Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Mar. 30, 2022 | Jul. 30, 2021 | |
Cover [Abstract] | |||||
Document Type | 10-K | ||||
Document Annual Report | true | ||||
Document Transition Report | false | ||||
Document Period End Date | Jan. 29, 2022 | ||||
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, par value $0.01 per share | ||||
Trading Symbol | SPWH | ||||
Security Exchange Name | NASDAQ | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Interactive Data Current | Yes | ||||
Entity Filer Category | Large Accelerated Filer | ||||
Entity Small Business | false | ||||
Entity Emerging Growth Company | false | ||||
ICFR Auditor Attestation Flag | true | ||||
Entity Shell Company | false | ||||
Entity Public Float | $ 758,122,580 | ||||
Entity Common Stock, Shares Outstanding | 43,879,984 | ||||
Auditor Name | GRANT THORNTON LLP | GRANT THORNTON LLP | KPMG LLP | ||
Auditor Firm ID | 248 | 248 | 185 | ||
Auditor Location | Salt Lake City, Utah | Salt Lake City, Utah | Salt Lake City, Utah | ||
Current Fiscal Year End Date | --01-29 | ||||
Document Fiscal Year Focus | 2021 | ||||
Document Fiscal Period Focus | FY | ||||
Entity Central Index Key | 0001132105 | ||||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 57,018 | $ 65,525 |
Accounts receivable, net | 1,937 | 581 |
Merchandise inventories | 386,560 | 243,434 |
Prepaid expenses and other | 21,955 | 15,113 |
Total current assets | 467,470 | 324,653 |
Operating lease right of use asset | 243,047 | 235,262 |
Property and equipment, net | 128,304 | 99,118 |
Goodwill | 1,496 | 1,496 |
Definite lived intangibles, net | 264 | 289 |
Total assets | 840,581 | 660,818 |
Current liabilities: | ||
Accounts payable | 58,916 | 77,441 |
Accrued expenses | 109,012 | 109,056 |
Income taxes payable | 9,500 | 4,917 |
Operating lease liability, current | 40,924 | 36,014 |
Revolving line of credit | 66,054 | |
Total current liabilities | 284,406 | 227,428 |
Long-term liabilities: | ||
Deferred income taxes | 5,779 | 434 |
Operating lease liability, noncurrent | 236,227 | 228,296 |
Total long-term liabilities | 242,006 | 228,730 |
Total liabilities | 526,412 | 456,158 |
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; 43,880 and 43,623 shares issued and outstanding, respectively | 439 | 436 |
Additional paid-in capital | 90,851 | 89,815 |
Retained earnings | 222,879 | 114,409 |
Total stockholders' equity | 314,169 | 204,660 |
Total liabilities and stockholders' equity | $ 840,581 | $ 660,818 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
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 | 43,880 | 43,623 |
Common stock, shares outstanding | 43,880 | 43,623 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
CONSOLIDATED STATEMENTS OF INCOME | |||
Net sales | $ 1,506,072 | $ 1,451,767 | $ 886,401 |
Cost of goods sold | 1,015,775 | 975,313 | 589,768 |
Gross profit | 490,297 | 476,454 | 296,633 |
Selling, general, and administrative expenses | 399,678 | 353,706 | 263,169 |
Income from operations | 90,619 | 122,748 | 33,464 |
Other (income) expense | |||
Bargain purchase gain | (2,218) | ||
Merger termination payment | (55,000) | ||
Interest expense | 1,380 | 3,506 | 7,995 |
Income before income taxes | 144,239 | 121,460 | 25,469 |
Income tax expense | 35,769 | 30,080 | 5,254 |
Net income | $ 108,470 | $ 91,380 | $ 20,215 |
Income per share: | |||
Basic | $ 2.47 | $ 2.10 | $ 0.47 |
Diluted | $ 2.44 | $ 2.06 | $ 0.46 |
Weighted average shares outstanding: | |||
Basic | 43,827 | 43,525 | 43,166 |
Diluted | 44,543 | 44,430 | 43,588 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance, shares at Feb. 02, 2019 | 42,978 | |||||
Balance (ASC Topic 842) at Feb. 02, 2019 | $ 9,255 | $ 9,255 | ||||
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 (in shares) | 120 | |||||
Issuance of common stock for cash per employee stock purchase plan | $ 1 | 402 | 403 | |||
Stock based compensation | 2,104 | 2,104 | ||||
Net income | 20,215 | 20,215 | ||||
Balance, shares at Feb. 01, 2020 | 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 | (870) | (870) | ||||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 72 | |||||
Issuance of common stock for cash per employee stock purchase plan | 580 | 580 | ||||
Stock based compensation | 3,302 | 3,302 | ||||
Net income | 91,380 | $ 91,380 | ||||
Balance, shares at Jan. 30, 2021 | 43,623 | 43,623 | ||||
Balance at Jan. 30, 2021 | $ 436 | 89,815 | 114,409 | $ 204,660 | ||
Vesting of restricted stock units (in shares) | 257 | |||||
Vesting of restricted stock units | $ 3 | (3) | ||||
Payment of withholdings on restricted stock units | (2,289) | (2,289) | ||||
Stock based compensation | 3,328 | 3,328 | ||||
Net income | 108,470 | $ 108,470 | ||||
Balance, shares at Jan. 29, 2022 | 43,880 | 43,880 | ||||
Balance at Jan. 29, 2022 | $ 439 | $ 90,851 | $ 222,879 | $ 314,169 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 108,470 | $ 91,380 | $ 20,215 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation of property and equipment | 26,200 | 21,801 | 19,294 |
Amortization of deferred financing fees | 251 | 535 | 339 |
Amortization of definite lived intangible | 26 | 28 | 26 |
Loss (gain) on asset dispositions | 804 | (311) | |
Gain on bargain purchase | (2,218) | ||
Noncash lease expense | 31,536 | 25,307 | 27,009 |
Deferred income taxes | 5,345 | (919) | 710 |
Stock-based compensation | 3,328 | 3,302 | 2,104 |
Change in operating assets and liabilities, net of amounts acquired: | |||
Accounts receivable, net | (1,356) | 323 | (655) |
Operating lease liabilities | (26,479) | (24,390) | (28,374) |
Merchandise inventories | (143,126) | 39,938 | 20,247 |
Prepaid expenses and other | (7,093) | (2,633) | (1,571) |
Accounts payable | (20,382) | 37,812 | 12,709 |
Accrued expenses | (2,929) | 42,017 | 8,774 |
Income taxes payable and receivable | 4,583 | 5,729 | (2,650) |
Net cash (used in) provided by operating activities | (21,626) | 238,816 | 77,866 |
Cash flows from investing activities: | |||
Purchase of property and equipment, net of amounts acquired | (53,452) | (19,754) | (30,372) |
Acquisition of Field and Stream stores, net of cash acquired | (6,473) | (28,536) | |
Proceeds from deemed sale-leaseback transactions | 9,533 | ||
Proceeds from sale of property and equipment | 311 | ||
Net cash used in investing activities | (53,452) | (26,227) | (49,064) |
Cash flows from financing activities: | |||
Net borrowings/ (payments) on line of credit | 66,054 | (116,078) | (28,228) |
(Decrease) increase in book overdraft, net | 2,806 | (2,381) | 5,530 |
Proceeds from issuance of common stock per employee stock purchase plan | 580 | 403 | |
Payment of withholdings on restricted stock units | (2,289) | (870) | (369) |
Principal payments on long-term debt | (30,000) | (6,000) | |
Net cash provided by (used in) financing activities | 66,571 | (148,749) | (28,664) |
Net change in cash and cash equivalents | (8,507) | 63,840 | 138 |
Cash and cash equivalents at beginning of period | 65,525 | 1,685 | 1,547 |
Cash and cash equivalents at end of period | 57,018 | 65,525 | 1,685 |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 1,380 | 3,506 | 7,945 |
Income taxes, net of refunds | 25,841 | 25,304 | 7,292 |
Supplemental schedule of noncash activities: | |||
Noncash change in operating lease right of use asset and operating lease liabilities from | 39,437 | 39,119 | 66,095 |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 3,821 | $ 1,887 | $ 1,112 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 29, 2022 | |
Nature of Business | |
Nature of Business | (1) Nature of Business ​ Description of Business ​ Sportsman’s Warehouse Holdings, Inc. (“Holdings”), a Delaware Corporation, and subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of January 29, 2022, the Company operated 122 stores in 29 states. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 29, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies ​ Principles of Consolidation ​ The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of its four wholly owned subsidiaries, Sportsman’s Warehouse, Inc. (“Sportsman’s Warehouse”), Pacific Flyway Wholesale, LLC (“Pacific Flyway”), Sportsman’s Warehouse Southwest, Inc., and Minnesota Merchandising Corporation. All intercompany transactions and accounts have been eliminated in consolidation. ​ Fiscal Year ​ The Company operates using a 52/53-week fiscal year ending on the Saturday closest to January 31. Fiscal year 2021 ended January 29, 2022 and contained 52 weeks of operation. Fiscal year 2020 ended January 30, 2021 and contained 52 weeks of operations. Fiscal year 2019 ended February 1, 2020 and contained 52 weeks of operations. ​ 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 in the Preparation of Consolidated Financial Statements ​ The preparation of consolidated 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. ​ 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 typically have similar square footage and offer essentially the same general product mix. The Company’s core customer demographic remains similar chainwide, as does the Company’s process for the procurement and marketing of its product mix. Furthermore, the Company distributes its product mix chainwide from a single distribution center. Given that the stores have the same economic characteristics, the individual stores are aggregated into one single ​ Cash and Cash Equivalents ​ The Company considers cash on hand in stores and operating accounts as cash. Checks issued pending bank clearance that result in overdraft balances for accounting purposes are classified as accrued expenses in the accompanying consolidated balance sheets. Cash equivalents consist of short-term money market securities with maturities less than three months from the time of investment. In accordance with the terms of a financing agreement (Note 9), the Company maintains depository accounts with two banks in a lock-box or similar arrangement. Deposits into these accounts are used to reduce the outstanding balance on the line of credit as soon as the respective bank allows the funds to be transferred to the financing company. At January 29, 2022 and January 30, 2021, the combined balance in these accounts was $10,923 and $13,552, respectively. Accordingly, for 2021 these amounts have been classified as a reduction in the line of credit as if the transfers had occurred on January 29, 2022. For 2020, there was no remaining balance on the line of credit so these amounts were included in Cash as of January 30, 2021. ​ Accounts Receivable ​ The Company offers credit terms on the sale of products to certain government and corporate retail customers and requires no collateral from these customers. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for doubtful accounts receivable based upon historical experience and a specific review of accounts receivable at the end of each period. Actual bad debts may differ from these estimates and the difference could be significant. At January 29, 2022 and January 30, 2021, the Company had no allowance for doubtful accounts receivable. ​ Merchandise Inventories ​ The Company measures its inventory at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. The Company estimates a provision for inventory shrinkage based on its historical inventory accuracy rates as determined by periodic cycle counts. The Company also adjusts inventory for obsolete, slow moving, or damaged inventory based on inventory activity thresholds and by specific identification of certain slow moving or obsolete inventory. The inventory write downs for shrinkage, damage, or obsolescence totaled $8,405 and $4,745 at January 29, 2022 and January 30, 2021, respectively. ​ Property and Equipment ​ Property and equipment are recorded at cost. Leasehold improvements primarily include the cost of improvements funded by landlord incentives or allowances. Maintenance, repairs, minor renewals, and betterments are expensed as incurred. Major renewals and betterments are capitalized. Upon retirement or disposal of assets, the cost and accumulated depreciation and amortization are eliminated from the respective accounts and the related gains or losses are credited or charged to earnings. ​ Depreciation and amortization of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the useful lives of the improvements or the term of the lease. Furniture, fixtures, and equipment, are depreciated over useful lives ranging from 3 ​ Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets with definite lives for impairment whenever events or changes in circumstances may indicate that the carrying value of an asset may not be recoverable. The Company uses an estimate of the future undiscounted net cash flows of the related asset or group of assets over their remaining useful lives in measuring whether the assets are recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there are identifiable cash flows that are independent of other groups of assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less the estimated costs to sell. An impairment charge of $1,039 relating to long-lived assets of a closed store was recorded during the fiscal year ended January 30, 2021. There were no impairment charges relating to long-lived assets that were recorded during the fiscal years ended January 29, 2022 and February 1, 2020. ​ Goodwill ​ ​ If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the impairment analysis is performed, which incorporates a fair-value based approach. The Company determines the fair value of its reporting units based on discounted cash flows and market approach analyses as considered necessary. The Company considers factors such as the economy, reduced expectations for future cash flows coupled with a decline in the market price of its stock and market capitalization for a sustained period as indicators for potential goodwill impairment. If the reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. No impairment charge to goodwill was recorded during the fiscal years ended January 29, 2022, January 30, 2021 and February 1, 2020. ​ Prepaid Expenses and Other ​ Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables, right of return assets, and miscellaneous deposits. ​ Leases ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases Leases . ​ The Company adopted ASC 842 using the modified retrospective approach on February 3, 2019, coinciding with the standard’s effective date. In accordance with ASC 842, the Company did not restate prior comparative periods in transition to ASC 842 and instead reported prior comparative periods under ASC 840. Adoption of the standard resulted in the initial recognition of operating lease right-of-use (“ROU”) assets of $183,000 and operating lease liabilities of $214,000 as of February 3, 2019. These amounts were based on the present value of such commitments as of February 3, 2019 using the Company’s incremental borrowing rate (“IBR”), which was determined through use of the Company’s credit rating to develop a rate curve that approximates the Company’s market risk profile. The adoption of this standard had a material impact on the Company’s consolidated statement of income, balance sheet, stockholders’ equity and cash flows, with a $9,300 net adjustment recorded to beginning retained earnings on February 3, 2019 due to the acceleration of recognition of a deferred gain and derecognition of the related deferred tax asset the Company was amortizing relating to the historical sale and lease back of owned properties. In addition, the Company completed its evaluation of the practical expedients offered and enhanced disclosures required in ASC 842, as well as reviewed arrangements to identify embedded leases, among other activities, to account for the adoption of this standard. ​ The Company elected the following practical expedients: ​ ● A package of practical expedients allowing the Company to: 1. Carry forward its historical lease classification (i.e. it was not necessary to reclassify any existing leases at the adoption date of ASC 842), 2. Avoid reassessing whether any expired or existing contracts are or contain leases, and 3. Avoid reassessing initial indirect costs for any existing lease. ● A practical expedient allowing the Company to not separate lease components (e.g. fixed payments including, rent, real estate taxes, and insurance costs) from nonlease components (e.g. common area maintenance costs), primarily impacting the Company’s real estate leases. The election of this practical expedient eliminates the burden of separately estimating the real estate lease and nonlease costs on a relative stand-alone basis. ● A practical expedient related to land easements , allowing the Company to carry forward the accounting treatment for land easements on existing agreements and eliminated the need to reassess existing lease contracts to determine if land easements are separate leases under ASC 842. ​ The Company did not elect a practical expedient which would allow the Company to use hindsight in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and to assess impairment of the entity’s ROU assets, since election of this expedient could make adoption of ASC 842 more complex given that re-evaluation of the lease term and impairment consideration affect other aspects of lease accounting. ​ In accordance with ASC 842, the Company determines if an arrangement is a lease at inception. The Company has operating leases for the Company’s retail stores, distribution center, and corporate office. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent, on the consolidated balance sheet. Lease liabilities are initially recorded at the present value of the lease payments by discounting the lease payments by the IBR and then recording accretion over the lease term using the effective interest method. Operating lease classification results in a straight-line expense recognition pattern over the lease term and recognized lease expense as a single expense component, which results in amortization of the ROU asset that equals the difference between lease expense and interest expense. Operating lease expense is included in selling, general and administrative expense, based on the use of the leased asset, on the consolidated statement of income. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are not material; the Company recognizes lease expense for these leases on a straight-line basis over the remaining lease term. ​ ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the reasonably certain lease term. As the Company’s leases generally do not provide an implicit rental rate, the Company uses an IBR to determine the present value of future rental payments. The IBR is determined by using the Company’s credit rating to develop a yield curve that approximates the Company’s market risk profile. The operating lease ROU asset also includes any prepaid lease payments made by the tenant and is reduced by lease incentives such as tenant improvement allowances. The operating lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. ​ See Note 6 for a further discussion on leases. ​ 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 immaterial credit 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 rewards 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 4.0% 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. ASC 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative standalone 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 54%. ​ As it relates to e-commerce sales, the Company accounts for shipping and handling as fulfillment activities, and not a separate performance obligation. Accordingly, the Company recognizes revenue for only one performance obligation, the sale of the product, at the shipping point (when the customer gains control). Revenue associated with shipping and handling is not material. The costs associated with fulfillment are recorded in costs of goods sold. ​ The Company offers promotional financing and credit cards issued by a third-party bank that manages and directly extends credit to its customers. The Company provides a license to its brand and marketing services, and it facilitates credit applications in its stores and online. The banks are the sole owners of the accounts receivable generated under the program and, accordingly, the Company does not hold any customer receivables related to these programs and acts as an agent in the financing transactions with customers. The Company is eligible to receive a profit share from certain of its banking partners based on the annual performance of their corresponding portfolio, and the Company receives monthly payments based on forecasts of full-year performance. This is a form of variable consideration. The Company records such profit share as revenue over time using the most likely amount method, which reflects the amount earned each month when it is determined that the likelihood of a significant revenue reversal is not probable, which is typically monthly. Profit-share payments occur monthly, shortly after the end of each program month. ​ 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 record 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 fiscal years ended January 29, 2022 and January 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, 2022 January 30, 2021 Right of return assets, which are included in prepaid expenses and other ​ $ 2,142 ​ $ 2,940 Estimated gift card contract liability, net of breakage ​ ​ (23,128) ​ ​ (22,069) Estimated loyalty contract liability, net of breakage ​ ​ (7,211) ​ ​ (12,131) Sales return liabilities, which are included in accrued expenses ​ ​ (3,197) ​ ​ (4,388) ​ For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the Company recognized $1,606, $1,167, and $1,430 in gift card breakage, respectively. For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the Company recognized $5,769, $4,730, and $2,480, in loyalty reward breakage, respectively. The impact of these adjustments on the statement of cash flow for the year ended January 29, 2022 were recorded in cash provided by operating activities. For the fiscal years ended January 29, 2022, January 30, 2021 and February 1, 2020 the Company recognized $17,167, $8,110, and $8,219 of revenue related to the beginning contract liability from the previous year. ​ 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 our departments for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Ended ​ ​ ​ January 29, January 30, ​ ​ February 1, Department Product Offerings 2022 2021 ​ ​ 2020 Camping ​ Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools ​ 13.1% ​ 12.7% ​ ​ 14.4% Apparel ​ Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear ​ 8.4% ​ 7.5% ​ ​ 9.3% Fishing ​ Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats ​ 10.0% ​ 9.9% ​ ​ 11.1% Footwear ​ Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots ​ 6.8% ​ 5.6% ​ ​ 7.5% Hunting and Shooting ​ Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear ​ 54.2% ​ 57.6% ​ ​ 49.1% Optics, Electronics, Accessories, and Other ​ Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts ​ 7.5% ​ 6.7% ​ ​ 8.6% Total ​ ​ ​ 100.0% ​ 100.0% ​ ​ 100.0% ​ Cost of Goods Sold ​ Cost of goods sold primarily consists of merchandise acquisition costs, including freight-in costs, shipping costs, terms discounts received from the vendor and vendor allowances and rebates associated directly with merchandise. Vendor allowances include allowances and rebates received from vendors. The Company records an estimate of earned allowances based on purchase volumes. These funds are determined for each fiscal year, and the majority is based on various quantitative contract terms. Amounts expected to be received from vendors relating to purchase of merchandise inventories are recognized as a reduction of cost of goods sold as the merchandise is sold. Historical program results and current purchase volumes are reviewed when establishing the estimate for earned allowances. Shipping and Handling Fees and Costs ​ All shipping and handling fees billed to customers are recorded as a component of net sales. All costs incurred related to the shipping and handling of products are recorded in cost of sales. ​ Vendor Allowances ​ Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation and advertising reimbursements received from vendors under the terms of specific arrangements with certain vendors. Vendor allowances related to merchandise are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. ​ Health Insurance ​ The Company maintains for its employees a partially self-funded health insurance plan. The Company maintains stop-loss insurance through an insurance company with a $100 per person deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company. ​ The Company has established reserve amounts based upon claims history and estimates of claims that have been incurred but not reported (“IBNR”) for this plan. As of January 29, 2022, and January 30, 2021, the Company estimated the IBNR for this plan to be $1,349 and $1,070, respectively. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets. ​ Workers Compensation Insurance ​ The Company maintains for its employees a high-deductible workers compensation plan. The Company maintains stop-loss insurance through an insurance company with a $150 per claim deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company. ​ The Company has established reserve amounts based upon claims history and estimates of IBNR for this plan. As of January 29, 2022, and January 30, 2021, the Company estimated the IBNR for this plan to be $1,249 and $1,079, respectively, related to the workers compensation plan. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets. ​ Advertising ​ Costs for newspaper, television, radio, and other advertising are expensed in the period in which the advertising occurs. The Company participates in various advertising and marketing cooperative programs with its vendors, who, under these programs, reimburse the Company for certain costs incurred. Payments received under these cooperative programs are recorded as a decrease to expense in the period that the advertising occurred. For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, net advertising expenses totaled $20,537, $15,663, and $11,493, respectively. These amounts are included in selling, general and administrative expenses in the accompanying consolidated statements of income. ​ Stock-Based Compensation ​ Compensation expense is estimated based on grant date fair value on a straight-line basis over the requisite service or offering period. Costs associated with awards are included in compensation expense as a component of selling, general, and administrative expenses. ​ Income Taxes ​ The Company recognizes a deferred income tax liability or deferred income tax asset for the future tax consequences attributable to differences between the financial statement basis of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided against deferred income tax assets when it is more likely than not that all or some portion of the deferred income tax assets will not be realized. ​ The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant tax authorities, based on the technical merits of the position. Interest and potential penalties are accrued related to unrecognized tax benefits in the provision for income taxes. ​ Fair Value of Financial Instruments ​ As of January 29, 2022, and January 30, 2021, the carrying amounts of financial instruments except for long-term debt approximate fair value because of the general short-term nature of these instruments. The carrying amounts of long-term variable rate debt approximate fair value as the terms are consistent with market terms for similar debt instruments. ​ Earnings Per Share ​ Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by 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. ​ Comprehensive Income ​ The Company has no components of income that would require classification as other comprehensive income for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020. ​ Recently Issued Accounting Pronouncements ​ In March 2020, the FASB issued (ASU) 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ​ The standard is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. The provisions have impact as contract modifications and other changes occur while LIBOR is phased out. The Company is in the process of evaluating the optional relief guidance provided within this ASU. Management will continue its assessment and monitor regulatory developments during the LIBOR transition period. |
