Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FIVE | |
Entity Registrant Name | Five Below, Inc. | |
Entity Central Index Key | 1,177,609 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,869,591 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 67,109 | $ 53,081 | $ 60,916 |
Short-term investment securities | 28,933 | 46,335 | 0 |
Inventories | 154,809 | 148,370 | 123,847 |
Prepaid income taxes | 3,177 | 1,341 | 6,694 |
Prepaid expenses and other current assets | 24,907 | 15,618 | 24,349 |
Total current assets | 278,935 | 264,745 | 215,806 |
Property and equipment, net of accumulated depreciation and amortization of $80,522, $74,395 and $63,573, respectively. | 132,500 | 119,784 | 113,196 |
Deferred income taxes | 8,838 | 8,507 | 9,983 |
Other assets | 795 | 258 | 316 |
Total assets | 421,068 | 393,294 | 339,301 |
Current liabilities: | |||
Line of credit | 0 | 0 | 0 |
Accounts payable | 59,565 | 58,225 | 66,562 |
Income taxes payable | 670 | 11,942 | 478 |
Accrued salaries and wages | 5,313 | 7,661 | 4,023 |
Other accrued expenses | 34,557 | 24,368 | 28,379 |
Total current liabilities | 100,105 | 102,196 | 99,442 |
Deferred rent and other | 51,266 | 46,617 | 47,422 |
Total liabilities | 151,371 | 148,813 | 146,864 |
Commitments and contingencies (note 4) | |||
Shareholders’ equity: | |||
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 54,724,935, 54,590,641 and 54,478,408 shares, respectively. | 548 | 546 | 545 |
Additional paid-in capital | 315,131 | 306,522 | 300,820 |
Accumulated deficit | (45,982) | (62,587) | (108,928) |
Total shareholders’ equity | 269,697 | 244,481 | 192,437 |
Total liabilities and shareholders' equity (deficit) | $ 421,068 | $ 393,294 | $ 339,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Statement of Financial Position [Abstract] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 80,522 | $ 74,395 | $ 69,065 |
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 | 54,590,641 | 54,526,194 | |
Common stock, shares outstanding | 54,590,641 | 54,526,194 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Income Statement [Abstract] | ||||
Other Nonoperating Income (Expense) | $ 0 | $ 325 | $ 0 | $ 325 |
Net sales | 220,130 | 182,191 | 412,845 | 335,918 |
Cost of goods sold | 146,780 | 122,365 | 279,228 | 228,931 |
Gross profit | 73,350 | 59,826 | 133,617 | 106,987 |
Selling, general and administrative expenses | 57,636 | 48,269 | 107,151 | 88,409 |
Operating income | 15,714 | 11,557 | 26,466 | 18,578 |
Interest income (expense), net | 73 | (2) | 147 | (11) |
Income before income taxes | 15,787 | 11,230 | 26,613 | 18,242 |
Income tax expense | 5,940 | 4,169 | 10,008 | 6,903 |
Net income | $ 9,847 | $ 7,061 | $ 16,605 | $ 11,339 |
Basic (loss) income per common share (dollars per share) | $ 0.18 | $ 0.13 | $ 0.30 | $ 0.21 |
Diluted (loss) income per common share (dollars per share) | $ 0.18 | $ 0.13 | $ 0.30 | $ 0.21 |
Weighted average shares outstanding: | ||||
Basic shares | 54,795,750 | 54,501,257 | 54,756,580 | 54,474,946 |
Diluted shares | 55,077,754 | 54,786,092 | 55,039,204 | 54,751,620 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Jul. 30, 2016 - USD ($) $ in Thousands | Total | Common stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] |
Balance at Jan. 30, 2016 | $ 244,481 | $ 546 | $ 306,522 | $ (62,587) | |
Balance, common stock, shares at Jan. 30, 2016 | 54,590,641 | 54,590,641 | |||
Share-based compensation expense | $ 5,864 | 5,864 | 0 | ||
Issuance of unrestricted stock awards (in shares) | 3,047 | ||||
Issuance of unrestricted stock awards | $ 140 | $ 0 | 140 | 0 | |
Exercise of options to purchase common stock (in shares) | 196,281 | 196,281 | |||
Exercise of options to purchase common stock | $ 2,612 | $ 2 | 2,610 | 0 | |
Vesting of restricted and performance-based stock units (in shares) | 116,812 | ||||
Common shares withheld for taxes (in shares) | (44,337) | ||||
Common shares withheld for taxes | (1,808) | (1,808) | |||
Excess tax benefit related to exercises of stock options | 1,710 | 1,710 | |||
Net income | 16,605 | 16,605 | |||
Balance at Jul. 30, 2016 | $ 269,697 | $ 548 | 315,131 | $ (45,982) | |
Balance, common stock, shares at Jul. 30, 2016 | 54,864,418 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 1,974 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 93 | $ 93 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from Issuance Initial Public Offering | $ 93 | $ 81 |
Operating activities: | ||
Net income | 16,605 | 11,339 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 12,680 | 10,232 |
Share-based compensation expense | 6,013 | 5,460 |
Deferred income tax benefit | (331) | (2,102) |
Other non-cash expenses | 29 | 28 |
Changes in operating assets and liabilities: | ||
Prepaid income taxes | (1,836) | (4,755) |
Inventories | (6,439) | (8,195) |
Prepaid expenses and other assets | (9,839) | (6,215) |
Accounts payable | 1,994 | 17,396 |
Income taxes payable | (11,272) | (13,964) |
Accrued salaries and wages | (2,348) | (1,251) |
Deferred rent | 6,143 | 7,475 |
Other accrued expenses | 4,992 | 10,806 |
Net cash used in operating activities | 16,391 | 26,254 |
Investing activities: | ||
Purchases of investment securities | (35,631) | 0 |
Sales, maturities, and redemptions of investment securities | 53,033 | 0 |
Capital expenditures | (22,372) | (29,901) |
Net cash used in investing activities | (4,970) | (29,901) |
