Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Apr. 02, 2015 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SPWH | ||
Entity Registrant Name | SPORTSMAN'S WAREHOUSE HOLDINGS, INC. | ||
Entity Central Index Key | 1132105 | ||
Current Fiscal Year End Date | -30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,818,235 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $98,875,367 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $1,751 | $1,354 | $36,515 | $243 |
Accounts receivable, net | 425 | 413 | ||
Merchandise inventories | 185,909 | 161,334 | ||
Prepaid expenses and other | 7,468 | 7,753 | ||
Deferred income taxes, current | 2,928 | 2,229 | ||
Income taxes receivable | 5,190 | 3,233 | ||
Total current assets | 203,671 | 176,316 | ||
Property and equipment, net | 54,317 | 31,494 | ||
Deferred income taxes, noncurrent | 5,398 | 6,051 | ||
Definite lived intangibles, net | 5,729 | 7,535 | ||
Other long-term assets, net | 1,608 | 2,833 | ||
Total assets | 270,723 | 224,229 | ||
Current liabilities: | ||||
Accounts payable | 28,500 | 27,664 | ||
Accrued expenses | 42,620 | 31,884 | ||
Revolving line of credit | 41,899 | 29,052 | ||
Current portion of long-term debt, net of discount | 1,333 | 1,860 | ||
Current portion of deferred rent | 2,873 | 2,640 | ||
Total current liabilities | 117,225 | 93,100 | ||
Long-term liabilities: | ||||
Long-term debt, net of discount and current portion | 156,713 | 229,272 | ||
Deferred rent, net of current portion | 28,117 | 22,953 | ||
Total long-term liabilities | 184,830 | 252,225 | ||
Total liabilities | 302,055 | 345,325 | ||
Commitments and contingencies (Notes 9, 10, & 15) | ||||
Stockholders' deficit: | ||||
Preferred stock, $.01 par value; 20,000 and 0 shares authorized, respectively; 0 shares issued and outstanding | ||||
Additional paid-in capital | 76,257 | 365 | ||
Accumulated deficit | -108,007 | -121,791 | ||
Total stockholders' deficit | -31,332 | -121,096 | -41,844 | 50,332 |
Total liabilities and stockholders' deficit | 270,723 | 224,229 | ||
Common Stock | ||||
Stockholders' deficit: | ||||
Common stock | 418 | 273 | ||
Restricted Nonvoting Common Stock | Restricted Stock | ||||
Stockholders' deficit: | ||||
Common stock | 57 | |||
Total stockholders' deficit | $57 | $60 | $60 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Preferred stock, par value | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 20,000,000 | 0 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common Stock | ||||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 100,000,000 | 27,552,000 | ||
Common stock, shares issued | 41,818,000 | 27,265,000 | ||
Common stock, shares outstanding | 41,818,000 | 27,265,000 | ||
Restricted Nonvoting Common Stock | Restricted Stock | ||||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 0 | 6,888,000 | ||
Common stock, shares issued | 0 | 5,677,000 | ||
Common stock, shares outstanding | 0 | 5,677,000 | 5,964,000 | 5,964,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $660,003 | $643,163 | $526,942 |
Cost of goods sold | 444,796 | 435,933 | 364,326 |
Gross profit | 215,207 | 207,230 | 162,616 |
Selling, general, and administrative expenses | 170,315 | 147,140 | 109,408 |
Bankruptcy related expenses (benefits) | 55 | -263 | |
Income from operations | 44,892 | 60,035 | 53,471 |
Interest expense | -22,480 | -25,447 | -6,321 |
Income before income taxes | 22,412 | 34,588 | 47,150 |
Income tax expense | 8,628 | 12,838 | 19,076 |
Net income | $13,784 | $21,750 | $28,074 |
Earnings per share: | |||
Basic | $0.34 | $0.66 | $0.84 |
Diluted | $0.34 | $0.66 | $0.84 |
Weighted average shares outstanding: | |||
Basic | 39,961 | 33,170 | 33,229 |
Diluted | 40,141 | 33,185 | 33,229 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) (USD $) | Total | Restricted Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (accumulated deficit) |
In Thousands | Restricted Nonvoting Common Stock | ||||
Balance at Jan. 28, 2012 | $50,332 | $60 | $273 | $8,903 | $41,096 |
Balance, shares at Jan. 28, 2012 | 5,964 | 27,265 | |||
Dividends | -120,250 | -8,903 | -111,347 | ||
Net income | 28,074 | 28,074 | |||
Balance at Feb. 02, 2013 | -41,844 | 60 | 273 | -42,177 | |
Balance, shares at Feb. 02, 2013 | 5,964 | 27,265 | |||
Dividends | -101,065 | -101,065 | |||
Repurchase and retirement of restricted nonvoting common stock | -302 | -3 | -299 | ||
Repurchase and retirement of restricted nonvoting common stock, shares | -287 | ||||
Stock based compensation | 365 | 365 | |||
Net income | 21,750 | 21,750 | |||
Balance at Feb. 01, 2014 | -121,096 | 57 | 273 | 365 | -121,791 |
Balance, shares at Feb. 01, 2014 | 5,677 | 27,265 | |||
Issuance of common shares | 73,391 | 86 | 73,305 | ||
Stock Issued During Period Shares New Issues | 8,683 | ||||
Conversion of nonvoting common stock to common stock | -57 | 57 | |||
Conversion of nonvoting common stock to common stock, shares | -5,677 | 5,677 | |||
Vesting of Restricted Stock Units | 2 | 2 | |||
Vesting of Restricted Stock Units Shares | 193 | ||||
Payment of withholdings on restricted stock units | -993 | -993 | |||
Tax Expense Benefit From Restricted Stock Unit | 287 | 287 | |||
Stock based compensation | 3,293 | 3,293 | |||
Net income | 13,784 | 13,784 | |||
Balance at Jan. 31, 2015 | ($31,332) | $418 | $76,257 | ($108,007) | |
Balance, shares at Jan. 31, 2015 | 0 | 41,818 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities: | |||
Net income | $13,784 | $21,750 | $28,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property and equipment | 7,344 | 4,749 | 3,431 |
Amortization of discount on debt and deferred financing fees | 6,497 | 6,952 | 1,810 |
Amortization of definite lived intangible | 1,806 | 1,528 | |
Net increase in deferred rent credit | 5,397 | 432 | 2,170 |
Gain on asset dispositions | -112 | ||
Deferred income taxes | -46 | 2,169 | 1,292 |
Stock-based compensation | 3,293 | 365 | |
Change in operating assets and liabilities, net of acquisition: | |||
Accounts receivable, net | -12 | 1,052 | 53 |
Merchandise inventories | -24,575 | -28,344 | 6,948 |
Prepaid expenses and other | 86 | -1,522 | -1,976 |
Other long-term assets | -107 | 49 | |
Accounts payable | 836 | 1,333 | 7,346 |
Accrued expenses | 8,127 | 2,049 | 3,841 |
Income taxes receivable | -1,957 | -12,416 | 8,910 |
Net cash provided by operating activities | 20,473 | 34 | 61,899 |
Cash flows from investing activities: | |||
Purchase of property and equipment | -30,167 | -20,416 | -6,856 |
Purchase of business | -47,767 | ||
Proceeds from sale of fixed assets | 124 | 45,199 | |
Net cash (used in) provided by investing activities | -30,167 | -68,059 | 38,343 |
Cash flows from financing activities: | |||
Net borrowings on line of credit | 12,847 | 29,052 | -26,426 |
Borrowings on term loan | 160,000 | 235,000 | 122,250 |
Issuance of common stock, net | 73,393 | -302 | |
Dividends paid | -101,065 | -120,250 | |
Increase in book overdraft | 2,609 | 5,696 | -3,940 |
Excess tax benefits from stock-based compensation arrangements | 287 | ||
Payment of withholdings on restricted stock units | -993 | ||
Payment of deferred financing costs | -2,227 | -3,960 | -3,766 |
Principal payments on unsecured note payable | -2,756 | ||
Principal payments on long-term debt | -234,225 | -125,863 | -31,838 |
Discount on term loan | -1,600 | -2,938 | |
Net cash provided by (used in) financing activities | 10,091 | 32,864 | -63,970 |
Net change in cash and cash equivalents | 397 | -35,161 | 36,272 |
Cash and cash equivalents at beginning of year | 1,354 | 36,515 | 243 |
Cash and cash equivalents at end of year | 1,751 | 1,354 | 36,515 |
Net cash paid during the year for: | |||
Interest | 16,408 | 18,979 | 3,993 |
Income taxes | $10,328 | $23,089 | $8,878 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Jan. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | (1) Nature of Business |
Description of Business | |
Sportsman’s Warehouse Holdings, Inc. (“Holdings”) and subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of January 31, 2015, the Company operated 55 stores in 18 states. | |
On December 4, 2013, Holdings, previously a Utah corporation, reincorporated in Delaware by consummating a merger with its wholly owned subsidiary SWH Merger Sub, Inc., a Delaware corporation, with the Delaware corporation being the surviving entity and being renamed Sportsman’s Warehouse Holdings, Inc. | |
Voluntary Reorganization under Chapter 11 | |
On March 21, 2009, the Company and all of its subsidiaries filed a voluntary bankruptcy petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On July 30, 2009, the Bankruptcy Court entered an order approving and confirming the Plan of Reorganization (the “Reorganization Plan”). On May 22, 2013, the Company’s bankruptcy case was closed after a final decree was entered by the bankruptcy court. | |
Bankruptcy-Related Expenses | |
The adoption of fresh start reporting upon emergence from bankruptcy required the Company to allocate the reorganization value to its assets and liabilities in a manner similar to that which is required under Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 805, Business Combinations, including estimated costs required to restructure and emerge from Chapter 11 bankruptcy. The Company incurred certain costs related to restructuring and emergence from Chapter 11 bankruptcy and included a liability as part of the reorganization value at August 14, 2009, the date of emergence from bankruptcy. Amounts greater than the estimated restructuring costs are expensed as incurred and included as a separate component of the consolidated statements of income to arrive at income from operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
