Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2020 | Sep. 04, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Aug. 1, 2020 | |
Entity File Number | 001-36401 | |
Entity Registrant Name | SPORTSMAN’S WAREHOUSE HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 39-1975614 | |
Entity Address, Address Line One | 1475 West 9000 South, Suite A | |
Entity Address, City or Town | West Jordan | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84088 | |
City Area Code | 801 | |
Local Phone Number | 566-6681 | |
Title of 12(b) Security | Common stock, $.01 par value | |
Trading Symbol | SPWH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,607,267 | |
Current Fiscal Year End Date | --01-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001132105 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 |
Current assets: | ||
Cash | $ 12,288 | $ 1,685 |
Accounts receivable, net | 551 | 904 |
Merchandise inventories | 296,765 | 275,505 |
Income tax receivable | 812 | |
Prepaid expenses and other | 16,469 | 12,732 |
Total current assets | 326,073 | 291,638 |
Operating lease right of use asset | 223,602 | 224,520 |
Property and equipment, net | 95,402 | 98,767 |
Goodwill | 1,496 | 1,496 |
Definite lived intangibles, net | 207 | 220 |
Total assets | 646,780 | 616,641 |
Current liabilities: | ||
Accounts payable | 128,054 | 38,157 |
Accrued expenses | 98,764 | 70,118 |
Income taxes payable | 7,291 | |
Operating lease liability, current | 35,854 | 34,487 |
Revolving line of credit | 2,858 | 116,078 |
Current portion of long-term debt, net of discount and debt issuance costs | 5,936 | |
Total current liabilities | 272,821 | 264,776 |
Long-term liabilities: | ||
Long-term debt, net of discount, debt issuance costs, and current portion | 15,901 | 23,781 |
Deferred income taxes | 3,470 | 562 |
Operating lease liability, noncurrent | 211,851 | 217,254 |
Total long-term liabilities | 231,222 | 241,597 |
Total liabilities | 504,043 | 506,373 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $.01 par value; 100,000 shares authorized; 43,591 and 43,296 shares issued and outstanding, respectively | 436 | 433 |
Additional paid-in capital | 87,941 | 86,806 |
Accumulated earnings | 54,360 | 23,029 |
Total stockholders' equity | 142,737 | 110,268 |
Total liabilities and stockholders' equity | $ 646,780 | $ 616,641 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Aug. 01, 2020 | Feb. 01, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 |
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 | 100,000 |
Common stock, shares issued | 43,591 | 43,296 |
Common stock, shares outstanding | 43,591 | 43,296 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Net sales | $ 380,989 | $ 211,766 | $ 627,824 | $ 385,783 |
Cost of goods sold | 251,896 | 138,544 | 423,957 | 258,388 |
Gross profit | 129,093 | 73,222 | 203,867 | 127,395 |
Selling, general, and administrative expenses | 83,606 | 63,460 | 158,825 | 122,990 |
Income from operations | 45,487 | 9,762 | 45,042 | 4,405 |
Interest expense | 1,017 | 2,353 | 2,551 | 4,458 |
Income (loss) before income taxes | 44,470 | 7,409 | 42,491 | (53) |
Income tax expense (benefit) | 12,009 | 1,911 | 11,160 | (92) |
Net income | $ 32,461 | $ 5,498 | $ 31,331 | $ 39 |
Earnings per share: | ||||
Basic | $ 0.75 | $ 0.13 | $ 0.72 | $ 0 |
Diluted | $ 0.73 | $ 0.13 | $ 0.71 | $ 0 |
Weighted average shares outstanding: | ||||
Basic | 43,537 | 43,130 | 43,430 | 43,065 |
Diluted | 44,368 | 43,155 | 44,098 | 43,090 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in-capital | Accumulated (Deficit) Earnings | Total |
Balance, shares at Feb. 02, 2019 | 42,978 | |||
Balance at Feb. 02, 2019 | $ 430 | $ 84,671 | $ (6,441) | $ 78,660 |
Vesting of restricted stock units (in shares) | 198 | |||
Vesting of restricted stock units | $ 2 | (2) | ||
Payment of withholdings on restricted stock units | (369) | (369) | ||
Issuance of common stock for cash per employee stock purchase plan | 174 | 174 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 54 | |||
Stock based compensation | 948 | 948 | ||
Net income | 39 | 39 | ||
Balance, shares at Aug. 03, 2019 | 43,230 | |||
Balance at Aug. 03, 2019 | $ 432 | 85,422 | 2,853 | 88,707 |
Balance, shares at May. 04, 2019 | 43,174 | |||
Balance at May. 04, 2019 | $ 432 | 84,753 | (2,645) | 82,540 |
Vesting of restricted stock units (in shares) | 2 | |||
Issuance of common stock for cash per employee stock purchase plan | 175 | 175 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 54 | |||
Stock based compensation | 494 | 494 | ||
Net income | 5,498 | 5,498 | ||
Balance, shares at Aug. 03, 2019 | 43,230 | |||
Balance at Aug. 03, 2019 | $ 432 | 85,422 | 2,853 | 88,707 |
Impact of change for ASC 842 adoption | 9,255 | $ 9,255 | ||
Balance, shares at Feb. 01, 2020 | 43,296 | 43,296 | ||
Balance at Feb. 01, 2020 | $ 433 | 86,806 | 23,029 | $ 110,268 |
Vesting of restricted stock units (in shares) | 255 | |||
Vesting of restricted stock units | $ 3 | (3) | ||
Payment of withholdings on restricted stock units | (689) | (689) | ||
Issuance of common stock for cash per employee stock purchase plan | 273 | 273 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 40 | |||
Stock based compensation | 1,554 | 1,554 | ||
Net income | 31,331 | $ 31,331 | ||
Balance, shares at Aug. 01, 2020 | 43,591 | 43,591 | ||
Balance at Aug. 01, 2020 | $ 436 | 87,941 | 54,360 | $ 142,737 |
Balance, shares at May. 02, 2020 | 43,551 | |||
Balance at May. 02, 2020 | $ 436 | 86,850 | 21,899 | 109,185 |
Issuance of common stock for cash per employee stock purchase plan | 273 | 273 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 40 | |||
Stock based compensation | 818 | 818 | ||
Net income | 32,461 | $ 32,461 | ||
Balance, shares at Aug. 01, 2020 | 43,591 | 43,591 | ||
Balance at Aug. 01, 2020 | $ 436 | $ 87,941 | $ 54,360 | $ 142,737 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 6 Months Ended | |
Aug. 01, 2020USD ($) | Aug. 03, 2019USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 31,331 | $ 39 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 10,670 | 9,245 |
Amortization and write-off of discount on debt and deferred financing fees | 311 | 170 |
Amortization of definite lived intangible | 10 | 13 |
Loss (gain) on asset dispositions | 803 | (311) |
Noncash lease expense | 13,787 | 14,002 |
Deferred income taxes | 2,908 | 307 |
Stock-based compensation | 1,554 | 948 |
Change in operating assets and liabilities, net of amounts acquired: | ||
Accounts receivable, net | 353 | 10 |
Operating lease liabilities | (15,807) | (14,895) |
Merchandise inventories | (16,943) | (12,710) |
Prepaid expenses and other | (3,863) | 634 |
Accounts payable | 87,665 | 39,040 |
Accrued expenses | 24,866 | 1,860 |
Income taxes payable and receivable | 8,103 | (2,918) |
Net cash provided by operating activities | 145,748 | 35,434 |
Cash flows from investing activities: | ||
Purchase of property and equipment, net of amounts acquired | (8,579) | (14,761) |
Acquisition of Field and Stream stores, net of cash acquired | (3,444) | |
Proceeds from sale of property and equipment | 311 | |
Net cash used in investing activities | (12,023) | (14,450) |
Cash flows from financing activities: | ||
Net payments on line of credit | (113,220) | (17,180) |
Increase in book overdraft, net | 4,512 | 319 |
Proceeds from issuance of common stock per employee stock purchase plan | 273 | 174 |
Payment of withholdings on restricted stock units | (687) | (369) |
Principal payments on long-term debt | (14,000) | (4,000) |
Net cash used in financing activities | (123,122) | (21,056) |
Net change in cash | 10,603 | (72) |
Cash at beginning of period | 1,685 | 1,547 |
Cash at end of period | 12,288 | 1,475 |
Cash paid during the period for: | ||
Interest, net of amounts capitalized | 2,535 | 4,356 |
Income taxes, net of refunds | 149 | 2,519 |
Supplemental schedule of noncash activities: | ||
Noncash change in operating lease right of use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases | 11,773 | 14,523 |
