Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Dec. 04, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FIVE | ' |
Entity Registrant Name | 'Five Below, Inc. | ' |
Entity Central Index Key | '0001177609 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 54,375,130 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $5,291 | $50,184 | $5,550 |
Inventories | 167,174 | 89,377 | 115,484 |
Prepaid income taxes | 6,211 | 1,497 | 5,675 |
Deferred income taxes | 5,199 | 4,586 | 2,060 |
Prepaid expenses and other current assets | 20,421 | 15,255 | 17,286 |
Total current assets | 204,296 | 160,899 | 146,055 |
Property and equipment, net of accumulated depreciation and amortization of $55,423, $43,997, and $41,129, respectively | 84,206 | 70,381 | 69,564 |
Deferred income taxes | 1,618 | 232 | 0 |
Other assets | 278 | 542 | 596 |
Total assets | 290,398 | 232,054 | 216,215 |
Current liabilities: | ' | ' | ' |
Line of credit | 0 | 0 | 0 |
Current portion of note payable | 0 | 19,500 | 0 |
Accounts payable | 82,857 | 34,013 | 52,422 |
Income taxes payable | 537 | 6,007 | 37 |
Accrued salaries and wages | 5,130 | 2,672 | 4,125 |
Other accrued expenses | 22,664 | 17,550 | 15,587 |
Total current liabilities | 111,188 | 79,742 | 72,171 |
Note payable | 0 | 0 | 19,500 |
Deferred rent and other | 40,357 | 35,439 | 34,396 |
Deferred income taxes | 0 | 0 | 1,063 |
Total liabilities | 151,545 | 115,181 | 127,130 |
Commitments and contingencies (note 4) | ' | ' | ' |
Shareholders’ equity: | ' | ' | ' |
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 54,371,530, 54,190,724 and 54,161,553 shares, respectively. | 544 | 542 | 542 |
Additional paid-in capital | 291,889 | 284,622 | 281,660 |
Accumulated deficit | -153,580 | -168,291 | -193,117 |
Total shareholders’ equity | 138,853 | 116,873 | 89,085 |
Total liabilities and shareholders' equity (deficit) | $290,398 | $232,054 | $216,215 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $55,423 | $43,997 | $41,129 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,371,530 | 54,190,724 | 54,161,553 |
Common stock, shares outstanding | 54,371,530 | 54,190,724 | 54,161,553 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $137,979,000 | $110,747,000 | $416,462,000 | $323,438,000 |
Cost of goods sold | 96,356,000 | 76,513,000 | 284,999,000 | 219,591,000 |
Gross profit | 41,623,000 | 34,234,000 | 131,463,000 | 103,847,000 |
Selling, general and administrative expenses | 36,143,000 | 31,213,000 | 107,386,000 | 90,451,000 |
Operating income | 5,480,000 | 3,021,000 | 24,077,000 | 13,396,000 |
Interest expense, net | 6,000 | 321,000 | 88,000 | 1,223,000 |
Loss on debt extinguishment | 0 | 0 | 244,000 | 266,000 |
Income before income taxes | 5,474,000 | 2,700,000 | 23,745,000 | 11,907,000 |
Income tax expense | 2,163,000 | 1,023,000 | 9,034,000 | 4,591,000 |
Net income | 3,311,000 | 1,677,000 | 14,711,000 | 7,316,000 |
Net income attributable to participating securities | 0 | -21,000 | -20,000 | -110,000 |
Net income attributable to common shareholders | $3,311,000 | $1,656,000 | $14,691,000 | $7,206,000 |
Basic (loss) income per common share (dollars per share) | $0.06 | $0.03 | $0.27 | $0.14 |
Diluted (loss) income per common share (dollars per share) | $0.06 | $0.03 | $0.27 | $0.13 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic shares | 54,329,859 | 53,409,601 | 54,159,532 | 53,227,393 |
Diluted shares | 54,662,869 | 53,801,797 | 54,539,286 | 53,662,570 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common stock [Member] | Additional paid- in capital [Member] | Accumulated deficit [Member] |
In Thousands, except Share data | ||||
Balance at Feb. 01, 2014 | $116,873 | $542 | $284,622 | ($168,291) |
Balance, common stock, shares at Feb. 01, 2014 | 54,190,724 | 54,190,724 | ' | ' |
Share-based compensation expense | 4,073 | ' | 4,073 | ' |
Stock Issued During Period, Shares, New Issues | ' | 3,125 | ' | ' |
Stock Issued During Period, Value, New Issues | 120 | ' | 120 | ' |
Stock-based compensation expense (in shares) | ' | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 175,436 | 175,436 | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 1,221 | 2 | 1,219 | ' |
Vesting of restricted shares | 61 | ' | 61 | ' |
Stock Repurchased During Period, Value | -1 | ' | -1 | ' |
Repurchase of unvested restricted shares related to stock option exercises (in shares) | ' | -87 | ' | ' |
Excess tax benefit related to exercise of stock options | 1,690 | ' | 1,690 | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | 105 | ' | 105 | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | 2,332 | ' | ' |
Net income | 14,711 | ' | ' | ' |
