Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2022 | Sep. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 30, 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, $.01 par value | |
Trading Symbol | SPWH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,868,040 | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001132105 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,018 | $ 57,018 |
Accounts receivable, net | 1,911 | 1,937 |
Merchandise inventories | 437,382 | 386,560 |
Prepaid expenses and other | 20,855 | 21,955 |
Total current assets | 466,166 | 467,470 |
Operating lease right of use asset | 250,936 | 243,047 |
Property and equipment, net | 137,152 | 128,304 |
Goodwill | 1,496 | 1,496 |
Definite lived intangibles, net | 419 | 264 |
Total assets | 856,169 | 840,581 |
Current liabilities: | ||
Accounts payable | 98,845 | 58,916 |
Accrued expenses | 91,040 | 109,012 |
Income taxes payable | 4,852 | 9,500 |
Operating lease liability, current | 42,195 | 40,924 |
Revolving line of credit | 90,780 | 66,054 |
Total current liabilities | 327,712 | 284,406 |
Long-term liabilities: | ||
Deferred income taxes | 5,009 | 5,779 |
Operating lease liability, noncurrent | 243,596 | 236,227 |
Total long-term liabilities | 248,605 | 242,006 |
Total liabilities | 576,317 | 526,412 |
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; 44,215 issued and 38,867 outstanding on July 30, 2022 and 43,880 shares issued and outstanding on January 29, 2022 | 442 | 439 |
Treasury stock, at cost; 5,348 and 0 shares, respectively | (52,057) | |
Additional paid-in capital | 91,976 | 90,851 |
Accumulated earnings | 239,491 | 222,879 |
Total stockholders' equity | 279,852 | 314,169 |
Total liabilities and stockholders' equity | $ 856,169 | $ 840,581 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 44,215 | 43,880 |
Common stock, shares outstanding | 38,867 | 43,880 |
Treasury stock shares | 5,348 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Net sales | $ 351,021 | $ 361,778 | $ 660,526 | $ 688,770 |
Cost of goods sold | 233,482 | 241,724 | 443,896 | 464,669 |
Gross profit | 117,539 | 120,054 | 216,630 | 224,101 |
Selling, general, and administrative expenses | 97,023 | 95,870 | 193,108 | 186,289 |
Income from operations | 20,516 | 24,184 | 23,522 | 37,812 |
Interest expense | 767 | 266 | 1,334 | 492 |
Income before income taxes | 19,749 | 23,918 | 22,188 | 37,320 |
Income tax expense | 5,135 | 6,195 | 5,576 | 9,147 |
Net income | $ 14,614 | $ 17,723 | $ 16,612 | $ 28,173 |
Earnings per share: | ||||
Basic | $ 0.35 | $ 0.40 | $ 0.39 | $ 0.64 |
Diluted | $ 0.35 | $ 0.40 | $ 0.38 | $ 0.63 |
Weighted average shares outstanding: | ||||
Basic | 41,962 | 43,860 | 42,950 | 43,775 |
Diluted | 42,194 | 44,716 | 43,180 | 44,600 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional paid-in capital | Accumulated (deficit) earnings | Treasury Stock | Total |
Balance at Jan. 30, 2021 | $ 436 | $ 89,815 | $ 114,409 | $ 204,660 | |
Balance, shares at Jan. 30, 2021 | 43,623 | ||||
Vesting of restricted stock units | $ 2 | (2) | |||
Vesting of restricted stock units (in shares) | 208 | ||||
Payment of withholdings on restricted stock units | (2,269) | (2,269) | |||
Stock based compensation | 2,043 | 2,043 | |||
Net income | 28,173 | 28,173 | |||
Balance at Jul. 31, 2021 | $ 438 | 89,587 | 142,582 | 232,607 | |
Balance, shares at Jul. 31, 2021 | 43,831 | ||||
Balance at May. 01, 2021 | $ 438 | 88,560 | 124,859 | 213,857 | |
Balance, shares at May. 01, 2021 | 43,831 | ||||
Stock based compensation | 1,027 | 1,027 | |||
Net income | 17,723 | 17,723 | |||
Balance at Jul. 31, 2021 | $ 438 | 89,587 | 142,582 | 232,607 | |
Balance, shares at Jul. 31, 2021 | 43,831 | ||||
Balance at Jan. 29, 2022 | $ 439 | 90,851 | 222,879 | $ 314,169 | |
Balance, shares at Jan. 29, 2022 | 43,880 | 43,880 | |||
Repurchase of treasury stock | $ (52,057) | $ (52,057) | |||
Repurchase of treasury stock (in shares) | 5,348 | ||||
Vesting of restricted stock units | $ 2 | (2) | |||
Vesting of restricted stock units (in shares) | 271 | ||||
Payment of withholdings on restricted stock units | (1,847) | (1,847) | |||
Issuance of common stock for cash per employee stock purchase plan | $ 1 | 525 | 526 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 64 | ||||
Stock based compensation | 2,449 | 2,449 | |||
Net income | 16,612 | 16,612 | |||
Balance at Jul. 30, 2022 | $ 442 | 91,976 | 239,491 | $ (52,057) | $ 279,852 |
Balance, shares at Jul. 30, 2022 | 44,215 | 38,867 | |||
Balance at Apr. 30, 2022 | $ 441 | 90,362 | 224,877 | $ 315,680 | |
Balance, shares at Apr. 30, 2022 | 44,121 | ||||
Repurchase of treasury stock | $ (52,057) | $ (52,057) | |||
Repurchase of treasury stock (in shares) | 5,348 | 5,300 | |||
Vesting of restricted stock units (in shares) | 30 | ||||
Payment of withholdings on restricted stock units | (2) | $ (2) | |||
Issuance of common stock for cash per employee stock purchase plan | $ 1 | 525 | 526 | ||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 64 | ||||
Stock based compensation | 1,091 | 1,091 | |||
Net income | 14,614 | 14,614 | |||
Balance at Jul. 30, 2022 | $ 442 | $ 91,976 | $ 239,491 | $ (52,057) | $ 279,852 |
Balance, shares at Jul. 30, 2022 | 44,215 | 38,867 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 16,612 | $ 28,173 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation of property and equipment | 15,137 | 12,116 |
