Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 19, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SPORTSMAN'S WAREHOUSE HOLDINGS, INC. | |
Entity Central Index Key | 1,132,105 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,245,099 | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,578 | $ 2,109 |
Accounts receivable, net | 309 | 469 |
Merchandise inventories | 265,718 | 217,794 |
Deferred income taxes, current | 3,001 | |
Prepaid expenses and other | 6,845 | 9,337 |
Total current assets | 275,450 | 232,710 |
Property and equipment, net | 82,396 | 62,432 |
Deferred income taxes, noncurrent | 4,976 | 2,263 |
Definite lived intangibles, net | 3,021 | 3,923 |
Total assets | 365,843 | 301,328 |
Current liabilities: | ||
Accounts payable | 70,525 | 46,698 |
Accrued expenses | 48,889 | 42,480 |
Income taxes payable | 2,167 | 1,779 |
Revolving line of credit | 66,071 | 25,263 |
Current portion of long-term debt, net of discount and debt issuance costs | 983 | 8,683 |
Current portion of deferred rent | 2,858 | 3,018 |
Total current liabilities | 191,493 | 127,921 |
Long-term liabilities: | ||
Long-term debt, net of discount, debt issuance costs, and current portion | 134,028 | 146,333 |
Deferred rent, noncurrent | 33,178 | 29,133 |
Total long-term liabilities | 167,206 | 175,466 |
Total liabilities | 358,699 | 303,387 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $.01 par value; 100,000 shares authorized; 42,245 and 42,004 shares issued and outstanding, respectively | 422 | 420 |
Additional paid-in capital | 78,343 | 77,757 |
Accumulated deficit | (71,621) | (80,236) |
Total stockholders' equity (deficit) | 7,144 | (2,059) |
Total liabilities and stockholders' equity (deficit) | $ 365,843 | $ 301,328 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jul. 30, 2016 | Jan. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 42,245,000 | 42,004,000 |
Common stock, shares outstanding | 42,004,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
Net sales | $ 189,804 | $ 166,935 | $ 341,419 | $ 306,093 |
Cost of goods sold | 123,619 | 108,933 | 226,762 | 204,940 |
Gross profit | 66,185 | 58,002 | 114,657 | 101,153 |
Selling, general, and administrative expenses | 49,514 | 41,216 | 95,630 | 83,119 |
Income from operations | 16,671 | 16,786 | 19,027 | 18,034 |
Interest expense | (3,141) | (3,448) | (6,729) | (6,908) |
Income before income taxes | 13,530 | 13,338 | 12,298 | 11,126 |
Income tax expense | 5,226 | 5,138 | 3,683 | 4,286 |
Net income | $ 8,304 | $ 8,200 | $ 8,615 | $ 6,840 |
Earnings per share: | ||||
Basic | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.16 |
Diluted | $ 0.20 | $ 0.19 | $ 0.20 | $ 0.16 |
Weighted average shares outstanding: | ||||
Basic | 42,217 | 42,004 | 42,125 | 41,927 |
Diluted | 42,490 | 42,336 | 42,406 | 42,242 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 8,615 | $ 6,840 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation of property and equipment | 5,565 | 4,629 |
Amortization of discount on debt and deferred financing fees | 549 | 362 |
Amortization of definite lived intangible | 902 | 902 |
Net increase in deferred rent | 3,885 | 705 |
Deferred income taxes | 288 | 1,954 |
Excess tax benefits from stock-based compensation arrangements | (449) | (283) |
Stock-based compensation | 1,558 | 1,077 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 160 | 6 |
Merchandise inventories | (47,924) | (49,537) |
Prepaid expenses and other | 2,412 | 3,334 |
Accounts payable | 23,827 | 31,712 |
Accrued expenses | 174 | (4,245) |
Income taxes payable | 837 | 1,810 |
Net cash provided by (used in) operating activities | 399 | (734) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (23,395) | (19,414) |
Net cash used in investing activities | (23,395) | (19,414) |
Cash flows from financing activities: | ||
Net borrowings on line of credit | 40,808 | 6,460 |
Increase in book overdraft | 4,101 | 14,073 |
Issuance of common stock per employee stock purchase plan | 258 | |
Excess tax benefits from stock-based compensation arrangements | 283 | |
Payment of withholdings on restricted stock units | (1,228) | (1,036) |
Principal payments on long-term debt | (20,474) | (800) |
Net cash provided by financing activities | 23,465 | 18,980 |
Net change in cash and cash equivalents | 469 | (1,168) |
Cash and cash equivalents at beginning of period | 2,109 | 1,751 |
Cash and cash equivalents at end of period | 2,578 | 583 |
Cash paid during the period for: | ||
Interest | 5,895 | 6,424 |
Income taxes | 4,708 | 521 |
Supplemental schedule of noncash investing activities | ||
Purchases of property and equipment included in accrued expenses | $ 3,228 | $ 1,864 |
Description of Business
Description of Business | 6 Months Ended |
Jul. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | (1) Description of Business Description of Business Sportsman’s Warehouse Holdings, Inc. (“Holdings”) and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of July 30, 2016 , the Company operated 70 stores in 20 states. The Company’s stores are aggregated into one single operating and reportable segment. Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of January 30, 2016 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments that are, in the opinion of management, necessary to summarize fairly our condensed consolidated financial statements for the periods presented. All of these adjustments are of a normal recurring nature. The results of the fiscal quarter ended July 30, 2016 are not necessarily indicative of the results to be obtained for the year ending January 28, 2017 . These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016 filed with the SEC on March 24, 2016 (the “Fiscal 2015 Form 10-K”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Revision to Consolidated Statements of Income The Company has historically presented its sales and costs of state fish and game licenses, duck stamps, and state government-mandated firearm background checks in net sales and cost of goods sold under