Purchases of property and equipment included in accounts payable and accrued expenses | 1,531 | $ 1,571 |
Payable to seller relating to acquisition of Field and Stream stores | $ 1,077 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Aug. 01, 2020 | |
Description of Business and Basis of Presentation | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation Description of Business Sportsman’s Warehouse Holdings, Inc. (“Holdings”) and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of August 1, 2020, the Company operated 106 stores in 27 states. The Company also operates an e-commerce platform at www.sportsmans.com. The Company’s stores and website are aggregated into one single operating 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 February 1, 2020 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 August 1, 2020 are not necessarily indicative of the results to be obtained for the year ending January 30, 2021. 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 February 1, 2020 filed with the SEC on April 9, 2020 (the “Fiscal 2019 Form 10-K”). ​ Impact of COVID-19 Pandemic ​ During March 2020, the World Health Organization declared the rapidly growing coronavirus outbreak to be a global pandemic. The COVID-19 pandemic has significantly impacted health and economic conditions throughout the United States. Beginning in March 2020, the Company reduced store hours to allow sufficient time to restock its shelves and perform additional cleaning, and the Company was also limited the number of customers in its stores at any one time. As of August 1, 2020, the Company has returned to normal operating hours in each of its stores. The Company may again restrict the operations of its stores and its distribution facility if it deems this appropriate or if recommended or mandated by authorities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 01, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies ​ The Company’s significant accounting policies are described in Note 2 to the Company’s Fiscal 2019 Form 10-K. Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. ​ Recently Issued Accounting Pronouncements ​ In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (“Topic 740”) Simplifying the Accounting for Income Taxes, |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Aug. 01, 2020 | |
Revenue Recognition | |
Revenue Recognition | (3) Revenue Recognition ​ Revenue recognition accounting policy ​ The Company operates solely as an outdoor retailer, which includes both retail stores and an e-commerce platform, that offers a broad range of products in the United States and online. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Accordingly, the Company implicitly enters into a contract with customers to deliver merchandise inventory at the point of sale. Collectability is reasonably assured since the Company only extends credit for immaterial purchases to certain municipalities. ​ Substantially all of the Company’s revenue is for single performance obligations for the following distinct items: ​ ● Retail store sales ​ ● E-commerce sales ​ ● Gift cards and loyalty reward program ​ For performance obligations related to retail store and e-commerce sales contracts, the Company typically transfers control, for retail stores, upon consummation of the sale when the product is paid for and taken by the customer and, for e-commerce sales, when the products are tendered for delivery to the common carrier. ​ The transaction price for each contract is the stated price on the product, reduced by any stated discounts at that point in time. The Company does not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit point-of-sale contract with the customer, as reflected in the transaction receipt, states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for the Company’s contracts is due in full upon delivery. The customer agrees to a stated price implicit in the contract that does not vary over the contract. ​ The transaction price relative to sales subject to a right of return reflects the amount of estimated consideration to which the Company expects to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The allowance for sales returns is estimated based upon historical experience and a provision for estimated returns is recorded as a reduction in sales in the relevant period. The estimated merchandise inventory cost related to the sales returns is recorded in prepaid expenses and other. The estimated refund liabilities are recorded in accrued expenses. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net sales and earnings in the period such variances become known. ​ Contract liabilities are recognized primarily for gift card sales and our loyalty reward program. Cash received from the sale of gift cards is recorded as a contract liability in accrued expenses, and the Company recognizes revenue upon the customer’s redemption of the gift card. Gift card breakage is recognized as revenue in proportion to the pattern of customer redemptions by applying a historical breakage rate of 3.5% when no escheat liability to relevant jurisdictions exists. Based upon historical experience, gift cards are predominantly redeemed in the first two years following their issuance date. The Company does not sell or provide gift cards that carry expiration dates. ​ Accounting Standards Codification (“ASC”) 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative stand alone selling price. The Company recognized revenue for the breakage of loyalty reward points as revenue in proportion to the pattern of customer redemption of the points by applying a historical breakage rate of 50% when no escheat liability to relevant jurisdictions exists. ​ Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. ​ Sales returns ​ The Company allows customers to return items purchased within 30 days provided the merchandise is in resaleable condition with original packaging and the original sales/gift receipt is presented. The Company estimates a reserve for sales returns and records the respective reserve amounts, including a right to return asset when a product is expected to be returned and resold. Historical experience of actual returns and customer return rights are the key factors used in determining the estimated sales returns. ​ Contract balances ​ The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of August 1, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, 2020 February 1, 2020 Right of return assets, which are included in prepaid expenses and other ​ $ 2,252 ​ $ 1,683 Estimated gift card contract liability, net of breakage ​ ​ (18,176) ​ ​ (13,575) Estimated loyalty contract liability, net of breakage ​ ​ (8,536) ​ ​ (9,621) Sales return liabilities, which are included in accrued expenses ​ ​ (3,361) ​ ​ (2,512) ​ For the 13 and 26 weeks ended August 1, 2020, the Company recognized approximately $246 and $522 in gift card breakage and approximately $773 and $1,328 in loyalty reward breakage, respectively. For the 13 and 26 weeks ended August 3, 2019, the Company recognized approximately $215 and $505 in gift card breakage and approximately $350 and $660 in loyalty reward breakage, respectively. For the 13 and 26 weeks ended August 1, 2020, the Company recognized revenue of $1,200 and $5,421 relating to contract liabilities that existed at February 1, 2020. ​ The current balance of the right of return assets is the expected amount of inventory to be returned that is expected to be resold. The current balance of the contract liabilities primarily relates to the gift card and loyalty reward program liabilities. The Company expects the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions over the next two years. The current balance of sales return liabilities is the expected amount of sales returns from sales that have occurred. ​ Disaggregation of revenue from contracts with customers ​ In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Company’s departments for the 13 and 26 weeks ended August 1, 2020 and August 3, 2019, was approximately: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ ​ ​ August 1, ​ August 3, August 1, August 3, ​ Department Product Offerings 2020 2019 2020 2019 ​ Camping ​ Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools ​ 17.1% ​ 19.3% ​ 14.4% ​ 15.9% ​ Apparel ​ Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear ​ 5.6% ​ 7.4% ​ 5.1% ​ 7.7% ​ Fishing ​ Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats ​ 15.9% ​ 17.5% ​ 13.7% ​ 15.0% ​ Footwear ​ Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots ​ 5.7% ​ 7.3% ​ 5.2% ​ 7.3% ​ Hunting and Shooting ​ Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear ​ 49.1% ​ 41.1% ​ 55.6% ​ 46.6% ​ Optics, Electronics, Accessories, and Other ​ Gift items, GPS devices, knives, lighting, optics (e.g. binoculars), two-way radios, and other license revenue, net of revenue discounts ​ 6.6% ​ 7.4% ​ 6.0% ​ 7.5% ​ Total ​ ​ ​ 100.0% ​ 100.0% ​ 100.0% ​ 100.0% ​ ​ |
