Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 22, 2017 | Jul. 29, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 54,930,387 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,449,890,478 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 76,088 | $ 53,081 |
Short-term Investments | 77,791 | 46,335 |
Inventories | 154,448 | 148,370 |
Prepaid income taxes | 1,552 | 1,341 |
Prepaid expenses and other current assets | 29,910 | 15,618 |
Total current assets | 339,789 | 264,745 |
Property and equipment, net | 138,376 | 119,784 |
Deferred income taxes | 11,039 | 8,507 |
Long-term Investments | 10,514 | 0 |
Other assets | 818 | 258 |
Total assets | 500,536 | 393,294 |
Current liabilities: | ||
Line of credit | 0 | 0 |
Accounts payable | 51,178 | 58,225 |
Income taxes payable | 23,939 | 11,942 |
Accrued salaries and wages | 10,794 | 7,661 |
Other accrued expenses | 30,652 | 24,368 |
Total current liabilities | 116,563 | 102,196 |
Deferred rent and other | 52,568 | 46,617 |
Total liabilities | 169,131 | 148,813 |
Commitments and contingencies (note 4) | ||
Shareholders’ equity: | ||
Common stock, $0.01 par value, Authorized 120,000 shares; issued and outstanding 54,904,954 and 54,590,641 shares, respectively | 549 | 546 |
Additional paid-in capital | 321,603 | 306,522 |
Retained earnings (accumulated deficit) | 9,253 | (62,587) |
Total shareholders’ equity | 331,405 | 244,481 |
Total liabilities and shareholders' equity (deficit) | $ 500,536 | $ 393,294 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2017 | Jan. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,904,954 | 54,590,641 |
Common stock, shares outstanding | 54,904,954 | 54,590,641 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 1,000,410,000 | $ 831,954,000 | $ 680,218,000 |
Cost of goods sold | 643,373,000 | 540,020,000 | 442,427,000 |
Gross profit | 357,037,000 | 291,934,000 | 237,791,000 |
Selling, general and administrative expenses | 243,075,000 | 198,993,000 | 160,775,000 |
Operating income | 113,962,000 | 92,941,000 | 77,016,000 |
Interest income (expense), net | (299,000) | (40,000) | 125,000 |
Loss on debt extinguishment | 0 | 0 | 244,000 |
Other expense (income) | 0 | 325,000 | (12,000) |
Income before income taxes | 114,261,000 | 92,656,000 | 76,659,000 |
Income tax expense | 42,421,000 | 34,976,000 | 28,635,000 |
Net income | 71,840,000 | 57,680,000 | 48,024,000 |
Net income attributable to participating securities | 0 | 0 | (20,000) |
Net income attributable to common shareholders | $ 71,840,000 | $ 57,680,000 | $ 48,004,000 |
Basic (loss) income per common share (dollars per share) | $ 1.31 | $ 1.06 | $ 0.89 |
Diluted (loss) income per common share (dollars per share) | $ 1.30 | $ 1.05 | $ 0.88 |
Weighted average shares outstanding: | |||
Basic shares | 54,845,708 | 54,513,622 | 54,219,801 |
Diluted shares | 55,128,870 | 54,793,301 | 54,573,855 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | Unrestricted stock [Member] |
Balance at Feb. 01, 2014 | $ 116,873 | $ 542 | $ 284,622 | $ (168,291) | |
Balance, common stock, shares at Feb. 01, 2014 | 54,190,724 | ||||
Share-based compensation expense | 5,757 | 5,757 | |||
Issuance of unrestricted stock awards | 160 | $ 0 | 160 | ||
Issuance of unrestricted stock awards (in shares) | 4,324 | ||||
Exercise of options and warrants to purchase common stock | 1,481 | $ 2 | 1,479 | ||
Exercise of options and warrants to purchase common stock (in shares) | 207,809 | ||||
Vesting of restricted shares related to stock option exercises | 61 | 61 | |||
Vesting of restricted stock units | 0 | 0 | |||
Vesting of restricted stock units (in shares) | (22,286) | ||||
Issuance of common stock (in shares) | (87) | ||||
Stock Issued During Period, Value, New Issues | (1) | $ 0 | (1) | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | (314) | $ 0 | (314) | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (9,173) | ||||
Excess tax benefit | 2,049 | 2,049 | |||
Issuance of common stock to employees under employee stock purchase plan | 179 | 179 | |||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 4,345 | ||||
Net income | 48,024 | 48,024 | |||
Balance at Jan. 31, 2015 | 174,269 | $ 544 | 293,992 | (120,267) | |
Balance, common stock, shares at Jan. 31, 2015 | 54,420,228 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | 48,004 | ||||
Issuance of unrestricted stock awards | 10,876 | $ 0 | 10,876 | ||
Issuance of unrestricted stock awards (in shares) | 0 | ||||
Exercise of options and warrants to purchase common stock | 912 | $ 2 | 910 | ||
Exercise of options and warrants to purchase common stock (in shares) | 115,364 | ||||
Issuance of common stock (in shares) | (51,546) | (7,947) | |||
Common shares withheld for taxes | (322) | (322) | |||
Common shares withheld for taxes (in shares) | (9,462) | ||||
Stock Issued During Period, Value, New Issues | (280) | (280) | |||
Excess tax benefit | 608 | 608 | |||
Issuance of common stock to employees under employee stock purchase plan | 178 | 178 | |||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 5,018 | ||||
Net income | 57,680 | 57,680 | |||
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 | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 57,680 | ||||
Issuance of unrestricted stock awards | 11,655 | 11,655 | |||
Issuance of unrestricted stock awards (in shares) | 0 | ||||
Exercise of options and warrants to purchase common stock | 3,289 | $ 2 | 3,287 | ||
Exercise of options and warrants to purchase common stock (in shares) | 225,767 | ||||
Issuance of common stock (in shares) | (123,428) | (6,781) | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | $ 1 | |||
Common shares withheld for taxes | (1,904) | (1,904) | |||
Common shares withheld for taxes (in shares) | (46,750) | ||||
Stock Issued During Period, Value, New Issues | (280) | $ 0 | (280) | ||
Excess tax benefit | 1,555 | 1,555 | |||
Issuance of common stock to employees under employee stock purchase plan | 208 | 208 | |||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 5,087 | ||||
Net income | 71,840 | 71,840 | |||
Balance at Jan. 28, 2017 | $ 331,405 | $ 549 | $ 321,603 | $ 9,253 | |
Balance, common stock, shares at Jan. 28, 2017 | 54,904,954 | 54,904,954 | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 71,840 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Operating activities: | |||
Net income | $ 71,840 | $ 57,680 | $ 48,024 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26,631 | 22,227 | 17,202 |
Share-based compensation expense | 11,953 | 11,172 | 5,931 |
Deferred income tax benefit | (2,532) | (626) | (3,063) |
Other non-cash expenses | 109 | 59 | 444 |
Changes in operating assets and liabilities: | |||
Inventories | (6,079) | (32,718) | (26,275) |
Prepaid income taxes | (211) | 598 | (442) |
Prepaid expenses and other assets | (14,875) | 2,561 | (2,936) |
Accounts payable | (5,451) | 17,578 | 3,060 |
Income taxes payable | 11,997 | (2,500) | 8,435 |
Accrued salaries and wages | 3,133 | 2,386 | 2,603 |
Deferred rent | 7,855 | 6,398 | 5,669 |
Other accrued expenses | 2,252 | 3,098 | 2,778 |
Net cash provided by operating activities | 106,622 | 87,913 | 61,430 |
Investing activities: | |||
Payments to Acquire Investments | (119,746) | (46,335) | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 77,776 | 0 | 0 |
Capital expenditures | (44,794) | (53,059) | (32,322) |
Net cash used in investing activities | (86,764) | (99,394) | (32,322) |
Financing activities: | |||
Repayment of note payable under Term Loan Facility | 0 | 0 | (19,500) |
Borrowing on note payable under Revolving Credit Facility | 0 | 0 | 7,000 |
Repayment of note payable under Revolving Credit Facility | 0 | 0 | (7,000) |
Net proceeds from issuance of common stock | 208 | 178 | 179 |
Proceeds from exercise of options to purchase common stock | 3,289 | 912 | 1,481 |
Common shares withheld for taxes | (1,904) | (322) | (314) |
Excess tax benefit related to exercises of stock options, vesting of restricted stock units, and vesting of performance-based restricted stock units | 1,555 | 608 | 2,049 |
Other | 1 | 0 | (1) |
Net cash provided by (used in) financing activities | 3,149 | 1,376 | (16,106) |
Net increase (decrease) in cash and cash equivalents | 23,007 | (10,105) | 13,002 |
Cash and cash equivalents at beginning of year | 53,081 | 63,186 | 50,184 |
Cash and cash equivalents at end of year | 76,088 | 53,081 | 63,186 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 10 | 25 | 129 |
Income taxes paid | 31,762 | 36,897 | 21,587 |
