Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Apr. 15, 2024 | Jul. 29, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001113809 | ||
Entity Registrant Name | BUILD-A-BEAR WORKSHOP INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 03, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 001-32320 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1883836 | ||
Entity Address, Address Line One | 415 South 18th St. | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63103 | ||
City Area Code | 314 | ||
Local Phone Number | 423-8000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | BBW | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 355,000,000 | ||
Entity Common Stock, Shares Outstanding | 13,980,206 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | St. Louis, Missouri |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 44,327 | $ 42,198 |
Inventories, net | 63,499 | 70,485 |
Receivables, net | 8,569 | 15,374 |
Prepaid expenses and other current assets | 11,377 | 19,374 |
Total current assets | 127,772 | 147,431 |
Operating lease right-of-use asset | 73,443 | 71,791 |
Property and equipment, net | 55,262 | 50,759 |
Deferred tax assets | 8,682 | 6,592 |
Other assets, net | 7,166 | 4,221 |
Total Assets | 272,325 | 280,794 |
Current liabilities: | ||
Accounts payable | 16,170 | 10,286 |
Accrued expenses | 19,954 | 37,358 |
Operating lease liability short term | 25,961 | 27,436 |
Gift cards and customer deposits | 18,134 | 19,425 |
Deferred revenue and other | 3,514 | 6,646 |
Total current liabilities | 83,733 | 101,151 |
Operating lease liability long term | 57,609 | 59,080 |
Other long-term liabilities | 1,321 | 1,446 |
Stockholders' equity: | ||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at February 3, 2024 and January 28, 2023 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 14,172,362 and 14,802,338 shares, respectively | 142 | 148 |
Additional paid-in capital | 66,330 | 69,868 |
Accumulated other comprehensive loss | (12,082) | (12,274) |
Retained earnings | 75,272 | 61,375 |
Total stockholders' equity | 129,662 | 119,117 |
Total Liabilities and Stockholders' Equity | $ 272,325 | $ 280,794 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Feb. 03, 2024 | Jan. 28, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 14,172,362 | 14,802,338 |
Common stock, shares outstanding (in shares) | 14,172,362 | 14,802,338 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Revenues: | ||
Revenue | $ 486,114 | $ 467,937 |
Costs and expenses: | ||
Cost of merchandise sold | 221,722 | 222,065 |
Consolidated gross profit | 264,392 | 245,872 |
Selling, general and administrative expense | 198,992 | 183,929 |
Interest expense (income), net | (929) | 19 |
Total income before income taxes | 66,329 | 61,924 |
Income tax expense at statutory federal rate | 13,524 | 13,939 |
Net income | 52,805 | 47,985 |
Foreign currency translation adjustment | 192 | 196 |
Comprehensive income | $ 52,997 | $ 48,181 |
Income per common share: | ||
Basic (in dollars per share) | $ 3.68 | $ 3.21 |
Diluted (in dollars per share) | $ 3.65 | $ 3.15 |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 14,342,931 | 14,940,770 |
Diluted (in shares) | 14,471,875 | 15,249,819 |
Retail [Member] | ||
Revenues: | ||
Revenue | $ 456,163 | $ 446,181 |
Costs and expenses: | ||
Cost of merchandise sold | 206,815 | 211,489 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 25,413 | 18,523 |
Costs and expenses: | ||
Cost of merchandise sold | 12,091 | 8,591 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 4,538 | 3,233 |
Costs and expenses: | ||
Cost of merchandise sold | $ 2,816 | $ 1,985 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Jan. 29, 2022 | $ 162 | $ 75,490 | $ (12,470) | $ 30,501 | $ 93,683 | ||||||||||
Stock-based compensation expense | 0 | 1,547 | 0 | 0 | 1,547 | ||||||||||
Shares issued under employee stock plans | 3 | 2,082 | 0 | 0 | 2,085 | ||||||||||
Shares withheld in lieu of tax withholdings | (1) | (2,178) | 0 | 0 | (2,179) | ||||||||||
Share Repurchase | (16) | (7,073) | 0 | (17,083) | (24,172) | ||||||||||
Other | 0 | 0 | 0 | (28) | (28) | ||||||||||
Other comprehensive income | 0 | 0 | 196 | 0 | 196 | ||||||||||
Net income | 0 | 0 | 0 | 47,985 | 47,985 | ||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Jan. 28, 2023 | $ 0 | $ 0 | $ 0 | $ (785) | $ (785) | $ 148 | $ 69,868 | $ (12,274) | $ 60,590 | $ 118,332 | |||||
Balance at Jan. 28, 2023 | 148 | 69,868 | (12,274) | 61,375 | 119,117 | ||||||||||
Stock-based compensation expense | 0 | 1,385 | 0 | 0 | 1,385 | ||||||||||
Shares issued under employee stock plans | 5 | 2,894 | 0 | 0 | 2,899 | ||||||||||
Shares withheld in lieu of tax withholdings | (2) | (3,638) | 0 | 0 | (3,640) | ||||||||||
Share Repurchase | (9) | (4,179) | 0 | (16,312) | (20,500) | ||||||||||
Other | 0 | 0 | 203 | 203 | |||||||||||
Other comprehensive income | 0 | 0 | 192 | 0 | 192 | ||||||||||
Net income | 0 | 0 | 0 | 52,805 | 52,805 | ||||||||||
Cash Dividend | 0 | 0 | 0 | (22,014) | (22,014) | ||||||||||
Balance at Feb. 03, 2024 | $ 142 | $ 66,330 | $ (12,082) | $ 75,272 | $ 129,662 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Cash flows provided by operating activities: | ||
Net income | $ 52,805 | $ 47,985 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 13,657 | 12,482 |
Share-based and performance-based stock compensation | 2,089 | 2,559 |
Deferred taxes | (1,893) | 992 |
Provision/adjustments for doubtful accounts | 251 | (820) |
Loss on disposal of property and equipment | 121 | 110 |
Net change in film costs and advances | (1,913) | (2,453) |
Change in assets and liabilities: | ||
Inventories, net | 7,102 | 357 |
Receivables, net | 5,870 | (3,045) |
Prepaid expenses and other assets | 6,776 | (6,067) |
Accounts payable and accrued expenses | (11,083) | (335) |
Operating leases | (5,175) | (5,899) |
Gift cards and customer deposits | (1,310) | (1,485) |
Deferred revenue | (2,987) | 2,895 |
Net cash provided by operating activities | 64,310 | 47,276 |
Cash flows used in investing activities: | ||
Capital expenditures | (18,295) | (13,634) |
Net cash used in investing activities | (18,295) | (13,634) |
Cash flows used in financing activities: | ||
Proceeds from exercise of employee equity awards, net of tax | (1,339) | (592) |
Purchases of Company's common stock | (20,500) | (24,172) |
Cash dividends paid on vested participating securities | (22,062) | (292) |
Net cash used in financing activities | (43,901) | (25,056) |
Effect of exchange rates on cash | 15 | 767 |
Increase (decrease) in cash, cash equivalents and restricted cash | 2,129 | 9,353 |
Cash, cash equivalents and restricted cash, beginning of period | 42,198 | 32,845 |
Cash, cash equivalents and restricted cash, end of period | 44,327 | 42,198 |
Reconciliation of cash, cash equivalents and restricted cash (1) | ||
Cash and cash equivalents | 43,934 | 41,748 |
Restricted cash from long-term deposits | 393 | 450 |
Cash, cash equivalents and restricted cash, end of period | 44,327 | 42,198 |