Acquisition of Field and Stream
Acquisition of Field and Stream Stores | 12 Months Ended |
Jan. 29, 2022 | |
Acquisition of Field and Stream Stores | |
Acquisition of Field and Stream Stores | (3) Acquisition of Field & Stream Stores ​ 2020 Acquisitions ​ On February 14, 2020, Sportsman’s Warehouse, Inc. (“ SWI”), a wholly owned subsidiary of ​ The aggregate consideration paid to DICK’S under the 2020-I Purchase Agreement was $2,139 (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 (as defined below) 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 2020-I Acquisition was paid in June 2020. ​ On March 6, 2020, SWI, ​ The aggregate consideration paid to DICK’S under the 2020-II Purchase Agreement was $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 2020-II Acquisition was paid in August 2020. ​ On September 16, 2020, SWI, ​ The aggregate consideration to be paid to DICK’S under the 2020-III Purchase Agreement is $2,001, net of rent concessions and deferrals of $2,597 (the “2020-III Purchase Price”), and subject to certain post-closing adjustments set forth in the 2020-III Purchase Agreement. On the 2020-III Closing Date, SWI drew $226 under the Revolving Line of Credit (as defined in Note 8) to fund a portion of the 2020-III Purchase Price. The remaining approximately $1,774 of consideration owed to DICK’S in connection with the 2020-III Acquisition was paid in cash in January 2021. ​ As part of the acquisitions that closed in 2020, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred for the fiscal year 2020 were $237, which were included as a component of selling, general, and administrative expenses. ​ The acquired locations were in line with the seller’s intention to reduce its footprint in the hunting and firearms business, which resulted in a below fair value purchase price consideration shown in the tables below. ​ 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 ​ ​ 1,064 Total purchase price ​ $ 2,139 ​ The net 2020-I Purchase Price of $2,139 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-I Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-I Purchase price of the tangible and intangible assets acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-I Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ March 12, 2020 Cash ​ $ 10 Inventory ​ ​ 2,133 Property, plant, and equipment ​ ​ 892 Operating lease right of use asset ​ ​ 2,070 Operating lease right of use liability ​ ​ (1,794) Deferred tax liability ​ ​ (314) Bargain purchase ​ ​ (858) Total ​ $ 2,139 ​ 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 $2,411 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-II Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-II Purchase Price of the tangible and intangible assets acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-II Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ May 14, 2020 Cash ​ $ 18 Inventory ​ ​ 2,218 Property, plant, and equipment ​ ​ 375 Operating lease right of use asset ​ ​ 5,605 Operating lease right of use liability ​ ​ (5,605) Deferred tax liability ​ ​ (53) Bargain purchase ​ ​ (147) Total ​ $ 2,411 ​ The following table summarizes the 2020-III Purchase Price consideration and related cash outflow at the 2020-III Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ October 8, 2020 Cash paid to seller ​ $ 227 Payable to seller ​ ​ 1,774 Total purchase price ​ $ 2,001 ​ ​ The net 2020-III Purchase Price of $2,001 has been allocated to identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 2020-III Acquired Stores other than the lease obligation. The excess of the fair value over the 2020-III Purchase Price of the tangible and intangible assets acquired is recorded as a bargain purchase. The following table summarizes the estimated fair value of the identifiable assets acquired and assumed liabilities as of the 2020-III Closing Date: ​ ​ ​ ​ ​ ​ ​ ​ October 8, 2020 Cash ​ $ 50 Inventory ​ ​ 3,515 Property, plant, and equipment ​ ​ 1,046 Operating lease right of use asset ​ ​ 9,534 Operating lease right of use liability ​ ​ (10,508) Deferred tax liability ​ ​ (423) Bargain purchase ​ ​ (1,213) Total ​ $ 2,001 ​ As of January 30, 2021, all purchase price allocations of 2020 acquisitions were finalized and the Company does not expect any further adjustments to the allocation in future periods. ​ 2019 Acquisition ​ On September 28, 2019, SWI entered into an Asset Purchase Agreement (the “Purchase Agreement”) with DICK’S. Pursuant to the Purchase Agreement, SWI agreed “Closing Date”). On or prior to the Closing Date, SWI ​ The aggregate consideration paid to DICK’S under the Purchase Agreement was $28.7 million (the “Purchase Price”). On the Closing Date, Sportsman’s Warehouse ​ As part of the acquisition, the Company incurred legal, accounting, and other due diligence fees that were expensed as incurred. Total fees incurred for the year ended February 1, 2020 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 allocated to the identifiable assets acquired based on their respective estimated fair values. No liabilities were assumed as part of the acquisition of the 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 Acquired Stores in 2019 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 2019 and 2020 Acquisitions ​ The right of use asset and liability were determined by taking the present value of the future minimum lease payments associated with the 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 for the 2019 acquisitions is attributable to net favorable lease rates in the acquired store leases. The difference between the asset and the liability noted above for the 2020 acquisitions is attributable to net unfavorable lease rates in the acquired store leases. ​ Goodwill for 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 . ​ Results of Operations for 2019 and 2020 Acquisition ​ The results of operations of the Acquired Stores in 2019 were included in the Company’s results of operations beginning on October 11, 2019. From October 11, 2019 through February 1, 2020 the Acquired Stores generated net sales of $24,345 and net income of approximately $2,246 . ​ The results of operations of the stores acquired in 2020 were included in the Company’s results of operations beginning on the respective dates of acquisition noted above. From the respective dates of acquisition, the stores acquired in 2020 generated net sales of $34,555 and net income of approximately $4,659 . Pro Forma Results for 2020 Acquisitions (unaudited) ​ The following pro forma results are based on the individual historical results of the 2020 acquired stores with adjustments to give effect to the combined operations as if the acquisitions 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 acquisitions 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 acquisitions; and (iv) elimination of acquisition expenses. ​ ​ ​ ​ ​ ​ ​ ​ Fifty-Two Weeks Ended ​ ​ January 30, ​ February 1, ​ ​ 2021 ​ 2020 Net sales ​ 1,464,406 ​ 909,113 Net income ​ 91,475 ​ 19,775 ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ Basic ​ 2.10 ​ 0.46 Diluted ​ 2.07 ​ 0.45 ​ ​ |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 29, 2022 | |
Property and Equipment. | |
Property and Equipment | (4) Property and Equipment ​ Property and equipment as of January 29, 2022 and January 30, 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ 2022 2021 Furniture, fixtures, and equipment ​ $ 115,597 ​ $ 96,085 Leasehold improvements ​ ​ 143,064 ​ ​ 112,338 Construction in progress ​ ​ 5,007 ​ ​ 2,614 Total property and equipment, gross ​ ​ 263,668 ​ ​ 211,037 Less accumulated depreciation and amortization ​ ​ (135,364) ​ ​ (111,919) Total property and equipment, net ​ $ 128,304 ​ $ 99,118 ​ Depreciation expense was $26,200, $21,801, and $19,294, for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, respectively. |
Definite Lived Intangible Asset
Definite Lived Intangible Assets | 12 Months Ended |
Jan. 29, 2022 | |
Definite Lived Intangible Assets | |
Definite Lived Intangible Assets | (5) Definite Lived Intangible Assets ​ The following table summarizes the definite lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, 2022 ​ ​ Amortization Period Gross carrying amount Accumulated amortization Net carrying amount Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domain Name ​ 10 years ​ ​ 257 ​ (78) ​ 179 ​ Intellectual Property ​ 8 years ​ ​ 100 ​ (15) ​ 85 ​ Total ​ ​ ​ $ 357 ​ (93) ​ 264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 30, 2021 ​ ​ Amortization Period Gross carrying amount Accumulated amortization Net carrying amount Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domain Name ​ 10 years ​ ​ 257 ​ (65) ​ 192 ​ Intellectual Property ​ 8 years ​ ​ 100 ​ (3) ​ 97 ​ Total ​ ​ ​ $ 357 ​ (68) ​ 289 ​ ​ Amortization expense for definite lived intangible asset was $26, $28, and $26, for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, respectively. |
Leases
Leases | 12 Months Ended |
Jan. 29, 2022 | |
Leases | |
Leases | (6) Leases At the inception of the lease, the Company’s operating leases have remaining certain lease terms of up to 15 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain. The adoption of ASC 842 resulted in recording a non-cash transitional adjustment to ROU assets and operating lease liabilities of $183,000 and $214,000, respectively, as of February 3, 2019. The difference between the ROU assets and operating lease liabilities at transition primarily represented existing deferred rent, tenant improvement allowances and prepaid rent of $14,200, $20,600 and $3,800, respectively, which were recorded as a component of the ROU asset in connection with the non-cash transitional adjustment. As a result of the adoption of ASC 842, the Company also recorded an increase to retained earnings of $9,300, net of tax, as of February 3, 2019, in relation to the accelerated recognition of a deferred lease gain, and derecognition of the related deferred tax asset, which the Company was amortizing relating to the historical sales of owned properties it currently leases. In the fiscal year ended January 29, 2022, the Company recorded a non-cash increase of $39,437, to ROU assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. In accordance with ASC 842, total lease expense was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 ​ 2020 Operating lease expense $ 56,293 ​ $ 51,948 ​ $ 45,760 Variable lease expense ​ 17,252 ​ ​ 15,376 ​ ​ 13,806 Short-term lease expense ​ 1,325 ​ ​ 688 ​ ​ 280 Total lease expense $ 74,870 ​ $ 68,012 ​ $ 59,846 ​ In accordance with ASC 842, other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 ​ 2020 Operating cash flows from operating leases ​ $ (59,502) ​ $ (55,765) ​ $ (49,713) Cash paid for lease liabilities - operating leases ​ ​ (59,502) ​ ​ (55,765) ​ ​ (49,713) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 29, ​ As of January 30, ​ As of February 1, ​ 2022 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities ​ $ 39,437 ​ $ 39,119 ​ $ 66,095 Terminated right-of-use assets and liabilities ​ ​ — ​ ​ (2,947) ​ ​ — Weighted-average remaining lease term - operating leases ​ ​ 5.83 ​ ​ 6.09 ​ ​ 6.26 Weighted-average discount rate - operating leases ​ ​ 8.29% ​ ​ 8.35% ​ ​ 8.00% ​ In accordance with ASC 842, maturities of operating lease liabilities as of January 29, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Year Endings: Leases 2022 ​ $ 63,061 2023 ​ ​ 59,231 2024 ​ ​ 50,555 2025 ​ ​ 43,995 2026 ​ ​ 38,830 Thereafter ​ ​ 128,633 Undiscounted cash flows ​ $ 384,305 Reconciliation of lease liabilities: ​ ​ ​ Present values ​ $ 277,151 Lease liabilities - current ​ ​ 40,924 Lease liabilities - noncurrent ​ ​ 236,227 Lease liabilities - total ​ $ 277,151 Difference between undiscounted and discounted cash flows ​ $ 107,154 ​ The Company has excluded in the table above approximately $21.7 million of leases (undiscounted basis) that were entered into as of March 30, 2022. These leases will commence in 2022 with lease terms of 10 years . |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Jan. 29, 2022 | |
Accrued Expenses and Other Liabilities | |
Accrued Expenses and Other Liabilities | (7) Accrued Expenses and Other Liabilities ​ Accrued expenses and other liabilities consist of the following at January 29, 2022 and January 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ 2022 2021 Book overdraft ​ $ 16,252 ​ $ 13,445 Unearned revenue ​ ​ 42,058 ​ ​ 38,454 Accrued payroll and related expenses ​ ​ 26,309 ​ ​ 28,453 Sales and use tax payable ​ ​ 8,788 ​ ​ 7,317 Accrued construction costs ​ ​ 416 ​ ​ 339 Other ​ ​ 15,189 ​ ​ 21,048 Total accrued expenses ​ $ 109,012 ​ $ 109,056 ​ |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 29, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | (8) Fair Value Measurements ​ Fair value measurements are reported based upon three categories, with the lowest level of measurement available applied. The levels of fair value measurement are as follows: Level 1 - quoted prices on active markets; Level 2 - observable market inputs other than quoted prices on active markets; Level 3 - unobservable data requiring the Company to develop its own approach that cannot be corroborated by market data. ​ The following table shows the fair value measurements of the Company on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value as of ​ Fair Value as of Asset Type Measurement Level January 29, 2022 ​ January 30, 2021 Short-term Investments (1) Cash and Cash Equivalents Level 1 $ 55,000 ​ $ - ​ (1) Fair value approximates carrying value because maturities are less than three months. ​ |
Revolving Line of Credit
Revolving Line of Credit | 12 Months Ended |
Jan. 29, 2022 | |
Revolving Line of Credit | |