Amortization of deferred financing fees | 108 | 126 |
Amortization of definite lived intangible | 36 | 20 |
Noncash lease expense | 16,027 | 7,962 |
Deferred income taxes | (770) | (238) |
Stock-based compensation | 2,449 | 2,043 |
Change in operating assets and liabilities, net of amounts acquired: | ||
Accounts receivable, net | 26 | (35) |
Operating lease liabilities | (15,276) | (13,926) |
Merchandise inventories | (50,822) | (134,919) |
Prepaid expenses and other | 1,500 | 2,614 |
Accounts payable | 38,269 | 32,351 |
Accrued expenses | (10,681) | (1,403) |
Income taxes payable and receivable | (4,648) | (2,666) |
Net cash provided by (used in) operating activities | 7,967 | (67,782) |
Cash flows from investing activities: | ||
Purchase of property and equipment, net of amounts acquired | (22,588) | (17,936) |
Net cash used in investing activities | (22,588) | (17,936) |
Cash flows from financing activities: | ||
Net borrowings on line of credit | 24,726 | 20,191 |
(Decrease) increase in book overdraft, net | (7,221) | 4,891 |
Proceeds from issuance of common stock per employee stock purchase plan | 525 | |
Payments to acquire treasury stock | (52,057) | |
Payment of withholdings on restricted stock units | (1,844) | (2,269) |
Payment of deferred financing costs | (508) | |
Net cash (used in) provided by financing activities | (36,379) | 22,813 |
Net change in cash and cash equivalents | (51,000) | (62,905) |
Cash and cash equivalents at beginning of period | 57,018 | 65,525 |
Cash and cash equivalents at end of period | 6,018 | 2,620 |
Cash paid during the period for: | ||
Interest, net of amounts capitalized | 1,220 | 492 |
Income taxes, net of refunds | 10,993 | 12,051 |
Supplemental schedule of noncash activities: | ||
Noncash change in operating lease right of use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases | 23,972 | 24,443 |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 5,409 | $ 6,541 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jul. 30, 2022 | |
Description of Business and Basis of Presentation | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation Description of Business Sportsman’s Warehouse Holdings, Inc., a Delaware corporation (“Holdings”), and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of July 30, 2022, the Company operated 126 stores in 29 states. The Company also operates an e-commerce platform at www.sportsmans.com. The Company’s stores and website are aggregated into one operating Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of January 29, 2022 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments that are, in the opinion of management, necessary to summarize fairly our condensed consolidated financial statements for the periods presented. All of these adjustments are of a normal recurring nature. The results of the fiscal quarter ended July 30, 2022 are not necessarily indicative of the results to be obtained for the year ending January 28, 2023. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 filed with the SEC on March 30, 2022 (the “Fiscal 2021 Form 10-K”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 to the Company’s Fiscal 2021 Form 10-K. Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. Recently Issued Accounting Pronouncements In 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. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 30, 2022 | |
Revenue Recognition | |
Revenue Recognition | (3) Revenue Recognition Revenue recognition accounting policy The Company operates solely as an outdoor retailer, which includes both retail stores and an e-commerce platform, that offers a broad range of products in the United States and online. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Accordingly, the Company implicitly enters into a contract with customers to deliver merchandise inventory at the point of sale. Collectability is reasonably assured since the Company only extends credit for immaterial purchases to certain municipalities. Substantially all of the Company’s revenue is for single performance obligations for the following distinct items: ● Retail store sales ● E-commerce sales ● Gift cards and loyalty 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 the Company’s 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 exist. Based upon historical experience, gift cards are predominantly redeemed in the first two years following their issuance date. The Company does not sell or provide gift cards that carry expiration dates. Accounting Standards Codification (“ASC”) 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative 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 25%. As it relates to e-commerce sales, the Company accounts for shipping and handling as fulfillment activities, and not as 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). 