Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 20, 2016 | |
Entity Registrant Name | DICKS SPORTING GOODS INC | |
Entity Central Index Key | 1,089,063 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 89,166,629 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 24,900,870 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 1,660,343 | $ 1,565,308 |
Cost of goods sold, including occupancy and distribution costs | 1,164,546 | 1,096,320 |
GROSS PROFIT | 495,797 | 468,988 |
Selling, general and administrative expenses | 398,568 | 360,736 |
Pre-opening expenses | 6,518 | 6,340 |
INCOME FROM OPERATIONS | 90,711 | 101,912 |
Interest expense | 1,131 | 634 |
Other income | (2,067) | (2,150) |
INCOME BEFORE INCOME TAXES | 91,647 | 103,428 |
Provision for income taxes | 34,770 | 40,083 |
NET INCOME | $ 56,877 | $ 63,345 |
EARNINGS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.51 | $ 0.54 |
Diluted (in dollars per share) | $ 0.50 | $ 0.53 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic (in shares) | 112,105 | 117,044 |
Diluted (in shares) | 113,276 | 118,906 |
Cash dividend declared per common share (in dollars per share) | $ 0.15125 | $ 0.13750 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 56,877 | $ 63,345 |
OTHER COMPREHENSIVE INCOME: | ||
Foreign currency translation adjustment, net of tax | 92 | 31 |
TOTAL OTHER COMPREHENSIVE INCOME | 92 | 31 |
COMPREHENSIVE INCOME | $ 56,969 | $ 63,376 |
CONSOLIDATED BALANCE SHEETS - U
CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 92,493 | $ 118,936 | $ 81,409 |
Accounts receivable, net | 111,973 | 61,395 | 63,871 |
Income taxes receivable | 2,787 | 5,432 | 5,748 |
Inventories, net | 1,742,948 | 1,527,187 | 1,623,753 |
Prepaid expenses and other current assets | 120,477 | 99,740 | 108,773 |
Total current assets | 2,070,678 | 1,812,690 | 1,883,554 |
Property and equipment, net | 1,406,471 | 1,347,885 | 1,220,471 |
Intangible assets, net | 109,053 | 109,440 | 110,179 |
Goodwill | 200,594 | 200,594 | 200,594 |
Other assets: | |||
Deferred income taxes | 4,456 | 6,165 | 5,448 |
Other | 87,115 | 82,562 | 73,863 |
Total other assets | 91,571 | 88,727 | 79,311 |
TOTAL ASSETS | 3,878,367 | 3,559,336 | 3,494,109 |
CURRENT LIABILITIES: | |||
Accounts payable | 778,977 | 677,864 | 777,800 |
Accrued expenses | 328,177 | 289,001 | 275,561 |
Deferred revenue and other liabilities | 162,365 | 184,386 | 149,974 |
Income taxes payable | 13,201 | 39,835 | 25,176 |
Current portion of other long-term debt and leasing obligations | 590 | 589 | 539 |
Total current liabilities | 1,283,310 | 1,191,675 | 1,229,050 |
LONG-TERM LIABILITIES: | |||
Revolving credit borrowings | 157,600 | 0 | 51,200 |
Other long-term debt and leasing obligations | 5,180 | 5,324 | 5,781 |
Deferred income taxes | 15,390 | 6,454 | 1,983 |
Deferred revenue and other liabilities | 612,754 | 566,696 | 462,974 |
Total long-term liabilities | $ 790,924 | $ 578,474 | $ 521,938 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Additional paid-in capital | $ 1,088,980 | $ 1,063,705 | $ 1,029,208 |
Retained earnings | 1,776,782 | 1,737,214 | 1,518,237 |
Accumulated other comprehensive loss | (87) | (179) | (42) |
Treasury stock, at cost | (1,062,661) | (1,012,671) | (805,443) |
Total stockholders' equity | 1,804,133 | 1,789,187 | 1,743,121 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,878,367 | 3,559,336 | 3,494,109 |
Common Stock | |||
STOCKHOLDERS' EQUITY: | |||
Common stock | 870 | 869 | 912 |
Class B Common Stock | |||
STOCKHOLDERS' EQUITY: | |||
Common stock | $ 249 | $ 249 | $ 249 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - 3 months ended Apr. 30, 2016 - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Common StockCommon Stock | Common StockClass B Common Stock |
BALANCE at Jan. 30, 2016 | $ 1,789,187 | $ 1,063,705 | $ 1,737,214 | $ (179) | $ (1,012,671) | $ 869 | $ 249 |
BALANCE (in shares) at Jan. 30, 2016 | 86,850,630 | 24,900,870 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Exercise of stock options | 15,743 | 15,734 | $ 9 | ||||
Exercise of stock options (in shares) | 971,545 | ||||||
Restricted stock vested | 0 | (3) | $ 3 | ||||
Restricted stock vested (in shares) | 387,590 | ||||||
Minimum tax withholding requirements | (6,281) | (6,280) | $ (1) | ||||
Minimum tax withholding requirements (in shares) | (134,336) | ||||||
Net income | 56,877 | 56,877 | |||||
Stock-based compensation | 8,247 | 8,247 | |||||
Total tax benefit from exercise of stock options | 7,577 | 7,577 | |||||
Foreign currency translation adjustment, net of taxes of $54 | 92 | 92 | |||||
Purchase of shares for treasury | (50,000) | (49,990) | $ (10) | ||||
Purchase of shares for treasury (in shares) | (1,068,186) | ||||||
Cash dividend declared | (17,309) | (17,309) | |||||
BALANCE at Apr. 30, 2016 | $ 1,804,133 | $ 1,088,980 | $ 1,776,782 | $ (87) | $ (1,062,661) | $ 870 | $ 249 |
