00% | |
November 2014 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Nov. 18, 2015 | |
Maximum borrowing capacity under renewed facility | $ 50 | |
Line of Credit Facility, Interest Rate Description | prime plus 2% | |
Description of variable interest rate basis | prime | |
Basis spread on variable interest rate (in hundredths) | 2.00% | |
August 2015 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Aug. 19, 2016 | |
Maximum borrowing capacity under renewed facility | $ 30 | |
Line of Credit Facility, Interest Rate Description | higher of prime rate, the federal funds rate plus 0.5% or LIBOR | |
Description of variable interest rate basis | federal funds rate | |
Basis spread on variable interest rate (in hundredths) | 0.50% |
LEASES (Details)
LEASES (Details) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016USD ($)Lease | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
LEASES [Abstract] | |||
Total capital lease obligation | $ 3,600 | $ 3,500 | |
Capital lease obligations, current | 500 | 400 | |
Capital lease obligations, long-term | 3,149 | 3,029 | |
Total assets under capital lease (Cost Basis) | 4,800 | 4,300 | |
Accumulated amortization of capital leases (Cost Basis) | 1,600 | 1,100 | |
Amortization expense of capital leases (Cost Basis) | $ 500 | 500 | $ 300 |
Description of lease arrangements | We lease the majority of our stores under operating leases. The leases typically provide for terms of five to ten years with options to extend at our discretion. Many of our leases contain scheduled increases in annual rent payments and the majority of our leases also require us to pay maintenance, insurance and real estate taxes. Additionally, many of the lease agreements contain tenant improvement allowances, rent holidays and/or rent escalation clauses (contingent rentals) based on net sales for the location. For purposes of recognizing incentives and minimum rental expenses on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we enter the space and begin to make improvements in preparation of our intended use. | ||
Net increase in the number of lease commitments for stores | Lease | 56 | ||
Future minimum payments under capital leases [Abstract] | |||
Fiscal 2,017 | $ 746 | ||
Fiscal 2,018 | 793 | ||
Fiscal 2,019 | 788 | ||
Fiscal 2,020 | 761 | ||
Fiscal 2,021 | 583 | ||
Thereafter | 1,168 | ||
Total minimum lease payments | 4,839 | ||
Less amount representing interest | 1,212 | ||
Present value of total minimum lease payments | 3,627 | ||
Future minimum payments under operating leases [Abstract] | |||
Fiscal 2,017 | 57,177 | ||
Fiscal 2,018 | 49,399 | ||
Fiscal 2,019 | 40,657 | ||
Fiscal 2,020 | 31,188 | ||
Fiscal 2,021 | 22,462 | ||
Thereafter | 39,526 | ||
Total minimum lease payments | 240,409 | ||
Present value of total minimum lease payments | 240,409 | ||
Total future lease payments under capital and operating leases [Abstract] | |||
Fiscal 2,017 | 57,923 | ||
Fiscal 2,018 | 50,192 | ||
Fiscal 2,019 | 41,445 | ||
Fiscal 2,020 | 31,949 | ||
Fiscal 2,021 | 23,045 | ||
Thereafter | 40,694 | ||
Total minimum lease payments | 245,248 | ||
Less amount representing interest | 1,212 | ||
Present value of total minimum lease payments | 244,036 | ||
Total rental expense for operating leases [Abstract] | |||
Minimum rentals | 52,538 | 49,323 | 44,984 |
Contingent rentals | 4,434 | 4,647 | 5,280 |
Total | $ 56,972 | $ 53,970 | $ 50,264 |
DEFINED CONTRIBUTION BENEFIT 33
DEFINED CONTRIBUTION BENEFIT PLANS (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Defined Contribution Benefit Plans [Line Items] | |||