Property and Equipment
Property and Equipment | 6 Months Ended |
Aug. 01, 2020 | |
Property and Equipment. | |
Property and Equipment | ​ (4) Property and Equipment Property and equipment as of August 1, 2020 and February 1, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ February 1, ​ ​ 2020 2020 Furniture, fixtures, and equipment ​ $ 87,550 ​ $ 84,059 ​ Leasehold improvements ​ ​ 105,213 ​ ​ 103,791 ​ Construction in progress ​ ​ 3,542 ​ ​ 1,571 ​ Total property and equipment, gross ​ ​ 196,305 ​ ​ 189,421 ​ Less accumulated depreciation and amortization ​ ​ (100,903) ​ ​ (90,654) ​ Total property and equipment, net ​ $ 95,402 ​ $ 98,767 ​ ​ |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Aug. 01, 2020 | |
Accrued Expenses | |
Accrued Expenses | (5) Accrued Expenses Accrued expenses consisted of the following as of August 1, 2020 and February 1, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1 ​ February 1, ​ 2020 2020 Book overdraft ​ $ 20,339 ​ $ 15,827 Unearned revenue ​ ​ 32,405 ​ ​ 25,705 Accrued payroll and related expenses ​ ​ 21,327 ​ ​ 11,436 Sales and use tax payable ​ ​ 8,188 ​ ​ 5,169 Accrued construction costs ​ ​ 300 ​ ​ 1,112 Other ​ ​ 16,205 ​ ​ 10,869 Total accrued expenses ​ $ 98,764 ​ $ 70,118 ​ |
Leases
Leases | 6 Months Ended |
Aug. 01, 2020 | |
Leases | |
Leases | (6) Leases At the inception of the lease, the Company’s operating leases have certain lease terms of up to 10 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain and as such are excluded from the measurement of the right of use asset and liability. The Company determines whether a contract is or contains a lease at contract inception. Beginning in fiscal 2019, operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of remaining fixed lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, it uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company’s lease terms may include options to extend or terminate the lease. Additionally, the Company’s leases do not contain any material residual guarantees or material restrictive covenants. In the 13 and 26 weeks ended August 1, 2020, the Company recorded a non-cash increase, net of terminations, of $9,623 and $11,773 , respectively, to the right of use assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added. In accordance with ASC 842, total lease expense, including common area maintenance (“CAM”), recorded during the 13 and 26 weeks ended August 1, 2020 was $16,655 and $33,202, respectively. In accordance with ASC 842, total lease expense, including CAM, recorded during the 13 and 26 weeks ended August 3, 2019 was $14,430 and $28,814, respectively. ​ In accordance with ASC 842, other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ August 3, ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (27,313) ​ $ (23,859) ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities - operating leases ​ ​ (27,313) ​ ​ (23,859) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of August 1 ​ As of August 3, ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities ​ $ 13,062 ​ $ 14,523 ​ ​ ​ ​ ​ ​ Terminated right-of-use assets and liabilities ​ ​ (3,202) ​ ​ — ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 6.02 ​ ​ 5.93 ​ ​ ​ ​ ​ ​ Weighted-average discount rate - operating leases ​ ​ 8.09% ​ ​ 7.84% ​ ​ ​ ​ ​ ​ ​ In accordance with ASC 842, maturities of operating lease liabilities as of August 1, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Year Endings: Leases 2020 (remainder) ​ $ 32,433 2021 ​ ​ 53,189 2022 ​ ​ 49,039 2023 ​ ​ 44,369 2024 ​ ​ 35,953 Thereafter ​ ​ 138,290 Undiscounted cash flows ​ $ 353,273 Reconciliation of lease liabilities: ​ ​ ​ Present values ​ $ 247,705 Lease liabilities - current ​ ​ 35,854 Lease liabilities - noncurrent ​ ​ 211,851 Lease liabilities - total ​ $ 247,705 Difference between undiscounted and discounted cash flows ​ $ 105,568 ​ The Company has excluded in the table above approximately $3,000 of leases (undiscounted basis) that have not yet commenced. These leases will commence in the next twelve months with lease terms of five |
Revolving Line of Credit
Revolving Line of Credit | 6 Months Ended |
Aug. 01, 2020 | |
Revolving Line of Credit | |
Revolving Line of Credit | (7) Revolving Line of Credit ​ On May 23, 2018, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, as lead borrower, and Wells Fargo Bank, National Association (“Wells Fargo”), with a consortium of banks led by Wells Fargo, entered into an Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified, the “Amended Credit Agreement”). The Amended Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”) and a $40,000 term loan (the “Term Loan”). The Revolving Line of Credit provides a borrowing capacity of up to $250,000, subject to a borrowing base calculation. Information on the Term Loan is provided in Note 8. ​ In conjunction with the Amended Credit Agreement, the Company incurred $1,331 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid and other assets. Fees associated with the Term Loan offset the loan balance on the condensed consolidated balance sheet of the Company. ​ As of August 1, 2020, and February 1, 2020, the Company had $20,505 and $123,478 in outstanding revolving loans under the Revolving Line of Credit, respectively. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box or similar arrangements, which were $17,647 and $7,400 as of August 1, 2020 and February 1, 2020, respectively. As of August 1, 2020, the Company had stand-by commercial letters of credit of $1,705 under the terms of the Revolving Line of Credit. ​ The Amended Credit Agreement 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 Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base. The Amended Credit Agreement contains customary events of default. The Revolving Line of Credit matures on May 23, 2023 ​ As of August 1, 2020, the Revolving Line of Credit had $709 in deferred financing fees and as of February 1, 2020, the Revolving Line of Credit had $834 in deferred financing fees. During the 13 and 26 weeks ended August 1, 2020, the Company recognized $62 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 and 26 weeks ended August 3, 2019, the Company recognized $63 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees. ​ For the 13 and 26 weeks ended August 1, 2020, gross borrowings under the Revolving Line of Credit were $305,658 and $580,617, respectively. For the 13 and 26 weeks ended August 3, 2019 gross borrowing under the Revolving Line of Credit were $219,714 and $405,330, respectively. For the 13 and 26 weeks ended August 1, 2020, gross paydowns under the Revolving Line of Credit were $419,134 and $685,932, respectively. For the 13 and 26 weeks ended August 3, 2019, gross paydowns under the Revolving Line of Credit were $234,737 and $424,017, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Aug. 01, 2020 | |
Long-Term Debt | |