Net cash paid during the period for income taxes | $ 17,364 | $ 10,327 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Feb. 03, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION Security Trading Plans of Directors and Executive Officers None 10b5 1 10b5 1 February 3, 2024, 408 |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the “Company”) is a multi-channel retailer of plush animals and related products. The Company began operations in October 1997. 359 not 92 The Company’s consolidated financial statements have been prepared in accordance U.S. GAAP. Certain amounts in prior fiscal periods have been reclassified to conform to current year presentation with no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Summary of Significant Accounting Policies For each accounting topic that is addressed in its own note, the description of the accounting policy may applied in the preparation of the accompanying consolidated financial statements are as follows: Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All intercompany accounts are eliminated in consolidation. Fiscal Year The Company operates on a 52 53 January 31. 2023 53 February 3, 2024 2022 52 January 28, 2023 Cash, Cash Equivalents and Restricted Cash Cas three 10 third The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ million and $ million as of February 3, 2024 and January 28, 2023 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million as of both February 3, 2024 January 28, 2023 Receivables Receivables 2023, No. 2016 13, 326 Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease ranging from one ten three seven three five Leases The majority of the Company's leases relate to retail stores, corporate offices, and storage locations. For leases with terms greater than 12 five ten not may not The Company's leases typically contain rent escalations over the lease term and the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. may The Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease compone nt. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. Most of the Company’s leases do not Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset (asset group) and right-of-use operating lease assets may not not An impairment charge is recognized to the extent the carrying value exceeded the fair value of the asset (asset group). The Company estimates fair values of these long-lived assets based on its discounted future cash flow analysis for the remaining useful life of the asset or its market rent assessment. An individual asset within an asset group is not two 2023 2022 for long-lived assets. The estimates, all of which are considered Level 3 Other Assets, net Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and capitalized film production costs. no second Entertainment Production Costs Costs of producing entertainment assets, which include direct costs, production overhead and development costs, are capitalized when incurred and are stated at the lower of cost, less accumulated amortization, or fair value. For film related costs, the Company expects assets to be monetized individually and are amortized using the individual film-forecast-computation method which amortizes such costs in the same ratio that current period actual revenue bears to the estimated remaining unrecognized total revenues (ultimate revenue). Ultimate revenue includes estimates over a period not ten Costs of entertainment productions are subject to recoverability assessments, whenever events or changes in circumstances indicate that the fair value of the film may 3 February 3, 2024 and January 28, 2023 , the Company had net capitalized entertainment production costs of $ million and $ million, respectively. The February 3, 2024 balance for entertainment production costs is comprised of unamortized, released assets, and several in-development entertainment projects. The main purpose of the Company's production assets is to drive consumer engagement with its own intellectual property, similar to a marketing campaign. As such, the amortization of production assets and any related impairment charges are recorded as advertising expenses with the Selling, general, and administrative line within the Consolidated Statement of Operations and Comprehensive Income and includes this expense in the financial information of the Commercial reportable segment presented in Note 15 November 2023, 2023 February 3, 2024 , the Company performed a recoverability assessment of the Glisten and the Merry Mission assets and determined there were indicators of impairment. A discounted cash flow analysis was used to estimate the fair value of the asset and determined the carry value of the production asset was greater than its fair value. As a result, the Company recorded $0.6 million in film asset impairment. The Company recorded a total of $2.4 million in film costs amortization in fiscal 2023 2022. Revenue See Note 3 Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations costs. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, government grants, marketing, travel and relocation costs and recoveries. Advertising The costs of advertising and marketing programs are charged to operations in the first million and $ million for fiscal years 2023 2022 Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—"Income I ncome Per Share Basic income per share is dete rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution that could occur if options to issue common stock were exercised. In periods in which the inclusion of such instruments is anti-dilutive, the effect of such securities is not Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718 12 Comprehensive Income Comprehensive income is comprised of net income and foreign currency translation adjustments. D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to participants generally correspond to the funds offered in the Company’s 401 1 February 3, 2024 million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. As of January 28, 2023 , the current portions of the assets and related liabilities of $0.1 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying Consolidated Balance Sheets, and the non-current portions of the assets and the related liabilities of $ million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at February 3, 2024 January 28, 2023 Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a loss of $0.1 million and $ million related to foreign currency in fiscal 2023 2022 R ecent Accounting Pronouncements – Adopted in the current year At the beginning of fiscal 2023, No. 2016 13 , “Financial Instruments - Credit Losses (Topic 326 $0.8 R ecent Accounting Pronouncements – Pending adoption In November 2023, No. 2023 07 280 December 15, 2023, December 15, 2024. In December 2023, No. 2023 09 740 December 15, 2024 |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Nearly all of the Company’s revenue is derived from retail sales (including e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company accounts for revenue in accordance with Topic 606, 15 The following is a description of principal activities from which the Company generates its revenue, by reportable segment. The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, other retail-delivered operations and online sales. Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer and for the Company’s online sales, control generally transfers upon delivery to the customer. Revenue is measured as the amount of consideration, including any discounts or incentives, the Company expects to receive in exchange for transferring the merchandise. Product returns have historically averaged less than one one For the Company’s gift cards, revenue is deferred for single transactions until redemption including any related gift card discounts. Approximately 80% of gift cards issued have been redeemed within three three first twelve Subsequent to stores reopening following shutdowns caused by COVID, the Company has experienced lower redemptions of its gift cards for all periods of outstanding activated cards compared to pre-pandemic redemption patterns (fiscal year 2019 not fourth February 3, 2024 January 28, 2023 , net retail sales included gift card breakage revenue of $ million and $ million, respectively. In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits. For certain qualifying transactions, a portion of revenue transactions are deferred for the obligation related to the Company’s loyalty program or when a material right in the form of a future discount is granted. In these transactions, the transaction price is allocated to the separate performance obligations based on the relative standalone selling price. The standalone selling price for the points earned for the Company’s