Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 03, 2018 | Dec. 13, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HIBBETT SPORTS INC | |
Entity Central Index Key | 1,017,480 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,285,688 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 3, 2018 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 121,177 | $ 73,544 |
Inventories, net | 256,854 | 253,201 |
Other current assets | 23,395 | 20,029 |
Total current assets | 401,426 | 346,774 |
Property and equipment | 260,688 | 258,010 |
Less accumulated depreciation and amortization | 156,789 | 148,312 |
Property and equipment, net | 103,899 | 109,698 |
Other assets, net | 4,690 | 5,374 |
Total Assets | 510,015 | 461,846 |
Current Liabilities: | ||
Accounts payable | 109,445 | 93,435 |
Accrued payroll expenses | 6,248 | 10,424 |
Deferred rent | 5,855 | 5,909 |
Line of Credit, Current | 25,000 | 0 |
Capital lease obligations | 644 | 663 |
Other accrued expenses | 9,155 | 5,136 |
Total current liabilities | 156,347 | 115,567 |
Deferred rent | 19,330 | 20,291 |
Other liabilities | 5,857 | 6,392 |
Total liabilities | 181,534 | 142,250 |
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, 38,971,930 and 38,862,929 shares issued at November 3, 2018 and February 3, 2018, respectively | 390 | 389 |
Paid-in capital | 184,753 | 180,536 |
Retained earnings | 753,042 | 731,901 |
Treasury stock, at cost; 20,682,342 and 19,910,291 shares repurchased at November 3, 2018 and February 3, 2018, respectively | (609,704) | (593,230) |
Total stockholders' investment | 328,481 | 319,596 |
Total Liabilities and Stockholders' Investment | $ 510,015 | $ 461,846 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares | Nov. 03, 2018 | Feb. 03, 2018 |
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) | 38,971,930 | 38,862,929 |
Treasury stock, shares (in shares) | 20,682,342 | 19,910,291 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Net sales | $ 216,888 | $ 237,834 | $ 702,718 | $ 701,480 |
Cost of goods sold | 146,376 | 161,721 | 469,082 | 472,741 |
Gross margin | 70,512 | 76,113 | 233,636 | 228,739 |
Store operating, selling and administrative expenses | 62,342 | 57,993 | 186,211 | 169,886 |
Depreciation and amortization | 6,328 | 6,333 | 18,847 | 18,060 |
Operating income | 1,842 | 11,787 | 28,578 | 40,793 |
Interest (income) expense, net | (277) | 53 | (387) | 176 |
Income before provision for income taxes | 2,119 | 11,734 | 28,965 | 40,617 |
Provision for income taxes | 620 | 4,170 | 7,179 | 15,320 |
Net income | $ 1,499 | $ 7,564 | $ 21,786 | $ 25,297 |
Basic earnings per share | $ 0.08 | $ 0.37 | $ 1.16 | $ 1.22 |
Diluted earnings per share | $ 0.08 | $ 0.37 | $ 1.15 | $ 1.21 |
Weighted average shares outstanding: | ||||
Basic (in dollars per share) | 18,495 | 20,318 | 18,763 | 20,805 |
Diluted (in dollars per share) | 18,675 | 20,386 | 18,944 | 20,905 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Cash Flows From Operating Activities: | ||
Net income | $ 21,786 | $ 25,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,847 | 18,060 |
Stock-based compensation | 3,411 | 3,179 |
Other non-cash adjustments to net income | 548 | 237 |
Changes in operating assets and liabilities: | ||
Inventories, net | (2,659) | 15,278 |
Prepaid expenses and other | (3,288) | 37 |
Accounts payable | 15,818 | 14,178 |
Other assets and liabilities | (1,990) | 7,007 |
Net cash provided by operating activities | 52,473 | 83,273 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (13,949) | (18,875) |
Other, net | 257 | 39 |
Net cash used in investing activities | (13,692) | (18,836) |
Cash Flows From Financing Activities: | ||
Borrowings under credit facilities, net | 25,000 | 0 |
Cash used for stock repurchases | (16,058) | (44,469) |
Net payments on capital lease obligations | (481) | (444) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 807 | 554 |
Other, net | (416) | (711) |
Net cash provided by financing activities | 8,852 | (45,070) |
Net increase in cash and cash equivalents | 47,633 | 19,367 |
Cash and cash equivalents, beginning of period | 73,544 | 38,958 |