Increase (decrease) in accounts payable and accrued purchases of property and equipment | $ 511 | $ 1,986 | $ 1,673 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description 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 January 28, 2017 , operated in 31 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, Oklahoma and Minnesota. As of January 28, 2017 and January 30, 2016 , the Company operated 522 stores and 437 stores, respectively, each operating under the name “Five Below.” In August 2016, we commenced selling merchandise on the internet, through our fivebelow.com e-commerce website. The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiary (Five Below Merchandising, Inc.). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiary's financial statements. (b) Fiscal Year The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2016" or "fiscal 2016" refer to the period from January 31, 2016 to January 28, 2016 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. c) Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of credit and debit card receivables, money market funds, certificates of deposit, corporate bonds and municipal bonds, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $4.3 million and $3.9 million as of January 28, 2017 and January 30, 2016 , respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of January 28, 2017 and January 30, 2016 , the Company had cash equivalents of $36.3 million and $22.6 million , respectively. (d) Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist primarily of cash equivalents, short-term investment securities, accounts payable, and borrowings under a line of credit (as defined in note 3). The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings under the line of credit approximates their 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 municipal bonds are level 2. The fair market values of level 2 investments 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 January 28, 2017 and January 30, 2016 , the Company's short-term and long-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 January 28, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 45,558 $ — $ 98 $ 45,460 Municipal bonds 32,233 — 14 32,219 Total $ 77,791 $ — $ 112 $ 77,679 Long-term: Corporate bonds $ 6,265 $ — $ 11 $ 6,254 Municipal bonds 4,249 8 — 4,257 Total $ 10,514 $ 8 $ 11 $ 10,511 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 Short-term investment securities as of January 28, 2017 and January 30, 2016 all mature in one year or less. Long-term investment securities as of January 28, 2017 all mature after one year but in less than three years. (e) Inventories Inventories consist of finished goods purchased for resale, including freight, and are stated at the lower of cost or market value, at the individual product level. Cost is determined on a weighted average cost method which approximates a FIFO (first-in, first-out) basis due to the nature of the Company's inventory. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. (f) Property and Equipment Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally 10 years. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $26.6 million , $22.2 million and $17.2 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively. Property and equipment, net, consists of the following (in thousands): January 28, 2017 January 30, 2016 Furniture and fixtures $ 96,491 $ 81,418 Leasehold improvements 96,075 80,814 Computers and equipment 36,159 28,358 Construction in process 9,851 3,589 Property and equipment, gross 238,576 194,179 Less: Accumulated depreciation and amortization (100,200 ) (74,395 ) Property and equipment, net $ 138,376 $ 119,784 (g) Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Based on its Company's most recent analysis, management believes that no impairment of long-lived assets exists as of January 28, 2017 . (h) Deferred Financing Costs Deferred financing costs are amortized to interest expense over the term of the related credit agreement. Amortization expense in fiscal 2016 , fiscal 2015 and fiscal 2014 was $27.0 thousand , $27.0 thousand , and $24.7 thousand , respectively. In connection with the repayments of the $100.0 million term loan facility in the amounts of $19.5 million in fiscal 2014 , we wrote-off approximately $0.2 million of deferred financing costs in fiscal 2014 , which is included in loss on debt extinguishment in the accompanying consolidated statements of operations. The Company had approximately $7.9 thousand and $34.8 thousand of remaining deferred financing fees as of January 28, 2017 and January 30, 2016 , respectively. (i) Leases The Company leases store locations, distribution centers, and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a capital lease are included in property and equipment, net. As of January 28, 2017 and January 30, 2016 , the Company had no material capital leases. Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. The current corporate headquarters is leased under a lease agreement expiring in 2022, with options to renew for two successive five-year periods. In September 2016, the Company signed a 15 year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company expects to initially occupy approximately 110,000 square feet of office space in early 2018 and expects to expand into approximately 20,000 square feet of additional office space by no later than 2023. The lease agreement expires in early 2033 with three successive options to renew for additional term up to approximately fifteen years. The distribution center in Olive Branch, Mississippi is leased under a lease agreement expiring in 2022 with options to renew for three successive five-year periods. The distribution center in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five -year extension, resulting in a ten -year life. The expected lease term is used to determine whether a lease is capital or operating and to calculate straight-line rent expense. Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. (j) Deferred Rent and Other Certain of the Company’s operating leases contain either rent holidays and/or predetermined fixed escalations of minimum rental payments during the original and/or extended lease terms. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The life of the lease is the initial term plus assumed extensions. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rents. Such increases in rent expense are recorded in the period in which such contingent increases to the rents take place. The following table summarizes the Company's deferred rent and other long-term liabilities balances (in thousands): January 28, 2017 January 30, 2016 Current: Deferred rent (1) $ 5,519 $ 3,847 Total current liabilities $ 5,519 $ 3,847 Long-term: Deferred rent $ 52,372 $ 46,384 Other 196 233 Total long-term liabilities $ 52,568 $ 46,617 (1) The current portion of deferred rent is included in the other accrued expenses line item in the accompanying consolidated balance sheets. (k) Share-Based Compensation The Company measures the cost of employee services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must also be recognized. The Company recognizes compensation expense based on the estimated grant date fair value of restricted stock awards, and using the Black-Scholes option-pricing model for grants of stock options which are both recorded on a straight-line basis over the vesting period for the entire award. Share-based compensation cost recognized and included in expenses for fiscal 2016 , fiscal 2015 and fiscal 2014 , was $12.0 million , $11.2 million and $5.9 million , respectively. (l) Revenue Recognition Revenue is recognized at the point of sale. Returns are accepted under certain conditions within 14 days of purchase. Returns subsequent to the period end are immaterial; accordingly, no reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise. Sales tax collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, excluded from sales in the accompanying consolidated statements of operations. (m) Shipping and Handling Revenues and Costs The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include third-party fulfillment and shipping costs related to the Company's e-commerce operations. (n) Cost of Goods Sold Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's distribution centers and between store locations. Buying costs include compensation expense for the Company's internal buying organization. (o) Selling, General and Administrative Expenses Selling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. (p) Vendor Allowances The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recorded in cost of goods and recognized in the period the related merchandise is sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. (q) Store Pre-Opening Costs Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $5.1 million , $4.9 million and $4.6 million in fiscal 2016 , fiscal 2015 , and fiscal 2014 , respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense. (r) Advertising Costs Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $27.4 million , $22.2 million and $19.3 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. (s) Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. (t) Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. (u) Use of Estimates The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for inventories, income taxes and share-based compensation expense. (v) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date." ASU 2015-14 deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods. In the first six months of fiscal 2016, the FASB issued guidance clarifying the interpretation of certain principles of ASU 2014-09. The Company may use either a full retrospective approach or a modified retrospective approach to adopt ASU 2014-09. While the Company is still evaluating this standard, it is not expected that this standard will have a material impact on the Company’s consolidated financial statements. 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 a liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The standard requires use of the modified retrospective transition approach. While the Company is still evaluating this standard, given the significant amount of leases the Company is party to, the Company expects this standard will have a material impact on the Company's consolidated balance sheets from the recognition of right of use asset and related liabilities but does not expect it to have a material impact on the consolidated statements of operations. The Company plans to adopt this standard in the first quarter of fiscal 2019, coinciding with the standard’s effective date. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 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 consolidated statement of operations be recognized as income tax benefit or expense in the consolidated statement of operations rather than as additional paid-in capital in the consolidated balance sheet. The guidance also clarifies the classification of components of share-based awards on the consolidated statement of cash flows such that excess income tax benefits should not be presented separately from other income taxes in the consolidated 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 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. The Company plans to adopt this standard in the first quarter of fiscal 2017. The Company expects this standard will result in a decrease or increase to the effective tax rate, net income, and earnings per share based upon the new requirement to recognize the excess income tax benefits or deficiencies in the consolidated statements of operations and change the earnings per share calculation to exclude excess tax benefits previously assumed under the treasury stock method. No changes will be required related to the classification of employee taxes paid for withheld shares in the Company's consolidated statements of cash flows since the Company has historically classified these within financing cash flows. |
Income Per Common Share
Income Per Common Share | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | Income Per Common Share Basic income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of exercise of stock options as well as assumed lapse of restrictions on restricted stock awards and shares currently available for purchase under the Company's Employee Stock Purchase Plan, using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares for diluted income per common share purposes and the dilutive impact, if any, is not included in the weighted-average shares until the performance conditions are met. The two-class method is used to calculate basic and diluted income per common share for the applicable periods since certain of the Company's restricted stock 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 fiscal 2014 . As of January 31, 2015, the Company no longer has 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): Fiscal Year 2016 2015 2014 Numerator: Net income $ 71,840 $ 57,680 $ 48,024 Net income attributable to participating securities — — (20 ) Net income attributable to common shareholders $ 71,840 $ 57,680 $ 48,004 Denominator: Weighted average common shares outstanding - basic 54,845,708 54,513,622 54,219,801 Dilutive impact of options, restricted stock units, and employee stock purchase plan 283,162 279,679 354,054 Weighted average common shares outstanding - diluted 55,128,870 54,793,301 54,573,855 Per common share: Basic income per common share $ 1.31 $ 1.06 $ 0.89 Diluted income per common share $ 1.30 $ 1.05 $ 0.88 For fiscal 2014 , $20.0 thousand of net income was attributable to participating securities, as the two-class method was more dilutive, and the remainder was attributable to common shareholders. The effects of the assumed exercise of stock options outstanding as of January 28, 2017 , January 30, 2016 and January 31, 2015 for 164,440 , 710,153 and 593,773 shares of common stock, respectively, were excluded from the fiscal 2016 , fiscal 2015 and fiscal 2014 calculation of diluted income per common share as their impact would have been anti-dilutive. The effects of non-vested restricted stock units outstanding as of January 28, 2017 , January 30, 2016 and January 31, 2015 for 3,600 , 6,500 and 3,930 shares of common stock, respectively, were excluded from the fiscal 2016 , fiscal 2015 and fiscal 2014 calculation of diluted income per common 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. |
Term Loan and Line of Credit
Term Loan and Line of Credit | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Term Loan and Line of Credit | and Line of Credit On May 16, 2012, the Company entered into a $100.0 million term loan facility with Goldman Sachs Bank USA as administrative agent for a syndicate of lenders (the “Term Loan Facility”). The Company used the net proceeds from the Term Loan Facility and cash on hand to pay a dividend on all outstanding shares of the Company's common stock and preferred stock totaling $99.5 million . In July 2012, the Company repaid $65.3 million of principal on the Term Loan Facility and $0.7 million of interest. In October 2012 and May 2013, the Company repaid $0.3 million and $15.0 million , respectively, of principal on the Term Loan Facility. In February 2014, the Company repaid the remaining principal balance outstanding under the Term Loan Facility of $19.5 million . In connection with the $19.5 million of principal repayments on the Term Loan Facility in fiscal 2014 , approximately $0.2 million of the deferred financing costs relating to the Term Loan Facility were written off and included in loss on debt extinguishment in the consolidated statements of operations. Line of Credit In 2006, the Company entered into a Loan and Security Agreement (the "Loan and Security Agreement") with Wells Fargo Bank, National Association that included a revolving line of credit with advances tied to a borrowing base. The Loan and Security Agreement was amended and/or restated several times, (as amended and restated, the "Revolving Credit Facility"). The Revolving Credit Facility allows maximum borrowings of $20.0 million with advances tied to a borrowing base and expires on the earliest to occur of (i) May 16, 2017 or (ii) upon the occurrence of an event of default. The Revolving Credit Facility may be increased to $30.0 million upon certain conditions. The Revolving Credit Facility includes a $5.0 million sub-limit for the issuance of letters of credit. The borrowing base is 90% of eligible credit card receivables plus 90% of the net recovery percentage of eligible inventory less established reserves. The Revolving Credit Facility provides for interest on borrowings, at the Company's option, at (a) a prime rate plus a margin of (i) 0.75% if excess availability is greater than or equal to 75% , (ii) 1.0% if excess availability is less than 75% but greater than or equal to 33% or (iii) 1.25% if excess availability is less than 33% or (b) a LIBOR-based rate plus a margin of (i) 1.75% if excess availability is greater than or equal to 75% , (ii) 2.00% if excess availability is less than 75% but greater than or equal to 33% or (iii) 2.25% if excess availability is less than 33% . The Revolving Credit Facility further provides for a letter of credit fee equal to the LIBOR-based rate plus (i) 1.75% if excess availability is greater than or equal to 75% , (ii) 2.00% if excess availability is less than 75% but greater than or equal to 33% or (iii) 2.25% if excess availability is less than 33% . The Revolving Credit Facility also contains an unused credit facility fee of 0.375% per annum and is subject to a servicing fee of approximately $12.0 thousand per year. The Revolving Credit Facility includes a covenant which requires the Company to maintain minimum excess collateral availability of no less than the greater of (i) 10% of the then effective maximum credit and (ii) $3.0 million . The Revolving Credit Facility also includes customary negative and affirmative covenants including, among others, limitations on the Company's ability to (i) incur additional debt; (ii) create liens; (iii) make certain investments, loans and advances; (iv) sell assets; (v) pay dividends or make distributions or other restricted payments; (vi) engage in mergers or consolidations; or (vii) change the Company's business. Additionally, the Revolving Credit Facility is subject to payment upon the receipt of certain proceeds, including those from the sale of certain assets, and is subject to an increase in the interest rate on borrowings and the letter of credit fee of 2.0% upon an event of default. Amounts under the Revolving Credit Facility may become due upon certain events of default including, among others, failure to comply with the Revolving Credit Facility’s covenants, bankruptcy, default on certain other indebtedness or a change in control. During fiscal 2016 and fiscal 2015 , the Company had no borrowings or interest expense under the Revolving Credit Facility. During fiscal 2014 , the Company borrowed approximately $7.0 million under our Revolving Credit Facility during the fourth quarter, which was repaid before the end of the quarter and incurred minimal interest. As of January 28, 2017 , the Company had approximately $20.0 million available on the line of credit of which $19.7 million was available and $0.3 million was issued on an outstanding letter of credit obligation. As of January 30, 2016 and January 31, 2015 , the Company had approximately $20.0 million available on the line of credit. All obligations under the Revolving Credit Facility are secured by substantially all of the Company's assets and are guaranteed by the Subsidiary. As of January 28, 2017 and January 30, 2016 , the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2017 | |