Revolving Line of Credit | (9) Revolving Line of Credit ​ On May 23, 2018, SWI, 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 , subject to a borrowing base calculation. Information on the Term Loan is provided in Note 9. 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 consolidated balance sheet of the Company. ​ As of January 29, 2022, and January 30, 2021, the Company had $76,976 and $0, respectively, in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the consolidated balance sheets by amounts in depository accounts under lock-box type arrangements, which were $10,923 and $13,552 as of January 29, 2022 and January 30, 2021, respectively. As of January 29, 2022, the Company had stand-by commercial letters of credit of $1,955 under the terms of the Revolving Line of Credit. ​ Borrowings under the Revolving Line of Credit bear interest based on either, at the Company’s option, the base rate or LIBOR, in each case plus an applicable margin. The base rate is the higher of (1) Wells Fargo’s prime rate, (2) the federal funds rate (as defined in the credit agreement) plus 0.50% and (3) the one-month LIBOR (as defined in the Amended Credit Agreement) plus 1.00%. The applicable margin for loans under the Revolving Line of Credit, which varies based on the average daily availability, ranges from 0.25% to 0.75% per year for base rate loans and from 1.25% to 1.75% per year for LIBOR loans. ​ The Company may be required to make mandatory prepayments under the Revolving Line of Credit in the event of a disposition of certain property or assets, in the event of receipt of certain insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business. ​ 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 also contains customary events of default. The Revolving Line of Credit matures on May 23, 2023 . ​ Each of the subsidiaries of Holdings is a borrower under the Revolving Line of Credit, and all obligations under the Revolving Line of Credit are guaranteed by Holdings. All of the obligations under the Revolving Line of Credit are secured by a lien on substantially all of the Holdings’ tangible and intangible assets and the tangible and intangible assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the Revolving Line of Credit is a first priority lien as to certain liquid assets, including cash, accounts receivable, deposit accounts and inventory. ​ As of January 29, 2022 and January 30, 2021, the Amended Credit Agreement had $333 and $583, respectively in outstanding deferred financing fees. During each of the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the Company recognized $251 of non-cash interest expense with respect to the amortization of deferred financing fees. ​ As of January 29, 2022, January 30, 2021, and February 1, 2020, gross borrowings under the Revolving Line of Credit were $1,731,998, $1,443,172, and $958,869, respectively. As of January 29, 2022, January 30, 2021, and February 1, 2020, gross paydowns under the Revolving Line of Credit were $1,656,140, $1,599,611, and $994,666, respectively. ​ |
Sale Leaseback Transactions
Sale Leaseback Transactions | 12 Months Ended |
Jan. 29, 2022 | |
Leases | |
Sale Leaseback Transactions | (10) Sale Leaseback Transactions ​ During the fiscal years ended January 29, 2022 and January 30, 2021 the Company did not complete any deemed sale-leaseback or sale leaseback transactions. During the fiscal year ended February 1, 2020 the Company completed deemed sale-leaseback and sale-leaseback transactions of the land and building associated with one corporate office location. In the related lease agreement for the deemed sale leaseback location, the Company was required to pay all construction costs directly with the right of reimbursement up to a pre-determined tenant allowance. Also, the Company indemnified the landlord with respect to costs arising from third-party damage arising from the acts or omission of employees, sub-lessees, assignees, agent, and/or contractors arising during construction. As a result, and, based on appropriate accounting guidance, the Company was the owner of the land and building during the construction period. The sale occurred when the construction of the assets was substantially complete and the lease terms began. At the time of sale, any assets, up to the value of each pre-determined tenant allowance, were written off the Company’s books, and any remaining assets were considered leasehold improvements. For the sale leaseback transaction, the Company was the owner of the building and paid all construction costs directly. Once construction was deemed complete and occupancy permits were obtained, the Company sold the building and rights to the constructed assets to the landlord for a predetermined amount and were written off the Company’s books. Any remaining assets were considered leasehold improvements or property and equipment. The total value of tenant allowance received under this transaction during fiscal year 2019 was |
Common Stock
Common Stock | 12 Months Ended |
Jan. 29, 2022 | |
Common Stock. | |
Common Stock | (11) Common Stock ​ Holders of common stock are entitled to one vote per share, and to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders on a proportional basis with the restricted nonvoting common stockholders. The holders have no preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 29, 2022 | |
Earnings Per Share | |
Earnings Per Share | (12) Earnings Per Share ​ Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of nonvested share awards and nonvested share unit awards. ​ The following table sets forth the computation of basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ ​ ​ January 29, ​ ​ January 30, ​ ​ February 1, ​ ​ ​ 2022 ​ 2021 ​ 2020 Net income ​ ​ $ 108,470 ​ $ 91,380 ​ $ 20,215 Weighted-average shares of common stock outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ 43,827 ​ ​ 43,525 ​ ​ 43,166 Dilutive effect of common stock equivalents ​ ​ ​ 716 ​ ​ 905 ​ ​ 422 Diluted ​ ​ ​ 44,543 ​ ​ 44,430 ​ ​ 43,588 Basic earnings per share ​ ​ $ 2.47 ​ $ 2.10 ​ $ 0.47 Diluted earnings per share ​ ​ $ 2.44 ​ $ 2.06 ​ $ 0.46 Restricted stock units considered anti-dilutive and excluded in the calculation ​ ​ ​ 38 ​ ​ 15 ​ ​ 4 ​ |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 29, 2022 | |
Employee Stock Purchase Plan | |
Stock-Based Compensation | (13) Stock-Based Compensation ​ Stock-Based Compensation ​ T ​ Employee Stock Plans ​ As of January 29, 2022, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 2,015. As of January 29, 2022, there were 1,416 awards outstanding under the 2019 Plan. All shares granted during the current year were newly issued shares. All subsequent awards were, and all future awards are expected to be, granted under the 2019 Plan. ​ Nonvested Performance-Based Stock Awards During fiscal year 2021, the Company did not issue any nonvested performance-based stock awards to employees. During fiscal year 2020, the Company issued 206 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $5.95 per share. The nonvested performance-based stock awards issued to employees vest at the end of three years . The number of shares issued is contingent on management achieving a fiscal year 2020, 2021 and 2022 performance target for same store sales and gross margin. Based on the performance conditions met for 2020 and 2021, the finalized granted awards were 412 as presented in the table below. ​ 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, 2021 ​ 624 ​ $ 5.13 ​ Grants ​ — ​ ​ — ​ Forfeitures ​ (115) ​ ​ 5.10 ​ Vested ​ (22) ​ ​ 4.91 ​ Balance at January 29, 2022 ​ 487 ​ $ 5.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ ​ Shares fair value ​ Balance at February 1, 2020 ​ 250 ​ $ 3.66 ​ Grants ​ 412 ​ ​ 5.95 ​ Forfeitures ​ (38) ​ ​ 4.33 ​ Vested ​ — ​ ​ — ​ Balance at January 30, 2021 ​ 624 ​ $ 5.13 ​ ​ Nonvested Stock Unit Awards ​ During the fiscal year 2021, the Company issued 708 nonvested stock units to employees of the Company and independent members of the Board of Directors at a weighted average grant date fair value of $14.70 per share. The shares issued to the independent members of the Board of Directors vest over 12 months with one twelfth one third of the shares vesting on each grant date anniversary. ​ During the fiscal year 2020, the Company issued 431 nonvested stock units to employees of the Company and independent members of the Board of Directors at a weighted average grant date fair value of $6.38 per share. The shares issued to the independent members of the Board of Directors vest over 12 months with one twelfth one third of the shares vesting on each grant date anniversary. ​ The following table sets forth the rollforward of outstanding nonvested stock units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at January 30, 2021 ​ 779 ​ $ 5.19 ​ Grants ​ 708 ​ ​ 14.70 ​ Forfeitures ​ (217) ​ ​ 7.91 ​ Vested ​ (341) ​ ​ 5.87 ​ Balance at January 29, 2022 ​ 929 ​ $ 11.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at February 1, 2020 ​ 744 ​ $ 4.32 ​ Grants ​ 431 ​ ​ 6.38 ​ Forfeitures ​ (65) ​ ​ 4.73 ​ Vested ​ (331) ​ ​ 4.86 ​ Balance at January 30, 2021 ​ 779 ​ $ 5.19 ​ ​ ​ ​ ​ ​ ​ As of January 30, 2022, and January 30, 2021, the weighted average grant date fair value of the outstanding shares was $11.56 and $5.19, respectively. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 12 Months Ended |
Jan. 29, 2022 | |
Employee Stock Purchase Plan | |
Employee Stock Purchase Plan | (14) Employee Stock Purchase Plan ​ In June 2015, the Company’s stockholders approved the Sportsman’s Warehouse Holdings, Inc. Employee Stock Purchase Plan (“ESPP”), which provides for the granting of up to 800 shares of the Company’s common stock to eligible employees. The ESPP period is semi-annual and allows participants to purchase the Company’s stock at 85% of the lower of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of the common stock on the purchase date. The first plan period began on January 1, 2016. Stock-based compensation expense related to the ESPP in fiscal year 2021, 2020, and 2019 was $35, $212, and $133, respectively. ​ During the fiscal year ended January 30, 2021, the Company discontinued the ESPP program due to the proposed merger with the Great Outdoors Group. The ESPP program was later reinstated during fiscal year 2021 after the proposed merger with the Great Outdoors Group was terminated in December 2021. ​ ​ |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 29, 2022 | |
Income Taxes | |
Income Taxes | (15) Income Taxes ​ For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the income tax provision consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ 23,107 ​ $ 24,023 ​ $ 4,004 State ​ ​ 7,312 ​ ​ 6,991 ​ ​ 540 Total current ​ ​ 30,419 ​ ​ 31,014 ​ ​ 4,544 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 5,133 ​ ​ (390) ​ ​ 1,246 State ​ ​ 217 ​ ​ (544) ​ ​ (536) Total deferred ​ ​ 5,350 ​ ​ (934) ​ ​ 710 Total income tax provision ​ $ 35,769 ​ $ 30,080 ​ $ 5,254 ​ The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 ​ 2021 ​ 2020 Federal statutory rate ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % State tax, net of federal benefit ​ ​ 4.1 ​ ​ ​ 4.1 ​ ​ ​ 1.5 ​ Permanent items ​ ​ 0.1 ​ ​ ​ (0.3) ​ ​ ​ 1.1 ​ Tax Credits ​ ​ (0.6) ​ ​ ​ (0.4) ​ ​ ​ (2.8) ​ Other items ​ ​ 0.2 ​ ​ ​ 0.4 ​ ​ ​ (0.2) ​ Effective income tax rate ​ ​ 24.8 % ​ ​ 24.8 % ​ ​ 20.6 % ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 29, 2022 and January 30, 2021, respectively, are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ ​ January 30, ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ 1,521 ​ ​ $ 2,746 Operating lease liability ​ ​ 69,565 ​ ​ ​ 66,341 Gift card liability ​ ​ 1,332 ​ ​ ​ 862 Goodwill ​ ​ 671 ​ ​ ​ 752 Intangible asset ​ ​ 927 ​ ​ ​ 1,075 Inventories ​ ​ 2,940 ​ ​ ​ 1,052 Sales return reserve ​ ​ 265 ​ ​ ​ 363 Stock-based compensation ​ ​ 1,082 ​ ​ ​ 768 Loyalty program ​ ​ 1,810 ​ ​ ​ 3,045 Total gross deferred tax assets ​ $ 80,113 ​ ​ $ 77,004 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ (23,860) ​ ​ $ (17,533) ROU asset ​ ​ (61,005) ​ ​ ​ (59,044) Prepaid expenses ​ ​ (1,027) ​ ​ ​ (861) Total gross deferred tax liabilities ​ ​ (85,892) ​ ​ ​ (77,438) Net deferred tax asset ​ $ (5,779) ​ ​ $ (434) ​ ​ Deferred tax assets have resulted primarily from the Company’s future deductible temporary differences. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. At January 29, 2022, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its deferred tax assets. As of January 29, 2022, the Company had no unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Federal and state tax years that remain subject to examination are periods ended January 30, 2016 through February 1, 2020. The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 29, 2022 | |
Commitments and Contingencies. | |
Commitments and Contingencies | (16) 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. stores. The Company believes the plaintiffs’ complaint is without merit based on the plain language of the lease at issue and on August 14, 2020 filed a counterclaim for declaratory relief. No reasonable estimate of the amount of any potential losses or range of potential losses relating to this matter can be determined at this time. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jan. 29, 2022 | |
Retirement Plan | |
Retirement Plan | (17) Retirement Plan ​ The Company sponsors a profit-sharing plan (the “Plan”) for which Company contributions are based upon wages paid. As approved by the Board of Directors, the Company makes discretionary contributions to the Plan at rates determined by management. The Company made contributions of $1,974, $1,532, and $835, for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, respectively. ​ |
Terminated Merger with Great Ou
Terminated Merger with Great Outdoors Group | 12 Months Ended |
Jan. 29, 2022 | |
Terminated Merger with Great Outdoors Group | |
Terminated Merger with Great Outdoors Group | (18) Terminated Merger with Great Outdoors Group ​ On December 2, 2021, Sportsman’s Warehouse, Great Outdoors Group, LLC and Phoenix Merger Sub I, Inc. (“Merger Subsidiary”) entered into a Termination Agreement (the “Termination Agreement”) under which the parties agreed to terminate the merger agreement, dated December 21, 2020, among the same parties (the “merger Agreement”), effective immediately. Pursuant to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary would have been merged with and into Sportsman’s Warehouse, with Sportsman’s Warehouse continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of Great Outdoors Group (the “Merger”). The decision to terminate the Merger Agreement followed feedback from the Federal Trade Commission (“FTC”) that led the parties to believe that they would not have obtained FTC clearance to consummate the Merger. Under the Termination Agreement, Great Outdoors Group agreed to pay us the Parent Termination Fee (as defined in the Merger Agreement) of |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 29, 2022 | |
