Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Apr. 30, 2016 | Jun. 01, 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 | --01-28 | ||
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 | 22,378,506 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2016 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 73,415 | $ 32,274 |
Inventories, net | 251,841 | 283,099 |
Other current assets | 15,728 | 14,995 |
Total current assets | 340,984 | 330,368 |
Property and equipment | 235,024 | 231,456 |
Less accumulated depreciation and amortization | 131,578 | 130,067 |
Property and equipment, net | 103,446 | 101,389 |
Other assets, net | 8,522 | 10,615 |
Total Assets | 452,952 | 442,372 |
Current Liabilities: | ||
Accounts payable | 65,672 | 88,456 |
Accrued payroll expenses | 7,821 | 7,702 |
Deferred rent | 4,058 | 3,972 |
Short-term capital lease obligations | 500 | 478 |
Other accrued expenses | 15,132 | 4,582 |
Total current liabilities | 93,183 | 105,190 |
Deferred rent | 20,254 | 19,119 |
Other liabilities, net | 7,104 | 7,217 |
Total liabilities | 120,541 | 131,526 |
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, 38,713,214 and 38,628,385 shares issued at April 30, 2016 and January 30, 2016, respectively | 387 | 386 |
Paid-in capital | 171,517 | 169,543 |
Retained earnings | 664,489 | 636,583 |
Treasury stock, at cost; 16,069,308 and 15,831,926 shares repurchased at April 30, 2016 and January 30, 2016, respectively | (503,982) | (495,666) |
Total stockholders' investment | 332,411 | 310,846 |
Total Liabilities and Stockholders' Investment | $ 452,952 | $ 442,372 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Apr. 30, 2016 | Jan. 30, 2016 |
Stockholders' Investment: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 38,713,214 | 38,628,385 |
Treasury stock, shares (in shares) | 16,069,308 | 15,831,926 |
UNAUDITED CONDENSED CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Net sales | $ 282,092 | $ 269,823 |
Cost of goods sold, including wholesale, logistics and store occupancy costs | 177,090 | 170,109 |
Gross profit | 105,002 | 99,714 |
Store operating, selling and administrative expenses | 56,061 | 51,769 |
Depreciation and amortization | 4,599 | 4,142 |
Operating income | 44,342 | 43,803 |
Interest expense, net | 65 | 70 |
Income before provision for income taxes | 44,277 | 43,733 |
Provision for income taxes | 16,371 | 16,325 |
Net income | $ 27,906 | $ 27,408 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.23 | $ 1.10 |
Diluted (in dollars per share) | $ 1.22 | $ 1.09 |
Weighted average shares outstanding: | ||
Basic (in dollars per share) | 22,780 | 24,860 |
Diluted (in dollars per share) | 22,947 | 25,069 |
UNAUDITED CONDENSED CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 27,906 | $ 27,408 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,599 | 4,142 |
Stock-based compensation | 2,149 | 2,673 |
Other non-cash adjustments to net income | 19 | 2,076 |
Decrease in inventories, net | 31,258 | 7,050 |
Decrease in prepaid expenses | 8,053 | 10,250 |
Decrease in accounts payable | (22,784) | (9,914) |
Changes in other operating assets and liabilities | 4,809 | 347 |
Net cash provided by operating activities | 56,009 | 44,032 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (6,780) | (4,946) |
Other, net | 147 | 96 |
Net cash used in investing activities | (6,633) | (4,850) |
Cash Flows From Financing Activities: | ||
Cash used for stock repurchases | (7,378) | (7,359) |
Payments on capital lease obligations | (113) | (107) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 169 | 297 |
Other, net | (913) | (1,321) |
Net cash used in financing activities | (8,235) | (8,490) |
Net increase in cash and cash equivalents | 41,141 | 30,692 |
Cash and cash equivalents, beginning of period | 32,274 | 88,397 |
Cash and cash equivalents, end of period | $ 73,415 | $ 119,089 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Apr. 30, 2016 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. Basis of Presentation and Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett Sports, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of January 30, 2016, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to "we," "our," "us" and the "Company" refer to Hibbett Sports, Inc. and its subsidiaries as well as its predecessors. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016 filed on March 28, 2016. In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position as of April 30, 2016 and the results of our operations and cash flows for the periods presented. There have been no material changes in our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016 filed on March 28, 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, Inventory – Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU 2016-02 – Leases In March 2016, the FASB issued ASU 2016-09 – Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations. As of April 30, 2016, there were no other new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations since our Annual Report on Form 10-K for the fiscal year ended January 30, 2016 filed on March 28, 2016. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments Accounting Standards Codification (ASC) Subtopic 820, Fair Value Measurement, Level I Level II Level III The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of April 30, 2016 and January 30, 2016 (in thousands): April 30, 2016 January 30, 2016 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 79 $ - $ - Long-term investments 2,505 - - 2,562 - - Total investments $ 2,584 $ - $ - $ 2,641 $ - $ - Short-term investments are reported in other current assets on our unaudited condensed consolidated balance sheets. Long-term investments are reported in other assets on our unaudited condensed consolidated balance sheets. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt At April 30, 2016, we had two unsecured credit facilities, which are renewable annually in August and November. The August facility allows for borrowings up to $30.0 million at a rate equal to the higher of prime rate, the federal funds rate plus 0.5% or LIBOR. The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2%. Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements. There were 5 days during the thirteen weeks ended April 30, 2016, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $10.9 million and $11.8 million, respectively, and an average interest rate of 2.43%. At April 30, 2016, a total of $80.0 million was available to us from these facilities. At January 30, 2016, we had the same two unsecured facilities and corresponding terms as listed above. 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%. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 5. Stock-Based Compensation The compensation costs that have been charged against income for the thirteen weeks ended April 30, 2016 and May 2, 2015 were as follows (in thousands): Thirteen Weeks Ended April 30, 2016 May 2, 2015 Stock-based compensation expense by type: Stock options $ 381 $ 340 Restricted stock unit awards, including performance-based 1,709 2,278 Employee stock purchases 36 37 Director deferred compensation 23 18 Total stock-based compensation expense 2,149 2,673 Income tax benefit recognized 781 985 Stock-based compensation expense, net of income tax $ 1,368 $ 1,688 In the thirteen weeks ended April 30, 2016 and May 2, 2015, we granted the following equity awards: Thirteen Weeks Ended April 30, 2016 May 2, 2015 Stock options 36,041 19,090 Restricted stock unit awards 100,775 69,529 Performance-based restricted stock unit awards 45,300 29,300 Deferred stock units 13,482 11,252 At April 30, 2016, the total compensation costs, related to nonvested restricted stock unit awards not yet recognized was $10.9 million and the weighted-average period over which such awards are expected to be recognized was 2.8 years. There are no future compensation costs related to nonvested stock options to be recognized at April 30, 2016. Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 2,851 and 1,981 shares of our common stock were awarded during the thirteen weeks ended April 30, 2016 and May 2, 2015, respectively, as part of the annual equity award to directors in the first quarter. The weighted-average grant date fair value of stock options granted during the thirteen weeks ended April 30, 2016 and May 2, 2015 was $10.56 and $17.82 per share, respectively. Our employee purchases of common stock, the average price per share and the weighted-average grant date fair value of shares purchased through the our employee stock purchase plan were as follow: Thirteen Weeks Ended April 30, 2016 May 2, 2015 Shares purchased 5,617 3,449 Average price per share $ 25.70 $ 41.17 Weighted average fair value at grant date $ 6.47 $ 10.72 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended April 30, 2016 May 2, 2015 Weighted-average shares used in basic computations 22,780 24,860 Dilutive equity awards 167 209 Weighted-average shares used in diluted computations 22,947 25,069 For the thirteen weeks ended April 30, 2016, we excluded 144,148 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. For the thirteen weeks ended May 2, 2015, we excluded 97,410 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. We excluded 69,650 nonvested stock awards granted to certain employees from the computation of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by April 30, 2016. Assuming the performance-criteria had been achieved as of April 30, 2016, the incremental dilutive impact would have been 24,281 shares. |
Stock Repurchase Activity
Stock Repurchase Activity | 3 Months Ended |
Apr. 30, 2016 | |
Stock Repurchase Activity [Abstract] | |
Stock Repurchase Program | 7. Stock Repurchase Activity In November 2015, the Board of Directors (Board) authorized a Stock Repurchase Program (Program) of $300.0 million to repurchase our common stock through February 2, 2019. The Program replaced an existing program and authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization. During the thirteen weeks ended April 30, 2016, we repurchased 237,382 shares of our common stock at a cost of $8.3 million, including 25,882 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.9 million. During the thirteen weeks ended May 2, 2015, we repurchased 194,764 shares of our common stock at a cost of $9.5 million, including 42,552 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2.1 million. As of April 30, 2016, we had approximately $292.6 million remaining under the Program for stock repurchases. Subsequent to April 30, 2016, we have repurchased 