Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Dec. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FIVE | |
Entity Registrant Name | Five Below, Inc. | |
Entity Central Index Key | 1,177,609 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,547,732 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 18,083 | $ 63,186 | $ 5,291 |
Inventories | 213,635 | 115,652 | 167,174 |
Prepaid income taxes | 10,328 | 1,939 | 6,211 |
Deferred income taxes | 9,095 | 8,623 | 5,199 |
Prepaid expenses and other current assets | 24,698 | 18,180 | 20,421 |
Total current assets | 275,839 | 207,580 | 204,296 |
Property and equipment, net of accumulated depreciation and amortization of $70,751, $59,385 and $55,423, respectively. | 119,974 | 86,998 | 84,206 |
Deferred income taxes | 1,254 | 0 | 1,618 |
Other assets | 318 | 284 | 278 |
Total assets | 397,385 | 294,862 | 290,398 |
Current liabilities: | |||
Line of credit | 0 | 0 | 0 |
Accounts payable | 110,135 | 39,222 | 82,857 |
Income taxes payable | 239 | 14,442 | 537 |
Accrued salaries and wages | 6,170 | 5,275 | 5,130 |
Other accrued expenses | 34,504 | 20,462 | 22,664 |
Total current liabilities | 151,048 | 79,401 | 111,188 |
Deferred rent and other | 46,850 | 40,450 | 40,357 |
Deferred income taxes | 0 | 742 | 0 |
Total liabilities | $ 197,898 | $ 120,593 | 151,545 |
Commitments and contingencies (note 4) | |||
Shareholders’ equity: | |||
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 54,547,358, 54,420,228 and 54,371,530 shares, respectively. | $ 545 | $ 544 | 544 |
Additional paid-in capital | 303,533 | 293,992 | 291,889 |
Accumulated deficit | (104,591) | (120,267) | (153,580) |
Total shareholders’ equity | 199,487 | 174,269 | 138,853 |
Total liabilities and shareholders' equity (deficit) | $ 397,385 | $ 294,862 | $ 290,398 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Statement of Financial Position [Abstract] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 70,751 | $ 59,385 | $ 55,423 |
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 | 54,547,358 | 54,420,228 | 54,371,530 |
Common stock, shares outstanding | 54,547,358 | 54,420,228 | 54,371,530 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 169,685 | $ 137,979 | $ 505,603 | $ 416,462 |
Cost of goods sold | 116,920 | 96,356 | 345,851 | 284,999 |
Gross profit | 52,765 | 41,623 | 159,752 | 131,463 |
Selling, general and administrative expenses | 45,768 | 36,143 | 134,177 | 107,386 |
Operating income | 6,997 | 5,480 | 25,575 | 24,077 |
Interest income (expense), net | (23) | 6 | (12) | 88 |
Loss on debt extinguishment | 0 | 0 | 0 | 244 |
Other Nonoperating Expense | 0 | 0 | 325 | 0 |
Income before income taxes | 7,020 | 5,474 | 25,262 | 23,745 |
Income tax expense | 2,683 | 2,163 | 9,586 | 9,034 |
Net income | 4,337 | 3,311 | 15,676 | 14,711 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 0 | 0 | 0 | (20) |
Net income attributable to common shareholders | $ 4,337 | $ 3,311 | $ 15,676 | $ 14,691 |
Basic (loss) income per common share (dollars per share) | $ 0.08 | $ 0.06 | $ 0.29 | $ 0.27 |
Diluted (loss) income per common share (dollars per share) | $ 0.08 | $ 0.06 | $ 0.29 | $ 0.27 |
Weighted average shares outstanding: | ||||
Basic shares | 54,529,403 | 54,329,859 | 54,525,797 | 54,159,532 |
Diluted shares | 54,833,252 | 54,662,869 | 54,811,978 | 54,539,286 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Oct. 31, 2015 - USD ($) $ in Thousands | Total | Common stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] |
Balance at Jan. 31, 2015 | $ 174,269 | $ 544 | $ 293,992 | $ (120,267) | |
Balance, common stock, shares at Jan. 31, 2015 | 54,420,228 | 54,420,228 | |||
Share-based compensation expense | $ 8,180 | 8,180 | |||
Stock Issued During Period, Shares, New Issues | 5,962 | ||||
Stock Issued During Period, Value, New Issues | $ 210 | $ 0 | 210 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 99,324 | 99,324 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 811 | $ 1 | 810 | 0 | |
Vesting of Restricted Stock Units | 29,258 | ||||
Excess tax benefit related to exercise of stock options | 582 | 582 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2,048 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 81 | 81 | |||
Net income | 15,676 | 15,676 | |||
Balance at Oct. 31, 2015 | $ 199,487 | $ 545 | 303,533 | $ (104,591) | |
Balance, common stock, shares at Oct. 31, 2015 | 54,547,358 | 54,547,358 | |||
Stock Repurchased and Retired During Period, Shares | (322,000) | (9,462) | |||
Stock Repurchased and Retired During Period, Value | $ (322) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Proceeds from Issuance Initial Public Offering | $ 81 | $ 105 |
Payments for Repurchase of Common Stock | (322) | |
Operating activities: | ||
Net income | 15,676 | 14,711 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 16,126 | 12,605 |
Loss on debt extinguishment | 0 | 244 |
Share-based compensation expense | 8,400 | 4,204 |
Deferred income tax benefit | (2,468) | (1,998) |
Other Operating Activities, Cash Flow Statement | 47 | 357 |
Changes in operating assets and liabilities: | ||
Prepaid income taxes | (8,389) | (4,715) |
Inventories | (97,983) | (77,797) |
Prepaid expenses and other assets | (6,572) | (5,164) |
Accounts payable | 64,971 | 46,518 |
Income taxes payable | (14,203) | (5,470) |