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 the Company’s customers. The Company provides a license to its brand and marketing services, and the Company 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 records the respective reserve amounts, including a right to return asset when a product is expected to be returned and resold. Historical experience of actual returns and customer return rights are the key factors used in determining the estimated sales returns. Contract balances The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of July 30, 2022 and January 29, 2022: July 30, 2022 January 29, 2022 Right of return assets, which are included in prepaid expenses and other $ 2,438 $ 2,142 Estimated gift card contract liability, net of breakage (20,551) (23,128) Estimated loyalty contract liability, net of breakage (5,400) (7,211) Sales return liabilities, which are included in accrued expenses (3,639) (3,197) For the 13 and 26 weeks ended July 30, 2022, the Company recognized approximately $351 and $785 in gift card breakage and approximately $991 and $1,595 in loyalty reward breakage. For the 13 and 26 weeks ended July 31, 2021, the Company recognized approximately $292 and $673 in gift card breakage and approximately $773 and $1,328 in loyalty reward breakage. For the 13 and 26 weeks ended July 30, 2022, the Company recognized revenue of $4,796 and $15,383 relating to contract liabilities that existed at January 29, 2022. The current balance of the right of return assets is the expected amount of inventory to be returned that is expected to be resold. The current balance of the contract liabilities primarily relates to the gift card and loyalty reward program liabilities. The Company expects the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions over the next two years. The current balance of sales return liabilities is the expected amount of sales returns from sales that have occurred. Disaggregation of revenue from contracts with customers In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Company’s departments for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021, was approximately: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Department Product Offerings 2022 2021 2022 2021 Camping Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools 16.9% 17.8% 14.0% 14.7% Apparel Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear 7.1% 6.6% 7.0% 6.5% Fishing Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats 13.4% 15.1% 12.0% 13.4% Footwear Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots 6.7% 6.6% 6.5% 6.4% Hunting and Shooting Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear 50.5% 48.1% 55.1% 53.1% Optics, Electronics, Accessories, and Other Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts 5.4% 5.8% 5.4% 5.9% Total 100.0% 100.0% 100.0% 100.0% |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jul. 30, 2022 | |
Property and Equipment. | |
Property and Equipment | (4) Property and Equipment Property and equipment as of July 30, 2022 and January 29, 2022 were as follows: July 30, January 29, 2022 2022 Furniture, fixtures, and equipment $ 122,815 $ 115,597 Leasehold improvements 150,385 143,064 Construction in progress 14,131 5,007 Total property and equipment, gross 287,331 263,668 Less accumulated depreciation and amortization (150,179) (135,364) Total property and equipment, net $ 137,152 $ 128,304 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jul. 30, 2022 | |
Accrued Expenses | |
Accrued Expenses | (5) Accrued Expenses Accrued expenses consisted of the following as of July 30, 2022 and January 29, 2022: July 30, January 29, 2022 2022 Book overdraft $ 9,031 $ 16,252 Unearned revenue 37,902 42,058 Accrued payroll and related expenses 18,135 26,309 Sales and use tax payable 7,058 8,788 Accrued construction costs 344 416 Other 18,570 15,189 Total accrued expenses $ 91,040 $ 109,012 |
Leases
Leases | 6 Months Ended |
Jul. 30, 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 Company determines whether a contract is or contains a lease at contract inception. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company’s lease terms may include options to extend or terminate the lease. Additionally, the Company’s leases do not contain any material residual guarantees or material restrictive covenants. In the 13 and 26 weeks ended July 30, 2022, the Company recorded a non-cash increase of $17,594 and $23,972 to the right of use assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added. 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: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Operating lease expense $ 14,550 $ 13,836 $ 28,945 $ 27,702 Variable lease expense 4,760 4,282 9,062 8,557 Short-term lease expense 314 223 584 480 Total lease expense $ 19,624 $ 18,341 $ 38,591 $ 36,739 In accordance with ASC 842, other information related to leases was as follows: Twenty-Six Weeks Ended July 30, July 31, 2022 2021 Operating cash flows from operating leases $ (31,351) $ (29,209) Cash paid for lease liabilities - operating leases (31,351) (29,209) As of July 30, As of July 31, 2022 2021 Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities $ 23,972 $ 24,443 Terminated right-of-use assets and liabilities — — Weighted-average remaining lease term - operating leases 5.75 6 Weighted-average discount rate - operating leases 8.16% 8.33% In accordance with ASC 842, maturities of operating lease liabilities as of July 30, 2022 were as follows: Operating Year Endings: Leases 2022 (remainder) 32,389 2023 62,579 2024 54,350 2025 47,790 2026 42,625 Thereafter 151,658 Undiscounted cash flows $ 391,391 Reconciliation of lease liabilities: Present values $ 285,791 Lease liabilities - current 42,195 Lease liabilities - noncurrent 243,596 Lease liabilities - total $ 285,791 Difference between undiscounted and discounted cash flows $ 105,600 The Company has excluded in the table above approximately $29.1 million of leases (undiscounted basis) that were entered into as of September 2, 2022. These leases will commence in 2022 and 2023 with lease terms of 10 years . |