Cash and cash equivalents, end of period | $ 121,177 | $ 58,325 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Nov. 03, 2018 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Footwear $ 118,298 $ 131,646 $ 395,948 $ 389,641 Apparel 58,984 58,563 179,244 174,534 Equipment 39,606 47,625 127,526 137,305 Total $ 216,888 $ 237,834 $ 702,718 $ 701,480 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 03, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Standards that were adopted In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard related to revenue recognition. Under ASU 2014-09, Revenue from Contracts with Customers In preparation for implementation of the standard, we identified the revenue streams that would be affected. We then designed and implemented processes and internal controls to appropriately recognize and present the associated financial information. Based on these efforts, we determined that the adoption of ASU 2014-09 changed the recognition and presentation of: · The stand-alone benefit received by customers through the Hibbett Rewards customer loyalty program recorded as a separate performance obligation, · Gift card breakage income recognized in net sales in proportion to the customer redemption pattern, and · The liability for net sales returns recognized on a gross basis including a right to recover asset measured at the former carrying value of the inventory less any expected recovery costs. We applied ASU 2014-09 only to contracts that were not completed prior to Fiscal 2019. The cumulative effect of initially applying ASU 2014-09 was a $0.6 million decrease to the opening balance of retained earnings as of February 4, 2018. We expect the adoption to be immaterial to our financial position, results of operations and cash flows on an ongoing basis. The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated balance sheet as of November 3, 2018 was (in thousands): As Reported ASU 2014-09 Effect (1) Excluding ASU 2014-09 Effect Inventories, net $ 256,854 $ (278 ) $ 257,132 Other current assets $ 23,395 $ 201 $ 23,194 Accounts payable $ 109,445 $ 1,116 $ 108,329 Other accrued expenses $ 9,155 $ 837 $ 8,318 (1) Does not include the cumulative effect of initially adopting ASU 2014-09 to our consolidated balance sheet as adjusted as of February 4, 2018. The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated statement of operations for the thirteen weeks ended November 3, 2018 was (in thousands, except per share amounts): As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 216,888 $ 508 $ 216,380 Cost of goods sold $ 146,376 $ 364 $ 146,012 Gross margin $ 70,512 $ 144 $ 70,368 Store operating, selling and administrative expenses $ 62,342 $ 51 $ 62,291 Income before provision for income taxes $ 2,119 $ 92 $ 2,027 Provision for income taxes $ 620 $ 27 $ 593 Net income $ 1,499 $ 65 $ 1,434 Diluted earnings per share $ 0.08 $ - $ 0.08 The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated statement of operations for the thirty-nine weeks ended November 3, 2018 was (in thousands, except per share amounts): As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 702,718 $ (17 ) $ 702,735 Cost of goods sold $ 469,082 $ 42 $ 469,040 Gross margin $ 233,636 $ (59 ) $ 233,695 Store operating, selling and administrative expenses $ 186,211 $ (12 ) $ 186,223 Income before provision for income taxes $ 28,965 $ (47 ) $ 29,012 Provision for income taxes $ 7,179 $ (12 ) $ 7,191 Net income $ 21,786 $ (35 ) $ 21,821 Diluted earnings per share $ 1.15 $ - $ 1.15 Standards that are not yet adopted In February 2016, the FASB established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements The new standard is effective for us on February 3, 2019, with early adoption permitted. We expect to adopt the new standard on its effective date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. We expect to adopt the new standard on February 3, 2019, and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before February 3, 2019. The new standard provided a number of optional practical expedients in transition. We expect to elect the “package of practical expedients”, which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We do not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. We expect that this standard will have a material effect on our financial statements. While we continue to assess all of the effects of adoption, we currently believe the most significant effects relate to the recognition of new ROU assets and lease liabilities on our balance sheet for our operating leases and providing significant new disclosures about our leasing activities. We do not expect a significant change in our leasing activities between now and adoption. On adoption, we currently expect to recognize additional operating liabilities ranging from $160.0 million to $190.0 million, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing Hibbett operating leases. This expectation does not include the impact of leases acquired in connection with the acquisition of City Gear, LLC, which we are currently evaluating. See Note 3, Pending Acquisition Subsequent Events We continuously monitor and review all current accounting pronouncements and standards from the FASB of U.S. GAAP for applicability to our operations. As of November 3, 2018, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our operations. |