Subsequent Events | |
Subsequent Events | (19) Subsequent Events ​ On March 24, 2022, the Company announced that its Board of Directors authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million of outstanding shares of the Company’s common stock, $.01 par value per share commencing on March 31, 2022 (the “Commencement Date”). The Repurchase Program will terminate on the first anniversary of the Commencement Date. ​ Under the Repurchase Program, the Company may repurchase shares of its common stock at any time or from time to time, without prior notice, subject to market conditions and other considerations. The Company’s repurchases may be made through Rule 10b5-1 plans, accelerated share repurchase transactions, open market purchases, privately negotiated transactions, tender offers, block purchases or other transactions. The Company intends to fund repurchases under the Repurchase Program using cash on hand or available borrowings under its Revolving Line of Credit. The Company has no obligation to repurchase any shares of its common stock under the Repurchase Program and may modify, suspend or discontinue it at any time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 29, 2022 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation ​ The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of its four wholly owned subsidiaries, Sportsman’s Warehouse, Inc. (“Sportsman’s Warehouse”), Pacific Flyway Wholesale, LLC (“Pacific Flyway”), Sportsman’s Warehouse Southwest, Inc., and Minnesota Merchandising Corporation. All intercompany transactions and accounts have been eliminated in consolidation. |
Fiscal Year | Fiscal Year ​ The Company operates using a 52/53-week fiscal year ending on the Saturday closest to January 31. Fiscal year 2021 ended January 29, 2022 and contained 52 weeks of operation. Fiscal year 2020 ended January 30, 2021 and contained 52 weeks of operations. Fiscal year 2019 ended February 1, 2020 and contained 52 weeks of operations. |
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 in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements ​ The preparation of consolidated 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. |
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 typically have similar square footage and offer essentially the same general product mix. The Company’s core customer demographic remains similar chainwide, as does the Company’s process for the procurement and marketing of its product mix. Furthermore, the Company distributes its product mix chainwide from a single distribution center. Given that the stores have the same economic characteristics, the individual stores are aggregated into one single |
Cash and Cash Equivalents | Cash and Cash Equivalents ​ The Company considers cash on hand in stores and operating accounts as cash. Checks issued pending bank clearance that result in overdraft balances for accounting purposes are classified as accrued expenses in the accompanying consolidated balance sheets. Cash equivalents consist of short-term money market securities with maturities less than three months from the time of investment. In accordance with the terms of a financing agreement (Note 9), the Company maintains depository accounts with two banks in a lock-box or similar arrangement. Deposits into these accounts are used to reduce the outstanding balance on the line of credit as soon as the respective bank allows the funds to be transferred to the financing company. At January 29, 2022 and January 30, 2021, the combined balance in these accounts was $10,923 and $13,552, respectively. Accordingly, for 2021 these amounts have been classified as a reduction in the line of credit as if the transfers had occurred on January 29, 2022. For 2020, there was no remaining balance on the line of credit so these amounts were included in Cash as of January 30, 2021. |
Accounts Receivable | Accounts Receivable ​ The Company offers credit terms on the sale of products to certain government and corporate retail customers and requires no collateral from these customers. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for doubtful accounts receivable based upon historical experience and a specific review of accounts receivable at the end of each period. Actual bad debts may differ from these estimates and the difference could be significant. At January 29, 2022 and January 30, 2021, the Company had no allowance for doubtful accounts receivable. |
Merchandise Inventories | Merchandise Inventories ​ The Company measures its inventory at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. The Company estimates a provision for inventory shrinkage based on its historical inventory accuracy rates as determined by periodic cycle counts. The Company also adjusts inventory for obsolete, slow moving, or damaged inventory based on inventory activity thresholds and by specific identification of certain slow moving or obsolete inventory. The inventory write downs for shrinkage, damage, or obsolescence totaled $8,405 and $4,745 at January 29, 2022 and January 30, 2021, respectively. |
Property and Equipment | Property and Equipment ​ Property and equipment are recorded at cost. Leasehold improvements primarily include the cost of improvements funded by landlord incentives or allowances. Maintenance, repairs, minor renewals, and betterments are expensed as incurred. Major renewals and betterments are capitalized. Upon retirement or disposal of assets, the cost and accumulated depreciation and amortization are eliminated from the respective accounts and the related gains or losses are credited or charged to earnings. ​ Depreciation and amortization of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the useful lives of the improvements or the term of the lease. Furniture, fixtures, and equipment, are depreciated over useful lives ranging from 3 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets ​ The Company reviews its long-lived assets with definite lives for impairment whenever events or changes in circumstances may indicate that the carrying value of an asset may not be recoverable. The Company uses an estimate of the future undiscounted net cash flows of the related asset or group of assets over their remaining useful lives in measuring whether the assets are recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there are identifiable cash flows that are independent of other groups of assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less the estimated costs to sell. An impairment charge of $1,039 relating to long-lived assets of a closed store was recorded during the fiscal year ended January 30, 2021. There were no impairment charges relating to long-lived assets that were recorded during the fiscal years ended January 29, 2022 and February 1, 2020. |
Goodwill | Goodwill ​ ​ If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the impairment analysis is performed, which incorporates a fair-value based approach. The Company determines the fair value of its reporting units based on discounted cash flows and market approach analyses as considered necessary. The Company considers factors such as the economy, reduced expectations for future cash flows coupled with a decline in the market price of its stock and market capitalization for a sustained period as indicators for potential goodwill impairment. If the reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. No impairment charge to goodwill was recorded during the fiscal years ended January 29, 2022, January 30, 2021 and February 1, 2020. |
Prepaid Expenses and Other | Prepaid Expenses and Other ​ Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables, right of return assets, and miscellaneous deposits. |
Leases | Leases ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases Leases . ​ The Company adopted ASC 842 using the modified retrospective approach on February 3, 2019, coinciding with the standard’s effective date. In accordance with ASC 842, the Company did not restate prior comparative periods in transition to ASC 842 and instead reported prior comparative periods under ASC 840. Adoption of the standard resulted in the initial recognition of operating lease right-of-use (“ROU”) assets of $183,000 and operating lease liabilities of $214,000 as of February 3, 2019. These amounts were based on the present value of such commitments as of February 3, 2019 using the Company’s incremental borrowing rate (“IBR”), which was determined through use of the Company’s credit rating to develop a rate curve that approximates the Company’s market risk profile. The adoption of this standard had a material impact on the Company’s consolidated statement of income, balance sheet, stockholders’ equity and cash flows, with a $9,300 net adjustment recorded to beginning retained earnings on February 3, 2019 due to the acceleration of recognition of a deferred gain and derecognition of the related deferred tax asset the Company was amortizing relating to the historical sale and lease back of owned properties. In addition, the Company completed its evaluation of the practical expedients offered and enhanced disclosures required in ASC 842, as well as reviewed arrangements to identify embedded leases, among other activities, to account for the adoption of this standard. ​ The Company elected the following practical expedients: ​ ● A package of practical expedients allowing the Company to: 1. Carry forward its historical lease classification (i.e. it was not necessary to reclassify any existing leases at the adoption date of ASC 842), 2. Avoid reassessing whether any expired or existing contracts are or contain leases, and 3. Avoid reassessing initial indirect costs for any existing lease. ● A practical expedient allowing the Company to not separate lease components (e.g. fixed payments including, rent, real estate taxes, and insurance costs) from nonlease components (e.g. common area maintenance costs), primarily impacting the Company’s real estate leases. The election of this practical expedient eliminates the burden of separately estimating the real estate lease and nonlease costs on a relative stand-alone basis. ● A practical expedient related to land easements , allowing the Company to carry forward the accounting treatment for land easements on existing agreements and eliminated the need to reassess existing lease contracts to determine if land easements are separate leases under ASC 842. ​ The Company did not elect a practical expedient which would allow the Company to use hindsight in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and to assess impairment of the entity’s ROU assets, since election of this expedient could make adoption of ASC 842 more complex given that re-evaluation of the lease term and impairment consideration affect other aspects of lease accounting. ​ In accordance with ASC 842, the Company determines if an arrangement is a lease at inception. The Company has operating leases for the Company’s retail stores, distribution center, and corporate office. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent, on the consolidated balance sheet. Lease liabilities are initially recorded at the present value of the lease payments by discounting the lease payments by the IBR and then recording accretion over the lease term using the effective interest method. Operating lease classification results in a straight-line expense recognition pattern over the lease term and recognized lease expense as a single expense component, which results in amortization of the ROU asset that equals the difference between lease expense and interest expense. Operating lease expense is included in selling, general and administrative expense, based on the use of the leased asset, on the consolidated statement of income. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are not material; the Company recognizes lease expense for these leases on a straight-line basis over the remaining lease term. ​ ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the reasonably certain lease term. As the Company’s leases generally do not provide an implicit rental rate, the Company uses an IBR to determine the present value of future rental payments. The IBR is determined by using the Company’s credit rating to develop a yield curve that approximates the Company’s market risk profile. The operating lease ROU asset also includes any prepaid lease payments made by the tenant and is reduced by lease incentives such as tenant improvement allowances. The operating lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. ​ See Note 6 for a further discussion on leases. |