loyalty program is estimated using the net retail value of the merchandise purchased, adjusted for estimated breakage based on historical redemption patterns. The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired. The Company issues certifications daily for those loyalty program members who have earned 100 50 six not . The Company assesses the redemption rates of its certifications on a quarterly basis to update the rate at which loyalty program points turn into certifications and the rate that certifications are redeemed. In regard to the consolidated balance sheet, contract liabilities related to the loyalty program are classified as deferred revenue and other. The Company’s commercial segment includes transactions with other businesses and are mainly comprised of wholesale sales of merchandise, supplies and fixtures, licensing the Company’s intellectual properties for third not The Company’s international franchising segment includes the activities with franchisees who operate store locations in certain countries and includes development fees, sales-based royalties, merchandise, supplies and fixture sales. The Company’s obligations under the franchise agreement are ongoing and include operations and product development support and training, generally concentrated around new store openings. These obligations are highly interrelated rights that are not one may one The Company also incurs expenses directly related to the startup of new franchises, which may Allowance for Expected Credit Losses 2023 2022 Balance, beginning of period $ 5,872 $ 7,056 Adjustment for expected credit losses 1,912 2,105 Uncollectible accounts written off, net of recoveries (1) (849 ) (3,289 ) Balance, end of period $ 6,935 $ 5,872 ( 1 |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 4 ) Leases The table below presents information related to the lease costs for operating leases for the periods presented (in thousands). For the Year Ended February 3, 2024 January 28, 2023 Operating lease costs $ 36,849 $ 34,738 Variable lease costs (1) 10,782 10,081 Short term lease costs 110 47 Total Operating Lease costs $ 47,741 $ 44,866 ( 1 Other information The table below presents supplemental cash flow information related to leases for the periods presented (in thousands). For the Year Ended February 3, 2024 January 28, 2023 Operating cash flows for operating leases $ 39,598 $ 37,285 Operating cash flows for operating leases for fiscal 2023 2022, As of February 3, 2024 The Company recorded immaterial impairment charges during fiscal 2023 and 2022 against its right-of-use operating lease assets in the Company's DTC segment. Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2024 29,604 2025 24,102 2026 15,223 2027 10,172 2028 5,652 Thereafter 13,141 Total minimum lease payments 97,894 Less: amount of lease payments representing interest (14,324 ) Present value of future minimum lease payments 83,570 Less: current obligations under leases (25,961 ) Long-term lease obligations $ 57,609 As of February 3, 2024 not first 2024 seven ten |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | ( 5 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): February 3, January 28, 2024 2023 Prepaid occupancy (1) $ 2,442 $ 2,196 Prepaid insurance 1,250 $ 1,221 Prepaid gift card fees 699 $ 835 Prepaid royalties 319 $ 301 Prepaid taxes (2) 199 $ 73 Prepaid merchandise (3) - $ 6,047 Other (4) 6,468 $ 8,701 Total $ 11,377 $ 19,374 ( 1 ( 2 ( 3 not ( 4 Other non-current assets consist of the following (in thousands): February 3, January 28, 2024 2023 Entertainment production asset $ 4,734 $ 2,939 Deferred compensation 2,121 853 Other (1) 311 429 Total $ 7,166 $ 4,221 ( 1 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 ) Property and Equipment , net Property and equipment, net consist of the following (in thousands): February 3, January 28, 2024 2023 Land $ 2,261 $ 2,261 Furniture and fixtures 26,129 26,134 Machinery and equipment 16,296 15,556 Leasehold improvements 101,126 98,808 Building 14,970 14,969 Computer hardware 25,920 21,509 Computer software 31,132 25,696 Construction in progress 7,821 10,895 225,655 215,828 Less accumulated depreciation 170,393 165,069 Total, net $ 55,262 $ 50,759 For fiscal 2023 2022 million and $12.5 million, respectively. The Company recorded immaterial impairment charges during fiscal 2023 2022 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 ) Accrued Expenses Accrued expenses consist of the following (in thousands): February 3, January 28, 2024 2023 Accrued wages, bonuses and related expenses $ 14,549 $ 23,767 Sales tax payable $ 2,447 4,561 Accrued rent and related expenses (1) $ 1,356 1,512 Current income taxes payable $ 1,602 3,418 Accrued expense - other (2) $ - 4,100 Total $ 19,954 $ 37,358 ( 1 ( 2 For fiscal 2023 2022 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 ) Income Taxes The Company’s income before income taxes from domestic and foreign operations (which include the U.K., Canada, China, and Ireland), is as follows (in thousands): Fiscal year ended February 3, January 28, 2024 2023 Domestic $ 61,110 $ 57,595 Foreign 5,219 4,329 Total income before income taxes $ 66,329 $ 61,924 The components of the income tax expense are as follows (in thousands): Fiscal year ended February 3, January 28, 2024 2023 Current: U.S. Federal $ 12,080 $ 10,190 U.S. State 3,205 2,617 Foreign 145 30 Deferred: U.S. Federal (537 ) 368 U.S. State (212 ) 285 Foreign (1,157 ) 449 Income tax expense $ 13,524 $ 13,939 A reconciliation of the significant differences between the U.S. statutory tax rate and the effective income tax rate on pre-tax income is as follows: February 3, January 28, 2024 2023 Income before income taxes $ 66,329 $ 61,924 U.S. federal statutory income tax rate 21 % 21 % Income tax expense at statutory federal rate 13,929 13,004 Valuation allowance (5,075 ) (328 ) State and local income taxes, net of federal tax benefit 2,354 2,202 Non deductible executive compensation 1,038 1,091 Effect of lower foreign taxes 639 (33 ) Adjustment for unrecognized tax positions 3 (30 ) Other items, net 636 (1,967 ) Income tax expense (benefit) $ 13,524 $ 13,939 Effective tax rate 20.4 % 22.5 % The 2023 2022 22.5% 21% The Company periodically assesses whether it is more likely than not fourth 2023 2023 Temporary differences that gave rise to deferred tax assets and liabilities are as follows (in thousands): February 3, January 28, 2024 2023 Deferred tax assets: Operating lease liability $ 21,091 $ 21,877 Deferred revenue 3,173 3,116 Accrued compensation 2,249 2,941 Net operating loss carryforwards 849 2,776 Depreciation 1,063 1,581 Investment in affiliates - 1,576 Accrued expenses 334 1,213 Deferred compensation 822 962 Inventories 871 842 Receivables write-offs 806 563 Carryforward of tax credits 222 311 Intangible assets 2,954 240 Other 163 404 Total gross deferred tax assets 34,597 38,402 Less: Valuation allowance (1,546 ) (8,000 ) Total deferred tax assets, net of valuation allowance 33,051 30,402 Deferred tax liabilities: Operating lease right-of-use assets (17,999 ) (17,828 ) Depreciation (4,222 ) (3,634 ) Deferred expense (1,451 ) (1,402 ) Inventories (682 ) (928 ) Other (15 ) (18 ) Total deferred tax liabilities (24,369 ) (23,810 ) Net deferred tax assets $ 8,682 $ 6,592 As of February 3, 2024 no not The Company continues to assert its investments in foreign subsidiaries are permanent in duration and it is not As of February 3, 2024 January 28, 2023 February 3, 2024 January 28, 2023 February 3, 2024 January 28, 2023 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): February 3, January 28, 2024 2023 Balance at beginning of year 66 334 Increases for prior year tax positions - - Settlements - (268 ) Balance at end of year 66 66 Management does not twelve The following tax years remain open in the Company’s major taxing jurisdictions as of February 3, 2024 United States (Federal) 2020 through 2023 United Kingdom 2019 through 2023 |