Accrued salaries and wages | 895 | 2,458 |
Deferred rent | 6,916 | 5,655 |
Other accrued expenses | 15,078 | 5,015 |
Net cash used in operating activities | (1,506) | (3,621) |
Investing activities: | ||
Capital expenditures | (44,749) | (24,787) |
Net cash used in investing activities | (44,749) | (24,787) |
Financing activities: | ||
Repayment of note payable under Term Loan Facility | 0 | (19,500) |
Proceeds from exercise of options to purchase common stock | 811 | 1,220 |
Excess tax benefit related to exercises of stock options | 582 | 1,690 |
Net cash provided by (used in) financing activities | 1,152 | (16,485) |
Net decrease in cash and cash equivalents | (45,103) | (44,893) |
Cash and cash equivalents at beginning of period | 63,186 | |
Cash and cash equivalents at end of period | 18,083 | 5,291 |
Supplemental disclosures of cash flow information: | ||
Capital Expenditures Incurred but Not yet Paid | $ (4,380) | $ (1,739) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Nature of Business Five Below, Inc. (collectively with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the teen and pre-teen demographic. The Company offers an edited assortment of products, priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of October 31, 2015 , operated in 27 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, Maine, Alabama, Kentucky, Kansas, Florida, South Carolina, and Mississippi. As of October 31, 2015 and November 1, 2014 , the Company operated 434 stores and 365 stores, respectively, each operating under the name “Five Below.” (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 2015" or "fiscal 2015" refer to the period from February 1, 2015 to January 30, 2016 and consists of a 52-week fiscal year. 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. The fiscal quarters ended October 31, 2015 and November 1, 2014 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended October 31, 2015 and November 1, 2014 refer to the thirty-nine weeks ended as of those dates. (c) Basis of Presentation The consolidated balance sheets as of October 31, 2015 and November 1, 2014 , the consolidated statements of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 , the consolidated statement of shareholders’ equity for the thirty-nine weeks ended October 31, 2015 and the consolidated statements of cash flows for the thirty-nine weeks ended October 31, 2015 and November 1, 2014 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 October 31, 2015 and November 1, 2014 . The balance sheet as of January 31, 2015 , presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2014 as filed with the Securities and Exchange Commission on March 26, 2015 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 January 31, 2015 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 are not necessarily indicative of the consolidated operating results for the year ending January 30, 2016 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, if any, under the line of credit to be Level 2 inputs. As of October 31, 2015 , January 31, 2015 , and November 1, 2014 , the Company had cash equivalents of $4.6 million , $43.1 million and $3.4 million , respectively. The Company’s cash equivalents consist of credit and debit card receivables, money market funds, certificates of deposit, and short-term municipal bonds. Fair value for cash equivalents was determined based on Level 1 inputs. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 9 Months Ended |
Oct. 31, 2015 | |
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 was used to calculate basic and diluted income per common share for the thirty-nine weeks ended November 1, 2014 since certain of the Company's restricted stock were participating securities. 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 two-class method is the more dilutive method for the thirty-nine weeks ended November 1, 2014 . For the thirteen and thirty-nine weeks ended October 31, 2015 and thirteen weeks ended November 1, 2014 , the Company did not have any outstanding participating securities. 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 October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Numerator: Net income $ 4,337 $ 3,311 $ 15,676 $ 14,711 Net income attributable to participating securities — — — (20 ) Net income attributable to common shareholders $ 4,337 $ 3,311 $ 15,676 $ 14,691 Denominator: Weighted average common shares outstanding - basic 54,529,403 54,329,859 54,525,797 54,159,532 Dilutive impact of options, restricted stock units and employee stock purchase plan 303,849 333,010 286,181 379,754 Weighted average common shares outstanding - diluted 54,833,252 54,662,869 54,811,978 54,539,286 Per common share: Basic income per common share $ 0.08 $ 0.06 $ 0.29 $ 0.27 Diluted income per common share $ 0.08 $ 0.06 $ 0.29 $ 0.27 The effects of the assumed exercise of stock options for 710,383 and 705,943 shares of common stock for the thirteen and thirty-nine weeks ended October 31, 2015 , 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 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 non-vested 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. |
Line of Credit
