Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Nov. 29, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'New York & Company, Inc. | ' |
Entity Central Index Key | '0001211351 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 2-Nov-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 63,694,902 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Consolidated Statements of Operations | ' | ' | ' | ' |
Net sales | $217,626 | $219,250 | $668,159 | $674,676 |
Cost of goods sold, buying and occupancy costs | 156,638 | 158,323 | 480,835 | 491,480 |
Gross profit | 60,988 | 60,927 | 187,324 | 183,196 |
Selling, general and administrative expenses | 64,107 | 64,746 | 191,469 | 191,494 |
Operating loss | -3,119 | -3,819 | -4,145 | -8,298 |
Interest expense, net of interest income of $1, $4, $6, and $12, respectively | 96 | 91 | 275 | 268 |
Loss before income taxes | -3,215 | -3,910 | -4,420 | -8,566 |
Provision (benefit) for income taxes | 219 | -71 | 129 | -186 |
Net loss | ($3,434) | ($3,839) | ($4,549) | ($8,380) |
Basic loss per share (in dollars per share) | ($0.05) | ($0.06) | ($0.07) | ($0.14) |
Diluted loss per share (in dollars per share) | ($0.05) | ($0.06) | ($0.07) | ($0.14) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic shares of common stock (in shares) | 62,491 | 61,583 | 62,247 | 61,441 |
Diluted shares of common stock (in shares) | 62,491 | 61,583 | 62,247 | 61,441 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Consolidated Statements of Operations | ' | ' | ' | ' |
Interest income | $1 | $4 | $6 | $12 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Condensed Consolidated Statements of Comprehensive Loss | ' | ' | ' | ' |
Comprehensive loss | ($3,387) | ($3,792) | ($4,409) | ($8,239) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $37,378 | $60,933 | $23,500 |
Accounts receivable | 10,198 | 8,216 | 9,630 |
Income taxes receivable | 96 | 488 | 466 |
Inventories, net | 123,100 | 80,198 | 116,278 |
Prepaid expenses | 19,781 | 21,467 | 20,983 |
Other current assets | 1,477 | 954 | 1,124 |
Total current assets | 192,030 | 172,256 | 171,981 |
Property and equipment, net | 85,249 | 97,960 | 102,939 |
Intangible assets | 14,879 | 14,879 | 14,879 |
Deferred income taxes | 6,729 | 6,755 | 4,361 |
Other assets | 1,118 | 830 | 863 |
Total assets | 300,005 | 292,680 | 295,023 |
Current liabilities: | ' | ' | ' |
Accounts payable | 97,900 | 74,410 | 90,143 |
Accrued expenses | 44,422 | 51,158 | 49,686 |
Income taxes payable | 980 | 989 | 426 |
Deferred income taxes | 6,729 | 6,755 | 4,361 |
Total current liabilities | 150,031 | 133,312 | 144,616 |
Deferred rent | 41,851 | 48,834 | 50,702 |
Other liabilities | 3,513 | 4,282 | 4,898 |
Total liabilities | 195,395 | 186,428 | 200,216 |
Stockholders' equity: | ' | ' | ' |
Common stock, voting, par value $0.001; 300,000 shares authorized; 64,695, 63,884 and 63,763 shares issued and 63,695, 62,884, and 62,763 shares outstanding at November 2, 2013, February 2, 2013, and October 27, 2012, respectively | 65 | 64 | 63 |
Additional paid-in capital | 169,668 | 166,902 | 165,880 |
Retained deficit | -59,170 | -54,621 | -65,101 |
Accumulated other comprehensive loss | -2,556 | -2,696 | -2,638 |
Treasury stock at cost; 1,000 shares at November 2, 2013, February 2, 2013 and October 27, 2012 | -3,397 | -3,397 | -3,397 |
Total stockholders' equity | 104,610 | 106,252 | 94,807 |
Total liabilities and stockholders' equity | $300,005 | $292,680 | $295,023 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Thousands, except Per Share data, unless otherwise specified | |||
Condensed Consolidated Balance Sheets | ' | ' | ' |
Common stock, voting, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common stock, voting, shares authorized | 300,000 | 300,000 | 300,000 |
Common stock, voting, shares issued | 64,695 | 63,884 | 63,763 |
Common stock, voting, shares outstanding | 63,695 | 62,884 | 62,763 |
Treasury stock at cost, shares | 1,000 | 1,000 | 1,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Operating activities | ' | ' |
Net loss | ($4,549) | ($8,380) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 25,047 | 25,878 |
Loss from impairment charges | 278 | 384 |
Amortization of deferred financing costs | 89 | 89 |
Share-based compensation expense | 2,788 | 2,858 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,982 | -2,361 |
Income taxes receivable | 392 | 11 |
Inventories, net | -42,902 | -34,950 |
Prepaid expenses | 1,686 | 74 |
Accounts payable | 23,490 | 17,846 |
Accrued expenses | -6,736 | -5,460 |