Financing activities: | ||
Proceeds from exercise of options to purchase common stock | 2,612 | 765 |
Common shares withheld for taxes | (1,808) | 0 |
Excess tax benefit related to exercises of stock options | 1,710 | 531 |
Net cash provided by financing activities | 2,607 | 1,377 |
Net decrease in cash and cash equivalents | 14,028 | (2,270) |
Cash and cash equivalents at beginning of period | 53,081 | 63,186 |
Cash and cash equivalents at end of period | 67,109 | 60,916 |
Supplemental disclosures of cash flow information: | ||
Decrease in accrued purchases of property and equipment | $ 3,041 | $ 6,544 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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. In August 2016, the Company commenced selling merchandise on the internet, through the Company's fivebelow.com e-commerce website. The Company is incorporated in the Commonwealth of Pennsylvania and, as of July 30, 2016 , operated in 30 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, Mississippi, Louisiana, Wisconsin, and Oklahoma. As of July 30, 2016 and August 1, 2015 , the Company operated 491 stores and 417 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 2016" or "fiscal 2016" refer to the period from January 31, 2016 to January 28, 2017 and consists of a 52-week fiscal year. 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. The fiscal quarters ended July 30, 2016 and August 1, 2015 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended July 30, 2016 and August 1, 2015 refer to the twenty-six weeks ended as of those dates. (c) Basis of Presentation The consolidated balance sheets as of July 30, 2016 and August 1, 2015 , the consolidated statements of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 , the consolidated statement of shareholders’ equity for the twenty-six weeks ended July 30, 2016 and the consolidated statements of cash flows for the twenty-six weeks ended July 30, 2016 and August 1, 2015 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 July 30, 2016 and August 1, 2015 . The balance sheet as of January 30, 2016 , presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2015 as filed with the Securities and Exchange Commission on March 24, 2016 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 30, 2016 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 are not necessarily indicative of the consolidated operating results for the year ending January 28, 2017 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. (d) Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company elected to early adopt this guidance effective in the fourth quarter of fiscal 2015, and the Company retrospectively applied the change within the consolidated balance sheets. As a result of the retrospective adoption, the Company reclassified the August 1, 2015 consolidated balance sheet resulting in a reduction of $9.0 million in current deferred income tax assets and an increase in long term deferred income tax assets of $9.0 million . In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 affects all entities that issue share-based payment awards to their employees. This accounting standards update makes several modifications to the accounting for employee share-based payment transactions, including the requirement that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also clarifies the classification of components of share-based awards on the statement of cash flows such that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they are under the current guidance. ASU No. 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. 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. (f) 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, short-term investment securities, 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. Under the fair value hierarchy, the fair market values of the short-term investments in corporate bonds are level 1 while the short-term investments in certificates of deposits and municipals bonds are level 2. The fair market values of level 2 instruments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of July 30, 2016 , January 30, 2016 , and August 1, 2015 , the Company had cash equivalents of $42.4 million , $22.6 million and $40.4 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. As of July 30, 2016 and January 30, 2016 , the Company's short-term investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of July 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 6,390 $ — $ 7 $ 6,383 Municipal bonds 22,543 4 — 22,547 Total $ 28,933 $ 4 $ 7 $ 28,930 As of January 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 37,127 $ — $ 29 $ 37,098 Certificates of deposit 6,916 6 — 6,923 Municipal bonds 2,291 — — 2,291 Total $ 46,335 $ 6 $ 29 $ 46,312 Investment securities as of July 30, 2016 and January 30, 2016 all mature in one year or less. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 6 Months Ended |
Jul. 30, 2016 | |