Pending Acquisition Footnote
Pending Acquisition Footnote | 9 Months Ended |
Nov. 03, 2018 | |
Business Combinations [Abstract] | |
Pending Acquisition [Text Block] | 3. Pending Acquisition On October 29, 2018, through our wholly-owned subsidiary, Hibbett Sporting Goods, Inc., we entered into a Membership Interest and Warrant Purchase Agreement (Purchase Agreement) with City Gear, LLC, a Tennessee limited liability company (City Gear), the members and warrant holders of City Gear named in the Purchase Agreement (collectively, the Sellers), and Jeffrey B. Presley and Harbert Mezzanine Partners II SBIC, L.P. (in their collective capacity as Sellers’ Representative). Under the Purchase Agreement, which was unanimously approved by our Board of Directors, we agreed to acquire all of the outstanding warrants and equity interests, other than certain preferred membership interests, of City Gear, a privately held city specialty retailer. The initial purchase price is $88.0 million (Purchase Price) in cash payable at the closing of the transaction (Closing), subject to customary adjustments for City Gear’s cash on hand and net working capital as of the Closing date. The Purchase Agreement provides that a portion of the Purchase Price will be used at Closing to pay off and redeem the outstanding preferred membership interests in City Gear as well as certain other outstanding indebtedness. In addition, the aggregate consideration payable to the Sellers in connection with the transaction also includes two contingent payments based on City Gear’s achievement of certain EBITDA (as defined in the Purchase Agreement) thresholds for the 52-week periods ended February 1, 2020 and January 30, 2021, respectively. The aggregate amount of both contingent payments, if any, will not exceed $25.0 million. With over 130 stores, the acquisition provides us with substantially greater scale in the athletic specialty market and is an extension of our strategy to provide high demand, branded products to underserved markets. We expect to incur approximately $5.0 million in acquisition-related expenses through Fiscal 2019, excluding acquisition-related interest expense, of which approximately $1.5 million in non-recurring expenses was incurred and recorded in store operating, selling and administrative expenses for the thirteen weeks ended November 3, 2018. See Note 11, Subsequent Events |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Nov. 03, 2018 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments We utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: 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 November 3, 2018 and February 3, 2018 (in thousands): November 3, 2018 February 3, 2018 Level I Level II Level III Level I Level II Level III Short-term investments $ 161 $ - $ - $ 463 $ - $ - Long-term investments 2,595 - - 2,418 - - Total investments $ 2,756 $ - $ - $ 2,881 $ - $ - 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 | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On October 29, 2018, we entered into restated agreements with Bank of America, N.A. and Regions Bank providing for an increase in the aggregate amount of credit available to us under each line of credit from $30.0 million to $50.0 million with the intent to borrow approximately $50.0 million from the facilities to finance a portion of the cash purchase price payable in the acquisition of City Gear. The terms of the Bank of America facility allows for borrowings up to $50.0 million with an interest rate agreed upon between the lender and us at the time a loan is made. The terms of the Regions Bank facility allows for borrowings up to $50.0 million with an interest rate at one month LIBOR plus 1.5%. Both facilities are unsecured and expire in October 2021. Under the provisions of both facilities, we do not pay commitment fees. However, both are subject to negative pledge agreements that, among other things, restrict liens or transfers of assets including inventory, tangible or