Income taxes payable | -9 | -2,638 |
Deferred rent | -6,983 | -6,425 |
Other assets and liabilities | -2,059 | -375 |
Net cash used in operating activities | -11,450 | -13,449 |
Investing activities | ' | ' |
Capital expenditures | -12,614 | -13,921 |
Net cash used in investing activities | -12,614 | -13,921 |
Financing activities | ' | ' |
Proceeds from exercise of stock options | 509 | 83 |
Net cash provided by financing activities | 509 | 83 |
Net decrease in cash and cash equivalents | -23,555 | -27,287 |
Cash and cash equivalents at beginning of period | 60,933 | 50,787 |
Cash and cash equivalents at end of period | $37,378 | $23,500 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Nov. 02, 2013 | |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | ' |
1. Organization and Basis of Presentation | |
New York & Company, Inc. (together with its subsidiaries, collectively the "Company") is a specialty retailer of women's fashion apparel and accessories, and the modern wear-to-work destination for women, providing perfectly fitting pants and NY Style that is feminine, polished, on-trend and versatile—all at compelling values. The Company's proprietary branded New York & Company® merchandise is sold exclusively through its national network of retail stores and online at www.nyandcompany.com. The target customers for the Company's merchandise are women between the ages of 25 and 45. As of November 2, 2013, the Company operated 513 stores in 43 states. | |
The condensed consolidated financial statements as of November 2, 2013 and October 27, 2012 and for the 13 weeks ("three months") and 39 weeks ("nine months") ended November 2, 2013 and October 27, 2012 are unaudited and are presented pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the 53-week fiscal year ended February 2, 2013 ("fiscal year 2012"), which were filed with the Company's Annual Report on Form 10-K with the SEC on April 16, 2013. The 52-week fiscal year ending February 1, 2014 is referred to herein as "fiscal year 2013." The Company's fiscal year is a 52- or 53-week year that ends on the Saturday closest to January 31. | |
In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the financial condition, results of operations and cash flows for the interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Due to seasonal variations in the retail industry, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Nov. 02, 2013 | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
In July 2012, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which amends FASB Accounting Standards Codification™ ("ASC") Topic 350, "Intangibles—Goodwill and Other" to permit an entity to first assess qualitative factors to determine if it is more likely than not that an indefinite-lived intangible asset is impaired and whether it is necessary to perform the impairment test of comparing the carrying amount with the recoverable amount of the indefinite-lived intangible asset. This guidance is effective for interim and annual impairment tests performed in fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of ASU 2012-02 on February 3, 2013 did not have an impact on the Company's financial position or results of operations. | |
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which sets forth additional disclosure requirements for items reclassified out of accumulated other comprehensive income and into net income that are effective for annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 on February 3, 2013 did not have an impact on the Company's financial position or results of operations. | |
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which sets forth explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal years, and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of ASU 2013-11 is not expected to have a material impact on the Company's financial position or results of operations. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
3. Earnings Per Share | ||||||||||||||
Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, diluted loss per share is calculated based on the weighted average number of outstanding shares of common stock plus the dilutive effect of share-based awards calculated under the treasury stock method. A reconciliation between basic and diluted loss per share is as follows: | ||||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||
Net loss | $ | (3,434 | ) | $ | (3,839 | ) | $ | (4,549 | ) | $ | (8,380 | ) | ||