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 years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. Fiscal year 2012 contains 53 weeks of operations and fiscal years 2013 and 2014 contain 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 calendar 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 operating and reportable segment. | |
Cash and Cash Equivalents | |
The Company considers cash on hand in stores and highly liquid investments with an initial maturity of three months or less as cash and cash equivalents. Checks issued pending bank clearance that result in overdraft balances for accounting purposes are classified as accrued expenses in the accompanying consolidated balance sheets. | |
In accordance with the terms of a financing agreement (Note 9), the Company maintains depository accounts with two banks in a lock-box 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 31, 2015, the combined balance in these accounts was $5,987. Accordingly, this amount has been classified as a reduction in the line of credit as if the transfers had occurred on January 31, 2015. | |
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 31, 2015 and February 1, 2014, the allowance for doubtful accounts receivable totaled $113 and $103, respectively. The activity in the allowance for doubtful accounts was not significant for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | |
Merchandise Inventories | |
Merchandise inventories are stated at the lower of cost or market. 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 allowance for damaged goods from returns is based upon historical experience. The Company also adjusts inventory for obsolete or slow moving inventory based on inventory productivity reports and by specific identification of slow moving or obsolete inventory. The inventory reserves for shrinkage, damaged, or obsolescence totaled $4,889 and $4,020 at January 31, 2015 and February 1, 2014, 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 to 10 years. | |
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. No impairment charge to long-lived assets was recorded during the fiscal years ended January 31, 2015, February 1, 2014 or February 2, 2013. | |
Prepaid Expenses and Other | |
Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables and miscellaneous deposits. | |
Revenue Recognition | |
Revenue is recognized for retail sales at the time of the sale in the store. The Company records a reserve for estimated product returns in each reporting period, based on its historical experience. Revenue for gift cards sold is deferred and recognized as the gift cards are redeemed for merchandise. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. During the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the Company recognized $833, $0 and $17 of gift card breakage income, respectively. This income is included in the accompanying consolidated statements of income as a reduction in selling, general, and administrative expenses (“SG&A”). | |
In November of 2013, the Company launched a customer loyalty program. Under this program, the Company issues credits in the form of points to loyalty program members. The value of points earned by loyalty program members is included in accrued liabilities and recorded as a reduction of net sales at the time the points are earned. | |
Customer deposits on items placed in layaway are recorded as a liability. Revenue is recognized on layaway transactions at the point where the customer takes possession of the merchandise. These liabilities are recorded as unearned revenue in accrued expenses in the consolidated balance sheets. | |
Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded from net sales in the consolidated statements of income. | |
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. | |
Tenant Allowances | |
The Company may receive reimbursement from a landlord for some of the costs related to occupancy or tenant improvements per lease provisions. These reimbursements may be referred to as tenant allowances or landlord reimbursements ("tenant allowances"). Reimbursement from a landlord for occupancy or tenant improvements is included within deferred rent on the accompanying consolidated balance sheets. The deferred rent credit is amortized as rent expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in deferred rent. | |
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 is under contract with this insurance company through December 2014. 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”). As of January 31, 2015 and February 1, 2014, the Company estimated the IBNR to be $811 and $752, 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 | |
Effective November 1, 2014, 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. Prior to November 1, 2014, we operated under a guaranteed cost program. | |
As of January 31, 2015, the Company has established a reserve of $107 related to the workers compensation plan. This reserve has been included in accrued expenses in the accompanying consolidated balance sheets. | |
Operating Leases and Deferred Rent | |
The Company has various operating lease commitments on its store locations. Certain leases contain rent escalation clauses that require higher rental payments in later years. Leases may also contain rent holidays, or free rents, during the lease term. Rent expense is recognized on a straight-line basis over the lease term. Rent expense in excess of rental payments is recorded as deferred rent on 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 31, 2015, February 1, 2014 and February 2, 2013, net advertising expenses totaled $5,629, $4,685 and $3,773, 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 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 | |
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. The carrying amount of the Company’s financial instruments approximates fair value as of January 31, 2015 and February 1, 2014. | |
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 31, 2015, February 1, 2014 or February 2, 2013. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. Management is evaluating the provisions of ASU 2014-09 and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. |
Initial_Public_Offering
Initial Public Offering | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Initial Public Offering | (3) Initial Public Offering |
On April 23, 2014, the Company completed its initial public offering, pursuant to which it issued and sold 8,333 shares of common stock at a price to the public of $9.50 per share; included in this offering was the sale of 4,167 shares by affiliates of Seidler Equity Partners III, L.P. The total net proceeds raised by the Company were $70,299 after deducting underwriting discounts and commissions of $5,542 and other offering expenses of $3,326. Total net proceeds were used to make an unscheduled early payment on the term loan (Note 10). In connection with the initial public offering, all of the then-outstanding shares of restricted nonvoting common stock automatically converted into shares of common stock. | |
On May 16, 2014, the underwriters of the Company’s initial public offering of common stock partially exercised the over-allotment option granted at the time of the initial public offering to purchase an additional 1,400 shares of common stock at the public offering price of $9.50 per share, less underwriting discounts and commissions, which consists of 350 shares sold by the Company and 1,050 shares sold by affiliates of Seidler Equity Partners III, L.P. The Company received, after deducting underwriting discounts and commissions and estimated offering expenses, approximately $3,100 of net proceeds. Substantially all of the net proceeds were used for the repayment of an additional amount outstanding under the Company’s term loans. |
Stock_Split
Stock Split | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Stock Split | (4) Stock Split |
On April 2, 2014, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 2.87-for-1 stock split of the Company’s common stock and restricted nonvoting common stock and to increase the number of authorized shares of capital stock that the Company is authorized to issue to 110,000 shares of capital stock in aggregate, consisting of 100,000 shares of common stock and 10,000 shares of restricted nonvoting common stock. The certificate of amendment giving effect to the stock split was filed on April 3, 2014. On April 16, 2014, the Company adopted a new charter, under which the Company is authorized to issue up to 120,000 shares of capital stock in aggregate, consisting of 100,000 shares of common stock and 20,000 shares of preferred stock. All information in the accompanying condensed consolidated financial statements and the related notes thereto related to common stock, restricted nonvoting common stock, restricted stock unit awards and earnings per share have been adjusted to reflect the 2.87-for-1 stock split. |
Acquisition