the gross method. Subsequent to filing its Fiscal 2015 Form 10-K, the Company’s management determined that the revenue from these transactions should have been presented under the net method, thereby recognizing only the commission received in net sales for acting as the agent under the principal versus agent model. This revision does not have any impact upon gross profit, net income or earnings per share. The following table provides a reconciliation of the revision for the 13 weeks and 26 weeks ended August 1, 2015 as reported in the condensed consolidated statement of operations included in the Company’s Quarterly Report on Form 10-Q for the second quarter of fiscal year 2015, which was filed with the SEC on August 28, 2015: As Previously For the thirteen weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — As Previously For the twenty-six weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — The Company assessed the materiality of these changes both on a quantitative and qualitative basis and determined that its current and previously reported consolidated Statements of Income are not materially misstated. This revision had no impact upon gross profit, net income, or earnings per share in any of the fiscal periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Holdings and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Reporting Periods The Company operates on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. The fiscal second quarters ended July 30, 2016 and August 1, 2015 both consisted of 13 weeks and are referred to herein as the second quarter of fiscal year 2016 and second quarter of fiscal year 2015 , respectively. Fiscal year 2015 contained 52 weeks of operations ended January 30, 2016 . Fiscal year 2016 will contain 52 weeks of operations and will end on January 28, 2017 . Seasonality The Company’s business is generally seasonal, with a significant portion of total sales occurring during the third and fourth quarters of the fiscal year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. Segment Reporting The Company operates solely as a sporting goods retailer whose Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated and individual store and cost center basis, for purposes of allocating resources and evaluating financial performance. The Company’s stores offer essentially the same general product mix, and the core customer demographic remains similar chain-wide, as does the Company’s process for the procurement and marketing of its product mix. Furthermore, the Company distributes its product mix chain-wide from a single distribution center. Given that the stores have the same economic characteristics, the individual stores are aggregated into one single operating and reportable segment. Comprehensive Income The Company has no components of net income that would require classification as other comprehensive income for the 13 and 26 week periods ended July 30, 2016 and August 1, 2015 . Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”). ASU 2015-14 simply formalized a one year deferral of the effective date of ASU 2014-09. In March 2016, the FASB issued ASU 2016-08 “Principal versus Agent Considerations – Reporting Revenue Gross versus Net” (“ASU 2016-08”), amending the principal-versus-agent implementation guidance set forth in ASU 2014-09. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which amends certain aspects of the guidance set forth in the FASB’s new revenue standard related to identifying performance obligations and licensing implementation. As a result of these four standards updates, the Company expects that it will apply the new revenue standard to annual and interim reporting periods beginning after December 15, 2017. In adopting these standard updates, companies may use either a full retrospective or a modified retrospective approach. Management is evaluating the provisions of these standard updates and has not yet selected a transition method nor have they determined what impact the adoption of these standard updates will have on the Company's financial position or results of operations. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under ASU 2015-11, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations. Management has determined that the Company will adopt the provision in first quarter in fiscal year 2017. Lease Accounting In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-04, “Recognition of Breakage for Certain Prepaid Stored-Value Products” (“ASU 2016-04”). ASU 2016-04 entitles a company to derecognize amounts related to expected breakage in proportion to the pattern of rights expected to be exercised by the product holder to the extent that it is probable a significant reversal of the recognized breakage amount will not subsequently occur. ASU 2016-04 is effective for reporting periods beginning after December 15, 2017 and is to be applied retrospectively. Early adoption is permitted. Management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. |
Secondary Offering
Secondary Offering | 6 Months Ended |
Jul. 30, 2016 | |
Equity [Abstract] | |
Secondary Offering | (3) Secondary Offering On April 18, 2016, 6,000 shares of common stock were sold in a secondary offering by Seidler Equity Partners III, L.P. On April 22, 2016, the underwriters of the secondary offering fully exercised the option granted at the time of the secondary offering to purchase an additional 900 shares of common stock at the secondary offering price of $11.25 per share, less underwriting discounts and commissions, which consisted solely of shares sold by affiliates of Seidler Equity Partners III, L.P. The Company received no proceeds from the secondary offering or full exercise of the option. Total expenses incurred related to the secondary offering and the exercise of the option were $143 and are recorded in selling, general, and administrative expenses in the accompanying Statements of Income. On September 30, 2015, 6,250 shares of common stock were sold in a secondary