265,400 shares of our common stock at a cost of $9.0 million through June 1, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Lease Commitments. We have entered into capital leases for certain property. At April 30, 2016, the total capital lease obligations were $3.5 million, of which $0.5 million was included in short-term capital lease obligations and $3.0 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. At January 30, 2016, the total capital lease obligations were $3.6 million, of which $0.5 million was included in short-term capital lease obligations and $3.1 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. During the thirteen weeks ended April 30, 2016, we opened 17 stores and closed eight stores increasing our lease commitments by a net of nine retail stores. The stores we opened have initial lease termination dates between March 2021 and April 2026. Annual Bonuses and Equity Incentive Awards. Specified officers and corporate employees of our Company are eligible to receive annual bonuses, based on measures of Company operating performance. At April 30, 2016 and January 30, 2016, there was $1.1 million and $3.2 million, respectively, of annual bonus related expenses included in accrued payroll expenses on our unaudited condensed consolidated balance sheets. In addition, the Compensation Committee of the Board has placed performance criteria on awards of restricted stock units (PSUs) to our "named executive officers" as determined in accordance with Item 402(a) of Regulation S-K. The performance criteria are tied to performance targets with respect to future return on invested capital and earnings before interest and taxes over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718, Compensation – Stock Compensation, Legal Proceedings and Other Contingencies. No material amounts were accrued at April 30, 2016 and January 30, 2016 pertaining to legal proceedings or other contingencies. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2016 | |
Income Taxes [Abstract] | |
INCOME TAXES | 9. Income Taxes Our effective tax rate is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income for the full year and record a quarterly income tax provision in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. At April 30, 2016, we had a liability of $1.4 million associated with unrecognized tax benefits. We file income tax returns in the U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2013 or by most state taxing jurisdictions for years prior to Fiscal 2012. |
Fair Value of Financial Instr15
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Financial assets measured at fair value on a recurring basis | The table below segregates all financial assets that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value as of April 30, 2016 and January 30, 2016 (in thousands): April 30, 2016 January 30, 2016 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 79 $ - $ - Long-term investments 2,505 - - 2,562 - - Total investments $ 2,584 $ - $ - $ 2,641 $ - $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-based compensation expense by type | The compensation costs that have been charged against income for the thirteen weeks ended April 30, 2016 and May 2, 2015 were as follows (in thousands): Thirteen Weeks Ended April 30, 2016 May 2, 2015 Stock-based compensation expense by type: Stock options $ 381 $ 340 Restricted stock unit awards, including performance-based 1,709 2,278 Employee stock purchases 36 37 Director deferred compensation 23 18 Total stock-based compensation expense 2,149 2,673 Income tax benefit recognized 781 985 Stock-based compensation expense, net of income tax $ 1,368 $ 1,688 |
Equity awards granted during the period | In the thirteen weeks ended April 30, 2016 and May 2, 2015, we granted the following equity awards: Thirteen Weeks Ended April 30, 2016 May 2, 2015 Stock options 36,041 19,090 Restricted stock unit awards 100,775 69,529 Performance-based restricted stock unit awards 45,300 29,300 Deferred stock units 13,482 11,252 |
Employee Stock Purchases during the period | Our employee purchases of common stock, the average price per share and the weighted-average grant date fair value of shares purchased through the our employee stock purchase plan were as follow: Thirteen Weeks Ended April 30, 2016 May 2, 2015 Shares purchased 5,617 3,449 Average price per share $ 25.70 $ 41.17 Weighted average fair value at grant date $ 6.47 $ 10.72 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Weighted average common shares outstanding | The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended April 30, 2016 May 2, 2015 Weighted-average shares used in basic computations 22,780 24,860 Dilutive equity awards 167 209 Weighted-average shares used in diluted computations 22,947 25,069 |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 79 | $ 79 |
Long-term investments | 2,505 | 2,562 |
Total investments | 2,584 | 2,641 |
Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Total investments | 0 | 0 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Total investments | $ 0 | $ 0 |
Debt (Details)
Debt (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 30, 2016USD ($)CreditFacility | Jan. 30, 2016USD ($)CreditFacility | |
Line of Credit Facility [Line Items] | ||
