Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Dec. 05, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FIVE | ' |
Entity Registrant Name | 'Five Below, Inc. | ' |
Entity Central Index Key | '0001177609 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 54,161,611 |
Balance_Sheets
Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $5,550 | $56,081 | $7,245 |
Inventories | 115,484 | 60,831 | 84,399 |
Prepaid income taxes | 5,675 | 36 | 9,951 |
Deferred income taxes | 2,060 | 1,295 | 0 |
Prepaid expenses and other current assets | 17,286 | 11,433 | 12,250 |
Total current assets | 146,055 | 129,676 | 113,845 |
Property and equipment, net of accumulated depreciation and amortization of $41,129, $31,530, and $29,417, respectively | 69,564 | 59,040 | 54,086 |
Other assets | 596 | 944 | 1,083 |
Total Assets | 216,215 | 189,660 | 169,014 |
Current liabilities: | ' | ' | ' |
Line of credit | 0 | 0 | 0 |
Current portion of notes payable | 0 | 15,000 | 0 |
Accounts payable | 52,422 | 27,952 | 40,250 |
Income taxes payable | 37 | 7,083 | 0 |
Accrued salaries and wages | 4,125 | 4,204 | 1,693 |
Other accrued expenses | 15,587 | 14,545 | 11,472 |
Deferred income taxes | 0 | 0 | 1,710 |
Total current liabilities | 72,171 | 68,784 | 55,125 |
Notes payable | 19,500 | 19,500 | 34,500 |
Deferred rent and other | 34,396 | 29,082 | 27,773 |
Deferred income taxes | 1,063 | 1,550 | 2,216 |
Total liabilities | 127,130 | 118,916 | 119,614 |
Commitments and contingencies (note 4) | ' | ' | ' |
Shareholders’ equity: | ' | ' | ' |
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 54,161,553, 53,980,797, and 53,972,006 shares, respectively. | 542 | 540 | 540 |
Additional paid-in capital | 281,660 | 270,637 | 268,499 |
Accumulated deficit | -193,117 | -200,433 | -219,639 |
Total shareholders’ equity | 89,085 | 70,744 | 49,400 |
Total liabilities and shareholders' equity (deficit) | $216,215 | $189,660 | $169,014 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Accumulated depreciation | $41,129 | $32,301 | $27,045 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,161,553 | 53,980,797 | 53,972,006 |
Common stock, shares outstanding | 54,161,553 | 53,980,797 | 53,972,006 |
Statement_of_Operations
Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $110,747 | $86,587 | $323,438 | $245,236 |
Cost of goods sold | 76,513 | 59,656 | 219,591 | 166,538 |
Gross profit | 34,234 | 26,931 | 103,847 | 78,698 |
Selling, general and administrative expenses | 31,213 | 25,090 | 90,451 | 74,087 |
Operating income | 3,021 | 1,841 | 13,396 | 4,611 |
Interest expense, net | 321 | 550 | 1,223 | 1,829 |
Loss on debt extinguishment | 0 | 7 | 266 | 1,594 |
Other income | 0 | 0 | 0 | -258 |
Income before income taxes | 2,700 | 1,284 | 11,907 | 1,446 |
Income tax expense | 1,023 | 555 | 4,591 | 627 |
Net income | 1,677 | 729 | 7,316 | 819 |
Dividend paid to preferred and unvested restricted shareholders | 0 | 0 | 0 | -65,403 |
Net income attributable to participating securities | -21 | -19 | -110 | 0 |
Net income (loss) attributable to common shareholders | $1,656 | $710 | $7,206 | ($64,584) |
Basic income (loss) per common share (dollars per share) | $0.03 | $0.01 | $0.14 | ($2.21) |
Diluted income (loss) per common share (dollars per share) | $0.03 | $0.01 | $0.13 | ($2.21) |
Dividends declared and paid per common share | $0 | $0 | $0 | $0 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic shares (shares) | 53,409,601 | 52,565,576 | 53,227,393 | 29,282,385 |
Diluted shares (shares) | 53,801,797 | 52,959,169 | 53,662,570 | 29,282,385 |
Statement_of_Shareholders_Equi
Statement of Shareholders' Equity (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
Beginning balance at Feb. 02, 2013 | $70,744 | $540 | $270,637 | ($200,433) |
Beginning balance, common stock (shares) at Feb. 02, 2013 | 53,980,797 | 53,980,797 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock-based compensation expense | 7,272 | ' | 7,272 | ' |
Stock-based compensation expense (shares) | ' | 9,115 | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | 0 | ' | ' |
Exercise of options to purchase common stock | 1,332 | 2 | ' | ' |
Adjustments to Additional Paid-in Capital Stock Issued During Period Value Stock Warrants Exercised | ' | ' | 1,330 | ' |
Exercise of options to purchase common stock (shares) | ' | 170,023 | ' | ' |
Vesting of restricted shares related to stock option exercises | 184 | ' | 184 | ' |
Stock Repurchased During Period, Value | 0 | ' | 0 | ' |
Stock Repurchased During Period, Shares | ' | 388 | ' | ' |
Excess tax benefit related to exercises of stock options | 2,156 | ' | 2,156 | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | 2,006 | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 81 | 0 | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | ' | ' | 81 | ' |
Net income | 7,316 | ' | ' | 7,316 |
Ending balance at Nov. 02, 2013 | $89,085 | $542 | $281,660 | ($193,117) |
Ending balance, common stock (shares) at Nov. 02, 2013 | 54,161,553 | 54,161,553 | ' | ' |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Operating activities: | ' | ' |
Net income | $7,316 | $819 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 9,859 | 6,841 |
Gain on conversion of note payable | 0 | -200 |
Loss on disposal of property and equipment | -438 | 0 |
Loss on debt extinguishment | 266 | 1,594 |
Amortization of deferred financing costs | 170 | 387 |
Warrant expense related to professional service providers for services rendered | 0 | 43 |
Stock-based compensation expense | 7,511 | 10,157 |
Deferred income tax (benefit) expense | -1,252 | 7,483 |