Revolving Line of Credit
Revolving Line of Credit | 6 Months Ended |
Jul. 30, 2022 | |
Revolving Line of Credit | |
Revolving Line of Credit | (7) Revolving Line of Credit On May 27, 2022, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of Holdings, as lead borrower, Holdings and other subsidiaries of the Company, each as borrowers or guarantors, 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 “Credit Agreement”). In conjunction with the Credit Agreement, the Company incurred $508 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid expenses and other assets. As of July 30, 2022 and January 29, 2022, the Company had $105,719 and $76,976 , in outstanding revolving loans under the Revolving Line of Credit and the Company’s previous revolving line of credit, respectively. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box type arrangements, which were as of July 30, 2022 and January 29, 2022, respectively. As of July 30, 2022, the Company had stand-by commercial letters of credit of Borrowings under the Revolving Line of Credit bear interest based on either the base rate or Term SOFR, at the Company’s option, in each case plus an applicable margin. The base rate is the greatest of (1) the floor rate (as defined in the credit agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) the federal funds rate (as defined in the Amended Credit Agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the Amended Credit Agreement) plus 1.00%. The applicable margin for loans under the revolving credit facility, which varies based on the average daily availability, ranges from 0.25% to 0.50% per year for base rate loans and from 1.35% to 1.60% per year for Term SOFR loans. The Company is required to pay a commitment fee for the unused portion of the revolving credit facility, which will range from 0.20% to 0.225% per annum, depending on the average daily availability under the Revolving Line of Credit. 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 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 Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base and contains customary events of default. The Revolving Line of Credit matures on May 27, 2027 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 Holdings’ tangible and intangible working capital assets and the tangible and intangible working capital 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 July 30, 2022 and January 29, 2022, the Credit Agreement and the Company’s prior credit agreement had $733 and $333 , respectively, in deferred financing fees. During the 13 and 26 weeks ended July 30, 2022, the Company recognized of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 and 26 weeks ended July 31, 2021, the Company recognized For the 13 and 26 weeks ended July 30, 2022, gross borrowings under the Revolving Line of Credit and the Company’s prior revolving line of credit were $379,778 and $752,494 , respectively. For the 13 and 26 weeks ended July 31, 2021 gross borrowing under the Company’s prior revolving line of credit were $434,702 and $792,180 , respectively. For the 13 and 26 weeks ended July 30, 2022, gross paydowns under the Revolving Line of Credit and the Company’s prior revolving line of credit were $387,886 and $725,525 , respectively. For the 13 and 26 weeks ended July 31, 2021, gross paydowns under the Company’s prior revolving line of credit were $397,830 and $755,470 , respectively. Restricted Net Assets The provisions of the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of July 30, 2022, from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Revolving Line of Credit. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2022 | |
Income Taxes | |
Income Taxes | (8) Income Taxes The Company recognized income tax expense of $5,135 and $6,195 , respectively, in the 13 weeks ended July 30, 2022 and July 31, 2021. The Company’s effective tax rate for the 13 weeks ended July 30, 2022 and July 31, 2021 was , respectively. The Company recognized income tax expense of , respectively, in the 26 weeks ended July 30, 2022 and July 31, 2021. The Company’s effective tax rate for the 26 weeks ended July 30, 2022 and July 31, 2021 was , respectively. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jul. 30, 2022 | |
Stockholder's Equity | |
Stockholder's Equity | (9) Stockholder’s Equity Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards. The following table sets forth the computation of basic and diluted earnings per common share: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Net income $ 14,614 $ 17,723 $ 16,612 $ 28,173 Weighted-average shares of common stock outstanding: Basic 41,962 43,860 42,950 43,775 Dilutive effect of common stock equivalents 232 856 230 825 Diluted 42,194 44,716 43,180 44,600 Basic earnings per share $ 0.35 $ 0.40 $ 0.39 $ 0.64 Diluted earnings per share $ 0.35 $ 0.40 $ 0.38 $ 0.63 Restricted stock units considered anti-dilutive and excluded in the calculation 166 2 150 5 Treasury Stock 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 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. During the 13 weeks ended July 30, 2022 the Company repurchased approximately |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2022 | |