intangible personal property and land and land improvements. At November 3, 2018, a total of $75.0 million was available to us from these facilities. At February 3, 2018, we had two unsecured credit facilities, which were renewable in March 31 and April 2018, respectively. The March facility allowed for borrowings up to $30.0 million with an interest rate agreed upon between the lender and us at the time a loan is made. The April facility allowed for borrowings up to $30.0 million at a rate of one month LIBOR plus 2.5%. Under the provisions of both facilities, we did not pay commitment fees nor were we subject to covenant requirements. There were four days during the thirteen and thirty-nine weeks ended November 3, 2018, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $25.0 million and an interest rate of 3.81%. See Note 11, Subsequent Events |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Nov. 03, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The compensation costs that have been charged against income for the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Stock-based compensation expense by type: Stock options $ 8 $ 8 $ 185 $ 181 Restricted stock units 702 796 3,074 2,905 Employee stock purchases 24 19 81 75 Director deferred compensation 24 6 71 18 Total stock-based compensation expense 758 829 3,411 3,179 Income tax benefit recognized 172 305 762 1,151 Stock-based compensation expense, net of income tax $ 586 $ 524 $ 2,649 $ 2,028 In the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017, we granted the following equity awards: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Stock options - 18,577 19,994 38,949 Restricted stock unit awards - - 169,572 108,429 Performance-based restricted stock unit awards - - 44,700 54,900 Deferred stock units 1,247 417 3,249 904 At November 3, 2018, the total compensation costs related to nonvested restricted stock unit awards not yet recognized was $5.7 million and the weighted-average period over which such awards are expected to be recognized was 3.0 years. There were no compensation costs related to nonvested stock options at November 3, 2018. Under the 2012 Non-Employee Director Equity Plan (2012 Plan), a total of 4,435 and 3,361 shares of our common stock were awarded during the thirty-nine weeks ended November 3, 2018 and October 28, 2017, 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 thirty-nine weeks ended November 3, 2018 was $7.15. The weighted-average grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended October 28, 2017 was $4.20 and $6.20 per share, respectively. The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Shares purchased 6,029 6,239 18,360 16,984 Average price per share $ 15.98 $ 12.11 $ 17.56 $ 18.00 Weighted average fair value at grant date $ 5.10 $ 4.52 $ 4.97 $ 4.43 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Weighted-average shares used in basic computations 18,495 20,318 18,763 20,805 Dilutive equity awards 180 68 181 100 Weighted-average shares used in diluted computations 18,675 20,386 18,944 20,905 For the thirteen weeks ended November 3, 2018, we excluded 251,314 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 October 28, 2017, we excluded 288,235 options from the computation of diluted weighted-average common shares and common share equivalents outstanding because of their anti-dilutive effect. We excluded 94,800 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 November 3, 2018. Assuming the performance-criteria had been achieved as of November 3, 2018, the incremental dilutive impact would have been 72,960 shares. |
Stock Repurchase Activity
Stock Repurchase Activity | 9 Months Ended |
Nov. 03, 2018 | |
Stock Repurchase Activity [Abstract] | |
Stock Repurchase Activity | 8. 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 November 3, 2018, we repurchased 395,450 shares of our common stock at a cost of $7.6 million. During the thirty-nine weeks ended November 3, 2018, we repurchased 772,051 shares of our common stock at a cost of $16.5 million, including 18,765 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.4 million. During the thirteen weeks ended October 28, 2017, we repurchased 1.2 million shares of our common stock at a cost of $15.9 million, including 170 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $2,100. During the thirty-nine weeks ended October 28, 2017, we repurchased 2.2 million shares of our common stock at a cost of $45.2 million, including 24,369 shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements of $0.7 million. As of November 3, 2018, we had approximately $188.0 million remaining under the Program for stock repurchases. See Note 11, Subsequent Events |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 03, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Lease Commitments. We have entered into capital leases for certain property. At November 3, 2018, total capital lease obligations were $2.5 million, of which $0.6 million was included in short-term capital lease obligations and $1.9 million was included in other liabilities on our unaudited condensed consolidated balance sheet. At February 3, 2018, total capital lease obligations were $3.2 million, of which $0.7 million was included in short-term capital lease obligations and $2.5 million was included in other liabilities on our unaudited condensed consolidated balance sheet. During the thirteen weeks ended November 3, 2018, we opened seven stores and closed 24 stores, thus decreasing our lease commitments by a net of 17 retail stores. The stores we opened have initial lease termination dates between August 2023 and November 2028. 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 November 3, 2018 and February 3, 2018, there was $1.3 million and $1.9 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 | 9 Months Ended |
Nov. 03, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 10. 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 (benefit) 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 (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. At November 3, 2018, we had a liability of $1.3 million associated with unrecognized tax benefits. We file income tax returns in the U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2016 or by most state taxing jurisdictions for years prior to Fiscal 2015. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 03, 2018 | |
Subsequent Event | |
Subsequent Events [Text Block] | 11. Subsequent Events Acquisition: Pending Acquisition For additional discussion of the City Gear acquisition, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part 1, Item 2 of this Form 10-Q. Debt Debt Stock Repurchase: $114.1 on under the ram, leaving approxi mately $188.0 million rem Stock Repurchase Activity |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Disaggregation of revenue by major product categories | Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Footwear $ 118,298 $ 131,646 $ 395,948 $ 389,641 Apparel 58,984 58,563 179,244 174,534 Equipment 39,606 47,625 127,526 137,305 Total $ 216,888 $ 237,834 $ 702,718 $ 701,480 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated balance sheet as of November 3, 2018 was (in thousands): As Reported ASU 2014-09 Effect (1) Excluding ASU 2014-09 Effect Inventories, net $ 256,854 $ (278 ) $ 257,132 Other current assets $ 23,395 $ 201 $ 23,194 Accounts payable $ 109,445 $ 1,116 $ 108,329 Other accrued expenses $ 9,155 $ 837 $ 8,318 (1) Does not include the cumulative effect of initially adopting ASU 2014-09 to our consolidated balance sheet as adjusted as of February 4, 2018. The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated statement of operations for the thirteen weeks ended November 3, 2018 was (in thousands, except per share amounts): As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 216,888 $ 508 $ 216,380 Cost of goods sold $ 146,376 $ 364 $ 146,012 Gross margin $ 70,512 $ 144 $ 70,368 Store operating, selling and administrative expenses $ 62,342 $ 51 $ 62,291 Income before provision for income taxes $ 2,119 $ 92 $ 2,027 Provision for income taxes $ 620 $ 27 $ 593 Net income $ 1,499 $ 65 $ 1,434 Diluted earnings per share $ 0.08 $ - $ 0.08 The effect of the adoption of ASU 2014-09 on our unaudited condensed consolidated statement of operations for the thirty-nine weeks ended November 3, 2018 was (in thousands, except per share amounts): As Reported ASU 2014-09 Effect Excluding ASU 2014-09 Effect Net sales $ 702,718 $ (17 ) $ 702,735 Cost of goods sold $ 469,082 $ 42 $ 469,040 Gross margin $ 233,636 $ (59 ) $ 233,695 Store operating, selling and administrative expenses $ 186,211 $ (12 ) $ 186,223 Income before provision for income taxes $ 28,965 $ (47 ) $ 29,012 Provision for income taxes $ 7,179 $ (12 ) $ 7,191 Net income $ 21,786 $ (35 ) $ 21,821 Diluted earnings per share $ 1.15 $ - $ 1.15 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
