Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 30, 2022 | Nov. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-20969 | |
Entity Registrant Name | HIBBETT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8159608 | |
Entity Address, Address Line One | 2700 Milan Court | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35211 | |
City Area Code | 205 | |
Local Phone Number | 942-4292 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value Per Share | |
Trading Symbol | HIBB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,727,625 | |
Entity Central Index Key | 0001017480 | |
Current Fiscal Year End Date | --01-29 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 28,438 | $ 17,054 | $ 176,841 |
Receivables, net | 16,495 | 13,607 | 14,230 |
Inventories, net | 366,218 | 221,219 | 216,789 |
Other current assets | 25,864 | 25,134 | 11,062 |
Total current assets | 437,015 | 277,014 | 418,922 |
Property and equipment, net | 159,608 | 145,967 | 115,133 |
Operating right-of-use assets | 260,932 | 243,751 | 222,654 |
Finance right-of-use assets, net | 2,086 | 2,186 | 2,881 |
Tradename intangible asset | 23,500 | 23,500 | 23,500 |
Deferred income taxes, net | 2,441 | 7,187 | 13,509 |
Other assets, net | 3,113 | 3,612 | 3,475 |
Total assets | 888,695 | 703,217 | 800,074 |
Current liabilities: | |||
Accounts payable | 140,951 | 85,647 | 102,361 |
Operating lease obligations | 73,454 | 68,521 | 59,709 |
Credit facility | 88,548 | 0 | 0 |
Finance lease obligations | 1,015 | 975 | 997 |
Accrued payroll expenses | 11,755 | 26,320 | 23,063 |
Other accrued expenses | 16,631 | 13,401 | 16,989 |
Total current liabilities | 332,354 | 194,864 | 203,119 |
Operating lease obligations | 228,848 | 212,349 | 191,459 |
Finance lease obligations | 1,258 | 1,427 | 2,144 |
Unrecognized tax benefits | 387 | 546 | 674 |
Other liabilities | 3,305 | 2,516 | 2,499 |
Total liabilities | 566,152 | 411,702 | 399,895 |
Stockholders' investment: | |||
Common stock, 39,829,704, 39,611,163 and 39,578,018 shares issued, respectively | 398 | 396 | 396 |
Paid-in capital | 207,678 | 202,729 | 199,713 |
Retained earnings | 1,079,872 | 1,022,317 | 986,568 |
Treasury stock, at cost; 27,000,336, 26,317,947 and 24,472,892 shares repurchased, respectively | (965,405) | (933,927) | (786,498) |
Total stockholders' investment | 322,543 | 291,515 | 400,179 |
Total liabilities and stockholders' investment | $ 888,695 | $ 703,217 | $ 800,074 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Common stock, shares issued (in shares) | 39,829,704 | 39,611,163 | 39,578,018 |
Treasury stock, shares at cost (in shares) | 27,000,336 | 26,317,947 | 24,472,892 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 392,805 | $ 419,257 | $ 816,857 | $ 926,117 |
Cost of goods sold | $ 257,653 | $ 255,930 | $ 524,872 | $ 552,827 |
Cost of goods sold, as a percent to sales | 65.60% | 61% | 64.30% | 59.70% |
Gross margin | $ 135,152 | $ 163,327 | $ 291,985 | $ 373,290 |
Gross margin, as a percent to sales | 34.40% | 39% | 35.70% | 40.30% |
Store operating, selling and administrative expenses | $ 91,414 | $ 93,442 | $ 187,011 | $ 185,181 |
Store operating, selling and administrative expenses, as a percent to sales | 23.30% | 22.30% | 22.90% | 20% |
Depreciation and amortization | $ 10,926 | $ 8,385 | $ 21,444 | $ 16,459 |
Depreciation and amortization, as a percent to sales | 2.80% | 2% | 2.60% | 1.80% |
Operating income | $ 32,812 | $ 61,500 | $ 83,530 | $ 171,650 |
Operating income, as a percent to sales | 8.40% | 14.70% | 10.20% | 18.50% |
Interest expense, net | $ 361 | $ 28 | $ 432 | $ 127 |
Interest expense (income), net, as a percent to sales | 0.10% | 0% | 0.10% | 0% |
Income before provision for income taxes | $ 32,451 | $ 61,472 | $ 83,098 | $ 171,523 |
Income before provision for income taxes, as a percent to sales | 8.30% | 14.70% | 10.20% | 18.50% |
Provision for income taxes | $ 7,738 | $ 14,776 | $ 19,038 | $ 40,061 |
Provision for income taxes, as a percent to sales | 2% | 3.50% | 2.30% | 4.30% |
Net income | $ 24,713 | $ 46,696 | $ 64,060 | $ 131,462 |
Net income, as a percent to sales | 6.30% | 11.10% | 7.80% | 14.20% |
Basic earnings per share (in dollars per share) | $ 1.91 | $ 2.98 | $ 4.89 | $ 8.21 |
Diluted earnings per share (in dollars per share) | $ 1.86 | $ 2.86 | $ 4.77 | $ 7.90 |
Weighted-average shares: | ||||
Basic (in shares) | 12,951 | 15,691 | 13,088 | 16,008 |
Diluted (in shares) | 13,261 | 16,305 | 13,436 | 16,635 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 64,060 | $ 131,462 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 21,444 | 16,459 |
Stock-based compensation | 4,044 | 3,183 |
Impairment charges | 131 | 402 |
Contingent earnout, net | 0 | (13,761) |
Other non-cash adjustments | 5,521 | 75 |
Changes in operating assets and liabilities: | ||
Inventories, net | (144,999) | (14,751) |
Receivables, net | (2,888) | (2,324) |
Accounts payable | 51,029 | (8,260) |
Income tax payable, net | (1,796) | 8,956 |
Other assets and liabilities | (6,392) | (5,909) |
Net cash (used in) provided by operating activities | (9,846) | 115,532 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (30,495) | (20,835) |
Other, net | 758 | 79 |
Net cash used in investing activities | (29,737) | (20,756) |
Cash Flows From Financing Activities: | ||
Proceeds under credit facilities | 450,294 | 0 |
Repayments under credit facilities | (361,746) | 0 |
Stock repurchases | (29,409) | (120,477) |
Cash used for contingent earnout | 0 | (1,239) |
Cash dividends paid to stockholders | (6,500) | (3,846) |
Payments of finance lease obligations | (510) | (482) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 907 | 1,997 |
Other, net | (2,069) | (3,178) |