Note 9 - Line of Credit
Note 9 - Line of Credit | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | ( 9 ) Line of Credit The Company has a revolving credit and security agreement with PNC Bank, as agent, which expires on December 17, 2026, February 3, 2024 The Credit Agreement requires the Company to comply with one 1 $25,000,000 2 The Credit Agreement contains customary events of default, including without limitation events of default based on payment obligations, material inaccuracies of representations and warranties, covenant defaults, final judgments and orders, unenforceability of the Credit Agreement, material ERISA events, change in control, insolvency proceedings, and defaults under certain other obligations. An event of default may The Credit Agreement contains typical negative covenants, including, among other things, that the Borrower will not The Company is currently in compliance with the Credit Agreement covenants. As of February 3, 2024 $25.0 million. As a result of a $250,000 letter of credit against the line of credit at the end of fiscal 2023, February 3, 2024 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 10 ) Commitments and Contingencies Litigation In the normal course of business, the Company is subject to legal proceedings, government inquiries and claims, and other commercial disputes. If one Assessments made by the U.K. customs authority in 2012 November 2019 March 2021 not November 2021, not first 2022 , third 2022. fourth 2022, February 3, 2024 not In August 2021, Not not October 2023. |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) Net Income Per Share The Company computes both basic and diluted income per common share. The following table sets forth the computation of basic and diluted income per share (in thousands, except share and per share data): Fiscal year ended February 3, January 28, 2024 2023 NUMERATOR: Net Income $ 52,805 $ 47,985 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,342,931 14,940,770 Dilutive effect of share-based awards: 128,944 309,049 Weighted average number of common shares outstanding - dilutive 14,471,875 15,249,819 Basic income per common share $ 3.68 $ 3.21 Diluted income per common share $ 3.65 $ 3.15 In calculating diluted earnings per share for fiscal 2023 2022 not 260 10. |
Note 12 - Stock Incentive Plans
Note 12 - Stock Incentive Plans | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 1 2 ) Stock Incentive Plans In 2004, 2004 2009 2014 2017, 2017 On April 14, 2020, 2020 “2020 June 11, 2020, 2020 2020 April 11, 2023, 2020 2020 June 8, 2023, 2023 2020 2020 2020 2020 April 11, 2033, 2020 2020 2017 “2017 April 14, 2020 may For the years ended February 3, 2024 and January 28, 2023 million and $ million, respe February 3, 2024 Future total shares available for options, non-vested stock and restricted stock grants were 1,010,666 and at the end of 2023 and 2022 , respectively. (a) Stock Options The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding, January 28, 2023 177,519 14.20 Granted - - Exercised (165,144 ) 13.93 Canceled or expired - - Outstanding, February 3, 2024 12,375 $ 17.84 1.5 $ 0.1 Options Exercisable as of: February 3, 2024 12,375 $ 17.84 1.5 $ 0.1 There were no 2023 or 2022 . 107 110, The total grant date fair value of options exercised in fiscal 2023 was $ million and the total intrinsic value was $1.2 million. The total grant date fair value of options exercised in fiscal 2022 The Company generally issues new shares to satisfy option exercises. (b) Restricted Stock The Company granted restricted stock awards that vest over a one three Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, January 28, 2023 287,983 $ 8.78 295,048 $ 8.13 Granted 65,759 23.52 65,254 24.75 Vested (208,621 ) 7.20 (215,130 ) 2.78 Adjusted for performance achievement - - 57,756 2.78 Canceled or expired (22,512 ) 16.10 (17,846 ) 20.31 Outstanding, February 3, 2024 122,609 $ 18.02 185,082 $ 17.37 In fiscal 2023 , three 2023, 2024, 2025, In fiscal 2022 , three 2022, 2023, 2024, In fiscal 2021 , three 2021, 2022, 2023, As of February 3, 2024 2021, 2022, 2023 three million. Th e vesting date fair value of shares that vested in fiscal 2023 and 2022 was $2.1 million and $ million, respectively. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | ( 1 3 ) Stockholders’ Equity The following table summarizes the changes in outstanding shares of common stock for fiscal 2023 2022 Common Stock Shares as of January 29, 2022 16,146,332 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 189,509 Share repurchase (1,533,503 ) Shares as of January 28, 2023 14,802,338 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 266,627 Share repurchase (896,603 ) Shares as of February 3, 2024 14,172,362 The Company's Board of Directors declared an initial quarterly dividend of $0.20 per share paid on April 11, 2024 March 28, 2024 |
Note 14 - Major Vendors
Note 14 - Major Vendors | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 14 ) Major Vendors Five vendors, each of whose primary manufacturing facilities are located in Asia, accounted for approximately of inventory purchases in 2023 and 77% in 2022 . |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 ) Segment Information The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reporting segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Fifty-three weeks ended February 3, 2024 Net sales to external customers $ 456,163 $ 25,413 $ 4,538 $ 486,114 Income before income taxes 56,613 8,160 1,556 66,329 Capital expenditures 18,295 - - 18,295 Depreciation and amortization 13,264 393 - 13,657 Fifty-two weeks ended January 28, 2023 Net sales to external customers $ 446,181 $ 18,523 $ 3,233 $ 467,937 Income before income taxes 51,663 8,318 1,943 61,924 Capital expenditures 13,634 - - 13,634 Depreciation and amortization 11,972 510 - 12,482 Total Assets as of: February 3, 2024 $ 262,299 $ 8,801 $ 1,225 $ 272,325 January 28, 2023 $ 272,221 $ 7,466 $ 1,107 280,794 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Fifty-three weeks ended February 3, 2024 Net sales to external customers $ 426,244 $ 56,141 $ 3,729 $ 486,114 Property and equipment, net 51,707 3,555 - 55,262 Fifty-two weeks ended January 28, 2023 Net sales to external customers $ 408,881 $ 55,854 $ 3,202 $ 467,937 Property and equipment, net 48,242 2,517 - 50,759 For purposes of this table only: ( 1 North America includes corporately-managed stores in the United States and Canada. ( 2 Europe includes corporately-managed stores in the U.K. and Ireland. ( 3 Other includes franchise businesses outside of North America and Europe. (a)( 2 Financial Statement Schedules |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Beginning Balance Charged to cost and expenses Other (1) Ending Balance Deferred Tax Asset Valuation Allowance 2023 $ 8,000 $ (5,500 ) $ (954 ) $ 1,546 2022 9,795 (478 ) (1,317 ) 8,000 ( 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All intercompany accounts are eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52 53 January 31. 2023 53 February 3, 2024 2022 52 January 28, 2023 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cas three 10 third The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ million and $ million as of February 3, 2024 and January 28, 2023 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million as of both February 3, 2024 January 28, 2023 |
Receivable [Policy Text Block] | Receivables Receivables 2023, No. 2016 13, 326 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease ranging from one ten three seven three five |
