Hibbett (HIBB) 10-Q 2 Jun 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 28, 2017	May 26, 2017	Jul. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	HIBBETT SPORTS INC
Entity Central Index Key	1,017,480
Current Fiscal Year End Date	--02-03
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 760,866,083
Entity Common Stock, Shares Outstanding		20,766,453
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2017

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 29, 2017	Jan. 28, 2017
Current Assets:
Cash and cash equivalents	$ 75,856	$ 38,958
Inventories, net	249,359	280,701
Other current assets	13,664	18,605
Total current assets	338,879	338,264
Property and equipment	248,994	247,416
Less accumulated depreciation and amortization	135,681	135,782
Property and equipment, net	113,313	111,634
Other assets, net	6,590	8,956
Total Assets	458,782	458,854
Current Liabilities:
Accounts payable	69,922	77,046
Accrued payroll expenses	7,690	8,268
Deferred rent	5,091	5,050
Capital lease obligations	603	595
Other accrued expenses	11,240	5,113
Total current liabilities	94,546	96,072
Deferred rent	21,888	21,664
Other liabilities	7,160	7,078
Total liabilities	123,594	124,814
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, 38,836,069 and 38,739,079 shares issued at April 29, 2017 and January 28, 2017, respectively	388	387
Paid-in capital	178,080	174,719
Retained earnings	717,781	697,658
Treasury stock, at cost; 17,815,616 and 17,067,482 shares repurchased at April 29, 2017 and January 28, 2017, respectively	(561,061)	(538,724)
Total stockholders' investment	335,188	334,040
Total Liabilities and Stockholders' Investment	$ 458,782	$ 458,854

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares	Apr. 29, 2017	Jan. 28, 2017
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)	38,836,069	38,739,079
Treasury stock, shares (in shares)	17,815,616	17,067,482

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 275,688	$ 282,092
Cost of goods sold, including wholesale, logistics and store occupancy costs	177,470	177,090
Gross profit	98,218	105,002
Store operating, selling and administrative expenses	58,337	56,061
Depreciation and amortization	5,713	4,599
Operating income	34,168	44,342
Interest expense, net	66	65
Income before provision for income taxes	34,102	44,277
Provision for income taxes	13,192	16,371
Net income	$ 20,910	$ 27,906
Earnings per share:
Basic (in dollars per share)	$ 0.98	$ 1.23
Diluted (in dollars per share)	$ 0.97	$ 1.22
Weighted average shares outstanding:
Basic (in dollars per share)	21,316	22,780
Diluted (in dollars per share)	21,466	22,947

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Cash Flows From Operating Activities:
Net income	$ 20,910	$ 27,906
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,713	4,599
Stock-based compensation	1,703	2,149
Other non-cash adjustments to net income	96	19
Decrease in inventories, net	31,342	31,258
Decrease in prepaid expenses	9,592	8,053
Decrease in accounts payable	(7,123)	(22,784)
Changes in other operating assets and liabilities	4,637	4,809
Net cash provided by operating activities	66,870	56,009
Cash Flows From Investing Activities:
Capital expenditures	(7,796)	(6,780)
Other, net	(80)	147
Net cash used in investing activities	(7,876)	(6,633)
Cash Flows From Financing Activities:
Cash used for stock repurchases	(21,636)	(7,378)
Payments on capital lease obligations	(146)	(113)
Proceeds from options exercised and purchase of shares under the employee stock purchase plan	387	169
Other, net	(701)	(913)
Net cash used in financing activities	(22,096)	(8,235)
Net increase in cash and cash equivalents	36,898	41,141
Cash and cash equivalents, beginning of period	38,958	32,274
Cash and cash equivalents, end of period	$ 75,856	$ 73,415