Net cash provided by (used in) financing activities | 50,967 | (127,225) |
Net increase (decrease) in cash and cash equivalents | 11,384 | (32,449) |
Cash and cash equivalents, beginning of period | 17,054 | 209,290 |
Cash and cash equivalents, end of period | $ 28,438 | $ 176,841 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Stockholders' Investment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance - beginning of period (in shares) | 39,611,163 | |||
Balance-beginning of period | $ 306,106 | $ 439,466 | $ 291,515 | $ 391,036 |
Balance - beginning of period (in shares) | 26,317,947 | |||
Net income | 24,713 | 46,696 | $ 64,060 | 131,462 |
Issuance of shares through the Company's equity plans | 369 | 226 | 907 | 1,997 |
Purchase of shares under the stock repurchase program | (7,009) | (83,164) | (29,409) | (120,477) |
Settlement of net share equity awards | (331) | (2,069) | (3,178) | |
Cash dividends declared, $0.25 per common share | (3,226) | (3,846) | (6,505) | (3,846) |
Stock-based compensation | $ 1,589 | $ 1,131 | $ 4,044 | $ 3,183 |
Balance - ending of period (in shares) | 39,829,704 | 39,578,018 | 39,829,704 | 39,578,018 |
Balance-end of period | $ 322,543 | $ 400,179 | $ 322,543 | $ 400,179 |
Balance - end of period (in shares) | 27,000,336 | 24,472,892 | 27,000,336 | 24,472,892 |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance - beginning of period (in shares) | 39,780,000 | 39,559,000 | 39,611,000 | 39,380,000 |
Balance-beginning of period | $ 398 | $ 395 | $ 396 | $ 394 |
Issuance of shares through the Company's equity plans (in shares) | 50,000 | 19,000 | 219,000 | 198,000 |
Issuance of shares through the Company's equity plans | $ 0 | $ 1 | $ 2 | $ 2 |
Balance - ending of period (in shares) | 39,830,000 | 39,578,000 | 39,830,000 | 39,578,000 |
Balance-end of period | $ 398 | $ 396 | $ 398 | $ 396 |
Paid-In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | 205,720 | 198,356 | 202,729 | 194,534 |
Issuance of shares through the Company's equity plans | 369 | 225 | 905 | 1,995 |
Stock-based compensation | 1,589 | 1,131 | 4,044 | 3,183 |
Balance-end of period | 207,678 | 199,713 | 207,678 | 199,713 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | 1,058,383 | 943,718 | 1,022,317 | 858,951 |
Net income | 24,713 | 46,696 | 64,060 | 131,462 |
Cash dividends declared, $0.25 per common share | (3,226) | (3,846) | (6,505) | (3,846) |
Balance-end of period | 1,079,872 | 986,568 | 1,079,872 | 986,568 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | $ (958,395) | $ (703,003) | $ (933,927) | $ (662,843) |
Balance - beginning of period (in shares) | 26,855,000 | 23,484,000 | 26,318,000 | 22,901,000 |
Purchase of shares under the stock repurchase program (in shares) | 145,000 | 985,000 | 636,000 | 1,527,000 |
Purchase of shares under the stock repurchase program | $ (7,009) | $ (83,164) | $ (29,409) | $ (120,477) |
Settlement of net share equity awards (in shares) | 4,000 | 46,000 | 45,000 | |
Settlement of net share equity awards | $ (331) | $ (2,069) | $ (3,178) | |
Balance-end of period | $ (965,405) | $ (786,498) | $ (965,405) | $ (786,498) |
Balance - end of period (in shares) | 27,000,000 | 24,473,000 | 27,000,000 | 24,473,000 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Stockholders' Investment (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jul. 30, 2022 | Jul. 30, 2022 | Jul. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 6 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of January 29, 2022, 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 “Hibbett,” “we,” “our,” “us,” and the “Company” refer to Hibbett, 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 29, 2022, filed on March 25, 2022 (the "2022 Annual Report"). The unaudited condensed consolidated financial statements have been prepared on a basis consistent in all material respects with the accounting policies described in the 2022 Annual Report and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Such reclassifications have no impact on total assets, total liabilities, net income, cash flows or stockholders’ investment in any of the periods presented. Property and Equipment Property and equipment are recorded at cost. Finance lease assets are shown as right-of-use ("ROU") assets and are excluded from property and equipment ( see Note 3, Leases ). The fixed asset component of asset group impairment charges was not material in any period presented. Property and equipment consist of the following (in thousands): July 30, January 29, July 31, Land $ 7,277 $ 7,277 $ 7,277 Buildings 22,271 22,247 21,718 Equipment 126,118 119,505 109,647 Furniture and fixtures 65,130 59,137 43,126 Leasehold improvements 154,712 137,279 117,845 Construction in progress 5,297 4,086 6,602 Total property and equipment 380,805 349,531 306,215 Less: accumulated depreciation and amortization 221,197 203,564 191,082 Total property and equipment, net $ 159,608 $ 145,967 $ 115,133 Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer which is at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at July 30, 2022, January 29, 2022, and July 31, 2021 was $11.0 million, $9.6 million, and $10.4 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. We recognize revenue when a gift card is redeemed by the customer and recognize gift card breakage income in net sales in proportion to the redemption pattern of rights exercised by the customer. For all periods presented, gift card breakage was immaterial. During the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program : We offer the Hibbett Rewards program whereby upon registration and in accordance with the terms of the program, customers earn points on certain purchases. Points convert into rewards at defined thresholds. The short-term future performance obligation liability is estimated at each reporting period based on historical conversion and redemption patterns. The liability is included in other accrued expenses on our unaudited condensed consolidated balance sheets and was $3.7 million, $3.7 million, and $3.6 million at July 30, 2022, January 29, 2022, and July 31, 2021, respectively. Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Footwear $ 260,924 $ 270,142 $ 524,577 $ 592,723 Apparel 94,099 110,424 205,280 241,531 Equipment 37,782 38,691 87,000 91,863 Total $ 392,805 $ 419,257 $ 816,857 $ 926,117 Indefinite-Lived Intangible Assets The City Gear tradename is an indefinite-lived asset which is not amortized, but rather tested for impairment at least annually, or on an interim basis if events and circumstances have occurred that indicate that it is more likely than not that an asset is impaired. In valuing the tradename intangible, we use the Relief from Royalty method which requires assumptions related to future revenues, royalty rate and discount rate. No impairment related to the tradename intangible was recognized during the 13-weeks or 26-weeks ended July 30, 2022 and July 31, 2021. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsWe continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations. As of July 30, 2022, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Leases
Leases | 6 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. Asset group impairment charges in the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Operating lease cost $ 19,062 $ 15,679 $ 37,321 $ 30,561 Finance lease cost: Amortization of assets 245 235 481 414 Interest on lease liabilities 29 38 57 79 Variable lease cost 4,306 5,056 8,765 10,921 $ 23,642 $ 21,008 $ 46,624 $ 41,975 Finance ROU assets on the unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022, and July 31, 2021 are shown net of accumulated amortization of $2.8 million, $2.5 million, and $2.1 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 26-Weeks Ended July 30, 2022 July 31, 2021 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 50,939 $ 36,509 Finance leases $ 395 $ 68 As of July 30, 2022, we have entered into approximately $10.9 million of operating lease obligations related to future store locations that have not yet commenced. |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. Asset group impairment charges in the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Operating lease cost $ 19,062 $ 15,679 $ 37,321 $ 30,561 Finance lease cost: Amortization of assets 245 235 481 414 Interest on lease liabilities 29 38 57 79 Variable lease cost 4,306 5,056 8,765 10,921 $ 23,642 $ 21,008 $ 46,624 $ 41,975 Finance ROU assets on the unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022, and July 31, 2021 are shown net of accumulated amortization of $2.8 million, $2.5 million, and $2.1 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 26-Weeks Ended July 30, 2022 July 31, 2021 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 50,939 $ 36,509 Finance leases $ 395 $ 68 As of July 30, 2022, we have entered into approximately $10.9 million of operating lease obligations related to future store locations that have not yet commenced. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jul. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement , establishes 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 – Quoted prices in active markets for identical assets or liabilities. Level II – Observable inputs other than quoted prices included in Level I. Level III – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table segregates all financial assets and financial liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value (in thousands): July 30, 2022 January 29, 2022 July 31, 2021 Level Level Level I II III I II III I II III Short-term investments $ 34 $ — $ — $ 129 $ — $ — $ 129 $ — $ — Long-term investments 1,848 — — 2,352 — — 2,264 — — Total investments $ 1,882 $ — $ — $ 2,481 $ — $ — $ 2,393 $ — $ — |
Debt
Debt | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt On June 5, 2020, we entered into an amended agreement with Regions Bank that extended the maturity date of the then existing credit facility of $75.0 million from April 19, 2021 to July 18, 2021. On July 9, 2021, we executed a new unsecured Credit Agreement (the "2021 Credit Facility") between the Company and its subsidiaries and Regions Bank. The 2021 Credit Facility provided an unsecured line of credit of up to $100.0 million. The 2021 Credit Facility is effective through July 9, 2026 with an interest rate of one-month LIBOR plus 1.0% to 1.8% depending on specified leverage levels. The 2021 Credit Facility includes an annual commitment fee, payable quarterly in arrears, in an amount between 15 and 20 basis points of the unused portion of the line of credit as determined on a daily basis, dependent on the amount of debt outstanding. In addition, the Company is subject to certain financial covenants which include: • Advance limitation of 55% of the net book value of the Company's inventory; • A Consolidated Lease-Adjusted Leverage Ratio comparing lease-adjusted funded debt (funded debt plus all lease liabilities) to EBITDAR (as defined in the 2021 Credit Facility) with a maximum of 3.5x; and • A Consolidated Fixed Coverage Charge Ratio comparing EBITDAR to fixed charges and certain current liabilities (as defined in the 2021 Credit Facility) with a minimum of 1.2x. On April 7, 2022, we executed a First Note Modification Agreement (the "Modification Agreement") between the Company and its subsidiaries and Regions Bank. The Modification