Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 24, 2014 | Aug. 02, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'FIVE | ' | ' |
Entity Registrant Name | 'Five Below, Inc. | ' | ' |
Entity Central Index Key | '0001177609 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 54,193,901 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,327,056,843 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $50,184 | $56,081 |
Inventories | 89,377 | 60,831 |
Prepaid income taxes | 1,497 | 36 |
Deferred income taxes | 4,586 | 1,295 |
Prepaid expenses and other current assets | 15,255 | 11,433 |
Total current assets | 160,899 | 129,676 |
Property and equipment, net | 70,381 | 59,040 |
Deferred income taxes | 232 | 0 |
Other assets | 542 | 944 |
Total assets | 232,054 | 189,660 |
Current liabilities: | ' | ' |
Line of credit | 0 | 0 |
Current portion of note payable | 19,500 | 15,000 |
Accounts payable | 34,013 | 27,952 |
Income taxes payable | 6,007 | 7,083 |
Accrued salaries and wages | 2,672 | 4,204 |
Other accrued expenses | 17,550 | 14,545 |
Total current liabilities | 79,742 | 68,784 |
Notes payable | 0 | 19,500 |
Deferred rent and other | 35,439 | 29,082 |
Deferred income taxes | 0 | 1,550 |
Total liabilities | 115,181 | 118,916 |
Commitments and contingencies (note 4) | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 54,190,724 and 53,980,797 shares, respectively. | 542 | 540 |
Additional paid-in capital | 284,622 | 270,637 |
Accumulated deficit | -168,291 | -200,433 |
Total shareholders’ equity | 116,873 | 70,744 |
Total liabilities and shareholders' equity (deficit) | $232,054 | $189,660 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,190,724 | 53,980,797 |
Common stock, shares outstanding | 54,190,724 | 53,980,797 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $535,402 | $418,825 | $297,113 |
Cost of goods sold | 347,386 | 268,989 | 192,252 |
Gross profit | 188,016 | 149,836 | 104,861 |
Selling, general and administrative expenses | 134,279 | 112,182 | 78,640 |
Operating income | 53,737 | 37,654 | 26,221 |
Interest expense (income), net | 1,513 | 2,374 | -16 |
Loss on debt extinguishment | 266 | 1,594 | 0 |
Other income | 0 | -408 | 0 |
Income before income taxes | 51,958 | 34,094 | 26,237 |
Income tax expense | 19,816 | 14,069 | 10,159 |
Net income | 32,142 | 20,025 | 16,078 |
Dividend paid to preferred and unvested restricted shareholders | 0 | -65,403 | 0 |
Series A 8% Convertible Preferred Stock cumulative dividends | 0 | 0 | -15,913 |
Net income attributable to participating securities | -465 | 0 | -109 |
Net income (loss) attributable to common shareholders | $31,677 | ($45,378) | $56 |
Basic (loss) income per common share (dollars per share) | $0.59 | ($1.28) | $0 |
Diluted (loss) income per common share (dollars per share) | $0.59 | ($1.28) | $0 |
Dividends declared and paid per common share (dollars per share) | $0 | $2.02 | $0 |
Weighted average shares outstanding: | ' | ' | ' |
Basic shares | 53,294,805 | 35,444,200 | 15,903,599 |
Diluted shares | 53,741,860 | 35,444,200 | 15,904,108 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) | 0 Months Ended | 12 Months Ended | ||
Jul. 17, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Preferred stock dividend, percentage | 8.00% | 8.00% | 8.00% | 8.00% |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Convertible Preferred Stock and Shareholders' Equity (Deficit) (USD $) | Total | Series A 8% Convertible Preferred Stock [Member] | Common stock [Member] | Additional paid- in capital [Member] | Accumulated deficit [Member] |
Balance at Jan. 29, 2011 | ($148,797,000) | $191,855,000 | $161,000 | $732,000 | ($149,690,000) |
Balance, common stock, shares at Jan. 29, 2011 | ' | ' | 16,084,358 | ' | ' |
Balance, preferred stock, shares at Jan. 29, 2011 | ' | 89,291,773 | ' | ' | ' |
Issuance of warrants to purchase common stock to professional service providers | 31,000 | ' | ' | 31,000 | ' |
Stock-based compensation expense | 1,197,000 | ' | ' | 1,197,000 | ' |
Exercise of options and warrants to purchase common stock | 33,000 | ' | ' | 33,000 | ' |
Exercise of options and warrants to purchase common stock (in shares) | ' | ' | 5,191 | ' | ' |
Vesting of restricted shares related to stock option exercises | 491,000 | ' | ' | 491,000 | ' |
Repurchase of unvested restricted shares related to stock option exercises | 98,000 | ' | ' | 98,000 | ' |
Issuance of common stock | 1,110,000 | ' | 1,000 | 1,109,000 | ' |
Issuance of common stock (in shares) | ' | ' | 159,248 | ' | ' |
Net income | 16,078,000 | ' | ' | ' | 16,078,000 |
Balance at Jan. 28, 2012 | -129,759,000 | 191,855,000 | 162,000 | 3,691,000 | -133,612,000 |
Balance, common stock, shares at Jan. 28, 2012 | ' | ' | 16,248,797 | ' | ' |
Balance, preferred stock, shares at Jan. 28, 2012 | ' | 89,291,773 | ' | ' | ' |
Issuance of warrants to purchase common stock to professional service providers | 43,000 | ' | ' | 43,000 | ' |
Stock-based compensation expense | 12,142,000 | ' | 20,000 | 12,122,000 | ' |
Stock-based compensation expense (in shares) | ' | ' | 2,027,678 | ' | ' |
Exercise of options and warrants to purchase common stock | 239,000 | ' | 1,000 | 238,000 | ' |
Exercise of options and warrants to purchase common stock (in shares) | ' | ' | 31,898 | ' | ' |
Vesting of restricted shares related to stock option exercises | 802,000 | ' | ' | 802,000 | ' |
Repurchase of unvested restricted shares related to stock option exercises | 3,000 | ' | ' | 3,000 | ' |
Repurchase of unvested restricted shares related to stock option exercises (in shares) | ' | ' | -30,221 | ' | ' |
Conversion of preferred stock | 191,855,000 | -191,855,000 | 309,000 | 191,546,000 | ' |
Conversion of preferred stock (in shares) | ' | -89,291,773 | -30,894,953 | ' | ' |
Issuance of common stock | 73,198,000 | ' | 48,000 | 73,150,000 | ' |
Issuance of common stock (in shares) | ' | 4,807,692 | ' | ' | ' |
Dividend paid to shareholders | -99,451,000 | ' | ' | -12,605,000 | -86,846,000 |
Excess tax benefit | 1,647,000 | ' | ' | 1,647,000 | ' |
Net income | 20,025,000 | ' | ' | ' | 20,025,000 |
Balance at Feb. 02, 2013 | 70,744,000 | ' | 540,000 | 270,637,000 | -200,433,000 |
Balance, common stock, shares at Feb. 02, 2013 | 53,980,797 | ' | 53,980,797 | ' | ' |
Stock-based compensation expense | 9,854,000 | ' | ' | 9,854,000 | ' |
Stock-based compensation expense (in shares) | ' | ' | 10,069 | ' | ' |
Exercise of options and warrants to purchase common stock | 1,484,000 | ' | 2,000 | 1,482,000 | ' |
Exercise of options and warrants to purchase common stock (in shares) | ' | ' | 196,941 | ' | ' |
Vesting of restricted shares related to stock option exercises | 239,000 | ' | ' | 239,000 | ' |
Repurchase of unvested restricted shares related to stock option exercises (in shares) | ' | ' | -648 | ' | ' |
Issuance of common stock | 148,000 | ' | 0 | 148,000 | ' |
Issuance of common stock (in shares) | ' | ' | 3,565 | ' | ' |
Excess tax benefit | 2,262,000 | ' | ' | 2,262,000 | ' |
Net income | 32,142,000 | ' | ' | ' | 32,142,000 |
Balance at Feb. 01, 2014 | $116,873,000 | ' | $542,000 | $284,622,000 | ($168,291,000) |
Balance, common stock, shares at Feb. 01, 2014 | 54,190,724 | ' | 54,190,724 | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Convertible Preferred Stock and Shareholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 02, 2013 |
Statement of Stockholders' Equity [Abstract] | ' |
Issuance of common stock, issuance costs | $8,533 |
Preferred stock dividend, percentage | 8.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating activities: | ' | ' | ' |
Net income | $32,142 | $20,025 | $16,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,469 | 9,599 | 7,071 |
Gain on conversion of note payable | 0 | -200 | 0 |
Loss on debt extinguishment | 266 | 1,594 | 0 |
Loss on disposal of property and equipment | 515 | 58 | 273 |
Amortization of deferred financing costs | 251 | 455 | 28 |
Warrant expense related to professional service providers for services rendered | 0 | 43 | 49 |
Stock-based compensation expense | 10,092 | 12,324 | 1,197 |
Deferred income tax (benefit) expense | -5,074 | 3,812 | 56 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid income taxes | -1,461 | -36 | 0 |
Income taxes receivable | 0 | 0 | 20 |
Inventories | -28,546 | -22,041 | -12,036 |
Prepaid expenses and other assets | -3,597 | -4,133 | -3,270 |
Accounts payable | 4,083 | 3,369 | 12,481 |
Income taxes payable | -1,076 | -2,056 | 8,998 |
Accrued salaries and wages | -1,532 | -5,050 | 7,211 |
Deferred rent | 8,384 | 7,723 | 6,997 |
Other accrued expenses | 3,271 | 4,877 | 1,542 |
Net cash provided by operating activities | 31,187 | 30,363 | 46,695 |
Investing activities: | ' | ' | ' |
Capital expenditures | -25,931 | -22,890 | -18,558 |
Net cash used in investing activities | -25,931 | -22,890 | -18,558 |
Financing activities: | ' | ' | ' |
Borrowing on note payable under Term Loan Facility | 0 | 100,000 | 0 |
Repayment of note payable under Term Loan Facility | -15,000 | -65,500 | 0 |
Cash paid for debt financing costs | -40 | -2,751 | 0 |
Repayment of other note payable | 0 | -50 | 0 |
Net proceeds from issuance of common stock | 148 | 73,198 | 1,110 |
Proceeds from exercise of warrants and options to purchase common stock | 1,484 | 239 | 33 |
Repurchase of unvested restricted shares related to stock option exercises | -7 | -17 | -140 |
Dividends paid to shareholders | 0 | -99,451 | 0 |
Excess tax benefit related to restricted shares and exercise of stock options and warrants | 2,262 | 1,647 | 0 |
Net cash (used in) provided by financing activities | -11,153 | 7,315 | 1,003 |
Net (decrease) increase in cash and cash equivalents | -5,897 | 14,788 | 29,140 |
Cash and cash equivalents at beginning of year | 56,081 | 41,293 | 12,153 |
Cash and cash equivalents at end of year | 50,184 | 56,081 | 41,293 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | 1,259 | 2,056 | 24 |
Income taxes paid | $25,039 | $10,803 | $1,157 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of Significant Accounting Policies | ' | |||||||
Summary of Significant Accounting Policies | ||||||||
Description of Business | ||||||||
Five Below, Inc. (individually and/or collectively with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the teen and pre-teen demographic. The Company offers an edited assortment of products, priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. | ||||||||
The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 1, 2014, operated in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia and Texas. As of February 1, 2014 and February 2, 2013, the Company operated 304 stores and 244 stores, respectively, each operating under the name “Five Below.” | ||||||||
On June 12, 2013, the Company completed an internal business restructuring pursuant to which the Company formed Five Below Merchandising, Inc., a wholly-owned subsidiary (the “Subsidiary”), and transferred to the Subsidiary assets, operations and employees related to the Company's merchandising operations (the “Restructuring”). Following the Restructuring, the Subsidiary purchases and sells to the Company certain goods for sale at the Company's retail locations, and the Company provides to the Subsidiary back office support, office space and other services, in each case, pursuant to agreements between the Company and the Subsidiary. In connection with the Restructuring, on June 12, 2013, the Company amended and restated the Loan and Security Agreement (note 3) and certain other ancillary documents to the Company's Revolving Credit Facility (note 3) in order to, among other things, allow the Company to form and capitalize the Subsidiary and make the Subsidiary a party to the Loan and Security Agreement as a guarantor of the Company's obligations thereunder. The Subsidiary also acceded to the credit agreement and certain ancillary documents to the Company's Term Loan Facility as a guarantor of the Company's obligations thereunder. The Company's consolidated financial statements include the accounts of Five Below, Inc. and the Subsidiary. All intercompany transactions and accounts are eliminated in the consolidation of the Company's and Subsidiary's financial statements. | ||||||||
(b) | Fiscal Year | |||||||
The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to “fiscal year 2013” or “fiscal 2013” refer to the period from February 3, 2013 to February 1, 2014 and consists of a 52-week fiscal year. References to “fiscal year 2012” or “fiscal 2012” refer to the period from January 29, 2012 to February 2, 2013 and consists of a 53-week fiscal year. References to “fiscal year 2011” or “fiscal 2011” refer to the period from January 30, 2011 to January 28, 2012 and consists of a 52-week fiscal year. | ||||||||
(c) | Cash and Cash Equivalents | |||||||
The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. The majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. All credit card and debit card transactions are classified as cash and cash equivalents in the accompanying consolidated balance sheets. Amounts due from banks for these transactions classified as cash equivalents totaled $2.3 million and $1.6 million at February 1, 2014 and February 2, 2013, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. At February 1, 2014 and February 2, 2013, the Company has cash and cash equivalents of $50.2 million and $56.1 million. The Company’s cash accounts are primarily maintained with one financial institution. | ||||||||
(d) | Fair Value of Financial Instruments | |||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: | ||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. | ||||||||
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. | ||||||||
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | ||||||||
The Company’s financial instruments consist primarily of cash equivalents, accounts payable, and borrowings under a line of credit and Term Loan Facility (as defined in note 3). The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings under the line of credit and Term Loan Facility approximates their fair value because the line of credit’s and Term Loan Facility's interest rates vary with market interest rates. The Company considers the inputs utilized to determine the fair value of the borrowings under the Term Loan Facility to be Level 2 inputs. At February 1, 2014 and February 2, 2013, the Company had cash equivalents of $2.3 million and $1.6 million, respectively. The Company’s cash equivalents consist of credit card receivables and fair value was determined based on Level 1 inputs. | ||||||||