Long-Term Debt | (8) Long-Term Debt Long-term debt consisted of the following as of August 1, 2020 and February 1, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ February 1, ​ ​ 2020 2020 Term loan ​ $ 16,000 ​ ​ 30,000 ​ Less debt issuance costs ​ ​ (99) ​ ​ (283) ​ ​ ​ ​ 15,901 ​ ​ 29,717 ​ Less current portion, net of discount and debt issuance costs ​ ​ — ​ ​ (5,936) ​ Long-term portion ​ $ 15,901 ​ $ 23,781 ​ ​ Term Loan On May 23, 2018, Sportsman’s Warehouse, entered into the Amended Credit Agreement. Revolving Line of Credit and The Term Loan was ​ The Term Loan bears interest at a rate of LIBOR plus 5.75%. The effective rate for the Term Loan as of August 1, 2020 was 6.75% ​ As of August 1, 2020, and February 1, 2020, the Term Loan had an outstanding balance of $16,000 and $30,000, respectively. The outstanding amounts under the Term Loan as of August 1, 2020 and February 1, 2020 are offset on the condensed consolidated balance sheets by debt issuance costs of $99 and $283, respectively. ​ During the 13 and 26 weeks ended August 1, 2020, the Company recognized $110 and $131, respectively, of non-cash interest expense with respect to the amortization of the deferred financing fees. During the 13 and 26 weeks ended August 3, 2019, the Company recognized $21 and $43, respectively, of non-cash interest expense with respect to the amortization of the deferred financing fees. ​ During the 13 weeks ended August 1, 2020, the Company paid the required quarterly payment on the Term Loan of $2,000 and made additional voluntary prepayments of $8,000 on the Term Loan. ​ 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 August 1, 2020, 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 |
Aug. 01, 2020 | |
Income Taxes | |
Income Taxes | (9) Income Taxes The Company recognized an income tax expense of $12,009 and $1,911 in the 13 weeks ended August 1, 2020 and August 3, 2019, respectively. The Company’s effective tax rate for the 13 weeks ended August 1, 2020 and August 3, 2019 was 27.0% and 25.8%, respectively. The Company recognized an income tax expense of $11,160 and an income tax benefit of $92 in the 26 weeks ended August 1, 2020 and August 3, 2019, respectively. The Company’s effective tax rate for the 26 weeks ended August 1, 2020 and August 3, 2019 was 26.3% and 172.4%, respectively. The change in the effective tax rate for the 26 weeks ended August 3, 2019 was primarily due to near breakeven loss before tax for the period and various discrete items. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 01, 2020 | |
Earnings Per Share | |
Earnings Per Share | (10) 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 income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ ​ August 1, ​ ​ August 3, ​ ​ August 1, ​ ​ August 3, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net income ​ $ 32,461 ​ $ 5,498 ​ $ 31,331 ​ $ 39 ​ Weighted-average shares of common stock outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 43,537 ​ ​ 43,130 ​ ​ 43,430 ​ ​ 43,065 ​ Dilutive effect of common stock equivalents ​ ​ 831 ​ ​ 25 ​ ​ 668 ​ ​ 25 ​ Diluted ​ ​ 44,368 ​ ​ 43,155 ​ ​ 44,098 ​ ​ 43,090 ​ Basic earnings per share ​ $ 0.75 ​ $ 0.13 ​ $ 0.72 ​ $ 0.00 ​ Diluted earnings per share ​ $ 0.73 ​ $ 0.13 ​ $ 0.71 ​ $ 0.00 ​ Restricted stock units considered anti-dilutive and excluded in the calculation ​ ​ 7 ​ ​ 135 ​ ​ 33 ​ ​ 36 ​ ​ |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 01, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | (11) Stock-Based Compensation ​ Stock-Based Compensation During the 13 and 26 weeks ended August 1, 2020 the Company recognized total stock-based compensation expense of $818 and $1,554, respectively. During the 13 and 26 weeks ended August 3, 2019 the Company recognized total stock-based compensation expense of $494 and $948, respectively. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations. ​ Employee Stock Plans As of August 1, 2020, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,535. As of August 1, 2020, there were 1,293 unvested stock awards outstanding under the 2019 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. For the 13 weeks ended August 1, 2020, 40 shares were issued under the ESPP and, as of August 1, 2020, the number of shares available for issuance was 406. ​ Nonvested Restricted Stock Awards During the 13 and 26 weeks ended August 1, 2020 and August 3, 2019, the Company did not issue any nonvested restricted stock awards to employees. 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 February 2, 2019 ​ 26 ​ $ 11.25 ​ Grants ​ — ​ ​ — ​ Forfeitures ​ — ​ ​ — ​ Vested ​ (26) ​ ​ 11.25 ​ Balance at August 3, 2019 ​ — ​ $ — ​ ​ Nonvested Performance-Based Stock Awards During the 13 weeks ended August 1, 2020, the Company did not ​ During the 13 and 26 weeks ended August 3, 2019, the Company issued 289 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $3.56 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued was contingent on management achieving fiscal year 2019 performance targets for omni-channel revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares would vest. The maximum number of shares subject to the award is 578, and the “target” number of shares subject to the award is 289 as reported below. Following the end of the performance period (fiscal year 2019), the number of shares eligible to vest, based on actual performance, was 226 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 February 1, 2020 ​ 250 ​ $ 3.66 ​ Grants ​ 206 ​ ​ 5.95 ​ Forfeitures ​ (38) ​ ​ 4.33 ​ Vested ​ — ​ ​ — ​ Balance at August 1, 2020 ​ 418 ​ $ 4.73 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ ​ Shares fair value ​ Balance at February 2, 2019 ​ 34 ​ $ 6.07 ​ Grants ​ 289 ​ ​ 3.56 ​ Forfeitures ​ (7) ​ ​ 4.91 ​ Vested ​ (6) ​ ​ 11.25 ​ Balance at August 3, 2019 ​ 310 ​ $ 3.64 ​ ​ Nonvested Stock Unit Awards During the 13 and 26 weeks ended August 1, 2020, the Company issued 44 and 426 , nonvested stock units, respectively, to employees and directors of the Company at an average value of $6.30 per share. one During the 13 and 26 weeks ended August 3, 2019, the Company issued 459 and 616 nonvested stock units to employees and members of the Board of Directors of the Company at an average value of $4.06 per share. The shares issued to employees of the Company vest over a three year period with one ​ 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 February 1, 2020 ​ 744 ​ $ 4.32 ​ Grants ​ 426 ​ ​ 6.30 ​ Forfeitures ​ (40) ​ ​ 4.31 ​ Vested ​ (298) ​ ​ 4.39 ​ Balance at August 1, 2020 ​ 832 ​ $ 5.30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at February 2, 2019 ​ 441 ​ $ 4.92 ​ Grants ​ 616 ​ ​ 4.06 ​ Forfeitures ​ (43) ​ ​ 5.18 ​ Vested ​ (211) ​ ​ 4.84 ​ Balance at August 3, 2019 ​ 803 ​ $ 4.27 ​ ​ |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 01, 2020 | |
Commitments and Contingencies. | |
Commitments and Contingencies | (12) Commitments and Contingencies ​ 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. ​ Parsons v. Colt’s Manufacturing Company 2:19-cv-01189-APG-EJY – ​ TMS McCarthy, LP, Etc., Pltf. v. Sportsman’s Warehouse Southwest, Inc. Etc. Et Al., Dfts. |
Acquisition of Field and Stream
Acquisition of Field and Stream Stores | 6 Months Ended |
Aug. 01, 2020 | |
Acquisition of Field and Stream Stores | |