Lessee, Leases [Policy Text Block] | Leases The majority of the Company's leases relate to retail stores, corporate offices, and storage locations. For leases with terms greater than 12 five ten not may not The Company's leases typically contain rent escalations over the lease term and the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. may The Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease compone nt. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. Most of the Company’s leases do not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset (asset group) and right-of-use operating lease assets may not not An impairment charge is recognized to the extent the carrying value exceeded the fair value of the asset (asset group). The Company estimates fair values of these long-lived assets based on its discounted future cash flow analysis for the remaining useful life of the asset or its market rent assessment. An individual asset within an asset group is not two 2023 2022 for long-lived assets. The estimates, all of which are considered Level 3 |
Other Assets [Policy Text Block] | Other Assets, net Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and capitalized film production costs. no second |
Entertainment Production Costs [Policy Text Block] | Entertainment Production Costs Costs of producing entertainment assets, which include direct costs, production overhead and development costs, are capitalized when incurred and are stated at the lower of cost, less accumulated amortization, or fair value. For film related costs, the Company expects assets to be monetized individually and are amortized using the individual film-forecast-computation method which amortizes such costs in the same ratio that current period actual revenue bears to the estimated remaining unrecognized total revenues (ultimate revenue). Ultimate revenue includes estimates over a period not ten Costs of entertainment productions are subject to recoverability assessments, whenever events or changes in circumstances indicate that the fair value of the film may 3 February 3, 2024 and January 28, 2023 , the Company had net capitalized entertainment production costs of $ million and $ million, respectively. The February 3, 2024 balance for entertainment production costs is comprised of unamortized, released assets, and several in-development entertainment projects. The main purpose of the Company's production assets is to drive consumer engagement with its own intellectual property, similar to a marketing campaign. As such, the amortization of production assets and any related impairment charges are recorded as advertising expenses with the Selling, general, and administrative line within the Consolidated Statement of Operations and Comprehensive Income and includes this expense in the financial information of the Commercial reportable segment presented in Note 15 November 2023, 2023 February 3, 2024 , the Company performed a recoverability assessment of the Glisten and the Merry Mission assets and determined there were indicators of impairment. A discounted cash flow analysis was used to estimate the fair value of the asset and determined the carry value of the production asset was greater than its fair value. As a result, the Company recorded $0.6 million in film asset impairment. The Company recorded a total of $2.4 million in film costs amortization in fiscal 2023 2022. |
Revenue from Contract with Customer [Policy Text Block] | Revenue See Note 3 |
Cost of Goods and Service [Policy Text Block] | Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations costs. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, government grants, marketing, travel and relocation costs and recoveries. |
Advertising Cost [Policy Text Block] | Advertising The costs of advertising and marketing programs are charged to operations in the first million and $ million for fiscal years 2023 2022 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—"Income |
Earnings Per Share, Policy [Policy Text Block] | I ncome Per Share Basic income per share is dete rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share reflects the potential dilution that could occur if options to issue common stock were exercised. In periods in which the inclusion of such instruments is anti-dilutive, the effect of such securities is not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718 12 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is comprised of net income and foreign currency translation adjustments. |
Deferred Charges, Policy [Policy Text Block] | D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to participants generally correspond to the funds offered in the Company’s 401 1 February 3, 2024 million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. As of January 28, 2023 , the current portions of the assets and related liabilities of $0.1 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying Consolidated Balance Sheets, and the non-current portions of the assets and the related liabilities of $ million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at February 3, 2024 January 28, 2023 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may |
Sales Tax Policy [Policy Text Block] | Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a loss of $0.1 million and $ million related to foreign currency in fiscal 2023 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent Accounting Pronouncements – Adopted in the current year At the beginning of fiscal 2023, No. 2016 13 , “Financial Instruments - Credit Losses (Topic 326 $0.8 R ecent Accounting Pronouncements – Pending adoption In November 2023, No. 2023 07 280 December 15, 2023, December 15, 2024. In December 2023, No. 2023 09 740 December 15, 2024 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Other Receivable, Allowance for Credit Loss [Table Text Block] | 2023 2022 Balance, beginning of period $ 5,872 $ 7,056 Adjustment for expected credit losses 1,912 2,105 Uncollectible accounts written off, net of recoveries (1) (849 ) (3,289 ) Balance, end of period $ 6,935 $ 5,872 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended February 3, 2024 January 28, 2023 Operating lease costs $ 36,849 $ 34,738 Variable lease costs (1) 10,782 10,081 Short term lease costs 110 47 Total Operating Lease costs $ 47,741 $ 44,866 For the Year Ended February 3, 2024 January 28, 2023 Operating cash flows for operating leases $ 39,598 $ 37,285 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases 2024 29,604 2025 24,102 2026 15,223 2027 10,172 2028 5,652 Thereafter 13,141 Total minimum lease payments 97,894 Less: amount of lease payments representing interest (14,324 ) Present value of future minimum lease payments 83,570 Less: current obligations under leases (25,961 ) Long-term lease obligations $ 57,609 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | February 3, January 28, 2024 2023 Prepaid occupancy (1) $ 2,442 $ 2,196 Prepaid insurance 1,250 $ 1,221 Prepaid gift card fees 699 $ 835 Prepaid royalties 319 $ 301 Prepaid taxes (2) 199 $ 73 Prepaid merchandise (3) - $ 6,047 Other (4) 6,468 $ 8,701 Total $ 11,377 $ 19,374 |