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 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 Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Numerator: Net income $ 9,847 $ 7,061 $ 16,605 $ 11,339 Denominator: Weighted average common shares outstanding - basic 54,795,750 54,501,257 54,756,580 54,474,946 Dilutive impact of options, restricted stock units and employee stock purchase plan 282,004 284,835 282,624 276,674 Weighted average common shares outstanding - diluted 55,077,754 54,786,092 55,039,204 54,751,620 Per common share: Basic income per common share $ 0.18 $ 0.13 $ 0.30 $ 0.21 Diluted income per common share $ 0.18 $ 0.13 $ 0.30 $ 0.21 The effects of the assumed exercise of stock options for 67,179 and 263,283 shares of common stock for the thirteen and twenty-six weeks ended July 30, 2016 , 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 restricted stock units for 4,127 and 2,064 shares of common stock for the thirteen and twenty-six weeks ended July 30, 2016 , 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 718,633 and 703,829 shares of common stock for the thirteen and twenty-six weeks ended August 1, 2015 , 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 | 6 Months Ended |
Jul. 30, 2016 | |
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 July 30, 2016 , 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 July 30, 2016 and August 1, 2015 , the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 2031. During the thirteen weeks ended July 30, 2016 , the Company committed to 25 new store leases with terms of 10 years that have future minimum lease payments of approximately $44.9 million . Other contractual commitments As of July 30, 2016 , the Company has other purchase commitments of approximately $1.8 million consisting of purchase agreements for materials that will be used in the construction of new stores. 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 | 6 Months Ended |
Jul. 30, 2016 | |
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 July 30, 2016 , 3,587,570 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 30, 2016 1,088,674 $ 26.31 7.5 Granted 51,611 39.30 Forfeited (14,313 ) 38.99 Exercised (196,281 ) 13.30 Balance as of July 30, 2016 929,691 29.58 7.2 Exercisable as of July 30, 2016 535,017 $ 25.84 6.4 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: Thirteen Weeks Ended July 30, 2016 August 1, 2015 Expected volatility 47.6 % 47.0 % Risk-free interest rate 1.6 % 1.8 % 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 twenty-six weeks ended July 30, 2016 and August 1, 2015 was $18.89 and $13.67 , 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 twenty-six weeks ended July 30, 2016 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 30, 2016 211,682 $ 33.47 477,463 $ 36.48 Granted 107,878 40.70 127,160 39.22 Vested (39,552 ) 38.52 (77,260 ) 38.83 Forfeited (12,812 ) 34.48 — — Non-vested balance as of July 30, 2016 267,196 $ 35.59 527,363 $ 36.80 In connection with the vesting of RSU's and PSU's during the twenty-six weeks ended July 30, 2016 , the Company withheld 44,337 shares with an aggregate value of $1.8 million in satisfaction of minimum tax withholding obligations due upon vesting. As of July 30, 2016 , there was $24.7 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 2.5 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2016 | |
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 twenty-six weeks ended July 30, 2016 and August 1, 2015 (dollars in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Income before income taxes $ 15,787 $ 11,230 $ 26,613 $ 18,242 Income tax expense $ 5,940 $ 4,169 $ 10,008 $ 6,903 Effective tax rate 37.6 % 37.1 % 37.6 % 37.8 % The effective tax rates for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 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 July 30, 2016 was higher than the thirteen weeks ended August 1, 2015 as a result of a change in the Company's average state tax rate. The twenty-six weeks ended July 30, 2016 was lower than the twenty-six weeks ended August 1, 2015 as a result of a change in the Company's average state tax rate. 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 July 30, 2016 , January 30, 2016 , or August 1, 2015 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 twenty-six weeks ended July 30, 2016 or August 1, 2015 . 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) | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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. In August 2016, the Company commenced selling merchandise on the internet, through the Company's fivebelow.com e-commerce website. The Company is incorporated in the Commonwealth of Pennsylvania and, as of July 30, 2016 , operated in 30 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, Mississippi, Louisiana, Wisconsin, and Oklahoma. As of July 30, 2016 and August 1, 2015 , the Company operated 491 stores and 417 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 2016" or "fiscal 2016" refer to the period from January 31, 2016 to January 28, 2017 and consists of a 52-week fiscal year. 