Balance at Nov. 01, 2014 | $138,853 | $544 | $291,889 | ($153,580) |
Balance, common stock, shares at Nov. 01, 2014 | 54,371,530 | 54,371,530 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Operating activities: | ' | ' |
Net income | $14,711 | $7,316 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 12,605 | 9,859 |
Loss on debt extinguishment | 244 | 266 |
Loss on disposal of property and equipment | 95 | 438 |
Amortization of deferred financing costs | 18 | 170 |
Share-based compensation expense | 4,204 | 7,511 |
Deferred income taxes | -1,998 | -1,252 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid income taxes | -4,715 | -5,639 |
Inventories | -77,797 | -54,653 |
Prepaid expenses and other assets | -5,164 | -5,900 |
Accounts payable | 46,518 | 22,717 |
Income taxes payable | -5,470 | -7,046 |
Accrued salaries and wages | 2,458 | -79 |
Deferred rent | 5,655 | 6,976 |
Other accrued expenses | 5,015 | 2,018 |
Net cash used in operating activities | -3,621 | -17,298 |
Investing activities: | ' | ' |
Capital expenditures | -24,787 | -21,758 |
Net cash used in investing activities | -24,787 | -21,758 |
Financing activities: | ' | ' |
Repayment of note payable under Term Loan Facility | -19,500 | -15,000 |
Payments of Financing Costs | 0 | -40 |
Proceeds from Issuance of Common Stock | 105 | 81 |
Proceeds from Stock Options Exercised | 1,221 | 1,332 |
Repurchase of unvested restricted shares related to stock option exercises | -1 | -4 |
Excess tax benefit related to exercises of stock options | 1,690 | 2,156 |
Net cash used in financing activities | -16,485 | -11,475 |
Net decrease in cash and cash equivalents | -44,893 | -50,531 |
Cash and cash equivalents at beginning of period | 50,184 | 56,081 |
Cash and cash equivalents at end of period | 5,291 | 5,550 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 97 | 1,053 |
Income taxes paid | 19,570 | 16,158 |
Capital Expenditures Incurred but Not yet Paid | ($1,739) | $937 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Nov. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ||
(a) | Nature of Business | |
Five Below, Inc. (individually and/or collectively with its wholly owned subsidiary, 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 November 1, 2014, operated in 21 states that include Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia, Texas, Tennessee, and Maine. As of November 1, 2014 and November 2, 2013, the Company operated 365 stores and 304 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. 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 2014" or "fiscal 2014" refer to the period from February 2, 2014 to January 31, 2015 and consists of a 52-week fiscal year. 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. The fiscal quarters ended November 1, 2014 and November 2, 2013 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended November 1, 2014 and November 2, 2013 refer to the thirty-nine weeks ended as of those dates. | ||
(c) Basis of Presentation | ||
The consolidated balance sheets as of November 1, 2014 and November 2, 2013, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013, the consolidated statement of shareholders’ equity for the thirty-nine weeks ended November 1, 2014 and the consolidated statements of cash flows for the thirty-nine weeks ended November 1, 2014 and November 2, 2013 have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the aforementioned financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations and cash flows for the periods ended November 1, 2014 and November 2, 2013. The balance sheet as of February 1, 2014, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2013 as filed with the Securities and Exchange Commission on March 26, 2014 and referred to herein as the “Annual Report,” but does not include all annual disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended February 1, 2014 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 are not necessarily indicative of the consolidated operating results for the year ending January 31, 2015 or any other period. The Company's business is seasonal and as a result, the Company's net sales fluctuate from quarter to quarter. Net sales are usually highest in the fourth fiscal quarter due to the year-end holiday season. | ||
Use of Estimates | ||
The preparation of the 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 share-based compensation expense. | ||