Schedule of Other Assets, Noncurrent [Table Text Block] | February 3, January 28, 2024 2023 Entertainment production asset $ 4,734 $ 2,939 Deferred compensation 2,121 853 Other (1) 311 429 Total $ 7,166 $ 4,221 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | February 3, January 28, 2024 2023 Land $ 2,261 $ 2,261 Furniture and fixtures 26,129 26,134 Machinery and equipment 16,296 15,556 Leasehold improvements 101,126 98,808 Building 14,970 14,969 Computer hardware 25,920 21,509 Computer software 31,132 25,696 Construction in progress 7,821 10,895 225,655 215,828 Less accumulated depreciation 170,393 165,069 Total, net $ 55,262 $ 50,759 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | February 3, January 28, 2024 2023 Accrued wages, bonuses and related expenses $ 14,549 $ 23,767 Sales tax payable $ 2,447 4,561 Accrued rent and related expenses (1) $ 1,356 1,512 Current income taxes payable $ 1,602 3,418 Accrued expense - other (2) $ - 4,100 Total $ 19,954 $ 37,358 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal year ended February 3, January 28, 2024 2023 Domestic $ 61,110 $ 57,595 Foreign 5,219 4,329 Total income before income taxes $ 66,329 $ 61,924 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended February 3, January 28, 2024 2023 Current: U.S. Federal $ 12,080 $ 10,190 U.S. State 3,205 2,617 Foreign 145 30 Deferred: U.S. Federal (537 ) 368 U.S. State (212 ) 285 Foreign (1,157 ) 449 Income tax expense $ 13,524 $ 13,939 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | February 3, January 28, 2024 2023 Income before income taxes $ 66,329 $ 61,924 U.S. federal statutory income tax rate 21 % 21 % Income tax expense at statutory federal rate 13,929 13,004 Valuation allowance (5,075 ) (328 ) State and local income taxes, net of federal tax benefit 2,354 2,202 Non deductible executive compensation 1,038 1,091 Effect of lower foreign taxes 639 (33 ) Adjustment for unrecognized tax positions 3 (30 ) Other items, net 636 (1,967 ) Income tax expense (benefit) $ 13,524 $ 13,939 Effective tax rate 20.4 % 22.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 3, January 28, 2024 2023 Deferred tax assets: Operating lease liability $ 21,091 $ 21,877 Deferred revenue 3,173 3,116 Accrued compensation 2,249 2,941 Net operating loss carryforwards 849 2,776 Depreciation 1,063 1,581 Investment in affiliates - 1,576 Accrued expenses 334 1,213 Deferred compensation 822 962 Inventories 871 842 Receivables write-offs 806 563 Carryforward of tax credits 222 311 Intangible assets 2,954 240 Other 163 404 Total gross deferred tax assets 34,597 38,402 Less: Valuation allowance (1,546 ) (8,000 ) Total deferred tax assets, net of valuation allowance 33,051 30,402 Deferred tax liabilities: Operating lease right-of-use assets (17,999 ) (17,828 ) Depreciation (4,222 ) (3,634 ) Deferred expense (1,451 ) (1,402 ) Inventories (682 ) (928 ) Other (15 ) (18 ) Total deferred tax liabilities (24,369 ) (23,810 ) Net deferred tax assets $ 8,682 $ 6,592 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | February 3, January 28, 2024 2023 Balance at beginning of year 66 334 Increases for prior year tax positions - - Settlements - (268 ) Balance at end of year 66 66 |
Summary of Income Tax Examinations [Table Text Block] | United States (Federal) 2020 through 2023 United Kingdom 2019 through 2023 |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended February 3, January 28, 2024 2023 NUMERATOR: Net Income $ 52,805 $ 47,985 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,342,931 14,940,770 Dilutive effect of share-based awards: 128,944 309,049 Weighted average number of common shares outstanding - dilutive 14,471,875 15,249,819 Basic income per common share $ 3.68 $ 3.21 Diluted income per common share $ 3.65 $ 3.15 |
Note 12 - Stock Incentive Pla_2
Note 12 - Stock Incentive Plans (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding, January 28, 2023 177,519 14.20 Granted - - Exercised (165,144 ) 13.93 Canceled or expired - - Outstanding, February 3, 2024 12,375 $ 17.84 1.5 $ 0.1 Options Exercisable as of: February 3, 2024 12,375 $ 17.84 1.5 $ 0.1 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, January 28, 2023 287,983 $ 8.78 295,048 $ 8.13 Granted 65,759 23.52 65,254 24.75 Vested (208,621 ) 7.20 (215,130 ) 2.78 Adjusted for performance achievement - - 57,756 2.78 Canceled or expired (22,512 ) 16.10 (17,846 ) 20.31 Outstanding, February 3, 2024 122,609 $ 18.02 185,082 $ 17.37 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Shares as of January 29, 2022 16,146,332 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 189,509 Share repurchase (1,533,503 ) Shares as of January 28, 2023 14,802,338 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 266,627 Share repurchase (896,603 ) Shares as of February 3, 2024 14,172,362 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Fifty-three weeks ended February 3, 2024 Net sales to external customers $ 456,163 $ 25,413 $ 4,538 $ 486,114 Income before income taxes 56,613 8,160 1,556 66,329 Capital expenditures 18,295 - - 18,295 Depreciation and amortization 13,264 393 - 13,657 Fifty-two weeks ended January 28, 2023 Net sales to external customers $ 446,181 $ 18,523 $ 3,233 $ 467,937 Income before income taxes 51,663 8,318 1,943 61,924 Capital expenditures 13,634 - - 13,634 Depreciation and amortization 11,972 510 - 12,482 Total Assets as of: February 3, 2024 $ 262,299 $ 8,801 $ 1,225 $ 272,325 January 28, 2023 $ 272,221 $ 7,466 $ 1,107 280,794 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Fifty-three weeks ended February 3, 2024 Net sales to external customers $ 426,244 $ 56,141 $ 3,729 $ 486,114 Property and equipment, net 51,707 3,555 - 55,262 Fifty-two weeks ended January 28, 2023 Net sales to external customers $ 408,881 $ 55,854 $ 3,202 $ 467,937 Property and equipment, net 48,242 2,517 - 50,759 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Beginning Balance Charged to cost and expenses Other (1) Ending Balance Deferred Tax Asset Valuation Allowance 2023 $ 8,000 $ (5,500 ) $ (954 ) $ 1,546 2022 9,795 (478 ) (1,317 ) 8,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2023 | |
Inventory, Supplies, Net of Reserves | $ 4,100 | $ 4,700 | |
Inventory Valuation Reserves | 1,100 | 1,100 | |
Retained Earnings (Accumulated Deficit) | 75,272 | 61,375 | |
Film, Monetized on Its Own, Capitalized Cost, Production | 4,700 | 2,900 | |
Film, Monetized on Its Own, Amortization Expense | 1,000 | ||
Film, Monetized on Its Own, and Film Group, Impairment | 600 | ||
Film, Monetized on Its Own, and Film, Monetized in Film Group, Amortization Expense | 2,400 | 300 | |
Advertising Expense | 24,300 | 19,600 | |
Deferred Compensation Plan Assets | 2,121 | 853 | |
Gain (Loss), Foreign Currency Transaction, before Tax | 100 | 600 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Deferred Compensation Plan Assets | 100 | 100 | |
Accrued Liabilities, Current [Member] | |||
Deferred Compensation Liability, Current | $ 700 | $ 700 | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Software and Software Development Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit) | $ 800 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Estimated Percentage of Gift Card Redemptions Within Three Years of Issuance | 80% | |
Gift Card Redemption Period (Year) | 3 years | |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 65% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 486,114 | $ 467,937 |
Gift Card Breakage [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,300 | 5,100 |
Direct to Consumer [Member] | ||
Segment Revenue of Consolidated Revenue, Percentage | 94% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 456,163 | 446,181 |
International Franchising [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,538 | $ 3,233 |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Note 3 - Revenue - Allowance fo
Note 3 - Revenue - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | ||
Balance, beginning of period | $ 5,872 | $ 7,056 | |
Adjustment for expected credit losses | 1,912 | 2,105 | |
Uncollectible accounts written off, net of recoveries (1) | [1] | (849) | (3,289) |
Balance, end of period | $ 6,935 | $ 5,872 | |
[1]Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) $ in Millions | Feb. 03, 2024 USD ($) |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.70% |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 6.3 |
Minimum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 7 years |
Maximum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years |
Note 4 - Leases - Lease Costs (
Note 4 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | ||
Operating lease costs | $ 36,849 | $ 34,738 | |
Variable lease costs (1) | [1] | 10,782 | 10,081 |
Short term lease costs | 110 | 47 | |
Total Operating Lease costs | 47,741 | 44,866 | |
Operating cash flows for operating leases | $ 39,598 | $ 37,285 | |