Acquisition | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisition | (5) Acquisition | |||
On March 11, 2013, the Company acquired certain assets and assumed certain liabilities of Wholesale Sports Outdoor Outfitters. | ||||
Pro Forma Results | ||||
The following pro forma results are based on the individual historical results of the acquired stores with adjustments to give effect to the combined operations as if the acquisition has been consummated at the beginning of fiscal year 2013. The pro forma results are intended for information purposes only and do not purport to represent what the combined results of operations would actually have been had the acquisition in fact occurred at the beginning of the earliest period presented. | ||||
Fiscal Year Ended | ||||
1-Feb-14 | ||||
(In thousands, | ||||
except per share | ||||
amounts) | ||||
Net sales | $ | 643,829 | ||
Net income | $ | 21,633 | ||
Basic earnings per share | $ | 0.65 | ||
Diluted earnings per share | $ | 0.65 | ||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property and Equipment | (6) Property and Equipment | |||||||
Property and equipment as of January 31, 2015 and February 1, 2014 are as follows: | ||||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Furniture, fixtures, and equipment | $ | 32,678 | $ | 23,953 | ||||
Leasehold improvements | 34,398 | 15,943 | ||||||
Construction in progress | 7,651 | 4,664 | ||||||
74,727 | 44,560 | |||||||
Less accumulated depreciation and amortization | (20,410 | ) | (13,066 | ) | ||||
$ | 54,317 | $ | 31,494 | |||||
Depreciation expense was $7,344, $4,749 and $3,431 for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, respectively. |
Definite_Lived_Intangible_Asse
Definite Lived Intangible Asset | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||
Definite Lived Intangible Assets | (7) Definite Lived Intangible Asset | ||||||||||||||
Intangible assets increased as a result of the non-compete agreement associated with the Wholesale Sports acquisition. The following table summarizes the definite lived intangible assets: | |||||||||||||||
31-Jan-15 | |||||||||||||||
Amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Amortizing intangible assets: | |||||||||||||||
Non-compete agreement | 5 years | $ | 9,063 | (3,334 | ) | 5,729 | |||||||||
Total | $ | 9,063 | (3,334 | ) | 5,729 | ||||||||||
1-Feb-14 | |||||||||||||||
Amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Amortizing intangible assets: | |||||||||||||||
Non-compete agreement | 5 years | $ | 9,063 | (1,528 | ) | 7,535 | |||||||||
Total | $ | 9,063 | (1,528 | ) | 7,535 | ||||||||||
Amortization expense for definite lived intangible asset was $1,806 for the fiscal year ended January 31, 2015. Amortization expense for the next four years is $1,806 in fiscal years 2015 and 2016, $1,840 in fiscal year 2017 and $277 in fiscal year 2018. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Accrued Expenses and Other Liabilities | (8) Accrued Expenses and Other Liabilities | |||||||
Accrued expenses and other liabilities consist of the following at January 31, 2015 and February 1, 2014: | ||||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Book overdraft | $ | 8,305 | $ | 5,696 | ||||
Unearned revenue | 9,629 | 8,579 | ||||||
Accrued payroll and related expenses | 7,104 | 6,919 | ||||||
Sales and use tax payable | 3,708 | 2,277 | ||||||
Other | 13,874 | 8,413 | ||||||
$ | 42,620 | $ | 31,884 | |||||
Revolving_Line_of_Credit
Revolving Line of Credit | 12 Months Ended |
Jan. 31, 2015 | |
Line Of Credit Facility [Abstract] | |
Revolving Line of Credit | (9) Revolving Line of Credit |
The Company has a senior secured revolving credit facility with Wells Fargo Bank, National Association that provides for borrowings in the aggregate amount of up to $135.0 million, subject to a borrowing base calculation. In connection with the refinancing of the Company’s senior secured term loans in December 2014, the lenders under the Company’s senior secured revolving credit facility agreed to increase the Company’s maximum borrowing availability from $105.0 million to $135.0 million. All borrowings under the revolving credit facility are limited to a borrowing base equal to roughly (1) the lesser of (a) 90% of the net orderly liquidation value of the Company’s eligible inventory and (b) 75% of the lower of cost or market value of the Company’s eligible inventory, plus (2) 90% of the eligible accounts receivable, less certain reserves against outstanding gift cards, layaway deposits and amounts outstanding under commercial letters of credit, each term as defined in the credit agreement. As of January 31, 2015, $73.2 million was available for borrowing and $41.9 million was outstanding under the revolving credit facility. | |
Each of the subsidiaries of the Company is a borrower under the revolving credit facility, and all obligations under the revolving credit facility are guaranteed by the Company. All of the Company’s obligations under the revolving credit facility are secured by a lien on substantially all of the Company’s tangible and intangible assets and the tangible and intangible assets of all of the Company’s subsidiaries, including a pledge of all capital stock of each of the Company’s subsidiaries. The lien securing the obligations under the revolving credit facility is a first priority lien as to certain liquid assets, including cash, accounts receivable, deposit accounts and inventory. In addition, the credit agreement contains provisions that enable Wells Fargo to require us to maintain a lock-box for the collection of all receipts. | |
As of January 31, 2015 and February 1, 2014, the Company had $47,886 and $34,029, respectively, in outstanding revolving loans under a financing agreement (the “Revolving Line of Credit”). Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box arrangements, which were $5,987 and $4,977 as of January 31, 2015 and February 1, 2014, respectively. As of January 31, 2015, the Company had $73,214 of net borrowing availability under the terms of the Revolving Line of Credit and stand-by commercial letters of credit of $400. | |
Borrowings under the revolving credit facility 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 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 0.75% to 1.25% per year for base rate loans and from 1.75% to 2.25% per year for LIBOR loans. The weighted average interest rate on the amount outstanding under the revolving credit facility as of January 31, 2015 was 2.21%. | |
Interest on base rate loans is payable monthly in arrears and interest on LIBOR loans is payable based on the LIBOR interest period selected by us, which can be 30, 60 or 90 days. All amounts that are not paid when due under the Company’s revolving credit facility will accrue interest at the rate otherwise applicable plus 2.00% until such amounts are paid in full. | |
The Company may be required to make mandatory prepayments under the revolving credit facility 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 revolving credit facility contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The revolving credit facility also requires us to maintain a minimum availability at all times of not less than 10% of the gross borrowing base, and in any event, not less than $5.0 million. The revolving credit facility also contains customary events of default. The Revolving Line of Credit matures on December 3, 2019. The Revolving Line of Credit was modified on December 3, 2014 (see Note 10). |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | (10) Long-Term Debt | |||||||
Long-term debt consisted of the following as of January 31, 2015 and February 1, 2014: | ||||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Term loan | $ | 159,600 | $ | 233,825 | ||||
Less discount | (1,554 | ) | (2,693 | ) | ||||
158,046 | 231,132 | |||||||
Less current portion, net of discount | (1,333 | ) | (1,860 | ) | ||||
Long-term portion | $ | 156,713 | $ | 229,272 | ||||
Term Loan | ||||||||
On December 3, 2014 (“Closing Date”), the Company’s wholly owned subsidiary, Sportsman’s Warehouse, Inc., refinanced its existing $235,000 Term Loan facility, of which $158,800 was outstanding as of December 3, 2014, and entered into a new $160,000 senior secured term loan facility (“Term Loan”) with a financial institution. The Term Loan was issued at a price of 99% of the aggregate principal amount and has a maturity date of December 3, 2020. | ||||||||
All of Sportsman’s Warehouse, Inc.’s obligations under the Term Loan are guaranteed by Holdings, Minnesota Merchandising Corporation, a wholly owned subsidiary of Holdings, and each of Sportsman’s Warehouse, Inc.’s subsidiaries. | ||||||||
The Term Loan is secured by a lien on substantially all of the Company’s tangible and intangible assets. The lien securing the obligations under the Term Loan is a first priority lien as to certain non-liquid assets, including equipment, intellectual property, proceeds of assets sales and other personal property. | ||||||||
The Term Loan requires quarterly principal payments of $400 payable on the last business day of each fiscal quarter commencing on May 1, 2015, and continuing up to and including October 30, 2020. A final installment payment consisting of the remaining unpaid balance is due on December 3, 2020. | ||||||||