(e) 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, if any, under a line of credit. 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, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. The Company considers the inputs utilized to determine the fair value of any of the borrowings under the line of credit to be Level 2 inputs. As of November 1, 2014, February 1, 2014, and November 2, 2013, the Company had cash equivalents of $3.4 million, $2.3 million and $2.7 million, respectively. The Company’s cash equivalents consist of credit card receivables and fair value was determined based on Level 1 inputs. | ||
Recently Issued Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. Early adoption is not permitted. The Company is currently evaluating the impact that the update will have on its financial position, results of operations, cash flows and financial statement disclosures. |
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Income (Loss) Per Common Share | ' | |||||||||||||||
Income Per Common Share | ||||||||||||||||
Basic income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of exercise of stock options 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. Performance-based restricted stock units are considered contingently issuable shares for diluted income per common share purposes and the dilutive impact, if any, is not included in the weighted-average shares until the performance conditions are met. | ||||||||||||||||
The two-class method is used to calculate basic and diluted income per common share for the applicable periods since certain of the Company's 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 per common share is computed by dividing net income 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 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 following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 3,311 | $ | 1,677 | $ | 14,711 | $ | 7,316 | ||||||||
Net income attributable to participating securities | — | (21 | ) | (20 | ) | (110 | ) | |||||||||
Net income attributable to common shareholders | $ | 3,311 | $ | 1,656 | $ | 14,691 | $ | 7,206 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 54,329,859 | 53,409,601 | 54,159,532 | 53,227,393 | ||||||||||||
Dilutive impact of options, restricted stock units and employee stock purchase plan | 333,010 | 392,196 | 379,754 | 435,177 | ||||||||||||
Weighted average common shares outstanding - diluted | 54,662,869 | 53,801,797 | 54,539,286 | 53,662,570 | ||||||||||||
Per common share: | ||||||||||||||||
Basic income per common share | $ | 0.06 | $ | 0.03 | $ | 0.27 | $ | 0.14 | ||||||||
Diluted income per common share | $ | 0.06 | $ | 0.03 | $ | 0.27 | $ | 0.13 | ||||||||
For the thirteen weeks ended November 1, 2014, there were no participating securities. For the thirty-nine weeks ended November 1, 2014, $20.0 thousand 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 the thirteen and thirty-nine weeks ended November 2, 2013, $21.0 thousand 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. | ||||||||||||||||
The effects of the assumed exercise of stock options for 581,731 and 575,515 shares of common stock for the thirteen and thirty-nine weeks ended November 1, 2014, respectively, 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 stock options for 547,051 and 346,001 shares of common stock for the thirteen and thirty-nine weeks ended November 2, 2013, respectively, were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive. | ||||||||||||||||
The effects of non-vested of restricted stock units for 697 shares of common stock for the thirteen and thirty-nine weeks ended November 1, 2014, respectively, were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive. | ||||||||||||||||
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 | 9 Months Ended |
Nov. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
Financing Transactions, Line of Credit and Note Payable | ' |
Term Loan Facility and Line of Credit | |
Term Loan Facility | |
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”). 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. In February 2014, the Company repaid the remaining principal balance outstanding under the Term Loan Facility of $19.5 million. | |
Line of Credit | |
On August 18, 2006, the Company entered into a loan and security agreement (the “Loan and Security Agreement”) that included a revolving line of credit with advances tied to a borrowing base. The Loan and Security Agreement has been 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 subsidiaries, make the Subsidiary a party to the agreement as a guarantor of our 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 or (ii) 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 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. | |
As of November 1, 2014, the Company had no borrowings under the Revolving Credit Facility and had approximately $20.0 million available on the line of credit. | |