[1]Variable lease costs consist of leases with variable rent structures, which are intended to increase flexibility in an environment with expected high sales volatility and provide a natural hedge against potential sales declines. |
Note 4 - Leases - Reconciliatio
Note 4 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
2024 | $ 29,604 | |
2025 | 24,102 | |
2026 | 15,223 | |
2027 | 10,172 | |
2028 | 5,652 | |
Thereafter | 13,141 | |
Total minimum lease payments | 97,894 | |
Less: amount of lease payments representing interest | (14,324) | |
Present value of future minimum lease payments | 83,570 | |
Less: current obligations under leases | (25,961) | $ (27,436) |
Long-term lease obligations | $ 57,609 | $ 59,080 |
Note 5 - Prepaid Expenses and_3
Note 5 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 | |
Prepaid occupancy | [1] | $ 2,442 | $ 2,196 |
Prepaid insurance | 1,250 | 1,221 | |
Prepaid gift card fees | 699 | 835 | |
Prepaid royalties | 319 | 301 | |
Prepaid taxes | [2] | 199 | 73 |
Prepaid merchandise | [3],[4] | 0 | 6,047 |
Other | [5] | 6,468 | 8,701 |
Total | $ 11,377 | $ 19,374 | |
[1]Prepaid occupancy consists of prepaid expenses related to variable non-lease components.[2]Prepaid taxes consist of prepaid federal and state income tax.[3]Prepaid merchandise consists of prepaid purchase orders of inventory that are not in transit as of fiscal year end.[4]Prepaid merchandise consists of prepaid purchase orders of inventory that are not in transit.[5]Other consists primarily of prepaid expense related to information technology maintenance contracts and software as a service. |
Note 5 - Prepaid Expenses and_4
Note 5 - Prepaid Expenses and Other Current Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 | |
Entertainment production asset | $ 4,734 | $ 2,939 | |
Deferred compensation | 2,121 | 853 | |
Other (1) | [1] | 311 | 429 |
Total | $ 7,166 | $ 4,221 | |
[1]Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Depreciation | $ 13.7 | $ 12.5 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Property, plant and equipment, gross | $ 225,655 | $ 215,828 |
Less accumulated depreciation | 170,393 | 165,069 |
Total, net | 55,262 | 50,759 |
Land [Member] | ||
Property, plant and equipment, gross | 2,261 | 2,261 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 26,129 | 26,134 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 16,296 | 15,556 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 101,126 | 98,808 |
Building [Member] | ||
Property, plant and equipment, gross | 14,970 | 14,969 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 25,920 | 21,509 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 31,132 | 25,696 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 7,821 | $ 10,895 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Current | $ 1.5 | $ 1.4 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 | |
Accrued wages, bonuses and related expenses | $ 14,549 | $ 23,767 | |
Sales tax payable | 2,447 | 4,561 | |
Accrued rent and related expenses | [1] | 1,356 | 1,512 |
Current income taxes payable | 1,602 | 3,418 | |
Accrued expense - other | [2] | 0 | 4,100 |
Total | $ 19,954 | $ 37,358 | |
[1]Accrued rent and related expenses consist of accrued costs associated with non-lease components.[2]Accrued expense - Other consists of accrued costs associated with a legal reserve accrual. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||||
Effective Income Tax Rate Reconciliation, Percent | 20.40% | 22.50% | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |||||
Operating Loss Carryforwards | $ 3,300 | $ 3,300 | |||||
Unrecognized Tax Benefits | 66 | [1] | 66 | [1] | $ 66 | [1] | $ 334 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 100 | 100 | 100 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 100 | 100 | 100 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 100 | $ 100 | |||||
Foreign Tax Jurisdiction [Member] | His Majesty's Revenue and Customs (HMRC) [Member] | |||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 5,100 | ||||||
Operating Loss Carryforwards | $ 1,900 | $ 1,900 | |||||
[1]For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Before Income Taxes From Domestic and Foreign Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Domestic | $ 61,110 | $ 57,595 |
Foreign | 5,219 | 4,329 |
Total income before income taxes | $ 66,329 | $ 61,924 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
U.S. Federal | $ 12,080 | $ 10,190 |
U.S. State | 3,205 | 2,617 |
Foreign | 145 | 30 |
U.S. Federal | (537) | 368 |
U.S. State | (212) | 285 |
Foreign | (1,157) | 449 |
Income tax expense | $ 13,524 | $ 13,939 |
Note 8 - Income Taxes - Schedul
Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Income before income taxes | $ 66,329 | $ 61,924 |
U.S. federal statutory income tax rate | 21% | 21% |
Income tax expense at statutory federal rate | $ 13,524 | $ 13,939 |
Valuation allowance | (5,075) | (328) |
State and local income taxes, net of federal tax benefit | 2,354 | 2,202 |
Non deductible executive compensation | 1,038 | 1,091 |
Adjustment for unrecognized tax positions | 3 | (30) |
Other items, net | $ 636 | $ (1,967) |
Effective tax rate | 20.40% | 22.50% |
Domestic Tax Jurisdiction [Member] | ||
Income tax expense at statutory federal rate | $ 13,929 | $ 13,004 |
Foreign Tax Jurisdiction [Member] | ||
Effect of lower foreign taxes | $ 639 | $ (33) |
Note 8 - Income Taxes - Tempora
Note 8 - Income Taxes - Temporary Differences That Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Operating lease liability | $ 21,091 | $ 21,877 |
Deferred revenue | 3,173 | 3,116 |
Accrued compensation | 2,249 | 2,941 |
Net operating loss carryforwards | 849 | 2,776 |
Depreciation | 1,063 | 1,581 |
Investment in affiliates | 0 | 1,576 |
Accrued expenses | 334 | 1,213 |
Deferred compensation | 822 | 962 |
Inventories | 871 | 842 |
Receivables write-offs | 806 | 563 |
Carryforward of tax credits | 222 | 311 |
Intangible assets | 2,954 | 240 |
Other | 163 | 404 |
Total gross deferred tax assets | 34,597 | 38,402 |
Less: Valuation allowance | (1,546) | (8,000) |
Total deferred tax assets, net of valuation allowance | 33,051 | 30,402 |
Operating lease right-of-use assets | (17,999) | (17,828) |
Depreciation | (4,222) | (3,634) |
Deferred expense | (1,451) | (1,402) |
Inventories | (682) | (928) |
Other | (15) | (18) |
Total deferred tax liabilities | (24,369) | (23,810) |
Net deferred tax assets | $ 8,682 | $ 6,592 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | |||
Balance at beginning of year | $ 66 | [1] | $ 334 | |
Increases for prior year tax positions | 0 | 0 | ||
Settlements | 0 | (268) | ||
Balance | [1] | $ 66 | $ 66 | |
[1]For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Open Ta
Note 8 - Income Taxes - Open Tax Year (Details) | 12 Months Ended |
Feb. 03, 2024 | |
Domestic Tax Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2020 2021 2022 2023 |
Foreign Tax Jurisdiction [Member] | His Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax year | 2019 2020 2021 2022 2023 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - PNC Bank [Member] - Revolving Credit Facility [Member] - USD ($) | Aug. 25, 2020 | Feb. 03, 2024 | Dec. 17, 2021 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||
Debt Instrument, Covenant, Availability Percentage | 10% | ||
Debt Instrument, Covenant, Availability, Amount | $ 1,875,000 | ||
Debt Instrument, Default, Increase in Interest Rate and Fees | 2% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 25,000,000 | ||
Letters of Credit Outstanding, Amount | 250,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 24,700,000 | ||
Long-term Line of Credit, Total | $ 0 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Feb. 03, 2024 USD ($) |
Litigation Receivable, Gross | $ 4.6 |
Litigation Receivables, Reserve | 3.7 |
Litigation Receivables, Net | $ 0.9 |
Note 11 - Net Income Per Shar_2