offering by certain existing shareholders, including affiliates of Seidler Equity Partners III, L.P. On October 26, 2015, the underwriters of the secondary offering partially exercised the option granted at the time of the secondary offering to purchase an additional 649 shares of common stock at the secondary offering price of $12.25 per share, less underwriting discounts and commissions, which consisted solely of shares sold by affiliates of Seidler Equity Partners III, L.P. The Company received no proceeds from the secondary offering or partial exercise of the option. Total expenses incurred related to the secondary offering and the exercise of the option were $727 . |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment Property and equipment as of July 30, 2016 and January 30, 2016 were as follows: July 30, January 30, 2016 2016 Furniture, fixtures, and equipment $ $ Leasehold improvements Construction in progress Total property and equipment, gross Less accumulated depreciation and amortization Total property and equipment, net $ $ |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jul. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (5) Accrued Expenses Accrued expenses consisted of the following as of July 30, 2016 and January 30, 2016 : July 30, January 30, 2016 2016 Book overdraft $ $ Unearned revenue Accrued payroll and related expenses Sales and use tax payable Accrued construction costs Other $ $ |
Revolving Line of Credit
Revolving Line of Credit | 6 Months Ended |
Jul. 30, 2016 | |
Line Of Credit Facility [Abstract] | |
Revolving Line of Credit | (6) Revolving Line of Credit The Company has a senior secured revolving credit facility (“Revolving Line of Credit”) with Wells Fargo Bank, National Association (“Wells Fargo”) that provides for borrowings in the aggregate amount of up to $135,000 , subject to a borrowing base calculation. As of July 30, 2016 and January 30, 2016 , the Company had $75,413 and $31,202 , respectively, in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box arrangements, which were $9,342 and $5,939 as of July 30, 2016 and January 30, 2016 , respectively. As of July 30, 2016 , the Company had stand-by commercial letters of credit of $1,200 under the terms of the Revolving Line of Credit. The Revolving Line of Credit contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Revolving Line of Credit also requires us to maintain a minimum availability at all times of not less than 10% of the gross borrowing base, and in any event, not less than $5,000 . The Revolving Line of Credit also contains customary events of default. The Revolving Line of Credit matures on December 3, 2019 . As of July 30, 2016 and January 30, 2016, the Revolving Line of Credit had $375 and $455 , respectively in outstanding deferred financing fees. During the 13 weeks and 26 weeks ended July 30, 2016 , the Company recognized $41 and $80 respectively, of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 weeks and 26 weeks ended August 1, 2015 , the Company recognized $32 and $63, respectively, of non-cash interest expense with respect to the amortization of deferred financing fees. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (7) Long-Term Debt Long-term debt consisted of the following as of July 30, 2016 and January 30, 2016 : July 30, January 30, 2016 2016 Term loan $ $ Less discount Less debt issuance costs Less current portion, net of discount and debt issuance costs Long-term portion $ $ Term Loan The Company has a $160,000 senior secured term loan facility (“Term Loan”) with a financial institution. The Term Loan was issued at a price of 99% of the aggregate principal amount and has a maturity date of December 3, 2020 . As of July 30, 2016 and January 30, 2016, the Term Loan had an outstanding balance of $137,526 and $158,000 , respectively . The outstanding amounts as of July 30, 2016 and January 30, 2016 are offset on the consolidated balance sheets by an unamortized discount of $993 and $1,288 , respectively, and debt issuance costs of $1,522 and $1,696 , respectively . During the 13 weeks and 26 weeks ended July 30, 2016 , the Company recognized $ 67 and $295 , respectively, of non-cash interest expense with respect to the amortization of the discount. During the 13 weeks and 26 weeks ended July 30, 2016, the Company recognized $88 and $174 , respectively , of non-cash interest expense with respect to the amortization of the debt issuance costs. During the 13 weeks and 26 weeks ended August 1, 2015, the Company recognized $66 and $133 , respectively, of non-cash interest expense with respect to the amortization of the discount. During the 13 weeks and 26 weeks ended August 1, 2015, the Company recognized $83 and $166 , respectively, of non-cash interest expense with respect to the amortization of the debt issuance costs. As part of the Term Loan agreement, there are a number of financial and non-financial debt covenants. The financial covenants include a net leverage ratio and an interest coverage ratio to be measured on a trailing twelve month basis. During the 13 weeks ended July 30, 2016, the Company made a required quarterly payment on the Term Loan of $400 . During the 26 weeks ended July 30, 2016 , the Company made a mandatory prepayment of $7,674 on the Term Loan and a voluntary prepayment of $12,000 on the Term Loan in addition to the required payments totaling $800 . As a result of the voluntary prepayment, the Company incurred a prepayment penalty of $150 . Restricted Net Assets The provisions of the Term Loan and the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of July 30, 2016 , from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Term Loan and Revolving Line of Credit. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (8) Income Taxes The Company recognized income tax expense of $5,226 and $5,138 in the 13 weeks ended July 30, 2016 and August 1, 2015 , respectively. The Company recognized income tax expense of $3,683 and $4,286 in the 26 weeks ended July 30, 2016 and August 1, 2015 , respectively. Before discrete items, the 2016 estimated annual effective tax rate is expected to be 38.5% , which is comparable to 38.5% for the full year 2015. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (9) Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. The following table sets forth the computation of basic and diluted earnings per common share: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, August 1, July 30, August 1, 2016 2015 2016 2015 Net income $ $ $ $ Weighted-average shares of common stock outstanding: Basic Dilutive effect of common stock equivalents Diluted Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Restricted stock units considered anti-dilutive and excluded in the calculation |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (10) Stock-Based Compensation Stock-Based Compensation During the 13 weeks ended July 30, 2016 and August 1, 2015 , the Company recognized total stock-based compensation expense of $933 and $480 , respectively. During these same periods, the Company recognized a net tax benefit related to stock-based compensation expense of $359 and $185 , respectively. During the 26 weeks ended July 30, 2016 and August 1, 2015 , the Company recognized total stock-based compensation expense of $ 1,558 and $1,077 , respectively. During these same periods, the Company recognized a net tax benefit related to stock-based compensation expense of $600 and $415 , respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the consolidated Statements of Income . Employee Stock Plans As of July 30, 2016 , the number of shares available for awards under the 2013 Performance Incentive Plan (the “2013 Plan”) was 1,495 . As of July 30, 2016 , there were 638 awards outstanding under the 2013 Plan. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock have been authorized. Shares are issued under the ESPP twice yearly at the end of each offering period. As of July 30, 2016, approximately 34 shares of common stock have been issued under the ESPP. These shares were issued at discounted price of $6.85 per share. Nonvested Restricted Stock Awards During the 13 weeks ended July 30, 2016 , the Company did not issue any nonvested restricted stock awards to employees. During the 26 weeks ended July 30, 2016 , the Company issued 162 nonvested restricted stock awards to employees at a weighted average grant date fair value of $11.25 per share. The nonvested stock awards issued to employees vest over three years, with one third vesting on each grant date anniversary. The following table sets forth the rollforward of outstanding nonvested stock awards (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 — $ — Grants Forfeitures — — Vested — — Balance at July 30, 2016 $ Nonvested Performance-Based Stock Awards During the 13 weeks July 30, 2016 , the Company did not issue any nonvested performance-based stock awards to employees. During the 26 weeks ended July 30, 2016 , the Company issued 159 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $11.25 per share. The nonvested performance-based stock awards issued to employees vest over three years with one third vesting on each grant date anniversary. The number of shares issued is contingent on management achieving a fiscal year 2016 performance target for same store sales and return on invested capital for new stores. If minimum threshold performance targets are not achieved, no shares will be vested. The maximum number of shares subject to the award is 159 as reported above, and the "target" number of shares subject to the award is 106 , which is two-thirds of the maximum number. Following the end of the performance period (fiscal year 2016), the number of shares eligible to vest, based on actual performance, will be fixed and vesting will then be subject to each employee’s continued employment over the remaining service period. The issued shares represent management’s estimate of the most likely outcome of the performance conditions to be achieved for the performance period. If management’s assessment of the most likely outcome of the levels of performance conditions to be achieved changes, the number of issued shares will be revised accordingly. The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 — $ — Grants Forfeitures — — Vested — — Balance at July 30, 2016 $ Nonvested Stock Unit Awards During the 13 weeks and 26 weeks ended July 30, 2016, the Company issued 29 nonvested stock units to independent members of the Board of Directors at a value of $9.81 per share. These nonvested stock units vest over 12 months with one twelfth vesting each month from the grant date. During the 13 weeks ended August 1, 2015 , the Company issued 24 nonvested stock units to independent members of the Board of Directors at a value of $11.70 per share. These nonvested stock units vest over 12 months with one twelfth vesting each month from the grant date. During the 26 weeks ended August 1, 2015 , the Company issued 28 nonvested stock units to employees or independent members of the Board of Directors at an average value of $11.28 per share. The nonvested stock units issued to employees vest over four years with one fourth vesting on each grant date anniversary. The nonvested stock units issued to independent members of the Board of Directors vest over 12 months with one twelfth vesting each month from the grant date. The Company had no net share settlements in the 13 weeks and 26 weeks ended July 30, 2016 and August 1, 2015 , respectively. The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 $ Grants Forfeitures Vested Balance at July 30, 2016 $ Weighted average grant-date Shares fair value Balance at January 31, 2015 $ Grants Forfeitures Vested Balance at August 1, 2015 $ |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies Operating Leases The Company leases its retail store, office space and warehouse locations under non-cancelable operating leases. Rent expense under these leases totaled $ 10,885 and $ 9,869 for the 13 weeks ended July 30, 