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 November 1, 2014, the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
During the thirteen weeks ended November 1, 2014, the Company committed to 14 new store leases with terms of 10 years that have future minimum lease payments of approximately $21.5 million. | |
From November 2, 2014 to December 5, 2014, the Company committed to 4 new store leases with terms of 10 years that have future minimum lease payments of approximately $5.7 million. | |
In July 2014, the Company signed a lease for a new distribution center in Pedricktown (Oldmans Township), New Jersey, to support the Company's anticipated growth, which the Company expects to be fully operational during the fiscal year ending January 30, 2016. The Company will initially occupy approximately 700,000 square feet and will expand to approximately one million square feet. The lease agreement has future minimum lease payments of approximately $44.6 million and expires in 2025 with options to renew for three successive five-year period. | |
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 $5.7 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 November 1, 2014, the Company has other purchase commitments of approximately $0.4 million consisting of purchase agreements for materials that will be used in the construction of new stores. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Nov. 01, 2014 | |
Equity [Abstract] | ' |
Shareholders' Equity (Deficit) | ' |
Shareholders’ Equity | |
n 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 last one-third vested in March 2014. | |
In connection with the cancellation and grant, the Company recorded total compensation expense of $17.4 million including $5.3 million which was recorded on the date of the modification and the remainder, which was recorded on a straight-line basis over the two-year vesting period. The remaining expense and vesting related to the cancellation and grant was recognized during the first quarter of fiscal 2014. |
Common_Stock_Options
Common Stock Options | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
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, restricted shares, and restricted stock units 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. As of November 1, 2014, 4,348,986 stock options, restricted shares, or restricted stock units were available for grant. | ||||||||||||||
Common Stock Options | ||||||||||||||
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 compensation committee of the Company’s board of directors. Options granted to date generally vest over four years from the date of grant. | ||||||||||||||
Stock option activity under the Plan was as follows: | ||||||||||||||
Options | Weighted | Weighted | ||||||||||||
Outstanding | Average | Average | ||||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(in years) | ||||||||||||||
Balance as of February 1, 2014 | 1,304,620 | $ | 20.9 | 8.5 | ||||||||||
Granted | 229,065 | 29.73 | ||||||||||||
Forfeited | (143,367 | ) | 31.68 | |||||||||||
Cancelled | (20,000 | ) | 39.41 | |||||||||||
Exercised | (175,436 | ) | 6.96 | |||||||||||
Balance as of November 1, 2014 | 1,194,882 | 23.03 | 8.1 | |||||||||||
Exercisable as of November 1, 2014 | 327,850 | $ | 8.02 | 7.1 | ||||||||||
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: | ||||||||||||||
Thirty-Nine Weeks Ended | ||||||||||||||
November 1, 2014 | November 2, 2013 | |||||||||||||
Expected volatility | 47 | % | 50 | % | ||||||||||
Risk-free interest rate | 1.9 | % | 1.4 | % | ||||||||||
Expected life of options | 6.4 years | 6.3 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, for the thirty-nine weeks ended November 1, 2014 and November 2, 2013 was $17.76 and $18.79, respectively. | ||||||||||||||
Restricted Stock Units and Performance-Based Restricted Stock Units | ||||||||||||||
All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s board of directors. RSU's granted to date have vesting periods ranging from less than one year to five years from the date of grant. PSU's granted to date vest 100% at the end of a cumulative three year performance period, subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. | ||||||||||||||
RSU and PSU activity during the thirty-nine weeks ended November 1, 2014 was as follows: | ||||||||||||||
Restricted Stock Units | Performance-Based Restricted Stock Units | |||||||||||||
Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | |||||||||||
Non-vested balance as of February 1, 2014 | — | $ | — | — | $ | — | ||||||||
Granted | 164,001 | 35.97 | 87,016 | 35.97 | ||||||||||
Forfeited | (2,244 | ) | 38.72 | (3,874 | ) | 38.71 | ||||||||