As a result of this refinance, we recorded $5,668 in expense related to the write-off of term loan fees, which included deferred financing fees, the discount, and a prepayment penalty. | ||||||||
Sportsman’s Warehouse, Inc. may be required to make mandatory prepayments on the Term Loan in the event of, among other things, certain asset sales, the receipt of payment in respect of certain insurance claims or the issuance or incurrence of certain indebtedness. Sportsman’s Warehouse, Inc. may also be required to make mandatory prepayments based on any excess cash flows as defined in the agreement for the Term Loan. | ||||||||
The Term Loan bears interest at a rate per annum equal to the one-, two-, three-, or six-month LIBOR (or, the nine- or 12-month LIBOR), as defined in the term loan agreement, at the Company’s election, which cannot be less than 1.25%, plus an applicable margin of 6.00%. | ||||||||
The Term Loan contain customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to incur or assume certain liens, to purchase, hold or acquire certain investments, to declare or make certain dividends and distributions and to engage in certain mergers, consolidations and asset sales. The Term Loan also requires the Company to comply with specified financial covenants, including a minimum interest coverage ratio and a maximum total net leverage ratio. The Term Loan also contains customary events of default. | ||||||||
In conjunction with the refinance of the Term Loan, the borrowing capacity of the Revolving Line of Credit facility was increased to $135,000 from $105,000, and the maturity date was extended to December 3, 2019. | ||||||||
As of January 31, 2015, the Term Loan had $158,046 outstanding, net of unamortized discount of $1,554. During fiscal years 2014 and 2013, the Company recognized $2,739 and $2,880, respectively of non-cash interest expense with respect to the amortization of this discount. | ||||||||
As part of the term loan agreement, there are a number of financial and non-financial debt covenants. The financial covenants include a net leverage ratio and an interest coverage ratio to be measured on a trailing twelve month basis. | ||||||||
Restricted Net Assets | ||||||||
The provisions of the Term Loan and the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of January 31, 2015, from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Term Loan and Revolving Line of Credit. |
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | (11) Stockholders’ Equity (Deficit) |
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. | |
Retained Earnings | |
During the fiscal years 2013 and 2012, the Company declared and paid dividends to all stockholders of $101,065 and $120,250, respectively. The dividends reduced retained earnings and additional paid-in-capital, resulting in a net deficit in stockholders’ equity. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
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, 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: | ||||||||||||
Fiscal Year Ended | ||||||||||||
January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income | $ | 13,784 | $ | 21,750 | $ | 28,074 | ||||||
Weighted-average shares of common stock outstanding: | ||||||||||||
Basic | 39,961 | 33,170 | 33,229 | |||||||||
Dilutive effect of common stock equivalents | 180 | 15 | — | |||||||||
Diluted | 40,141 | 33,185 | 33,229 | |||||||||
Basic earnings per share | $ | 0.34 | $ | 0.66 | $ | 0.84 | ||||||
Diluted earnings per share | $ | 0.34 | $ | 0.66 | $ | 0.84 | ||||||
For the fiscal year ended February 2, 2013, basic net income per share was the same as diluted net income per share because there were no outstanding potentially dilutive securities. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Stock Based Compensation | (13) Stock-Based Compensation | |||
Under the terms of the restricted stock unit agreements, twenty-five percent of the outstanding restricted stock units vested on the effective date of the registration statement relating to the initial public offering because such date occurred within the first vesting period of the outstanding restricted stock units. The Company recognized $1,208 of stock-based compensation expense as a result of the change in the vesting date. The remaining non-vested restricted stock units will vest one third annually on each of the first three anniversaries of the effective date of the registration statement relating to the initial public offering. | ||||
The following table sets forth the rollforward of outstanding restricted stock units: | ||||
Fiscal Year Ended | ||||
31-Jan-15 | ||||
Unvested restricted stock units at February 1, 2014 | 1,193,747 | |||
Grants | 5,000 | |||
Forfeitures | 13,493 | |||
Vesting in connection with initial public offering | 297,401 | |||
Unvested restricted stock units at January 31, 2015 | 887,853 | |||
Total compensation expense related to the restricted stock unit awards recognized during the fiscal years ended January 31, 2015 and February 1, 2014 was $3,293 and $365, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (14) Income Taxes | ||||||||||||
For the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the income tax provision consisted of the following: | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 7,687 | $ | 9,421 | $ | 14,337 | |||||||
State | 987 | 1,248 | 3,447 | ||||||||||
Total current | 8,674 | 10,669 | 17,784 | ||||||||||
Deferred: | |||||||||||||
Federal | (103 | ) | 1,830 | 1,549 | |||||||||
State | 57 | 339 | (257 | ) | |||||||||
Change in valuation allowance | — | — | — | ||||||||||
Total deferred | (46 | ) | 2,169 | 1,292 | |||||||||
Total income tax provision | $ | 8,628 | $ | 12,838 | $ | 19,076 | |||||||
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods: | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal benefit | 3.5 | 3.6 | 4.2 | ||||||||||
Permanent items | 0.2 | 0.3 | 2.3 | ||||||||||
Valuation allowance | 0 | 0 | 0 | ||||||||||
Other items | -0.2 | -1.8 | -1 | ||||||||||
Effective income tax rate | 38.5 | % | 37.1 | % | 40.5 | % | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 31, 2015 and February 1, 2014, respectively, are presented below: | |||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 444 | $ | 389 | |||||||||
Allowance for doubtful accounts | 44 | 40 | |||||||||||
Deferred rent | 11,932 | 9,884 | |||||||||||
Inventories | 2,189 | 2,228 | |||||||||||
Litigation accrual | 1,540 | — | |||||||||||
Net operating loss | 51 | 93 | |||||||||||
Sales return reserve | 276 | 248 | |||||||||||
Stock-based compensation | 600 | — | |||||||||||
Total gross deferred tax assets | $ | 17,076 | $ | 12,882 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | $ | (8,125 | ) | $ | (3,926 | ) | |||||||
Prepaid expenses | (625 | ) | (676 | ) | |||||||||
Total gross deferred tax liabilities | $ | (8,750 | ) | $ | (4,602 | ) | |||||||
Net deferred tax asset | $ | 8,326 | $ | 8,280 | |||||||||
As of January 31, 2015 and February 1, 2014, the components of the current and long-term deferred income taxes are as follows: | |||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Current deferred tax assets, net: | |||||||||||||
Accrued liabilities | $ | 444 | $ | 389 | |||||||||
Allowance for doubtful accounts | 44 | 40 | |||||||||||
Inventories | 2,189 | 2,228 | |||||||||||
Prepaid expenses | (625 | ) | (676 | ) | |||||||||
Sales return reserve | 276 | 248 | |||||||||||
Stock-based compensation | 600 | — | |||||||||||
Current deferred tax assets, net | $ | 2,928 | $ | 2,229 | |||||||||
Non-current deferred tax assets, net: | |||||||||||||
Deferred rent | $ | 11,932 | $ | 9,884 | |||||||||
Depreciation | (8,125 | ) | (3,926 | ) | |||||||||
Litigation accrual | 1,540 | — | |||||||||||
Net operating loss | 51 | 93 | |||||||||||
Non-current deferred tax assets, net | $ | 5,398 | $ | 6,051 | |||||||||
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 to allow for the utilization of its net operating loss carryforwards and deductible temporary differences. | |||||||||||||
Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances annually. At January 31, 2015, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its gross deferred tax assets. | |||||||||||||
As of January 31, 2015, 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. There are no tax returns that are currently under examination. Federal and state tax years that remain subject to examination are periods ended January 29, 2011 through January 31, 2015. | |||||||||||||
At February 1, 2014, the Company had state net operating loss carry-forwards of approximately $3,047, of which $1,369 was used to offset taxable income in fiscal year 2014. At January 31, 2015, the Company had state net operating loss carry-forwards of approximately $1,678 remaining. | |||||||||||||
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. During 2014, the Company accrued interest and penalties of $14. No interest or penalties were accrued for 2013 or 2012. | |||||||||||||