2016 and August 1, 2015 , respectively. Rent expense under these leases totaled $ 21,535 and $ 19,624 for the 26 weeks ended July 30, 2016 and August 1, 2015 , respectively. Legal Matters The Company is involved in various legal matters generally incidental to its business. After discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations. On March 12, 2014, the Company was added as a defendant to a pending consolidated action filed in the United States District Court, Western District of Washington, captioned as Lacey Market Place Associates II, LLC, et al. v. United Farmers of Alberta Co-Operative Limited, et al., Case No. 2:13-cv-00383-JLR against United Farmers of Alberta Co-Operative Limited (the seller of Wholesale Sports), Wholesale Sports, Alamo Group, LLC and Donald F. Gaube and spouse. The amended complaint was filed by the landlords of two stores that the Company did not assume in the Company’s purchase of assets from Wholesale Sports. Such stores were formerly operated by Wholesale Sports in Skagit and Thurston Counties in Washington. The amended complaint alleged breach of lease, breach of collateral assignment, misrepresentation, intentional interference with contract, piercing the corporate veil and violation of Washington’s Fraudulent Transfer Act. The Company was named as a co-defendant with respect to the intentional interference with contract and fraudulent conveyance claims. The amended complaint sought against the Company and all defendants unspecified money damages, declaratory relief and attorneys’ fees and costs. On January 28, 2015, the court in the Lacey Marketplace action granted in part and denied in part the Company’s motion for summary judgment and dismissed the intentional interference claim against the Company, but declined to dismiss the fraudulent transfer claim. Trial in the Lacey Marketplace action began March 2, 2015 and concluded March 6, 2015 . On March 9, 2015, the jury in the trial awarded $11,887 against the defendants to the action, including the Company. The Company reviewed the decision and accrued $4,000 in its results for the fiscal year ended January 31, 2015 related to this matter. The Company strongly disagreed with the jury’s verdict and filed post-trial motions seeking to have the verdict set aside. On July 30, 2015, the court granted the Company’s motion for judgment as a matter of law. Both United Farmers of Alberta Co-Operative Limited, a co-defendant, and the plaintiff have appealed the court’s summary judgment ruling against the tortious interference claim, and the July 30, 2015 ruling setting aside the jury verdict, to the appellate court and the appeal is currently in process. Based on the court’s most recent judgment in favor of the Company, the Company determined that the likelihood of loss in this case is not probable, and, as such, the Company reversed the previous accrual of $4,000 in its results for the fiscal year ended January 30, 2016. The reversal of the $4,000 accrual was recorded in selling, general, and administrative expenses during the 13 weeks ended August 1, 2015. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Revision to Consolidated Statements of Income | Revision to Consolidated Statements of Income The Company has historically presented its sales and costs of state fish and game licenses, duck stamps, and state government-mandated firearm background checks in net sales and cost of goods sold under the gross method. Subsequent to filing its Fiscal 2015 Form 10-K, the Company’s management determined that the revenue from these transactions should have been presented under the net method, thereby recognizing only the commission received in net sales for acting as the agent under the principal versus agent model. This revision does not have any impact upon gross profit, net income or earnings per share. The following table provides a reconciliation of the revision for the 13 weeks and 26 weeks ended August 1, 2015 as reported in the condensed consolidated statement of operations included in the Company’s Quarterly Report on Form 10-Q for the second quarter of fiscal year 2015, which was filed with the SEC on August 28, 2015: As Previously For the thirteen weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — As Previously For the twenty-six weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — The Company assessed the materiality of these changes both on a quantitative and qualitative basis and determined that its current and previously reported consolidated Statements of Income are not materially misstated. This revision had no impact upon gross profit, net income, or earnings per share in any of the fiscal periods. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Holdings and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Reporting Periods | Reporting Periods The Company operates on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. The fiscal second quarters ended July 30, 2016 and August 1, 2015 both consisted of 13 weeks and are referred to herein as the second quarter of fiscal year 2016 and second quarter of fiscal year 2015 , respectively. Fiscal year 2015 contained 52 weeks of operations ended January 30, 2016 . Fiscal year 2016 will contain 52 weeks of operations and will end on January 28, 2017 . |
Seasonality | Seasonality The Company’s business is generally seasonal, with a significant portion of total sales occurring during the third and fourth quarters of the fiscal year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Actual results could differ from those estimates. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. |
Segment Reporting | Segment Reporting The Company operates solely as a sporting goods retailer whose Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated and individual store and cost center basis, for purposes of allocating resources and evaluating financial performance. The Company’s stores offer essentially the same general product mix, and the core customer demographic remains similar chain-wide, as does the Company’s process for the procurement and marketing of its product mix. Furthermore, the Company distributes its product mix chain-wide from a single distribution center. Given that the stores have the same economic characteristics, the individual stores are aggregated into one single operating and reportable segment. |