Non-vested balance as of November 1, 2014 | 161,757 | $ | 35.93 | 83,142 | $ | 35.84 | ||||||||
As of November 1, 2014, there was $17.2 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average vesting period of 2.9 years. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 (in thousands): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | |||||||||||||
Income before income taxes | $ | 5,474 | $ | 2,700 | $ | 23,745 | $ | 11,907 | ||||||||
Income tax expense | $ | 2,163 | $ | 1,023 | $ | 9,034 | $ | 4,591 | ||||||||
Effective tax rate | 39.5 | % | 37.9 | % | 38 | % | 38.6 | % | ||||||||
The effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the thirteen weeks ended November 1, 2014 was higher than the thirteen weeks ended November 2, 2013 as a result of additional discrete items. The effective tax rate for the thirty-nine weeks ended November 1, 2014 was lower than the thirty-nine weeks ended November 2, 2013 as a result of changes in the mix of projected pretax income across state jurisdictions and changes in the Company's operating entities as a result of the Restructuring. | ||||||||||||||||
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of November 1, 2014, February 1, 2014, or November 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 the thirteen weeks and thirty-nine weeks ended November 1, 2014 or November 2, 2013. | ||||||||||||||||
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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Business | ' |
Nature of Business | |
Five Below, Inc. (individually and/or collectively with its wholly owned subsidiary, 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 November 1, 2014, operated in 21 states that include Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia, Texas, Tennessee, and Maine. As of November 1, 2014 and November 2, 2013, the Company operated 365 stores and 304 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. 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 Period, Policy [Policy Text Block] | ' |
Fiscal Year | |
The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2014" or "fiscal 2014" refer to the period from February 2, 2014 to January 31, 2015 and consists of a 52-week fiscal year. 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. The fiscal quarters ended November 1, 2014 and November 2, 2013 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended November 1, 2014 and November 2, 2013 refer to the thirty-nine weeks ended as of those dates. | |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated balance sheets as of November 1, 2014 and November 2, 2013, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013, the consolidated statement of shareholders’ equity for the thirty-nine weeks ended November 1, 2014 and the consolidated statements of cash flows for the thirty-nine weeks ended November 1, 2014 and November 2, 2013 have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the aforementioned financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations and cash flows for the periods ended November 1, 2014 and November 2, 2013. The balance sheet as of February 1, 2014, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2013 as filed with the Securities and Exchange Commission on March 26, 2014 and referred to herein as the “Annual Report,” but does not include all annual disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended February 1, 2014 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 are not necessarily indicative of the consolidated operating results for the year ending January 31, 2015 or any other period. The Company's business is seasonal and as a result, the Company's net sales fluctuate from quarter to quarter. Net sales are usually highest in the fourth fiscal quarter due to the year-end holiday season. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the 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 share-based compensation expense. | |
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, if any, under a line of credit. 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, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. The Company considers the inputs utilized to determine the fair value of any of the borrowings under the line of credit to be Level 2 inputs. As of November 1, 2014, February 1, 2014, and November 2, 2013, the Company had cash equivalents of $3.4 million, $2.3 million and $2.7 million, respectively. The Company’s cash equivalents consist of credit card receivables and fair value was determined based on Level 1 inputs. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. Early adoption is not permitted. The Company is currently evaluating the impact that the update will have on its financial position, results of operations, cash flows and financial statement disclosures. |