BALANCE (in shares) at Apr. 30, 2016 | 87,007,243 | 24,900,870 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED (Parenthetical) $ in Thousands | 3 Months Ended |
Apr. 30, 2016USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Foreign currency translation adjustment, taxes | $ 54 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 56,877 | $ 63,345 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | ||
Depreciation and amortization | 47,990 | 42,576 |
Deferred income taxes | 10,645 | 5,489 |
Stock-based compensation | 8,247 | 7,008 |
Excess tax benefit from exercise of stock options | (7,674) | (5,114) |
Other non-cash items | 181 | 133 |
Changes in assets and liabilities: | ||
Accounts receivable | (19,514) | 2,550 |
Inventories | (215,761) | (232,986) |
Prepaid expenses and other assets | (20,012) | (16,878) |
Accounts payable | 145,651 | 163,478 |
Accrued expenses | 10,838 | (9,365) |
Income taxes payable / receivable | (16,412) | (8,914) |
Deferred construction allowances | 16,202 | 40,579 |
Deferred revenue and other liabilities | (17,393) | (16,393) |
Net cash (used in) provided by operating activities | (135) | 35,508 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (88,834) | (65,724) |
Deposits and purchases of other assets | (8) | (406) |
Net cash used in investing activities | (88,842) | (66,130) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Revolving credit borrowings | 609,100 | 124,300 |
Revolving credit repayments | (451,500) | (73,100) |
Payments on other long-term debt and leasing obligations | (143) | (130) |
Construction allowance receipts | 0 | 0 |
Proceeds from exercise of stock options | 15,743 | 9,245 |
Excess tax benefit from exercise of stock options | 7,674 | 5,115 |
Minimum tax withholding requirements | (6,281) | (7,507) |
Cash paid for treasury stock | (50,000) | (150,000) |
Cash dividend paid to stockholders | (17,613) | (17,413) |
Decrease in bank overdraft | (44,538) | (189) |
Net cash provided by (used in) financing activities | 62,442 | (109,679) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 92 | 31 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (26,443) | (140,270) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 118,936 | 221,679 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 92,493 | 81,409 |
Supplemental disclosure of cash flow information: | ||
Accrued property and equipment | 65,366 | 38,400 |
Cash paid for interest | 825 | 456 |
Cash paid for income taxes | $ 45,518 | $ 43,756 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Dick's Sporting Goods, Inc. (together with its subsidiaries, referred to as "the Company", "we", "us" and "our" unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories through a blend of dedicated associates, in-store services and unique specialty shop-in-shops. The Company also owns and operates Golf Galaxy, Field & Stream and other specialty concept stores as well as eCommerce websites at www.DICKS.com, www.golfgalaxy.com, www.fieldandstreamshop.com and www.caliastudio.com. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to "year" is to the Company's fiscal year. The accompanying unaudited consolidated financial statements have been prepared in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information. This unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 30, 2016 as filed with the Securities and Exchange Commission on March 25, 2016 . Operating results for the 13 weeks ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending January 28, 2017 or any other period. Recently Issued Accounting Pronouncements Stock Compensation In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ". This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016, with early application permitted. If early adopted, an entity must adopt all of the amendments during the same period. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on the Company's Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's Consolidated Financial Statements. Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory ". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Contracts with Customers In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers ". This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. In August 2015, the FASB subsequently issued ASU 2015-14, " Revenue from Contracts with Customers - Deferral of the Effective Date ", which approved a one year deferral of ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016 and April 2016, the FASB issued ASU 2016-08, " Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", and ASU 2016-10, " Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ", respectively, which further clarify the guidance related to those specific topics within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients ", to reduce the risk of diversity in practice for certain aspects in ASU 2014-09, including collectibility, noncash consideration, presentation of sales tax and transition. These updates permit the use of either the retrospective or cumulative effect transition method. Early application is permitted as of the original effective date for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating which transition approach it will utilize and the impact these standards will have on the Company's Consolidated Financial Statements upon adoption. Reclassifications Certain reclassifications have been made to prior year amounts for the period ended May 2, 2015 within the Consolidated Balance Sheets to conform to current year presentation. |
Store Closings
Store Closings | 3 Months Ended |
Apr. 30, 2016 | |
Store Closings [Abstract] | |
Store Closings | Store Closings The calculation of accrued store closing and relocation reserves primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted risk-free rate of interest. The assumptions used in the calculation of the accrued store closing and relocation reserves are evaluated each quarter. The following table summarizes the activity in fiscal 2016 and 2015 (in thousands): 13 Weeks Ended April 30, May 2, Accrued store closing and relocation reserves, beginning of period $ 11,702 $ 12,785 Expense charged to earnings 688 1,021 Cash payments (1,407 ) (1,141 ) Interest accretion and other changes in assumptions 50 87 Accrued store closing and relocation reserves, end of period 11,033 12,752 Less: current portion of accrued store closing and relocation reserves (4,383 ) (4,159 ) Long-term portion of accrued store closing and relocation reserves $ 6,650 $ 8,593 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares are stock-based awards, which include outstanding stock options, restricted stock and warrants. The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended April 30, May 2, Net income $ 56,877 $ 63,345 Weighted average common shares outstanding - basic 112,105 117,044 Dilutive effect of stock-based awards 1,171 1,862 Weighted average common shares outstanding - diluted 113,276 118,906 Earnings per common share - basic $ 0.51 $ 0.54 Earnings per common share - diluted $ 0.50 $ 0.53 Anti-dilutive stock-based awards excluded from diluted calculation 2,488 884 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting Standard Codification ("ASC") 820, " Fair Value Measurement and Disclosures ", outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets measured at fair value on a recurring basis as of April 30, 2016 and January 30, 2016 are set forth in the table below (in thousands): Level 1 Description April 30, January 30, Assets: Deferred compensation plan assets held in trust (1) $ 58,499 $ 53,040 Total assets $ 58,499 $ 53,040 (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plans. The fair value of cash and cash equivalents, accounts receivable, accounts payable, revolving credit borrowings and certain other liabilities approximated book value due to the short-term nature of these instruments at both April 30, 2016 and January 30, 2016 . The Company uses quoted prices in active markets to determine the fair value of the aforementioned assets determined to be Level 1 instruments. The Company's policy for recognition of transfers between levels of the fair value hierarchy is to recognize any transfer at the end of the fiscal quarter in which the determination to transfer was made. The Company did not transfer any assets or liabilities among the levels within the fair value hierarchy during the 13 weeks ended April 30, 2016 or the fiscal year ended January 30, 2016. Additionally, the Company did not hold any Level 2 or Level 3 assets or liabilities during the 13 weeks ended April 30, 2016 or the fiscal year ended January 30, 2016. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Dividend - On May 13, 2016 , the Company's Board of Directors authorized and declared a quarterly cash dividend in the amount of $0.15125 per share of common stock and Class B common stock payable on June 30, 2016 to stockholders of record as of the close of business on June 10, 2016 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Stock Compensation In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ". This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016, with early application permitted. If early adopted, an entity must adopt all of the amendments during the same period. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on the Company's Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's Consolidated Financial Statements. Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory ". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Contracts with Customers In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers ". This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. In August 2015, the FASB subsequently issued ASU 2015-14, " Revenue from Contracts with Customers - Deferral of the Effective Date ", which approved a one year deferral of ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016 and April 2016, the FASB issued ASU 2016-08, " Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", and ASU 2016-10, " Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ", respectively, which further clarify the guidance related to those specific topics within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients ", to reduce the risk of diversity in practice for certain aspects in ASU 2014-09, including collectibility, noncash consideration, presentation of sales tax and transition. These updates permit the use of either the retrospective or cumulative effect transition method. Early application is permitted as of the original effective date for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating which transition approach it will utilize and the impact these standards will have on the Company's Consolidated Financial Statements upon adoption. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts for the period ended May 2, 2015 within the Consolidated Balance Sheets to conform to current year presentation. |
Store Closings (Tables)
Store Closings (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Store Closings [Abstract] | |
Schedule of the entity's accrued store closing and relocation reserves | The following table summarizes the activity in fiscal 2016 and 2015 (in thousands): 13 Weeks Ended April 30, May 2, Accrued store closing and relocation reserves, beginning of period $ 11,702 $ 12,785 Expense charged to earnings 688 1,021 Cash payments (1,407 ) (1,141 ) Interest accretion and other changes in assumptions 50 87 Accrued store closing and relocation reserves, end of period 11,033 12,752 Less: current portion of accrued store closing and relocation reserves (4,383 ) (4,159 ) Long-term portion of accrued store closing and relocation reserves $ 6,650 $ 8,593 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of the computations for basic and diluted earnings per common share | The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended April 30, May 2, Net income $ 56,877 $ 63,345 Weighted average common shares outstanding - basic 112,105 117,044 Dilutive effect of stock-based awards 1,171 1,862 Weighted average common shares outstanding - diluted 113,276 118,906 Earnings per common share - basic $ 0.51 $ 0.54 Earnings per common share - diluted $ 0.50 $ 0.53 Anti-dilutive stock-based awards excluded from diluted calculation 2,488 884 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of April 30, 2016 and January 30, 2016 are set forth in the table below (in thousands): Level 1 Description April 30, January 30, Assets: Deferred compensation plan assets held in trust (1) $ 58,499 $ 53,040 Total assets $ 58,499 $ 53,040 (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plans. |
Store Closings (Details)
Store Closings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Store Closings | ||
Accrued store closing and relocation reserves, beginning of period | $ 11,702 | $ 12,785 |
Expense charged to earnings | 688 | 1,021 |
Cash payments | (1,407) | (1,141) |
Interest accretion and other changes in assumptions | 50 | 87 |
Accrued store closing and relocation reserves, end of period | 11,033 | 12,752 |
Less: current portion of accrued store closing and relocation reserves | (4,383) | (4,159) |
Long-term portion of accrued store closing and relocation reserves | $ 6,650 | $ 8,593 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 56,877 | $ 63,345 |
Weighted average common shares outstanding - basic | 112,105 | 117,044 |
Dilutive effect of stock-based awards (in shares) | 1,171 | 1,862 |
Weighted average common shares outstanding - diluted | 113,276 | 118,906 |
Earnings per common share - basic (in dollars per share) | $ 0.51 | $ 0.54 |
Earnings per common share - diluted (in dollars per share) | $ 0.50 | $ 0.53 |
Anti-dilutive stock-based awards excluded from diluted calculation (in shares) | 2,488 | 884 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Level 1 - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 30, 2016 | |
Fair Value Measurements | |||
Deferred compensation plan assets held in trust | [1] | $ 58,499 | $ 53,040 |
Total assets | $ 58,499 | $ 53,040 | |
[1] | Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plans. |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent event | May. 13, 2016$ / shares |
Subsequent Event | |
Declaration date | May 13, 2016 |
Payment date | Jun. 30, 2016 |
Record date | Jun. 10, 2016 |
Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | $ 0.15125 |
Class B Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | $ 0.15125 |