Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Oct. 31, 2013 | |
Document And Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Oct-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'HASTINGS ENTERTAINMENT INC |
Entity Central Index Key | '0001054579 |
Current Fiscal Year End Date | '--01-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 8,143,317 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,555 | $3,730 |
Merchandise inventories, net | 165,120 | 145,337 |
Prepaid expenses and other current assets | 10,631 | 10,427 |
Total current assets | 179,306 | 159,494 |
Rental assets, net of accumulated depreciation of $17,041 and $18,827 at October 31, 2013 and January 31, 2013, respectively | 10,696 | 11,353 |
Property, equipment and improvements, net of accumulated depreciation of $227,979 and $227,469 at October 31, 2013 and January 31, 2013, respectively | 30,106 | 32,099 |
Intangible assets, net | 244 | 244 |
Other assets | 602 | 2,792 |
Total Assets | 220,954 | 205,982 |
Current liabilities: | ' | ' |
Trade accounts payable | 70,137 | 54,928 |
Accrued expenses and other current liabilities | 28,359 | 27,396 |
Total current liabilities | 98,496 | 82,324 |
Long term debt | 55,430 | 41,805 |
Deferred income taxes | 58 | 50 |
Other liabilities | 5,337 | 7,828 |
Shareholders’ equity: | ' | ' |
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued | ' | ' |
Common stock, $.01 par value; 75,000,000 shares authorized; 11,944,544 shares issued and 8,143,317 shares outstanding at October 31, 2013; 11,944,544 shares issued and 8,146,513 shares outstanding at January 31, 2013 | 119 | 119 |
Additional paid-in capital | 36,356 | 36,375 |
Retained earnings | 46,126 | 58,642 |
Accumulated other comprehensive income | 368 | 247 |
Treasury stock, at cost 3,801,227 shares and 3,798,031 shares at October 31, 2013and January 31, 2013, respectively | -21,336 | -21,408 |
Total Shareholders’ Equity | 61,633 | 73,975 |
Total Liabilities and Shareholders’ Equity | $220,954 | $205,982 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation of rental assets | $17,041 | $18,827 |
Accumulated depreciation of property, equipment and improvements | $227,979 | $227,469 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 11,944,544 | 11,944,544 |
Common stock, shares outstanding | 8,143,317 | 8,146,513 |
Treasury stock, shares | 3,801,227 | 3,798,031 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Merchandise revenue | $82,472 | $87,908 | $260,067 | $276,741 |
Rental revenue | 12,106 | 13,325 | 39,223 | 44,238 |
Gift card breakage revenue | 94 | 87 | 291 | -119 |
Total revenues | 94,672 | 101,320 | 299,581 | 320,860 |
Merchandise cost of revenue | 56,398 | 60,571 | 176,527 | 187,150 |
Rental cost of revenue | 4,333 | 4,482 | 13,703 | 15,035 |
Total cost of revenues | 60,731 | 65,053 | 190,230 | 202,185 |
Gross profit | 33,941 | 36,267 | 109,351 | 118,675 |
Selling, general and administrative expenses | 40,337 | 43,957 | 121,471 | 128,282 |
Operating loss | -6,396 | -7,690 | -12,120 | -9,607 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -343 | -301 | -938 | -871 |
Other, net | 109 | 34 | 232 | 129 |
Loss before income taxes | -6,630 | -7,957 | -12,826 | -10,349 |
Income tax expense (benefit) | -422 | 42 | -310 | 174 |
Net loss | ($6,208) | ($7,999) | ($12,516) | ($10,523) |
Basic loss per share | ($0.76) | ($0.98) | ($1.54) | ($1.28) |
Diluted loss per share | ($0.76) | ($0.98) | ($1.54) | ($1.28) |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 8,143 | 8,165 | 8,142 | 8,214 |
Dilutive effect of stock awards | ' | ' | ' | ' |
Diluted | 8,143 | 8,165 | 8,142 | 8,214 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Net loss | ($6,208) | ($7,999) | ($12,516) | ($10,523) |
Other comprehensive income before income taxes | ' | ' | ' | ' |
Unrealized gains in investments available for sale in Supplemental Executive Retirement Plan | 71 | 40 | 164 | 76 |
Reclassification adjustment realized in net loss, included in Other Income (Expense) | -43 | ' | -43 | ' |
Other comprehensive income, before income taxes | 28 | 40 | 121 | 76 |
Income taxes related to components of other comprehensive income | ' | ' | ' | ' |
Other comprehensive income, net of income taxes | 28 | 40 | 121 | 76 |
Total comprehensive loss | ($6,180) | ($7,959) | ($12,395) | ($10,447) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($12,516) | ($10,523) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Rental asset depreciation expense | 2,865 | 4,466 |