Other | 0 | -71 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid income taxes | -5,639 | -9,951 |
Inventories | -54,653 | -45,609 |
Prepaid expenses and other assets | -5,900 | -5,008 |
Accounts payable | 22,717 | 16,662 |
Income taxes payable | -7,046 | -9,139 |
Accrued salaries and wages | -79 | -7,561 |
Deferred rent | 6,976 | 7,499 |
Other accrued expenses | 2,018 | 2,207 |
Net cash used in operating activities | -17,298 | -23,847 |
Investing activities: | ' | ' |
Capital expenditures | -21,758 | -17,442 |
Net cash used in investing activities | -21,758 | -17,442 |
Financing activities: | ' | ' |
Borrowing under Term Loan Facility | 0 | 100,000 |
Repayment of Term Loan Facility | 15,000 | 65,500 |
Cash paid for debt financing costs | 40 | 2,751 |
Repayment of note payable | 0 | 50 |
Dividend paid to shareholders | 0 | -99,451 |
Net proceeds from issuance of common stock | 81 | 73,259 |
Proceeds from exercise of warrants and stock options to purchase common stock | 1,332 | 201 |
Repurchase of unvested restricted shares related to stock option exercises | -4 | -17 |
Excess tax benefit related to restricted shares and the exercise of stock options | 2,156 | 1,550 |
Net cash (used in) provided by financing activities | -11,475 | 7,241 |
Net decrease in cash and cash equivalents | -50,531 | -34,048 |
Cash and cash equivalents at beginning of period | 56,081 | 41,293 |
Cash and cash equivalents at end of period | $5,550 | $7,245 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 02, 2013 | |
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 referred to 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 November 2, 2013, operated 304 stores 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, 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 (note 3) 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 consolidation. | |
(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 consisted of a 53-week fiscal year. The fiscal quarters ended November 2, 2013 and October 27, 2012 refer to the thirteen week periods ended as of those dates. The year-to-date periods ended November 2, 2013 and October 27, 2012 refer to the thirty-nine week periods ended as of those dates. | |
(c)Basis of Presentation | |
The consolidated balance sheets as of November 2, 2013 and October 27, 2012, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012, the consolidated statement of shareholders’ equity for the thirty-nine weeks ended November 2, 2013 and the consolidated statements of cash flows for the thirty-nine weeks ended November 2, 2013 and October 27, 2012 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 2, 2013 and October 27, 2012. The balance sheet as of February 2, 2013, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2012 as filed with the Securities and Exchange Commission on March 28, 2013 and referred to herein as the “Annual Report,” but does not include all 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 2, 2013 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 are not necessarily indicative of the consolidated operating results for the year ending February 1, 2014 or any other period. | |
(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 the 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. As of November 2, 2013, February 2, 2013, and October 27, 2012, the Company had cash equivalents of $2.7 million, $35.7 million and $0.6 million, respectively. The Company’s cash equivalents consist of credit card receivables and a money market account for which fair value was determined based on Level 1 inputs. |
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
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, which is minor, 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 Accounting Standards Codification (“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 period. 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 following table reconciles net income 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): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 1,677 | $ | 729 | $ | 7,316 | $ | 819 | ||||||||
Dividend paid to preferred shareholders | — | — | — | (62,504 | ) | |||||||||||
Dividend paid to unvested restricted shareholders | — | — | — | (2,899 | ) | |||||||||||
Net income attributable to participating securities | (21 | ) | (19 | ) | (110 | ) | — | |||||||||
Net income (loss) attributable to common shareholders | $ | 1,656 | $ | 710 | $ | 7,206 | $ | (64,584 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 53,409,601 | 52,565,576 | 53,227,393 | 29,282,385 | ||||||||||||
Dilutive impact of options and employee stock purchase plan | 392,196 | 393,593 | 435,177 | — | ||||||||||||
Weighted-average common shares outstanding - diluted | 53,801,797 | 52,959,169 | 53,662,570 | 29,282,385 | ||||||||||||
Per common share: | ||||||||||||||||
Basic income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.14 | $ | (2.21 | ) | |||||||
Diluted income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.13 | $ | (2.21 | ) | |||||||
For the thirteen weeks ended November 2, 2013 and October 27, 2012, $21 thousand and $19 thousand, 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 the thirty-nine weeks ended November 2, 2013, $0.1 million 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 thirty-nine weeks ended October 27, 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. | ||||||||||||||||
The Company's preferred stock (note 5) was converted to common stock on July 24, 2012 and was included in the computation of loss per share during the thirteen and thirty-nine weeks ended October 27, 2012 on a weighted-average basis. | ||||||||||||||||