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 payments for increases in future operating costs. Many of the Company’s leases provide for one or more renewal options for periods of five years. As of January 28, 2017 , 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 . The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of January 28, 2017 , are as follows (in thousands): Fiscal Year Retail stores Corporate office and distribution centers Total 2017 $ 89,944 $ 6,651 $ 96,595 2018 92,768 9,507 102,275 2019 91,852 10,742 102,594 2020 88,881 11,348 100,229 2021 82,485 11,547 94,032 Thereafter 260,081 57,485 317,566 $ 706,011 $ 107,280 $ 813,291 Rent expense, including base and contingent rent under operating leases, was $78.5 million , $66.0 million and $53.6 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively. Contingent rents were $0.5 million , $0.6 million and $0.5 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively. From January 29, 2017 to March 23, 2017 , the Company committed to 17 new store leases with terms of 10 to 15 years that have future minimum lease payments of approximately $34.6 million . Other contractual commitments The Company has an executive severance plan that is applicable to certain key employees that provide for, among other things, salary, bonus, severance, and change-in-control provisions. The severance and change of control provisions under these agreements provide for additional payments upon employee separation of up to approximately $6.5 million . As of January 28, 2017 , the Company has other purchase commitments of approximately $4.6 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 28, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity As of January 28, 2017 , the Company is authorized to issue 120,000,000 shares of $0.01 par value common stock and 5,000,000 shares of $0.01 par value preferred stock. The holders of the common stock are entitled to one vote per share of common stock and are entitled to receive dividends if declared by the board of directors. The preferred stock may be issued from time to time in series as designated by the board of directors. The designations, powers, preferences, voting rights, privileges, options, conversion rights, and other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof shall be designated by the board of directors. Common Stock The Company and certain of its pre-IPO shareholders are parties to an Amended and Restated Investor Rights Agreement, which provides for, among other things, certain registration rights, requiring the Company to register shares of our common stock held by such shareholders in the event the Company registers for sale, either for the Company’s own account or for the account of others, shares of the Company’s common stock in certain offerings. The Five Below, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”) is intended to be qualified as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986. The number of shares of common stock reserved for issuance, which is subject to other limitations, is 500,000 shares. The ESPP allows eligible employees the opportunity to purchase, subject to limitations, shares of the Company’s common stock through payroll deductions at a discount of 10% of the fair market value of such shares on the purchase date. In fiscal 2016, the Company issued 5,087 shares of common stock under the ESPP resulting in proceeds of $0.2 million and recorded share-based compensation expense of $19.0 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2015, the Company issued 5,018 shares of common stock under the ESPP resulting in proceeds of $0.2 million and recorded share-based compensation expense of $16.5 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2014, the Company issued 4,345 shares of common stock under the ESPP resulting in proceeds of $0.2 million and recorded share-based compensation expense of $16.4 thousand in connection with the ESPP related to the amount of the discount. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | hare-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 January 28, 2017 , 3,617,567 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 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 February 1, 2014 1,304,620 $ 20.90 8.5 Granted 253,973 36.18 Forfeited (169,850 ) 31.75 Cancelled (20,000 ) 39.41 Exercised (207,809 ) 7.11 Balance as of January 31, 2015 1,160,934 24.80 8.0 Granted 116,894 28.58 Forfeited (73,790 ) 34.93 Exercised (115,364 ) 7.90 Balance as of January 30, 2016 1,088,674 26.31 7.5 Granted 51,611 39.30 Forfeited (47,881 ) 36.18 Exercised (225,767 ) 14.55 Balance as of January 28, 2017 866,637 29.60 6.7 Exercisable as of January 28, 2017 529,182 $ 26.46 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: Fiscal Year 2016 2015 2014 Expected volatility 47.6 % 47.0 % 47.9 % Risk-free interest rate 1.6 % 1.8 % 1.9 % Expected life of options 6.4 years 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 to employees in fiscal 2016 , fiscal 2015 and fiscal 2014 was $18.89 , $13.67 and $17.59 , respectively. The total intrinsic value of stock options exercised during fiscal 2016 , fiscal 2015 and fiscal 2014 was $6.4 million , $3.2 million and $7.0 million , respectively. The aggregate intrinsic value of stock options exercisable and stock options outstanding as of January 28, 2017 was $6.2 million and $7.5 million , respectively. In fiscal 2016 , fiscal 2015 and fiscal 2014 , the Company received cash from the exercise of options of $3.3 million , $0.9 million , $1.5 million , respectively, and excess tax benefits from option exercises and restricted stock of $1.6 million , $0.6 million and $2.0 million , respectively. Upon option exercise, the Company issued new shares of common stock. 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 having 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 under the Plan was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of February 1, 2014 — $ — — $ — Granted 175,772 35.84 396,055 38.20 Vested (22,286 ) 34.40 — — Forfeited (5,716 ) 38.52 (3,874 ) 38.71 Non-vested balance as of January 31, 2015 147,770 35.95 392,181 38.20 Granted 115,248 30.62 85,282 28.58 Vested (44,574 ) 34.40 — — Forfeited (6,762 ) 33.01 — — Non-vested balance as of January 30, 2016 211,682 33.47 477,463 36.48 Granted 127,787 41.33 127,160 39.22 Vested (46,168 ) 37.95 (77,260 ) 38.83 Forfeited (18,125 ) 34.84 (22,807 ) 34.20 Non-vested balance as of January 28, 2017 275,176 $ 36.27 504,556 $ 36.91 In connection with the vesting of RSU's and PSU's during fiscal 2016 , the Company withheld 46,750 shares with an aggregate value of $1.9 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSU's during fiscal 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. In connection with the vesting of RSU's during fiscal 2014 , the Company withheld 9,173 shares with an aggregate value of $0.3 million in satisfaction of minimum tax withholding obligations due upon vesting. As of January 28, 2017 , there was $18.6 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 2.2 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. As of January 28, 2017 , no valuation allowance has been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all deferred tax assets as of January 28, 2017 . The components of the income tax expense are as follows (in thousands): Fiscal Year 2016 2015 2014 Current: Federal $ 40,053 $ 30,976 $ 28,480 State 4,900 4,626 3,218 44,953 35,602 31,698 Deferred: Federal (1,772 ) 349 (2,544 ) State (760 ) (975 ) (519 ) (2,532 ) (626 ) (3,063 ) Income tax expense $ 42,421 $ 34,976 $ 28,635 The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year 2016 2015 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 2.6 2.2 Other (0.3 ) 0.1 0.2 37.1 % 37.7 % 37.4 % The effective tax rate for fiscal 2016 compared to fiscal 2015 was primarily impacted by discrete items. The effective tax rate for fiscal 2015 compared to fiscal 2014 was primarily impacted by discrete items and changes in the pre-tax income across state jurisdictions. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): January 28, 2017 January 30, 2016 Deferred tax assets: Inventories $ 10,223 $ 9,082 Deferred revenue 416 297 Accrued bonus 2,465 1,820 Deferred rent 22,753 19,733 Other 6,999 5,522 Deferred tax assets 42,856 36,454 Deferred tax liabilities: Property and equipment (30,349 ) (26,780 ) Other (1,468 ) (1,167 ) Deferred tax liabilities (31,817 ) (27,947 ) $ 11,039 $ 8,507 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 January 28, 2017 and January 30, 2016 , and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2016 , fiscal 2015 , or fiscal 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. 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 three to four years depending on the state. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jan. 28, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company has a 401(k) Retirement Savings Plan and employees can contribute up to the maximum amount allowed under law. The Company may make discretionary matching and profit sharing contributions, which vest over a period of five years from each employee’s commencement of employment with the Company. During fiscal 2016 , fiscal 2015 and fiscal 2014 , the Company made matching contributions of $0.5 million , $0.4 million and $0.3 million , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company evaluates performance internally and manages the business on the basis of one operating segment; therefore, it has only one reportable segment. All of the Company’s identifiable assets are located in the United States. Set forth below is data for the following groups of products: leisure, fashion and home, and party and snack. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: Percentage of Net Sales Fiscal Year 2016 2015 2014 Leisure 50.0 % 50.8 % 51.0 % Fashion and home 31.2 % 29.7 % 29.3 % Party and snack 18.8 % 19.5 % 19.7 % Total 100.0 % 100.0 % 100.0 % Leisure includes items such as sporting goods, games, toys, tech, books, electronic accessories, and arts and crafts. Fashion and home includes items such as personal accessories, “attitude” t-shirts, beauty offerings, home goods and storage options. Party and snack includes items such as party and seasonal goods, greeting cards, candy and other snacks, and beverages. |