(e) | Inventories | |||||||
Inventories consist of finished goods purchased for resale, including freight, and are stated at the lower of cost or market value, at the individual product level. Cost is determined on a weighted average cost method which approximates a FIFO (first-in, first-out) basis due to the nature of the Company's inventory. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. | ||||||||
(f) | Property and Equipment | |||||||
Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. | ||||||||
Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally 10 years. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $13.5 million, $9.6 million and $7.1 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively. | ||||||||
Property and equipment, net, consists of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Furniture and fixtures | $ | 44,112 | $ | 31,680 | ||||
Leasehold improvements | 51,736 | 41,671 | ||||||
Computers and equipment | 15,903 | 10,541 | ||||||
Construction in process | 2,627 | 6,678 | ||||||
Property and equipment, gross | 114,378 | 90,570 | ||||||
Less: Accumulated depreciation and amortization | (43,997 | ) | (31,530 | ) | ||||
Property and equipment, net | $ | 70,381 | $ | 59,040 | ||||
(g) | Impairment of Long-Lived Assets | |||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Based on its Company's most recent analysis, management believes that no impairment of long-lived assets exists as of February 1, 2014. | ||||||||
(h) | Deferred Financing Costs | |||||||
Deferred financing costs (note 3) are amortized to interest expense over the term of the related credit agreement. Amortization expense in fiscal 2013, fiscal 2012 and fiscal 2011 was $0.3 million, $0.5 million and $28.0 thousand, respectively. In connection with the repayments of the $100.0 million term loan facility in the amounts of $15.0 million and $65.5 million in fiscal 2013 and fiscal 2012, respectively, we wrote-off approximately $0.3 million and $1.6 million of deferred financing costs in fiscal 2013 and fiscal 2012, respectively, which is included in loss on debt extinguishment in the accompanying consolidated statements of operations. | ||||||||
(i) | Other Accrued Expenses | |||||||
Other accrued expenses consist of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Deposit liability related to restricted shares (note 6) | $ | 62 | $ | 308 | ||||
Gift card liability | 3,273 | 2,418 | ||||||
Other | 14,215 | 11,819 | ||||||
$ | 17,550 | $ | 14,545 | |||||
(j) | Leases | |||||||
The Company leases store locations, distribution centers, and equipment used in its operations. The Company accounts for its leases under the provisions of Accounting Standards Codification ("ASC") Topic 840, Leases (“ASC 840”), which require that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Any assets held under a capital lease are included in property and equipment, net. As of February 1, 2014 and February 2, 2013, the Company had no material capital leases. | ||||||||
Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. The corporate headquarters are leased under a lease agreement expiring in 2022, with options to renew for two successive five-year periods. The distribution center located in New Castle, Delaware is leased under a lease agreement expiring in 2016 with options to renew for two successive five-year periods and the distribution center in Olive Branch, Mississippi is leased under a lease agreement expiring in 2022 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is capital or operating and to calculate straight-line rent expense. | ||||||||
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. | ||||||||
(k) | Deferred Rent and Other | |||||||
Certain of the Company’s operating leases contain either rent holidays and/or predetermined fixed escalations of minimum rentals during the original and/or extended lease terms. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The life of the lease is the initial term plus assumed extensions. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rents. Such increases in rent expense are recorded in the period in which such contingent increases to the rents take place. | ||||||||
The following table summarizes the Company's deferred rent and other long-term liabilities balances (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Current: | ||||||||
Deferred rent (1) | $ | 2,965 | $ | 878 | ||||
Total current liabilities | $ | 2,965 | $ | 878 | ||||
Long-term: | ||||||||
Deferred rent | $ | 35,198 | $ | 28,901 | ||||
Other | 241 | 181 | ||||||
Total long-term liabilities | $ | 35,439 | $ | 29,082 | ||||
-1 | The current portion of deferred rent is included in the other accrued expenses line item in the accompanying | |||||||
consolidated balance sheets. | ||||||||
(l) | Stock-based Compensation | |||||||
The Company measures the cost of employee services received in exchange for stock-based compensation based on the grant date fair value of the employee stock award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must also be recognized. The Company recognizes compensation expense based on the estimated grant date fair value of restricted stock awards, and using the Black-Scholes option-pricing model for grants of stock options which are both recorded over the vesting period. Stock-based compensation cost recognized and included in expenses, excluding modifications, for fiscal 2013, fiscal 2012 and fiscal 2011, was $9.9 million, $6.9 million and $1.2 million, respectively. In addition, during fiscal 2013 and fiscal 2012, the Company recognized $0.2 million, and $5.4 million of additional compensation expense related to certain modifications of outstanding options (note 6). | ||||||||
(m) | Revenue Recognition | |||||||
Revenue is recognized at the point of sale. Returns are accepted under certain conditions within 14 days of purchase. Returns subsequent to the period end are immaterial; accordingly, no reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise. Sales tax collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, excluded from sales in the accompanying consolidated statements of operations. | ||||||||
(n) | Cost of Goods Sold | |||||||
Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's distribution centers and between store locations. Buying costs include compensation expense for the Company's internal buying organization. | ||||||||
(o) | Selling, General and Administrative Expenses | |||||||
Selling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. | ||||||||
(p) | Vendor Allowances | |||||||
The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recorded in cost of goods and recognized in the period the related merchandise is sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. | ||||||||
(q) | Store Pre-Opening Costs | |||||||
Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $4.3 million, $3.5 million and $3.4 million in fiscal 2013, fiscal 2012, and fiscal 2011, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense. | ||||||||
(r) | Advertising Costs | |||||||
Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $15.6 million, $12.0 million and $9.7 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||
(s) | Income Taxes | |||||||
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||||||
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. 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 assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. | ||||||||
(t) | Commitments and Contingencies | |||||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | ||||||||
(u) | Use of Estimates | |||||||
The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, valuation allowances for inventories, income taxes and stock-based compensation expense. |
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Income (Loss) Per Common Share | ' | |||||||||||
Income (Loss) Per Common Share | ||||||||||||
Basic income (loss) per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted income (loss) per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of preferred stock using the if-converted method and exercise of stock options and warrants as well as assumed lapse of restrictions on restricted stock awards and shares currently available for purchase under the Company's Employee Stock Purchase Plan, using the treasury stock method. | ||||||||||||
The two-class method is used to calculate basic and diluted income (loss) per common share since the Company's preferred and restricted stock are participating securities under ASC 260 Earnings per share. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under the two-class method, basic income (loss) per common share is computed by dividing net income (loss) attributable to common shares after allocation of income to participating securities by the weighted-average number of common shares outstanding during the year. Diluted income (loss) per common share is computed using the more dilutive of the two-class method or the if-converted method. In periods of net loss, no effect is given to participating securities since they do not contractually participate in the losses of the Company. The two-class method is the more dilutive method for fiscal 2013, fiscal 2012 and fiscal 2011. | ||||||||||||
The following table reconciles net income (loss) and the weighted average common shares outstanding used in the computations of basic and diluted income (loss) per common share (in thousands, except for share and per share data): | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 32,142 | $ | 20,025 | $ | 16,078 | ||||||
Dividend paid to preferred shareholders | — | (62,504 | ) | — | ||||||||
Dividend paid to unvested restricted shareholders | — | (2,899 | ) | — | ||||||||
Series A 8% Convertible Preferred Stock cumulative dividends | — | — | (15,913 | ) | ||||||||
Net income attributable to participating securities | (465 | ) | — | (109 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 31,677 | $ | (45,378 | ) | $ | 56 | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 53,294,805 | 35,444,200 | 15,903,599 | |||||||||
Dilutive impact of options, warrants and employee stock purchase plan | 447,055 | — | 509 | |||||||||
Weighted average common shares outstanding - diluted | 53,741,860 | 35,444,200 | 15,904,108 | |||||||||
Per common share: | ||||||||||||
Basic income (loss) per common share | $ | 0.59 | $ | (1.28 | ) | $ | — | |||||
Diluted income (loss) per common share | $ | 0.59 | $ | (1.28 | ) | $ | — | |||||
For fiscal 2013 and fiscal 2011, $0.5 million and $0.1 million, respectively, of net income was attributable to participating securities, as the two-class method was more dilutive, and the remainder was attributable to common shareholders. For fiscal 2012, as the Company was in a net loss position after recognition of the payment of dividends, the net losses were solely attributable to common shareholders. | ||||||||||||
For fiscal 2011 preferred stock that could be converted to 30,894,593 shares of common stock were not included in the computation of diluted income per share, as the effect of doing so would have been anti-dilutive. The preferred stock was converted to common stock on July 24, 2012 and was included in the computation of income (loss) per share during fiscal 2012 on a weighted average basis. | ||||||||||||
The effects of the assumed exercise of stock options for 388,197 shares of common stock for fiscal 2013 were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive. | ||||||||||||
The effects of the assumed exercise of the combined stock options and warrants and vesting of restricted share awards of 2,573,490 for fiscal 2012, and the impact of shares to be issued under the Company's Employee Stock Purchase Plan, which is minor, were excluded from the calculation of diluted net loss as the effect would be anti-dilutive due to a net loss to common shareholders. The effects of the assumed exercise of stock options and warrants for 2,781,138 shares of common stock for fiscal 2011 were excluded from the calculation of diluted net income per share as the average market price of the related common stock for the periods exceeded the exercise price of the options or warrants or the assumed proceeds determined under the treasury stock method resulted in no incremental shares for stock options. | ||||||||||||
The aforementioned excluded shares do not reflect the impact of any incremental repurchases under the treasury stock method. |
Financing_Transactions_Line_of
Financing Transactions, Line of Credit and Note Payable | 12 Months Ended |
Feb. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
Financing Transactions, Line of Credit and Note Payable | ' |
Financing Transactions, Line of Credit and Note Payable | |
Financing Transactions | |
On May 16, 2012, the Company entered into a $100.0 million term loan facility with Goldman Sachs Bank USA as administrative agent for a syndicate of lenders (the “Term Loan Facility”). The Company used the net proceeds from the Term Loan Facility and cash on hand to pay a dividend on all outstanding shares of the Company's common stock and Preferred Stock totaling $99.5 million. On the same day, the Company amended and restated its existing senior secured Revolving Credit Facility with Wells Fargo Bank, National Association, which is defined below under “—Line of Credit.” The Company refers to the Term Loan Facility, the amendment and restatement of the Revolving Credit Facility and related transactions as the “Financing Transactions.” | |