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 as their impact would have been anti-dilutive. | ||||||||||||||||
For the thirteen weeks ended October 27, 2012, the effects of the assumed exercise of combined stock options and warrants of 15,668 shares of common stock were excluded from the calculation of diluted net income as their impact would have been anti-dilutive. | ||||||||||||||||
The effects of the assumed exercise of combined stock options and warrants and vesting of restricted share awards of 2,553,707 shares of common stock for the thirty-nine weeks ended October 27, 2012 were excluded from the calculation of diluted net loss as the effect would have been anti-dilutive due to the net losses attributable to common shareholders. | ||||||||||||||||
The aforementioned excluded shares do not reflect the impact of any incremental repurchases under the treasury stock method. |
Term_Loan_Facility_and_Line_of
Term Loan Facility and Line of Credit | 9 Months Ended |
Nov. 02, 2013 | |
Debt Disclosure [Abstract] | ' |
Term Loan Facility and Line of Credit | ' |
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”). 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 and preferred stock (note 5), 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 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 2.75x to 2.50x for the testing periods in calendar year 2013, 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. | |
The Term Loan Facility is 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 (the “IPO”). The Company closed its IPO on July 24, 2012. In July 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 November 2, 2013, the balance outstanding under the Term Loan Facility was $19.5 million, bearing interest at a rate of 5.25%. During the thirteen and thirty-nine weeks ended November 2, 2013, the Company paid interest of approximately $0.3 million and $1.1 million, respectively, related to the Term Loan Facility. Pursuant to the terms of the Term Loan Facility, due to the repayment of $65.3 million of principal under the Term Loan Facility in July 2012, the Company is no longer required to make minimum quarterly payments. The remaining unpaid balance will be due upon maturity. | |
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 May 2013, approximately $1.6 million and $0.3 million, respectively, of the deferred financing costs were written off and included in loss on debt extinguishment in the consolidated statements of operations for the thirty-nine weeks ended October 27, 2012 and November 2, 2013. The remaining deferred financing costs, net of amortization, are included in other assets on the balance sheet as of November 2, 2013. | |
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 and are guaranteed by the Subsidiary. As of November 2, 2013, the Company was in compliance with the financial covenant and other covenants applicable to it under the Term Loan Facility. | |
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 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 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 is 45 days prior to the maturity date of the Term Loan Facility if the Term Loan Facility remains 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. In connection with the Revolving Credit Facility, the Company incurred deferred financing costs of $50 thousand in May 2012, which 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 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 2, 2013, the Company had no borrowings outstanding and the total $20.0 million available on the line of credit under the Revolving Credit Facility, as there were no outstanding letters 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 2, 2013, 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. 02, 2013 | ||||||||||||
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 ranging from five to ten 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 2023. | ||||||||||||
The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of November 2, 2013, are as follows (in thousands): | ||||||||||||
Retail | Corporate | Total | ||||||||||
stores | office and | |||||||||||
distribution | ||||||||||||
centers | ||||||||||||
Fiscal year: | ||||||||||||
Remaining 2013 | $ | 10,965 | $ | 1,140 | $ | 12,105 | ||||||
2014 | 45,699 | 4,936 | 50,635 | |||||||||
2015 | 45,600 | 5,225 | 50,825 | |||||||||
2016 | 44,807 | 3,655 | 48,462 | |||||||||
2017 | 44,427 | 3,191 | 47,618 | |||||||||
Thereafter | 180,039 | 15,476 | 195,515 | |||||||||
$ | 371,537 | $ | 33,623 | $ | 405,160 | |||||||
Rent expense, including base and contingent rent under operating leases, was $10.9 million and $8.7 million for the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively. Contingent rents were $0.1 million and $0.1 million for the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively. | ||||||||||||
Rent expense, including base and contingent rent under operating leases, was $30.4 million and $23.9 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. Contingent rents were $0.4 million and $0.3 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. | ||||||||||||
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 November 2, 2013, the Company has other purchase commitments of approximately $0.6 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. 02, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