Agreement increases the line of credit specified in the 2021 Credit Facility to $125.0 million. The expiration date of July 9, 2026 remained unchanged. The financial covenants included in the 2021 Credit Facility also remained unchanged. As of July 30, 2022, we were in compliance with these covenants. In addition, on April 7, 2022, the Company executed a First Amendment to the 2021 Credit Facility (the “First Amendment”) and to the Modification Agreement, between the Company and its subsidiaries and Regions Bank. The First Amendment replaces LIBOR as the benchmark rate with the Bloomberg Short-Term Bank Yield (“BSBY”) Index Rate. Pursuant to the First Amendment, the 2021 Credit Facility carries an interest rate of BSBY plus 1.0% to 1.8% depending on specified leverage levels. Activity against our credit facilities during the periods indicated are as follows (dollars in millions): July 30, 2022 January 29, 2022 July 31, 2021 13-Weeks Ended 26-Weeks Ended 52-Weeks Ended 13-Weeks Ended 26-Weeks Ended Number of days borrowings incurred 91 145 21 None None Average borrowing $59.6 $33.7 $2.0 $— $— Maximum borrowing $110.0 $110.0 $18.7 $— $— Average interest rate 2.11% 1.89% 1.35% —% —% At July 30, 2022, we had net borrowings of $88.5 million and a total of $36.5 million available to us under the Credit Facility. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Stock-based compensation expense by type: Stock options $ — $ — $ 155 $ 174 Restricted stock units 1,488 1,092 3,613 2,880 Employee stock purchases 77 24 235 108 Director deferred compensation 24 15 41 21 Total stock-based compensation expense 1,589 1,131 4,044 3,183 Income tax benefit recognized 369 279 926 758 Stock-based compensation expense, net of income tax $ 1,220 $ 852 $ 3,118 $ 2,425 Expense for restricted stock units is shown net of forfeitures which were immaterial for the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021. We granted the following equity awards: 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Stock options — — 7,212 4,384 Restricted stock unit awards 1,673 790 109,521 62,031 Performance-based restricted stock unit awards — — 49,978 22,492 Deferred stock units 532 174 937 258 At July 30, 2022, the total compensation cost not yet recognized related to unvested restricted stock unit awards was $11.1 million and the weighted-average period over which such awards are expected to be recognized was 2.2 years. There were no unrecognized compensation costs related to unvested stock options at July 30, 2022. The weighted-average grant date fair value of stock options granted during the 26-weeks ended July 30, 2022 and July 31, 2021 was $21.46 and $39.73 per share, respectively. Under the Hibbett, Inc. Amended and Restated Non-Employee Director Equity Plan, no shares of our common stock were awarded during the 13-weeks ended July 30, 2022 and 6,388 shares of our common stock were awarded during the 26-weeks ended July 30, 2022. No shares of our common stock were awarded during the 13-weeks or 26-weeks ended July 31, 2021. 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: 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Shares purchased 7,352 2,063 21,625 9,508 Average price per share $ 36.07 $ 58.56 $ 52.62 $ 43.44 Weighted-average fair value at grant date $ 10.65 $ 11.39 $ 15.52 $ 11.44 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computation of basic earnings per share ("EPS") is based on the weighted-average number of 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 number of common shares outstanding (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Weighted-average shares used in basic computations 12,951 15,691 13,088 16,008 Dilutive equity awards 310 614 348 627 Weighted-average shares used in diluted computations 13,261 16,305 13,436 16,635 For the 13-weeks ended July 30, 2022, we excluded 66,026 options from the computations of diluted weighted-average common shares or common stock equivalents outstanding because of their anti-dilutive effect. For the 13-weeks ended July 31, 2021, no options were excluded from the computation of diluted weighted-average common shares or common share equivalents. For the 13-weeks ended July 30, 2022, we also excluded 94,962 and 55,084 unvested stock awards granted to certain employees from the computations 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 July 30, 2022 and July 31, 2021, respectively. Assuming the performance-criteria had been achieved as of July 30, 2022 and July 31, 2021, the incremental impact would have been 5,003 shares and 17,216 shares, respectively. |
Stock Repurchase Program
Stock Repurchase Program | 6 Months Ended |
Jul. 30, 2022 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase ProgramOn May 26, 2021, the Board of Directors (the "Board") authorized the expansion and extension of our existing Stock Repurchase Program (the "Repurchase Program") by $500.0 million to a total of $800.0 million to repurchase our common stock through February 1, 2025. The Repurchase Program's original authorization was approved in November 2015 in the amount of $300.0 million and, prior to the Board's action, was scheduled to expire on January 29, 2022. The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Common stock repurchased under the Repurchase Program 145,178 985,263 636,396 1,526,546 Aggregate cost of repurchases under the Repurchase Program $ 7,009 $ 83,163 $ 29,409 $ 120,477 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements — 4,125 45,993 45,245 Tax withholding requirement from holders of restricted stock unit awards $ — $ 331 $ 2,069 $ 3,177 |
Dividends
Dividends | 6 Months Ended |
Jul. 30, 2022 | |
Equity [Abstract] | |