Quarterly Results of Operations
Quarterly Results of Operations and Seasonality (Unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations and Seasonality | Quarterly Results of Operations and Seasonality (Unaudited) Quarterly financial results for fiscal 2016 and fiscal 2015 were as follows: (in thousands except for per share data). Fiscal Year 2016 (1) Fiscal Year 2015 (1) Fourth Third Second First Fourth Third Second First Net sales $ 388,090 $ 199,475 $ 220,130 $ 192,715 $ 326,351 $ 169,685 $ 182,191 $ 153,727 Gross profit $ 159,417 $ 64,003 $ 73,350 $ 60,267 $ 132,182 $ 52,765 $ 59,826 $ 47,161 Net income $ 49,788 $ 5,447 $ 9,847 $ 6,758 $ 42,004 $ 4,337 $ 7,061 $ 4,278 Basic income per common share $ 0.91 $ 0.10 $ 0.18 $ 0.12 $ 0.77 $ 0.08 $ 0.13 $ 0.08 Diluted income per common share $ 0.90 $ 0.10 $ 0.18 $ 0.12 $ 0.77 $ 0.08 $ 0.13 $ 0.08 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding. The Company's business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the fourth quarter holiday season and, therefore, operating results for any fiscal quarter are not necessarily indicative of results for the full fiscal year. To prepare for the holiday season, the Company must order and keep in stock more merchandise than it carries during other parts of the year. The Company expects inventory levels, along with an increase in accounts payable and accrued expenses, generally to reach their highest levels in the third and fourth fiscal quarters in anticipation of the increased net sales during the year-end holiday season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the fiscal year. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Description of Business | Description 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 January 28, 2017 , operated in 31 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, Oklahoma and Minnesota. As of January 28, 2017 and January 30, 2016 , the Company operated 522 stores and 437 stores, respectively, each operating under the name “Five Below.” In August 2016, we commenced selling merchandise on the internet, through our fivebelow.com e-commerce website. The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiary (Five Below Merchandising, Inc.). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiary's financial statements. |
Fiscal Year | Fiscal Year The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2016" or "fiscal 2016" refer to the period from January 31, 2016 to January 28, 2016 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of credit and debit card receivables, money market funds, certificates of deposit, corporate bonds and municipal bonds, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $4.3 million and $3.9 million as of January 28, 2017 and January 30, 2016 , respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of January 28, 2017 and January 30, 2016 , the Company had cash equivalents of $36.3 million and $22.6 million , respectively. |
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 under a line of credit (as defined in note 3). The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings under the line of credit approximates their 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 municipal bonds are level 2. The fair market values of level 2 investments 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. |
Inventories | Inventories Inventories consist of finished goods purchased for resale, including freight, and are stated at the lower of cost or market value, at the individual product level. Cost is determined on a weighted average cost method which approximates a FIFO (first-in, first-out) basis due to the nature of the Company's inventory. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally 10 years. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $26.6 million , $22.2 million and $17.2 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Based on its Company's most recent analysis, management believes that no impairment of long-lived assets exists as of January 28, 2017 . |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized to interest expense over the term of the related credit agreement. |
Leases and Deferred Rent | Leases The Company leases store locations, distribution centers, and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a capital lease are included in property and equipment, net. As of January 28, 2017 and January 30, 2016 , the Company had no material capital leases. Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. The current corporate headquarters is leased under a lease agreement expiring in 2022, with options to renew for two successive five-year periods. In September 2016, the Company signed a 15 year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company expects to initially occupy approximately 110,000 square feet of office space in early 2018 and expects to expand into approximately 20,000 square feet of additional office space by no later than 2023. The lease agreement expires in early 2033 with three successive options to renew for additional term up to approximately fifteen years. The distribution center in Olive Branch, Mississippi is leased under a lease agreement expiring in 2022 with options to renew for three successive five-year periods. The distribution center in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five -year extension, resulting in a ten -year life. The expected lease term is used to determine whether a lease is capital or operating and to calculate straight-line rent expense. Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. Deferred Rent and Other Certain of the Company’s operating leases contain either rent holidays and/or predetermined fixed escalations of minimum rental payments during the original and/or extended lease terms. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The life of the lease is the initial term plus assumed extensions. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rents. Such increases in rent expense are recorded in the period in which such contingent increases to the rents take place. |
Share-Based Compensation | Share-Based Compensation The Company measures the cost of employee services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. Incremental compensation costs arising from subsequent modifications of awards after the grant date must also be recognized. The Company recognizes compensation expense based on the estimated grant date fair value of restricted stock awards, and using the Black-Scholes option-pricing model for grants of stock options which are both recorded on a straight-line basis over the vesting period for the entire award. Share-based compensation cost recognized and included in expenses for fiscal 2016 , fiscal 2015 and fiscal 2014 , was $12.0 million , $11.2 million and $5.9 million , respectively. |
Revenue Recognition | Revenue Recognition Revenue is recognized at the point of sale. Returns are accepted under certain conditions within 14 days of purchase. Returns subsequent to the period end are immaterial; accordingly, no reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise. Sales tax collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, excluded from sales in the accompanying consolidated statements of operations. |
Shipping and Handling Revenues and Costs | Shipping and Handling Revenues and Costs The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include third-party fulfillment and shipping costs related to the Company's e-commerce operations. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's distribution centers and between store locations. Buying costs include compensation expense for the Company's internal buying organization. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. |
Vendor Allowances | Vendor Allowances The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recorded in cost of goods and recognized in the period the related merchandise is sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. |
Store Pre-Opening Costs | Store Pre-Opening Costs Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. |