Line of Credit | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing Transactions, Line of Credit and Note Payable | Line of Credit The Company has a revolving credit facility (the "Revolving Credit Facility") that 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 October 31, 2015 , 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 Company's subsidiary. As of October 31, 2015 and 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 |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies |
Commitments Disclosure [Text Block] | Commitments Leases The Company leases property and equipment under non-cancelable operating leases. Certain retail store lease agreements provide for contingent rental payments if the store’s net sales exceed stated levels (percentage rents) and/or contain escalation clauses, which provide for increases in base rental for increases in future operating costs. Many of the Company’s leases provide for one or more renewal options for periods of five years. The Company’s operating lease agreements, including assumed extensions, which are generally those that take the lease to a ten-year term, expire through fiscal 2025. During the thirteen weeks ended October 31, 2015 , the Company committed to 19 new store leases with terms of 10 years that have future minimum lease payments of approximately $32.7 million . In July 2014, the Company signed a lease for a new distribution center in Pedricktown, New Jersey, to support the Company's anticipated growth. The Company took possession of the new distribution center in June 2015. The Company occupies approximately 700,000 square feet and will expand its use of the facility to approximately one million square feet. The lease agreement has future minimum lease payments of approximately $44 million and expires in 2025 with options to renew for three successive five -year periods. Other contractual commitments As of October 31, 2015 , 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. |
Contingencies Disclosure [Text Block] | Contingencies Legal Matters 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Equity Incentive Plan Pursuant to the Company's 2002 Equity Incentive Plan (the “Plan”), 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 October 31, 2015 , 3,795,134 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 Balance as of January 31, 2015 1,160,934 $ 24.80 8.0 Granted 116,894 28.58 Forfeited (62,809 ) 34.20 Exercised (99,324 ) 8.14 Balance as of October 31, 2015 1,115,695 26.15 7.5 Exercisable as of October 31, 2015 599,328 $ 19.74 6.7 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 October 31, 2015 November 1, 2014 Expected volatility 47.0 % 47.0 % Risk-free interest rate 1.8 % 1.9 % Expected life of options 6.4 years 6.4 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 for the thirty-nine weeks ended October 31, 2015 and November 1, 2014 was $13.67 and $17.76 , 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 have vesting periods ranging from one year to five years from the date of grant, including grants that have 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 October 31, 2015 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 January 31, 2015 147,770 $ 35.95 392,181 $ 38.20 Granted 115,035 30.62 85,282 28.58 Vested (22,286 ) 34.40 — — Forfeited (3,076 ) 37.01 — — Non-vested balance as of October 31, 2015 237,443 $ 33.54 477,463 $ 36.48 In connection with the vesting of RSU's during the thirty-nine weeks ended October 31, 2015 , the Company withheld 9,462 shares with an aggregate value of $0.3 million in satisfaction of minimum tax withholding obligations due upon vesting. As of October 31, 2015 , there was $25.3 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, restricted stock units and performance-based restricted stock units) granted under the Plan. That cost is expected to be recognized over a weighted average vesting period of 2.8 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 and November 1, 2014 (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Income before income taxes $ 7,020 $ 5,474 $ 25,262 $ 23,745 Income tax expense $ 2,683 $ 2,163 $ 9,586 $ 9,034 Effective tax rate 38.2 % 39.5 % 37.9 % 38.0 % The effective tax rates for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 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 October 31, 2015 was lower than the thirteen weeks ended November 1, 2014 as a result of discrete items and changes in pre-tax income across state jurisdictions. 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 October 31, 2015 , January 31, 2015 , or November 1, 2014 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 and thirty-nine weeks ended October 31, 2015 or November 1, 2014 . 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 February 1, 2014 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 Accoun13
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Five Below, Inc. (collectively with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the teen and pre-teen demographic. The Company offers an edited assortment of products, priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of October 31, 2015 , operated in 27 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, Maine, Alabama, Kentucky, Kansas, Florida, South Carolina, and Mississippi. As of October 31, 2015 and November 1, 2014 , the Company operated 434 stores and 365 stores, respectively, each operating under the name “Five Below.” |