The Term Loan Facility provided for a term loan of $100.0 million and matures on the earlier of (i) May 16, 2015 and (ii) the date on which such facility is accelerated following the occurrence of an event of default. The Term Loan Facility provides for interest on borrowings, at the option of the Company, at an alternate base rate which is the greater of (i) the administrative agent’s prime rate in effect on such day and (ii) the federal funds effective rate in effect on such day plus 0.50% with a 2.00% floor, plus a margin of 3.25%, or a London Interbank Offer Rate (“LIBOR”) based rate with a 1.00% floor plus a margin of 4.25%. The credit agreement for the Term Loan Facility includes a maximum consolidated net leverage ratio financial covenant, the calculation of which allows the Company to net up to $10.0 million of its cash and cash equivalents against its indebtedness. The Company’s leverage ratio must not exceed 2.00x for the testing periods in calendar year 2014 and 1.75x thereafter. | |
The credit agreement for the Term Loan Facility also includes customary negative and affirmative covenants including, among others, limitations on the Company’s ability to: (i) incur additional debt; (ii) create liens; (iii) make certain investments, loans and advances; (iv) sell assets; (v) pay dividends or make distributions or other restricted payments; (vi) engage in mergers or consolidations; or (vii) change its business. | |
Amounts under the credit agreement for the Term Loan Facility may become due upon certain events of default including, among others, failure to comply with the credit agreement’s covenants, bankruptcy, default on certain other indebtedness or a change in control. The default rate under the Term Loan Facility is 2.00% per annum. | |
On June 12, 2013, in connection with the Restructuring, the Subsidiary acceded to the credit agreement and certain ancillary documents to the Company's Term Loan Facility as a guarantor of the Company's obligations thereunder. All obligations under the Term Loan Facility are secured by substantially all of the Company’s assets. As of February 1, 2014, the Company was in compliance with the financial covenant and other covenants applicable to it under the Term Loan Facility. During fiscal 2013 and fiscal 2012, the Company recorded $1.5 million and $2.4 million, respectively, in interest expense, including amortization of deferred financing fees of $0.3 million and $0.5 million, respectively. | |
The Term Loan Facility was subject to repayment upon the receipt of certain proceeds, including those from the sale of certain assets, insurance proceeds and indebtedness not otherwise permitted. The Term Loan Facility was also subject to repayment of $50.0 million upon the receipt of proceeds from the Company’s Initial Public Offering ("IPO"). The Company closed its IPO on July 24, 2012. On July 27, 2012, the Company repaid $65.3 million of principal on the Term Loan Facility and $0.7 million of interest. In October 2012 and May 2013, the Company repaid $0.3 million and $15.0 million, respectively, of principal on the Term Loan Facility. As of February 1, 2014, the balance outstanding under the Term Loan Facility was $19.5 million bearing interest at a rate of 5.25%. Pursuant to the terms of the Term Loan Facility, due to the repayment of $65.3 million of principal in July 2012, the Company was no longer required to make minimum quarterly payments. The Company planned to repay the remaining principal balance outstanding under the Term Loan Facility of $19.5 million within the next 12 months and classified the amount as current portion of note payable in the accompanying consolidated balance sheet as of February 1, 2014. In February 2014, subsequent to the fiscal year ended 2013, the Company repaid the remaining principal balance outstanding under the Term Loan Facility of $19.5 million. | |
In connection with the Term Loan Facility, the Company incurred deferred financing costs of $2.7 million, which are being amortized over the term of the Term Loan Facility. The amortization is included in interest expense, net, in the consolidated statements of operations. In connection with the $65.5 million of principal repayments on the Term Loan Facility in fiscal 2012 and the $15.0 million principal repayment on the Term Loan Facility in fiscal 2013, approximately $1.6 million and approximately $0.3 million of the deferred financing costs were written off and included in loss on debt extinguishment in the consolidated statements of operations, respectively. The Company had approximately $0.2 million and $0.8 million of remaining deferred financing fees as of February 1, 2014 and February 2, 2013, respectively. In connection with the $19.5 million principal repayment on the Term Loan Facility in February 2014, subsequent to the fiscal year ended 2013, the remaining deferred financing costs of approximately $0.2 million will be written off and included in loss on debt extinguishment in the consolidated statement of operations for the thirteen weeks ending May 3, 2014. | |
Line of Credit | |
On August 18, 2006, the Company entered into a Loan and Security Agreement (the "Loan and Security Agreement") with Wachovia Bank National Association (predecessor in interest to Wells Fargo Bank, National Association) that included a revolving line of credit with advances tied to a borrowing base. The Loan and Security Agreement was amended and/or restated several times, the latest on June 12, 2013 (as amended and restated, the "Revolving Credit Facility"), generally to extend the maturity date, increase maximum borrowings, adjust the applicable interest rates, permit the formation and capitalization of the Subsidiary, and make the Subsidiary a party to the Loan and Security Agreement as a guarantor of the Company's obligations, and modify certain definitions. | |
The Revolving Credit Facility allows maximum borrowings of $20.0 million with advances tied to a borrowing base and expires on the earliest to occur of (i) May 16, 2017, (ii) the date which was 45 days prior to the maturity date of the Term Loan Facility if the Term Loan Facility remained outstanding or (iii) upon the occurrence of an event of default. The Revolving Credit Facility may be increased to $30.0 million upon certain conditions. The Revolving Credit Facility includes a $5.0 million sub-limit for the issuance of letters of credit. The borrowing base is 90% of eligible credit card receivables plus 90% of the net recovery percentage of eligible inventory less established reserves. The Company incurred deferred financing costs of $50.0 thousand in May 2012 in connection with the Revolving Credit Facility and such costs are being amortized over the remaining term of the Revolving Credit Facility. | |
The Revolving Credit Facility provides for interest on borrowings, at the Company's option, at (a) a prime rate plus a margin of (i) 0.75% if excess availability is greater than or equal to 75%, (ii) 1.0% if excess availability is less than 75% but greater than or equal to 33% or (iii) 1.25% if excess availability is less than 33% or (b) a LIBOR-based rate plus a margin of (i) 1.75% if excess availability is greater than or equal to 75%, (ii) 2.00% if excess availability is less than 75% but greater than or equal to 33% or (iii) 2.25% if excess availability is less than 33%. The Revolving Credit Facility further provides for a letter of credit fee equal to the LIBOR-based rate plus (i) 1.75% if excess availability is greater than or equal to 75%, (ii) 2.00% if excess availability is less than 75% but greater than or equal to 33% or (iii) 2.25% if excess availability is less than 33%. The Revolving Credit Facility also contains an unused credit facility fee of 0.375% per annum and is subject to a servicing fee of approximately $12.0 thousand per year. | |
The Revolving Credit Facility includes a covenant which requires the Company to maintain minimum excess collateral availability of no less than the greater of (i) 10% of the then effective maximum credit and (ii) $3.0 million. | |
The Revolving Credit Facility also includes customary negative and affirmative covenants including, among others, limitations on the Company's ability to (i) incur additional debt; (ii) create liens; (iii) make certain investments, loans and advances; (iv) sell assets; (v) pay dividends or make distributions or other restricted payments; (vi) engage in mergers or consolidations; or (vii) change the Company's business. | |
Additionally, the Revolving Credit Facility is subject to payment upon the receipt of certain proceeds, including those from the sale of certain assets and is subject to an increase in the interest rate on borrowings and the letter of credit fee of 2.0% upon an event of default. Amounts under the Revolving Credit Facility may become due upon certain events of default including, among others, failure to comply with the Revolving Credit Facility’s covenants, bankruptcy, default on certain other indebtedness or a change in control. | |
During fiscal 2013, fiscal 2012 and fiscal 2011the Company had no borrowings or interest expense under the Revolving Credit Facility. At February 1, 2014, the Company had approximately $20.0 million available on the line of credit. At February 2, 2013 the Company had approximately $20.0 million available on the line of credit of which $19.7 million was available and $0.3 million was issued but undrawn on an outstanding letter of credit obligation. | |
All obligations under the Revolving Credit Facility are secured by substantially all of the Company's assets and are guaranteed by the Subsidiary. As of February 1, 2014 and February 2, 2013, the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility. | |
Note Payable | |
On December 10, 2010, the Company entered into a loan and security agreement (the “Note”) for $0.3 million with a governmental authority. On May 13, 2012, a portion of the Note ($0.2 million) was converted to a grant upon the Company meeting certain non-financial conditions and the remainder of $50.0 thousand was paid back in full along with interest outstanding. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments And Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
The Company leases property and equipment under non-cancelable operating leases. Certain retail store lease agreements provide for contingent rental payments if the store’s net sales exceed stated levels (percentage rents) and/or contain escalation clauses, which provide for increases in base rental for increases in future operating costs. Many of the Company’s leases provide for one or more renewal options for periods of five years. The Company’s operating lease agreements, including assumed extensions, which are generally those that take the lease to a ten-year term, expire through fiscal 2024. | ||||||||||||
The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of February 1, 2014, are as follows (in thousands): | ||||||||||||
Retail stores | Corporate office and distribution centers | Total | ||||||||||
2014 | $ | 47,767 | $ | 4,936 | $ | 52,703 | ||||||
2015 | 48,844 | 5,225 | 54,069 | |||||||||
2016 | 46,566 | 3,655 | 50,221 | |||||||||
2017 | 45,498 | 3,191 | 48,689 | |||||||||
2018 | 44,100 | 3,388 | 47,488 | |||||||||
Thereafter | 157,356 | 12,088 | 169,444 | |||||||||
$ | 390,131 | $ | 32,483 | $ | 422,614 | |||||||
Rent expense, including base and contingent rent under operating leases, was $41.8 million, $32.8 million and $23.6 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively. Contingent rents were $0.5 million, $0.5 million and $0.5 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively. | ||||||||||||
From February 2, 2014 to March 26, 2014, the Company committed to 17 new store leases with terms of 10 years that have future minimum lease payments of approximately $28.6 million. | ||||||||||||
The Company has employment agreements with certain key employees that provide for, among other things, salary, bonus, severance, and change-in-control provisions. The severance and change of control provisions under these agreements provide for additional payments upon employee separation of up to approximately $3.9 million. | ||||||||||||
From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, the outcome of such actions will not have a material adverse effect on the Company’s financial condition or results of operations. | ||||||||||||
As of February 1, 2014, the Company has other purchase commitments of approximately $2.0 million consisting of purchase agreements for materials that will be used in the construction of new stores. |
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 12 Months Ended |
Feb. 01, 2014 | |
Equity [Abstract] | ' |
Shareholders' Equity (Deficit) | ' |
Shareholders’ Equity (Deficit) | |
As of February 1, 2014, the Company is authorized to issue 120,000,000 shares of $0.01 par value common stock and 5,000,000 shares of $0.01 par value preferred stock. The holders of the common stock are entitled to one vote per share of common stock and are entitled to receive dividends if declared by the board of directors. The preferred stock may be issued from time to time in series as designated by the board of directors. The designations, powers, preferences, voting rights, privileges, options, conversion rights, and other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof shall be designated by the board of directors. | |
Preferred Stock | |
On October 14, 2010, the Company issued 89,291,773 shares of Series A 8% Convertible Preferred Stock for cash proceeds of $191.9 million, net of offering costs of $2.1 million. | |
The shares of Series A 8% Convertible Preferred Stock were entitled to receive cumulative dividends of 8% of their original issue price of $2.17 per share per year compounded annually and payable in cash when and if declared by the Company’s board of directors; however, the Company could not pay, unless otherwise consented to by the holders of Series A 8% Convertible Preferred Stock, any dividends on common stock unless an equal amount of dividends per share (on an as converted basis) was simultaneously paid to the holders of the Series A 8% Convertible Preferred Stock. Effective immediately prior to the closing of the IPO on July 24, 2012, all outstanding shares of Series A 8% Convertible Preferred Stock were converted into 30,894,953 shares of common stock and ceased to be entitled to the payment of any dividends that accrued on such shares as of the effective time of the conversion. The Series A 8% Convertible Preferred Stock was presented outside of shareholders’ equity since its redemption under certain circumstances was beyond the control of the Company’s management. | |