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. The fiscal quarters ended July 30, 2016 and August 1, 2015 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended July 30, 2016 and August 1, 2015 refer to the twenty-six weeks ended as of those dates. (c) Basis of Presentation The consolidated balance sheets as of July 30, 2016 and August 1, 2015 , the consolidated statements of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 , the consolidated statement of shareholders’ equity for the twenty-six weeks ended July 30, 2016 and the consolidated statements of cash flows for the twenty-six weeks ended July 30, 2016 and August 1, 2015 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 July 30, 2016 and August 1, 2015 . The balance sheet as of January 30, 2016 , presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2015 as filed with the Securities and Exchange Commission on March 24, 2016 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 30, 2016 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 are not necessarily indicative of the consolidated operating results for the year ending January 28, 2017 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. (d) Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company elected to early adopt this guidance effective in the fourth quarter of fiscal 2015, and the Company retrospectively applied the change within the consolidated balance sheets. As a result of the retrospective adoption, the Company reclassified the August 1, 2015 consolidated balance sheet resulting in a reduction of $9.0 million in current deferred income tax assets and an increase in long term deferred income tax assets of $9.0 million . In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 affects all entities that issue share-based payment awards to their employees. This accounting standards update makes several modifications to the accounting for employee share-based payment transactions, including the requirement that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also clarifies the classification of components of share-based awards on the statement of cash flows such that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they are under the current guidance. ASU No. 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. 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. (f) 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, short-term investment securities, 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. Under the fair value hierarchy, the fair market values of the short-term investments in corporate bonds are level 1 while the short-term investments in certificates of deposits and municipals bonds are level 2. The fair market values of level 2 instruments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of July 30, 2016 , January 30, 2016 , and August 1, 2015 , the Company had cash equivalents of $42.4 million , $22.6 million and $40.4 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. As of July 30, 2016 and January 30, 2016 , the Company's short-term investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of July 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 6,390 $ — $ 7 $ 6,383 Municipal bonds 22,543 4 — 22,547 Total $ 28,933 $ 4 $ 7 $ 28,930 As of January 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 37,127 $ — $ 29 $ 37,098 Certificates of deposit 6,916 6 — 6,923 Municipal bonds 2,291 — — 2,291 Total $ 46,335 $ 6 $ 29 $ 46,312 Investment securities as of July 30, 2016 and January 30, 2016 all mature in one year or less. |
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. In August 2016, the Company commenced selling merchandise on the internet, through the Company's fivebelow.com e-commerce website. The Company is incorporated in the Commonwealth of Pennsylvania and, as of July 30, 2016 , operated in 30 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, Mississippi, Louisiana, Wisconsin, and Oklahoma. As of July 30, 2016 and August 1, 2015 , the Company operated 491 stores and 417 stores, respectively, each operating under the name “Five Below.” |
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 2016" or "fiscal 2016" refer to the period from January 31, 2016 to January 28, 2017 and consists of a 52-week fiscal year. 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. The fiscal quarters ended July 30, 2016 and August 1, 2015 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended July 30, 2016 and August 1, 2015 refer to the twenty-six weeks ended as of those dates. |
Basis of Presentation | Basis of Presentation The consolidated balance sheets as of July 30, 2016 and August 1, 2015 , the consolidated statements of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 , the consolidated statement of shareholders’ equity for the twenty-six weeks ended July 30, 2016 and the consolidated statements of cash flows for the twenty-six weeks ended July 30, 2016 and August 1, 2015 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 July 30, 2016 and August 1, 2015 . The balance sheet as of January 30, 2016 , presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2015 as filed with the Securities and Exchange Commission on March 24, 2016 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 30, 2016 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 are not necessarily indicative of the consolidated operating results for the year ending January 28, 2017 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, short-term investment securities, 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. Under the fair value hierarchy, the fair market values of the short-term investments in corporate bonds are level 1 while the short-term investments in certificates of deposits and municipals bonds are level 2. The fair market values of level 2 instruments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of July 30, 2016 , January 30, 2016 , and August 1, 2015 , the Company had cash equivalents of $42.4 million , $22.6 million and $40.4 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. As of July 30, 2016 and January 30, 2016 , the Company's short-term investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of July 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 6,390 $ — $ 7 $ 6,383 Municipal bonds 22,543 4 — 22,547 Total $ 28,933 $ 4 $ 7 $ 28,930 As of January 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 37,127 $ — $ 29 $ 37,098 Certificates of deposit 6,916 6 — 6,923 Municipal bonds 2,291 — — 2,291 Total $ 46,335 $ 6 $ 29 $ 46,312 Investment securities as of July 30, 2016 and January 30, 2016 all mature in one year or less. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company elected to early adopt this guidance effective in the fourth quarter of fiscal 2015, and the Company retrospectively applied the change within the consolidated balance sheets. As a result of the retrospective adoption, the Company reclassified the August 1, 2015 consolidated balance sheet resulting in a reduction of $9.0 million in current deferred income tax assets and an increase in long term deferred income tax assets of $9.0 million . In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 affects all entities that issue share-based payment awards to their employees. This accounting standards update makes several modifications to the accounting for employee share-based payment transactions, including the requirement that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also clarifies the classification of components of share-based awards on the statement of cash flows such that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they are under the current guidance. ASU No. 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. Earlier adoption is permitted. The Company is currently evaluating the impact of the updated guidance on the Company's consolidated financial statements and disclosures. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
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 Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Numerator: Net income $ 9,847 $ 7,061 $ 16,605 $ 11,339 Denominator: Weighted average common shares outstanding - basic 54,795,750 54,501,257 54,756,580 54,474,946 Dilutive impact of options, restricted stock units and employee stock purchase plan 282,004 284,835 282,624 276,674 Weighted average common shares outstanding - diluted 55,077,754 54,786,092 55,039,204 54,751,620 Per common share: Basic income per common share $ 0.18 $ 0.13 $ 0.30 $ 0.21 Diluted income per common share $ 0.18 $ 0.13 $ 0.30 $ 0.21 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Stock option activity under the Plan was as follows: Options Weighted Weighted Balance as of January 30, 2016 1,088,674 $ 26.31 7.5 Granted 51,611 39.30 Forfeited (14,313 ) 38.99 Exercised (196,281 ) 13.30 Balance as of July 30, 2016 929,691 29.58 7.2 Exercisable as of July 30, 2016 535,017 $ 25.84 6.4 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option award granted to employees, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Thirteen Weeks Ended July 30, 2016 August 1, 2015 Expected volatility 47.6 % 47.0 % Risk-free interest rate 1.6 % 1.8 % Expected life of options 6.4 years 6.4 years Expected dividend yield — % — % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSU and PSU activity during the twenty-six weeks ended July 30, 2016 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 30, 2016 211,682 $ 33.47 477,463 $ 36.48 Granted 107,878 40.70 127,160 39.22 Vested (39,552 ) 38.52 (77,260 ) 38.83 Forfeited (12,812 ) 34.48 — — Non-vested balance as of July 30, 2016 267,196 $ 35.59 527,363 $ 36.80 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and twenty-six weeks ended July 30, 2016 and August 1, 2015 (dollars in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Income before income taxes $ 15,787 $ 11,230 $ 26,613 $ 18,242 Income tax expense $ 5,940 $ 4,169 $ 10,008 $ 6,903 Effective tax rate 37.6 % 37.1 % 37.6 % 37.8 % |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Nature of Business) (Details) | Jul. 30, 2016USD ($)Storestate | Aug. 01, 2015Store |
Accounting Policies [Abstract] | ||
Products offering price, maximum price | $ | $ 5 | |
Number of States in which Entity Operates | state | 30 | |
Number of Stores | 491 | |
Number of operated stores | 417 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Fair Value, Inputs, Level 1 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Cash equivalents | $ 42,400 | $ 22,600 | $ 40,400 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 6,390 | 37,127 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 7 | 29 | |
Held-to-maturity Securities, Fair Value | 6,383 | 37,098 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 6,916 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 6 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | ||
Held-to-maturity Securities, Fair Value | 6,923 | ||
Municipal Bonds [Member] | |||
Significant Accounting Policies [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 28,933 | 46,335 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 4 | 6 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 7 | 29 | |
Held-to-maturity Securities, Fair Value | 28,930 | 46,312 | |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 22,543 | 2,291 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 4 | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | |
Held-to-maturity Securities, Fair Value | $ 22,547 | $ 2,291 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (New Accounting Pronouncements) (Details) $ in Millions | Aug. 01, 2015USD ($) |
Other Current Assets [Member] | |
Significant Accounting Policies [Line Items] | |
Deferred Tax Assets, Gross | $ 9 |
Other Noncurrent Assets [Member] | |
Significant Accounting Policies [Line Items] | |
Deferred Tax Assets, Gross | $ 9 |
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 | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Numerator: | ||||
Net income | $ 9,847 | $ 7,061 | $ 16,605 | $ 11,339 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (shares) | 54,795,750 | 54,501,257 | 54,756,580 | 54,474,946 |
Dilutive impact of options and warrants (shares) | 282,004 | 284,835 | 282,624 | 276,674 |
Weighted average common share outstanding - diluted (shares) | 55,077,754 | 54,786,092 | 55,039,204 | 54,751,620 |
Per common share: | ||||
Basic income (loss) per common share (dollars per share) | $ 0.18 | $ 0.13 | $ 0.30 | $ 0.21 |
Diluted income (loss) per common share (dollars per share) | $ 0.18 | $ 0.13 | $ 0.30 | $ 0.21 |
Income (Loss) Per Common Shar21
Income (Loss) Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock not included in the computations of diluted earnings per share | 67,179 | 718,633 | 263,283 | 703,829 |
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 | 4,127 | 2,064 |
Line of Credit (Line of Credit)
Line of Credit (Line of Credit) (Details) | 6 Months Ended |
Jul. 30, 2016USD ($) | |
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 | 6 Months Ended |
Jul. 30, 2016USD ($)lease | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Number Of Leases | lease | 25 |
Purchase commitments | $ 44.9 |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1.8 |
Share-Based Compensation (2002
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - 2002 Equity Incentive Plan [Member] - shares | Jul. 30, 2016 | 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) | 3,587,570 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jul. 30, 2016 | Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
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) | 1,088,674 | |
Options outstanding, Granted (shares) | 51,611 | |
Options outstanding, Forfeited (shares) | (14,313) | |
Options outstanding, Exercised (shares) | (196,281) | |
Options outstanding, Balance (shares) | 929,691 | 1,088,674 |
Options outstanding, Exercisable (shares) | 535,017 | |
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) | $ 26.31 | |
Weighted average exercise price, Granted (dollars per share) | 39.30 | |
Weighted average exercise price, Forfeited (dollars per share) | 38.99 | |
Weighted average exercise price, Exercised (dollars per share) | 13.30 | |
Weighted average exercise price, Balance (dollars per share) | 29.58 | $ 26.31 |
Weighted average exercise price, Exercisable (dollars per share) | $ 25.84 | |
Weighted Average Remaining Contractual Term (in years) | 7 years 2 months 18 days | 7 years 6 months |
Weighted average remaining contractual term, Exercisable | 6 years 4 months 18 days |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Valuation of Stock Options) (Details) - $ / shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Share-based Compensation [Abstract] | ||
Expected volatility | 47.60% | 47.00% |
Risk-free interest rate | 1.60% | 1.80% |
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) | $ 18.89 | $ 13.67 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units and Performance-Based Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Repurchased and Retired During Period, Value | $ 1,808 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (14,313) | |
Unrecognized compensation costs related to non-vested share-based compensation | $ 24,700 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 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 | 267,196 | 211,682 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 35.59 | $ 33.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 107,878 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.70 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (39,552) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 38.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (12,812) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.48 | |
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 | 527,363 | 477,463 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.80 | $ 36.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 127,160 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 39.22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (77,260) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 38.83 | |
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 | 44,337 | |
Additional Paid-in Capital [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Repurchased and Retired During Period, Value | $ 1,808 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Income Tax [Line Items] | ||||
Income before income taxes | $ 15,787,000 | $ 11,230,000 | $ 26,613,000 | $ 18,242,000 |
Income tax expense | $ 5,940,000 | $ 4,169,000 | $ 10,008,000 | $ 6,903,000 |
Effective tax rate | 37.60% | 37.10% | 37.60% | 37.80% |
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 |