Revenue Recognition | 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 immaterial credit 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 rewards 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 4.0% 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. ASC 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative standalone 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 54%. ​ As it relates to e-commerce sales, the Company accounts for shipping and handling as fulfillment activities, and not a separate performance obligation. Accordingly, the Company recognizes revenue for only one performance obligation, the sale of the product, at the shipping point (when the customer gains control). Revenue associated with shipping and handling is not material. The costs associated with fulfillment are recorded in costs of goods sold. ​ The Company offers promotional financing and credit cards issued by a third-party bank that manages and directly extends credit to its customers. The Company provides a license to its brand and marketing services, and it facilitates credit applications in its stores and online. The banks are the sole owners of the accounts receivable generated under the program and, accordingly, the Company does not hold any customer receivables related to these programs and acts as an agent in the financing transactions with customers. The Company is eligible to receive a profit share from certain of its banking partners based on the annual performance of their corresponding portfolio, and the Company receives monthly payments based on forecasts of full-year performance. This is a form of variable consideration. The Company records such profit share as revenue over time using the most likely amount method, which reflects the amount earned each month when it is determined that the likelihood of a significant revenue reversal is not probable, which is typically monthly. Profit-share payments occur monthly, shortly after the end of each program month. ​ 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 record 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 fiscal years ended January 29, 2022 and January 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, 2022 January 30, 2021 Right of return assets, which are included in prepaid expenses and other ​ $ 2,142 ​ $ 2,940 Estimated gift card contract liability, net of breakage ​ ​ (23,128) ​ ​ (22,069) Estimated loyalty contract liability, net of breakage ​ ​ (7,211) ​ ​ (12,131) Sales return liabilities, which are included in accrued expenses ​ ​ (3,197) ​ ​ (4,388) ​ For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the Company recognized $1,606, $1,167, and $1,430 in gift card breakage, respectively. For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the Company recognized $5,769, $4,730, and $2,480, in loyalty reward breakage, respectively. The impact of these adjustments on the statement of cash flow for the year ended January 29, 2022 were recorded in cash provided by operating activities. For the fiscal years ended January 29, 2022, January 30, 2021 and February 1, 2020 the Company recognized $17,167, $8,110, and $8,219 of revenue related to the beginning contract liability from the previous year. ​ 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 our departments for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Ended ​ ​ ​ January 29, January 30, ​ ​ February 1, Department Product Offerings 2022 2021 ​ ​ 2020 Camping ​ Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools ​ 13.1% ​ 12.7% ​ ​ 14.4% Apparel ​ Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear ​ 8.4% ​ 7.5% ​ ​ 9.3% Fishing ​ Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats ​ 10.0% ​ 9.9% ​ ​ 11.1% Footwear ​ Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots ​ 6.8% ​ 5.6% ​ ​ 7.5% Hunting and Shooting ​ Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear ​ 54.2% ​ 57.6% ​ ​ 49.1% Optics, Electronics, Accessories, and Other ​ Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts ​ 7.5% ​ 6.7% ​ ​ 8.6% Total ​ ​ ​ 100.0% ​ 100.0% ​ ​ 100.0% |
Cost of Goods Sold | Cost of Goods Sold ​ Cost of goods sold primarily consists of merchandise acquisition costs, including freight-in costs, shipping costs, terms discounts received from the vendor and vendor allowances and rebates associated directly with merchandise. Vendor allowances include allowances and rebates received from vendors. The Company records an estimate of earned allowances based on purchase volumes. These funds are determined for each fiscal year, and the majority is based on various quantitative contract terms. Amounts expected to be received from vendors relating to purchase of merchandise inventories are recognized as a reduction of cost of goods sold as the merchandise is sold. Historical program results and current purchase volumes are reviewed when establishing the estimate for earned allowances. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs ​ All shipping and handling fees billed to customers are recorded as a component of net sales. All costs incurred related to the shipping and handling of products are recorded in cost of sales. |
Vendor Allowances | Vendor Allowances ​ Vendor allowances include price allowances, volume rebates, store opening costs reimbursements, marketing participation and advertising reimbursements received from vendors under the terms of specific arrangements with certain vendors. Vendor allowances related to merchandise are recognized as a reduction of the costs of merchandise as sold. Vendor reimbursements of costs are recorded as a reduction to expense in the period the related cost is incurred based on actual costs incurred. Any cost reimbursements exceeding expenses incurred are recognized as a reduction of the cost of merchandise sold. Volume allowances may be estimated based on historical purchases and estimates of projected purchases. ​ |
Health Insurance | Health Insurance ​ The Company maintains for its employees a partially self-funded health insurance plan. The Company maintains stop-loss insurance through an insurance company with a $100 per person deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company. ​ The Company has established reserve amounts based upon claims history and estimates of claims that have been incurred but not reported (“IBNR”) for this plan. As of January 29, 2022, and January 30, 2021, the Company estimated the IBNR for this plan to be $1,349 and $1,070, respectively. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets. |
Workers Compensation Insurance | Workers Compensation Insurance ​ The Company maintains for its employees a high-deductible workers compensation plan. The Company maintains stop-loss insurance through an insurance company with a $150 per claim deductible and aggregate claims limit above a predetermined threshold. The Company intends to maintain this plan indefinitely. However, the plan may be terminated, modified, suspended, or discontinued at any time for any reason specified by the Company. ​ The Company has established reserve amounts based upon claims history and estimates of IBNR for this plan. As of January 29, 2022, and January 30, 2021, the Company estimated the IBNR for this plan to be $1,249 and $1,079, respectively, related to the workers compensation plan. Actual claims may differ from the estimate and such difference could be significant. These reserves are included in accrued expenses in the accompanying consolidated balance sheets. ​ |
Advertising | Advertising ​ Costs for newspaper, television, radio, and other advertising are expensed in the period in which the advertising occurs. The Company participates in various advertising and marketing cooperative programs with its vendors, who, under these programs, reimburse the Company for certain costs incurred. Payments received under these cooperative programs are recorded as a decrease to expense in the period that the advertising occurred. For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, net advertising expenses totaled $20,537, $15,663, and $11,493, respectively. These amounts are included in selling, general and administrative expenses in the accompanying consolidated statements of income. |
Stock-Based Compensation | Stock-Based Compensation ​ Compensation expense is estimated based on grant date fair value on a straight-line basis over the requisite service or offering period. Costs associated with awards are included in compensation expense as a component of selling, general, and administrative expenses. |
Income Taxes | Income Taxes ​ The Company recognizes a deferred income tax liability or deferred income tax asset for the future tax consequences attributable to differences between the financial statement basis of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided against deferred income tax assets when it is more likely than not that all or some portion of the deferred income tax assets will not be realized. ​ The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant tax authorities, based on the technical merits of the position. Interest and potential penalties are accrued related to unrecognized tax benefits in the provision for income taxes. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ​ As of January 29, 2022, and January 30, 2021, the carrying amounts of financial instruments except for long-term debt approximate fair value because of the general short-term nature of these instruments. The carrying amounts of long-term variable rate debt approximate fair value as the terms are consistent with market terms for similar debt instruments. |
Earnings Per Share | Earnings Per Share ​ Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding, reduced by 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. |
Comprehensive Income | Comprehensive Income ​ The Company has no components of income that would require classification as other comprehensive income for the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020. ​ |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements ​ In March 2020, the FASB issued (ASU) 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ​ The standard is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. The provisions have impact as contract modifications and other changes occur while LIBOR is phased out. The Company is in the process of evaluating the optional relief guidance provided within this ASU. Management will continue its assessment and monitor regulatory developments during the LIBOR transition period. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of right of return assets, contract liabilities, and sales return liabilities with customers | ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, 2022 January 30, 2021 Right of return assets, which are included in prepaid expenses and other ​ $ 2,142 ​ $ 2,940 Estimated gift card contract liability, net of breakage ​ ​ (23,128) ​ ​ (22,069) Estimated loyalty contract liability, net of breakage ​ ​ (7,211) ​ ​ (12,131) Sales return liabilities, which are included in accrued expenses ​ ​ (3,197) ​ ​ (4,388) |
Schedule of Revenue by Departments | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Ended ​ ​ ​ January 29, January 30, ​ ​ February 1, Department Product Offerings 2022 2021 ​ ​ 2020 Camping ​ Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools ​ 13.1% ​ 12.7% ​ ​ 14.4% Apparel ​ Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear ​ 8.4% ​ 7.5% ​ ​ 9.3% Fishing ​ Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats ​ 10.0% ​ 9.9% ​ ​ 11.1% Footwear ​ Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots ​ 6.8% ​ 5.6% ​ ​ 7.5% Hunting and Shooting ​ Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear ​ 54.2% ​ 57.6% ​ ​ 49.1% Optics, Electronics, Accessories, and Other ​ Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts ​ 7.5% ​ 6.7% ​ ​ 8.6% Total ​ ​ ​ 100.0% ​ 100.0% ​ ​ 100.0% |
Acquisition of Field and Stre_2
Acquisition of Field and Stream Stores (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Business Acquisition [Line Items] | |
Summary of pro forma information | ​ ​ ​ ​ ​ ​ ​ ​ Fifty-Two Weeks Ended ​ ​ January 30, ​ February 1, ​ ​ 2021 ​ 2020 Net sales ​ 1,464,406 ​ 909,113 Net income ​ 91,475 ​ 19,775 ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ Basic ​ 2.10 ​ 0.46 Diluted ​ 2.07 ​ 0.45 |
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 ​ ​ 1,064 Total purchase price ​ $ 2,139 |
Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date | ​ ​ ​ ​ ​ ​ ​ ​ March 12, 2020 Cash ​ $ 10 Inventory ​ ​ 2,133 Property, plant, and equipment ​ ​ 892 Operating lease right of use asset ​ ​ 2,070 Operating lease right of use liability ​ ​ (1,794) Deferred tax liability ​ ​ (314) Bargain purchase ​ ​ (858) Total ​ $ 2,139 |
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 |
Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date | ​ ​ ​ ​ ​ ​ ​ ​ May 14, 2020 Cash ​ $ 18 Inventory ​ ​ 2,218 Property, plant, and equipment ​ ​ 375 Operating lease right of use asset ​ ​ 5,605 Operating lease right of use liability ​ ​ (5,605) Deferred tax liability ​ ​ (53) Bargain purchase ​ ​ (147) Total ​ $ 2,411 |
Asset Purchase Agreement 3 With Dicks | |
Business Acquisition [Line Items] | |
Summary of the purchase price consideration and related cash outflow | ​ ​ ​ ​ ​ ​ ​ ​ October 8, 2020 Cash paid to seller ​ $ 227 Payable to seller ​ ​ 1,774 Total purchase price ​ $ 2,001 |
Summary of the estimated fair value of the identifiable assets acquired and assumed liabilities as of the Closing Date | ​ ​ ​ ​ ​ ​ ​ ​ October 8, 2020 Cash ​ $ 50 Inventory ​ ​ 3,515 Property, plant, and equipment ​ ​ 1,046 Operating lease right of use asset ​ ​ 9,534 Operating lease right of use liability ​ ​ (10,508) Deferred tax liability ​ ​ (423) Bargain purchase ​ ​ (1,213) Total ​ $ 2,001 |
2019 Acquisition | |
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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Property and Equipment. | |
Schedule of Property and Equipment | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ 2022 2021 Furniture, fixtures, and equipment ​ $ 115,597 ​ $ 96,085 Leasehold improvements ​ ​ 143,064 ​ ​ 112,338 Construction in progress ​ ​ 5,007 ​ ​ 2,614 Total property and equipment, gross ​ ​ 263,668 ​ ​ 211,037 Less accumulated depreciation and amortization ​ ​ (135,364) ​ ​ (111,919) Total property and equipment, net ​ $ 128,304 ​ $ 99,118 |
Definite Lived Intangible Ass_2
Definite Lived Intangible Assets (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Definite Lived Intangible Assets | |
Summary of Definite Lived Intangible Assets | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, 2022 ​ ​ Amortization Period Gross carrying amount Accumulated amortization Net carrying amount Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Domain Name ​ 10 years ​ ​ 257 ​ (78) ​ 179 ​ Intellectual Property ​ 8 years ​ ​ 100 ​ (15) ​ 85 ​ Total ​ ​ ​ $ 357 ​ (93) ​ 264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 30, 2021 ​ ​ Amortization Period Gross carrying amount Accumulated amortization Net carrying amount Amortizing intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domain Name ​ 10 years ​ ​ 257 ​ (65) ​ 192 ​ Intellectual Property ​ 8 years ​ ​ 100 ​ (3) ​ 97 ​ Total ​ ​ ​ $ 357 ​ (68) ​ 289 ​ |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Leases | |
Summary of lease expense | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 ​ 2020 Operating lease expense $ 56,293 ​ $ 51,948 ​ $ 45,760 Variable lease expense ​ 17,252 ​ ​ 15,376 ​ ​ 13,806 Short-term lease expense ​ 1,325 ​ ​ 688 ​ ​ 280 Total lease expense $ 74,870 ​ $ 68,012 ​ $ 59,846 |