Acquisition of Field and Stream Stores | (13) Acquisition of Field and Stream Stores ​ 2020 Acquisitions ​ On February 14, 2020, Sportsman’s Warehouse Inc. (“ SWI”), a wholly owned subsidiary of ​ The aggregate consideration to be paid to DICK’S under the 2020-I Purchase Agreement is $2,100 (the “2020-I Purchase Price”), subject to certain post-closing adjustments set forth in the 2020-I Purchase Agreement. On the 2020-I Closing Date, SWI drew $1,100 under the Revolving Line of Credit to fund a portion of the 2020-I Purchase Price. The remaining approximately $1,000 of consideration owed to DICK’S in connection with the acquisition was paid in June 2020. ​ On March 6, 2020, SWI, a wholly owned subsidiary of ​ The aggregate consideration to be paid to DICK’S under the 2020-II Purchase Agreement is $2,411 (the “2020-II Purchase Price”), subject to certain post-closing adjustments set forth in the 2020-II Purchase Agreement. On the 2020-II Closing Date, SWI drew $1,317 under the Revolving Line of Credit to fund a portion of the 2020-II Purchase Price. The remaining approximately $1,100 of consideration owed to DICK’S in connection with the acquisition was paid in August 2020. ​ As part of the acquisitions, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred for the three and six months ended August 1, 2020 were $6 and $35, respectively, which were included as a component of selling, general, and administrative expenses. ​ The following table summarizes the 2020-I Purchase Price consideration and related cash outflow at the 2020-I Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ March 12, 2020 Cash paid to seller ​ $ 1,075 Payable to seller ​ ​ 1,024 Total purchase price ​ $ 2,099 ​ The net 2020-I purchase price of $2,100 was preliminarily allocated solely to the inventory acquired. In conjunction with the 2020-I acquisition, the Company recorded a right of use asset and liability relating to the lease entered into in the amount of $1,794 . ​ The following table summarizes the 2020-II Purchase Price consideration and related cash outflow at the 2020-II Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ May 14, 2020 Cash paid to seller ​ $ 1,317 Payable to seller ​ ​ 1,094 Total purchase price ​ $ 2,411 ​ The net 2020-II purchase price of $2,400 was preliminarily allocated solely to the inventory and fixed assets acquired. In conjunction with the 2020-II acquisition, the Company recorded a right of use asset and liability relating to the lease entered into in the amount of $5,604. ​ 2019 Acquisition ​ On September 28, 2019, SWI ​ The aggregate consideration paid to DICK’S under the Purchase Agreement was $28,703 ​ As part of the acquisition, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred relating to this acquisition were $662 which were included as a component of selling, general, and administrative expenses. ​ The following table summarizes the Purchase Price consideration and related cash outflow at the Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2019 Cash paid to seller ​ $ 19,241 Payable to seller ​ ​ 9,462 Total purchase price ​ $ 28,703 ​ The net Purchase Price of $28,703 has been allocate to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2019 Acquired Stores other than the lease obligation. The excess of the Purchase Price over the fair value of the tangible and intangible assets acquired is recorded as goodwill. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2019 Cash ​ $ 167 Inventory ​ ​ 19,152 Property, plant, and equipment ​ ​ 5,250 Operating lease right of use asset ​ ​ 33,436 Operating lease right of use liability ​ ​ (31,051) Deferred tax asset ​ ​ 253 Goodwill ​ ​ 1,496 Total ​ $ 28,703 ​ The allocation of the purchase price for the 2019 stores that were acquired was finalized as of February 1, 2020 and the Company does not expect any further adjustments to the allocation in future periods. ​ Right of Use Asset and Liability for the 2019 Acquisition ​ The right of use asset and liability were determined by taking the present value of the future minimum lease payments associated with the 2019 acquired stores. The Company utilized discount rates for the leases similar to the rates used to present value its other leases. The difference between the asset and the liability noted above is attributable to favorable lease rates in the acquired store leases. ​ Goodwill for the 2019 Acquisition ​ Goodwill represents the excess of the purchase price over the fair value of the assets acquired. The Company believes that the primary factors supporting the amount of goodwill is the workforce acquired in the store locations. The amount of goodwill that is amortizable for tax purposes is $4,134 . ​ Pro Forma Results for 2019 Acquisition and 2020 Acquisitions ​ The following pro forma results are based on the individual historical results of the 2019 and 2020 acquisitions with adjustments to give effect to the combined operations as if the acquisition had been consummated at the beginning of fiscal year 2019. The pro forma results are intended for informational purposes only and do not purport to represent what the combined results of operations would actually have been had the acquisition in fact occurred at the beginning of the earliest period presented. The pro forma information includes the following adjustments (i) depreciation based on the fair value of acquired property, plant, and equipment; (ii) cost of goods sold based on the step-up in fair value of the acquired inventory; (iii) interest expense incurred in connection with the borrowings on the revolving line of credit used to finance the acquisition; and (iv) elimination of acquisition expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ August 1, ​ August 3, ​ August 1, ​ August 3, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Net sales ​ $ 380,989 ​ 230,235 ​ 629,465 ​ 419,310 Net income ​ $ 32,462 ​ 5,559 ​ 31,340 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.75 ​ 0.13 ​ 0.72 ​ 0.00 Diluted ​ $ 0.73 ​ 0.13 ​ 0.71 ​ 0.00 ​ |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2020 | |
Summary of Significant Accounting Policies | |
Recently Adopted Accounting Updates | Recently Issued Accounting Pronouncements ​ In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (“Topic 740”) Simplifying the Accounting for Income Taxes, |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Revenue Recognition | |
Schedule of right of return assets, contract liabilities, and sales return liabilities with customers | ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, 2020 February 1, 2020 Right of return assets, which are included in prepaid expenses and other ​ $ 2,252 ​ $ 1,683 Estimated gift card contract liability, net of breakage ​ ​ (18,176) ​ ​ (13,575) Estimated loyalty contract liability, net of breakage ​ ​ (8,536) ​ ​ (9,621) Sales return liabilities, which are included in accrued expenses ​ ​ (3,361) ​ ​ (2,512) |
Schedule of Revenue by Departments | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ ​ ​ August 1, ​ August 3, August 1, August 3, ​ Department Product Offerings 2020 2019 2020 2019 ​ Camping ​ Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools ​ 17.1% ​ 19.3% ​ 14.4% ​ 15.9% ​ Apparel ​ Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear ​ 5.6% ​ 7.4% ​ 5.1% ​ 7.7% ​ Fishing ​ Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats ​ 15.9% ​ 17.5% ​ 13.7% ​ 15.0% ​ Footwear ​ Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots ​ 5.7% ​ 7.3% ​ 5.2% ​ 7.3% ​ Hunting and Shooting ​ Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear ​ 49.1% ​ 41.1% ​ 55.6% ​ 46.6% ​ Optics, Electronics, Accessories, and Other ​ Gift items, GPS devices, knives, lighting, optics (e.g. binoculars), two-way radios, and other license revenue, net of revenue discounts ​ 6.6% ​ 7.4% ​ 6.0% ​ 7.5% ​ Total ​ ​ ​ 100.0% ​ 100.0% ​ 100.0% ​ 100.0% ​ |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Property and Equipment. | |
Schedule of Property and Equipment | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ February 1, ​ ​ 2020 2020 Furniture, fixtures, and equipment ​ $ 87,550 ​ $ 84,059 ​ Leasehold improvements ​ ​ 105,213 ​ ​ 103,791 ​ Construction in progress ​ ​ 3,542 ​ ​ 1,571 ​ Total property and equipment, gross ​ ​ 196,305 ​ ​ 189,421 ​ Less accumulated depreciation and amortization ​ ​ (100,903) ​ ​ (90,654) ​ Total property and equipment, net ​ $ 95,402 ​ $ 98,767 ​ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Accrued Expenses | |
Components of Accrued Expenses | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1 ​ February 1, ​ 2020 2020 Book overdraft ​ $ 20,339 ​ $ 15,827 Unearned revenue ​ ​ 32,405 ​ ​ 25,705 Accrued payroll and related expenses ​ ​ 21,327 ​ ​ 11,436 Sales and use tax payable ​ ​ 8,188 ​ ​ 5,169 Accrued construction costs ​ ​ 300 ​ ​ 1,112 Other ​ ​ 16,205 ​ ​ 10,869 Total accrued expenses ​ $ 98,764 ​ $ 70,118 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Leases | |