Advertising Costs | Advertising Costs Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $27.4 million , $22.2 million and $19.3 million in fiscal 2016 , fiscal 2015 and fiscal 2014 , respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for inventories, income taxes and share-based compensation expense. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date." ASU 2015-14 deferred the effective date of ASU 2014-09 to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods. In the first six months of fiscal 2016, the FASB issued guidance clarifying the interpretation of certain principles of ASU 2014-09. The Company may use either a full retrospective approach or a modified retrospective approach to adopt ASU 2014-09. While the Company is still evaluating this standard, it is not expected that this standard will have a material impact on the Company’s consolidated financial statements. 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 a liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The standard requires use of the modified retrospective transition approach. While the Company is still evaluating this standard, given the significant amount of leases the Company is party to, the Company expects this standard will have a material impact on the Company's consolidated balance sheets from the recognition of right of use asset and related liabilities but does not expect it to have a material impact on the consolidated statements of operations. The Company plans to adopt this standard in the first quarter of fiscal 2019, coinciding with the standard’s effective date. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 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 consolidated statement of operations be recognized as income tax benefit or expense in the consolidated statement of operations rather than as additional paid-in capital in the consolidated balance sheet. The guidance also clarifies the classification of components of share-based awards on the consolidated statement of cash flows such that excess income tax benefits should not be presented separately from other income taxes in the consolidated 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 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. The Company plans to adopt this standard in the first quarter of fiscal 2017. The Company expects this standard will result in a decrease or increase to the effective tax rate, net income, and earnings per share based upon the new requirement to recognize the excess income tax benefits or deficiencies in the consolidated statements of operations and change the earnings per share calculation to exclude excess tax benefits previously assumed under the treasury stock method. No changes will be required related to the classification of employee taxes paid for withheld shares in the Company's consolidated statements of cash flows since the Company has historically classified these within financing cash flows. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Held-to-maturity Securities | Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of January 28, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 45,558 $ — $ 98 $ 45,460 Municipal bonds 32,233 — 14 32,219 Total $ 77,791 $ — $ 112 $ 77,679 Long-term: Corporate bonds $ 6,265 $ — $ 11 $ 6,254 Municipal bonds 4,249 8 — 4,257 Total $ 10,514 $ 8 $ 11 $ 10,511 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 |
Property and Equipment, Net | Property and equipment, net, consists of the following (in thousands): January 28, 2017 January 30, 2016 Furniture and fixtures $ 96,491 $ 81,418 Leasehold improvements 96,075 80,814 Computers and equipment 36,159 28,358 Construction in process 9,851 3,589 Property and equipment, gross 238,576 194,179 Less: Accumulated depreciation and amortization (100,200 ) (74,395 ) Property and equipment, net $ 138,376 $ 119,784 |
Deferred Rent | The following table summarizes the Company's deferred rent and other long-term liabilities balances (in thousands): January 28, 2017 January 30, 2016 Current: Deferred rent (1) $ 5,519 $ 3,847 Total current liabilities $ 5,519 $ 3,847 Long-term: Deferred rent $ 52,372 $ 46,384 Other 196 233 Total long-term liabilities $ 52,568 $ 46,617 (1) The current portion of deferred rent is included in the other accrued expenses line item in the accompanying consolidated balance sheets. The following table summarizes the Company's deferred rent and other long-term liabilities balances (in thousands): January 28, 2017 January 30, 2016 Current: Deferred rent (1) $ 5,519 $ 3,847 Total current liabilities $ 5,519 $ 3,847 Long-term: Deferred rent $ 52,372 $ 46,384 Other 196 233 Total long-term liabilities $ 52,568 $ 46,617 (1) The current portion of deferred rent is included in the other accrued expenses line item in the accompanying consolidated balance sheets. |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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): Fiscal Year 2016 2015 2014 Numerator: Net income $ 71,840 $ 57,680 $ 48,024 Net income attributable to participating securities — — (20 ) Net income attributable to common shareholders $ 71,840 $ 57,680 $ 48,004 Denominator: Weighted average common shares outstanding - basic 54,845,708 54,513,622 54,219,801 Dilutive impact of options, restricted stock units, and employee stock purchase plan 283,162 279,679 354,054 Weighted average common shares outstanding - diluted 55,128,870 54,793,301 54,573,855 Per common share: Basic income per common share $ 1.31 $ 1.06 $ 0.89 Diluted income per common share $ 1.30 $ 1.05 $ 0.88 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Rental Commitments Under Operating Lease | The Company’s minimum rental commitments under operating lease agreements, including assumed extensions, as of January 28, 2017 , are as follows (in thousands): Fiscal Year Retail stores Corporate office and distribution centers Total 2017 $ 89,944 $ 6,651 $ 96,595 2018 92,768 9,507 102,275 2019 91,852 10,742 102,594 2020 88,881 11,348 100,229 2021 82,485 11,547 94,032 Thereafter 260,081 57,485 317,566 $ 706,011 $ 107,280 $ 813,291 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Stock Option Activity Under Plan | Stock option activity under the Plan was as follows: Options Weighted Weighted Balance as of February 1, 2014 1,304,620 $ 20.90 8.5 Granted 253,973 36.18 Forfeited (169,850 ) 31.75 Cancelled (20,000 ) 39.41 Exercised (207,809 ) 7.11 Balance as of January 31, 2015 1,160,934 24.80 8.0 Granted 116,894 28.58 Forfeited (73,790 ) 34.93 Exercised (115,364 ) 7.90 Balance as of January 30, 2016 1,088,674 26.31 7.5 Granted 51,611 39.30 Forfeited (47,881 ) 36.18 Exercised (225,767 ) 14.55 Balance as of January 28, 2017 866,637 29.60 6.7 Exercisable as of January 28, 2017 529,182 $ 26.46 6.4 |
Schedule Of Fair Value Of Option Award Granted Weighted Average Assumptions | The fair value of each option award granted to employees, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Fiscal Year 2016 2015 2014 Expected volatility 47.6 % 47.0 % 47.9 % Risk-free interest rate 1.6 % 1.8 % 1.9 % Expected life of options 6.4 years 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 under the Plan was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of February 1, 2014 — $ — — $ — Granted 175,772 35.84 396,055 38.20 Vested (22,286 ) 34.40 — — Forfeited (5,716 ) 38.52 (3,874 ) 38.71 Non-vested balance as of January 31, 2015 147,770 35.95 392,181 38.20 Granted 115,248 30.62 85,282 28.58 Vested (44,574 ) 34.40 — — Forfeited (6,762 ) 33.01 — — Non-vested balance as of January 30, 2016 211,682 33.47 477,463 36.48 Granted 127,787 41.33 127,160 39.22 Vested (46,168 ) 37.95 (77,260 ) 38.83 Forfeited (18,125 ) 34.84 (22,807 ) 34.20 Non-vested balance as of January 28, 2017 275,176 $ 36.27 504,556 $ 36.91 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | The components of the income tax expense are as follows (in thousands): Fiscal Year 2016 2015 2014 Current: Federal $ 40,053 $ 30,976 $ 28,480 State 4,900 4,626 3,218 44,953 35,602 31,698 Deferred: Federal (1,772 ) 349 (2,544 ) State (760 ) (975 ) (519 ) (2,532 ) (626 ) (3,063 ) Income tax expense $ 42,421 $ 34,976 $ 28,635 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year 2016 2015 2014 Statutory federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 2.6 2.2 Other (0.3 ) 0.1 0.2 37.1 % 37.7 % 37.4 % |
Significant Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): January 28, 2017 January 30, 2016 Deferred tax assets: Inventories $ 10,223 $ 9,082 Deferred revenue 416 297 Accrued bonus 2,465 1,820 Deferred rent 22,753 19,733 Other 6,999 5,522 Deferred tax assets 42,856 36,454 Deferred tax liabilities: Property and equipment (30,349 ) (26,780 ) Other (1,468 ) (1,167 ) Deferred tax liabilities (31,817 ) (27,947 ) $ 11,039 $ 8,507 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Percentage of Net Sales Represented by Each Product Group | Set forth below is data for the following groups of products: leisure, fashion and home, and party and snack. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: Percentage of Net Sales Fiscal Year 2016 2015 2014 Leisure 50.0 % 50.8 % 51.0 % Fashion and home 31.2 % 29.7 % 29.3 % Party and snack 18.8 % 19.5 % 19.7 % Total 100.0 % 100.0 % 100.0 % |
Quarterly Results of Operatio24
Quarterly Results of Operations and Seasonality (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | Quarterly financial results for fiscal 2016 and fiscal 2015 were as follows: (in thousands except for per share data). Fiscal Year 2016 (1) Fiscal Year 2015 (1) Fourth Third Second First Fourth Third Second First Net sales $ 388,090 $ 199,475 $ 220,130 $ 192,715 $ 326,351 $ 169,685 $ 182,191 $ 153,727 Gross profit $ 159,417 $ 64,003 $ 73,350 $ 60,267 $ 132,182 $ 52,765 $ 59,826 $ 47,161 Net income $ 49,788 $ 5,447 $ 9,847 $ 6,758 $ 42,004 $ 4,337 $ 7,061 $ 4,278 Basic income per common share $ 0.91 $ 0.10 $ 0.18 $ 0.12 $ 0.77 $ 0.08 $ 0.13 $ 0.08 Diluted income per common share $ 0.90 $ 0.10 $ 0.18 $ 0.12 $ 0.77 $ 0.08 $ 0.13 $ 0.08 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Description of Business) (Details) | Jan. 28, 2017USD ($)Stores | Jan. 30, 2016Stores |