Schedule of other information | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 ​ 2020 Operating cash flows from operating leases ​ $ (59,502) ​ $ (55,765) ​ $ (49,713) Cash paid for lease liabilities - operating leases ​ ​ (59,502) ​ ​ (55,765) ​ ​ (49,713) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of January 29, ​ As of January 30, ​ As of February 1, ​ 2022 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities ​ $ 39,437 ​ $ 39,119 ​ $ 66,095 Terminated right-of-use assets and liabilities ​ ​ — ​ ​ (2,947) ​ ​ — Weighted-average remaining lease term - operating leases ​ ​ 5.83 ​ ​ 6.09 ​ ​ 6.26 Weighted-average discount rate - operating leases ​ ​ 8.29% ​ ​ 8.35% ​ ​ 8.00% |
Schedule of maturities of operating lease liabilities | ​ ​ ​ ​ ​ ​ ​ Operating Year Endings: Leases 2022 ​ $ 63,061 2023 ​ ​ 59,231 2024 ​ ​ 50,555 2025 ​ ​ 43,995 2026 ​ ​ 38,830 Thereafter ​ ​ 128,633 Undiscounted cash flows ​ $ 384,305 Reconciliation of lease liabilities: ​ ​ ​ Present values ​ $ 277,151 Lease liabilities - current ​ ​ 40,924 Lease liabilities - noncurrent ​ ​ 236,227 Lease liabilities - total ​ $ 277,151 Difference between undiscounted and discounted cash flows ​ $ 107,154 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Accrued Expenses and Other Liabilities | |
Components of Accrued Expenses | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ 2022 2021 Book overdraft ​ $ 16,252 ​ $ 13,445 Unearned revenue ​ ​ 42,058 ​ ​ 38,454 Accrued payroll and related expenses ​ ​ 26,309 ​ ​ 28,453 Sales and use tax payable ​ ​ 8,788 ​ ​ 7,317 Accrued construction costs ​ ​ 416 ​ ​ 339 Other ​ ​ 15,189 ​ ​ 21,048 Total accrued expenses ​ $ 109,012 ​ $ 109,056 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Fair Value Measurements | |
Schedule of fair value measurements of the Company on a recurring basis | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value as of ​ Fair Value as of Asset Type Measurement Level January 29, 2022 ​ January 30, 2021 Short-term Investments (1) Cash and Cash Equivalents Level 1 $ 55,000 ​ $ - ​ (1) Fair value approximates carrying value because maturities are less than three months. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Earnings Per Share | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Ended ​ ​ ​ ​ January 29, ​ ​ January 30, ​ ​ February 1, ​ ​ ​ 2022 ​ 2021 ​ 2020 Net income ​ ​ $ 108,470 ​ $ 91,380 ​ $ 20,215 Weighted-average shares of common stock outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ 43,827 ​ ​ 43,525 ​ ​ 43,166 Dilutive effect of common stock equivalents ​ ​ ​ 716 ​ ​ 905 ​ ​ 422 Diluted ​ ​ ​ 44,543 ​ ​ 44,430 ​ ​ 43,588 Basic earnings per share ​ ​ $ 2.47 ​ $ 2.10 ​ $ 0.47 Diluted earnings per share ​ ​ $ 2.44 ​ $ 2.06 ​ $ 0.46 Restricted stock units considered anti-dilutive and excluded in the calculation ​ ​ ​ 38 ​ ​ 15 ​ ​ 4 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Employee Stock Purchase Plan | |
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, 2021 ​ 624 ​ $ 5.13 ​ Grants ​ — ​ ​ — ​ Forfeitures ​ (115) ​ ​ 5.10 ​ Vested ​ (22) ​ ​ 4.91 ​ Balance at January 29, 2022 ​ 487 ​ $ 5.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ ​ Shares fair value ​ Balance at February 1, 2020 ​ 250 ​ $ 3.66 ​ Grants ​ 412 ​ ​ 5.95 ​ Forfeitures ​ (38) ​ ​ 4.33 ​ Vested ​ — ​ ​ — ​ Balance at January 30, 2021 ​ 624 ​ $ 5.13 ​ |
Rollforward of Outstanding Nonvested Stock Units | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at January 30, 2021 ​ 779 ​ $ 5.19 ​ Grants ​ 708 ​ ​ 14.70 ​ Forfeitures ​ (217) ​ ​ 7.91 ​ Vested ​ (341) ​ ​ 5.87 ​ Balance at January 29, 2022 ​ 929 ​ $ 11.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ grant-date ​ ​ Shares fair value Balance at February 1, 2020 ​ 744 ​ $ 4.32 ​ Grants ​ 431 ​ ​ 6.38 ​ Forfeitures ​ (65) ​ ​ 4.73 ​ Vested ​ (331) ​ ​ 4.86 ​ Balance at January 30, 2021 ​ 779 ​ $ 5.19 ​ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Income Taxes | |
Provision for Income Taxes | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ 23,107 ​ $ 24,023 ​ $ 4,004 State ​ ​ 7,312 ​ ​ 6,991 ​ ​ 540 Total current ​ ​ 30,419 ​ ​ 31,014 ​ ​ 4,544 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 5,133 ​ ​ (390) ​ ​ 1,246 State ​ ​ 217 ​ ​ (544) ​ ​ (536) Total deferred ​ ​ 5,350 ​ ​ (934) ​ ​ 710 Total income tax provision ​ $ 35,769 ​ $ 30,080 ​ $ 5,254 |
Schedule of Federal Statutory Tax Rate | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ January 30, ​ February 1, ​ 2022 ​ 2021 ​ 2020 Federal statutory rate ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % State tax, net of federal benefit ​ ​ 4.1 ​ ​ ​ 4.1 ​ ​ ​ 1.5 ​ Permanent items ​ ​ 0.1 ​ ​ ​ (0.3) ​ ​ ​ 1.1 ​ Tax Credits ​ ​ (0.6) ​ ​ ​ (0.4) ​ ​ ​ (2.8) ​ Other items ​ ​ 0.2 ​ ​ ​ 0.4 ​ ​ ​ (0.2) ​ Effective income tax rate ​ ​ 24.8 % ​ ​ 24.8 % ​ ​ 20.6 % |
Schedule of Deferred Tax Assets and Liabilities | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 29, ​ ​ January 30, ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ 1,521 ​ ​ $ 2,746 Operating lease liability ​ ​ 69,565 ​ ​ ​ 66,341 Gift card liability ​ ​ 1,332 ​ ​ ​ 862 Goodwill ​ ​ 671 ​ ​ ​ 752 Intangible asset ​ ​ 927 ​ ​ ​ 1,075 Inventories ​ ​ 2,940 ​ ​ ​ 1,052 Sales return reserve ​ ​ 265 ​ ​ ​ 363 Stock-based compensation ​ ​ 1,082 ​ ​ ​ 768 Loyalty program ​ ​ 1,810 ​ ​ ​ 3,045 Total gross deferred tax assets ​ $ 80,113 ​ ​ $ 77,004 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ (23,860) ​ ​ $ (17,533) ROU asset ​ ​ (61,005) ​ ​ ​ (59,044) Prepaid expenses ​ ​ (1,027) ​ ​ ​ (861) Total gross deferred tax liabilities ​ ​ (85,892) ​ ​ ​ (77,438) Net deferred tax asset ​ $ (5,779) ​ ​ $ (434) |
Nature of Business (Details)
Nature of Business (Details) | Jan. 29, 2022statestore |
Nature of Business | |
Number of stores | store | 122 |
Number of states | state | 29 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022USD ($)segmentsubsidiary | Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of subsidiaries | subsidiary | 4 | ||
Fiscal period duration | 364 days | 364 days | 364 days |
Number of reportable segments | segment | 1 | ||
Number of operating segments | segment | 1 | ||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | |
Inventory write downs | 8,405 | 4,745 | |
Amount drawn | 0 | ||
Impairment charge to long-lived assets | 0 | 1,039 | $ 0 |
Impairment of goodwill | 0 | 0 | 0 |
Stop-loss insurance maintained by health insurance company, deductible per person under health insurance | 100 | ||
Reserve on claims included in accrued expenses | 1,349 | 1,070 | |
Stop-loss insurance maintained by workers compensation insurance company, deductible per person under workers compensation insurance | 150 | ||
Workers compensation plan, estimated IBNR | 1,249 | 1,079 | |
Advertising Expense | 20,537 | 15,663 | 11,493 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 0 | 0 | $ 0 |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Fiscal period duration | 364 days | ||
Furniture, fixtures, and equipment, estimated useful life | 3 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Fiscal period duration | 371 days | ||
Furniture, fixtures, and equipment, estimated useful life | 10 years | ||
Wells Fargo Senior Secured Revolving Credit Facility | |||
Significant Accounting Policies [Line Items] | |||
In Transit Deposits | $ 10,923 | 13,552 | |
Amount drawn | $ 76,976 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 03, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right-of-use assets | $ 243,047 | $ 235,262 | |
Lease liabilities | 277,151 | ||
Retained earnings | $ 222,879 | $ 114,409 | |
Package of practical expedient | true | ||
Land easement practical expedient | true | ||
Use of hindsight practical expedient | false | ||
ASC Topic 842 | Restatement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right-of-use assets | $ 183,000 | ||
Lease liabilities | 214,000 | ||
Retained earnings | $ 9,300 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition Accounting Policy (Details) $ in Thousands | 12 Months Ended |
Jan. 29, 2022USD ($) | |
Summary of Significant Accounting Policies | |
Gift card historical breakage (as a percent) | 4.00% |
Gift card escheat liability | $ 0 |
Redemption Period | 2 years |
Breakage of loyalty reward (as a percent) | 54.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Right of return assets, which are included in prepaid expenses and other | $ 2,142 | $ 2,940 | |
Sales return liabilities, which are included in accrued expenses | (3,197) | (4,388) | |
Gift breakage income | 1,606 | 1,167 | $ 1,430 |
Recognized customer loyalty program breakage income | 5,769 | 4,730 | 2,480 |
Revenue related to the contract liability | $ 17,167 | 8,110 | $ 8,219 |
Revenue from contract with customer liability recognition period | 2 years | ||
Gift Card | |||
Disaggregation of Revenue [Line Items] | |||
Estimated contract liability, net of breakage | $ (23,128) | (22,069) | |
Loyalty Reward Program | |||
Disaggregation of Revenue [Line Items] | |||
Estimated contract liability, net of breakage | $ (7,211) | $ (12,131) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Disaggregation of revenue from contracts with customers (Details) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 100.00% | 100.00% | 100.00% |
Camping | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 13.10% | 12.70% | 14.40% |
Apparel | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 8.40% | 7.50% | 9.30% |
Fishing | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 10.00% | 9.90% | 11.10% |
Footwear | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 6.80% | 5.60% | 7.50% |
Hunting and Shooting | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 54.20% | 57.60% | 49.10% |
Optics, Electronics, Accessories, and Other | |||
Disaggregation of revenue from contracts with customers | |||
Net sales (as a percent) | 7.50% | 6.70% | 8.60% |
Acquisition of Field and Stre_3
Acquisition of Field and Stream Stores (Details) $ in Thousands | Oct. 08, 2020USD ($) | Sep. 16, 2020USD ($)store | May 14, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 06, 2020USD ($)store | Feb. 14, 2020USD ($)store | Oct. 11, 2019USD ($)store | Sep. 28, 2019store | Jan. 30, 2021USD ($) | Aug. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Amount drawn | $ 0 | $ 0 | ||||||||||||
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 | |||||||||||||
Remaining consideration 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 | $ 19,800 | |||||||||||||
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 | $ 2,139 | $ 2,139 | ||||||||||||
Remaining consideration paid to seller | 1,075 | $ 1,000 | ||||||||||||
Liabilities except leases assumed | $ 0 | |||||||||||||
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 | $ 2,411 | ||||||||||||
Remaining consideration paid to seller | 1,317 | $ 1,100 | ||||||||||||
Liabilities except leases assumed | $ 0 | |||||||||||||
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 | Asset Purchase Agreement 3 With Dicks | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores acquired | store | 2 | |||||||||||||
Maximum period for which transition services will be provided | 120 days | |||||||||||||
Aggregate consideration | $ 2,001 | $ 2,001 | ||||||||||||
Remaining consideration paid to seller | 227 | $ 1,774 | ||||||||||||
Net of rent concessions and deferrals | 2,597 | |||||||||||||
Liabilities except leases assumed | $ 0 | |||||||||||||
Sportsman's Warehouse, Inc | Asset Purchase Agreement 3 With Dicks | Revolving Credit Facility | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Amount drawn | $ 226 | |||||||||||||
Sportsman's Warehouse, Inc | 2020 Acquisitions | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition related cost | $ 237 |
Acquisition of Field and Stre_4
Acquisition of Field and Stream Stores - Purchase price consideration and related cash outflow (Details) - USD ($) $ in Thousands | Oct. 08, 2020 | Sep. 16, 2020 | May 14, 2020 | Mar. 12, 2020 | Mar. 06, 2020 | Feb. 14, 2020 | Oct. 11, 2019 | Jan. 30, 2021 | Aug. 31, 2020 | Jun. 30, 2020 | Jan. 31, 2020 | Jan. 29, 2022 |
Business Acquisition [Line Items] | ||||||||||||
Amount of goodwill amortizable for tax purpose | $ 4,134 | |||||||||||
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 | |||||||||||
Asset Purchase Agreement 1 With Dicks | Sportsman's Warehouse, Inc | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid to seller | $ 1,075 | $ 1,000 | ||||||||||
Payable to seller | 1,064 | |||||||||||
Total purchase price | $ 2,139 | $ 2,139 | ||||||||||
Asset Purchase Agreement 2 With Dicks | Sportsman's Warehouse, Inc | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid to seller | $ 1,317 | $ 1,100 | ||||||||||
Payable to seller | 1,094 | |||||||||||
Total purchase price | $ 2,411 | $ 2,411 | ||||||||||
Asset Purchase Agreement 3 With Dicks | Sportsman's Warehouse, Inc | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid to seller | $ 227 | $ 1,774 | ||||||||||
Payable to seller | 1,774 | |||||||||||
Total purchase price | $ 2,001 | $ 2,001 |
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 | 4 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Feb. 01, 2020 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Oct. 08, 2020 | May 14, 2020 | Mar. 12, 2020 | Oct. 11, 2019 | |
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | |||||||||
Goodwill | $ 1,496 | $ 1,496 | $ 1,496 | ||||||
Net sales | $ 24,345 | 34,555 | 1,506,072 | 1,451,767 | $ 886,401 | ||||
Net income | $ 2,246 | $ 4,659 | $ 108,470 | $ 91,380 | $ 20,215 | ||||
DICK'S | |||||||||
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | |||||||||
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 Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | |||||||||
Cash | $ 10 | ||||||||
Inventory | 2,133 | ||||||||
Property, plant, and equipment | 892 | ||||||||
Operating lease right of use asset | 2,070 | ||||||||
Operating lease right of use liability | (1,794) | ||||||||
Deferred tax liability | (314) | ||||||||
Bargain purchase | (858) | ||||||||
Total | $ 2,139 | ||||||||
Asset Purchase Agreement 2 With Dicks | |||||||||
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | |||||||||
Cash | $ 18 | ||||||||
Inventory | 2,218 | ||||||||