As of November 2, 2013, the Company is authorized to issue 120,000,000 shares of common stock, $0.01 par value, and 5,000,000 shares of preferred stock, $0.01 par value. The holders of 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 of preferred stock 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. | |
In the event of any liquidation, dissolution, or winding up of the Company, as defined, or deemed liquidation event, as defined, the holders of the Series A 8% Convertible Preferred Stock were entitled to receive the greater of the original issue price of $2.17 per share plus any accrued and unpaid dividends, or the amount that would have been paid if the Series A 8% Convertible Preferred Stock was converted to common stock, before any payment was made to the common shareholders. The Series A 8% Convertible Preferred Stock was presented outside of shareholders’ equity (deficit) since its redemption under certain circumstances was beyond the control of the Company’s management. | |
Common Stock | |
In March 2012, options to purchase 2,020,620 shares of common stock granted during the fiscal year ended January 29, 2011, 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 immediately in March 2012 and another one-third of the shares vested in March 2013. The remaining one-third will vest in March 2014. In connection with the cancellation and grant, the Company will record total compensation expense of $17.4 million, of which $5.3 million was recorded on the date of the modification and the remainder is being recorded on a straight-line basis over the two-year vesting period. | |
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 the consolidated financial statements and footnotes hereto give effect to the reverse stock split and the change in authorized shares and have been adjusted retroactively for all periods presented. | |
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 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 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. 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. | |
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 of 1933, as amended (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 fiscal 2012 statement of operations. | |
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 statements of operations for the thirty-nine weeks ended November 2, 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. |
Common_Stock_Options
Common Stock Options | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Common Stock Options | ' | ||||||||
Common Stock Options | |||||||||
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 10 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 November 2, 2013, 4,669,477 stock options or restricted shares were available for grant. | |||||||||
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”). 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 balance sheets. As of November 2, 2013, $0.1 million was recorded as a deposit liability. | |||||||||
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, February 2, 2013 | 31,542 | $ | 308 | ||||||
Vested | (21,958 | ) | (184 | ) | |||||
Repurchases upon employee termination | (388 | ) | (4 | ) | |||||
Unvested, November 2, 2013 | 9,196 | $ | 120 | ||||||
Stock option activity under the Plan was as follows: | |||||||||
Options | Weighted | Weighted | |||||||
outstanding | average | average | |||||||
exercise | remaining | ||||||||
price | contractual | ||||||||
term | |||||||||
Balance at February 2, 2013 | 1,187,817 | $ | 10.43 | 9.3 | |||||
Granted | 547,500 | 38.29 | |||||||
Forfeited | (197,729 | ) | 19.92 | ||||||
Cancelled | (35,300 | ) | 30.19 | ||||||
Exercised | (170,023 | ) | 7.83 | ||||||
Balance at November 2, 2013 | 1,332,265 | $ | 20.28 | 9.3 | |||||
Exercisable at November 2, 2013 | 156,348 | $ | 4.91 | 7.8 | |||||
The fair value of each option award granted to employees, including outside directors, is estimated on the date of grant and the fair value of each option award granted to non-employees is estimated on the date of grant and is required to be periodically revalued over the contractual period until the option award is exercised or forfeited using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Thirty-Nine Weeks Ended | |||||||||
2-Nov-13 | 27-Oct-12 | ||||||||
Expected volatility | 50 | % | 50 | % | |||||
Risk-free interest rate | 1.4 | % | 1.4 | % | |||||
Expected life of options - for employee grants | 6.3 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 price are publicly available. The risk-free rate for the expected term of the option was based on the U.S. Treasury yield curve in effect at the time of valuation. | |||||||||
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 2, 2013 and October 27, 2012 was $18.79 and $7.54, respectively. | |||||||||
As of November 2, 2013, there was $14.0 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan, which is expected to be recognized over a weighted average vesting period of 2.7 years. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
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 2, 2013 and October 27, 2012 (in thousands): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | |||||||||||||
Income before income taxes | $ | 2,700 | $ | 1,284 | $ | 11,907 | $ | 1,446 | ||||||||
Income tax expense | $ | 1,023 | $ | 555 | $ | 4,591 | $ | 627 | ||||||||
Effective tax rate | 37.9 | % | 43.2 | % | 38.6 | % | 43.4 | % | ||||||||
The effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 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 and thirty-nine weeks ended November 2, 2013 is being impacted by changes in the mix of projected pretax income across state jurisdictions and the Company's operating entities as a result of the Restructuring. | ||||||||||||||||
For the thirteen weeks ended November 2, 2013, total income taxes paid were $6.8 million. There were no income taxes paid for the thirteen weeks ended October 27, 2012. For the thirty-nine weeks ended November 2, 2013 and October 27, 2012, total income taxes paid were $16.2 million and $10.7 million, respectively. | ||||||||||||||||
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s consolidated balance sheets at November 2, 2013, February 2, 2013 and October 27, 2012, and has not recognized any material uncertain tax positions or material interest and/or penalties related to income taxes in the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012. | ||||||||||||||||
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. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Nov. 02, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
During the thirteen weeks ended November 2, 2013 and October 27, 2012, the Company incurred fees of $0.3 million and $0.6 million, respectively, related to services provided by certain shareholders and professional service firms for which certain shareholders are partners. Fees related to the thirteen weeks ended October 27, 2012 were primarily IPO-related fees. | |
During the thirty-nine weeks ended November 2, 2013 and October 27, 2012, the Company incurred fees of $1.3 million and $3.3 million, respectively, related to services provided by certain shareholders and professional service firms for which certain shareholders are partners. Fees related to the thirty-nine weeks ended October 27, 2012 were primarily IPO-related fees. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Business | ' |
Nature of Business | |
Five Below, Inc. (individually and/or collectively with its wholly-owned subsidiary referred to 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 November 2, 2013, operated 304 stores 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, 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 (note 3) 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 consolidation. | |
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 consisted of a 53-week fiscal year. The fiscal quarters ended November 2, 2013 and October 27, 2012 refer to the thirteen week periods ended as of those dates. The year-to-date periods ended November 2, 2013 and October 27, 2012 refer to the thirty-nine week periods ended as of those dates. | |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated balance sheets as of November 2, 2013 and October 27, 2012, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012, the consolidated statement of shareholders’ equity for the thirty-nine weeks ended November 2, 2013 and the consolidated statements of cash flows for the thirty-nine weeks ended November 2, 2013 and October 27, 2012 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 2, 2013 and October 27, 2012. The balance sheet as of February 2, 2013, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2012 as filed with the Securities and Exchange Commission on March 28, 2013 and referred to herein as the “Annual Report,” but does not include all 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 2, 2013 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 are not necessarily indicative of the consolidated operating results for the year ending February 1, 2014 or any other period. | |
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 the 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. As of November 2, 2013, February 2, 2013, and October 27, 2012, the Company had cash equivalents of $2.7 million, $35.7 million and $0.6 million, respectively. The Company’s cash equivalents consist of credit card receivables and a money market account for which fair value was determined based on Level 1 inputs. |
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
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 (loss) per common share (in thousands, except for share and per share data): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 1,677 | $ | 729 | $ | 7,316 | $ | 819 | ||||||||
Dividend paid to preferred shareholders | — | — | — | (62,504 | ) | |||||||||||
Dividend paid to unvested restricted shareholders | — | — | — | (2,899 | ) | |||||||||||
Net income attributable to participating securities | (21 | ) | (19 | ) | (110 | ) | — | |||||||||
Net income (loss) attributable to common shareholders | $ | 1,656 | $ | 710 | $ | 7,206 | $ | (64,584 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 53,409,601 | 52,565,576 | 53,227,393 | 29,282,385 | ||||||||||||
Dilutive impact of options and employee stock purchase plan | 392,196 | 393,593 | 435,177 | — | ||||||||||||
Weighted-average common shares outstanding - diluted | 53,801,797 | 52,959,169 | 53,662,570 | 29,282,385 | ||||||||||||
Per common share: | ||||||||||||||||
Basic income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.14 | $ | (2.21 | ) | |||||||
Diluted income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.13 | $ | (2.21 | ) | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Minimum rental commitments under operating leases | ' | |||||||||||
The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of November 2, 2013, are as follows (in thousands): | ||||||||||||
Retail | Corporate | Total | ||||||||||
stores | office and | |||||||||||
distribution | ||||||||||||
centers | ||||||||||||
Fiscal year: | ||||||||||||