On September 13, 2013, the U. S. Treasury and Internal Revenue Service issued final Tangible Property Regulations (“TPR”) under Internal Revenue Code (“IRC”) Section 162 and IRC Section 263(a). The regulations became effective for tax years beginning on or after January 1, 2014, and certain portions may require a tax method change on a retroactive basis, thus requiring an IRC Section 481(a) adjustment related to fixed and real asset deferred taxes. The accounting guidance under Accounting Standards Codification 740 - Income Taxes, treats the release of these regulations as a change in tax law as of the date of issuance and requires the Company to determine whether there will be an impact on its consolidated financial statements for fiscal year 2014. Any such impact of the final tangible property regulations would affect temporary deferred taxes only and result in a consolidated balance sheet reclassification between current and deferred taxes. The Company has analyzed the expected impact of the TPR on the Company as of January 31, 2015, and concluded that the expected impact is minimal. The Company will continue to prospectively monitor the impact of any future changes to the TPR on the Company. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | (15) Commitments and Contingencies | ||||
Operating Leases | |||||
The Company leases its retail store, office space, and warehouse locations under non-cancelable operating leases. Certain of these leases include tenant allowances that are amortized over the life of the lease. In 2014, 2013 and 2012, the Company received tenant allowances of $5,129, $200 and $200, respectively. The Company expects to receive $11,047 in tenant allowances under leases during 2015. Certain leases require the Company to pay contingent rental amounts based on a percentage of sales, in addition to real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These agreements expire at various dates through March 2028 and generally contain three, five-year renewal options. Rent expense under these leases totaled $30,520, $27,118 and $18,639 for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, respectively. | |||||
Future minimum lease payments for non-cancelable operating leases by fiscal year, as of January 31, 2015 are as follows: | |||||
Fiscal Year: | |||||
2015 | 33,283 | ||||
2016 | 34,068 | ||||
2017 | 33,565 | ||||
2018 | 33,104 | ||||
2019 | 30,774 | ||||
Thereafter | 121,501 | ||||
286,295 | |||||
Legal Matters | |||||
The Company is involved in various legal matters generally incidental to its business. The Company believes, after discussion with legal counsel, that, other than as described below, the disposition of these matters will not have a material impact on its consolidated financial condition, liquidity, or results of operations. | |||||
On March 12, 2014, the Company was added as a defendant to a pending consolidated action filed in the United States District Court, Western District of Washington, captioned as Lacey Market Place Associates II, LLC, et al. v. United Farmers of Alberta Co-Operative Limited, et al., Case No. 2:13-cv-00383-JLR against United Farmers of Alberta Co-Operative Limited, the seller of Wholesale Sports, Wholesale Sports, Alamo Group and Donald F. Gaube and spouse. The amended complaint was filed by the landlords of two stores did not assume in the Company’s purchase of assets from Wholesale Sports. Such stores were formerly operated by Wholesale Sports in Skagit and Thurston Counties in Washington. The amended complaint alleged breach of lease, breach of collateral assignment, misrepresentation, intentional interference with contract, piercing the corporate veil and violation of Washington’s Fraudulent Transfer Act. The Company was named as a co-defendant with respect to the intentional interference with contract and fraudulent conveyance claims. The amended complaint sought against the Company and all defendants unspecified money damages, declaratory relief and attorneys’ fees and costs. On January 28, 2015, the court in the Lacey Marketplace action granted in part and denied in part the Company’s motion for summary judgment and dismissed the intentional interference claim against the Company, but declined to dismiss the fraudulent transfer claim. | |||||
Trial in the Lacey Marketplace action began March 2, 2015 and concluded March 6, 2015. On March 9, 2015, the jury in the trial awarded $11,887 against the defendants to the action, including us. The Company is reviewing the decision and has accrued $4,000 in its results for the fiscal year and fourth quarter ended January 31, 2015 related to this matter. The Company strongly disagrees with the jury’s verdict, expects to file post-trial motions seeking to have the verdict set aside, and, if necessary, will appeal the decision. Interest on the award will accrue at the weekly average one-year constant maturity (nominal) Treasury yield, as published by the Federal Reserve System (currently at 0.22%) while any appeal is pending. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (16) Related-Party Transactions |
On August 14, 2009, the Company entered into a reimbursement agreement with the majority stockholder of the Company. Under the terms of this agreement, the Company agreed to reimburse the majority stockholder for various out-of-pocket costs and expenses related to the Company up to a maximum of $150 annually. During the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the Company made payments of $35, $18 and $21, respectively, under this agreement. At January 31, 2015 and February 1, 2014, there were no amounts payable under the terms of this agreement. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Jan. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
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 $276, $234 and $174 for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, respectively. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Beginning of Year Balance | Charged to Costs and Expenses | Deductions | End of Year Balance | ||||||||||||||
Year Ended January 31, 2015 | |||||||||||||||||
Inventory Reserve | $ | 4,020 | $ | 2,666 | $ | (1,797 | ) | $ | 4,889 | ||||||||
Reserve for Sales Returns (a) | 643 | 10,517 | (10,444 | ) | 716 | ||||||||||||
Year Ended February 1, 2014 | |||||||||||||||||
Inventory Reserve | $ | 2,565 | $ | 2,553 | $ | (1,098 | ) | $ | 4,020 | ||||||||
Reserve for Sales Returns (a) | 500 | 9,588 | (9,445 | ) | 643 | ||||||||||||
Year Ended February 2, 2013 | |||||||||||||||||
Inventory Reserve | $ | 2,545 | $ | 1,228 | $ | (1,208 | ) | $ | 2,565 | ||||||||
Reserve for Sales Returns (a) | 459 | 6,977 | (6,936 | ) | 500 | ||||||||||||
(a) | These amounts represent the gross margin effect of sales returns during the respective years. | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
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 years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. Fiscal year 2012 contains 53 weeks of operations and fiscal years 2013 and 2014 contain 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 calendar 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 operating and reportable segment. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers cash on hand in stores and highly liquid investments with an initial maturity of three months or less as cash and cash equivalents. Checks issued pending bank clearance that result in overdraft balances for accounting purposes are classified as accrued expenses in the accompanying consolidated balance sheets. | |
In accordance with the terms of a financing agreement (Note 9), the Company maintains depository accounts with two banks in a lock-box 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 31, 2015, the combined balance in these accounts was $5,987. Accordingly, this amount has been classified as a reduction in the line of credit as if the transfers had occurred on January 31, 2015. | |
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 31, 2015 and February 1, 2014, the allowance for doubtful accounts receivable totaled $113 and $103, respectively. The activity in the allowance for doubtful accounts was not significant for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013. | |
Merchandise Inventories | Merchandise Inventories |
Merchandise inventories are stated at the lower of cost or market. 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 allowance for damaged goods from returns is based upon historical experience. The Company also adjusts inventory for obsolete or slow moving inventory based on inventory productivity reports and by specific identification of slow moving or obsolete inventory. The inventory reserves for shrinkage, damaged, or obsolescence totaled $4,889 and $4,020 at January 31, 2015 and February 1, 2014, 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 to 10 years. | |
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. No impairment charge to long-lived assets was recorded during the fiscal years ended January 31, 2015, February 1, 2014 or February 2, 2013. | |
Prepaid Expenses and Other | Prepaid Expenses and Other |
Prepaid expenses and other primarily consists of prepaid expenses, vendor rebates receivable, vendor advertising receivables and miscellaneous deposits. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized for retail sales at the time of the sale in the store. The Company records a reserve for estimated product returns in each reporting period, based on its historical experience. Revenue for gift cards sold is deferred and recognized as the gift cards are redeemed for merchandise. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. During the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the Company recognized $833, $0 and $17 of gift card breakage income, respectively. This income is included in the accompanying consolidated statements of income as a reduction in selling, general, and administrative expenses (“SG&A”). | |