Purchases of rental assets | -5,982 | -8,350 |
Property, equipment and improvements depreciation expense | 9,667 | 11,374 |
Deferred income taxes | 8 | 5 |
Loss on rental assets lost, stolen and defective | 370 | 605 |
Loss on disposal or impairment of property and equipment, excluding rental assets | 111 | 182 |
Non-cash stock-based compensation | 123 | 539 |
Changes in operating assets and liabilities: | ' | ' |
Merchandise inventories, net | -16,378 | -11,977 |
Prepaid expenses and other current assets | 1,708 | 5,509 |
Trade accounts payable | 16,028 | 21,034 |
Accrued expenses and other current liabilities | -644 | 1,282 |
Other assets and liabilities, net | -486 | -392 |
Net cash provided by (used in) operating activities | -5,126 | 13,754 |
Cash flows from investing activities: | ' | ' |
Purchases of property, equipment and improvements | -7,786 | -6,557 |
Net cash used in investing activities | -7,786 | -6,557 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit facility | 319,391 | 312,039 |
Repayments under revolving credit facility | -305,765 | -321,805 |
Purchase of treasury stock | -128 | -357 |
Change in cash overdraft | -819 | 2,209 |
Proceeds from exercise of stock options | 58 | ' |
Net cash provided by (used in) financing activities | 12,737 | -7,914 |
Net decrease in cash and cash equivalents | -175 | -717 |
Cash and cash equivalents at beginning of period | 3,730 | 4,172 |
Cash and cash equivalents at end of period | $3,555 | $3,455 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2013 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited consolidated financial statements of Hastings Entertainment, Inc. and its subsidiary (“Hastings,” the “Company,” “we,” “our,” or “us”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with instructions in Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such principles and regulations of the Securities and Exchange Commission. All adjustments, consisting of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of interim periods. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for a full year because of, among other things, seasonality factors in the retail business. As is the case with many retailers, a significant portion of our revenues, and an even greater portion of our operating earnings, is generated in the fourth fiscal quarter, which includes the holiday selling season. The unaudited consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013. | |
The consolidated balance sheet at January 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013. | |
Our fiscal year ends on January 31 and is identified as the fiscal year for the immediately preceding calendar year. For example, the fiscal year that will end on January 31, 2014 is referred to as fiscal year 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2013 | |
Stock-Based Compensation | ' |
2. Stock-Based Compensation | |
We have various stock incentive plans, which allow us to issue stock options, stock appreciation rights, restricted shares, restricted stock units, performance awards and other awards. Stock-based compensation is discussed more fully in Note 13 to the Audited Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013. | |
For the three months ended October 31, 2013 and 2012, we recognized approximately $30,000 and $168,000, respectively, of stock-based compensation expense. For the nine months ended October 31, 2013 and 2012, we recognized approximately $123,000 and $539,000, respectively, of stock-based compensation expense. These amounts include expense related to incentive stock options, non-qualified stock options, and restricted stock units. | |
As of October 31, 2013, we had 273,059 shares available to grant as stock-based compensation awards under our various stock incentive plans. |
Store_Closing_Reserve
Store Closing Reserve | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Store Closing Reserve | ' | ||||
3. Store Closing Reserve | |||||
From time to time and in the normal course of business, we evaluate our store base to determine if we need to close a store. Such evaluations include consideration of, among other factors, current and future expected profitability, market trends, age of store and lease status. | |||||