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 November 3, 2018 and February 3, 2018 (in thousands): November 3, 2018 February 3, 2018 Level I Level II Level III Level I Level II Level III Short-term investments $ 161 $ - $ - $ 463 $ - $ - Long-term investments 2,595 - - 2,418 - - Total investments $ 2,756 $ - $ - $ 2,881 $ - $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-based compensation expense by type | 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 November 3, 2018 and February 3, 2018 (in thousands): November 3, 2018 February 3, 2018 Level I Level II Level III Level I Level II Level III Short-term investments $ 161 $ - $ - $ 463 $ - $ - Long-term investments 2,595 - - 2,418 - - Total investments $ 2,756 $ - $ - $ 2,881 $ - $ - The compensation costs that have been charged against income for the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Stock-based compensation expense by type: Stock options $ 8 $ 8 $ 185 $ 181 Restricted stock units 702 796 3,074 2,905 Employee stock purchases 24 19 81 75 Director deferred compensation 24 6 71 18 Total stock-based compensation expense 758 829 3,411 3,179 Income tax benefit recognized 172 305 762 1,151 Stock-based compensation expense, net of income tax $ 586 $ 524 $ 2,649 $ 2,028 |
Equity awards granted during the period | In the thirteen weeks and thirty-nine weeks ended November 3, 2018 and October 28, 2017, we granted the following equity awards: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Stock options - 18,577 19,994 38,949 Restricted stock unit awards - - 169,572 108,429 Performance-based restricted stock unit awards - - 44,700 54,900 Deferred stock units 1,247 417 3,249 904 |
Employee Stock Purchases during the period | The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Shares purchased 6,029 6,239 18,360 16,984 Average price per share $ 15.98 $ 12.11 $ 17.56 $ 18.00 Weighted average fair value at grant date $ 5.10 $ 4.52 $ 4.97 $ 4.43 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Earnings Per Share [Abstract] | |
Weighted average common shares outstanding | The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, 2018 October 28, 2017 November 3, 2018 October 28, 2017 Weighted-average shares used in basic computations 18,495 20,318 18,763 20,805 Dilutive equity awards 180 68 181 100 Weighted-average shares used in diluted computations 18,675 20,386 18,944 20,905 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Disaggregation of revenue by major product categories [Line Items] | ||||
Net sales | $ 216,888 | $ 237,834 | $ 702,718 | $ 701,480 |
Deferred Revenue Arrangement [Line Items] | ||||
Revenue Recognition, Sales Returns, Reserve for Sales Returns | $ 500 | |||
Days Allowed For Entire Purchase Price For Merchandise Placed On Layaway | within 30 days | |||
Footwear [Member] | ||||
Disaggregation of revenue by major product categories [Line Items] | ||||
Net sales | $ 118,298 | 131,646 | 395,948 | 389,641 |
Apparel [Member] | ||||
Disaggregation of revenue by major product categories [Line Items] | ||||
Net sales | 58,984 | 58,563 | 179,244 | 174,534 |
Sports Equipment [Member] | ||||
Disaggregation of revenue by major product categories [Line Items] | ||||
Net sales | 39,606 | $ 47,625 | 127,526 | $ 137,305 |
Hibbett Rewards Program [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred Revenue | 1,600 | 1,600 | ||
Gift Cards [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred Revenue | 4,800 | $ 4,800 | ||
Revenue recognized from contract liability at beginning of period | $ 500 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Inventories, net | $ 256,854 | $ 256,854 | $ 253,201 | ||
Other current assets | 23,395 | 23,395 | 20,029 | ||
Accounts payable | 109,445 | 109,445 | 93,435 | ||
Other accrued expenses | 9,155 | 9,155 | 5,136 | ||
Net sales | 216,888 | $ 237,834 | 702,718 | $ 701,480 | |
Cost of goods sold | 146,376 | 161,721 | 469,082 | 472,741 | |
Gross margin | 70,512 | 76,113 | 233,636 | 228,739 | |
Store operating, selling and administrative expenses | 62,342 | 57,993 | 186,211 | 169,886 | |
Income/(Loss) before provision for income taxes | 2,119 | 11,734 | 28,965 | 40,617 | |
Provision for income taxes | 620 | 4,170 | 7,179 | 15,320 | |
Net income | $ 1,499 | $ 7,564 | $ 21,786 | $ 25,297 | |
Diluted earnings/(loss) per share (in dollars per share) | $ 0.08 | $ 0.37 | $ 1.15 | $ 1.21 | |
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (600) | ||||
ASU 2014-09 Effect [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Inventories, net | $ (278) | $ (278) | |||