Dividends | Dividends In June 2021, the Board instituted a recurring quarterly cash dividend with the first cash dividend made on July 20, 2021. During the 13-weeks ended July 30, 2022, we paid cash dividends of $3.2 million under one declaration of $0.25 per share of common stock outstanding as of the record date. During the 26-weeks ended July 30, 2022, we paid cash dividends of $6.5 million under two declarations for a total of $0.50 per share of common stock outstanding as of the record dates. During the 13-weeks ended and 26-weeks ended July 31, 2021, we paid the Company's first cash dividend of $3.8 million under one declaration of $0.25 per share of common stock outstanding as of the record date. While we currently pay a quarterly dividend of $0.25 per share and expect to pay comparable cash dividends in the future, the declaration of dividends and the establishment of the per share amount, record dates and payment dates for any future dividends are subject to the final determination of our Board and will be dependent upon our financial condition, results of operations, capital requirements and such other factors as our Board deems relevant. There can be no assurance that we will continue to declare dividends in any particular amounts or at all, and changes in our dividend policy could adversely affect the market price of our common stock. Subsequent to July 30, 2022, on August 24, 2022, the Board declared a cash dividend of $0.25 per common share, payable on September 20, 2022, to stockholders of record at the close of business on September 8, 2022. The estimated payment is expected to be $3.2 million. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings and Contingencies. From time to time, the Company is a party to various legal matters in the ordinary course of its business, including actions by employees, consumers, suppliers, government agencies or others. The Company has recorded accruals with respect to these matters, where appropriate, which are reflected in the Company's unaudited condensed consolidated financial statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made. The Company believes that its pending legal matters, both individually and in the aggregate, will be resolved without a material adverse effect on the Company's consolidated financial statements as a whole. However, litigation and other legal matters involve an element of uncertainty. Adverse decisions and settlements, including any required changes to the Company's business, or other developments in such matters could affect our operating results in future periods or result in a liability or other amounts material to the Company's annual consolidated financial statements. No material amounts were accrued at July 30, 2022, January 29, 2022, or July 31, 2021 pertaining to legal proceedings or other contingencies. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur 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 or loss 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 or loss 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. We recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. At July 30, 2022, January 29, 2022, and July 31, 2021, the liability associated with unrecognized tax benefits was immaterial. We file income tax returns in 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 2019 or by most state taxing jurisdictions for years prior to Fiscal 2018. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jul. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company leases one store under a lease arrangement with Preferred Growth Properties, LLC, a wholly owned subsidiary of Books-A-Million, Inc. ("BAMM"). One of our Directors is an executive officer of BAMM. Minimum annual lease payments are $0.1 million, if not in co-tenancy, and the lease termination date is February 28, 2027. Minimum lease payments remaining under the lease at July 30, 2022 and July 31, 2021 were immaterial. T.I.G. Construction ("TIG") TIG performs certain new store and store remodel construction for the Company and is owned by a close relative of the Company's President and CEO. For the 13-weeks ended July 30, 2022 and July 31, 2021, payments to TIG for its services were $2.3 million and $1.5 million, respectively. For the 26-weeks ended July 30, 2022 and July 31, 2021, payments to TIG for its services were $5.2 million and $2.9 million, respectively. The amount outstanding to TIG, included in accounts payable on our unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022, and July 31, 2021, was immaterial. Retail Security Gates, LLC ("RSG") During the second quarter of Fiscal 2022, a close relative of the Company's President and CEO purchased a 50% interest in an existing Company vendor, which was reorganized as RSG. We utilize RSG for specially manufactured store front security gates. For the 13-weeks ended July 30, 2022 and July 31, 2021, payments to RSG were $0.3 million and $0.1 million, respectively. For the 26-weeks ended July 30, 2022 and July 31, 2021, payments to RSG were $0.5 million and $0.1 million, respectively. The amount outstanding to RSG, included in accounts payable on our unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022 and July 31, 2021, was immaterial. Our President and CEO also had a membership interest in a contingent earnout (the "Earnout") related to the acquisition of City Gear based on City Gear's achievement of an EBITDA threshold for the 52-weeks ended January 30, 2021. The Earnout was in addition to the aggregate consideration payable to the sellers of City Gear, LLC in November 2018. Pursuant to the Membership Interest and Warrant Purchase Agreement dated October 29, 2018, and based on Fiscal 2021 financial results, the former members and warrant holders of City Gear were entitled to and were paid the Earnout payment of $15.0 million in April 2021. The share of the Earnout payment made to our President and CEO was approximately 22.8% or approximately $3.4 million. |