In November of 2013, the Company launched a customer loyalty program. Under this program, the Company issues credits in the form of points to loyalty program members. The value of points earned by loyalty program members is included in accrued liabilities and recorded as a reduction of net sales at the time the points are earned. | |
Customer deposits on items placed in layaway are recorded as a liability. Revenue is recognized on layaway transactions at the point where the customer takes possession of the merchandise. These liabilities are recorded as unearned revenue in accrued expenses in the consolidated balance sheets. | |
Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded from net sales in the consolidated statements of income. | |
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. | |
Tenant Allowances | Tenant Allowances |
The Company may receive reimbursement from a landlord for some of the costs related to occupancy or tenant improvements per lease provisions. These reimbursements may be referred to as tenant allowances or landlord reimbursements ("tenant allowances"). Reimbursement from a landlord for occupancy or tenant improvements is included within deferred rent on the accompanying consolidated balance sheets. The deferred rent credit is amortized as rent expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in deferred rent. | |
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 is under contract with this insurance company through December 2014. 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”). As of January 31, 2015 and February 1, 2014, the Company estimated the IBNR to be $811 and $752, 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 |
Effective November 1, 2014, 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. Prior to November 1, 2014, we operated under a guaranteed cost program. | |
As of January 31, 2015, the Company has established a reserve of $107 related to the workers compensation plan. This reserve has been included in accrued expenses in the accompanying consolidated balance sheets. | |
Operating Leases and Deferred Rent | Operating Leases and Deferred Rent |
The Company has various operating lease commitments on its store locations. Certain leases contain rent escalation clauses that require higher rental payments in later years. Leases may also contain rent holidays, or free rents, during the lease term. Rent expense is recognized on a straight-line basis over the lease term. Rent expense in excess of rental payments is recorded as deferred rent on 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 31, 2015, February 1, 2014 and February 2, 2013, net advertising expenses totaled $5,629, $4,685 and $3,773, 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 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 |
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. The carrying amount of the Company’s financial instruments approximates fair value as of January 31, 2015 and February 1, 2014. | |
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 31, 2015, February 1, 2014 or February 2, 2013. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. Management is evaluating the provisions of ASU 2014-09 and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Pro Forma Results | The following pro forma results are based on the individual historical results of the acquired stores with adjustments to give effect to the combined operations as if the acquisition has been consummated at the beginning of fiscal year 2013. The pro forma results are intended for information purposes only and do not purport to represent what the combined results of operations would actually have been had the acquisition in fact occurred at the beginning of the earliest period presented. | |||
Fiscal Year Ended | ||||
1-Feb-14 | ||||
(In thousands, | ||||
except per share | ||||
amounts) | ||||
Net sales | $ | 643,829 | ||
Net income | $ | 21,633 | ||
Basic earnings per share | $ | 0.65 | ||
Diluted earnings per share | $ | 0.65 | ||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Schedule of Property and Equipment | Property and equipment as of January 31, 2015 and February 1, 2014 are as follows: | |||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Furniture, fixtures, and equipment | $ | 32,678 | $ | 23,953 | ||||
Leasehold improvements | 34,398 | 15,943 | ||||||
Construction in progress | 7,651 | 4,664 | ||||||
74,727 | 44,560 | |||||||
Less accumulated depreciation and amortization | (20,410 | ) | (13,066 | ) | ||||
$ | 54,317 | $ | 31,494 | |||||
Definite_Lived_Intangible_Asse1
Definite Lived Intangible Asset (Tables) | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||
Summary of Definite Lived Intangible Assets | Intangible assets increased as a result of the non-compete agreement associated with the Wholesale Sports acquisition. The following table summarizes the definite lived intangible assets: | ||||||||||||||
31-Jan-15 | |||||||||||||||
Amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Amortizing intangible assets: | |||||||||||||||
Non-compete agreement | 5 years | $ | 9,063 | (3,334 | ) | 5,729 | |||||||||
Total | $ | 9,063 | (3,334 | ) | 5,729 | ||||||||||
1-Feb-14 | |||||||||||||||
Amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||
Amortizing intangible assets: | |||||||||||||||
Non-compete agreement | 5 years | $ | 9,063 | (1,528 | ) | 7,535 | |||||||||
Total | $ | 9,063 | (1,528 | ) | 7,535 | ||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following at January 31, 2015 and February 1, 2014: | |||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Book overdraft | $ | 8,305 | $ | 5,696 | ||||
Unearned revenue | 9,629 | 8,579 | ||||||
Accrued payroll and related expenses | 7,104 | 6,919 | ||||||
Sales and use tax payable | 3,708 | 2,277 | ||||||
Other | 13,874 | 8,413 | ||||||
$ | 42,620 | $ | 31,884 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Summary of Long-Term Debt | Long-term debt consisted of the following as of January 31, 2015 and February 1, 2014: | |||||||
January 31, | February 1, | |||||||
2015 | 2014 | |||||||
Term loan | $ | 159,600 | $ | 233,825 | ||||
Less discount | (1,554 | ) | (2,693 | ) | ||||
158,046 | 231,132 | |||||||
Less current portion, net of discount | (1,333 | ) | (1,860 | ) | ||||
Long-term portion | $ | 156,713 | $ | 229,272 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: | |||||||||||
Fiscal Year Ended | ||||||||||||
January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income | $ | 13,784 | $ | 21,750 | $ | 28,074 | ||||||
Weighted-average shares of common stock outstanding: | ||||||||||||
Basic | 39,961 | 33,170 | 33,229 | |||||||||
Dilutive effect of common stock equivalents | 180 | 15 | — | |||||||||
Diluted | 40,141 | 33,185 | 33,229 | |||||||||
Basic earnings per share | $ | 0.34 | $ | 0.66 | $ | 0.84 | ||||||
Diluted earnings per share | $ | 0.34 | $ | 0.66 | $ | 0.84 | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Rollforward of Outstanding Restricted Stock Units | The following table sets forth the rollforward of outstanding restricted stock units: | |||
Fiscal Year Ended | ||||
31-Jan-15 | ||||
Unvested restricted stock units at February 1, 2014 | 1,193,747 | |||
Grants | 5,000 | |||
Forfeitures | 13,493 | |||
Vesting in connection with initial public offering | 297,401 | |||
Unvested restricted stock units at January 31, 2015 | 887,853 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Provision for Income Taxes | For the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the income tax provision consisted of the following: | ||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 7,687 | $ | 9,421 | $ | 14,337 | |||||||
State | 987 | 1,248 | 3,447 | ||||||||||
Total current | 8,674 | 10,669 | 17,784 | ||||||||||
Deferred: | |||||||||||||
Federal | (103 | ) | 1,830 | 1,549 | |||||||||
State | 57 | 339 | (257 | ) | |||||||||
Change in valuation allowance | — | — | — | ||||||||||
Total deferred | (46 | ) | 2,169 | 1,292 | |||||||||
Total income tax provision | $ | 8,628 | $ | 12,838 | $ | 19,076 | |||||||
Schedule of Federal Statutory Tax Rate | The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods: | ||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State tax, net of federal benefit | 3.5 | 3.6 | 4.2 | ||||||||||
Permanent items | 0.2 | 0.3 | 2.3 | ||||||||||
Valuation allowance | 0 | 0 | 0 | ||||||||||
Other items | -0.2 | -1.8 | -1 | ||||||||||
Effective income tax rate | 38.5 | % | 37.1 | % | 40.5 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 31, 2015 and February 1, 2014, respectively, are presented below: | ||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 444 | $ | 389 | |||||||||
Allowance for doubtful accounts | 44 | 40 | |||||||||||
Deferred rent | 11,932 | 9,884 | |||||||||||
Inventories | 2,189 | 2,228 | |||||||||||
Litigation accrual | 1,540 | — | |||||||||||
Net operating loss | 51 | 93 | |||||||||||
Sales return reserve | 276 | 248 | |||||||||||
Stock-based compensation | 600 | — | |||||||||||