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Apr. 29, 2017
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 28, 2017, 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 28, 2017 filed on March 28, 2017. 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 29, 2017 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 28, 2017 filed with the Securities and Exchange Commission on March 28, 2017.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 29, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (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 While we continue to assess the effect of adoption of ASU 2016-02, we anticipate its implementation will result in recognition of approximately $195.0 million in net ROU assets and approximately $220.0 million in lease liabilities in the earliest comparative period. We do not expect a significant change in our leasing strategy between now and adoption. We expect to elect all of the standard's available practical expedients on adoption. The discount rate used in the modified retrospective transition will be our incremental borrowing rate as of January 29, 2017 or 4.0%. We plan to elect to separate non-lease components from lease components on all asset classes. In the first quarter of Fiscal 2018, we adopted 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 29, 2017, 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 28, 2017 filed on March 28, 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Apr. 29, 2017
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 29, 2017 and January 28, 2017 (in thousands): April 29, 2017 January 28, 2017 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 79 $ - $ - Long-term investments 2,795 - - 2,666 - - Total investments $ 2,874 $ - $ - $ 2,745 $ - $ - 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. 29, 2017
Debt Disclosure [Abstract]
Debt	4. Debt At April 29, 2017, 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 with an interest rate at one month LIBOR plus 2.0%. The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2.0%. Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements. There were 7 days during the thirteen weeks ended April 29, 2017, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $4.2 million and $4.9 million, respectively, and an average interest rate of 2.78%. At April 29, 2017, a total of $80.0 million was available to us from these facilities. At January 28, 2017, we had two unsecured credit facilities, which are renewable in August and November 2017. The August facility allows for borrowings up to $30.0 million with an interest rate at one month LIBOR plus 2.0%. The November facility allows for borrowings up to $50.0 million at a rate of prime plus 2.0%. Under the provisions of both facilities, we do not pay commitment fees and are not subject to covenant requirements. There were 19 days during the fifty-two weeks ended January 28, 2017, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $6.6 million and $11.8 million, respectively, and an average interest rate of 2.5%.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 29, 2017
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 29, 2017 and April 30, 2016 were as follows (in thousands): Thirteen Weeks Ended April 29, 2017 April 30, 2016 Stock-based compensation expense by type: Stock options $ 173 $ 381 Restricted stock unit awards, including performance-based 1,491 1,709 Employee stock purchases 33 36 Director deferred compensation 6 23 Total stock-based compensation expense 1,703 2,149 Income tax benefit recognized 614 781 Stock-based compensation expense, net of income tax $ 1,089 $ 1,368 In the thirteen weeks ended April 29, 2017 and April 30, 2016, we granted the following equity awards: Thirteen Weeks Ended April 29, 2017 April 30, 2016 Stock options 20,372 36,041 Restricted stock unit awards 108,429 100,775 Performance-based restricted stock unit awards 54,900 45,300 Deferred stock units 201 13,482 At April 29, 2017, the total compensation costs, related to nonvested restricted stock unit awards not yet recognized was $9.4 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 29, 2017. Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 3,361 and 2,851 shares of our common stock were awarded during the thirteen weeks ended April 29, 2017 and April 30, 2016, 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 29, 2017 and April 30, 2016 was $8.47 and $10.56 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 29, 2017 April 30, 2016 Shares purchased 5,464 5,617 Average price per share $ 25.08 $ 25.70 Weighted average fair value at grant date $ 5.59 $ 6.47

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 29, 2017
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 29, 2017 April 30, 2016 Weighted-average shares used in basic computations 21,316 22,780 Dilutive equity awards 150 167 Weighted-average shares used in diluted computations 21,466 22,947 For the thirteen weeks ended April 29, 2017, we excluded 203,757 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 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. We excluded 92,200 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 29, 2017. Assuming the performance-criteria had been achieved as of April 29, 2017, the incremental dilutive impact would have been 46,314 shares.

Stock Repurchase Activity

Stock Repurchase Activity	3 Months Ended
	Apr. 29, 2017
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 29, 2017, we repurchased 748,134 shares of our common stock at a cost of $22.3 million, including 23,690 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.7 million. 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. As of April 29, 2017, we had approximately $236.2 million remaining under the Program for stock repurchases. Subsequent to April 29, 2017, we have repurchased 254,600 6.3

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 29, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Lease Commitments. We have entered into capital leases for certain property. At April 29, 2017, the total capital lease obligations were $3.3 million, of which $0.6 million was included in short-term capital lease obligations and $2.7 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. At January 28, 2017, the total capital lease obligations were $3.5 million, of which $0.6 million was included in short-term capital lease obligations and $2.9 million was included in other liabilities, net, on our unaudited condensed consolidated balance sheet. During the thirteen weeks ended April 29, 2017, we opened 13 stores and closed nine stores, thus increasing our lease commitments by a net of four retail stores. The stores we opened have initial lease termination dates between April 2022 and July 2027. 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 29, 2017 and January 28, 2017, there was $0.9 million and $3.3 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. 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

Income Taxes

Income Taxes	3 Months Ended
	Apr. 29, 2017
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 29, 2017, we had a liability of $1.5 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 2014 or by most state taxing jurisdictions for years prior to Fiscal 2013.

Fair Value of Financial Instr15

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Apr. 29, 2017
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 29, 2017 and January 28, 2017 (in thousands): April 29, 2017 January 28, 2017 Level I Level II Level III Level I Level II Level III Short-term investments $ 79 $ - $ - $ 79 $ - $ - Long-term investments 2,795 - - 2,666 - - Total investments $ 2,874 $ - $ - $ 2,745 $ - $ -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 29, 2017
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 29, 2017 and April 30, 2016 were as follows (in thousands): Thirteen Weeks Ended April 29, 2017 April 30, 2016 Stock-based compensation expense by type: Stock options $ 173 $ 381 Restricted stock unit awards, including performance-based 1,491 1,709 Employee stock purchases 33 36 Director deferred compensation 6 23 Total stock-based compensation expense 1,703 2,149 Income tax benefit recognized 614 781 Stock-based compensation expense, net of income tax $ 1,089 $ 1,368
Equity awards granted during the period	In the thirteen weeks ended April 29, 2017 and April 30, 2016, we granted the following equity awards: Thirteen Weeks Ended April 29, 2017 April 30, 2016 Stock options 20,372 36,041 Restricted stock unit awards 108,429 100,775 Performance-based restricted stock unit awards 54,900 45,300 Deferred stock units 201 13,482
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 29, 2017 April 30, 2016 Shares purchased 5,464 5,617 Average price per share $ 25.08 $ 25.70 Weighted average fair value at grant date $ 5.59 $ 6.47