Common Stock | |
The Company and its shareholders have entered into an Amended and Restated Investors Rights Agreement and a Second | |
Amended and Restated Shareholders Agreement, which provide for, among others, certain registration, information, first refusal, co-sale, observer, bring along and board of director voting rights. The Second Amended and Restated Shareholders Agreement also provides for certain restrictions and obligations with respect to the stock of the Company held by the Company’s shareholders, including limits on the transfer of stock held by shareholders. | |
In March 2012, options to purchase 2,020,620 shares of common stock granted during fiscal 2010, including options to purchase 1,010,310 shares that were subject to time-based and performance-based vesting, were cancelled and an equal number of restricted shares were granted. One-third of the shares vested in March 2012, one-third of the shares vested in March 2013, and the remaining one-third will vest in March 2014, which is the second anniversary of the grant. | |
In connection with the cancellation and grant, the Company will record total compensation expense of $17.4 million including $5.3 million which was recorded on the date of the modification and the remainder on a straight-line basis over the two-year vesting period. | |
In February 2011, the Company granted warrants to purchase 13,840 shares of common stock at an exercise price of $6.30 per share to professional service providers, of which 5,191 were exercised in November 2011. The fair value of the warrants of $25.0 thousand was recorded as expense in fiscal 2010. | |
In May 2011, the Company granted warrants to purchase 3,114 shares of common stock at an exercise price of $6.30 per share to a professional service provider. The fair value of the warrants of $6.0 thousand was recorded as expense in fiscal 2011. | |
In November 2011, the Company issued 159,248 shares of common stock for cash proceeds of $1.1 million to an incoming member of the Company's board of directors. | |
In March 2012, the Company granted warrants to purchase 11,245 shares of common stock at an exercise price of $11.21 per share to professional service providers. The fair value of the warrants of $43.0 thousand was recorded as expense in Fiscal 2012. | |
During fiscal 2012, 23,012 warrants were exercised and, as of February 2, 2013, no warrants remained outstanding. | |
On July 17, 2012, the Company amended its articles of incorporation to reflect a 0.3460-for-1 reverse stock split of its common stock. The amendment also changed the authorized shares of the Company’s common stock to 120,000,000 shares. Concurrent with the reverse stock split, the Company adjusted (i) the conversion price of its Series A 8% Convertible Preferred Stock, (ii) the number of shares subject to and the exercise price of its outstanding stock option awards under its equity incentive plan and (iii) the number of shares subject to and the exercise price of its outstanding warrants to equitably reflect the split. All common stock share and per-share data included in these consolidated financial statements give effect to the reverse stock split and the change in authorized shares and have been adjusted retroactively for all periods presented. | |
On July 18, 2012, two members of the board of directors were each issued 3,529 restricted shares of common stock. These shares vest and become free of forfeiture restrictions on the earlier of: (i) the one-year anniversary of the issuance date or (ii) the date of the Company’s next annual shareholder meeting following the issuance date. | |
On July 24, 2012, the Company completed its IPO of 11,057,692 shares of common stock at a price of $17.00 per share. The common stock was listed on The NASDAQ Global Select Market under the symbol “FIVE.” The shares sold in the IPO were registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to the Company's Registration Statement on Form S-1 (File No. 333-180780), which was declared effective by the Securities and Exchange Commission ("SEC") on July 18, 2012. Of the 11,057,692 shares sold in the IPO, the Company issued 4,807,692 shares, and 6,250,000 shares were sold by selling shareholders, including 1,442,308 shares sold pursuant to the exercise in full of the underwriters’ over-allotment option. The Company did not receive any proceeds from shares sold by the selling shareholders. The Company received proceeds of approximately $73.2 million, net of approximately $8.5 million in underwriting discounts and legal, accounting and other fees incurred in connection with the IPO. Of the $73.2 million net proceeds received from the IPO, approximately $65.3 million and $0.7 million, respectively, were used to repay principal and interest under the Company's Term Loan Facility that existed as of the date of the IPO. The remaining net proceeds of the IPO were used for general corporate purposes, including working capital. | |
On September 27, 2012, the Company’s board of directors approved the Five Below, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”), which remained subject to shareholder approval. The Company's shareholders approved the ESPP on May 30, 2013 at the Company's annual meeting of shareholders. The ESPP's effective date is retroactive to January 1, 2013 and is intended to be qualified as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986. The number of shares of common stock reserved for issuance, which is subject to other limitations, is 500,000 shares. The ESPP allows eligible employees the opportunity to purchase, subject to limitations, shares of the Company’s common stock through payroll deductions at a discount of 10% of the fair market value of such shares on the purchase date. In fiscal 2013, the Company issued 3,565 shares of common stock under the ESPP resulting in proceeds of approximately $0.1 million and recorded stock-based compensation expense of $13.5 thousand in connection with the ESPP related to the amount of the discount. | |
On February 4, 2013, the Company completed a secondary public offering of 13,012,250 shares of common stock at a price of $35.65 per share. The shares sold in the secondary public offering were registered under the Securities Act, pursuant to the Company's registration statements on Form S-1 (File No. 333-186043 and File No. 333-186275), which were declared effective by the Securities and Exchange Commission on January 29, 2013. All of the shares sold in the secondary public offering were sold by selling shareholders and the Company did not receive any proceeds. The Company incurred fees of approximately $1.0 million related to legal, accounting and other fees in connection with the secondary public offering, which are included in selling, general and administrative expenses in the consolidated statements of operations for fiscal 2012. | |
On February 28, 2013, one member of the board of directors was issued 594 restricted shares of common stock. These shares vest and become free of forfeiture restrictions on the earlier of: (i) the one-year anniversary of the issuance date or (ii) the date of the Company’s next annual shareholder meeting following the issuance date. | |
On May 30, 2013, three members of the board of directors were each issued 1,990 restricted shares of common stock. These shares vest and become free of forfeiture restrictions on the earlier of: (i) the one-year anniversary of the issuance date or (ii) the date of the Company’s next annual shareholder meeting following the issuance date. | |
During fiscal 2013, two members of the board of directors were issued 1,878, and 1,627 fully vested shares of common stock, respectively, in lieu of a cash retainer for their annual non-employee director compensation. | |
On July 1, 2013, the Company completed a secondary public offering of 6,900,000 shares of common stock at a price of $36.00 per share. The shares sold in the secondary public offering were registered under the Securities Act pursuant to the Company's registration statement on Form S-1 (File No. 333-188578), which was declared effective by the Securities and Exchange Commission on June 26, 2013. All of the shares sold in the secondary public offering were sold by selling shareholders and the Company did not receive any proceeds. The Company incurred fees of approximately $1.0 million related to legal, accounting and other fees in connection with the secondary public offering, which are included in selling, general and administrative expenses in the consolidated statement of operations for fiscal 2013. | |
On September 23, 2013, the Company completed a secondary public stock offering of 7,100,000 shares of common stock at a price of $46.65 per share. The shares sold in the secondary public offering were registered under the Securities Act pursuant to the Company's registration statement on Form S-3 (File 333-191210), which was declared effective by the Securities and Exchange Commission on September 17, 2013. All of the shares sold in the secondary public offering were sold by selling shareholders, and the Company did not receive any proceeds. The selling shareholders agreed to bear all of the offering expenses related to legal, accounting and other fees in connection with the secondary public offering. | |
Dividends | |
On May 15, 2012, the Company declared and subsequently paid on May 16, 2012 a dividend of $2.02 per share on shares of common stock (including restricted shares) and on an as-converted basis on shares of Series A 8% Convertible Preferred Stock totaling approximately $99.5 million. Refer to note 6 for additional information regarding changes to outstanding stock options resulting from the dividend payment. |
Common_Stock_Options
Common Stock Options | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Common Stock Options | ' | ||||||||
Common Stock Options | |||||||||
2002 Equity Incentive Plan | |||||||||
Effective July 26, 2002, the Company adopted the 2002 Equity Incentive Plan (the “Plan”) pursuant to which the Company’s board of directors may grant stock options and restricted shares to officers, directors, key employees and professional service providers. The Plan, as amended, allows for the issuance of up to a total of 7,600,000 shares under the Plan. All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s board of directors. Options granted to date generally vest over four years from the date of grant. As of February 1, 2014, 4,669,509 stock options or restricted shares were available for grant. | |||||||||
On May 23, 2012, the Company’s board of directors, in accordance with the Plan’s documents, approved an equitable adjustment to all options outstanding on the date of the Company’s dividend declaration to reflect the dividend value received by the Company’s common and preferred shareholders. The exercise price of each outstanding option was reduced by $2.02. The adjustment did not result in additional compensation expense given the adjustment was required under the Plan’s documents and there was no increase in the fair value of the awards before and after payment of the dividend and adjustment of the awards. | |||||||||
On August 25, 2010, the Company’s board of directors agreed to allow option holders, as of that date, to exercise, during a twenty day offer period, all options issued and outstanding under the Plan, regardless if those options were vested and exercisable (“Vested Options”) or were not currently vested and exercisable (“Unvested Options”). The Company recorded additional compensation cost in fiscal 2010 to reflect the incremental value associated with the modification of the options, which was primarily related to the value of the dividends received by the exercisers before the original vesting date. On October 13, 2010, the holders of the stock options exercised all of their outstanding Vested Options and Unvested Options to purchase shares of the Company’s common stock. The Unvested Options were exercised for restricted shares of common stock that have the same vesting schedule as the Unvested Options that were exercised for those shares. The restricted shares are subject to repurchase by the Company should the option holder’s employment be terminated prior to the vesting at a purchase price equal to the lesser of: (i) the exercise price paid for the restricted shares and (ii) the fair market value of the restricted shares at the time of repurchase. For accounting purposes, as the shares remain subject to their original vesting provisions, the early exercises are being recorded as if the original options remain outstanding until the respective shares vest. Exercise proceeds received prior to the shares vesting are recorded as a deposit liability in other accrued expenses on the consolidated balance sheets. As of February 1, 2014 and February 2, 2013, $0.1 million and $0.3 million, respectively, was recorded as a deposit liability. | |||||||||
Restricted Stock Activity | |||||||||
The following table summarizes the activity related to the restricted shares of common stock (in thousands except share data): | |||||||||
Number of | Deposit | ||||||||
shares | liability | ||||||||
Unvested, January 29, 2011 | 304,400 | $ | 1,860 | ||||||
Vested | (135,657 | ) | (491 | ) | |||||
Repurchases upon employee termination | (26,816 | ) | (238 | ) | |||||
Unvested, January 28, 2012 | 141,927 | 1,131 | |||||||
Vested | (106,980 | ) | (802 | ) | |||||
Repurchases upon employee termination | (3,405 | ) | (21 | ) | |||||
Unvested, February 2, 2013 | 31,542 | 308 | |||||||
Vested | (26,759 | ) | (239 | ) | |||||
Repurchases upon employee termination | (648 | ) | (7 | ) | |||||
Unvested, February 1, 2014 | 4,135 | $ | 62 | ||||||
Stock option activity under the Plan was as follows: | |||||||||
Options | Weighted | Weighted | |||||||
outstanding | average | average | |||||||
exercise | remaining | ||||||||
price | contractual | ||||||||
term | |||||||||
Balance as of January 29, 2011 | 2,136,185 | $ | 6.31 | 9.7 | |||||
Granted | 611,313 | 7.03 | |||||||
Forfeited | (119,543 | ) | 6.4 | ||||||
Balance as of January 28, 2012 | 2,627,955 | 6.47 | 9 | ||||||