Total gross deferred tax assets | $ | 17,076 | $ | 12,882 | |||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | $ | (8,125 | ) | $ | (3,926 | ) | |||||||
Prepaid expenses | (625 | ) | (676 | ) | |||||||||
Total gross deferred tax liabilities | $ | (8,750 | ) | $ | (4,602 | ) | |||||||
Net deferred tax asset | $ | 8,326 | $ | 8,280 | |||||||||
Components of Current and Long-Term Deferred Income Taxes | As of January 31, 2015 and February 1, 2014, the components of the current and long-term deferred income taxes are as follows: |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Payments For Non-Cancelable Operating Leases | Future minimum lease payments for non-cancelable operating leases by fiscal year, as of January 31, 2015 are as follows: | ||||
Fiscal Year: | |||||
2015 | 33,283 | ||||
2016 | 34,068 | ||||
2017 | 33,565 | ||||
2018 | 33,104 | ||||
2019 | 30,774 | ||||
Thereafter | 121,501 | ||||
286,295 | |||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Details) | Jan. 31, 2015 |
States | |
Stores | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of stores | 55 |
Number of states | 18 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Segment | |||
Subsidiaries | |||
Significant Accounting Policies [Line Items] | |||
Number of subsidiaries | 4 | ||
Fiscal Period Duration | 364 days | 364 days | 371 days |
Number of reportable segment | 1 | ||
Amounts in depository under lock-box arrangements | $5,987,000 | ||
Allowance for doubtful accounts receivable | 113,000 | 103,000 | |
Inventory reserves | 4,889,000 | 4,020,000 | |
Impairment charge to long-lived assets | 0 | 0 | 0 |
Recognized gift card breakage income | 833,000 | 0 | 17,000 |
Stop-loss insurance maintained by insurance company, deductible per person | 100,000 | ||
Reserve on claims included in accrued expenses | 811,000 | 752,000 | |
Stop-loss insurance maintained by insurance company, deductible per person | 150,000 | ||
Workers compensation plan, reserve | 107,000 | ||
Net advertising expenses | $5,629,000 | $4,685,000 | $3,773,000 |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Furniture, fixtures, and equipment, estimated useful life | P3Y | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Furniture, fixtures, and equipment, estimated useful life | P10Y |
Initial_Public_Offering_Additi
Initial Public Offering - Additional Information (Details) (Initial Public Offering, USD $) | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 16-May-14 | Apr. 23, 2014 |
Subsidiary Or Equity Method Investee [Line Items] | ||
Initial public offering common stock, shares issued | 1,400 | 8,333 |
Initial public offering common stock to public, price per share | $9.50 | $9.50 |
Proceeds from issuance initial public offering, net | $70,299 | |
Payment of underwriting discounts and commissions | 5,542 | |
Other offering expenses | 3,326 | |
Issuance of common stock, net | $3,100 | |
Parent Company | ||
Subsidiary Or Equity Method Investee [Line Items] | ||
Initial public offering common stock, shares issued | 350 | |
Seidler Equity Partners III L.P. | ||
Subsidiary Or Equity Method Investee [Line Items] | ||
Initial public offering common stock, shares issued | 1,050 | 4,167 |
Stock_Split_Additional_Informa
Stock Split - Additional Information (Details) | 0 Months Ended | |||
Apr. 02, 2014 | Jan. 31, 2015 | Apr. 16, 2014 | Feb. 01, 2014 | |
Class Of Stock [Line Items] | ||||
Company stock split | 2.87 | |||
Common stock, shares authorized | 110,000,000 | 120,000,000 | ||
Preferred stock, shares authorized | 20,000,000 | 0 | ||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 20,000,000 | |||
Restricted Nonvoting Common Stock | Restricted Stock | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 10,000,000 | 0 | 6,888,000 |
Acquisition_Pro_Forma_Results_
Acquisition - Pro Forma Results (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 |
Business Combinations [Abstract] | |
Net sales | $643,829 |
Net income | $21,633 |
Basic earnings per share | $0.65 |
Diluted earnings per share | $0.65 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $74,727 | $44,560 |
Less accumulated depreciation and amortization | -20,410 | -13,066 |
Property, plant and equipment, net | 54,317 | 31,494 |
Furniture, fixtures, and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 32,678 | 23,953 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 34,398 | 15,943 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $7,651 | $4,664 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Property Plant And Equipment Net [Abstract] | |||
Depreciation of property and equipment | $7,344 | $4,749 | $3,431 |
Definite_Lived_Intangible_Asse2
Definite Lived Intangible Asset - Summary of Definite Lived Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | $9,063 | $9,063 |
Accumulated amortization | -3,334 | -1,528 |
Net carrying amount | 5,729 | 7,535 |
Non-compete agreement | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortization period | 5 years | 5 years |
Gross carrying amount | 9,063 | 9,063 |
Accumulated amortization | -3,334 | -1,528 |
Net carrying amount | $5,729 | $7,535 |
Definite_Lived_Intangible_Asse3
Definite Lived Intangible Asset - Additional Information (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortization expense for definite lived intangible asset, fiscal year | $1,806 |
Amortization expense for definite lived intangible asset, 2015 | 1,806 |
Amortization expense for definite lived intangible asset, 2016 | 1,806 |
Amortization expense for definite lived intangible asset, 2017 | 1,840 |
Amortization expense for definite lived intangible asset, 2018 | $277 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities - Components of Accrued Expenses and Other Liabilities (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Book overdraft | $8,305 | $5,696 |
Unearned revenue | 9,629 | 8,579 |
Accrued payroll and related expenses | 7,104 | 6,919 |
Sales and use tax payable | 3,708 | 2,277 |
Other | 13,874 | 8,413 |
Accrued expenses | $42,620 | $31,884 |
Revolving_Line_Of_Credit_Addit
Revolving Line Of Credit - Additional Information (Details) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 03, 2014 | Feb. 01, 2014 | |
Line Of Credit Facility [Line Items] | ||||
Amounts in depository under lock-box arrangements | $5,987,000 | |||
Senior Secured Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 135,000,000 | 105,000,000 | ||
Line of Credit Facility, asset restrictions | the lesser of (a) 90% of the net orderly liquidation value of the Companybs eligible inventory and (b) 75% of the lower of cost or market value of the Companybs eligible inventory, plus (2) 90% of the eligible accounts receivable, less certain reserves against outstanding gift cards, layaway deposits and amounts outstanding under commercial letters of credit, each term as defined in the credit agreement | |||
Line of credit facility available borrowing capacity | 73,200,000 | |||
Line of credit facility, amount outstanding | 41,900,000 | |||
Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 135,000,000 | |||
Line of credit facility, amount outstanding | 47,886,000 | 34,029,000 | ||
Amounts in depository under lock-box arrangements | 5,987,000 | 4,977,000 | ||
Net borrowing available under revolving line of credit | 73,214,000 | |||
Line of credit facility, interest rate description | the revolving credit facility bear interest based on either, at the Companybs option, the base rate or LIBOR, in each case plus an applicable margin. The base rate is the higher of (1) Wells Fargobs 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 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 0.75% to 1.25% per year for base rate loans and from 1.75% to 2.25% per year for LIBOR loans. | |||
Debt instrument applicable margin | 2.00% | |||
Weighted average interest rate on amount outstanding | 2.21% | |||
Debt instrument, interest rate term | Interest on base rate loans is payable monthly in arrears and interest on LIBOR loans is payable based on the LIBOR interest period selected by us, which can be 30, 60 or 90 days. All amounts that are not paid when due under the Companybs revolving credit facility will accrue interest at the rate otherwise applicable plus 2.00% until such amounts are paid in full | |||
Revolving credit facility, covenant term | The revolving credit facility also requires us to maintain a minimum availability at all times of not less than 10% of the gross borrowing base, and in any event, not less than $5.0 million | |||
Line of Credit , Maturity Date | 3-Dec-19 | |||
Revolving Credit Facility | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility available borrowing capacity | 5,000,000 | |||
Revolving Credit Facility | Federal Funds Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 0.50% | |||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 1.00% | |||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 1.75% | |||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 2.25% | |||
Revolving Credit Facility | Base Rate | Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 0.75% | |||
Revolving Credit Facility | Base Rate | Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument applicable margin | 1.25% | |||
Stand-by Commercial Letters of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Net borrowing available under revolving line of credit | $400,000 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Term loan | $159,600 | $233,825 |