Schedule of other information | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ August 3, ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (27,313) ​ $ (23,859) ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities - operating leases ​ ​ (27,313) ​ ​ (23,859) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of August 1 ​ As of August 3, ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities ​ $ 13,062 ​ $ 14,523 ​ ​ ​ ​ ​ ​ Terminated right-of-use assets and liabilities ​ ​ (3,202) ​ ​ — ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ 6.02 ​ ​ 5.93 ​ ​ ​ ​ ​ ​ Weighted-average discount rate - operating leases ​ ​ 8.09% ​ ​ 7.84% ​ ​ ​ ​ ​ ​ |
Schedule of maturities of operating lease liabilities | ​ ​ ​ ​ ​ ​ ​ Operating Year Endings: Leases 2020 (remainder) ​ $ 32,433 2021 ​ ​ 53,189 2022 ​ ​ 49,039 2023 ​ ​ 44,369 2024 ​ ​ 35,953 Thereafter ​ ​ 138,290 Undiscounted cash flows ​ $ 353,273 Reconciliation of lease liabilities: ​ ​ ​ Present values ​ $ 247,705 Lease liabilities - current ​ ​ 35,854 Lease liabilities - noncurrent ​ ​ 211,851 Lease liabilities - total ​ $ 247,705 Difference between undiscounted and discounted cash flows ​ $ 105,568 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Long-Term Debt | |
Summary of Long-Term Debt | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 1, ​ February 1, ​ ​ 2020 2020 Term loan ​ $ 16,000 ​ ​ 30,000 ​ Less debt issuance costs ​ ​ (99) ​ ​ (283) ​ ​ ​ ​ 15,901 ​ ​ 29,717 ​ Less current portion, net of discount and debt issuance costs ​ ​ — ​ ​ (5,936) ​ Long-term portion ​ $ 15,901 ​ $ 23,781 ​ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Earnings Per Share | |
Computation of Basic and Diluted Earnings Per Common Share | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ ​ August 1, ​ ​ August 3, ​ ​ August 1, ​ ​ August 3, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net income ​ $ 32,461 ​ $ 5,498 ​ $ 31,331 ​ $ 39 ​ Weighted-average shares of common stock outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 43,537 ​ ​ 43,130 ​ ​ 43,430 ​ ​ 43,065 ​ Dilutive effect of common stock equivalents ​ ​ 831 ​ ​ 25 ​ ​ 668 ​ ​ 25 ​ Diluted ​ ​ 44,368 ​ ​ 43,155 ​ ​ 44,098 ​ ​ 43,090 ​ Basic earnings per share ​ $ 0.75 ​ $ 0.13 ​ $ 0.72 ​ $ 0.00 ​ Diluted earnings per share ​ $ 0.73 ​ $ 0.13 ​ $ 0.71 ​ $ 0.00 ​ Restricted stock units considered anti-dilutive and excluded in the calculation ​ ​ 7 ​ ​ 135 ​ ​ 33 ​ ​ 36 ​ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Stock-Based Compensation | |
Rollforward of Outstanding Nonvested Stock Awards | 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 February 2, 2019 ​ 26 ​ $ 11.25 ​ Grants ​ — ​ ​ — ​ Forfeitures ​ — ​ ​ — ​ Vested ​ (26) ​ ​ 11.25 ​ Balance at August 3, 2019 ​ — ​ $ — ​ |
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 February 1, 2020 ​ 250 ​ $ 3.66 ​ Grants ​ 206 ​ ​ 5.95 ​ Forfeitures ​ (38) ​ ​ 4.33 ​ Vested ​ — ​ ​ — ​ Balance at August 1, 2020 ​ 418 ​ $ 4.73 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ ​ Shares fair value ​ Balance at February 2, 2019 ​ 34 ​ $ 6.07 ​ Grants ​ 289 ​ ​ 3.56 ​ Forfeitures ​ (7) ​ ​ 4.91 ​ Vested ​ (6) ​ ​ 11.25 ​ Balance at August 3, 2019 ​ 310 ​ $ 3.64 ​ |
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 February 1, 2020 ​ 744 ​ $ 4.32 ​ Grants ​ 426 ​ ​ 6.30 ​ Forfeitures ​ (40) ​ ​ 4.31 ​ Vested ​ (298) ​ ​ 4.39 ​ Balance at August 1, 2020 ​ 832 ​ $ 5.30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at February 2, 2019 ​ 441 ​ $ 4.92 ​ Grants ​ 616 ​ ​ 4.06 ​ Forfeitures ​ (43) ​ ​ 5.18 ​ Vested ​ (211) ​ ​ 4.84 ​ Balance at August 3, 2019 ​ 803 ​ $ 4.27 ​ |
Acquisition of Field and Stre_2
Acquisition of Field and Stream Stores (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Business Acquisition [Line Items] | |
Summary of the purchase price consideration and related cash outflow | ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2019 Cash paid to seller ​ $ 19,241 Payable to seller ​ ​ 9,462 Total purchase price ​ $ 28,703 |
Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date | ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2019 Cash ​ $ 167 Inventory ​ ​ 19,152 Property, plant, and equipment ​ ​ 5,250 Operating lease right of use asset ​ ​ 33,436 Operating lease right of use liability ​ ​ (31,051) Deferred tax asset ​ ​ 253 Goodwill ​ ​ 1,496 Total ​ $ 28,703 |
Asset Purchase Agreement 1 With Dicks | |
Business Acquisition [Line Items] | |
Summary of the purchase price consideration and related cash outflow | ​ ​ ​ ​ ​ ​ ​ ​ March 12, 2020 Cash paid to seller ​ $ 1,075 Payable to seller ​ ​ 1,024 Total purchase price ​ $ 2,099 |
Asset Purchase Agreement 2 With Dicks | |
Business Acquisition [Line Items] | |
Summary of the purchase price consideration and related cash outflow | ​ ​ ​ ​ ​ ​ ​ ​ May 14, 2020 Cash paid to seller ​ $ 1,317 Payable to seller ​ ​ 1,094 Total purchase price ​ $ 2,411 |
2019 and 2020 Acquisitions | |
Business Acquisition [Line Items] | |
Summary of pro forma information | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ ​ August 1, ​ August 3, ​ August 1, ​ August 3, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Net sales ​ $ 380,989 ​ 230,235 ​ 629,465 ​ 419,310 Net income ​ $ 32,462 ​ 5,559 ​ 31,340 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.75 ​ 0.13 ​ 0.72 ​ 0.00 Diluted ​ $ 0.73 ​ 0.13 ​ 0.71 ​ 0.00 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) | 6 Months Ended |
Aug. 01, 2020segmentstorestate | |
Description of Business and Basis of Presentation | |
Number of stores | store | 106 |
Number of states | state | 27 |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Revenue Recognition (Details)
Revenue Recognition (Details) $ in Thousands | 6 Months Ended |
Aug. 01, 2020USD ($) | |
Revenue Recognition | |
Gift card historical breakage (as a percent) | 3.50% |
Gift card escheat liability | $ 0 |
Redemption period | 2 years |
Breakage of loyalty reward (as a percent) | 50.00% |
Loyalty reward escheat liability | $ 0 |
Revenue Recognition - Contract
Revenue Recognition - Contract balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Right of return assets, which are included in prepaid expenses and other | $ 2,252 | $ 2,252 | $ 1,683 | ||
Sales return liabilities, which are included in accrued expenses | (3,361) | (3,361) | (2,512) | ||
Gift breakage income | 246 | $ 215 | 522 | $ 505 | |
Recognized customer loyalty program breakage income | 773 | $ 350 | 1,328 | $ 660 | |
Recognized revenues relating to contract liabilities | 1,200 | $ 5,421 | |||
Revenue from contract with customer liability recognition period | 2 years | ||||
Gift Card | |||||
Disaggregation of Revenue [Line Items] | |||||
Estimated contract liability, net of breakage | (18,176) | $ (18,176) | (13,575) | ||
Loyalty Reward Program | |||||
Disaggregation of Revenue [Line Items] | |||||
Estimated contract liability, net of breakage | $ (8,536) | $ (8,536) | $ (9,621) |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue from contracts with customers (Details) | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% |
Camping | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 17.10% | 19.30% | 14.40% | 15.90% |
Apparel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 5.60% | 7.40% | 5.10% | 7.70% |
Fishing | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 15.90% | 17.50% | 13.70% | 15.00% |
Footwear | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 5.70% | 7.30% | 5.20% | 7.30% |
Hunting and Shooting | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 49.10% | 41.10% | 55.60% | 46.60% |
Optics, Electronics, Accessories, and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 6.60% | 7.40% | 6.00% | 7.50% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 196,305 | $ 189,421 |