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 2015" or "fiscal 2015" refer to the period from February 1, 2015 to January 30, 2016 and consists of a 52-week fiscal year. 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. The fiscal quarters ended October 31, 2015 and November 1, 2014 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended October 31, 2015 and November 1, 2014 refer to the thirty-nine weeks ended as of those dates. |
Basis of Presentation | Basis of Presentation The consolidated balance sheets as of October 31, 2015 and November 1, 2014 , the consolidated statements of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 , the consolidated statement of shareholders’ equity for the thirty-nine weeks ended October 31, 2015 and the consolidated statements of cash flows for the thirty-nine weeks ended October 31, 2015 and November 1, 2014 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 October 31, 2015 and November 1, 2014 . The balance sheet as of January 31, 2015 , presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2014 as filed with the Securities and Exchange Commission on March 26, 2015 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 January 31, 2015 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 are not necessarily indicative of the consolidated operating results for the year ending January 30, 2016 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, if any, under the line of credit to be Level 2 inputs. As of October 31, 2015 , January 31, 2015 , and November 1, 2014 , the Company had cash equivalents of $4.6 million , $43.1 million and $3.4 million , respectively. The Company’s cash equivalents consist of credit and debit card receivables, money market funds, certificates of deposit, and short-term municipal bonds. Fair value for cash equivalents was determined based on Level 1 inputs. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Numerator: Net income $ 4,337 $ 3,311 $ 15,676 $ 14,711 Net income attributable to participating securities — — — (20 ) Net income attributable to common shareholders $ 4,337 $ 3,311 $ 15,676 $ 14,691 Denominator: Weighted average common shares outstanding - basic 54,529,403 54,329,859 54,525,797 54,159,532 Dilutive impact of options, restricted stock units and employee stock purchase plan 303,849 333,010 286,181 379,754 Weighted average common shares outstanding - diluted 54,833,252 54,662,869 54,811,978 54,539,286 Per common share: Basic income per common share $ 0.08 $ 0.06 $ 0.29 $ 0.27 Diluted income per common share $ 0.08 $ 0.06 $ 0.29 $ 0.27 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
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 Balance as of January 31, 2015 1,160,934 $ 24.80 8.0 Granted 116,894 28.58 Forfeited (62,809 ) 34.20 Exercised (99,324 ) 8.14 Balance as of October 31, 2015 1,115,695 26.15 7.5 Exercisable as of October 31, 2015 599,328 $ 19.74 6.7 |
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 October 31, 2015 November 1, 2014 Expected volatility 47.0 % 47.0 % Risk-free interest rate 1.8 % 1.9 % Expected life of options 6.4 years 6.4 years Expected dividend yield — % — % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | RSU and PSU activity during the thirty-nine weeks ended October 31, 2015 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 January 31, 2015 147,770 $ 35.95 392,181 $ 38.20 Granted 115,035 30.62 85,282 28.58 Vested (22,286 ) 34.40 — — Forfeited (3,076 ) 37.01 — — Non-vested balance as of October 31, 2015 237,443 $ 33.54 477,463 $ 36.48 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 and November 1, 2014 (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Income before income taxes $ 7,020 $ 5,474 $ 25,262 $ 23,745 Income tax expense $ 2,683 $ 2,163 $ 9,586 $ 9,034 Effective tax rate 38.2 % 39.5 % 37.9 % 38.0 % |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Nature of Business) (Details) | Oct. 31, 2015USD ($) | Nov. 01, 2014 |
Accounting Policies [Abstract] | ||
Products offering price, maximum price | $ 5 | |
Number of Stores | 27 | |
Number of operated stores | 434 | 365 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Fiscal Year) (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Accounting Policies [Abstract] | ||||
Fiscal year period | 91 days | 91 days | 364 days | 364 days |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Fair Value, Inputs, Level 1 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Cash equivalents | $ 4.6 | $ 43.1 | $ 3.4 |
Income (Loss) Per Common Shar20
Income (Loss) Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Numerator: | ||||
Net income | $ 4,337 | $ 3,311 | $ 15,676 | $ 14,711 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 0 | 0 | 0 | 20 |
Net income attributable to common shareholders | $ 4,337 | $ 3,311 | $ 15,676 | $ 14,691 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (shares) | 54,529,403 | 54,329,859 | 54,525,797 | 54,159,532 |
Dilutive impact of options and warrants (shares) | 303,849 | 333,010 | 286,181 | 379,754 |
Weighted average common share outstanding - diluted (shares) | 54,833,252 | 54,662,869 | 54,811,978 | 54,539,286 |
Per common share: | ||||
Basic income (loss) per common share (dollars per share) | $ 0.08 | $ 0.06 | $ 0.29 | $ 0.27 |
Diluted income (loss) per common share (dollars per share) | $ 0.08 | $ 0.06 | $ 0.29 | $ 0.27 |