Basis of Presentation and Cri_2
Basis of Presentation and Critical Accounting Policies (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Finance lease assets are shown as right-of-use ("ROU") assets and are excluded from property and equipment ( see Note 3, Leases |
Revenue Recognition | Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer which is at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at July 30, 2022, January 29, 2022, and July 31, 2021 was $11.0 million, $9.6 million, and $10.4 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. We recognize revenue when a gift card is redeemed by the customer and recognize gift card breakage income in net sales in proportion to the redemption pattern of rights exercised by the customer. For all periods presented, gift card breakage was immaterial. During the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program : We offer the Hibbett Rewards program whereby upon registration and in accordance with the terms of the program, customers earn points on certain purchases. Points convert into rewards at defined thresholds. The short-term future performance obligation liability is estimated at each reporting period based on historical conversion and redemption patterns. The liability is included in other accrued expenses on our unaudited condensed consolidated balance sheets and was $3.7 million, $3.7 million, and $3.6 million at July 30, 2022, January 29, 2022, and July 31, 2021, respectively. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible AssetsThe City Gear tradename is an indefinite-lived asset which is not amortized, but rather tested for impairment at least annually, or on an interim basis if events and circumstances have occurred that indicate that it is more likely than not that an asset is impaired. In valuing the tradename intangible, we use the Relief from Royalty method which requires assumptions related to future revenues, royalty rate and discount rate. |
Recent Accounting Pronouncements | We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations. As of July 30, 2022, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Basis of Presentation and Cri_3
Basis of Presentation and Critical Accounting Policies (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): July 30, January 29, July 31, Land $ 7,277 $ 7,277 $ 7,277 Buildings 22,271 22,247 21,718 Equipment 126,118 119,505 109,647 Furniture and fixtures 65,130 59,137 43,126 Leasehold improvements 154,712 137,279 117,845 Construction in progress 5,297 4,086 6,602 Total property and equipment 380,805 349,531 306,215 Less: accumulated depreciation and amortization 221,197 203,564 191,082 Total property and equipment, net $ 159,608 $ 145,967 $ 115,133 |
Schedule of Revenue Recognition | Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Footwear $ 260,924 $ 270,142 $ 524,577 $ 592,723 Apparel 94,099 110,424 205,280 241,531 Equipment 37,782 38,691 87,000 91,863 Total $ 392,805 $ 419,257 $ 816,857 $ 926,117 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease costs are as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Operating lease cost $ 19,062 $ 15,679 $ 37,321 $ 30,561 Finance lease cost: Amortization of assets 245 235 481 414 Interest on lease liabilities 29 38 57 79 Variable lease cost 4,306 5,056 8,765 10,921 $ 23,642 $ 21,008 $ 46,624 $ 41,975 |
Schedule of Supplemental Information Related to Leases | The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 26-Weeks Ended July 30, 2022 July 31, 2021 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 50,939 $ 36,509 Finance leases $ 395 $ 68 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table segregates all financial assets and financial liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value (in thousands): July 30, 2022 January 29, 2022 July 31, 2021 Level Level Level I II III I II III I II III Short-term investments $ 34 $ — $ — $ 129 $ — $ — $ 129 $ — $ — Long-term investments 1,848 — — 2,352 — — 2,264 — — Total investments $ 1,882 $ — $ — $ 2,481 $ — $ — $ 2,393 $ — $ — |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Activity against our credit facilities during the periods indicated are as follows (dollars in millions): July 30, 2022 January 29, 2022 July 31, 2021 13-Weeks Ended 26-Weeks Ended 52-Weeks Ended 13-Weeks Ended 26-Weeks Ended Number of days borrowings incurred 91 145 21 None None Average borrowing $59.6 $33.7 $2.0 $— $— Maximum borrowing $110.0 $110.0 $18.7 $— $— Average interest rate 2.11% 1.89% 1.35% —% —% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Costs | The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Stock-based compensation expense by type: Stock options $ — $ — $ 155 $ 174 Restricted stock units 1,488 1,092 3,613 2,880 Employee stock purchases 77 24 235 108 Director deferred compensation 24 15 41 21 Total stock-based compensation expense 1,589 1,131 4,044 3,183 Income tax benefit recognized 369 279 926 758 Stock-based compensation expense, net of income tax $ 1,220 $ 852 $ 3,118 $ 2,425 |
Schedule of Equity Awards Granted | We granted the following equity awards: 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Stock options — — 7,212 4,384 Restricted stock unit awards 1,673 790 109,521 62,031 Performance-based restricted stock unit awards — — 49,978 22,492 Deferred stock units 532 174 937 258 |