Less accumulated depreciation and amortization | (100,903) | (90,654) |
Total property and equipment, net | 95,402 | 98,767 |
Furniture, fixtures, and equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 87,550 | 84,059 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 105,213 | 103,791 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 3,542 | $ 1,571 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 |
Accrued Expenses | ||
Book overdraft | $ 20,339 | $ 15,827 |
Unearned revenue | 32,405 | 25,705 |
Accrued payroll and related expenses | 21,327 | 11,436 |
Sales and use tax payable | 8,188 | 5,169 |
Accrued construction costs | 300 | 1,112 |
Other | 16,205 | 10,869 |
Total accrued expenses | $ 98,764 | $ 70,118 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Options to extend | true | |||
Increase in ROU assets and operating lease liabilities | $ 9,623 | $ 11,773 | ||
Lease expense | $ 16,655 | $ 14,430 | $ 33,202 | $ 28,814 |
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease terms | 10 years |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | |
Leases | ||
Operating cash flows from operating leases - Cash paid for amounts included in the measurement of lease liabilities | $ (27,313) | $ (23,859) |
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities | 13,062 | |
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities | 11,773 | $ 14,523 |
Terminated right-of-use assets and liabilities | $ (3,202) | |
Weighted-average remaining lease term - operating leases | 6 years 7 days | 5 years 11 months 4 days |
Weighted-average discount rate - operating leases | 8.09% | 7.84% |
Leases - ASC 842 Maturities (De
Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Aug. 01, 2020 | Feb. 01, 2020 |
Maturities: | |||
2020 (remainder) | $ 32,433 | ||
2021 | 53,189 | ||
2022 | 49,039 | ||
2023 | 44,369 | ||
2024 | 35,953 | ||
Thereafter | 138,290 | ||
Undiscounted cash flows | 353,273 | ||
Reconciliation of lease liabilities: | |||
Lease liabilities - current | 35,854 | $ 34,487 | |
Lease liabilities - noncurrent | 211,851 | $ 217,254 | |
Lease liabilities - total | 247,705 | ||
Difference between undiscounted and discounted cash flows | $ 105,568 | ||
Forecast | |||
Reconciliation of lease liabilities: | |||
Lease liabilities - noncurrent | $ 3,000 | ||
Maximum | Forecast | |||
Reconciliation of lease liabilities: | |||
Lease term | 10 years | ||
Minimum | Forecast | |||
Reconciliation of lease liabilities: | |||
Lease term | 5 years |
Revolving Line Of Credit (Detai
Revolving Line Of Credit (Details) - USD ($) $ in Thousands | May 23, 2018 | Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 |
Line Of Credit Facility [Line Items] | ||||||
Capitalization of fees paid | $ 1,331 | |||||
Amortization of deferred financing fees | $ 110 | $ 21 | $ 131 | $ 43 | ||
Gross borrowings under revolving line of credit | 305,658 | 219,714 | 580,617 | 405,330 | ||
Gross paydowns under revolving line of credit | 419,134 | 234,737 | 685,932 | 424,017 | ||
Wells Fargo Senior Secured Revolving Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, amount outstanding | 20,505 | 20,505 | $ 123,478 | |||
Amounts in depository under lock-box arrangements | 17,647 | $ 17,647 | 7,400 | |||
Line Of Credit Facility Covenant Terms | The Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base | |||||
Line of credit , maturity date | May 23, 2023 | |||||
Deferred financing fees outstanding | 709 | $ 709 | $ 834 | |||
Amortization of deferred financing fees | 62 | $ 63 | $ 125 | $ 125 | ||
Wells Fargo Senior Secured Revolving Credit Facility | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility gross borrowing base percentage | 10.00% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 250,000 | |||||
New Term Loan | ||||||
Line Of Credit Facility [Line Items] | ||||||
New term loan | $ 40,000 | |||||
New Term Loan | LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Term loan interest rate (as a percent) | 5.75% | |||||
Wells Fargo Stand-by Commercial Letters of Credit | ||||||
Line Of Credit Facility [Line Items] | ||||||
Net borrowing available under revolving line of credit | $ 1,705 | $ 1,705 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 |
Less current portion, net of discount and debt issuance costs | $ (5,936) | |
Long-term portion | $ 15,901 | 23,781 |
Prior Term Loan | ||
Term loan | 30,000 | |
Less debt issuance costs | (283) | |
Long-term debt | 29,717 | |
Less current portion, net of discount and debt issuance costs | (5,936) | |
Long-term portion | $ 23,781 | |
New Term Loan | ||
Term loan | 16,000 | |
Less debt issuance costs | (99) | |
Long-term debt | 15,901 | |
Less current portion, net of discount and debt issuance costs | ||
Long-term portion | $ 15,901 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands | May 23, 2018 | Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 |
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing fees | $ 110 | $ 21 | $ 131 | $ 43 | ||
Repayment of term loan | $ 14,000 | $ 4,000 | ||||
Quarterly loan payment | 2,000 | |||||
Amount of additional voluntary prepayment on Term Loan | $ 8,000 | |||||
New Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument issuance price, percentage of aggregate principal amount | 100.00% | |||||
New term loan | $ 40,000 | |||||
Line of credit, maturity date | May 23, 2023 | |||||
Term loan effective rate | 6.75% | 6.75% | ||||
Term loan | $ 16,000 | $ 16,000 | ||||
Unamortized debt issuance costs | $ 99 | $ 99 | ||||
Prior Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan | $ 30,000 | |||||
Unamortized debt issuance costs | $ 283 | |||||
LIBOR | New Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan interest rate (as a percent) | 5.75% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Income Taxes | ||||
Income tax expense (benefit) | $ 12,009 | $ 1,911 | $ 11,160 | $ (92) |
Effective tax rate | 27.00% | 25.80% | 26.30% | 172.40% |
Federal statutory rate | 21.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Earnings Per Share | ||||
Net income | $ 32,461 | $ 5,498 | $ 31,331 | $ 39 |
Weighted-average shares of common stock outstanding: | ||||
Basic | 43,537 | 43,130 | 43,430 | 43,065 |
Dilutive effect of common stock equivalents | 831 | 25 | 668 | 25 |
Diluted | 44,368 | 43,155 | 44,098 | 43,090 |
Basic earnings per share | $ 0.75 | $ 0.13 | $ 0.72 | $ 0 |
Diluted earnings per share | $ 0.73 | $ 0.13 | $ 0.71 | $ 0 |
Restricted stock units considered anti-dilutive and excluded in the calculation | 7 | 135 | 33 | 36 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 1,554 | $ 948 | ||||
Nonvested Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vested, Shares | (26) | |||||
Nonvested Performance-Based Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 206 | 289 | ||||
Nonvested stock issued, weighted average grant date fair value per share | $ 5.95 | $ 3.56 | ||||
Vested, Shares | (6) | (226) | ||||
Nonvested Stock Unit Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 426 | 616 | ||||
Nonvested stock issued, weighted average grant date fair value per share | $ 6.30 | $ 4.06 | ||||
Vested, Shares | (298) | (211) | ||||
Employees | Nonvested Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 0 | 0 | 0 | 0 | ||
Employees | Nonvested Performance-Based Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum number of shares subject to award | 412 | 578 | 412 | 578 | ||
Issuance of nonvested stock units | 0 | 289 | 206 | 289 | ||
Nonvested stock issued, weighted average grant date fair value per share | $ 5.95 | $ 3.56 | $ 5.95 | $ 3.56 | ||
Target number of shares subject to award | 206 | 289 | ||||
Employees | Nonvested Performance-Based Stock Awards | Minimum threshold performance target not achieved | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vested, Shares | 0 | 0 | ||||
Employees | Nonvested Stock Unit Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 3 years | 3 years | ||||
Vesting percentage | 33.00% | 33.00% | ||||