Accounting Policies [Abstract] | ||
Products offering price, maximum price | $ | $ 5 | |
Number of States in which Entity Operates | 31 | |
Number of operated stores | Stores | 522 | 437 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Fiscal Year) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Fiscal year period | 364 days | 364 days | 364 days |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Significant Accounting Policies [Line Items] | ||
Cash Equivalents | $ 36.3 | $ 22.6 |
Cash and Cash Equivalents [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash Equivalents | $ 4.3 | $ 3.9 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debit and credit card transaction processing period (hours) | 24 hours | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debit and credit card transaction processing period (hours) | 48 hours |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) | Jan. 28, 2017 | Jan. 30, 2016 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 46,000 | $ 37,127,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 29,000 |
Held-to-maturity Securities, Fair Value | 45,000 | 37,098,000 |
Corporate Bond Securities [Member] | Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 6,265 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Held-to-maturity Securities, Fair Value | 6,000 | |
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 | 6,916,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 6,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Held-to-maturity Securities, Fair Value | 6,923,000 | |
Municipal Bonds [Member] | ||
Significant Accounting Policies [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 78,000 | 46,335,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 6,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 29,000 |
Held-to-maturity Securities, Fair Value | 78,000 | 46,312,000 |
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 | 32,000 | 2,291,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 32,000 | $ 2,291,000 |
Municipal Bonds [Member] | Other Long-term Investments [Member] | ||
Significant Accounting Policies [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 11,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Held-to-maturity Securities, Fair Value | 11,000 | |
Municipal Bonds [Member] | Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 4,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Held-to-maturity Securities, Fair Value | $ 4,000 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 26,631 | $ 22,227 | $ 17,202 |
Property and equipment, gross | 238,576 | 194,179 | |
Less: Accumulated depreciation and amortization | (100,200) | (74,395) | |
Property and equipment, net | 138,376 | 119,784 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 96,491 | 81,418 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Property and equipment, gross | $ 96,075 | 80,814 | |
Computer and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 36,159 | 28,358 | |
Construction in process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 9,851 | $ 3,589 | |
Minimum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($) | May 13, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | May 16, 2012 |
Debt Instrument [Line Items] | |||||||
Amortization of deferred financing costs | $ 27,000 | $ 27,000 | $ 25,000 | ||||
Repayment of Term Loan Facility | 0 | 0 | 19,500,000 | ||||
Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing under term loan facility | $ 100,000,000 | ||||||
Repayment of Term Loan Facility | $ 15,000,000 | $ 300,000 | $ 65,300,000 | 19,500,000 | |||
Write off of deferred debt issuance cost | $ 200,000 | ||||||
Deferred Finance Costs, Net | $ 7,900 | $ 34,800 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Leases) (Details) | 12 Months Ended |
Jan. 28, 2017period | |
Accounting Policies [Abstract] | |
Operating lease period (years) | 10 years |
Lease renewal period, minimum (years) | 5 years |
Number of lease extension periods | 1 |
Operating lease agreement extension term (years) | 10 years |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Deferred Rent) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | |
Current: | |||
Deferred rent | [1] | $ 5,519 | $ 3,847 |
Total current liabilities | 5,519 | 3,847 | |
Long-term: | |||
Deferred rent | 52,372 | 46,384 | |
Other | 196 | 233 | |
Total long-term liabilities | $ 52,568 | $ 46,617 | |
[1] | The current portion of deferred rent is included in the other accrued expenses line item in the accompanying consolidated balance sheets. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Share-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Compensation expense | $ 12 | $ 11.2 | $ 5.9 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Revenue Recognition) (Details) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Period of sales return acceptance | 14 days |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Store Pre-Opening Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Pre-opening costs | $ 5.1 | $ 4.9 | $ 4.6 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 27.4 | $ 22.2 | $ 19.3 |
Income Per Common Share (Comput
Income Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Numerator: | |||||||||||
Net income | $ 49,788,000 | $ 5,447,000 | $ 9,847,000 | $ 6,758,000 | $ 42,004,000 | $ 4,337,000 | $ 7,061,000 | $ 4,278,000 | $ 71,840,000 | $ 57,680,000 | $ 48,024,000 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | 0 | 0 | 20,000 | ||||||||
Net income attributable to common shareholders | $ 71,840,000 | $ 57,680,000 | $ 48,004,000 | ||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding - basic (shares) | 54,845,708 | 54,513,622 | 54,219,801 | ||||||||
Dilutive impact of options and warrants (shares) | 283,162 | 279,679 | 354,054 | ||||||||
Weighted average common share outstanding - diluted (shares) | 55,128,870 | 54,793,301 | 54,573,855 | ||||||||
Per common share: | |||||||||||
Basic income (loss) per common share (dollars per share) | $ 0.91 | $ 0.10 | $ 0.18 | $ 0.12 | $ 0.77 | $ 0.08 | $ 0.13 | $ 0.08 | $ 1.31 | $ 1.06 | $ 0.89 |
Diluted income (loss) per common share (dollars per share) | $ 0.90 | $ 0.10 | $ 0.18 | $ 0.12 | $ 0.77 | $ 0.08 | $ 0.13 | $ 0.08 | $ 1.30 | $ 1.05 | $ 0.88 |
Income Per Common Share (Narrat
Income Per Common Share (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | $ 0 | $ 0 | $ 20,000 |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock not included in the computations of diluted earnings per share (in shares) | 164,440 | 710,153 | 593,773 |
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 (in shares) | 3,600 | ||
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock not included in the computations of diluted earnings per share (in shares) | 6,500 | 3,930 |
Term Loan and Line of Credit (F
Term Loan and Line of Credit (Financing Transactions) (Details) - USD ($) | May 13, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | May 16, 2012 |
Debt Instrument [Line Items] | |||||||
Dividends | $ 99,451,000 | ||||||
Repayment of Term Loan Facility | $ 0 | $ 0 | 19,500,000 | ||||
Term Loan Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing under term loan facility | $ 100,000,000 | ||||||
Repayment of Term Loan Facility | $ 15,000,000 | $ 300,000 | $ 65,300,000 | 19,500,000 | |||
Interest expense | $ 700,000 | ||||||
Write off of deferred debt issuance cost | $ 200,000 |
Term Loan and Line of Credit (L
Term Loan and Line of Credit (Line of Credit) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 31, 2015 | Jan. 30, 2016 | |
Debt Instrument [Line Items] | |||
Servicing Fee | $ 12,000 | ||
Line of Credit Borrowed and Repaid During Period | $ 7,000,000 | ||
Letters of Credit Outstanding, Borrowing Capacity | 19,700,000 | ||
Letters of Credit Outstanding, Amount | 300,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowings | 20,000,000 | $ 20,000,000 | |
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% | ||
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% | ||
Borrowing Capacity Increase Under Certain Conditions [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowings | $ 30,000,000 |
Commitments and Contingencies41
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 23, 2017USD ($)lease | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Commitments and Contingencies [Line Items] | ||||
Lease renewal period, minimum (years) | 5 years | |||
Operating lease agreement extension term (years) | 10 years | |||
Operating lease agreement expiration period | 2,031 | |||
Rent expense | $ 78,500 | $ 66,000 | $ 53,600 | |
Contingent rents | 500 | $ 600 | $ 500 | |
Operating Leases, Future Minimum Payments Due | 813,291 | |||
Purchase commitments | 4,600 | |||
Key Employees [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Maximum additional payments upon employee separation | $ 6,500 | |||
Subsequent Event [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Operating lease agreement extension term (years) | 15 years | |||
Number Of Leases | lease | 17 | |||
Average Lease Term Period | 10 years | |||
Operating Leases, Future Minimum Payments Due | $ 34,600 |
Commitments and Contingencies42
Commitments and Contingencies (Minimum Rental Commitments Under Operating Lease) (Details) $ in Thousands | Jan. 28, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 96,595 |