Granted | 687,416 | 14.96 | |||||||
Forfeited | (98,048 | ) | 9.14 | ||||||
Cancelled (see note 5) | (2,020,620 | ) | 6.3 | ||||||
Exercised | (8,886 | ) | 4.12 | ||||||
Balance as of February 2, 2013 (1) | 1,187,817 | 10.43 | 9.3 | ||||||
Granted | 554,500 | 38.92 | |||||||
Forfeited | (205,456 | ) | 20.23 | ||||||
Cancelled | (35,300 | ) | 30.19 | ||||||
Exercised | (196,941 | ) | 7.55 | ||||||
Balance as of February 1, 2014 (1) | 1,304,620 | $ | 20.9 | 8.5 | |||||
Exercisable as of February 1, 2014 | 251,657 | $ | 8.79 | 7.8 | |||||
(1) The weighted-average exercise price at February 1, 2014 and February 2, 2013, respectively, reflects the adjustment of $2.02 per share resulting from the dividend declared on May 15, 2012 as described above. | |||||||||
Included in the options outstanding as of January 28, 2012 were options to purchase 1,010,310 shares of common stock, which vested incrementally only upon the achievement of certain performance targets including achieving targeted internal rates of return for the Company’s preferred shareholders or the Company achieving certain market capitalization levels subsequent to an initial public offering. In March 2012, options to purchase 2,020,620 shares of common stock granted during fiscal 2010, including the options that were to vest upon the achievement of performance targets, were cancelled and an equal number of restricted shares were granted (see note 5). During fiscal 2011 no compensation expense was recognized for the options that were to vest upon the achievement of performance targets prior to their cancellation since the Company's management determined that the performance targets were not probable of achievement. | |||||||||
The fair value of each option award granted to employees including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 50 | % | 50 | % | 50 | % | |||
Risk-free interest rate | 1.4 | % | 1.3 | % | 2 | % | |||
Expected life of options | 6.3 years | 6.3 years | 7.0 years | ||||||
Expected dividend yield | — | % | — | % | — | % | |||
The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||
The per-share weighted average grant-date fair value of stock options granted to employees, including outside directors, in fiscal 2013, fiscal 2012 and fiscal 2011 was $18.90, $7.42 and $3.58 respectively. The total intrinsic value of stock options exercised during fiscal 2013, fiscal 2012 and fiscal 2011 was $7.2 million, $0.2 million and zero, respectively. In fiscal 2013 and fiscal 2012, the Company recorded cash received from the exercise of options of $1.5 million and $36.0 thousand, respectively, and excess tax benefits from option exercises and restricted stock of $2.3 million and $1.6 million, respectively. Upon option exercise, we issued new shares of stock. | |||||||||
As of February 1, 2014, there was $11.6 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average vesting period of 2.8 years. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. 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 assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. | ||||||||||||
As of February 1, 2014, no valuation allowance has been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all deferred tax assets at February 1, 2014. | ||||||||||||
The components of the income tax expense are as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 21,718 | $ | 8,127 | $ | 6,979 | ||||||
State | 3,172 | 2,130 | 3,124 | |||||||||
24,890 | 10,257 | 10,103 | ||||||||||
Deferred: | ||||||||||||
Federal | (3,977 | ) | 3,043 | 1,434 | ||||||||
State | (1,097 | ) | 769 | (1,378 | ) | |||||||
(5,074 | ) | 3,812 | 56 | |||||||||
Income tax expense | $ | 19,816 | $ | 14,069 | $ | 10,159 | ||||||
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal benefit | 2.6 | 5.5 | 5.6 | |||||||||
Other | 0.5 | 0.8 | (1.9 | ) | ||||||||
38.1 | % | 41.3 | % | 38.7 | % | |||||||
The effective tax rate for fiscal year 2013 compared to fiscal 2012 was primarily impacted by changes in the mix of pretax income across state jurisdictions and the Company's operating entities as a result of the Restructuring. The effective tax rate for fiscal 2012 compared to fiscal 2011 was primarily impacted by permanent book to tax differences related to fees paid for the secondary public offering in fiscal 2012. | ||||||||||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): | ||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 5,430 | $ | 2,990 | ||||||||
Deferred revenue | 142 | 95 | ||||||||||
Accrued bonus | 194 | 1,067 | ||||||||||
Deferred rent | 15,192 | 12,076 | ||||||||||
Other | 1,665 | 750 | ||||||||||
Deferred tax assets | 22,623 | 16,978 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (16,623 | ) | (13,874 | ) | ||||||||
Other | (1,182 | ) | (3,359 | ) | ||||||||
Deferred tax liabilities | (17,805 | ) | (17,233 | ) | ||||||||
$ | 4,818 | $ | (255 | ) | ||||||||
Total income taxes paid during fiscal 2013, fiscal 2012, and fiscal 2011 were $25.0 million, $10.8 million and $1.2 million, respectively. | ||||||||||||
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets at February 1, 2014 and February 2, 2013, and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2013, fiscal 2012, and fiscal 2011. | ||||||||||||
The Company files a federal income tax return as well as state tax returns. The Company’s U.S. federal income tax returns for the fiscal years ended January 30, 2011 and thereafter remain subject to examination by the U.S. Internal Revenue Service (“IRS”). State returns are filed in various state jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to 3 to 4 years depending on the state. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Feb. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plan | ' |
Employee Benefit Plan | |
Effective February 1, 2007, the Company implemented the Five Below 401(k) Retirement Savings Plan for all employees who have at least 1 year of service, worked at least 1,000 hours, and are 21 years of age. Employees can contribute up to the maximum amount allowed under law. The Company may make discretionary matching and profit sharing contributions, which vest over a period of 5 years from each employee’s commencement of employment with the Company. During fiscal 2013 and fiscal 2012, the Company made discretionary contributions of $0.2 million and $52.0 thousand, respectively. The Company made no discretionary contributions in fiscal 2011. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
Segment Reporting | |||||||||
The Company evaluates performance internally and manages the business on the basis of one operating segment; therefore, it has only one reportable segment. All of the Company’s identifiable assets are located in the United States. | |||||||||
Set forth below is data for the following groups of products: leisure, fashion and home, and party and snack. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: | |||||||||
Sales by Product Group | Percentage of Net Sales | ||||||||
Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||
Leisure | 51.7 | % | 52.6 | % | 50.6 | % | |||
Fashion and home | 29.3 | % | 30.3 | % | 31.7 | % | |||
Party and snack | 19 | % | 17.1 | % | 17.7 | % | |||
Total | 100 | % | 100 | % | 100 | % | |||
Leisure includes items such as sporting goods, games, toys, tech, books, electronic accessories, and arts and crafts. Fashion and home includes items such as personal accessories, “attitude” t-shirts, beauty offerings, home goods and storage options. Party and snack includes items such as party and seasonal goods, greeting cards, candy and other snacks, and beverages. |
Quarterly_Results_of_Operation
Quarterly Results of Operations and Seasonality (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Results of Operations and Seasonality | ' | |||||||||||||||||||||||||||||||
Quarterly Results of Operations and Seasonality (Unaudited) | ||||||||||||||||||||||||||||||||
Quarterly financial results for fiscal 2013 and fiscal 2012 were as follows: (in thousands except for per share data). | ||||||||||||||||||||||||||||||||
Fiscal Year 2013 (1) | Fiscal Year 2012 (1) | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Quarter (1) | Quarter | Quarter | Quarter | Quarter (1) | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
Net sales | $ | 211,964 | $ | 110,747 | $ | 117,087 | $ | 95,604 | $ | 173,589 | $ | 86,587 | $ | 86,820 | $ | 71,829 | ||||||||||||||||
Gross profit | 84,169 | 34,234 | 39,400 | 30,213 | 71,138 | 26,931 | 28,747 | 23,020 | ||||||||||||||||||||||||
Net income (loss) | $ | 24,826 | $ | 1,677 | $ | 4,069 | $ | 1,570 | $ | 19,206 | $ | 729 | $ | 1,247 | $ | (1,157 | ) | |||||||||||||||
Basic income (loss) income per common share | $ | 0.46 | $ | 0.03 | $ | 0.08 | $ | 0.03 | $ | 0.36 | $ | 0.01 | $ | (3.41 | ) | $ | (0.32 | ) | ||||||||||||||
Diluted income (loss) income per common share | $ | 0.45 | $ | 0.03 | $ | 0.07 | $ | 0.03 | $ | 0.35 | $ | 0.01 | $ | (3.41 | ) | $ | (0.32 | ) | ||||||||||||||
(1) The Company operates on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. Fiscal 2013 consists of a 52-week fiscal year and Fiscal 2012 consists of a 53-week fiscal year and the fourth quarter of fiscal 2012 included an extra week, representing the 53rd week. | ||||||||||||||||||||||||||||||||
The Company's business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the fourth quarter holiday season and therefore, operating results for any fiscal quarter are not necessarily indicative of results for the full fiscal year. To prepare for the holiday season, the Company must order and keep in stock more merchandise than it carries during other parts of the year. The Company expects inventory levels, along with an increase in accounts payable and accrued expenses, generally to reach their highest levels in the third and fourth fiscal quarters in anticipation of the increased net sales during the year-end holiday season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the fiscal year. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Five Below, Inc. (individually and/or collectively with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the teen and pre-teen demographic. The Company offers an edited assortment of products, priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. | |
The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 1, 2014, operated in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia and Texas. As of February 1, 2014 and February 2, 2013, the Company operated 304 stores and 244 stores, respectively, each operating under the name “Five Below.” | |
On June 12, 2013, the Company completed an internal business restructuring pursuant to which the Company formed Five Below Merchandising, Inc., a wholly-owned subsidiary (the “Subsidiary”), and transferred to the Subsidiary assets, operations and employees related to the Company's merchandising operations (the “Restructuring”). Following the Restructuring, the Subsidiary purchases and sells to the Company certain goods for sale at the Company's retail locations, and the Company provides to the Subsidiary back office support, office space and other services, in each case, pursuant to agreements between the Company and the Subsidiary. In connection with the Restructuring, on June 12, 2013, the Company amended and restated the Loan and Security Agreement (note 3) and certain other ancillary documents to the Company's Revolving Credit Facility (note 3) in order to, among other things, allow the Company to form and capitalize the Subsidiary and make the Subsidiary a party to the Loan and Security Agreement as a guarantor of the Company's obligations thereunder. The Subsidiary also acceded to the credit agreement and certain ancillary documents to the Company's Term Loan Facility as a guarantor of the Company's obligations thereunder. The Company's consolidated financial statements include the accounts of Five Below, Inc. and the Subsidiary. All intercompany transactions and accounts are eliminated in the consolidation of the Company's and Subsidiary's financial statements. | |
Fiscal Year | ' |
Fiscal Year | |
The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to “fiscal year 2013” or “fiscal 2013” refer to the period from February 3, 2013 to February 1, 2014 and consists of a 52-week fiscal year. References to “fiscal year 2012” or “fiscal 2012” refer to the period from January 29, 2012 to February 2, 2013 and consists of a 53-week fiscal year. References to “fiscal year 2011” or “fiscal 2011” refer to the period from January 30, 2011 to January 28, 2012 and consists of a 52-week fiscal year. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. The majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. All credit card and debit card transactions are classified as cash and cash equivalents in the accompanying consolidated balance sheets. Amounts due from banks for these transactions classified as cash equivalents totaled $2.3 million and $1.6 million at February 1, 2014 and February 2, 2013, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. At February 1, 2014 and February 2, 2013, the Company has cash and cash equivalents of $50.2 million and $56.1 million. The Company’s cash accounts are primarily maintained with one financial institution. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. | |
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. | |
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | |
The Company’s financial instruments consist primarily of cash equivalents, accounts payable, and borrowings under a line of credit and Term Loan Facility (as defined in note 3). The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings under the line of credit and Term Loan Facility approximates their fair value because the line of credit’s and Term Loan Facility's interest rates vary with market interest rates. The Company considers the inputs utilized to determine the fair value of the borrowings under the Term Loan Facility to be Level 2 inputs. At February 1, 2014 and February 2, 2013, the Company had cash equivalents of $2.3 million and $1.6 million, respectively. The Company’s cash equivalents consist of credit card receivables and fair value was determined based on Level 1 inputs. | |