Remaining 2013 | $ | 10,965 | $ | 1,140 | $ | 12,105 | ||||||
2014 | 45,699 | 4,936 | 50,635 | |||||||||
2015 | 45,600 | 5,225 | 50,825 | |||||||||
2016 | 44,807 | 3,655 | 48,462 | |||||||||
2017 | 44,427 | 3,191 | 47,618 | |||||||||
Thereafter | 180,039 | 15,476 | 195,515 | |||||||||
$ | 371,537 | $ | 33,623 | $ | 405,160 | |||||||
Common_Stock_Options_Tables
Common Stock Options (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
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, February 2, 2013 | 31,542 | $ | 308 | ||||||
Vested | (21,958 | ) | (184 | ) | |||||
Repurchases upon employee termination | (388 | ) | (4 | ) | |||||
Unvested, November 2, 2013 | 9,196 | $ | 120 | ||||||
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 at February 2, 2013 | 1,187,817 | $ | 10.43 | 9.3 | |||||
Granted | 547,500 | 38.29 | |||||||
Forfeited | (197,729 | ) | 19.92 | ||||||
Cancelled | (35,300 | ) | 30.19 | ||||||
Exercised | (170,023 | ) | 7.83 | ||||||
Balance at November 2, 2013 | 1,332,265 | $ | 20.28 | 9.3 | |||||
Exercisable at November 2, 2013 | 156,348 | $ | 4.91 | 7.8 | |||||
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 and the fair value of each option award granted to non-employees is estimated on the date of grant and is required to be periodically revalued over the contractual period until the option award is exercised or forfeited using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||
Thirty-Nine Weeks Ended | |||||||||
2-Nov-13 | 27-Oct-12 | ||||||||
Expected volatility | 50 | % | 50 | % | |||||
Risk-free interest rate | 1.4 | % | 1.4 | % | |||||
Expected life of options - for employee grants | 6.3 years | 6.3 years | |||||||
Expected dividend yield | — | % | — | % |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of income tax expense (benefit) and effective tax rates | ' | |||||||||||||||
The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 (in thousands): | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
2-Nov-13 | 27-Oct-12 | 2-Nov-13 | 27-Oct-12 | |||||||||||||
Income before income taxes | $ | 2,700 | $ | 1,284 | $ | 11,907 | $ | 1,446 | ||||||||
Income tax expense | $ | 1,023 | $ | 555 | $ | 4,591 | $ | 627 | ||||||||
Effective tax rate | 37.9 | % | 43.2 | % | 38.6 | % | 43.4 | % |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | |
Stores | Stores | |||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Number of operated stores | 304 | ' | 304 | ' | ' | ' |
Fiscal year period | 'P13W | 'P13W | 'P26W | 'P26W | 'P52W | 'P53W |
Fair value of cash equivalents | $2,700,000 | $600,000 | $2,700,000 | $600,000 | ' | $35,700,000 |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Products offering price | $5 | ' | $5 | ' | ' | ' |
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 | ||
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Numerator: | ' | ' | ' | ' |
Net income | $1,677 | $729 | $7,316 | $819 |
Dividend paid to preferred shareholders | 0 | 0 | 0 | -62,504 |
Dividend paid to unvested restricted shareholders | 0 | 0 | 0 | -2,899 |
Net income attributable to participating securities | -21 | -19 | -110 | 0 |
Net income (loss) attributable to common shareholders | $1,656 | $710 | $7,206 | ($64,584) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic (shares) | 53,409,601 | 52,565,576 | 53,227,393 | 29,282,385 |
Dilutive impact of options (shares) | 392,196 | 393,593 | 435,177 | 0 |
Weighted-average common share outstanding - diluted (shares) | 53,801,797 | 52,959,169 | 53,662,570 | 29,282,385 |
Per common share: | ' | ' | ' | ' |
Basic income (loss) per common share (dollars per share) | $0.03 | $0.01 | $0.14 | ($2.21) |
Diluted income (loss) per common share (dollars per share) | $0.03 | $0.01 | $0.13 | ($2.21) |
Income_Loss_Per_Common_Share_N
Income (Loss) Per Common Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income attributable to participating securities | $21 | $19 | $110 | $0 |
Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock not included in the computations of diluted earnings per share (shares) | ' | 2,553,707 | ' | 2,588,032 |
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 (shares) | 547,051 | 15,668 | 346,001 | ' |
Term_Loan_Facility_and_Line_of1
Term Loan Facility and Line of Credit (Term Loan Facility) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | Oct. 27, 2012 | 16-May-13 | Oct. 26, 2012 | Jul. 27, 2012 | 16-May-12 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 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] | 2013 Term Loan [Member] | 2014 Term Loan [Member] | 2014 And Thereafter [Member] | Federal Funds Effective Rate Plus [Member] | Federal Funds Effective Rate Plus Margin [Member] | LIBOR-Based Rate [Member] | LIBOR Plus Margin [Member] | Secured Debt [Member] | Secured Debt [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] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing under term loan facility | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid to shareholders | 0 | -99,451,000 | ' | ' | ' | 99,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 3.25% | 1.00% | 4.25% | ' | ' |
Interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | 5.25% | 5.25% |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio, minimum | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio on credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1.75 | ' | ' | ' | ' | ' | ' |
Term loan facility subject to repayment | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan Facility | 15,000,000 | 65,500,000 | 15,000,000 | 300,000 | 65,300,000 | ' | 65,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,100,000 |