Property, plant, and equipment | 375 | ||||||||
Operating lease right of use asset | 5,605 | ||||||||
Operating lease right of use liability | (5,605) | ||||||||
Deferred tax liability | (53) | ||||||||
Bargain purchase | (147) | ||||||||
Total | $ 2,411 | ||||||||
Asset Purchase Agreement 3 With Dicks | |||||||||
Business Combination Recognized Identifiable Assets Acquired And Assumed Liabilities | |||||||||
Cash | $ 50 | ||||||||
Inventory | 3,515 | ||||||||
Property, plant, and equipment | 1,046 | ||||||||
Operating lease right of use asset | 9,534 | ||||||||
Operating lease right of use liability | (10,508) | ||||||||
Deferred tax liability | (423) | ||||||||
Bargain purchase | (1,213) | ||||||||
Total | $ 2,001 |
Acquisition of Field and Stre_6
Acquisition of Field and Stream Stores - Pro forma results - (Details) - USD ($) | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Business Acquisitions ProForma | ||
Net sales | $ 1,464,406 | $ 909,113 |
Net income | $ 91,475 | $ 19,775 |
Basic | $ 2.10 | $ 0.46 |
Diluted | $ 2.07 | $ 0.45 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Property Plant And Equipment [Line Items] | |||
Total property and equipment, gross | $ 263,668 | $ 211,037 | |
Less accumulated depreciation and amortization | (135,364) | (111,919) | |
Total property and equipment, net | 128,304 | 99,118 | |
Depreciation of property and equipment | 26,200 | 21,801 | $ 19,294 |
Furniture, fixtures, and equipment | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment, gross | 115,597 | 96,085 | |
Leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment, gross | 143,064 | 112,338 | |
Construction in progress | |||
Property Plant And Equipment [Line Items] | |||
Total property and equipment, gross | $ 5,007 | $ 2,614 |
Definite Lived Intangible Ass_3
Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | $ 357 | $ 357 |
Accumulated amortization | (93) | (68) |
Net carrying amount | $ 264 | $ 289 |
Domain Name | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortization period | 10 years | 10 years |
Gross carrying amount | $ 257 | $ 257 |
Accumulated amortization | (78) | (65) |
Net carrying amount | $ 179 | $ 192 |
Intellectual Property | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortization period | 8 years | 8 years |
Gross carrying amount | $ 100 | $ 100 |
Accumulated amortization | (15) | (3) |
Net carrying amount | $ 85 | $ 97 |
Definite Lived Intangible Ass_4
Definite Lived Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Definite Lived Intangible Assets | |||
Amortization expense for definite lived intangible asset, fiscal year | $ 26 | $ 28 | $ 26 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 03, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Options to extend | true | ||
Right-of-use assets | $ 243,047 | $ 235,262 | |
Increase in ROU assets and operating lease liabilities | 39,437 | ||
ASC Topic 842 | Restatement | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets | $ 183,000 | ||
Deferred rent | 14,200 | ||
Tenant improvement allowances | 20,600 | ||
Prepaid rent | $ 3,800 | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease terms | 15 years |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Leases | |||
Operating lease expense | $ 56,293 | $ 51,948 | $ 45,760 |
Variable lease expense | 17,252 | 15,376 | 13,806 |
Short-term lease expense | 1,325 | 688 | 280 |
Total lease expense | $ 74,870 | $ 68,012 | $ 59,846 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Leases | |||
Operating cash flows from operating leases - Cash paid for lease liabilities - operating leases | $ (59,502) | $ (55,765) | $ (49,713) |
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities | $ 39,437 | 39,119 | $ 66,095 |
Terminated right-of-use assets and liabilities | $ (2,947) | ||
Weighted-average remaining lease term - operating leases | 5 years 9 months 29 days | 6 years 1 month 2 days | 6 years 3 months 3 days |
Weighted-average discount rate - operating leases | 8.29% | 8.35% | 8.00% |
Leases - ASC 842 Maturities (De
Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands | Mar. 30, 2022 | Jan. 29, 2022 | Jan. 30, 2021 |
Maturities: | |||
2022 | $ 63,061 | ||
2023 | 59,231 | ||
2024 | 50,555 | ||
2025 | 43,995 | ||
2026 | 38,830 | ||
Thereafter | 128,633 | ||
Undiscounted cash flows | 384,305 | ||
Reconciliation of lease liabilities: | |||
Lease liabilities - current | 40,924 | $ 36,014 | |
Lease liabilities - noncurrent | 236,227 | $ 228,296 | |
Lease liabilities - total | 277,151 | ||
Difference between undiscounted and discounted cash flows | $ 107,154 | ||
Lease term | 10 years | ||
Subsequent Events. | |||
Reconciliation of lease liabilities: | |||
Lease liabilities - noncurrent | $ 21,700 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Accrued Expenses and Other Liabilities | ||
Book overdraft | $ 16,252 | $ 13,445 |
Unearned revenue | 42,058 | 38,454 |
Accrued payroll and related expenses | 26,309 | 28,453 |
Sales and use tax payable | 8,788 | 7,317 |
Accrued construction costs | 416 | 339 |
Other | 15,189 | 21,048 |
Total accrued expenses | $ 109,012 | $ 109,056 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Jan. 29, 2022USD ($) |
Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | $ 55,000 |
Revolving Line Of Credit (Detai
Revolving Line Of Credit (Details) - USD ($) $ in Thousands | May 23, 2018 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Line Of Credit Facility [Line Items] | ||||
Capitalization of fees paid | $ 1,331 | |||
Line of credit facility, amount outstanding | $ 0 | |||
Gross borrowings under revolving line of credit | $ 1,731,998 | 1,443,172 | $ 958,869 | |
Gross paydowns under revolving line of credit | 1,656,140 | 1,599,611 | 994,666 | |
Wells Fargo Senior Secured Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, amount outstanding | 76,976 | 0 | ||
Amounts in depository under lock-box arrangements | $ 10,923 | 13,552 | ||
Revolving credit facility, covenant term | 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 | $ 333 | 583 | ||
Amortization of deferred financing fees | $ 251 | $ 251 | $ 251 | |
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 | |||
Wells Fargo Senior Secured Revolving Credit Facility | Federal Funds Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 0.50% | |||
Wells Fargo Senior Secured Revolving Credit Facility | Base Rate | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 0.25% | |||
Wells Fargo Senior Secured Revolving Credit Facility | Base Rate | Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 0.75% | |||
Wells Fargo Senior Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 1.00% | |||
Wells Fargo Senior Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 1.25% | |||
Wells Fargo Senior Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Term loan interest rate (as a percent) | 1.75% | |||
New Term Loan | ||||
Line Of Credit Facility [Line Items] | ||||
New term loan | $ 40,000 | |||
Wells Fargo Stand-by Commercial Letters of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Net borrowing available under revolving line of credit | $ 1,955 |
Sale Leaseback Transactions (De
Sale Leaseback Transactions (Details) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020USD ($)store | Jan. 29, 2022store | |
Sale Leaseback Transaction [Line Items] | ||
Number of stores | 122 | |
Land and Buildings | One Store Locations | ||
Sale Leaseback Transaction [Line Items] | ||
Number of stores | 1 | |
Tenant allowance received | $ | $ 9,533 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended |
Jan. 29, 2022item | |
Common Stock. | |
Vote per share of common stock. | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 01, 2020 | Jan. 30, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Earnings Per Share | |||||
Net income | $ 2,246 | $ 4,659 | $ 108,470 | $ 91,380 | $ 20,215 |
Weighted-average shares of common stock outstanding: | |||||
Basic | 43,827 | 43,525 | 43,166 | ||
Dilutive effect of common stock equivalents | 716 | 905 | 422 | ||
Diluted | 44,543 | 44,430 | 43,588 | ||
Basic earnings per share | $ 2.47 | $ 2.10 | $ 0.47 | ||
Diluted earnings per share | $ 2.44 | $ 2.06 | $ 0.46 | ||
Restricted stock units considered anti-dilutive and excluded in the calculation | 38 | 15 | 4 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Jan. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation | $ 3,328 | $ 3,302 | $ 2,104 | |
Unrecognized compensation costs | $ 13,233 | $ 7,275 | ||
Issuance of nonvested stock units available | 0 | |||
Nonvested Performance-Based Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Nonvested stock issued, weighted average grant date fair value per share | $ 5.95 | |||
Issuance of nonvested stock units | 412,000 | |||
Weighted average grant date fair value per share | $ 5.13 | $ 5.13 | $ 3.66 | $ 11.56 |
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 | $ 14.70 | $ 6.38 | ||
Issuance of nonvested stock units | 708,000 | 431,000 | ||
Weighted average grant date fair value per share | $ 11.56 | $ 5.19 | $ 4.32 | |
Employees | Nonvested Performance-Based Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Issuance of nonvested stock units available | 206,000 | |||
Nonvested stock issued, weighted average grant date fair value per share | $ 5.95 | |||
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] | ||||
Vesting percentage | 33.00% | 33.00% | ||
Vesting period | 3 years | 3 years | ||
Board Of Directors | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Nonvested stock awards vested over grant date | 12 months | 12 months | ||
Vesting percentage | 8.33% | 8.33% | ||
Employees And 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 | $ 14.70 | $ 6.38 | ||
Issuance of nonvested stock units | 708 | 431 | ||
2019 plan | Employee Stock Plans | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for awards | 2,015,000 | |||
Number of awards outstanding | 1,416,000 | |||
Selling, General and Administrative Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation | $ 3,328 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Nonvested Performance-Based Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance, Shares | 624 | 250 |
Grants, Shares | 412 | |
Forfeitures, Shares | (115) | (38) |
Vested, Shares | (22) | |
Ending balance, Shares | 487 | 624 |
Beginning balance, Weighted average grant-date fair value | $ 5.13 | $ 3.66 |
Grants, Weighted average grant-date fair value | 5.95 | |
Forfeitures, Weighted average grant-date fair value | 5.10 | 4.33 |
Vested, Weighted average grant-date fair value | 4.91 | |
Ending balance, Weighted average grant-date fair value | $ 5.13 | $ 5.13 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance, Shares | 779 | 744 |
Grants, Shares | 708 | 431 |
Forfeitures, Shares | (217) | (65) |
Vested, Shares | (341) | (331) |
Ending balance, Shares | 929 | 779 |
Beginning balance, Weighted average grant-date fair value | $ 5.19 | $ 4.32 |
Grants, Weighted average grant-date fair value | 14.70 | 6.38 |
Forfeitures, Weighted average grant-date fair value | 7.91 | 4.73 |
Vested, Weighted average grant-date fair value | 5.87 | 4.86 |
Ending balance, Weighted average grant-date fair value | $ 11.56 | $ 5.19 |
Employee Stock Purchase Plan (D
Employee Stock Purchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3,328 | $ 3,302 | $ 2,104 | |
Employee Stock Plans | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted under ESPP | 800 | |||
Percentage of market value per share fixed as purchase price | 85.00% | |||
Stock-based compensation expense | $ 35 | $ 212 | $ 133 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Current: | |||
Federal | $ 23,107 | $ 24,023 | $ 4,004 |
State | 7,312 | 6,991 | 540 |
Total current | 30,419 | 31,014 | 4,544 |
Deferred: | |||
Federal | 5,133 | (390) | 1,246 |
State | 217 | (544) | (536) |
Total deferred | 5,350 | (934) | 710 |
Total income tax provision | $ 35,769 | $ 30,080 | $ 5,254 |
Income Taxes - Schedule of Fede
Income Taxes - Schedule of Federal Statutory Tax Rate (Details) - Parent Company | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Reconciliation of the federal statutory income tax rate to the effective income tax rate | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 4.10% | 4.10% | 1.50% |
Permanent items | 0.10% | (0.30%) | 1.10% |
Tax credits | (0.60%) | (0.40%) | (2.80%) |
Other | 0.20% | 0.40% | (0.20%) |
Effective income tax rate | 24.80% | 24.80% | 20.60% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred tax assets: | ||
Accrued liabilities | $ 1,521 | $ 2,746 |
Operating lease liability | 69,565 | 66,341 |
Gift card liability | 1,332 | 862 |
Goodwill | 671 | 752 |
Intangible asset | 927 | 1,075 |
Inventories | 2,940 | 1,052 |
Sales return reserve | 265 | 363 |
Stock-based compensation | 1,082 | 768 |
Loyalty program | 1,810 | 3,045 |
Total gross deferred tax assets | 80,113 | 77,004 |
Deferred tax liabilities: | ||
Depreciation | (23,860) | (17,533) |
ROU asset | (61,005) | (59,044) |
Prepaid expenses | (1,027) | (861) |
Total gross deferred tax liabilities | (85,892) | (77,438) |
Net deferred tax liability | $ (5,779) | $ (434) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Income Taxes | |||
Unrecognized tax benefits | $ 0 | ||
Accrued interest and penalties | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Jul. 02, 2019subsidiarydefendant |
Commitments and Contingencies. | |
Number of defendants in Parson's v. Colt's Manufacturing Company legal case | defendant | 16 |
Number of company subsidiaries named as defendant in Parsons v. Colt's Manufacturing Company legal case | subsidiary | 1 |
Retirement Plan (Details)
Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Retirement Plan | |||
Company contribution under plan | $ 1,974 | $ 1,532 | $ 835 |
Terminated Merger with Great _2
Terminated Merger with Great Outdoors Group (Details) - Great Outdoors Group, LLC and Phoenix Merger Sub I, Inc $ in Millions | Dec. 02, 2021USD ($) |
Merger termination fee income | $ 55 |
Merger termination fees | $ 55 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 24, 2022 | Jan. 29, 2022 | Jan. 30, 2021 |
Subsequent Event | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Subsequent Events. | |||
Subsequent Event | |||
Repurchase program | $ 75 | ||
Common stock, par value | $ 0.01 |