Stock-Based Compensation | |
Stock-Based Compensation | (10) Stock-Based Compensation Stock-Based Compensation During the 13 and 26 weeks ended July 30, 2022 the Company recognized total stock-based compensation expense of $1,091 and $2,449. During the 13 and 26 weeks ended July 31, 2021, the Company recognized total stock-based compensation expense of $1,027 and $2,043. Compensation expense related to the Company's stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations. Employee Stock Plans As of July 30, 2022, the number of shares available for awards under the 2019 Performance Incentive Plan (the “2019 Plan”) was 1,637. As of July 30, 2022, there were 1,366 unvested stock awards outstanding under the 2019 Plan. Employee Stock Purchase Plan The Company also has an Employee Stock Purchase Plan (“ESPP”) that was approved by shareholders in fiscal year 2015, under which 800 shares of common stock were authorized. For the 13 weeks ended July 30, 2022, 64 shares were issued under the ESPP and, as of July 30, 2022, the number of shares available for issuance was 310. Nonvested Performance-Based Stock Awards During the 13 weeks ended July 30, 2022, the Company issued 47 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $9.65 per share. During the 26 weeks ended July 30, 2022, the Company issued 188 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $10.88 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued is contingent on management achieving fiscal year 2022, 2023, and 2024 performance targets for total revenue growth and adjusted EPS. If minimum threshold performance targets are not achieved, no shares will vest. The maximum number of shares subject to the award is During the 13 weeks ended July 31, 2021, the Company did no t issue any 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 29, 2022 487 $ 5.13 Grants 188 10.88 Forfeitures (89) 5.47 Vested (168) 3.49 Balance at July 30, 2022 418 $ 8.31 Weighted average grant-date Shares fair value Balance at January 30, 2021 624 $ 5.13 Grants — — Forfeitures (13) 5.63 Vested (22) 4.91 Balance at July 31, 2021 589 $ 5.13 Nonvested Stock Unit Awards During the 13 and 26 weeks ended July 30, 2022, the Company issued 110 and 418 nonvested stock units, respectively, to employees and directors of the Company at an average value of $9.51 and $10.82 per share, respectively. The shares issued to During the 13 weeks ended July 31, 2021, the Company issued 28 nonvested stock units to directors of the Company at an average value of $17.77 per share. The shares issued to directors of the Company vest over a 12 month period with one During the 26 weeks ended July 31, 2021, the Company issued 249 nonvested stock units to employees and directors of the Company at an average value of $17.33 per share. The shares issued to employees of the Company vest over a three year period with one one The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 29, 2022 929 $ 11.56 Grants 418 10.82 Forfeitures (139) 11.41 Vested (260) 8.19 Balance at July 30, 2022 948 $ 12.18 Weighted average grant-date Shares fair value Balance at January 30, 2021 779 $ 5.19 Grants 249 17.33 Forfeitures (38) 8.02 Vested (325) 5.45 Balance at July 31, 2021 665 $ 9.45 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 30, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | (11) 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 July 30, 2022 January 29, 2022 Short-term Investments (1) Cash and Cash Equivalents (2) Level 1 $ - $ 55,000 (1) Fair value approximates carrying value because maturities are less than three months. (2) Cash equivalents are money market funds held by the Company . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2022 | |
Commitments and Contingencies. | |
Commitments and Contingencies | (12) Commitments and Contingencies Legal Matters The Company is involved in various legal matters generally incidental to its business. After discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations. TMS McCarthy, LP, Etc., Pltf. v. Sportsman’s Warehouse Southwest, Inc. Etc. Et Al., Dfts. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 30, 2022 | |
Summary of Significant Accounting Policies | |
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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Revenue Recognition | |
Schedule of right of return assets, contract liabilities, and sales return liabilities with customers | July 30, 2022 January 29, 2022 Right of return assets, which are included in prepaid expenses and other $ 2,438 $ 2,142 Estimated gift card contract liability, net of breakage (20,551) (23,128) Estimated loyalty contract liability, net of breakage (5,400) (7,211) Sales return liabilities, which are included in accrued expenses (3,639) (3,197) |
Schedule of Revenue by Departments | Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Department Product Offerings 2022 2021 2022 2021 Camping Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools 16.9% 17.8% 14.0% 14.7% Apparel Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear 7.1% 6.6% 7.0% 6.5% Fishing Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats 13.4% 15.1% 12.0% 13.4% Footwear Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots 6.7% 6.6% 6.5% 6.4% Hunting and Shooting Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear 50.5% 48.1% 55.1% 53.1% Optics, Electronics, Accessories, and Other Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts 5.4% 5.8% 5.4% 5.9% Total 100.0% 100.0% 100.0% 100.0% |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Property and Equipment. | |