Board Of Directors | Nonvested Stock Unit Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Nonvested stock awards vested over grant date | 12 months | |||||
Employees And Board Of Directors | Nonvested Stock Unit Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of nonvested stock units | 44 | 459 | 426 | 616 | ||
Nonvested stock issued, weighted average grant date fair value per share | $ 6.30 | $ 4.06 | $ 6.30 | $ 4.06 | ||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for awards | 406 | 406 | ||||
Maximum number of shares subject to award | 800 | |||||
Shares issued under ESPP | 40 | |||||
2019 Plan | Employee Stock Plans | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for awards | 2,535 | 2,535 | ||||
Number of awards outstanding | 1,293 | 1,293 | ||||
Selling, General and Administrative Expenses | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 818 | $ 494 | $ 1,554 | $ 948 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Nonvested Restricted Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, Shares | 26 | 26 | |
Vested, Shares | (26) | ||
Beginning balance, Weighted average grant-date fair value | $ 11.25 | $ 11.25 | |
Vested, Weighted average grant-date fair value | $ 11.25 | ||
Nonvested Performance-Based Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, Shares | 250 | 34 | 34 |
Grants, Shares | 206 | 289 | |
Forfeitures, Shares | (38) | (7) | |
Vested, Shares | (6) | (226) | |
Ending balance, Shares | 418 | 310 | 250 |
Beginning balance, Weighted average grant-date fair value | $ 3.66 | $ 6.07 | $ 6.07 |
Grants, Weighted average grant-date fair value | 5.95 | 3.56 | |
Forfeitures, Weighted average grant-date fair value | 4.33 | 4.91 | |
Vested, Weighted average grant-date fair value | 11.25 | ||
Ending balance, Weighted average grant-date fair value | $ 4.73 | $ 3.64 | $ 3.66 |
Nonvested Stock Unit Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, Shares | 744 | 441 | 441 |
Grants, Shares | 426 | 616 | |
Forfeitures, Shares | (40) | (43) | |
Vested, Shares | (298) | (211) | |
Ending balance, Shares | 832 | 803 | 744 |
Beginning balance, Weighted average grant-date fair value | $ 4.32 | $ 4.92 | $ 4.92 |
Grants, Weighted average grant-date fair value | 6.30 | 4.06 | |
Forfeitures, Weighted average grant-date fair value | 4.31 | 5.18 | |
Vested, Weighted average grant-date fair value | 4.39 | 4.84 | |
Ending balance, Weighted average grant-date fair value | $ 5.30 | $ 4.27 | $ 4.32 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Jul. 02, 2019defendant |
Commitments and Contingencies. | |
Number of defendants in Parson's v. Colt's Manufacturing Company legal case | 16 |
Number of company subsidiaries named as defendant in Parsons v. Colt's Manufacturing Company legal case | 1 |
Acquisition of Field and Stre_3
Acquisition of Field and Stream Stores (Details) $ in Thousands | May 14, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 06, 2020USD ($)store | Feb. 14, 2020USD ($)store | Oct. 11, 2019USD ($)store | Sep. 28, 2019store | Aug. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Aug. 01, 2020USD ($) | Aug. 01, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||||
Inventory | $ 19,152 | ||||||||||
Asset Purchase Agreement 1 With Dicks | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration | $ 2,099 | ||||||||||
Cash paid to seller | $ 1,075 | ||||||||||
Inventory | $ 2,100 | ||||||||||
Asset Purchase Agreement 2 With Dicks | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration | $ 2,411 | ||||||||||
Cash paid to seller | $ 1,317 | ||||||||||
Sportsman's Warehouse, Inc | DICK'S | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of stores acquired | store | 8 | ||||||||||
Maximum period for which transition services will be provided | 120 days | ||||||||||
Aggregate consideration | $ 28,703 | ||||||||||
Cash paid to seller | $ 19,241 | $ 9,000 | |||||||||
Acquisition related cost | $ 662 | ||||||||||
Number of acquired stores at closing date of agreement | store | 8 | ||||||||||
Liabilities except leases assumed | $ 0 | ||||||||||
Sportsman's Warehouse, Inc | DICK'S | Revolving Credit Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amount drawn | $ 19,703 | ||||||||||
Sportsman's Warehouse, Inc | Asset Purchase Agreement 1 With Dicks | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of stores acquired | store | 1 | ||||||||||
Maximum period for which transition services will be provided | 120 days | ||||||||||
Aggregate consideration | $ 2,100 | ||||||||||
Cash paid to seller | $ 1,000 | ||||||||||
Sportsman's Warehouse, Inc | Asset Purchase Agreement 1 With Dicks | Revolving Credit Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amount drawn | $ 1,100 | ||||||||||
Sportsman's Warehouse, Inc | Asset Purchase Agreement 2 With Dicks | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of stores acquired | store | 1 | ||||||||||
Maximum period for which transition services will be provided | 120 days | ||||||||||
Aggregate consideration | $ 2,411 | ||||||||||
Cash paid to seller | $ 1,100 | ||||||||||
Sportsman's Warehouse, Inc | Asset Purchase Agreement 2 With Dicks | Revolving Credit Facility | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amount drawn | $ 1,317 | ||||||||||
Sportsman's Warehouse, Inc | 2020 Acquisitions | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition related cost | $ 6 | $ 35 |
Acquisition of Field and Stre_4
Acquisition of Field and Stream Stores - Purchase price consideration and related cash outflow (Details) - USD ($) $ in Thousands | May 14, 2020 | Mar. 12, 2020 | Mar. 06, 2020 | Feb. 14, 2020 | Oct. 11, 2019 | Aug. 31, 2020 | Jun. 30, 2020 | Jan. 31, 2020 | Aug. 01, 2020 | Feb. 01, 2020 |
Business Acquisition [Line Items] | ||||||||||
Payable to seller | $ 1,077 | |||||||||
Lease liabilities | 247,705 | |||||||||
Right-of-use assets | 223,602 | $ 224,520 | ||||||||
DICK'S | Sportsman's Warehouse, Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to seller | $ 19,241 | $ 9,000 | ||||||||
Payable to seller | 9,462 | |||||||||
Total purchase price | $ 28,703 | |||||||||
Amount of goodwill amortizable for tax purpose | $ 4,134 | |||||||||
Asset Purchase Agreement 1 With Dicks | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to seller | $ 1,075 | |||||||||
Payable to seller | 1,024 | |||||||||
Total purchase price | 2,099 | |||||||||
Lease liabilities | 1,794 | |||||||||
Right-of-use assets | $ 1,794 | |||||||||
Asset Purchase Agreement 1 With Dicks | Sportsman's Warehouse, Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to seller | $ 1,000 | |||||||||
Total purchase price | $ 2,100 | |||||||||
Asset Purchase Agreement 2 With Dicks | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to seller | $ 1,317 | |||||||||
Payable to seller | 1,094 | |||||||||
Total purchase price | 2,411 | |||||||||
Lease liabilities | 5,604 | |||||||||
Right-of-use assets | $ 5,604 | |||||||||
Asset Purchase Agreement 2 With Dicks | Sportsman's Warehouse, Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid to seller | $ 1,100 | |||||||||
Total purchase price | $ 2,411 |
Acquisition of Field and Stre_5
Acquisition of Field and Stream Stores - Estimated fair value of the identifiable assets acquired and assumed liabilities (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Mar. 06, 2020 | Feb. 01, 2020 | Oct. 11, 2019 |
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | ||||
Cash | $ 167 | |||
Inventory | 19,152 | |||
Property, plant, and equipment | $ 2,400 | 5,250 | ||
Operating lease right of use asset | 33,436 | |||
Operating lease right of use liability | (31,051) | |||
Deferred tax asset | 253 | |||
Goodwill | $ 1,496 | $ 1,496 | 1,496 | |
Total | $ 28,703 |
Acquisition of Field and Stre_6
Acquisition of Field and Stream Stores - Pro forma results - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Business Acquisitions ProForma | ||||
Net sales | $ 380,989 | $ 230,235 | $ 629,465 | $ 419,310 |
Net income | $ 32,462 | $ 5,559 | $ 31,340 | $ 100 |
Basic | $ 0.75 | $ 0.13 | $ 0.72 | $ 0 |
Diluted | $ 0.73 | $ 0.13 | $ 0.71 | $ 0 |