Basic loss per share | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Basic loss per share | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | ||
Diluted loss per share | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Plus impact of share-based awards | — | — | — | — | ||||||||||
Diluted shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Diluted loss per share | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | ||
The calculation of diluted loss per share for the three and nine months ended November 2, 2013 and October 27, 2012 excludes the share-based awards listed in the following table due to their anti-dilutive effect as determined under the treasury stock method: | ||||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands) | ||||||||||||||
Stock options | 330 | 904 | 492 | 1,021 | ||||||||||
Stock appreciation rights(1) | 2,005 | 3,244 | 1,983 | 3,263 | ||||||||||
Restricted stock and units | 436 | 372 | 549 | 516 | ||||||||||
Total anti-dilutive shares | 2,771 | 4,520 | 3,024 | 4,800 | ||||||||||
-1 | ||||||||||||||
Each stock appreciation right ("SAR") referred to above represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the SAR to the date of exercise of the SAR. Upon exercise the SARs will be settled in stock. | ||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Nov. 02, 2013 | |
Share-Based Compensation | ' |
Share-Based Compensation | ' |
4. Share-Based Compensation | |
The Company accounts for all share-based payments in accordance with FASB ASC Topic 718, "Compensation—Stock Compensation" ("ASC 718"). ASC 718 requires that the cost resulting from all share-based payment transactions be treated as compensation and recognized in the consolidated financial statements. | |
The Company recorded share-based compensation expense in the amount of $1.1 million for both the three months ended November 2, 2013 and October 27, 2012, and $2.8 million and $2.9 million for the nine months ended November 2, 2013 and October 27, 2012, respectively. | |
During the nine months ended November 2, 2013, 299,721 shares of common stock were issued upon exercise of previously issued stock options and SARs. | |
Pension_Plan
Pension Plan | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Pension Plan | ' | |||||||||||||
Pension Plan | ' | |||||||||||||
5. Pension Plan | ||||||||||||||
The Company sponsors a single employer defined benefit pension plan (the "plan") covering substantially all union employees. Employees covered by collective bargaining agreements are primarily non-management store associates, representing approximately 7% of the Company's workforce. The collective bargaining agreement with the Local 1102 unit of the Retail, Wholesale and Department Store Union ("RWDSU") AFL-CIO ("Local 1102") is currently being renegotiated in accordance with the terms of the agreement. The Company believes its relationship with its employees is good. | ||||||||||||||
The plan provides retirement benefits for union employees who have attained the age of 21 and complete 1,000 or more hours of service in any calendar year following the date of employment. The plan provides benefits based on length of service. The Company's funding policy for the pension plan is to contribute annually the amount necessary to provide for benefits based on accrued service and to contribute at least the minimum required by ERISA rules. Net periodic benefit cost includes the following components: | ||||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands) | ||||||||||||||
Service cost | $ | 87 | $ | 88 | $ | 260 | $ | 264 | ||||||
Interest cost | 90 | 104 | 270 | 312 | ||||||||||
Expected return on plan assets | (130 | ) | (122 | ) | (388 | ) | (366 | ) | ||||||
Amortization of unrecognized losses | 50 | 51 | 151 | 153 | ||||||||||
Amortization of prior service credit | (4 | ) | (4 | ) | (12 | ) | (12 | ) | ||||||
Net periodic benefit cost | $ | 93 | $ | 117 | $ | 281 | $ | 351 | ||||||
In accordance with FASB ASC Topic 220, "Comprehensive Income," comprehensive loss reported on the Company's condensed consolidated statements of comprehensive loss includes net loss and other comprehensive income (loss). For the Company, other comprehensive loss consists of the reclassification of unrecognized losses and prior service credits related to the Company's minimum pension liability. The total amount of unrecognized losses and prior service credits reclassified out of accumulated other comprehensive loss on the consolidated balance sheets and into selling, general, and administrative expenses on the Company's consolidated statements of operations for the three months ended November 2, 2013 and October 27, 2012 was $46,000 and $47,000, respectively, and $139,000 and $141,000 for the nine months ended November 2, 2013 and October 27, 2012, respectively. As of February 2, 2013, the Company reported a minimum pension liability of $3.1 million due to the underfunded status of the plan. The minimum pension liability is reported in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