Retained Earnings [Member] | ||||
Numerator: | ||||
Net income | $ 4,337 | $ 15,676 |
Income (Loss) Per Common Shar21
Income (Loss) Per Common Share (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | $ 0 | $ 0 | $ 0 | $ 20 |
Common stock not included in the computations of diluted earnings per share | 710,383 | 581,731 | 705,943 | 575,515 |
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 |
Line of Credit (Line of Credit)
Line of Credit (Line of Credit) (Details) | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Servicing Fee | $ 12,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Revolving credit facility maximum borrowings | 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) | 0.375% |
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) $ in Millions | 9 Months Ended |
Oct. 31, 2015USD ($)ft²lease | |
Commitments and Contingencies [Line Items] | |
Number Of Leases | lease | 19 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Purchase commitments | $ 32.7 |
Purchase Commitment, Remaining Minimum Amount Committed | $ 0.4 |
Minimum [Member] | |
Commitments and Contingencies [Line Items] | |
Area of Real Estate Property | ft² | 700,000 |
Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Area of Real Estate Property | ft² | 1,000,000 |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years |
Real Estate [Member] | |
Commitments and Contingencies [Line Items] | |
Purchase commitments | $ 44 |
Share-Based Compensation (2002
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - 2002 Equity Incentive Plan [Member] - shares | Oct. 31, 2015 | Jul. 24, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance (shares) | 7,600,000 | |
Stock options and restricted shares available for grant (shares) | 3,795,134 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - $ / shares | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Option Maximum Term | 10 years | |
Stock Option Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding, Balance (shares) | 1,160,934 | |
Options outstanding, Granted (shares) | 116,894 | |
Options outstanding, Forfeited (shares) | (62,809) | |
Options outstanding, Exercised (shares) | (99,324) | |
Options outstanding, Balance (shares) | 1,115,695 | |
Options outstanding, Exercisable (shares) | 599,328 | |
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) | $ 24.80 | |
Weighted average exercise price, Granted (dollars per share) | 28.58 | |
Weighted average exercise price, Forfeited (dollars per share) | 34.20 | |
Weighted average exercise price, Exercised (dollars per share) | 8.14 | |
Weighted average exercise price, Balance (dollars per share) | 26.15 | |
Weighted average exercise price, Exercisable (dollars per share) | $ 19.74 | |
Weighted Average Remaining Contractual Term (in years) | 7 years 6 months | 8 years |
Weighted average remaining contractual term, Exercisable | 6 years 8 months 12 days |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Valuation of Stock Options) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 47.00% | 47.00% | ||
Risk-free interest rate | 1.80% | 1.90% | ||
Expected life of options | 6 years 4 months 18 days | 6 years 4 months 18 days | ||
Expected dividend yield | 0.00% | 0.00% | ||
Weighted average grant-date fair value of stock options granted (dollars per share) | $ 13.67 | $ 17.76 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Units and Performance-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Repurchased and Retired During Period, Shares | 322,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 62,809 | |
Unrecognized compensation costs related to non-vested share-based compensation | $ 25,300 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 10 months | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
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, Equity Instruments Other than Options, Nonvested, Number | 237,443 | 147,770 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.54 | $ 35,950 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 115,035 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 30.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (22,286) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 34.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (3,076) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.01 | |
Performance Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 477,463 | 392,181 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.48 | $ 38.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 85,282 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |
Treasury Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Repurchased and Retired During Period, Shares | 9,462 | |
Additional Paid-in Capital [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Repurchased and Retired During Period, Value | $ 322 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Tax [Line Items] | ||||
Income before income taxes | $ 7,020,000 | $ 5,474,000 | $ 25,262,000 | $ 23,745,000 |
Income tax expense | $ 2,683,000 | $ 2,163,000 | $ 9,586,000 | $ 9,034,000 |
Effective tax rate | 38.20% | 39.50% | 37.90% | 38.00% |
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 |
Uncategorized Items - five-2015
Label | Element | Value |
Retained Earnings [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 0 |