Term loan facility outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | 19,500,000 |
Deferred financing costs incurred in connection with Term Loan Facility | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred financing costs | ' | ' | $300,000 | ' | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term_Loan_Facility_and_Line_of2
Term Loan Facility and Line of Credit (Line of Credit) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | 31-May-12 | Nov. 02, 2013 | 16-May-12 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Revolving Credit Facility [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] | Excess Availability Greater Than Or Equal To 75% [Member] | Excess Availability Less Than 33% [Member] | Prime Rate [Member] | Prime Rate [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | Prime Rate [Member] | LIBOR Plus [Member] | |||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [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 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 Less Than 75% But Greater Than Or Equal To 33% [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] | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowings | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period prior to expiration of term facility for expiration of revolving line of credit (days) | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increasing in revolving credit facility | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of letters of credit | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage (percent) | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs incurred in connection with Term Loan Facility | ' | 50,000 | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on borrowings (percent) | ' | ' | ' | ' | ' | 0.75% | 1.00% | 1.25% | 1.75% | 2.25% | ' | ' | ' | ' | ' | ' |
Excess interest on available borrowings (percent) | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | 75.00% | 33.00% | 75.00% | 33.00% | 75.00% | 75.00% |
Interest rate (percent) | ' | ' | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of unused credit facility fee (percent) | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess collateral availability percentage (percent) | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility collateral amount | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, borrowing capacity | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Lease renewal period, minimum | ' | ' | '5 years | ' |
Lease renewal period, maximum | ' | ' | '10 years | ' |
Operating lease agreement extension term | ' | ' | '10 years | ' |
Rent expense | $10.90 | $8.70 | $30.40 | $23.90 |
Contingent rents | 0.1 | 0.1 | 0.4 | 0.3 |
Key employees [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Maximum additional payments upon employee separation | ' | ' | 3.9 | ' |
Contruction materials for new stores [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Total other purchase commitments | ' | ' | $0.60 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Minimum Rental Commitments Under Operating Leases) (Details) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
Remaining 2013 | $12,105 |
2014 | 50,635 |
2015 | 50,825 |
2016 | 48,462 |
2017 | 47,618 |
Thereafter | 195,515 |
Total minimum rental commitments under operating lease agreements | 405,160 |
Retail Stores [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Remaining 2013 | 10,965 |
2014 | 45,699 |
2015 | 45,600 |
2016 | 44,807 |
2017 | 44,427 |
Thereafter | 180,039 |
Total minimum rental commitments under operating lease agreements | 371,537 |
Corporate office and distribution centers [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Remaining 2013 | 1,140 |
2014 | 4,936 |
2015 | 5,225 |
2016 | 3,655 |
2017 | 3,191 |
Thereafter | 15,476 |
Total minimum rental commitments under operating lease agreements | $33,623 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 17, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, par value | $0.01 | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | 5,000,000 | ' | ' | ' |
Preferred stock, shares authorized | $0.01 | ' | ' | ' |
Voting right per common stock share (vote) | 1 | ' | ' | ' |
Shareholders_Equity_Preferred_
Shareholders' Equity (Preferred Stock) (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 19, 2012 | Jul. 24, 2012 | Oct. 14, 2010 | Jul. 24, 2012 |
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% | ' | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | $191.90 | ' |
Stock issuance costs | ' | ' | $2.10 | ' |
Dividends payable (dollars per share) | ' | $2.17 | ' | $2.17 |
Preferred Stock converted into common stock (shares) | ' | ' | ' | 30,894,953 |
Shareholders_Equity_Common_Sto
Shareholders' Equity (Common Stock) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Jul. 01, 2013 | Feb. 04, 2013 | Jul. 19, 2012 | Mar. 31, 2012 | Nov. 02, 2013 | Sep. 23, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Sep. 27, 2012 | Jul. 17, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled (shares) | ' | ' | ' | 2,020,620 | -35,300 | ' | ' | ' | ' | ' |
Restricted stock units vesting percentage (percent) | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' |
Restricted stock units, reminaing percentage to vest (percent) | ' | ' | ' | ' | 67.00% | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | $17.40 | ' | ' | ' | ' | ' | ' |
Expenses on date of modification | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' |