Schedule of Property and Equipment | July 30, January 29, 2022 2022 Furniture, fixtures, and equipment $ 122,815 $ 115,597 Leasehold improvements 150,385 143,064 Construction in progress 14,131 5,007 Total property and equipment, gross 287,331 263,668 Less accumulated depreciation and amortization (150,179) (135,364) Total property and equipment, net $ 137,152 $ 128,304 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Accrued Expenses | |
Components of Accrued Expenses | July 30, January 29, 2022 2022 Book overdraft $ 9,031 $ 16,252 Unearned revenue 37,902 42,058 Accrued payroll and related expenses 18,135 26,309 Sales and use tax payable 7,058 8,788 Accrued construction costs 344 416 Other 18,570 15,189 Total accrued expenses $ 91,040 $ 109,012 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Leases | |
Summary of lease expense | In accordance with ASC 842, total lease expense was comprised of the following: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Operating lease expense $ 14,550 $ 13,836 $ 28,945 $ 27,702 Variable lease expense 4,760 4,282 9,062 8,557 Short-term lease expense 314 223 584 480 Total lease expense $ 19,624 $ 18,341 $ 38,591 $ 36,739 |
Schedule of other information | Twenty-Six Weeks Ended July 30, July 31, 2022 2021 Operating cash flows from operating leases $ (31,351) $ (29,209) Cash paid for lease liabilities - operating leases (31,351) (29,209) As of July 30, As of July 31, 2022 2021 Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities $ 23,972 $ 24,443 Terminated right-of-use assets and liabilities — — Weighted-average remaining lease term - operating leases 5.75 6 Weighted-average discount rate - operating leases 8.16% 8.33% |
Schedule of maturities of operating lease liabilities | Operating Year Endings: Leases 2022 (remainder) 32,389 2023 62,579 2024 54,350 2025 47,790 2026 42,625 Thereafter 151,658 Undiscounted cash flows $ 391,391 Reconciliation of lease liabilities: Present values $ 285,791 Lease liabilities - current 42,195 Lease liabilities - noncurrent 243,596 Lease liabilities - total $ 285,791 Difference between undiscounted and discounted cash flows $ 105,600 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Stockholder's Equity | |
Computation of Basic and Diluted Earnings Per Common Share | Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, 2022 2021 2022 2021 Net income $ 14,614 $ 17,723 $ 16,612 $ 28,173 Weighted-average shares of common stock outstanding: Basic 41,962 43,860 42,950 43,775 Dilutive effect of common stock equivalents 232 856 230 825 Diluted 42,194 44,716 43,180 44,600 Basic earnings per share $ 0.35 $ 0.40 $ 0.39 $ 0.64 Diluted earnings per share $ 0.35 $ 0.40 $ 0.38 $ 0.63 Restricted stock units considered anti-dilutive and excluded in the calculation 166 2 150 5 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Stock-Based Compensation | |
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 29, 2022 487 $ 5.13 Grants 188 10.88 Forfeitures (89) 5.47 Vested (168) 3.49 Balance at July 30, 2022 418 $ 8.31 Weighted average grant-date Shares fair value Balance at January 30, 2021 624 $ 5.13 Grants — — Forfeitures (13) 5.63 Vested (22) 4.91 Balance at July 31, 2021 589 $ 5.13 |
Rollforward of Outstanding Nonvested Stock Units | The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands): Weighted average grant-date Shares fair value Balance at January 29, 2022 929 $ 11.56 Grants 418 10.82 Forfeitures (139) 11.41 Vested (260) 8.19 Balance at July 30, 2022 948 $ 12.18 Weighted average grant-date Shares fair value Balance at January 30, 2021 779 $ 5.19 Grants 249 17.33 Forfeitures (38) 8.02 Vested (325) 5.45 Balance at July 31, 2021 665 $ 9.45 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 30, 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 July 30, 2022 January 29, 2022 Short-term Investments (1) Cash and Cash Equivalents (2) Level 1 $ - $ 55,000 (1) Fair value approximates carrying value because maturities are less than three months. (2) Cash equivalents are money market funds held by the Company . |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) | 6 Months Ended |
Jul. 30, 2022 state store segment | |
Description of Business and Basis of Presentation | |
Number of stores | store | 126 |
Number of states | state | 29 |
Number of reportable segments | 1 |
Number of Operating Segments | 1 |
Revenue Recognition (Details)
Revenue Recognition (Details) | 6 Months Ended |
Jul. 30, 2022 | |
Revenue Recognition | |
Gift card historical breakage (as a percent) | 4% |
Redemption period | 2 years |
Breakage of loyalty reward (as a percent) | 25% |
Revenue Recognition - Contract
Revenue Recognition - Contract balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Right of return assets, which are included in prepaid expenses and other | $ 2,438 | $ 2,438 | $ 2,142 | ||
Sales return liabilities, which are included in accrued expenses | (3,639) | (3,639) | (3,197) | ||
Gift breakage income | 351 | $ 292 | 785 | $ 673 | |
Recognized customer loyalty program breakage income | 991 | $ 773 | 1,595 | $ 1,328 | |