Inventories | ' |
Inventories | |
Inventories consist of finished goods purchased for resale, including freight, and are stated at the lower of cost or market value, at the individual product level. Cost is determined on a weighted average cost method which approximates a FIFO (first-in, first-out) basis due to the nature of the Company's inventory. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. | |
Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally 10 years. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $13.5 million, $9.6 million and $7.1 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Based on its Company's most recent analysis, management believes that no impairment of long-lived assets exists as of February 1, 2014. | |
Deferred Financing Costs | ' |
Deferred Financing Costs | |
Deferred financing costs (note 3) are amortized to interest expense over the term of the related credit agreement. | |
Leases and Deferred Rent | ' |
Leases | |
The Company leases store locations, distribution centers, and equipment used in its operations. The Company accounts for its leases under the provisions of Accounting Standards Codification ("ASC") Topic 840, Leases (“ASC 840”), which require that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Any assets held under a capital lease are included in property and equipment, net. As of February 1, 2014 and February 2, 2013, the Company had no material capital leases. | |
Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. The corporate headquarters are leased under a lease agreement expiring in 2022, with options to renew for two successive five-year periods. The distribution center located in New Castle, Delaware is leased under a lease agreement expiring in 2016 with options to renew for two successive five-year periods and the distribution center in Olive Branch, Mississippi is leased under a lease agreement expiring in 2022 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is capital or operating and to calculate straight-line rent expense. | |
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. | |
Deferred Rent and Other | |
Certain of the Company’s operating leases contain either rent holidays and/or predetermined fixed escalations of minimum rentals during the original and/or extended lease terms. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The life of the lease is the initial term plus assumed extensions. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rents. Such increases in rent expense are recorded in the period in which such contingent increases to the rents take place. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
The Company measures the cost of employee services received in exchange for stock-based compensation based on the grant date fair value of the employee stock award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must also be recognized. The Company recognizes compensation expense based on the estimated grant date fair value of restricted stock awards, and using the Black-Scholes option-pricing model for grants of stock options which are both recorded over the vesting period. Stock-based compensation cost recognized and included in expenses, excluding modifications, for fiscal 2013, fiscal 2012 and fiscal 2011, was $9.9 million, $6.9 million and $1.2 million, respectively. In addition, during fiscal 2013 and fiscal 2012, the Company recognized $0.2 million, and $5.4 million of additional compensation expense related to certain modifications of outstanding options (note 6). | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized at the point of sale. Returns are accepted under certain conditions within 14 days of purchase. Returns subsequent to the period end are immaterial; accordingly, no reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise. Sales tax collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, excluded from sales in the accompanying consolidated statements of operations. | |
Cost of Goods Sold | ' |
Cost of Goods Sold | |
Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's distribution centers and between store locations. Buying costs include compensation expense for the Company's internal buying organization. | |
Selling, General and Administrative Expenses | ' |
Selling, General and Administrative Expenses | |
Selling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. | |
Vendor Allowances | ' |
Vendor Allowances | |
The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recorded in cost of goods and recognized in the period the related merchandise is sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. | |
Store Pre-Opening Costs | ' |
Store Pre-Opening Costs | |
Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $4.3 million, $3.5 million and $3.4 million in fiscal 2013, fiscal 2012, and fiscal 2011, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $15.6 million, $12.0 million and $9.7 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. 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 assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. | |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, valuation allowances for inventories, income taxes and stock-based compensation expense. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
Property and equipment, net, consists of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Furniture and fixtures | $ | 44,112 | $ | 31,680 | ||||
Leasehold improvements | 51,736 | 41,671 | ||||||
Computers and equipment | 15,903 | 10,541 | ||||||
Construction in process | 2,627 | 6,678 | ||||||
Property and equipment, gross | 114,378 | 90,570 | ||||||
Less: Accumulated depreciation and amortization | (43,997 | ) | (31,530 | ) | ||||
Property and equipment, net | $ | 70,381 | $ | 59,040 | ||||
Other Accrued Expenses | ' | |||||||
Other accrued expenses consist of the following (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Deposit liability related to restricted shares (note 6) | $ | 62 | $ | 308 | ||||
Gift card liability | 3,273 | 2,418 | ||||||
Other | 14,215 | 11,819 | ||||||
$ | 17,550 | $ | 14,545 | |||||
Deferred Rent | ' | |||||||
The following table summarizes the Company's deferred rent and other long-term liabilities balances (in thousands): | ||||||||
1-Feb-14 | 2-Feb-13 | |||||||
Current: | ||||||||
Deferred rent (1) | $ | 2,965 | $ | 878 | ||||
Total current liabilities | $ | 2,965 | $ | 878 | ||||
Long-term: | ||||||||
Deferred rent | $ | 35,198 | $ | 28,901 | ||||
Other | 241 | 181 | ||||||
Total long-term liabilities | $ | 35,439 | $ | 29,082 | ||||
-1 | The current portion of deferred rent is included in the other accrued expenses line item in the accompanying | |||||||
consolidated balance sheets. |
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computations Of Basic And Diluted Income (Loss) Per Share | ' | |||||||||||
The following table reconciles net income (loss) and the weighted average common shares outstanding used in the computations of basic and diluted income (loss) per common share (in thousands, except for share and per share data): | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 32,142 | $ | 20,025 | $ | 16,078 | ||||||
Dividend paid to preferred shareholders | — | (62,504 | ) | — | ||||||||
Dividend paid to unvested restricted shareholders | — | (2,899 | ) | — | ||||||||
Series A 8% Convertible Preferred Stock cumulative dividends | — | — | (15,913 | ) | ||||||||
Net income attributable to participating securities | (465 | ) | — | (109 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 31,677 | $ | (45,378 | ) | $ | 56 | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding - basic | 53,294,805 | 35,444,200 | 15,903,599 | |||||||||
Dilutive impact of options, warrants and employee stock purchase plan | 447,055 | — | 509 | |||||||||
Weighted average common shares outstanding - diluted | 53,741,860 | 35,444,200 | 15,904,108 | |||||||||
Per common share: | ||||||||||||
Basic income (loss) per common share | $ | 0.59 | $ | (1.28 | ) | $ | — | |||||
Diluted income (loss) per common share | $ | 0.59 | $ | (1.28 | ) | $ | — | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Minimum Rental Commitments Under Operating Lease | ' | |||||||||||
The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of February 1, 2014, are as follows (in thousands): | ||||||||||||
Retail stores | Corporate office and distribution centers | Total | ||||||||||
2014 | $ | 47,767 | $ | 4,936 | $ | 52,703 | ||||||
2015 | 48,844 | 5,225 | 54,069 | |||||||||
2016 | 46,566 | 3,655 | 50,221 | |||||||||
2017 | 45,498 | 3,191 | 48,689 | |||||||||
2018 | 44,100 | 3,388 | 47,488 | |||||||||
Thereafter | 157,356 | 12,088 | 169,444 | |||||||||
$ | 390,131 | $ | 32,483 | $ | 422,614 | |||||||
Common_Stock_Options_Tables
Common Stock Options (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Activity Related to Restricted Shares of Common Stock | ' | ||||||||
The following table summarizes the activity related to the restricted shares of common stock (in thousands except share data): | |||||||||
Number of | Deposit | ||||||||
shares | liability | ||||||||
Unvested, January 29, 2011 | 304,400 | $ | 1,860 | ||||||
Vested | (135,657 | ) | (491 | ) | |||||
Repurchases upon employee termination | (26,816 | ) | (238 | ) | |||||
Unvested, January 28, 2012 | 141,927 | 1,131 | |||||||
Vested | (106,980 | ) | (802 | ) | |||||
Repurchases upon employee termination | (3,405 | ) | (21 | ) | |||||
Unvested, February 2, 2013 | 31,542 | 308 | |||||||
Vested | (26,759 | ) | (239 | ) | |||||
Repurchases upon employee termination | (648 | ) | (7 | ) | |||||
Unvested, February 1, 2014 | 4,135 | $ | 62 | ||||||
Schedule Of Stock Option Activity Under Plan | ' | ||||||||
Stock option activity under the Plan was as follows: | |||||||||
Options | Weighted | Weighted | |||||||
outstanding | average | average | |||||||
exercise | remaining | ||||||||
price | contractual | ||||||||
term | |||||||||
Balance as of January 29, 2011 | 2,136,185 | $ | 6.31 | 9.7 | |||||
Granted | 611,313 | 7.03 | |||||||
Forfeited | (119,543 | ) | 6.4 | ||||||
Balance as of January 28, 2012 | 2,627,955 | 6.47 | 9 | ||||||
Granted | 687,416 | 14.96 | |||||||
Forfeited | (98,048 | ) | 9.14 | ||||||
Cancelled (see note 5) | (2,020,620 | ) | 6.3 | ||||||
Exercised | (8,886 | ) | 4.12 | ||||||
Balance as of February 2, 2013 (1) | 1,187,817 | 10.43 | 9.3 | ||||||
Granted | 554,500 | 38.92 | |||||||
Forfeited | (205,456 | ) | 20.23 | ||||||
Cancelled | (35,300 | ) | 30.19 | ||||||
Exercised | (196,941 | ) | 7.55 | ||||||
Balance as of February 1, 2014 (1) | 1,304,620 | $ | 20.9 | 8.5 | |||||
Exercisable as of February 1, 2014 | 251,657 | $ | 8.79 | 7.8 | |||||
(1) The weighted-average exercise price at February 1, 2014 and February 2, 2013, respectively, reflects the adjustment of $2.02 per share resulting from the dividend declared on May 15, 2012 as described above. | |||||||||
Schedule Of Fair Value Of Option Award Granted Weighted Average Assumptions | ' | ||||||||
The fair value of each option award granted to employees including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 50 | % | 50 | % | 50 | % | |||
Risk-free interest rate | 1.4 | % | 1.3 | % | 2 | % | |||
Expected life of options | 6.3 years | 6.3 years | 7.0 years | ||||||
Expected dividend yield | — | % | — | % | — | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of Income Tax (Benefit) Expense | ' | |||||||||||
The components of the income tax expense are as follows (in thousands): | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 21,718 | $ | 8,127 | $ | 6,979 | ||||||
State | 3,172 | 2,130 | 3,124 | |||||||||
24,890 | 10,257 | 10,103 | ||||||||||
Deferred: | ||||||||||||
Federal | (3,977 | ) | 3,043 | 1,434 | ||||||||
State | (1,097 | ) | 769 | (1,378 | ) | |||||||
(5,074 | ) | 3,812 | 56 | |||||||||
Income tax expense | $ | 19,816 | $ | 14,069 | $ | 10,159 | ||||||
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | ' | |||||||||||
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: | ||||||||||||
Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal benefit | 2.6 | 5.5 | 5.6 | |||||||||
Other | 0.5 | 0.8 | (1.9 | ) | ||||||||
38.1 | % | 41.3 | % | 38.7 | % | |||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): | ||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 5,430 | $ | 2,990 | ||||||||
Deferred revenue | 142 | 95 | ||||||||||
Accrued bonus | 194 | 1,067 | ||||||||||
Deferred rent | 15,192 | 12,076 | ||||||||||
Other | 1,665 | 750 | ||||||||||
Deferred tax assets | 22,623 | 16,978 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (16,623 | ) | (13,874 | ) | ||||||||
Other | (1,182 | ) | (3,359 | ) | ||||||||
Deferred tax liabilities | (17,805 | ) | (17,233 | ) | ||||||||
$ | 4,818 | $ | (255 | ) | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Percentage of Net Sales Represented by Each Product Group | ' | ||||||||
Set forth below is data for the following groups of products: leisure, fashion and home, and party and snack. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: | |||||||||
Sales by Product Group | Percentage of Net Sales | ||||||||
Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||
Leisure | 51.7 | % | 52.6 | % | 50.6 | % | |||
Fashion and home | 29.3 | % | 30.3 | % | 31.7 | % | |||
Party and snack | 19 | % | 17.1 | % | 17.7 | % | |||
Total | 100 | % | 100 | % | 100 | % |
Quarterly_Results_of_Operation1
Quarterly Results of Operations and Seasonality (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Results of Operations | ' | |||||||||||||||||||||||||||||||
Quarterly financial results for fiscal 2013 and fiscal 2012 were as follows: (in thousands except for per share data). | ||||||||||||||||||||||||||||||||
Fiscal Year 2013 (1) | Fiscal Year 2012 (1) | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Quarter (1) | Quarter | Quarter | Quarter | Quarter (1) | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
Net sales | $ | 211,964 | $ | 110,747 | $ | 117,087 | $ | 95,604 | $ | 173,589 | $ | 86,587 | $ | 86,820 | $ | 71,829 | ||||||||||||||||
Gross profit | 84,169 | 34,234 | 39,400 | 30,213 | 71,138 | 26,931 | 28,747 | 23,020 | ||||||||||||||||||||||||
Net income (loss) | $ | 24,826 | $ | 1,677 | $ | 4,069 | $ | 1,570 | $ | 19,206 | $ | 729 | $ | 1,247 | $ | (1,157 | ) | |||||||||||||||