Other current assets | 201 | 201 | |||
Accounts payable | 1,116 | 1,116 | |||
Other accrued expenses | 837 | 837 | |||
Net sales | 508 | (17) | |||
Cost of goods sold | 364 | 42 | |||
Gross margin | 144 | (59) | |||
Store operating, selling and administrative expenses | 51 | (12) | |||
Income/(Loss) before provision for income taxes | 92 | (47) | |||
Provision for income taxes | 27 | (12) | |||
Net income | $ 65 | $ (35) | |||
Diluted earnings/(loss) per share (in dollars per share) | $ 0 | $ 0 | |||
Excluding ASU 2014-09 Effect [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Inventories, net | $ 257,132 | $ 257,132 | |||
Other current assets | 23,194 | 23,194 | |||
Accounts payable | 108,329 | 108,329 | |||
Other accrued expenses | 8,318 | 8,318 | |||
Net sales | 216,380 | 702,735 | |||
Cost of goods sold | 146,012 | 469,040 | |||
Gross margin | 70,368 | 233,695 | |||
Store operating, selling and administrative expenses | 62,291 | 186,223 | |||
Income/(Loss) before provision for income taxes | 2,027 | 29,012 | |||
Provision for income taxes | 593 | 7,191 | |||
Net income | $ 1,434 | $ 21,821 | |||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.08 | $ 1.15 |
Pending Acquisition Footnote (D
Pending Acquisition Footnote (Details) $ in Millions | 3 Months Ended |
Nov. 03, 2018USD ($) | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred | $ 88 |
Business Acquisition, Date of Acquisition Agreement | Oct. 29, 2018 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 25 |
Business Combination, Acquisition Related Costs, Expected | 5 |
Business Combination, Acquisition Related Costs | $ 1.5 |
Earnout Period 1 [Member] | |
Business Acquisition [Line Items] | |
Earnout Period, Beginning | Feb. 3, 2019 |
Earnout Period, End | Feb. 1, 2020 |
Earnout Period 2 [Member] | |
Business Acquisition [Line Items] | |
Earnout Period, Beginning | Feb. 2, 2020 |
Earnout Period, End | Jan. 30, 2021 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 161 | $ 463 |
Long-term investments | 2,595 | 2,418 |
Total investments | 2,756 | 2,881 |
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 11, 2018USD ($) | Nov. 03, 2018USD ($)CreditFacility | Nov. 03, 2018USD ($)CreditFacility | Feb. 03, 2018USD ($)CreditFacility | |
Line of Credit Facility [Line Items] | ||||
Number of unsecured credit facilities | CreditFacility | 2 | 2 | 2 | |
Available borrowings under credit facilities | $ 100 | $ 100 | $ 60 | |
Days borrowings incurred against facilities | 4 days | 4 days | 7 days | |
Average borrowings outstanding | $ 25 | $ 25 | $ 4.1 | |
Maximum borrowings outstanding | $ 50 | $ 25 | $ 25 | $ 4.9 |
Average interest rate on outstanding borrowings | 3.81% | 3.81% | 2.78% | |
Debt outstanding at period end | $ 50 | $ 50 | ||
Regions LOC [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Expiration date of renewed facility | Oct. 29, 2021 | Apr. 30, 2018 | ||
Maximum borrowing capacity under renewed facility | $ 50 | 50 | $ 30 | |
Line of Credit Facility, Interest Rate Description | one month LIBOR plus 1.5% | one month LIBOR plus 2.5% | ||
Description of variable interest rate basis | one month LIBOR | one month LIBOR | ||
Basis spread on variable interest rate (in hundredths) | 1.50% | 2.50% | ||
Debt outstanding at period end | $ 0 | 0 | ||
Bank of America LOC [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Expiration date of renewed facility | Oct. 29, 2021 | Mar. 31, 2018 | ||
Maximum borrowing capacity under renewed facility | $ 50 | 50 | $ 30 | |
Line of Credit Facility, Interest Rate Description | an interest rate agreed upon between the lender and us at the time a loan is made | an interest rate agreed upon between the lender and us at the time a loan is made | ||
Debt outstanding at period end | $ 25 | $ 25 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Stock-based compensation expense by type [Abstract] | ||||
Stock options | $ 8 | $ 8 | $ 185 | $ 181 |
Restricted stock units | 702 | 796 | 3,074 | 2,905 |
Employee stock purchases | 24 | 19 | 81 | 75 |
Director deferred compensation | 24 | 6 | 71 | 18 |
Total stock-based compensation expense | 758 | 829 | 3,411 | 3,179 |
Income tax benefit recognized | 172 | 305 | 762 | 1,151 |
Stock-based compensation expense, net of income tax | $ 586 | $ 524 | $ 2,649 | $ 2,028 |
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) | 6,029 | 6,239 | 18,360 | 16,984 |
Shares Awarded (in shares) | 4,435 | 3,361 | ||
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ 4.20 | $ 7.15 | $ 6.20 | |