Number of unsecured credit facilities | CreditFacility | 2 | 2 |
Available borrowings under credit facilities | $ 80 | $ 80 |
Days borrowings incurred against facilities | 5 days | 36 days |
Average borrowings outstanding | $ 10.9 | $ 12.9 |
Maximum borrowings outstanding | $ 11.8 | $ 28.4 |
Average interest rate on outstanding borrowings | 2.43% | 2.22% |
August 2015 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Aug. 19, 2016 | Aug. 19, 2016 |
Maximum borrowing capacity under renewed facility | $ 30 | $ 30 |
Line of Credit Facility, Interest Rate Description | Higher of prime, federal funds plus 0.5% or LIBOR | Higher of prime, federal funds plus 0.5% or LIBOR |
Description of variable interest rate basis | federal funds | federal funds |
Basis spread on variable interest rate (in hundredths) | 0.50% | 0.50% |
Debt outstanding at period end | $ 0 | $ 0 |
November 2015 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Expiration date of renewed facility | Nov. 18, 2016 | Nov. 18, 2016 |
Maximum borrowing capacity under renewed facility | $ 50 | $ 50 |
Line of Credit Facility, Interest Rate Description | Prime plus 2% | Prime plus 2% |
Description of variable interest rate basis | prime | prime |
Basis spread on variable interest rate (in hundredths) | 2.00% | 2.00% |
Debt outstanding at period end | $ 0 | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Stock-based compensation expense by type [Abstract] | ||
Stock options | $ 381 | $ 340 |
Restricted stock unit awards, including performance-based | 1,709 | 2,278 |
Employee stock purchases | 36 | 37 |
Director deferred compensation | 23 | 18 |
Total stock-based compensation expense | 2,149 | 2,673 |
Income tax benefit recognized | 781 | 985 |
Stock-based compensation expense, net of income tax | $ 1,368 | $ 1,688 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Awarded (in shares) | 2,851 | 1,981 |
Shares of common stock purchased during the period under the employee stock purchase plan (in shares) | 5,617 | 3,449 |
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ 10.56 | $ 17.82 |
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share) | 6.47 | 10.72 |
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share) | $ 25.70 | $ 41.17 |
Total compensation costs related to nonvested restricted stock unit awards not yet recognized | $ 10,900 | |
Weighted-average period over which nonvested restricted stock unit awards are expected to be recognized (in years) | 2 years 9 months 18 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Awarded (in shares) | 36,041 | 19,090 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Awarded (in shares) | 100,775 | 69,529 |
Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Awarded (in shares) | 45,300 | 29,300 |
Deferred Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Awarded (in shares) | 13,482 | 11,252 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares used in basic computations (in shares) | 22,780,000 | 24,860,000 |
Dilutive equity awards (in shares) | 167,000 | 209,000 |
Weighted-average shares used in diluted computations (in shares) | 22,947,000 | 25,069,000 |
Nonvested Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 69,650 | |
Incremental dilutive impact if performance criteria had been achieved (in shares) | 24,281 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 144,148 | 97,410 |
Stock Repurchase Activity (Deta
Stock Repurchase Activity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jun. 01, 2016 | Nov. 19, 2015 | Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Amount authorized under stock repurchase program | $ 300,000,000 | ||||
Stock Repurchase Program Expiration Date | Feb. 2, 2019 | ||||
Shares of common stock repurchased during the period (in shares) | 265,400 | 237,382 | 194,764 | ||
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 25,882 | 42,552 | |||
Value of common stock repurchased during current period | $ 9,000,000 | $ 8,300,000 | $ 9,500,000 | ||
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards | $ 0.9 | $ 2.1 | |||
Shares of common stock repurchased to date (in shares) | 16,069,308 | 15,831,926 | |||
Value of common stock repurchased to date | $ 503,982,000 | $ 495,666,000 | |||
Value of shares of common stock remaining available for repurchase under the program | $ 292,600,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | |
Apr. 30, 2016USD ($)Lease | Jan. 30, 2016USD ($) | |
Commitments and Contingencies [Abstract] | ||
Capital lease obligation | $ 3.5 | $ 3.6 |
Capital lease obligation included in short-term liabilities | 0.5 | 0.5 |
Capital lease obligation included in long-term liabilities | $ 3 | 3.1 |
Stores opened | Lease | 17 | |
Stores closed | Lease | 8 | |
Increase in retail store lease commitments | Lease | 9 | |
Annual Bonuses and Equity Incentive Awards [Abstract] | ||
Annual bonus related expenses included in accrued payroll expenses | $ 1.1 | $ 3.2 |
Minimum [Member] | ||
Other Commitments [Line Items] | ||
Initial Lease Termination Dates | March 2,021 | |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Initial Lease Termination Dates | April 2,026 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Apr. 30, 2016USD ($) |
Reconciliation of unrecognized tax benefit [Roll Forward] | |
Unrecognized tax benefits that would affect effective income tax rate | $ 1.4 |