6. Income Taxes | |
The Company files U.S. federal income tax returns and income tax returns in various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for tax years through 2005. With limited exception, the Company is no longer subject to state and local income tax examinations for tax years through 2008. | |
At February 2, 2013, the Company reported a total liability for unrecognized tax benefits of $4.4 million, including interest and penalties, all of which would impact the Company's effective tax rate if recognized. During the nine months ended November 2, 2013, the Company reversed a $0.6 million liability previously recorded for unrecognized tax benefits. The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next 12 months. | |
As previously disclosed, during the three months ended July 31, 2010, the Company concluded that a full valuation allowance against the Company's deferred tax assets was necessary to reflect the Company's assessment of its ability to realize the benefits of those deferred tax assets. The Company made this determination after weighing both negative and positive evidence in accordance with FASB ASC Topic 740, "Income Taxes" ("ASC 740"), which requires that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in a future period. The evidence weighed included a historical three-year cumulative loss related to earnings before taxes in addition to an assessment of sources of taxable income, availability of tax planning strategies, and future projections of earnings. The Company will continue to maintain a valuation allowance against its deferred tax assets until the Company believes it is more likely than not that these assets will be realized in the future. If sufficient positive evidence arises in the future indicating that all or a portion of the deferred tax assets meet the more-likely-than-not standard under ASC 740, the valuation allowance would be reversed accordingly in the period that such determination is made. As of November 2, 2013, the Company's valuation allowance against its deferred tax assets was $61.3 million. | |
LongTerm_Debt_and_Credit_Facil
Long-Term Debt and Credit Facilities | 9 Months Ended |
Nov. 02, 2013 | |
Long-Term Debt and Credit Facilities | ' |
Long-Term Debt and Credit Facilities | ' |
7. Long-Term Debt and Credit Facilities | |
On August 10, 2011, Lerner New York, Inc., Lernco, Inc. and Lerner New York Outlet, Inc., wholly-owned indirect subsidiaries of New York & Company, Inc., entered into a Third Amended and Restated Loan and Security Agreement (the "Loan Agreement") with Wells Fargo Bank, N.A., as Agent and sole lender. The Loan Agreement expires on August 10, 2016. | |
The Loan Agreement provides the Company with up to $100 million of credit, consisting of a $75 million revolving credit facility (which includes a subfacility for issuance of letters of credit up to $45 million) with a fully committed accordion option that allows the Company to increase the revolving credit facility to a maximum of $100 million or decrease it to a minimum of $60 million, subject to certain restrictions. Under the Loan Agreement, the Company is currently subject to a Minimum Excess Availability (as defined in the Loan Agreement) covenant of $7.5 million. The Company's credit facility contains other covenants, including restrictions on the Company's ability to pay dividends on its common stock; to incur additional indebtedness; and to prepay, redeem, defease or purchase other debt. Subject to such restrictions, the Company may incur more debt for working capital, capital expenditures, stock repurchases, acquisitions and for other purposes. | |