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computations Of Basic And Diluted Income (Loss) Per Share | ' | |||||||||||||||
The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 3,311 | $ | 1,677 | $ | 14,711 | $ | 7,316 | ||||||||
Net income attributable to participating securities | — | (21 | ) | (20 | ) | (110 | ) | |||||||||
Net income attributable to common shareholders | $ | 3,311 | $ | 1,656 | $ | 14,691 | $ | 7,206 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 54,329,859 | 53,409,601 | 54,159,532 | 53,227,393 | ||||||||||||
Dilutive impact of options, restricted stock units and employee stock purchase plan | 333,010 | 392,196 | 379,754 | 435,177 | ||||||||||||
Weighted average common shares outstanding - diluted | 54,662,869 | 53,801,797 | 54,539,286 | 53,662,570 | ||||||||||||
Per common share: | ||||||||||||||||
Basic income per common share | $ | 0.06 | $ | 0.03 | $ | 0.27 | $ | 0.14 | ||||||||
Diluted income per common share | $ | 0.06 | $ | 0.03 | $ | 0.27 | $ | 0.13 | ||||||||
ShareBased_Compensation_Common
Share-Based Compensation Common Stock Options (Tables) | 9 Months Ended | ||||||||
Nov. 01, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Stock option activity under the Plan was as follows: | |||||||||
Options | Weighted | Weighted | |||||||
Outstanding | Average | Average | |||||||
Exercise | Remaining | ||||||||
Price | Contractual | ||||||||
Term | |||||||||
(in years) | |||||||||
Balance as of February 1, 2014 | 1,304,620 | $ | 20.9 | 8.5 | |||||
Granted | 229,065 | 29.73 | |||||||
Forfeited | (143,367 | ) | 31.68 | ||||||
Cancelled | (20,000 | ) | 39.41 | ||||||
Exercised | (175,436 | ) | 6.96 | ||||||
Balance as of November 1, 2014 | 1,194,882 | 23.03 | 8.1 | ||||||
Exercisable as of November 1, 2014 | 327,850 | $ | 8.02 | 7.1 | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
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: | |||||||||
Thirty-Nine Weeks Ended | |||||||||
November 1, 2014 | November 2, 2013 | ||||||||
Expected volatility | 47 | % | 50 | % | |||||
Risk-free interest rate | 1.9 | % | 1.4 | % | |||||
Expected life of options | 6.4 years | 6.3 years | |||||||
Expected dividend yield | — | % | — | % |
ShareBased_Compensation_Restri
Share-Based Compensation Restricted Stock Unit and Performance Based Restricted Stock Units (Tables) | 9 Months Ended | |||||||||||||
Nov. 01, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||
RSU and PSU activity during the thirty-nine weeks ended November 1, 2014 was as follows: | ||||||||||||||
Restricted Stock Units | Performance-Based Restricted Stock Units | |||||||||||||
Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | |||||||||||
Non-vested balance as of February 1, 2014 | — | $ | — | — | $ | — | ||||||||
Granted | 164,001 | 35.97 | 87,016 | 35.97 | ||||||||||
Forfeited | (2,244 | ) | 38.72 | (3,874 | ) | 38.71 | ||||||||
Non-vested balance as of November 1, 2014 | 161,757 | $ | 35.93 | 83,142 | $ | 35.84 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Nov. 01, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and thirty-nine weeks ended November 1, 2014 and November 2, 2013 (in thousands): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
November 1, 2014 | November 2, 2013 | November 1, 2014 | November 2, 2013 | |||||||||||||
Income before income taxes | $ | 5,474 | $ | 2,700 | $ | 23,745 | $ | 11,907 | ||||||||
Income tax expense | $ | 2,163 | $ | 1,023 | $ | 9,034 | $ | 4,591 | ||||||||
Effective tax rate | 39.5 | % | 37.9 | % | 38 | % | 38.6 | % |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Nature of Business) (Details) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
Accounting Policies [Abstract] | ' | ' | ' |
Products offering price, maximum price | ' | $5 | ' |
Number of States in which Entity Operates | 21 | ' | ' |
Number of operated stores | 365 | ' | 304 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Fiscal Year) (Details) | 3 Months Ended | 12 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Fiscal year period | '91 days | '91 days | '364 days | '364 days |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) (Fair Value, Inputs, Level 1 [Member], USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash equivalents | $3.40 | $2.30 | $2.70 |
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 | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Numerator: | ' | ' | ' | ' |
Net income | $3,311,000 | $1,677,000 | $14,711,000 | $7,316,000 |