Basic income (loss) income per common share | $ | 0.46 | $ | 0.03 | $ | 0.08 | $ | 0.03 | $ | 0.36 | $ | 0.01 | $ | (3.41 | ) | $ | (0.32 | ) | ||||||||||||||
Diluted income (loss) income per common share | $ | 0.45 | $ | 0.03 | $ | 0.07 | $ | 0.03 | $ | 0.35 | $ | 0.01 | $ | (3.41 | ) | $ | (0.32 | ) | ||||||||||||||
(1) The Company operates on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. Fiscal 2013 consists of a 52-week fiscal year and Fiscal 2012 consists of a 53-week fiscal year and the fourth quarter of fiscal 2012 included an extra week, representing the 53rd week. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Description of Business) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Stores | Stores | |
Accounting Policies [Abstract] | ' | ' |
Products offering price, maximum price | $5 | ' |
Number of operated stores | 304 | 244 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Fiscal Year) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Fiscal year period | '364 days | '371 days | '364 days |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Debit and credit card transaction processing period (hours) | ' | ' | ' | ' | '24 hours | '48 hours |
Cash and cash equivalents | $50,184 | $56,081 | $41,293 | $12,153 | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) (Fair Value, Inputs, Level 1 [Member], USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Cash equivalents | $2.30 | $1.60 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Property and Equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense | $13,469 | $9,599 | $7,071 |
Property and equipment, gross | 114,378 | 90,570 | ' |
Less: Accumulated depreciation and amortization | -43,997 | -31,530 | ' |
Property and equipment, net | 70,381 | 59,040 | ' |
Furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 44,112 | 31,680 | ' |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Property and equipment, gross | 51,736 | 41,671 | ' |
Computer and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 15,903 | 10,541 | ' |
Construction in process [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $2,627 | $6,678 | ' |
Minimum [Member] | Furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Maximum [Member] | Furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Jul. 24, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 26, 2012 | Jul. 27, 2012 | 16-May-12 | 31-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | ' | $251,000 | $455,000 | $28,000 | ' | ' | ' | ' | ' | ' |
Borrowing under term loan facility | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Repayment of Term Loan Facility | 65,300,000 | 15,000,000 | 65,500,000 | 0 | 300,000 | 65,300,000 | 15,000,000 | ' | ' | 65,500,000 |
Write off of deferred debt issuance cost | ' | ' | ' | ' | ' | ' | ' | $300,000 | $300,000 | $1,600,000 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Other Accrued Expenses) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Other Accrued Expenses | ' | ' |
Deposit liability related to restricted shares (note 6) | $62 | $308 |
Gift card liability | 3,273 | 2,418 |
Other | 14,215 | 11,819 |
Other accrued expenses | $17,550 | $14,545 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Leases) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
period | |
Accounting Policies [Abstract] | ' |
Operating lease period (years) | '10 years |
Lease renewal period, minimum (years) | '5 years |
Number of lease extension periods | 1 |
Operating lease agreement extension term (years) | '10 years |
Recovered_Sheet2
Summary of Significant Accounting Policies (Deferred Rent) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current: | ' | ' | ||
Deferred rent | $2,965 | [1] | $878 | [1] |
Total current liabilities | 2,965 | 878 | ||
Long-term: | ' | ' | ||
Deferred rent | 35,198 | 28,901 | ||
Other | 241 | 181 | ||
Total long-term liabilities | $35,439 | $29,082 | ||
[1] | The current portion of deferred rent is included in the other accrued expenses line item in the accompanying consolidated balance sheets. |
Recovered_Sheet3
Summary of Significant Accounting Policies (Stock-based Compensation) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Stock-based compensation expense | ' | $9.90 | $6.90 | $1.20 |
Expenses on date of modification | $5.30 | $0.20 | $5.40 | ' |
Recovered_Sheet4
Summary of Significant Accounting Policies (Revenue Recognition) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Period of sales return acceptance | '14 days |
Recovered_Sheet5
Summary of Significant Accounting Policies (Store Pre-Opening Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Pre-opening costs | $4.30 | $3.50 | $3.40 |
Recovered_Sheet6
Summary of Significant Accounting Policies (Advertising Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising expenses | $15.60 | $12 | $9.70 |
Income_Loss_Per_Common_Share_C
Income (Loss) Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $24,826 | [1] | $1,677 | [1] | $4,069 | [1] | $1,570 | [1] | $19,206 | [1] | $729 | [1] | $1,247 | [1] | ($1,157) | [1] | $32,142 | $20,025 | $16,078 |
Dividend paid to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -62,504 | 0 | ||||||||
Dividend paid to unvested restricted shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,899 | 0 | ||||||||
Series A 8% Convertible Preferred Stock cumulative dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -15,913 | ||||||||
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -465 | 0 | -109 | ||||||||
Net income (loss) attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $31,677 | ($45,378) | $56 | ||||||||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted-average common shares outstanding - basic (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 53,294,805 | 35,444,200 | 15,903,599 | ||||||||
Dilutive impact of options and warrants (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 447,055 | 0 | 509 | ||||||||
Weighted average common share outstanding - diluted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 53,741,860 | 35,444,200 | 15,904,108 | ||||||||
Per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic income (loss) per common share (dollars per share) | $0.46 | [1] | $0.03 | [1] | $0.08 | [1] | $0.03 | [1] | $0.36 | [1] | $0.01 | [1] | ($3.41) | [1] | ($0.32) | [1] | $0.59 | ($1.28) | $0 |
Diluted income (loss) per common share (dollars per share) | $0.45 | [1] | $0.03 | [1] | $0.07 | [1] | $0.03 | [1] | $0.35 | [1] | $0.01 | [1] | ($3.41) | [1] | ($0.32) | [1] | $0.59 | ($1.28) | $0 |
[1] | The Company operates on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. Fiscal 2013 consists of a 52-week fiscal year and Fiscal 2012 consists of a 53-week fiscal year |
Income_Loss_Per_Common_Share_N
Income (Loss) Per Common Share (Narrative) (Details) | 12 Months Ended | |||
Feb. 01, 2014 | Jan. 28, 2012 | Feb. 02, 2013 | Jan. 28, 2012 | |
Convertible Preferred Stock [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock not included in the computations of diluted earnings per share | 388,197 | 30,894,593 | 2,573,490 | 2,781,138 |
Financing_Transactions_Line_of1
Financing Transactions, Line of Credit and Note Payable (Financing Transactions) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 24, 2012 | 16-May-12 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Oct. 26, 2012 | Jul. 27, 2012 | 16-May-12 | 31-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | 6-May-12 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | 2014 Term Loan [Member] | After 2014 Term Loan [Member] | ||||||
Secured Debt [Member] | Federal Funds Effective Rate Plus [Member] | Federal Funds Effective Rate Floor [Member] | Federal Funds Effective Rate Plus Margin [Member] | LIBOR-Based Rate [Member] | LIBOR Plus Margin [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing under term loan facility | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | 99,500,000 | ' | 99,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 2.00% | 3.25% | 1.00% | 4.25% | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1.75 |
Interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | 1,513,000 | 2,374,000 | -16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | ' | ' | 251,000 | 455,000 | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility subject to repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan Facility | 65,300,000 | ' | 15,000,000 | 65,500,000 | 0 | 300,000 | 65,300,000 | 15,000,000 | ' | ' | 65,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 700,000 | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, current | ' | ' | 19,500,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 800,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $300,000 | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Transactions_Line_of2
Financing Transactions, Line of Credit and Note Payable (Line of Credit) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 24, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 31-May-12 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | |||||||
Excess Availability Greater Than Or Equal To 75% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | Excess Availability Less Than 33% [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | Excess Availability Less Than 33% [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Excess Availability Greater Than Or Equal To 75% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowings | ' | ' | $20,000,000 | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period prior to expiration of term facility for expiration of revolving line of credit (days) | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of letters of credit | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage (percent) | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on borrowings (percent) | ' | ' | ' | ' | ' | ' | 0.75% | 1.00% | 1.25% | ' | ' | ' | 1.75% | 2.00% | 2.25% | ' | ' | ' |
Excess interest on available borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 75.00% | 33.00% | 75.00% | ' | ' | ' | 75.00% | 33.00% | 75.00% |
Percentage of unused credit facility fee (percent) | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Fee | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess collateral availability percentage (percent) | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility collateral amount | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit fee (percentage) | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 700,000 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, outstanding amount | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, remaining borrowing capacity | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, borrowing capacity | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Transactions_Line_of3
Financing Transactions, Line of Credit and Note Payable (Notes Payable) (Details) (USD $) | 12 Months Ended | ||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 13-May-12 | Dec. 10, 2010 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Loan and security agreement | ' | ' | ' | ' | $300,000 |
Convertible note payable | ' | ' | ' | 200,000 | ' |
Repayment of notes payable | $0 | $50,000 | $0 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 2 Months Ended | 12 Months Ended | ||
Mar. 26, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
lease | ||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' |
Lease renewal period, minimum (years) | ' | '5 years | ' | ' |
Operating lease agreement extension term (years) | ' | '10 years | ' | ' |
Operating lease agreement expiration period | ' | '2024 | ' | ' |
Rent expense | ' | $41,800,000 | $32,800,000 | $23,600,000 |
Contingent rents | ' | 500,000 | 500,000 | 500,000 |
Number Of Leases | 17 | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 28,600,000 | 422,614,000 | ' | ' |
Purchase commitments | ' | 2,000,000 | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' |
Average Lease Term Period | '10 years | ' | ' | ' |
Key Employees [Member] | ' | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' |
Maximum additional payments upon employee separation | ' | $3,900,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Minimum Rental Commitments Under Operating Lease) (Details) (USD $) | Mar. 26, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Operating Leased Assets [Line Items] | ' | ' |
2014 | ' | $52,703 |
2015 | ' | 54,069 |
2016 | ' | 50,221 |
2017 | ' | 48,689 |
2018 | ' | 47,488 |
Thereafter | ' | 169,444 |
Total minimum rental commitments under operating lease agreements | 28,600 | 422,614 |
Retail Stores [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
2014 | ' | 47,767 |
2015 | ' | 48,844 |
2016 | ' | 46,566 |
2017 | ' | 45,498 |
2018 | ' | 44,100 |
Thereafter | ' | 157,356 |
Total minimum rental commitments under operating lease agreements | ' | 390,131 |
Corporate Office And Distribution Centers [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
2014 | ' | 4,936 |
2015 | ' | 5,225 |
2016 | ' | 3,655 |
2017 | ' | 3,191 |
2018 | ' | 3,388 |
Thereafter | ' | 12,088 |
Total minimum rental commitments under operating lease agreements | ' | $32,483 |
Shareholders_Equity_Deficit_Na
Shareholders' Equity (Deficit) (Narrative) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jul. 17, 2012 |
vote | |||
Equity [Abstract] | ' | ' | ' |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | 5,000,000 | ' | ' |
Preferred stock, par value | $0.01 | ' | ' |
Voting right per common stock share (vote) | 1 | ' | ' |
Shareholders_Equity_Deficit_Pr
Shareholders' Equity (Deficit) (Preferred Stock) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 48 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jul. 17, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jul. 24, 2012 | Oct. 14, 2014 | Oct. 14, 2010 |
Series A 8% Percent Convertible Preferred Stock [Member] | Series A 8% Percent Convertible Preferred Stock [Member] | Series A 8% Percent Convertible Preferred Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares issued (shares) | ' | ' | ' | ' | ' | ' | 89,291,773 |