Recognized revenues relating to contract liabilities | 4,796 | $ 15,383 | |||
Revenue from contract with customer liability recognition period | 2 years | ||||
Gift Card | |||||
Disaggregation of Revenue [Line Items] | |||||
Estimated contract liability, net of breakage | (20,551) | $ (20,551) | (23,128) | ||
Loyalty Reward Program | |||||
Disaggregation of Revenue [Line Items] | |||||
Estimated contract liability, net of breakage | $ (5,400) | $ (5,400) | $ (7,211) |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue from contracts with customers (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 100% | 100% | 100% | 100% |
Camping | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 16.90% | 17.80% | 14% | 14.70% |
Apparel | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 7.10% | 6.60% | 7% | 6.50% |
Fishing | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 13.40% | 15.10% | 12% | 13.40% |
Footwear | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 6.70% | 6.60% | 6.50% | 6.40% |
Hunting and Shooting | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 50.50% | 48.10% | 55.10% | 53.10% |
Optics, Electronics, Accessories, and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales (as a percent) | 5.40% | 5.80% | 5.40% | 5.90% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 287,331 | $ 263,668 |
Less accumulated depreciation and amortization | (150,179) | (135,364) |
Total property and equipment, net | 137,152 | 128,304 |
Furniture, fixtures, and equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 122,815 | 115,597 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 150,385 | 143,064 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 14,131 | $ 5,007 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 |
Accrued Expenses | ||
Book overdraft | $ 9,031 | $ 16,252 |
Unearned revenue | 37,902 | 42,058 |
Accrued payroll and related expenses | 18,135 | 26,309 |
Sales and use tax payable | 7,058 | 8,788 |
Accrued construction costs | 344 | 416 |
Other | 18,570 | 15,189 |
Total accrued expenses | $ 91,040 | $ 109,012 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 30, 2022 USD ($) | Jul. 30, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Options to extend | true | |
Increase in ROU assets and operating lease liabilities | $ 17,594 | $ 23,972 |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 15 years | 15 years |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Leases | ||||
Operating lease expense | $ 14,550 | $ 13,836 | $ 28,945 | $ 27,702 |
Variable lease expense | 4,760 | 4,282 | 9,062 | 8,557 |
Short-term lease expense | 314 | 223 | 584 | 480 |
Total lease expense | $ 19,624 | $ 18,341 | $ 38,591 | $ 36,739 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Leases | ||
Operating cash flows from operating leases - Cash paid for lease liabilities - operating leases | $ (31,351) | $ (29,209) |
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities | $ 23,972 | $ 24,443 |
Weighted-average remaining lease term - operating leases | 5 years 9 months | 6 years |
Weighted-average discount rate - operating leases | 8.16% | 8.33% |
Leases - ASC 842 Maturities (De
Leases - ASC 842 Maturities (Details) - USD ($) $ in Thousands | Sep. 02, 2022 | Jul. 30, 2022 | Jan. 29, 2022 |
Maturities: | |||
2022 (remainder) | $ 32,389 | ||
2023 | 62,579 | ||
2024 | 54,350 | ||
2025 | 47,790 | ||
2026 | 42,625 | ||
Thereafter | 151,658 | ||
Undiscounted cash flows | 391,391 | ||
Reconciliation of lease liabilities: | |||
Lease liabilities - current | 42,195 | $ 40,924 | |
Lease liabilities - noncurrent | 243,596 | $ 236,227 | |
Lease liabilities - total | 285,791 | ||
Difference between undiscounted and discounted cash flows | $ 105,600 | ||
Subsequent Events. | |||
Reconciliation of lease liabilities: | |||
Lease liabilities - noncurrent | $ 29,100 | ||
Lease term | 10 years |
Revolving Line Of Credit (Detai
Revolving Line Of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
May 27, 2022 | Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Line Of Credit Facility [Line Items] | ||||||
Capitalization of fees paid | $ 508 | |||||
Gross borrowings under revolving line of credit | $ 379,778 | $ 434,702 | $ 752,494 | $ 792,180 | ||
Gross paydowns under revolving line of credit | 387,886 | 397,830 | 725,525 | 755,470 | ||
Wells Fargo Senior Secured Revolving Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 350,000 | |||||
Line of credit facility, amount outstanding | 105,719 | 105,719 | $ 76,976 | |||
Amounts in depository under lock-box arrangements | 14,939 | $ 14,939 | 10,923 | |||
Revolving credit facility, covenant term | The Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base and contains customary events of default. | |||||
Line of credit, maturity date | May 27, 2027 | |||||
Deferred financing fees outstanding | 733 | $ 733 | $ 333 | |||
Amortization of deferred financing fees | $ 46 | $ 63 | $ 108 | $ 126 | ||
Wells Fargo Senior Secured Revolving Credit Facility | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Commitment fee | 0.20% | |||||
Line of credit facility gross borrowing base percentage | 10% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Commitment fee | 0.225% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Federal Funds Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 0.50% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Floor rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate | 0% | 0% | ||||