Net income attributable to participating securities | 0 | -21,000 | -20,000 | -110,000 |
Net income attributable to common shareholders | $3,311,000 | $1,656,000 | $14,691,000 | $7,206,000 |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic (shares) | 54,329,859 | 53,409,601 | 54,159,532 | 53,227,393 |
Dilutive impact of options and warrants (shares) | 333,010 | 392,196 | 379,754 | 435,177 |
Weighted average common share outstanding - diluted (shares) | 54,662,869 | 53,801,797 | 54,539,286 | 53,662,570 |
Per common share: | ' | ' | ' | ' |
Basic income (loss) per common share (dollars per share) | $0.06 | $0.03 | $0.27 | $0.14 |
Diluted income (loss) per common share (dollars per share) | $0.06 | $0.03 | $0.27 | $0.13 |
Income_Loss_Per_Common_Share_N
Income (Loss) Per Common Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Participating Securities, Distributed and Undistributed Earnings | $0 | $21,000 | $20,000 | $110,000 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock not included in the computations of diluted earnings per share | 581,731 | 547,051 | 575,515 | 346,001 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock not included in the computations of diluted earnings per share | ' | ' | 697 | ' |
Financing_Transactions_Line_of1
Financing Transactions, Line of Credit and Note Payable (Financing Transactions) (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | 16-May-12 | Nov. 01, 2014 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Borrowing under term loan facility | ' | ' | $100,000,000 | ' |
Repayment of Term Loan Facility | $19,500,000 | $15,000,000 | ' | $19,500,000 |
Financing_Transactions_Line_of2
Financing Transactions, Line of Credit and Note Payable (Line of Credit) (Details) (USD $) | 9 Months Ended | |
Nov. 01, 2014 | Feb. 01, 2014 | |
Debt Instrument [Line Items] | ' | ' |
Servicing Fee | $12,000 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility maximum borrowings | 20,000,000 | 20,000,000 |
Increase in revolving credit facility | 30,000,000 | ' |
Issuance of letters of credit | 5,000,000 | ' |
Borrowing base percentage (percent) | 90.00% | ' |
Percentage of unused credit facility fee (percent) | 0.38% | ' |
Excess collateral availability percentage (percent) | 10.00% | ' |
Revolving credit facility collateral amount | 3,000,000 | ' |
Letter of credit fee (percentage) | 2.00% | ' |
Line of Credit Facility, Amount Outstanding | ' | $0 |
Revolving Credit Facility [Member] | Prime Rate [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 0.75% | ' |
Revolving Credit Facility [Member] | Prime Rate [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 1.00% | ' |
Revolving Credit Facility [Member] | Prime Rate [Member] | Excess Availability Less Than 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 1.25% | ' |
Excess interest on available borrowings | 33.00% | ' |
Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 75.00% | ' |
Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 33.00% | ' |
Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 75.00% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 1.75% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 2.00% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Excess Availability Less Than 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on borrowings (percent) | 2.25% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Minimum [Member] | Excess Availability Greater Than Or Equal To 75% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 75.00% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Minimum [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 33.00% | ' |
Revolving Credit Facility [Member] | LIBOR Plus [Member] | Maximum [Member] | Excess Availability Less Than 75% But Greater Than Or Equal To 33% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Excess interest on available borrowings | 75.00% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Dec. 05, 2014 | Nov. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 |
Lease | Subsequent Event [Member] | Key Employees [Member] | Distribution center [Member] | Minimum square feet | Maximum square feet | |
lease | sqft | sqft | ||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Number Of Leases | 14 | 4 | ' | ' | ' | ' |
Operating Lease Terms | '10 years 0 months 0 days | '10 years 0 months 0 days | ' | ' | ' | ' |
Maximum additional payments upon employee separation | ' | ' | $5.70 | ' | ' | ' |
Purchase commitments | 21.5 | 5.7 | ' | 44.6 | ' | ' |
Number of Renewal Terms | ' | ' | ' | ' | 3 | ' |
Renewal Term | ' | ' | ' | ' | ' | '5 years |
Area of Real Estate Property | ' | ' | ' | ' | 700,000 | 1,000,000 |