Note 11 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 31,343 | 49,133 |
Note 11 - Income Per Share - Co
Note 11 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Net Income | $ 52,805 | $ 47,985 |
Weighted average number of common shares outstanding - basic (in shares) | 14,342,931 | 14,940,770 |
Dilutive effect of share-based awards: (in shares) | 128,944 | 309,049 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,471,875 | 15,249,819 |
Basic income per common share (in dollars per share) | $ 3.68 | $ 3.21 |
Diluted income per common share (in dollars per share) | $ 3.65 | $ 3.15 |
Note 12 - Stock Incentive Pla_3
Note 12 - Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Apr. 11, 2033 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,010,666 | 186,624 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | $ 1.2 | $ 0.8 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.2 | 1.3 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 2.1 | 2 | ||
Options and Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Expense | 2.1 | $ 2.6 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | |||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 65,759 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.52 | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Performance Shares [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 1.6 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 65,254 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.75 | |||
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year) | 3 years | 3 years | 3 years | |
First Target Number of Performance Shares [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 65,254 | 84,579 | 53,095 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.75 | $ 18.03 | $ 8.24 | |
First Target Number of Performance Shares [Member] | Minimum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 25% | 25% | 25% | |
First Target Number of Performance Shares [Member] | Maximum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 200% | 200% | 200% | |
Incentive Plan 2020 [Member] | Forecast [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 800,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,800,000 |
Note 12 - Stock Incentive Pla_4
Note 12 - Stock Incentive Plans - Activity for Stock Options (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Feb. 03, 2024 USD ($) $ / shares shares | |
Outstanding (in shares) | shares | 177,519 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.2 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (165,144) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 13.93 |
Canceled or expired (in shares) | shares | 0 |
Canceled or expired (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 12,375 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.84 |
Outstanding, weighted average remaining contractual term (Year) | 1 year 6 months |
Outstanding, Intrinsic Value | $ | $ 0.1 |
Exercisable (in shares) | shares | 12,375 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 17.84 |
Exercisable, weighted average remaining contractual term (Year) | 1 year 6 months |
Exercisable, Intrinsic Value | $ | $ 0.1 |
Note 12 - Stock Incentive Pla_5
Note 12 - Stock Incentive Plans - Activity for Time-based and Performance-based Restricted Stock (Details) | 12 Months Ended |
Feb. 03, 2024 $ / shares shares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 287,983 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.78 |
Granted (in shares) | shares | 65,759 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.52 |
Vested (in shares) | shares | (208,621) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.2 |
Adjusted for performance achievement (in shares) | shares | 0 |
Adjustment for performance achievement, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | (22,512) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.1 |
Outstanding (in shares) | shares | 122,609 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.02 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 295,048 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.13 |
Granted (in shares) | shares | 65,254 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.75 |
Vested (in shares) | shares | (215,130) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.78 |
Adjusted for performance achievement (in shares) | shares | 57,756 |
Adjustment for performance achievement, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.78 |
Canceled or expired (in shares) | shares | (17,846) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.31 |
Outstanding (in shares) | shares | 185,082 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.37 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) | 12 Months Ended |
Feb. 03, 2024 $ / shares | |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.2 |
Dividends Payable, Date to be Paid | Apr. 11, 2024 |
Dividends Payable, Date of Record | Mar. 28, 2024 |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Summary Changes in Outstanding Shares of Common Stock (Details) - shares | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Shares outstanding (in shares) | 14,802,338 | 16,146,332 |
Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding (in shares) | 266,627 | 189,509 |
Share repurchase (in shares) | (896,603) | (1,533,503) |
Shares outstanding (in shares) | 14,172,362 | 14,802,338 |
Note 14 - Major Vendors (Detail
Note 14 - Major Vendors (Details Textual) | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Inventory Purchases [Member] | Supplier Concentration Risk [Member] | Five Vendors [Member] | ||
Concentration Risk, Percentage | 73% | 77% |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Feb. 03, 2024 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 486,114 | $ 467,937 |
Income (loss) before income taxes | 66,329 | 61,924 |
Capital expenditures, net | 18,295 | 13,634 |
Depreciation and amortization | 13,657 | 12,482 |
Total assets | 272,325 | 280,794 |
Direct to Consumer [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 456,163 | 446,181 |
Income (loss) before income taxes | 56,613 | 51,663 |
Capital expenditures, net | 18,295 | 13,634 |
Depreciation and amortization | 13,264 | 11,972 |
Total assets | 262,299 | 272,221 |
Commercial [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,413 | 18,523 |
Income (loss) before income taxes | 8,160 | 8,318 |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 393 | 510 |
Total assets | 8,801 | 7,466 |
International Franchising [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,538 | 3,233 |
Income (loss) before income taxes | 1,556 | 1,943 |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Total assets | $ 1,225 | $ 1,107 |
Note 15 - Segment Information_3
Note 15 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 486,114 | $ 467,937 | |
Property and equipment, net | 55,262 | 50,759 | |
North America [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 426,244 | 408,881 |
Property and equipment, net | [1] | 51,707 | 48,242 |
Europe [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 56,141 | 55,854 |
Property and equipment, net | [2] | 3,555 | 2,517 |
Other Geographic Region [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | [3] | 3,729 | 3,202 |
Property and equipment, net | [3] | $ 0 | $ 0 |
[1]North America includes corporately-operated locations in the United States and Canada.[2]Europe includes corporately-operated locations in the U.K. and Ireland.[3]Other includes franchise businesses outside of North America and Europe |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Beginning Balance | $ 8,000 | |
Charged to cost and expenses | (5,500) | |
Other | (954) | |
Ending Balance | 1,546 | $ 8,000 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||
Beginning Balance | $ 8,000 | 9,795 |
Charged to cost and expenses | (478) | |
Other | (1,317) | |
Ending Balance | $ 8,000 |