Schedule of Shares Purchased | 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: 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Shares purchased 7,352 2,063 21,625 9,508 Average price per share $ 36.07 $ 58.56 $ 52.62 $ 43.44 Weighted-average fair value at grant date $ 10.65 $ 11.39 $ 15.52 $ 11.44 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table sets forth the weighted-average number of common shares outstanding (in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Weighted-average shares used in basic computations 12,951 15,691 13,088 16,008 Dilutive equity awards 310 614 348 627 Weighted-average shares used in diluted computations 13,261 16,305 13,436 16,635 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Equity [Abstract] | |
Schedule of Shares Repurchased | The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended 26-Weeks Ended July 30, July 31, July 30, July 31, Common stock repurchased under the Repurchase Program 145,178 985,263 636,396 1,526,546 Aggregate cost of repurchases under the Repurchase Program $ 7,009 $ 83,163 $ 29,409 $ 120,477 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements — 4,125 45,993 45,245 Tax withholding requirement from holders of restricted stock unit awards $ — $ 331 $ 2,069 $ 3,177 |
Basis of Presentation and Cri_4
Basis of Presentation and Critical Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 380,805 | $ 349,531 | $ 306,215 |
Less: accumulated depreciation and amortization | 221,197 | 203,564 | 191,082 |
Total property and equipment, net | 159,608 | 145,967 | 115,133 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,277 | 7,277 | 7,277 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 22,271 | 22,247 | 21,718 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 126,118 | 119,505 | 109,647 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 65,130 | 59,137 | 43,126 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 154,712 | 137,279 | 117,845 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5,297 | $ 4,086 | $ 6,602 |
Basis of Presentation and Cri_5
Basis of Presentation and Critical Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Liability included in other accrued expenses | $ 3,700,000 | $ 3,600,000 | $ 3,700,000 | $ 3,600,000 | $ 3,700,000 |
Intangible asset impairment | 0 | 0 | 0 | 0 | |
Gift cards, customer orders and layaways | |||||
Disaggregation of Revenue [Line Items] | |||||
Net deferred revenue liability | $ 11,000,000 | $ 10,400,000 | $ 11,000,000 | $ 10,400,000 | $ 9,600,000 |
Basis of Presentation and Cri_6
Basis of Presentation and Critical Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 392,805 | $ 419,257 | $ 816,857 | $ 926,117 |
Footwear | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 260,924 | 270,142 | 524,577 | 592,723 |
Apparel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 94,099 | 110,424 | 205,280 | 241,531 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 37,782 | $ 38,691 | $ 87,000 | $ 91,863 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 19,062 | $ 15,679 | $ 37,321 | $ 30,561 |
Finance lease cost: | ||||
Amortization of assets | 245 | 235 | 481 | 414 |
Interest on lease liabilities | 29 | 38 | 57 | 79 |
Variable lease cost | 4,306 | 5,056 | 8,765 | 10,921 |
Lease cost | $ 23,642 | $ 21,008 | $ 46,624 | $ 41,975 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Leases [Abstract] | |||
Accumulated amortization | $ 2.8 | $ 2.5 | $ 2.1 |
Lease not yet commenced, amount | $ 10.9 |
Leases - Summary of ROU Assets
Leases - Summary of ROU Assets Obtained in Exchange for Lease Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
ROU assets obtained in exchange for lease obligations, net: | ||
Operating leases | $ 50,939 | $ 36,509 |
Finance leases | $ 395 | $ 68 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Level I | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | $ 34 | $ 129 | $ 129 |
Long-term investments | 1,848 | 2,352 | 2,264 |
Total investments | 1,882 | 2,481 | 2,393 |
Level II | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | 0 |
Long-term investments | 0 | 0 | 0 |
Total investments | 0 | 0 | 0 |
Level III | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | 0 |
Long-term investments | 0 | 0 | 0 |
Total investments | $ 0 | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Apr. 07, 2022 | Jul. 09, 2021 | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 | Jun. 05, 2020 |
Line of Credit Facility [Line Items] | ||||||
Net borrowings under credit facility | $ 88,548,000 | $ 0 | $ 0 | |||
2021 Credit Facility | Unsecured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000,000 | $ 100,000,000 | ||||
Advance limitation, percentage | 55% | |||||
Leverage ratio | 3.5 | |||||
Fixed coverage charge | 1.2 | |||||
Net borrowings under credit facility | 88,500,000 | |||||
Remaining borrowing capacity | $ 36,500,000 | |||||
2021 Credit Facility | Unsecured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.0015 | |||||
2021 Credit Facility | Unsecured Debt | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.0020 | |||||
2021 Credit Facility | London Interbank Offered Rate (LIBOR) | Unsecured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
2021 Credit Facility | London Interbank Offered Rate (LIBOR) | Unsecured Debt | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.80% | |||||
2021 Credit Facility | Bloomberg Short-Term Bank Yield (BSBY) | Unsecured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
2021 Credit Facility | Bloomberg Short-Term Bank Yield (BSBY) | Unsecured Debt | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.80% | |||||
Amended Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 75,000,000 |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 30, 2022 USD ($) day | Jul. 31, 2021 USD ($) day | Jul. 30, 2022 USD ($) day | Jul. 31, 2021 USD ($) day | Jan. 29, 2022 USD ($) day | |