Less discount | -1,554 | -2,693 |
Long-term debt | 158,046 | 231,132 |
Less current portion, net of discount | -1,333 | -1,860 |
Long-term debt, net of discount and current portion | $156,713 | $229,272 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Dec. 03, 2014 | |
Debt Instrument [Line Items] | ||||
Senior secured loan facility outstanding | $159,600,000 | $233,825,000 | ||
Long-term debt | 158,046,000 | 231,132,000 | ||
Debt instrument discount at issuance | 1,554,000 | 2,693,000 | ||
Amortization of discount on debt and deferred financing fees | 6,497,000 | 6,952,000 | 1,810,000 | |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate term | Interest on base rate loans is payable monthly in arrears and interest on LIBOR loans is payable based on the LIBOR interest period selected by us, which can be 30, 60 or 90 days. All amounts that are not paid when due under the Companybs revolving credit facility will accrue interest at the rate otherwise applicable plus 2.00% until such amounts are paid in full | |||
Debt instrument applicable margin | 2.00% | |||
Line of credit facility, maximum borrowing capacity | 135,000,000 | |||
Line of credit facility, maximum borrowing capacity | 105,000,000 | |||
Line of Credit , Maturity Date | 3-Dec-19 | |||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument applicable margin | 1.00% | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Senior secured loan facility | 235,000,000 | |||
Senior secured loan facility outstanding | 158,800,000 | |||
Debt instrument issuance price, percentage of aggregate principal amount | 99.00% | |||
Line of credit , maturity date | 3-Dec-20 | |||
Quarterly loan principal repayment | 400,000 | |||
Debt instrument, date of first required payment | 1-May-15 | |||
Write-off of term loan fees | 5,668,000 | |||
Debt instrument, interest rate term | The Term Loan bears interest at a rate per annum equal to the one-, two-, three-, or six-month LIBOR (or, the nine- or 12-month LIBOR), as defined in the term loan agreement, at the Companybs election, which cannot be less than 1.25%, plus an applicable margin of 6.00% | |||
Debt instrument applicable margin | 6.00% | |||
Long-term debt | 158,046,000 | |||
Debt instrument discount at issuance | 1,554,000 | |||
Amortization of discount on debt and deferred financing fees | 2,739,000 | 2,880,000 | ||
Term Loan | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument applicable margin | 1.25% | |||
New Term Loan | ||||
Debt Instrument [Line Items] | ||||
Senior secured loan facility | $160,000,000 |
Stockholders_Equity_Deficit_Ad
Stockholders' Equity (Deficit)- Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Equity [Abstract] | ||
Dividends paid | $101,065 | $120,250 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||
Net income | $13,784 | $21,750 | $28,074 |
Weighted-average shares of common stock outstanding: | |||
Basic | 39,961 | 33,170 | 33,229 |
Dilutive effect of common stock equivalents | 180 | 15 | |
Diluted | 40,141 | 33,185 | 33,229 |
Basic earnings per share | $0.34 | $0.66 | $0.84 |
Diluted earnings per share | $0.34 | $0.66 | $0.84 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) | 12 Months Ended |
Feb. 02, 2013 | |
Earnings Per Share [Abstract] | |
Potentially dilutive securities, outstanding | 0 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | Under the terms of the restricted stock unit agreements, twenty-five percent of the outstanding restricted stock units vested on the effective date of the registration statement relating to the initial public offering because such date occurred within the first vesting period of the outstanding restricted stock units. The Company recognized $1,208 of stock-based compensation expense as a result of the change in the vesting date. The remaining non-vested restricted stock units will vest one third annually on each of the first three anniversaries of the effective date of the registration statement relating to the initial public offering. | |
Stock-based compensation | $3,293 | $365 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding restricted stock units vested, percentage | 25.00% | |
Share based compensation expense | $1,208 | |
Restricted Stock Units | Non Vested | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding restricted stock units vested, percentage | 33.33% |
Stock_Based_Compensation_Rollf
Stock Based Compensation - Rollforward of Outstanding Restricted Stock Units (Details) (Restricted Stock Units) | 12 Months Ended |
Jan. 31, 2015 | |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | 1,193,747 |
Grants | 5,000 |
Forfeitures | 13,493 |
Vesting in connection with initial public offering | 297,401 |
Ending balance | 887,853 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | $7,687 | $9,421 | $14,337 |
State | 987 | 1,248 | 3,447 |
Total current | 8,674 | 10,669 | 17,784 |
Deferred: | |||
Federal | -103 | 1,830 | 1,549 |
State | 57 | 339 | -257 |
Total deferred | -46 | 2,169 | 1,292 |
Total income tax provision | $8,628 | $12,838 | $19,076 |
Income_Taxes_Schedule_of_Feder
Income Taxes - Schedule of Federal Statutory Tax Rate (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Reconciliation of the federal statutory income tax rate to the effective income tax rate | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal benefit | 3.50% | 3.60% | 4.20% |
Permanent items | 0.20% | 0.30% | 2.30% |
Valuation allowance | 0.00% | 0.00% | 0.00% |
Other items | -0.20% | -1.80% | -1.00% |
Effective income tax rate | 38.50% | 37.10% | 40.50% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accrued liabilities | $444 | $389 |
Allowance for doubtful accounts | 44 | 40 |
Deferred rent | 11,932 | 9,884 |
Inventories | 2,189 | 2,228 |
Litigation accrual | 1,540 | |
Net operating loss | 51 | 93 |
Sales return reserve | 276 | 248 |
Stock-based compensation | 600 | |
Total gross deferred tax assets | 17,076 | 12,882 |
Deferred tax liabilities: | ||
Depreciation | -8,125 | -3,926 |
Prepaid expenses | -625 | -676 |
Total gross deferred tax liabilities | -8,750 | -4,602 |
Net deferred tax asset | $8,326 | $8,280 |
Income_Taxes_Components_of_Cur
Income Taxes - Components of Current and Long-Term Deferred Income Taxes (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets, net: | ||
Accrued liabilities | $444 | $389 |
Allowance for doubtful accounts | 44 | 40 |
Inventories | 2,189 | 2,228 |
Prepaid expenses | -625 | -676 |
Sales return reserve | 276 | 248 |
Stock-based compensation | 600 | |
Current deferred tax assets, net | 2,928 | 2,229 |
Non-current deferred tax assets, net: | ||
Deferred rent | 11,932 | 9,884 |
Depreciation | -8,125 | -3,926 |
Litigation accrual | 1,540 | |
Net operating loss | 51 | 93 |
Non-current deferred tax assets, net | $5,398 | $6,051 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Jan. 31, 2015 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $0 | ||
Operating loss carry-forwards | 3,047,000 | 1,678,000 | |
Offsetting taxable income | 1,369,000 | ||
Accrued interest and penalties | $0 | $14,000 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 09, 2015 |
Operating Leases | ||||
Company received tenant allowances | $5,129 | $200 | $200 | |
Company expects to receive in tenant allowances under leases during 2015 | 11,047 | |||
Lease Expiration Date | 2028-03 | |||
Rent expense | 30,520 | 27,118 | 18,639 | |
Loss contingency trial start date | 2-Mar-15 | |||
Loss contingency trial end date | 6-Mar-15 | |||
Litigation Settlement, Expense | 4,000 | |||
Treasury yield, percentage | 0.22% | |||
Subsequent Event | ||||
Operating Leases | ||||
Trail award against defendants to the action | $11,887 | |||
Minimum | ||||
Operating Leases | ||||
Renewal options | 3 years | |||
Maximum | ||||
Operating Leases | ||||
Renewal options | 5 years |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments For Non-Cancelable Operating Leases (Details) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases | |
2015 | $33,283 |
2016 | 34,068 |
2017 | 33,565 |
2018 | 33,104 |
2019 | 30,774 |
Thereafter | 121,501 |
Operating Leases, Future Minimum Payments Due | $286,295 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (Majority Stockholder, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Related Party Transaction [Line Items] | |||
Related party agreement date | 14-Aug-09 | ||
Payments made to related party | $35 | $18 | $21 |
Amounts payable to related party | 0 | 0 | |
Maximum | |||
Related Party Transaction [Line Items] | |||
Reimbursement cost and expenses of related party | $150 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Compensation And Retirement Disclosure [Abstract] | |||
Company contribution under plan | $276 | $234 | $174 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Inventory Reserve | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Year Balance | $4,020 | $2,565 | $2,545 |
Charged to Costs and Expenses | 2,666 | 2,553 | 1,228 |
Deductions | -1,797 | -1,098 | -1,208 |
End of Year Balance | 4,889 | 4,020 | 2,565 |
Reserve for Sales Returns | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Year Balance | 643 | 500 | 459 |
Charged to Costs and Expenses | 10,517 | 9,588 | 6,977 |
Deductions | -10,444 | -9,445 | -6,936 |
End of Year Balance | $716 | $643 | $500 |