Under the Loan Agreement, the revolving loans under the credit facility bear interest, at the Company's option, either at a floating rate equal to the Eurodollar rate plus a margin of between 1.75% and 2.00% per year for Eurodollar rate loans or a floating rate equal to the Prime rate plus a margin of between 0.75% and 1.00% per year for Prime rate loans, depending upon the Company's Average Compliance Excess Availability (as defined in the Loan Agreement). The Company pays the lender under the revolving credit facility a monthly fee on outstanding commercial letters of credit at a rate of between 0.875% and 1.00% per year and on standby letters of credit at a rate of between 1.75% and 2.00% per year, depending upon the Company's Average Compliance Excess Availability, plus a monthly fee on the unused commitments under the revolving credit facility at a rate of 0.375% per year. | |
The maximum borrowing availability under the Company's revolving credit facility is determined by a monthly borrowing base calculation based on applying specified advance rates against inventory and certain other eligible assets. As of November 2, 2013, the Company had availability under its revolving credit facility of $59.0 million, net of letters of credit outstanding of $12.8 million, as compared to availability of $33.4 million, net of letters of credit outstanding of $12.0 million, as of February 2, 2013, and $56.1 million, net of letters of credit outstanding of $12.3 million, as of October 27, 2012. | |
The lender has been granted a pledge of the common stock of Lerner New York Holding, Inc. and certain of its subsidiaries, and a first priority security interest in substantially all other tangible and intangible assets of New York & Company, Inc. and its subsidiaries, as collateral for the Company's obligations under the credit facility. In addition, New York & Company, Inc. and certain of its subsidiaries have fully and unconditionally guaranteed the credit facility, and such guarantees are joint and several. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||
Nov. 02, 2013 | |||
Fair Value Measurements | ' | ||
Fair Value Measurements | ' | ||
8. Fair Value Measurements | |||
FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820"), establishes a common definition for fair value to be applied to GAAP guidance requiring the use of fair value, establishes a framework for measuring fair value, and expands the disclosure about such fair value measurements. ASC 820 establishes a three-level fair value hierarchy that requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows: | |||
Level 1: | Observable inputs such as quoted prices in active markets; | ||
Level 2: | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||
Level 3: | Unobservable inputs in which there is little or no market data and require the reporting entity to develop its own assumptions. | ||
The Company's financial instruments consist of cash and cash equivalents, short-term trade receivables and accounts payable. The carrying values on the balance sheet for cash and cash equivalents, short-term trade receivables and accounts payable approximate their fair values due to the short-term maturities of such items. | |||
The Company classifies long-lived store assets within level 3 of the fair value hierarchy. The Company evaluates long-lived assets for recoverability in accordance with FASB ASC Topic 360, "Property, Plant, and Equipment" whenever events or changes in circumstances indicate that an asset may have been impaired. In evaluating an asset for recoverability, the Company estimates the future cash flow expected to result from the use of the asset and eventual disposition and market data assumptions. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment loss equal to the excess of the carrying amount over the fair value of the asset is recognized. The Company did not recognize any material impairment charges at November 2, 2013 and October 27, 2012. At August 3, 2013, the Company's evaluation of long-lived assets identified certain store assets held and used in underperforming stores with a carrying value of $0.3 million, which were fully impaired, resulting in a pre-tax non-cash impairment charge of $0.3 million. At July 28, 2012, the Company's evaluation of long-lived assets identified certain store assets held and used in underperforming stores with a carrying value of $0.5 million, which were written down to their fair value of $0.1 million, resulting in a pre-tax non-cash impairment charge of $0.4 million. The Company classifies these store assets within level 3 of the fair value hierarchy. The impairment charges are reported in selling, general and administrative expenses on the Company's condensed consolidated statements of operations. | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Schedule of reconciliation between basic and diluted loss per share | ' | |||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||