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 29, 2017
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 29, 2017 April 30, 2016 Weighted-average shares used in basic computations 21,316 22,780 Dilutive equity awards 150 167 Weighted-average shares used in diluted computations 21,466 22,947

Fair Value of Financial Instr18

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Jan. 28, 2017
Level I [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 79	$ 79
Long-term investments	2,795	2,666
Total investments	2,874	2,745
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. 29, 2017USD ($)CreditFacility	Jan. 28, 2017USD ($)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	7 days	19 days
Average borrowings outstanding	$ 4.2	$ 6.6
Maximum borrowings outstanding	$ 4.9	$ 11.8
Average interest rate on outstanding borrowings	2.78%	2.50%
August 2016 Facility [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Aug. 31, 2017	Aug. 31, 2017
Maximum borrowing capacity under renewed facility	$ 30	$ 30
Line of Credit Facility, Interest Rate Description	one month LIBOR plus 2.0%	one month LIBOR plus 2.0%
Description of variable interest rate basis	one month LIBOR	one month LIBOR
Basis spread on variable interest rate (in hundredths)	2.00%	2.00%
Debt outstanding at period end	$ 0	$ 0
November 2016 Facility [Member]
Line of Credit Facility [Line Items]
Expiration date of renewed facility	Nov. 18, 2017	Nov. 18, 2017
Maximum borrowing capacity under renewed facility	$ 50	$ 50
Line of Credit Facility, Interest Rate Description	prime plus 2.0%	prime plus 2.0%
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. 29, 2017	Apr. 30, 2016
Stock-based compensation expense by type [Abstract]
Stock options	$ 173	$ 381
Restricted stock unit awards, including performance-based	1,491	1,709
Employee stock purchases	33	36
Director deferred compensation	6	23
Total stock-based compensation expense	1,703	2,149
Income tax benefit recognized	614	781
Stock-based compensation expense, net of income tax	$ 1,089	$ 1,368
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock purchased during the period under the employee stock purchase plan (in shares)	5,464	5,617
Shares Awarded (in shares)	3,361	2,851
Weighted-average grant date fair value of stock options granted (in dollars per share)	$ 8.47	$ 10.56
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share)	5.60	6.47
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share)	$ 25.08	$ 25.70
Total compensation costs related to nonvested restricted stock unit awards not yet recognized	$ 9,400
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)	20,372	36,041
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	108,429	100,775
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	54,900	45,300
Deferred Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Awarded (in shares)	201	13,482

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Weighted-average shares used in basic computations (in shares)	21,316,000	22,780,000
Dilutive equity awards (in shares)	150,000	167,000
Weighted-average shares used in diluted computations (in shares)	21,466,000	22,947,000
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)	92,000
Incremental dilutive impact if performance criteria had been achieved (in shares)	46,314
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)	203,757	144,148

Stock Repurchase Activity (Deta

Stock Repurchase Activity (Details) - USD ($)	1 Months Ended		3 Months Ended
	May 26, 2017	Nov. 19, 2015	Apr. 29, 2017	Apr. 30, 2016	Jan. 28, 2017
Equity, Class of Treasury Stock [Line Items]
Amount authorized under stock repurchase program		$ 300,000,000	$ 300,000,000
Stock Repurchase Program Expiration Date		Feb. 2, 2019
Shares of common stock repurchased during the period (in shares)	254,600		748,134	237,382
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares)			23,690	25,882
Value of common stock repurchased during current period	$ 6,300,000		$ 22,300,000	$ 8,300,000
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards			$ 0.7	$ 0.9
Shares of common stock repurchased to date (in shares)			17,815,616		17,067,482
Value of common stock repurchased to date			$ 561,061,000		$ 538,724,000
Value of shares of common stock remaining available for repurchase under the program			$ 236,200,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Apr. 29, 2017USD ($)Lease	Jan. 28, 2017USD ($)
Commitments and Contingencies [Abstract]
Capital lease obligation	$ 3,300	$ 3,500
Capital lease obligations	603	595
Capital lease obligation included in long-term liabilities	$ 2,700	2,900
Stores opened | Lease	13
Stores closed | Lease	9
Increase in retail store lease commitments | Lease	4
Annual Bonuses and Equity Incentive Awards [Abstract]
Annual bonus related expenses included in accrued payroll expenses	$ 900	$ 3,300
Minimum [Member]
Other Commitments
Initial Lease Termination Dates	April 2,022
Maximum [Member]
Other Commitments
Initial Lease Termination Dates	July 2,027

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Apr. 29, 2017USD ($)
Reconciliation of unrecognized tax benefit [Roll Forward]
Unrecognized tax benefits that would affect effective income tax rate	$ 1.5