Amounts in “Accrued expenses and other current liabilities” and “Other liabilities” in the consolidated balance sheet at October 31, 2013 included accruals for the net present value of future minimum lease payments, net of estimated sublease income, attributable to closed or relocated stores. Expenses related to store closings are included in SG&A expenses in the consolidated statements of operations. | |||||
The following table provides a roll-forward of our store closing reserve: | |||||
Store Closing | |||||
Reserve | |||||
Balance at January 31, 2013 | $ | 2,105 | |||
Additions to provision | 250 | ||||
Changes in estimates | 69 | ||||
Cash outlay, net | (1,281 | ) | |||
Balance at October 31, 2013 | $ | 1,143 | |||
Longterm_Debt
Long-term Debt | 9 Months Ended |
Oct. 31, 2013 | |
Long-term Debt | ' |
4. Long-term Debt | |
On January 4, 2013, we entered into an Amended and Restated Loan and Security Agreement with Bank of America, N.A., as lender and agent (as subsequently amended, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility of $115 million, allows for the payment of dividends, has a maturity date of January 4, 2017, and provides that we may repurchase up to $10 million worth of our common stock. The Credit Agreement also provides that we may repurchase additional shares of our common stock in the event we meet certain criteria set forth in the Credit Agreement. The Credit Agreement includes certain debt and acquisition limitations and requires a minimum Availability (as defined in the Credit Agreement) that is greater than or equal to $10 million at all times. Our obligations under the Credit Agreement are secured by a pledge of substantially all of the assets of the Company and our subsidiary and are guaranteed by our subsidiary. | |
The amount outstanding under the Credit Agreement is limited by a borrowing base predicated on the sum of (a) 85% of Eligible Credit Card Receivables plus (b) either (i) at all times during the year, other than those stated in (ii), 90% of the liquidation value of eligible inventory or (ii) from September 1st through and including December 27th of each year, 92.5% of the liquidation value of eligible inventory, less (c) Availability Reserves and is limited to a ceiling of $115 million, less a minimum availability reserve that is greater than or equal to 10% of the lesser of (a) the Borrowing Base, or (b) the Revolving Credit Ceiling (each term as defined in the Credit Agreement), provided however that we must also maintain Availability that is greater than or equal to $10 million at all times. The lender may increase specifically defined reserves to reduce availability in the event of adverse changes in our industry or our financial condition that are projected to impact the value of our assets pledged as collateral. The lender must exercise reasonable judgment and act in good faith with respect to any changes in the specifically defined reserves. | |
Interest under the Credit Agreement will accrue, at our election, at a Base Rate or Libor Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of Availability as defined in the Credit Agreement, with the Applicable Margin for Libor Rate loans ranging from 2.00% to 2.50% and the Applicable Margin for Base Rate (each term as defined in the Credit Agreement) loans ranging from 1.00% to 1.50%. In addition, unused line fees ranging from 0.30% to 0.375% (determined by reference to the level of usage under the Credit Agreement) are also payable on unused commitments. | |
We utilize standby letters of credit to support certain insurance policies. The aggregate amount of the letters of credit at October 31, 2013, was approximately $0.8 million, which reduces the excess availability under the Credit Agreement. | |
At October 31, 2013, we had approximately $47.8 million in excess availability, after the availability reserve, under the Amended Agreement. The average rates of interest incurred for the three months ended October 31, 2013 and 2012 were 2.4% and 2.5%, respectively. The average rate of interest incurred for the nine months ended October 31, 2013 and 2012 was 2.5%. Deferred financing costs that were amortized into interest expense during the three and nine months ended October 31, 2013 and 2012 are excluded from the calculation of the average rate of interest for each respective period. |
Loss_Per_Share