Debt Disclosure [Abstract] | |||||
Number of days borrowings incurred | day | 91 | 0 | 145 | 0 | 21 |
Average borrowing | $ 59.6 | $ 0 | $ 33.7 | $ 0 | $ 2 |
Maximum borrowing | $ 110 | $ 0 | $ 110 | $ 0 | $ 18.7 |
Average interest rate | 2.11% | 0% | 1.89% | 0% | 1.35% |
Stock-based Compensation - Comp
Stock-based Compensation - Components of Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock options | $ 0 | $ 0 | $ 155 | $ 174 |
Restricted stock units | 1,488 | 1,092 | 3,613 | 2,880 |
Employee stock purchases | 77 | 24 | 235 | 108 |
Director deferred compensation | 24 | 15 | 41 | 21 |
Stock-based compensation | 1,589 | 1,131 | 4,044 | 3,183 |
Income tax benefit recognized | 369 | 279 | 926 | 758 |
Stock-based compensation expense, net of income tax | $ 1,220 | $ 852 | $ 3,118 | $ 2,425 |
Stock-Based Compensation - Equi
Stock-Based Compensation - Equity Awards Granted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 0 | 0 | 7,212 | 4,384 |
Restricted stock unit awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards granted (in shares) | 1,673 | 790 | 109,521 | 62,031 |
Performance-based restricted stock unit awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards granted (in shares) | 0 | 0 | 49,978 | 22,492 |
Deferred stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards granted (in shares) | 532 | 174 | 937 | 258 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
2012 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 0 | 0 | 6,388 | 0 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs not yet recognized | $ 11,100,000 | $ 11,100,000 | ||
Weighted-average period for recognition | 2 years 2 months 12 days | |||
Number of shares granted (in shares) | 1,673 | 790 | 109,521 | 62,031 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs not yet recognized | $ 0 | $ 0 | ||
Weighted-average grant date fair value of stock options (in dollars per share) | $ 21.46 | $ 39.73 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Shares Purchased (Details) - Employee Stock - Employee Stock Purchase Plan - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares purchased (in shares) | 7,352 | 2,063 | 21,625 | 9,508 |
Average price per share (in dollars per share) | $ 36.07 | $ 58.56 | $ 52.62 | $ 43.44 |
Weighed average fair value at grant date (in dollars per share) | $ 10.65 | $ 11.39 | $ 15.52 | $ 11.44 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average shares used in basic computations (in shares) | 12,951,000 | 15,691,000 | 13,088,000 | 16,008,000 |
Dilutive equity awards (in shares) | 310,000 | 614,000 | 348,000 | 627,000 |
Weighted-average shares used in diluted computations (in shares) | 13,261,000 | 16,305,000 | 13,436,000 | 16,635,000 |
Employee Stock Option | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 66,026 | 0 | ||
Share-based Payment Arrangement | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 94,962 | 55,084 | ||
Incremental common shares attributable to share-based payment arrangements (in shares) | 5,003 | 17,216 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - Program - USD ($) $ in Millions | Jul. 30, 2022 | May 26, 2021 | Nov. 30, 2015 |
Equity, Class of Treasury Stock [Line Items] | |||
Additional authorized amount | $ 500 | ||
Authorized repurchased amount | $ 800 | $ 300 | |
Remaining authorized repurchase amount | $ 339.1 |
Stock Repurchase Program - Shar
Stock Repurchase Program - Shares Repurchased (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of repurchases under the Repurchase Program | $ 7,009 | $ 83,164 | $ 29,409 | $ 120,477 |
Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock repurchased under the Repurchase Program (in shares) | 145,178 | 985,263 | 636,396 | 1,526,546 |
Aggregate cost of repurchases under the Repurchase Program | $ 7,009 | $ 83,163 | $ 29,409 | $ 120,477 |
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 0 | 4,125 | 45,993 | 45,245 |
Tax withholding requirement from holders of restricted stock unit awards | $ 0 | $ 331 | $ 2,069 | $ 3,177 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 24, 2022 | Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Class of Stock [Line Items] | |||||
Cash dividends paid | $ 3,200 | $ 3,800 | $ 6,500 | $ 3,846 | |
Cash dividends paid per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.25 | |
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | ||
Cash dividends declared | $ 3,226 | $ 3,846 | $ 6,505 | $ 3,846 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared per share (in dollars per share) | $ 0.25 | ||||
Cash dividends declared | $ 3,200 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 USD ($) | Jul. 30, 2022 USD ($) store | Jul. 31, 2021 USD ($) | Jul. 30, 2022 USD ($) store | Jul. 31, 2021 USD ($) | Oct. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||
Earnout payment | $ 0 | $ 1,239 | ||||
City Gear | ||||||
Related Party Transaction [Line Items] | ||||||
Earnout payment | $ 15,000 | |||||
Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Number of store leases under lease arrangement | store | 1 | 1 | ||||
Operating cash flows from operating leases | $ 100 | |||||
Affiliated Entity | Retail Security Gates, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses with related party | $ 300 | $ 100 | 500 | 100 | ||
Ownership percentage, existing company | 50% | |||||
Affiliated Entity | T.I.G. Construction | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses with related party | $ 2,300 | $ 1,500 | $ 5,200 | $ 2,900 | ||
Chief Executive Officer | City Gear | ||||||
Related Party Transaction [Line Items] | ||||||
Earnout payment | $ 3,400 | |||||
Earnout percent to related party | 22.80% |