Purchase Obligation | $0.40 | ' | ' | ' | ' | ' |
Shareholders_Equity_Common_Sto
Shareholders' Equity (Common Stock) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 01, 2014 | Feb. 01, 2014 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Restricted Stock Units Terms Percentage Of Shares To Vest | 33.00% | 33.00% | ' | ' |
Options cancelled (shares) | ' | 2,020,620 | -20,000 | ' |
Compensation expense | ' | $17.40 | ' | ' |
Expenses on date of modification | ' | $5.30 | ' | ' |
Stock options vesting period from the date of grant (years) | ' | '2 years | ' | ' |
Restricted Stock Units Terms Percentage Of Shares To Vest Remaining Percentage | ' | ' | ' | 33.00% |
Performance Based Vesting Schedule [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Options cancelled (shares) | ' | 1,010,310 | ' | ' |
ShareBased_Compensation_2002_E
Share-Based Compensation (2002 Equity Incentive Plan) (Details) | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||
Mar. 31, 2012 | Nov. 01, 2014 | Nov. 01, 2014 | Jul. 24, 2012 | Nov. 01, 2014 | |
2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | Employee Stock Option [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) | ' | ' | 4,348,986 | ' | ' |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Nov. 01, 2014 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, Balance (shares) | ' | 1,304,620 | ' |
Options outstanding, Granted (shares) | ' | 229,065 | ' |
Options outstanding, Forfeited (shares) | ' | -143,367 | ' |
Options cancelled (shares) | 2,020,620 | -20,000 | ' |
Options outstanding, Exercised (shares) | ' | -175,436 | ' |
Options outstanding, Balance (shares) | ' | 1,194,882 | 1,304,620 |
Options outstanding, Exercisable (shares) | ' | 327,850 | ' |
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) | ' | $20.90 | ' |
Weighted average exercise price, Granted (dollars per share) | ' | $29.73 | ' |
Weighted average exercise price, Forfeited (dollars per share) | ' | $31.68 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled In Period Weighted Average Exercise Price | ' | $39.41 | ' |
Weighted average exercise price, Exercised (dollars per share) | ' | $6.96 | ' |
Weighted average exercise price, Balance (dollars per share) | ' | $23.03 | $20.90 |
Weighted average exercise price, Exercisable (dollars per share) | ' | $8.02 | ' |
Weighted Average Remaining Contractual Term (in years) | ' | '8 years 1 month 0 days | '8 years 5 months 18 days |
Weighted average remaining contractual term, Exercisable | ' | '7 years 1 month 0 days | ' |
Performance Based Vesting Schedule [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options cancelled (shares) | 1,010,310 | ' | ' |
ShareBased_Compensation_StockB
Share-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Expected volatility | 47.00% | 50.00% |
Risk-free interest rate | 1.90% | 1.40% |
Expected life of options | '6 years 4 months 24 days | '6 years 3 months 18 days |
Expected dividend yield | 0.00% | 0.00% |
Weighted average grant-date fair value of stock options granted (dollars per share) | $17.76 | $18.79 |
Excess tax benefit related to restricted shares and exercise of stock options and warrants | $1,690 | $2,156 |
ShareBased_Compensation_Schedu1
Share-Based Compensation Schedule of RSU and PSU activity under plan (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2012 | Nov. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | performance restricted stock units [Member] | performance restricted stock units [Member] | Minimum [Member] | Maximum [Member] | |||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '2 years | ' | ' | ' | ' | ' | '1 year | '5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | 161,757 | 0 | 83,142 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | $35.93 | $0 | $35.84 | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 164,001 | ' | 87,016 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $35.97 | ' | $35.97 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | -2,244 | ' | -3,874 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | ' | ' | $38.72 | ' | $38.71 | ' | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | $17.20 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) | ' | '2 years 9 months 50 days | ' | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Income Tax [Line Items] | ' | ' | ' | ' |
Income before income taxes | $5,474,000 | $2,700,000 | $23,745,000 | $11,907,000 |
Income tax expense | 2,163,000 | 1,023,000 | 9,034,000 | 4,591,000 |
Effective tax rate | 39.50% | 37.90% | 38.00% | 38.60% |
Accrual for uncertain tax, interest or penalties | $0 | ' | $0 | ' |
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 | ' |