Loss Per Share | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Loss Per Share | ' | ||||||||||||||||||||||||
5. Loss per Share | |||||||||||||||||||||||||
The computations for basic and diluted loss per share are as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net loss | $ | (6,208 | ) | $ | (7,999 | ) | $ | (12,516 | ) | $ | (10,523 | ) | |||||||||||||
Average shares outstanding: | |||||||||||||||||||||||||
Basic | 8,143 | 8,165 | 8,142 | 8,214 | |||||||||||||||||||||
Effect of stock awards | — | — | — | — | |||||||||||||||||||||
Diluted | 8,143 | 8,165 | 8,142 | 8,214 | |||||||||||||||||||||
Loss per share: | |||||||||||||||||||||||||
Basic | $ | (0.76 | ) | $ | (0.98 | ) | $ | (1.54 | ) | $ | (1.28 | ) | |||||||||||||
Diluted | $ | (0.76 | ) | $ | (0.98 | ) | $ | (1.54 | ) | $ | (1.28 | ) | |||||||||||||
The following options to purchase shares of common stock were not included in the computation of diluted loss per share because their inclusion would have been antidilutive: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Shares of common stock underlying options | 544 | 652 | 544 | 652 | |||||||||||||||||||||
Exercise price range per share | $ | 1.69 to $8.70 | $ | 1.69 to $9.67 | $ | 1.69 to $8.70 | $ | 1.69 to $9.67 | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2013 | |
Fair Value Measurements | ' |
6. Fair Value Measurements | |
We account for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. These levels are: | |
Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities; | |
Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities – includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets; and | |
Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. | |
At October 31, 2013 and January 31, 2013, we had approximately $1.9 million and $2.1 million, respectively, in assets which are carried at fair value on a recurring basis. These assets consist of available-for-sale investments related to our non-qualified supplemental executive retirement plan (“SERP”). The fair value of these investments was determined using Level 1 inputs. On February 25, 2013, the Board of Directors approved the termination of the SERP, and distributions commenced in September 2013 with the expectation that the distributions will be completed by February 2014. Consequently, these assets were reclassified from Other Assets to Prepaid Expenses and Other Current Assets during the first quarter of fiscal 2013. | |
Our long-term debt approximates fair value as of both October 31, 2013 and January 31, 2013, due to the instrument bearing interest at variable rates that are comparable to what is currently available to us. We entered into a second amendment to the Credit Agreement on January 4, 2013, at which time our current interest rates were determined. See Note 4 on Debt for a more detailed discussion of our Credit Agreement. |
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2013 | |
Income Taxes | ' |
7. Income Taxes | |
For the three and nine months ended October 31, 2013, the Company recorded a discrete tax benefit of approximately $0.5 million from the recognition of a tax position due to a change in state administrative practices. No discrete items were recorded during the three months ended October 31, 2012. Primarily as a result of this discrete tax benefit combined with Texas state income tax expense, which is based primarily on gross margin, the effective tax rates for the three and nine months ended October 31, 2013 were (6.4%) and (2.4%), respectively. | |
As the Company has a net operating loss and a net deferred tax asset, which has been offset by a full valuation allowance at the end of fiscal 2011, there is no tax liability, with the exception of Texas state income tax. The valuation allowance is approximately $15.2 million as of October 31, 2013. We reassess the valuation allowance quarterly, and if future evidence allows for a partial or full release of the valuation allowance, a tax benefit will be recorded accordingly. |
Litigation_and_Contingencies
Litigation and Contingencies | 9 Months Ended |
Oct. 31, 2013 | |
Litigation and Contingencies | ' |
8. Litigation and Contingencies | |
We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our financial position, results of operations or cash flows individually and in the aggregate. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Other Comprehensive Income | ' | ||||