Grant date fair value of shares purchased through the employee stock purchase plan (in dollars per share) | $ 5.10 | 4.52 | 4.97 | 4.43 |
Purchase price paid for stock purchased through the employee stock purchase plan (in dollars per share) | $ 15.98 | $ 12.11 | $ 17.56 | $ 18 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 0 | 18,577 | 19,994 | 38,949 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 0 | 0 | 169,572 | 108,429 |
Total compensation costs related to nonvested awards not yet recognized | $ 5,700 | $ 5,700 | ||
Weighted-average period over which nonvested awards are expected to be recognized (in years) | 3 years | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 0 | 0 | 44,700 | 54,900 |
Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Awarded (in shares) | 1,247 | 417 | 3,249 | 904 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares used in basic computations (in shares) | 18,495,000 | 20,318,000 | 18,763,000 | 20,805,000 |
Dilutive equity awards (in shares) | 180,000 | 68,000 | 181,000 | 100,000 |
Weighted-average shares used in diluted computations (in shares) | 18,675,000 | 20,386,000 | 18,944,000 | 20,905,000 |
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) | 94,800 | |||
Incremental dilutive impact if performance criteria had been achieved (in shares) | 72,960 | |||
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) | 251,314 | 288,235 |
Stock Repurchase Activity (Deta
Stock Repurchase Activity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Dec. 11, 2018 | Nov. 29, 2018 | Nov. 19, 2015 | Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||
Stock Repurchase Program Expiration Date | Jan. 29, 2022 | Feb. 2, 2019 | ||||||
Shares of common stock repurchased during the period (in shares) | 4,854,316 | 395,450 | 1,200,470 | 772,051 | 2,231,213 | |||
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 0 | 170 | 18,765 | 24,369 | ||||
Value of common stock repurchased during current period | $ 114,100,000 | $ 7,600,000 | $ 15,900,000 | $ 16,500,000 | $ 45,200,000 | |||
Value of tax withholding payments related to shares acquired from holders of restricted stock unit awards | $ 0 | $ 2,100 | $ 400,000 | $ 700,000 | ||||
Shares of common stock repurchased to date (in shares) | 20,682,342 | 20,682,342 | 19,910,291 | |||||
Value of common stock repurchased to date | $ 609,704,000 | $ 609,704,000 | $ 593,230,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 188,000,000 | $ 188,000,000 | $ 188,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | |
Nov. 03, 2018USD ($)Lease | Feb. 03, 2018USD ($) | |
Commitments and Contingencies [Abstract] | ||
Capital lease obligation | $ 2,500 | $ 3,200 |
Capital lease obligations | 644 | 663 |
Capital lease obligation included in long-term liabilities | $ 1,800 | 2,500 |
Stores opened | Lease | 7 | |
Stores closed | Lease | 24 | |
Decrease in retail store lease commitments | Lease | 17 | |
Annual Bonuses and Equity Incentive Awards [Abstract] | ||
Annual bonus related expenses included in accrued payroll expenses | $ 1,300 | $ 1,900 |
Minimum [Member] | ||
Other Commitments | ||
Initial Lease Termination Dates | August 2,023 | |
Maximum [Member] | ||
Other Commitments | ||
Initial Lease Termination Dates | November 2,028 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Nov. 03, 2018USD ($) |
Reconciliation of unrecognized tax benefit [Roll Forward] | |
Unrecognized tax benefits that would affect effective income tax rate | $ 1.3 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 11, 2018 | Nov. 29, 2018 | Nov. 19, 2015 | Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Subsequent Event [Line Items] | ||||||||
Maximum borrowings outstanding | $ 50 | $ 25 | $ 25 | $ 4.9 | ||||
Debt outstanding at period end | $ 50 | 50 | ||||||
Business Acquisition, Date of Acquisition Agreement | Oct. 29, 2018 | |||||||
Business Acquisition, Effective Date of Acquisition | Nov. 4, 2018 | |||||||
Available borrowings under credit facilities | $ 100 | 100 | $ 60 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 59.3 | |||||||
Stock Repurchase Program, Authorized Amount | $ 300 | $ 300 | $ 300 | $ 300 | ||||
Shares of common stock repurchased during the period (in shares) | 4,854,316 | 395,450 | 1,200,470 | 772,051 | 2,231,213 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 114.1 | $ 7.6 | $ 15.9 | $ 16.5 | $ 45.2 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 188 | $ 188 | $ 188 | |||||
Stock Repurchase Program Expiration Date | Jan. 29, 2022 | Feb. 2, 2019 |