Comprehensive Income | Comprehensive Income The Company has no components of net income that would require classification as other comprehensive income for the 13 and 26 week periods ended July 30, 2016 and August 1, 2015 . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”). ASU 2015-14 simply formalized a one year deferral of the effective date of ASU 2014-09. In March 2016, the FASB issued ASU 2016-08 “Principal versus Agent Considerations – Reporting Revenue Gross versus Net” (“ASU 2016-08”), amending the principal-versus-agent implementation guidance set forth in ASU 2014-09. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which amends certain aspects of the guidance set forth in the FASB’s new revenue standard related to identifying performance obligations and licensing implementation. As a result of these four standards updates, the Company expects that it will apply the new revenue standard to annual and interim reporting periods beginning after December 15, 2017. In adopting these standard updates, companies may use either a full retrospective or a modified retrospective approach. Management is evaluating the provisions of these standard updates and has not yet selected a transition method nor have they determined what impact the adoption of these standard updates will have on the Company's financial position or results of operations. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” (“ASU 2015-11”). Under ASU 2015-11, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted and should be applied prospectively. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2015-11 will have on the Company's financial position or results of operations. Management has determined that the Company will adopt the provision in first quarter in fiscal year 2017. Lease Accounting In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-04, “Recognition of Breakage for Certain Prepaid Stored-Value Products” (“ASU 2016-04”). ASU 2016-04 entitles a company to derecognize amounts related to expected breakage in proportion to the pattern of rights expected to be exercised by the product holder to the extent that it is probable a significant reversal of the recognized breakage amount will not subsequently occur. ASU 2016-04 is effective for reporting periods beginning after December 15, 2017 and is to be applied retrospectively. Early adoption is permitted. Management is currently evaluating the impact of adopting ASU 2016-02 on the Company’s consolidated financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Reconciliation of Revision as Reported in Consolidated Statement of Operations | The following table provides a reconciliation of the revision for the 13 weeks and 26 weeks ended August 1, 2015 as reported in the condensed consolidated statement of operations included in the Company’s Quarterly Report on Form 10-Q for the second quarter of fiscal year 2015, which was filed with the SEC on August 28, 2015: As Previously For the thirteen weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — As Previously For the twenty-six weeks ended August 1, 2015 Reported Revision As Revised Net sales $ $ $ Cost of goods sold Gross profit — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment as of July 30, 2016 and January 30, 2016 were as follows: July 30, January 30, 2016 2016 Furniture, fixtures, and equipment $ $ Leasehold improvements Construction in progress Total property and equipment, gross Less accumulated depreciation and amortization Total property and equipment, net $ $ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Payables And Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consisted of the following as of July 30, 2016 and January 30, 2016 : July 30, January 30, 2016 2016 Book overdraft $ $ Unearned revenue Accrued payroll and related expenses Sales and use tax payable Accrued construction costs Other $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following as of July 30, 2016 and January 30, 2016 : July 30, January 30, 2016 2016 Term loan $ $ Less discount Less debt issuance costs Less current portion, net of discount and debt issuance costs Long-term portion $ $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, August 1, July 30, August 1, 2016 2015 2016 2015 Net income $ $ $ $ Weighted-average shares of common stock outstanding: Basic Dilutive effect of common stock equivalents Diluted Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Restricted stock units considered anti-dilutive and excluded in the calculation |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Rollforward of Outstanding Nonvested Stock Awards | on each grant date anniversary. The following table sets forth the rollforward of outstanding nonvested stock awards (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 — $ — Grants Forfeitures — — Vested — — Balance at July 30, 2016 $ |
Rollforward of Outstanding Nonvested Performance-based Stock Awards | The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 — $ — Grants Forfeitures — — Vested — — Balance at July 30, 2016 $ |
Rollforward of Outstanding Nonvested Stock Units | The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 30, 2016 $ Grants Forfeitures Vested Balance at July 30, 2016 $ Weighted average grant-date Shares fair value Balance at January 31, 2015 $ Grants Forfeitures Vested Balance at August 1, 2015 $ |
Description of Business - Addit
Description of Business - Additional Information (Details) | 6 Months Ended |
Jul. 30, 2016storestatesegment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of stores | store | 70 |
Number of states | state | 20 |