9. Other Comprehensive Income | |||||
Changes in the balances of each component of other comprehensive income (“OCI”) included in accumulated OCI for the nine months ended October 31, 2013 are presented below. All amounts are net of tax. | |||||
Net Unrealized Gain (Loss) on | |||||
Available-for Sale Securities in | |||||
Supplemental Executive | |||||
Retirement Plan | |||||
Balance at January 31, 2013 | $ | 247 | |||
Other comprehensive income before reclassifications | 164 | ||||
Amounts reclassified from accumulated OCI | (43 | ) | |||
Balance as of October 31, 2013 | $ | 368 | |||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2013 | |
Recent Accounting Pronouncements | ' |
10. Recent Accounting Pronouncements | |
During February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The Company adopted ASU 2013-02 beginning with the first quarter of fiscal 2013 and reclassified approximately $43,000 from Other Comprehensive Income to Other Income for the three and nine months ended October 31, 2013. | |
In July 2013, the Financial Accounting Standards Board issued ASU No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires unrecognized tax benefits to be presented as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 31, 2013 | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' |
During February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. The Company adopted ASU 2013-02 beginning with the first quarter of fiscal 2013 and reclassified approximately $43,000 from Other Comprehensive Income to Other Income for the three and nine months ended October 31, 2013. | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ' |
In July 2013, the Financial Accounting Standards Board issued ASU No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires unrecognized tax benefits to be presented as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. |
Store_Closing_Reserve_Tables
Store Closing Reserve (Tables) | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Summary of Roll-Forward for Store Closing Reserve | ' | ||||
The following table provides a roll-forward of our store closing reserve: | |||||
Store Closing | |||||
Reserve | |||||
Balance at January 31, 2013 | $ | 2,105 | |||
Additions to provision | 250 | ||||
Changes in estimates | 69 | ||||
Cash outlay, net | (1,281 | ) | |||
Balance at October 31, 2013 | $ | 1,143 | |||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Computations for Basic and Diluted Income Per Share | ' | ||||||||||||||||||||||||
The computations for basic and diluted loss per share are as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net loss | $ | (6,208 | ) | $ | (7,999 | ) | $ | (12,516 | ) | $ | (10,523 | ) | |||||||||||||
Average shares outstanding: | |||||||||||||||||||||||||
Basic | 8,143 | 8,165 | 8,142 | 8,214 | |||||||||||||||||||||
Effect of stock awards | — | — | — | — | |||||||||||||||||||||
Diluted | 8,143 | 8,165 | 8,142 | 8,214 | |||||||||||||||||||||
Loss per share: | |||||||||||||||||||||||||
Basic | $ | (0.76 | ) | $ | (0.98 | ) | $ | (1.54 | ) | $ | (1.28 | ) | |||||||||||||
Diluted | $ | (0.76 | ) | $ | (0.98 | ) | $ | (1.54 | ) | $ | (1.28 | ) | |||||||||||||
Options to Purchase Shares of Common Stock not Included in Computation of Diluted Income Per Share | ' | ||||||||||||||||||||||||
The following options to purchase shares of common stock were not included in the computation of diluted loss per share because their inclusion would have been antidilutive: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Shares of common stock underlying options | 544 | 652 | 544 | 652 | |||||||||||||||||||||
Exercise price range per share | $ | 1.69 to $8.70 | $ | 1.69 to $9.67 | $ | 1.69 to $8.70 | $ | 1.69 to $9.67 | |||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Changes in Balances of Each Component of Other Comprehensive Income Included in Accumulated Other Comprehensive Income | ' | ||||
Changes in the balances of each component of other comprehensive income (“OCI”) included in accumulated OCI for the nine months ended October 31, 2013 are presented below. All amounts are net of tax. | |||||
Net Unrealized Gain (Loss) on | |||||
Available-for Sale Securities in | |||||
Supplemental Executive | |||||
Retirement Plan | |||||
Balance at January 31, 2013 | $ | 247 | |||
Other comprehensive income before reclassifications | 164 | ||||