Wells Fargo Senior Secured Revolving Credit Facility | SOFR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 1% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | SOFR | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 1.35% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | SOFR | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 1.60% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Base Rate | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 0.25% | |||||
Wells Fargo Senior Secured Revolving Credit Facility | Base Rate | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Basis spread (as a percent) | 0.50% | |||||
Wells Fargo Stand-by Commercial Letters of Credit | ||||||
Line Of Credit Facility [Line Items] | ||||||
Net borrowing available under revolving line of credit | $ 1,967 | $ 1,967 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Income Taxes | ||||
Income tax expense | $ 5,135 | $ 6,195 | $ 5,576 | $ 9,147 |
Effective tax rate | 26% | 25.90% | 25.10% | 24.50% |
Federal statutory rate | 21% |
Stockholder's Equity (Details)
Stockholder's Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Mar. 24, 2022 | Jan. 29, 2022 | |
Stockholder's Equity | ||||||
Net income | $ 14,614 | $ 17,723 | $ 16,612 | $ 28,173 | ||
Weighted-average shares of common stock outstanding: | ||||||
Basic | 41,962 | 43,860 | 42,950 | 43,775 | ||
Dilutive effect of common stock equivalents | 232 | 856 | 230 | 825 | ||
Diluted | 42,194 | 44,716 | 43,180 | 44,600 | ||
Basic earnings per share | $ 0.35 | $ 0.40 | $ 0.39 | $ 0.64 | ||
Diluted earnings per share | $ 0.35 | $ 0.40 | $ 0.38 | $ 0.63 | ||
Restricted stock units considered anti-dilutive and excluded in the calculation | 166 | 2 | 150 | 5 | ||
Repurchase program | $ 75,000 | |||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Repurchase of treasury stock (in shares) | 5,300 | |||||
Repurchase of treasury stock | $ 52,057 | $ 52,057 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 2,449 | $ 2,043 | |||
Nonvested Performance-Based Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of shares subject to award | 376 | 376 | |||
Issuance of nonvested stock units | 188 | ||||
Nonvested stock issued, weighted average grant date fair value per share | $ 10.88 | ||||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of nonvested stock units | 418 | 249 | |||
Nonvested stock issued, weighted average grant date fair value per share | $ 10.82 | $ 17.33 | |||
Employees | Nonvested Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | 3 years | 3 years | ||
Vesting percentage | 0.33% | 0.33% | 0.33% | ||
Employees | Nonvested Performance-Based Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of nonvested stock units | 47 | 0 | 188 | ||
Nonvested stock issued, weighted average grant date fair value per share | $ 9.65 | $ 10.88 | |||
Directors | Nonvested Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of nonvested stock units | 28 | ||||
Nonvested stock issued, weighted average grant date fair value per share | $ 17.77 | ||||
Vesting period | 12 months | 12 months | 12 months | 12 months | |
Vesting percentage | 0.083% | 0.083% | 0.083% | 0.083% | |
Employees and Directors | Nonvested Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of nonvested stock units | 110 | 418 | 249 | ||
Nonvested stock issued, weighted average grant date fair value per share | $ 9.51 | $ 10.82 | $ 17.33 | ||
Employee Stock Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for awards | 310 | 310 | |||
Maximum number of shares subject to award | 800 | ||||
Issuance of common stock for cash per employee stock purchase plan (in shares) | 64 | ||||
2019 plan | Employee Stock Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for awards | 1,637 | 1,637 | |||
Number of awards outstanding | 1,366 | 1,366 | |||
Selling, General and Administrative Expenses | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1,091 | $ 1,027 | $ 2,449 | $ 2,043 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Nonvested Performance-Based Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance, Shares | 487 | 624 |
Grants, Shares | 188 | |
Forfeitures, Shares | (89) | (13) |
Vested, Shares | (168) | (22) |
Ending balance, Shares | 418 | 589 |
Beginning balance, Weighted average grant-date fair value | $ 5.13 | $ 5.13 |
Grants, Weighted average grant-date fair value | 10.88 | |
Forfeitures, Weighted average grant-date fair value | 5.47 | 5.63 |
Vested, Weighted average grant-date fair value | 3.49 | 4.91 |
Ending balance, Weighted average grant-date fair value | $ 8.31 | $ 5.13 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning balance, Shares | 929 | 779 |
Grants, Shares | 418 | 249 |
Forfeitures, Shares | (139) | (38) |
Vested, Shares | (260) | (325) |
Ending balance, Shares | 948 | 665 |
Beginning balance, Weighted average grant-date fair value | $ 11.56 | $ 5.19 |
Grants, Weighted average grant-date fair value | 10.82 | 17.33 |
Forfeitures, Weighted average grant-date fair value | 11.41 | 8.02 |
Vested, Weighted average grant-date fair value | 8.19 | 5.45 |
Ending balance, Weighted average grant-date fair value | $ 12.18 | $ 9.45 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Jan. 29, 2022 USD ($) |
Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | $ 55,000 |