Preferred stock dividend, percentage | 8.00% | 8.00% | 8.00% | 8.00% | ' | 8.00% | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | ' | ' | ' | $191.90 | ' |
Stock issuance costs | ' | ' | ' | ' | ' | $2.10 | ' |
Dividends payable (dollars per share) | ' | ' | ' | ' | $2.17 | ' | ' |
Preferred Stock converted into common stock (shares) | ' | ' | ' | ' | 30,894,953 | ' | ' |
Shareholders_Equity_Deficit_Co
Shareholders' Equity (Deficit) (Common Stock) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jul. 01, 2013 | Feb. 04, 2013 | Jul. 24, 2012 | Jul. 17, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Sep. 23, 2013 | Sep. 27, 2012 | Jul. 24, 2012 | Jul. 24, 2012 | Jul. 24, 2012 | 30-May-13 | Feb. 28, 2013 | Jul. 19, 2012 | Mar. 31, 2012 | Nov. 30, 2011 | 31-May-11 | Feb. 28, 2011 | Feb. 01, 2014 | Jan. 28, 2012 | Mar. 31, 2012 | Jan. 28, 2012 | |
person | IPO [Member] | Shares Sold By Stockholders [Member] | Underwriters [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Professional Services [Member] | Professional Services [Member] | Professional Services [Member] | Professional Services [Member] | Common stock [Member] | Common stock [Member] | Performance Based Vesting Schedule [Member] | Performance Based Vesting Schedule [Member] | ||||||||||||
person | person | person | ||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled (shares) | ' | ' | ' | ' | ' | 2,020,620 | ' | 35,300 | 2,020,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,010,310 | 1,010,310 |
Percentage of shares vested (percent) | ' | ' | ' | ' | 33.00% | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of remaining shares vested (percent) | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | $17,400,000 | ' | $13,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses on date of modification | ' | ' | ' | ' | ' | 5,300,000 | ' | 200,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period from the date of grant (years) | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants granted to purchase common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,245 | ' | 3,114 | 13,840 | ' | ' | ' | ' |
Warrants holders common stock purchase price per share (dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.21 | ' | $6.30 | $6.30 | ' | ' | ' | ' |
Exercise of warrants to purchase common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,191 | ' | ' | ' | ' | ' | ' |
Fair value warrant to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | 43,000 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | 43,000 | ' | 6,000 | 25,000 | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | ' | ' | ' | ' | ' | 159,248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,565 | 159,248 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | 1,100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | ' | ' | ' | 0.346 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 120,000,000 | ' | ' | ' | 120,000,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividend, percentage | ' | ' | ' | 8.00% | ' | ' | ' | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors (person) | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued (shares) | ' | ' | ' | ' | ' | ' | ' | 1,878 | ' | ' | ' | ' | ' | ' | ' | 1,990 | 594 | 3,529 | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering shares (shares) | ' | ' | 11,057,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,807,692 | 6,250,000 | 1,442,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering shares price per share (dollars per share) | ' | ' | $17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of initial public offering after deducting underwriting discounts and commissions and offering costs | ' | ' | 73,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters discount and legal, accounting, and other expenses | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan Facility | ' | ' | 65,300,000 | ' | ' | ' | ' | 15,000,000 | 65,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on common stock fair value for employee purchases (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary stock offering | 6,900,000 | 13,012,250 | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary Offering Price Per Share | $36 | $35.65 | ' | ' | ' | ' | ' | ' | ' | ' | $46.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Offering Expenses | $1,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares vested | ' | ' | ' | ' | ' | ' | ' | 1,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Deficit_Di
Shareholders' Equity (Deficit) (Dividends) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 16-May-12 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Dividends date declared | ' | 15-May-12 | ' | ' |
Dividends date paid | ' | 16-May-12 | ' | ' |
Dividends declared and paid per common share (dollars per share) | $2.02 | $0 | $2.02 | $0 |
Dividends | $99,500 | ' | $99,451 | ' |
Common_Stock_Options_2002_Equi
Common Stock Options (2002 Equity Incentive Plan) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | 16-May-12 | Mar. 31, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 23-May-12 | Aug. 25, 2010 | Feb. 01, 2014 | Feb. 02, 2013 | Jul. 24, 2012 |
2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 |
Stock Option Maximum Term | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Stock options vesting period from the date of grant (years) | ' | '2 years | ' | ' | ' | ' | ' | '4 years | ' | ' |
Stock options and restricted shares available for grant (shares) | ' | ' | ' | ' | ' | ' | ' | 4,669,509 | ' | ' |
Dividends declared and paid per common share (dollars per share) | $2.02 | ' | $0 | $2.02 | $0 | $2.02 | ' | ' | ' | ' |
Period following board of directors resolution for exercise of options outstanding (days) | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' |
Deposit liability | ' | ' | $62 | $308 | ' | ' | ' | $100 | $300 | ' |
Common_Stock_Options_Activity_
Common Stock Options (Activity Related To Restricted Shares Of Common Stock) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Deposit Liability [Roll Forward] | ' | ' | ' |
Deposit liability, Unvested | $308 | ' | ' |
Deposit liability, Vested | -239 | -802 | -491 |
Deposit liability, Unvested | 62 | 308 | ' |
Restricted Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Number of shares, Unvested (shares) | 31,542 | 141,927 | 304,400 |
Number of shares, Vested (shares) | -26,759 | -106,980 | -135,657 |
Number of shares, Repurchases upon employee termination (shares) | -648 | -3,405 | -26,816 |
Number of shares, Unvested (shares) | 4,135 | 31,542 | 141,927 |
Deposit Liability [Roll Forward] | ' | ' | ' |
Deposit liability, Unvested | 308 | 1,131 | 1,860 |
Deposit liability, Vested | -239 | -802 | -491 |
Deposit liability, Repurchases upon employee termination | -7 | -21 | -238 |
Deposit liability, Unvested | $62 | $308 | $1,131 |
Common_Stock_Options_Schedule_
Common Stock Options (Schedule Of Stock Option Activity Under Plan) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
16-May-12 | Mar. 31, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Options outstanding, Balance (shares) | ' | ' | ' | 1,187,817 | 2,627,955 | 2,136,185 | |
Options outstanding, Granted (shares) | ' | ' | ' | 554,500 | 687,416 | 611,313 | |
Options outstanding, Forfeited (shares) | ' | ' | ' | -205,456 | -98,048 | -119,543 | |
Options outstanding, Cancelled (shares) | ' | -2,020,620 | ' | -35,300 | -2,020,620 | ' | |
Options outstanding, Exercised (shares) | ' | ' | ' | -196,941 | -8,886 | ' | |
Options outstanding, Balance (shares) | ' | ' | 2,136,185 | 1,304,620 | [1] | 1,187,817 | 2,627,955 |
Options outstanding, Exercisable (shares) | ' | ' | ' | 251,657 | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Weighted average exercise price, Balance (dollars per share) | ' | ' | ' | $10.43 | $6.47 | $6.31 | |
Weighted average exercise price, Granted (dollars per share) | ' | ' | ' | $38.92 | $14.96 | $7.03 | |
Weighted average exercise price, Forfeited (dollars per share) | ' | ' | ' | $20.23 | $9.14 | $6.40 | |
Weighted average exercise price, Cancelled (dollars per share) | ' | ' | ' | $30.19 | $6.30 | ' | |
Weighted average exercise price, Exercised (dollars per share) | ' | ' | ' | $7.55 | $4.12 | ' | |
Weighted average exercise price, Balance (dollars per share) | ' | ' | $6.31 | $20.90 | [1] | $10.43 | $6.47 |
Weighted average exercise price, Exercisable (dollars per share) | ' | ' | ' | $8.79 | ' | ' | |
Weighted average remaining contractual term | ' | ' | '9 years 8 months 12 days | '8 years 6 months 1 day | [1] | '9 years 3 months 18 days | '9 years |
Weighted average remaining contractual term, Exercisable | ' | ' | ' | '7 years 9 months 18 days | ' | ' | |
Dividends declared per share (dollars per share) | $2.02 | ' | ' | ' | ' | ' | |
Performance Based Vesting Schedule [Member] | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Options outstanding, Cancelled (shares) | ' | -1,010,310 | ' | ' | ' | -1,010,310 | |
[1] | The weighted-average exercise price at February 1, 2014 and February 2, 2013, respectively, reflects the adjustment of $2.02 per share resulting from the dividend declared on May 15, 2012 as described above. |
Common_Stock_Options_StockBase
Common Stock Options (Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Expected volatility | 50.00% | 50.00% | 50.00% |
Risk-free interest rate | 1.40% | 1.30% | 2.00% |
Expected life of options | '6 years 3 months 18 days | '6 years 3 months 18 days | '7 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average grant-date fair value of stock options granted (dollars per share) | $18.90 | $7.42 | $3.58 |
Total intrinsic value of stock options exercised | $7,200,000 | $200,000 | $0 |
Proceeds from stock options exercised | 1,500,000 | 36,000 | ' |
Excess tax benefit related to restricted shares and exercise of stock options and warrants | 2,262,000 | 1,647,000 | 0 |
Unrecognized compensation costs related to non-vested share-based compensation | $11,600,000 | ' | ' |
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) | '2 years 9 months 28 days | ' | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Components) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current: | ' | ' | ' |
Federal | $21,718 | $8,127 | $6,979 |
State | 3,172 | 2,130 | 3,124 |
Current income tax expense (benefit) | 24,890 | 10,257 | 10,103 |
Deferred: | ' | ' | ' |
Federal | -3,977 | 3,043 | 1,434 |
State | -1,097 | 769 | -1,378 |
Deferred income tax expense (benefit) | -5,074 | 3,812 | 56 |
Income tax expense | $19,816 | $14,069 | $10,159 |
Recovered_Sheet7
Income Taxes (Schedule Of Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.60% | 5.50% | 5.60% |
Other | 0.50% | 0.80% | -1.90% |
Effective tax rate | 38.10% | 41.30% | 38.70% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Inventories | $5,430 | $2,990 |
Deferred revenue | 142 | 95 |
Accrued bonus | 194 | 1,067 |
Deferred rent | 15,192 | 12,076 |
Other | 1,665 | 750 |
Deferred tax assets | 22,623 | 16,978 |
Deferred tax liabilities: | ' | ' |
Property and equipment | -16,623 | -13,874 |
Other | -1,182 | -3,359 |
Deferred tax liabilities | -17,805 | -17,233 |
Deferred tax assets (liabilities) | $4,818 | ($255) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax [Line Items] | ' | ' | ' |
Total income taxes paid | $25 | $10.80 | $1.20 |
Minimum [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
State income taxes, statute of limitations period (years) | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
State income taxes, statute of limitations period (years) | '4 years | ' | ' |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Feb. 01, 2007 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
H | |||||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Retirement Savings Plan, year of service required for eligibility | '1 year | ' | ' | ' | ' |
Retirement Savings Plan, hours of service required for eligibility | 1,000 | ' | ' | ' | ' |
Retirement Savings Plan, years of age required for eligibility | '21 years | ' | ' | ' | ' |
Discretionary matching and profit sharing contributions, vesting period | '5 years | ' | ' | ' | ' |
Employer discretionary contribution amount | ' | $200,000 | $52,000 | $0 | $0 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Feb. 01, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Operating segment | 1 |
Reportable segment | 1 |
Segment_Reporting_Percentage_o
Segment Reporting (Percentage of Net Sales Represented by Each Product Group) (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of sales by product group (percent) | 100.00% | 100.00% | 100.00% |
Leisure [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of sales by product group (percent) | 51.70% | 52.60% | 50.60% |
Fashion and home [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of sales by product group (percent) | 29.30% | 30.30% | 31.70% |
Party and snack [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of sales by product group (percent) | 19.00% | 17.10% | 17.70% |
Quarterly_Results_of_Operation2
Quarterly Results of Operations and Seasonality (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $211,964 | [1] | $110,747 | [1] | $117,087 | [1] | $95,604 | [1] | $173,589 | [1] | $86,587 | [1] | $86,820 | [1] | $71,829 | [1] | $535,402 | $418,825 | $297,113 |
Gross profit | 84,169 | [1] | 34,234 | [1] | 39,400 | [1] | 30,213 | [1] | 71,138 | [1] | 26,931 | [1] | 28,747 | [1] | 23,020 | [1] | 188,016 | 149,836 | 104,861 |
Net income | $24,826 | [1] | $1,677 | [1] | $4,069 | [1] | $1,570 | [1] | $19,206 | [1] | $729 | [1] | $1,247 | [1] | ($1,157) | [1] | $32,142 | $20,025 | $16,078 |
Basic (loss) income per common share (dollars per share) | $0.46 | [1] | $0.03 | [1] | $0.08 | [1] | $0.03 | [1] | $0.36 | [1] | $0.01 | [1] | ($3.41) | [1] | ($0.32) | [1] | $0.59 | ($1.28) | $0 |
Diluted (loss) income per common share (dollars per share) | $0.45 | [1] | $0.03 | [1] | $0.07 | [1] | $0.03 | [1] | $0.35 | [1] | $0.01 | [1] | ($3.41) | [1] | ($0.32) | [1] | $0.59 | ($1.28) | $0 |
Fiscal year period | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | '371 days | '364 days | ||||||||
[1] | The Company operates on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. Fiscal 2013 consists of a 52-week fiscal year and Fiscal 2012 consists of a 53-week fiscal year |