Vesting period from the date of grant (years) | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.346 |
Common stock, shares authorized | ' | ' | ' | ' | 120,000,000 | ' | 120,000,000 | 120,000,000 | ' | 120,000,000 |
Preferred stock dividend, percentage | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance under employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 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 | $1 | ' | ' | ' | ' | ' | ' | ' | ' |
Performance Based Vesting Schedule [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled (shares) | ' | ' | ' | 1,010,310 | ' | ' | ' | ' | ' | ' |
Common_Stock_Options_Narrative
Common Stock Options (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
Mar. 31, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Aug. 25, 2010 | Nov. 02, 2013 | Jul. 24, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | |
2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | 2002 Equity Incentive Plan [Member] | Restricted Shares [Member] | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted shares available for grant (shares) | ' | ' | ' | ' | ' | 7,600,000 | ' | ' |
Stock option maximum term (years) | ' | ' | ' | ' | '10 years | ' | ' | ' |
Vesting period from the date of grant (years) | '2 years | ' | ' | ' | '4 years | ' | ' | ' |
Shares available for issuance (shares) | ' | ' | ' | ' | 4,669,477 | ' | ' | ' |
Period following board of directors resolution for exercise of options outstanding (days) | ' | ' | ' | '20 days | ' | ' | ' | ' |
Deposit liability | ' | ' | ' | ' | ' | ' | $120,000 | $308,000 |
Weighted average grant-date fair value of stock options granted (dollars per share) | ' | $18.79 | $7.54 | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | $14,000,000 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested share-based compensation, recognition period (years) | ' | '2 years 8 months 0 days | ' | ' | ' | ' | ' | ' |
Common_Stock_Options_Activity_
Common Stock Options (Activity Related to Restricted Shares of Common Stock) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 |
Deposit Liability [Roll Forward] | ' |
Deposit liability, Vested | $184 |
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 |
Number of shares, Vested (shares) | -21,958 |
Share Based Compensation Arrangement By Share Based Payment Award Shares Available For Repurchased Restricted Stock | 388 |
Number of shares, Unvested (shares) | 9,196 |
Deposit Liability [Roll Forward] | ' |
Deposit liability, Unvested | 308 |
Deposit liability, Vested | -184 |
Share Based Compensation Arrangement By Share Based Payment Award Repurchased Restricted Stock Deposit Liability | -4 |
Deposit liability, Unvested | $120 |
Common_Stock_Options_Schedule_
Common Stock Options (Schedule of Stock Option Activity Under Plan) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, Beginning balance (shares) | ' | 1,187,817 | ' |
Options outstanding, Granted (shares) | ' | 547,500 | ' |
Options outstanding, Forfeited (shares) | ' | -197,729 | ' |
Options cancelled (shares) | 2,020,620 | -35,300 | ' |
Options outstanding, Exercised (shares) | ' | -170,023 | ' |
Options outstanding, Ending balance (shares) | ' | 1,332,265 | 1,187,817 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted average exercise price, Beginning balance (dollars per share) | ' | $10.43 | ' |
Weighted average exercise price, Granted (dollars per share) | ' | $38.29 | ' |
Weighted average exercise price, Forfeited (dollars per share) | ' | $19.92 | ' |
Weighted average exercise price, Cancelled (dollars per share) | ' | $30.19 | ' |
Weighted average exercise price, Exercised (dollars per share) | ' | $7.83 | ' |
Weighted average exercise price, Ending balance (dollars per share) | ' | $20.28 | $10.43 |
Options outstanding, Exercisable (shares) | ' | 156,348 | ' |
Options Exercisable, Weighted average exercise price, (dollars per share) | ' | $4.91 | ' |
Options Outstanding, Weighted average remaining contractual term (years) | ' | '9 years 3 months 0 days | '9 years 3 months 0 days |
Options Exercisable, Weighted average remaining contractual term (years) | ' | '7 years 9 months 0 days | ' |
Common_Stock_Options_Schedule_1
Common Stock Options (Schedule of Fair Value of Option Award Granted Weighted Average Assumptions) (Details) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Expected volatility | 50.00% | 50.00% |
Risk-free interest rate | 1.40% | 1.40% |
Expected life of options - for employee grants (years) | '6 years 3 months 18 days | '6 years 3 months 18 days |
Expected dividend yield | 0.00% | 0.00% |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit) And Effective Tax Rates) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income before income taxes | $2,700 | $1,284 | $11,907 | $1,446 |
Income tax expense (benefit) | $1,023 | $555 | $4,591 | $627 |
Effective tax rate (percent) | 37.90% | 43.20% | 38.60% | 43.40% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Tax [Line Items] | ' | ' | ' | ' |
Total income taxes paid | $6.80 | $0 | $16.20 | $10.70 |
Maximum [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
State income taxes, statute of limitations period (years) | ' | ' | '4 years | ' |
Minimum [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
State income taxes, statute of limitations period (years) | ' | ' | '3 years | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Investor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Investor [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Fees related to services provided shareholders and professional service | $0.30 | $0.60 | $1.30 | $3.30 |