2,018 | 102,275 |
2,019 | 102,594 |
2,020 | 100,229 |
2,021 | 94,032 |
Thereafter | 317,566 |
Total minimum rental commitments under operating lease agreements | 813,291 |
Retail Stores [Member] | |
Operating Leased Assets [Line Items] | |
2,017 | 89,944 |
2,018 | 92,768 |
2,019 | 91,852 |
2,020 | 88,881 |
2,021 | 82,485 |
Thereafter | 260,081 |
Total minimum rental commitments under operating lease agreements | 706,011 |
Corporate Office And Distribution Centers [Member] | |
Operating Leased Assets [Line Items] | |
2,017 | 6,651 |
2,018 | 9,507 |
2,019 | 10,742 |
2,020 | 11,348 |
2,021 | 11,547 |
Thereafter | 57,485 |
Total minimum rental commitments under operating lease agreements | $ 107,280 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | Jan. 28, 2017vote$ / sharesshares | Jan. 30, 2016$ / sharesshares |
Equity [Abstract] | ||
Common stock, shares authorized | shares | 120,000,000 | 120,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | shares | 5,000,000 | |
Preferred stock, par value | $ / shares | $ 0.01 | |
Voting right per common stock share (vote) | vote | 1 |
Shareholders' Equity (Common St
Shareholders' Equity (Common Stock) (Details) - USD ($) | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Sep. 27, 2012 | |
Class of Stock [Line Items] | ||||
Number of shares of common stock reserved for issuance (shares) | 500,000 | |||
Discount on common stock fair value for employee purchases (percent) | 10.00% | |||
Percentage of shares vested (percent) | 33.00% | 33.00% | 33.00% | |
Compensation expense | $ 12,000,000 | $ 11,200,000 | $ 5,900,000 | |
Employee stock purchase plan [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 5,087 | 5,018 | 4,345 | |
Compensation expense | $ 19,000 | $ 16,500 | $ 16,400 | |
Proceeds from Issuance of Common Stock | $ 200,000 | $ 200,000 | $ 200,000 |
Share-Based Compensation (2002
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - 2002 Equity Incentive Plan [Member] - shares | Jan. 28, 2017 | 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) | 3,617,567 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - $ / shares | 12 Months Ended | ||||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | ||
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] | 1,088,674 | 1,160,934 | 1,304,620 | |
Options outstanding, Granted (shares) | 51,611 | 116,894 | 253,973 | ||
Options outstanding, Forfeited (shares) | (47,881) | (73,790) | (169,850) | ||
Options outstanding, Cancelled (shares) | (20,000) | ||||
Options outstanding, Exercised (shares) | (225,767) | (115,364) | (207,809) | ||
Options outstanding, Balance (shares) | [1] | 866,637 | 1,088,674 | 1,160,934 | 1,304,620 |
Options outstanding, Exercisable (shares) | 529,182 | ||||
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) | [1] | $ 26.31 | $ 24.80 | $ 20.90 | |
Weighted average exercise price, Granted (dollars per share) | 39.30 | 28.58 | 36.18 | ||
Weighted average exercise price, Forfeited (dollars per share) | 36.18 | 34.93 | 31.75 | ||
Weighted average exercise price, Cancelled (dollars per share) | 39.41 | ||||
Weighted average exercise price, Exercised (dollars per share) | 14.55 | 7.90 | 7.11 | ||
Weighted average exercise price, Balance (dollars per share) | [1] | 29.60 | $ 26.31 | $ 24.80 | $ 20.90 |
Weighted average exercise price, Exercisable (dollars per share) | $ 26.46 | ||||
Weighted average remaining contractual term | [1] | 6 years 8 months | 7 years 6 months | 8 years | 8 years 6 months 1 day |
Weighted average remaining contractual term, Exercisable | 6 years 5 months | ||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmNmNDIwNDlkOTQ3MzRkN2U4NDcxZDVlZGRhMmZhYWUwfFRleHRTZWxlY3Rpb246QkJBOEFGMTUxNjI4NTQ0MUJCQkE1QkY5QTYwRjAwMDYM} |
Share-Based Compensation (Stock
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Expected volatility | 47.60% | 47.00% | 47.90% |
Risk-free interest rate | 1.60% | 1.80% | 1.90% |
Expected life of options | 6 years 4 months 20 days | 6 years 4 months 20 days | 6 years 4 months 20 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average grant-date fair value of stock options granted (dollars per share) | $ 18.89 | $ 13.67 | $ 17.59 |
Total intrinsic value of stock options exercised | $ 6,400,000 | $ 3,200,000 | $ 7,000,000 |
Share Based Compensation, Stock Options Exercisable and Outstanding Intrinsic Value | 6,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7,500,000 | ||
Proceeds from Stock Options Exercised | 3,289,000 | 912,000 | 1,481,000 |
Excess tax benefit related to exercises of stock options, vesting of restricted stock units, and vesting of performance-based restricted stock units | $ 1,555,000 | $ 608,000 | $ 2,049,000 |
Share-Based Compensation (Activ
Share-Based Compensation (Activity Related to Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased and Retired During Period, Value | $ 1,904 | $ 322 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 314 | |||
Unrecognized compensation costs related to non-vested share-based compensation | $ 18,600 | |||
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) | 2 years 2 months | |||
Additional Paid-in Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased and Retired During Period, Value | $ 1,904 | $ 322 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 314 | |||
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 | 275,176 | 211,682 | 147,770 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 127,787 | 115,248 | 175,772 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (46,168) | (44,574) | (22,286) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (18,125) | (6,762) | (5,716) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.27 | $ 33.47 | $ 35.95 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 41.33 | 30.62 | 35.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 37.95 | 34.40 | 34.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.84 | $ 33.01 | $ 38.52 | |
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 | 504,556 | 477,463 | 392,181 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 127,160 | 85,282 | 396,055 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (77,260) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (22,807) | 0 | (3,874) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 36.91 | $ 36.48 | $ 38.20 | $ 0 |
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 | 28.58 | 38.20 | |
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 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.20 | $ 0 | $ 38.71 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current: | |||
Federal | $ 40,053 | $ 30,976 | $ 28,480 |
State | 4,900 | 4,626 | 3,218 |
Current income tax expense (benefit) | 44,953 | 35,602 | 31,698 |
Deferred: | |||
Federal | (1,772) | 349 | (2,544) |
State | (760) | (975) | (519) |
Deferred income tax expense (benefit) | (2,532) | (626) | (3,063) |
Income tax expense | $ 42,421 | $ 34,976 | $ 28,635 |
Income Taxes (Schedule Of Inc50
Income Taxes (Schedule Of Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.40% | 2.60% | 2.20% |
Other | (0.30%) | 0.10% | 0.20% |
Effective tax rate | 37.10% | 37.70% | 37.40% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Deferred tax assets: | ||
Inventories | $ 10,223 | $ 9,082 |
Deferred revenue | 416 | 297 |
Accrued bonus | 2,465 | 1,820 |
Deferred rent | 22,753 | 19,733 |
Other | 6,999 | 5,522 |
Deferred tax assets | 42,856 | 36,454 |
Deferred tax liabilities: | ||
Property and equipment | (30,349) | (26,780) |
Other | (1,468) | (1,167) |
Deferred tax liabilities | (31,817) | (27,947) |
Deferred tax assets (liabilities) | $ 11,039 | $ 8,507 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Jan. 28, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Accrual for uncertain tax, interest or penalties | $ 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 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discretionary matching and profit sharing contributions, vesting period | 5 years | ||
Employer discretionary contribution amount | $ 500,000 | $ 363,800 | $ 309,700 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Jan. 28, 2017segment | |
Segment Reporting [Abstract] | |
Operating segment | 1 |
Reportable segment | 1 |
Segment Reporting (Percentage o
Segment Reporting (Percentage of Net Sales Represented by Each Product Group) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 100.00% | 100.00% | 100.00% |
Leisure [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 50.00% | 50.80% | 51.00% |
Fashion and home [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 31.20% | 29.70% | 29.30% |
Party and snack [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 18.80% | 19.50% | 19.70% |
Quarterly Results of Operatio56
Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 388,090 | $ 199,475 | $ 220,130 | $ 192,715 | $ 326,351 | $ 169,685 | $ 182,191 | $ 153,727 | $ 1,000,410 | $ 831,954 | $ 680,218 |
Gross profit | 159,417 | 64,003 | 73,350 | 60,267 | 132,182 | 52,765 | 59,826 | 47,161 | 357,037 | 291,934 | 237,791 |
Net income | $ 49,788 | $ 5,447 | $ 9,847 | $ 6,758 | $ 42,004 | $ 4,337 | $ 7,061 | $ 4,278 | $ 71,840 | $ 57,680 | $ 48,024 |
Basic (loss) income per common share (dollars per share) | $ 0.91 | $ 0.10 | $ 0.18 | $ 0.12 | $ 0.77 | $ 0.08 | $ 0.13 | $ 0.08 | $ 1.31 | $ 1.06 | $ 0.89 |
Diluted (loss) income per common share (dollars per share) | $ 0.90 | $ 0.10 | $ 0.18 | $ 0.12 | $ 0.77 | $ 0.08 | $ 0.13 | $ 0.08 | $ 1.30 | $ 1.05 | $ 0.88 |