Defined Contribution Plan, Minimum number of years of service for plan eligibility | 1 year | ||
Defined Contribution Plan, Minimum Hours of Service for Plan Eligibility | 1000 hours | ||
Matching contribution (in hundredths) | 75.00% | ||
Employer matching contribution, percent of employees pay (in hundredths) | 6.00% | ||
401(k) Plan [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Matching contribution (in hundredths) | 75.00% | 75.00% | 75.00% |
Employer matching contribution, percent of employees pay (in hundredths) | 6.00% | 6.00% | 6.00% |
Contribution expense | $ 1,000,000 | $ 700,000 | $ 800,000 |
401(k) Plan [Member] | Minimum [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Annual contribution by employee (in hundredths) | 1.00% | ||
401(k) Plan [Member] | Maximum [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Annual contribution by employee (in hundredths) | 100.00% | ||
Supplemental 401(k) Plan [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Matching contribution (in hundredths) | 75.00% | ||
Annual contribution by employee (in hundredths) | 40.00% | ||
Employer matching contribution, percent of employees pay (in hundredths) | 4.50% | ||
Contribution expense | $ 19,000 | $ 100,000 | $ 100,000 |
Voluntary Plan [Member] | Minimum [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Defined Contribution Plan, Payout Period | 2 years | ||
Voluntary Plan [Member] | Maximum [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Defined Contribution Plan, Payout Period | 10 years | ||
Base Salary [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Annual contribution by employee (in hundredths) | 50.00% | ||
Bonus Compensation [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Annual contribution by employee (in hundredths) | 100.00% | ||
First 3% of Eligible Compensation [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Matching contribution (in hundredths) | 100.00% | ||
Next 3% of Eligible Compensation [Member] | |||
Defined Contribution Benefit Plans [Line Items] | |||
Matching contribution (in hundredths) | 50.00% |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details) - Books-A-Million, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 28, 2012 | |
Related Party Transaction [Line Items] | |||
Description of related-party transaction | The Company leases one store under a lease arrangement with AL Florence Realty Holdings 2010, LLC, a wholly-owned subsidiary of Books-A-Million, Inc., (BAMM). One of our Directors, Terrance G. Finley is an executive officer of BAMM and another Director, Albert C. Johnson, was a former director of BAMM. Minimum annual lease payments are $0.1 million, if not in co-tenancy, and the lease termination date is February 2017. | ||
Minimum annual lease payments | $ 100 | $ 100 | $ 100 |
Future minimum annual lease payments | $ 100 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Federal: | |||
Current | $ 36,053,000 | $ 35,013,000 | $ 37,313,000 |
Deferred | 1,188,000 | 4,059,000 | 312,000 |
Total federal | 37,241,000 | 39,072,000 | 37,625,000 |
State: | |||
Current | 3,743,000 | 4,756,000 | 5,205,000 |
Deferred | 200,000 | 441,000 | (4,000) |
Total state | 3,943,000 | 5,197,000 | 5,201,000 |
Total tax provison | $ 41,184,000 | $ 44,269,000 | $ 42,826,000 |
Reconciliation of federal statutory tax rate to effective tax rate | |||
Tax provision computed at the federal statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Effect of state income taxes, net of federal benefits (in hundredths) | 2.40% | 2.85% | 2.81% |
Other, net (in hundredths) | (0.53%) | (0.29%) | (0.15%) |