Number of reportable segment | segment | 1 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Reconciliation of the Revision of Condensed Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Significant Accounting Policies [Line Items] | ||||
Net sales | $ 189,804 | $ 166,935 | $ 341,419 | $ 306,093 |
Cost of goods sold | 123,619 | 108,933 | 226,762 | 204,940 |
Gross profit | $ 66,185 | 58,002 | $ 114,657 | 101,153 |
As Previously Reported | ||||
Significant Accounting Policies [Line Items] | ||||
Net sales | 172,985 | 317,478 | ||
Cost of goods sold | 114,983 | 216,325 | ||
Gross profit | 58,002 | 101,153 | ||
Revision | ||||
Significant Accounting Policies [Line Items] | ||||
Net sales | (6,050) | (11,385) | ||
Cost of goods sold | $ (6,050) | $ (11,385) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 30, 2016USD ($) | Aug. 01, 2015USD ($) | Jul. 30, 2016USD ($)segment | Aug. 01, 2015USD ($) | Jan. 30, 2016USD ($) | |
Accounting Policies [Abstract] | |||||
Fiscal period duration | 364 days | 364 days | |||
Number of reportable segment | segment | 1 | ||||
Deferred financing fees reclassified from prepaid expenses to current portion of long-term debt, net of discount and debt issuance costs | $ 983 | $ 983 | $ 8,683 | ||
Deferred financing fees reclassified from other long-term Assets, net to long-term debt, net | 134,028 | 134,028 | 146,333 | ||
Deferred income taxes, noncurrent | 4,976 | 4,976 | $ 2,263 | ||
Income tax expense | $ 5,226 | $ 5,138 | 3,683 | $ 4,286 | |
Excess tax benefits related to vesting of restricted stock units | $ 449 | $ 283 |
Secondary Offering - Additional
Secondary Offering - Additional Information (Details) - Seidler Equity Partners III L.P. - Secondary Offering - USD ($) | Apr. 22, 2016 | Apr. 18, 2016 | Oct. 26, 2015 | Sep. 30, 2015 |
Subsidiary Or Equity Method Investee [Line Items] | ||||
Common stock, shares issued | 900,000 | 6,000,000 | 649,000 | 6,250,000 |
Issuance of common stock, net | $ 0 | $ 0 | $ 0 | $ 0 |
Offering expenses | $ 727,000 | |||
Common stock shares issued, price per share | $ 11.25 | $ 12.25 | ||
Selling, General and Administrative Expenses | ||||
Subsidiary Or Equity Method Investee [Line Items] | ||||
Offering expenses | $ 143,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 118,134 | $ 92,605 |
Less accumulated depreciation and amortization | (35,738) | (30,173) |
Total property and equipment, net | 82,396 | 62,432 |
Furniture, fixtures, and equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 47,831 | 41,833 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 51,456 | 45,179 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 18,847 | $ 5,593 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 |
Payables And Accruals [Abstract] | ||
Book overdraft | $ 11,283 | $ 7,182 |
Unearned revenue | 14,272 | 14,787 |
Accrued payroll and related expenses | 7,611 | 8,573 |
Sales and use tax payable | 4,134 | 2,998 |
Accrued construction costs | 2,813 | 1,094 |
Other | 8,776 | 7,846 |
Accrued expenses | $ 48,889 | $ 42,480 |
Revolving Line Of Credit - Addi
Revolving Line Of Credit - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2016 | Jul. 30, 2016 | Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
Wells Fargo Senior Secured Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 135,000 | $ 135,000 | |||
Line of credit facility, amount outstanding | 75,413 | 75,413 | $ 31,202 | ||
Amounts in depository under lock-box arrangements | 9,342 | $ 9,342 | 5,939 | ||
Revolving credit facility, covenant term | The Revolving Line of Credit also requires us to maintain a minimum availability at all times of not less than 10% of the gross borrowing base, and in any event, not less than $5,000. | ||||
Line of credit , maturity date | Dec. 3, 2019 | ||||
Deferred financing fees outstanding | 375 | $ 375 | $ 455 | ||
Amortization of deferred financing fees | $ 32 | 41 | 80 | $ 63 | |
Wells Fargo Senior Secured Revolving Credit Facility | Minimum | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility available borrowing capacity | 5,000 | $ 5,000 | |||
Line of credit facility gross borrowing base percentage | 10.00% | ||||
Wells Fargo Stand-by Commercial Letters of Credit | |||||
Line Of Credit Facility [Line Items] | |||||
Net borrowing available under revolving line of credit | $ 1,200 | $ 1,200 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 |
Debt Disclosure [Abstract] | ||
Term loan | $ 137,526 | $ 158,000 |
Less discount | (993) | (1,288) |
Less debt issuance costs | (1,522) | (1,696) |
Long-term debt | 135,011 | 155,016 |
Less current portion, net of discount and debt issuance costs | (983) | (8,683) |
Long-term debt, net of discount, debt issuance costs, and current portion | $ 134,028 | $ 146,333 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
Debt Instrument [Line Items] | |||||
Term loan | $ 137,526 | $ 137,526 | $ 158,000 | ||
Debt instrument discount at issuance | 993 | 993 | 1,288 | ||
Debt issuance costs | 1,522 | 1,522 | 1,696 | ||
UNUSED ELEMENTS | |||||
Amortization Of Financing Costs And Discounts | 549 | $ 362 | |||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Senior secured loan facility | $ 160,000 | $ 160,000 | |||
Debt instrument issuance price, percentage of aggregate principal amount | 99.00% | 99.00% | |||
Line of credit , maturity date | Dec. 3, 2020 | ||||
Term loan | $ 137,526 | $ 137,526 | 158,000 | ||
Debt instrument discount at issuance | 993 | 993 | 1,288 | ||
Debt issuance costs | 1,522 | 1,522 | $ 1,696 | ||
Mandatory prepayment amount of debt | 7,674 | ||||
Voluntary loan prepayment | 12,000 | 12,000 | |||
Quarterly loan payment | 400 | 800 | |||
Loan prepayment penalty | 150 | ||||
Prior Term Loan | |||||
Debt Instrument [Line Items] | |||||
Amortization of discount | 67 | $ 66 | 295 | 133 | |
Amortization of debt issuance costs | $ 88 | $ 83 | $ 174 | $ 166 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 5,226 | $ 5,138 | $ 3,683 | $ 4,286 | |
Estimated annual effective tax rate | 38.50% | 38.50% | |||
