Hibbett (HIBB) 10-Q 7 Jun 16 2017 Q1 Quarterly report Financial data

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