Amounts reclassified from accumulated OCI | (43 | ) | |||
Balance as of October 31, 2013 | $ | 368 | |||
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $30,000 | $168,000 | $123,000 | $539,000 |
Shares available to grant as stock-based compensation awards | 273,059 | ' | 273,059 | ' |
Store_Closing_Reserve_Summary_
Store Closing Reserve - Summary of Roll-Forward for Store Closing Reserve (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Restructuring Cost And Reserve [Line Items] | ' |
Balance at January 31, 2013 | $2,105 |
Additions to provision | 250 |
Changes in estimates | 69 |
Cash outlay, net | -1,281 |
Balance at October 31, 2013 | $1,143 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 27, 2012 |
Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Credit Card Receivables Plus | Inventory | Inventory | |||||
LIBOR Rate Loans Ranging | Base Rate Loans Ranging | LIBOR Rate Loans Ranging | Base Rate Loans Ranging | ||||||||||
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | $115 | ' | $115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 4-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Absolute minimum available reserve | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The amount outstanding under the Amended Credit Agreement is limited by a borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 90.00% | 92.50% |
Maximum limit to the line of credit facility | ' | ' | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum available reserve percentage | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable Margin for loans ranging rate | ' | ' | ' | ' | ' | 2.00% | 1.00% | ' | 2.50% | 1.50% | ' | ' | ' |
Unused line fees ranging | ' | ' | ' | ' | 0.30% | ' | ' | 0.38% | ' | ' | ' | ' | ' |
Aggregate amount of the letters of credit | 0.8 | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess availability of line of credit | $47.80 | ' | $47.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average rate of interest | 2.40% | 2.50% | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss_Per_Share_Computations_fo
Loss Per Share - Computations for Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule Of Earnings Per Share By Common Class [Line Items] | ' | ' | ' | ' |
Net loss | ($6,208) | ($7,999) | ($12,516) | ($10,523) |
Average shares outstanding: | ' | ' | ' | ' |
Basic | 8,143 | 8,165 | 8,142 | 8,214 |
Effect of stock awards | ' | ' | ' | ' |
Diluted | 8,143 | 8,165 | 8,142 | 8,214 |
Loss per share: | ' | ' | ' | ' |
Basic | ($0.76) | ($0.98) | ($1.54) | ($1.28) |
Diluted | ($0.76) | ($0.98) | ($1.54) | ($1.28) |
Loss_Per_Share_Options_to_Purc
Loss Per Share - Options to Purchase Shares of Common Stock not Included in Computation of Diluted Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' | ' | ' | ' |
Shares of common stock underlying options | 544 | 652 | 544 | 652 |
Exercise price range per share, lower limit | $1.69 | $1.69 | $1.69 | $1.69 |
Exercise price range per share, upper limit | $8.70 | $9.67 | $8.70 | $9.67 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Fair value of assets on recurring basis | $1.90 | $2.10 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 |
Income Tax Disclosure [Line Items] | ' | ' |
Discrete tax benefit | $0.50 | $0.50 |
Effective tax rate | -6.40% | -2.40% |
Valuation allowance | $15.20 | $15.20 |
Other_Comprehensive_Income_Cha
Other Comprehensive Income - Changes in Balances of Each Component of Other Comprehensive Income Included in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Oct. 31, 2013 | Oct. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | ' | $247,000 |
Amounts reclassified from accumulated OCI | -43,000 | -43,000 |
Balance at end of period | 368,000 | 368,000 |
Net Unrealized Gain (Loss) on Available-for Sale Securities in Supplemental Executive Retirement Plan | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Balance at beginning of period | ' | 247,000 |
Other comprehensive income before reclassifications | ' | 164,000 |
Amounts reclassified from accumulated OCI | ' | -43,000 |
Balance at end of period | $368,000 | $368,000 |
Recent_Accounting_Pronouncemen2
Recent Accounting Pronouncements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Oct. 31, 2013 | Oct. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Reclassification amount from other comprehensive income | $43,000 | $43,000 |