Excess tax benefits related to vesting of restricted stock units | $ 449 | $ 283 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 8,304 | $ 8,200 | $ 8,615 | $ 6,840 |
Weighted average shares outstanding: | ||||
Basic | 42,217 | 42,004 | 42,125 | 41,927 |
Dilutive effect of common stock equivalents | 273 | 332 | 281 | 315 |
Diluted | 42,490 | 42,336 | 42,406 | 42,242 |
Basic earnings per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.16 |
Diluted earnings per share | $ 0.20 | $ 0.19 | $ 0.20 | $ 0.16 |
Restricted stock units considered anti-dilutive and excluded in the calculation | 321 | 22 | 321 | 22 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 30, 2016USD ($)$ / sharesshares | Aug. 01, 2015USD ($)$ / sharesshares | Jul. 30, 2016USD ($)$ / sharesshares | Aug. 01, 2015USD ($)$ / sharesshares | Jan. 30, 2016$ / sharesshares | Jan. 31, 2015$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 1,558 | $ 1,077 | ||||
Nonvested Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 162 | |||||
Nonvested stock issued, weighted average grant date fair value per share | $ / shares | $ 11.25 | |||||
Nonvested stock units outstanding, weighted average grant date fair value per share | $ / shares | $ 11.25 | $ 11.25 | ||||
Nonvested Performance-Based Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum number of shares subject to award | 159 | 159 | ||||
Issuance of nonvested stock units | 159 | |||||
Nonvested stock issued, weighted average grant date fair value per share | $ / shares | $ 11.25 | |||||
Nonvested stock units outstanding, weighted average grant date fair value per share | $ / shares | $ 11.25 | $ 11.25 | ||||
Target number of shares subject to award | 106 | |||||
Target percentage of number of shares subject to award | 67.00% | |||||
Nonvested stock awards vesting right description | the number of shares eligible to vest, based on actual performance, will be fixed and vesting will then be subject to each employee's continued employment over the remaining service period. The issued shares represent management's estimate of the most likely outcome of the performance conditions to be achieved for the performance period. If management's assessment of the most likely outcome of the levels of performance conditions to be achieved changes, the number of issued shares will be revised accordingly. | |||||
Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 29 | 24 | 29 | 28 | ||
Nonvested stock issued, weighted average grant date fair value per share | $ / shares | $ 11.70 | $ 9.81 | $ 11.28 | |||
Nonvested stock awards vested over grant date | 12 months | 12 months | 12 months | |||
Vesting Ratio | 0.083 | 0.083 | ||||
Nonvested stock units outstanding, weighted average grant date fair value per share | $ / shares | $ 7.29 | $ 7.24 | $ 7.29 | $ 7.24 | $ 7.15 | $ 7.06 |
Employees | Nonvested Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 3 years | |||||
Employees | Nonvested Performance-Based Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 3 years | |||||
Employees | Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 4 years | |||||
Director | Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 12 months | |||||
Board Of Directors | Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock issued, weighted average grant date fair value per share | $ / shares | $ 9.81 | $ 9.81 | ||||
Employee Stock Plans | 2013 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for awards | 1,495 | 1,495 | ||||
Number of awards outstanding | 638 | 638 | ||||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum number of shares subject to award | 800 | |||||
Shares issued under ESPP | 34 | |||||
Selling, General and Administrative Expenses | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 933 | $ 480 | $ 1,558 | $ 1,077 | ||
Net tax benefit related to stock-based compensation expense | $ | $ 359 | $ 185 | $ 600 | $ 415 |
Stock-Based Compensation - Roll
Stock-Based Compensation - Rollforward of Outstanding Nonvested Stock Awards (Details) - Nonvested Restricted Stock Awards shares in Thousands | 6 Months Ended |
Jul. 30, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grants, Shares | shares | 162 |
Ending balance, Shares | shares | 162 |
Grants, Weighted average grant-date fair value | $ / shares | $ 11.25 |
Ending balance, Weighted average grant-date fair value | $ / shares | $ 11.25 |
Stock-Based Compensation - Ro37
Stock-Based Compensation - Rollforward of Outstanding Nonvested Performance-based Stock Awards (Details) - Nonvested Performance-Based Stock Awards shares in Thousands | 6 Months Ended |
Jul. 30, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grants, Shares | shares | 159 |
Ending balance, Shares | shares | 159 |
Grants, Weighted average grant-date fair value | $ / shares | $ 11.25 |
Ending balance, Weighted average grant-date fair value | $ / shares | $ 11.25 |
Stock-Based Compensation - Ro38
Stock-Based Compensation - Rollforward of Outstanding Nonvested Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Beginning balance, Shares | 599 | 888 | ||
Grants, Shares | 29 | 24 | 29 | 28 |
Forfeitures, Shares | 4 | 3 | ||
Vested, Shares | 306 | 296 | ||
Ending balance, Shares | 317 | 617 | 317 | 617 |
Beginning balance, Weighted average grant-date fair value | $ 7.15 | $ 7.06 | ||
Grants, Weighted average grant-date fair value | $ 11.70 | 9.81 | 11.28 | |
Forfeitures, Weighted average grant-date fair value | 7.04 | 7.06 | ||
Vested, Weighted average grant-date fair value | 7.26 | 7.09 | ||
Ending balance, Weighted average grant-date fair value | $ 7.29 | $ 7.24 | $ 7.29 | $ 7.24 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 09, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | Jan. 30, 2016 |
Operating Leases | ||||||
Rent expense | $ 10,885 | $ 9,869 | $ 21,535 | $ 19,624 | ||
Loss contingency trial start date | Mar. 2, 2015 | |||||
Loss contingency trial end date | Mar. 6, 2015 | |||||
Trial award against defendants to the action | $ 11,887 | |||||
Accrued amount of litigation | $ 4,000 | |||||
Reversal amount of accrued litigation settlement | $ 4,000 |