Tax provision at effective rate (in hundredths) | 36.87% | 37.56% | 37.66% |
Reconciliation of unrecognized tax benefit [Roll Forward] | |||
Unrecognized tax benefit - beginning of year | $ 1,339,000 | $ 1,539,000 | $ 2,708,000 |
Gross increases - tax positions in prior period | 90,000 | 122,000 | 245,000 |
Gross decreases - tax positions in prior period | (39,000) | (168,000) | (964,000) |
Gross increases - tax positions in current period | 122,000 | 162,000 | 277,000 |
Settlements | 0 | (119,000) | (517,000) |
Lapse of statute of limitations | (270,000) | (197,000) | (210,000) |
Unrecognized tax benefit - end of year | 1,242,000 | 1,339,000 | 1,539,000 |
Accrued interest and penalties related to unrecognized tax benefits | 100,000 | 100,000 | 200,000 |
Interest and penalties recorded | (5,000) | (100,000) | (43,000) |
Unrecognized tax benefits that would affect effective income tax rate | 900,000 | 1,000,000 | $ 1,000,000 |
Current [Member] | |||
Deferred tax assets and liabilities, net | |||
Deferred rent | 0 | 1,486,000 | |
Inventories | 0 | 5,552,000 | |
Accruals | 0 | 2,898,000 | |
Stock-based compensation | 0 | 996,000 | |
Other | 0 | 31,000 | |
Total deferred tax assets | 0 | 10,963,000 | |
Accumulated depreciation and amortization | 0 | 0 | |
Prepaid expenses | 0 | (645,000) | |
Accruals | 0 | (26,000) | |
State taxes | 0 | (472,000) | |
Total deferred tax liabilities | 0 | (1,143,000) | |
Deferred income taxes, net | 0 | 9,820,000 | |
Non-current [Member] | |||
Deferred tax assets and liabilities, net | |||
Deferred rent | 8,769,000 | 5,893,000 | |
Inventories | 4,920,000 | 0 | |
Accruals | 4,900,000 | 1,656,000 | |
Stock-based compensation | 4,755,000 | 3,393,000 | |
Other | 59,000 | 92,000 | |
Total deferred tax assets | 23,403,000 | 11,034,000 | |
Accumulated depreciation and amortization | (15,723,000) | (12,809,000) | |
Prepaid expenses | (681,000) | 0 | |
Accruals | (44,000) | 0 | |
State taxes | (298,000) | 0 | |
Total deferred tax liabilities | (16,746,000) | (12,809,000) | |
Deferred income taxes, net | $ 6,657,000 | $ (1,775,000) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Jan. 30, 2016 | Jan. 31, 2015 |
COMMITMENTS AND CONTINGENCIES [Abstract] | ||
Annual bonus related expense accrual | $ 3.2 | $ 3.5 |
Estimated liabilities related to legal proceedings | 0.2 | 0.4 |
Accrued liability related to legal proceedings | $ 0.2 | $ 0.4 |
QUARTERLY FINANCIAL DATA (UNA37
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |||||||||||
Net sales | $ 245,719 | $ 228,301 | $ 199,261 | $ 269,823 | $ 239,338 | $ 218,321 | $ 193,918 | $ 261,909 | $ 943,104 | $ 913,486 | $ 851,965 |
Gross profit | 85,469 | 82,352 | 65,179 | 99,714 | 85,030 | 79,150 | 64,408 | 98,196 | 332,715 | 326,784 | 309,265 |
Operating income | 27,620 | 29,859 | 10,722 | 43,803 | 31,947 | 26,812 | 13,723 | 45,664 | 112,004 | 118,146 | 113,891 |
Net income | $ 17,411 | $ 18,677 | $ 7,031 | $ 27,408 | $ 19,925 | $ 16,890 | $ 8,380 | $ 28,388 | $ 70,528 | $ 73,584 | $ 70,877 |
Basic earnings per share (in dollars per share) | $ 0.76 | $ 0.79 | $ 0.29 | $ 1.10 | $ 0.80 | $ 0.67 | $ 0.33 | $ 1.10 | $ 2.95 | $ 2.90 | $ 2.74 |
Diluted earnings per share (in dollars per share) | $ 0.76 | $ 0.79 | $ 0.28 | $ 1.09 | $ 0.79 | $ 0.67 | $ 0.32 | $ 1.09 | $ 2.92 | $ 2.87 | $ 2.70 |
FAIR VALUE OF FINANCIAL INSTR38
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Recurring [Member] - USD ($) $ in Thousands | Jan. 30, 2016 | 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 | 2,562 | 2,619 |
Total investments | 2,641 | 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 |