Net loss | $ | (3,434 | ) | $ | (3,839 | ) | $ | (4,549 | ) | $ | (8,380 | ) | ||
Basic loss per share | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Basic loss per share | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | ||
Diluted loss per share | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Plus impact of share-based awards | — | — | — | — | ||||||||||
Diluted shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 | ||||||||||
Diluted loss per share | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | ||
Schedule listing the share-based awards excluded from the computation of diluted loss per share due to their anti-dilutive effect | ' | |||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands) | ||||||||||||||
Stock options | 330 | 904 | 492 | 1,021 | ||||||||||
Stock appreciation rights(1) | 2,005 | 3,244 | 1,983 | 3,263 | ||||||||||
Restricted stock and units | 436 | 372 | 549 | 516 | ||||||||||
Total anti-dilutive shares | 2,771 | 4,520 | 3,024 | 4,800 | ||||||||||
-1 | ||||||||||||||
Each stock appreciation right ("SAR") referred to above represents the right to receive a payment measured by the increase in the fair market value of one share of common stock from the date of grant of the SAR to the date of exercise of the SAR. Upon exercise the SARs will be settled in stock. | ||||||||||||||
Pension_Plan_Tables
Pension Plan (Tables) | 9 Months Ended | |||||||||||||
Nov. 02, 2013 | ||||||||||||||
Pension Plan | ' | |||||||||||||
Schedule of net periodic benefit cost | ' | |||||||||||||
Three months | Three months | Nine months | Nine months | |||||||||||
ended | ended | ended | ended | |||||||||||
November 2, | October 27, | November 2, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Amounts in thousands) | ||||||||||||||
Service cost | $ | 87 | $ | 88 | $ | 260 | $ | 264 | ||||||
Interest cost | 90 | 104 | 270 | 312 | ||||||||||
Expected return on plan assets | (130 | ) | (122 | ) | (388 | ) | (366 | ) | ||||||
Amortization of unrecognized losses | 50 | 51 | 151 | 153 | ||||||||||
Amortization of prior service credit | (4 | ) | (4 | ) | (12 | ) | (12 | ) | ||||||
Net periodic benefit cost | $ | 93 | $ | 117 | $ | 281 | $ | 351 | ||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | |
item | item | |||||
Organization and basis of presentation | ' | ' | ' | ' | ' | ' |
Number of stores operated | 513 | ' | 513 | ' | ' | ' |
Number of states in which entity operated the stores | 43 | ' | 43 | ' | ' | ' |
Length of period | '91 days | '91 days | '273 days | '273 days | ' | ' |
Length of fiscal year | ' | ' | ' | ' | '364 days | '371 days |
Minimum | ' | ' | ' | ' | ' | ' |
Organization and basis of presentation | ' | ' | ' | ' | ' | ' |
Age of women targeted as customers | ' | ' | 25 | ' | ' | ' |
Length of fiscal year | ' | ' | '364 days | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' |
Organization and basis of presentation | ' | ' | ' | ' | ' | ' |
Age of women targeted as customers | ' | ' | 45 | ' | ' | ' |
Length of fiscal year | ' | ' | '371 days | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Earnings Per Share | ' | ' | ' | ' |
Net loss | ($3,434) | ($3,839) | ($4,549) | ($8,380) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 |
Basic loss per share (in dollars per share) | ($0.05) | ($0.06) | ($0.07) | ($0.14) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 |
Diluted shares of common stock | 62,491 | 61,583 | 62,247 | 61,441 |
Diluted loss per share (in dollars per share) | ($0.05) | ($0.06) | ($0.07) | ($0.14) |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' | ' |
Anti-dilutive shares | 2,771,000 | 4,520,000 | 3,024,000 | 4,800,000 |
Stock options | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' | ' |
Anti-dilutive shares | 330,000 | 904,000 | 492,000 | 1,021,000 |
Stock appreciation rights | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' | ' |
Anti-dilutive shares | 2,005,000 | 3,244,000 | 1,983,000 | 3,263,000 |
Number of shares of common stock for which increase in fair market value considered as basis for measurement of payment | ' | ' | 1 | ' |
Restricted stock and units | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' | ' |
Anti-dilutive shares | 436,000 | 372,000 | 549,000 | 516,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Share-Based Compensation | ' | ' | ' | ' |
Share-based compensation expense | $1.10 | $1.10 | $2.80 | $2.90 |
Number of shares of common stock issued upon exercise of stock options and SARs | ' | ' | 299,721 | ' |
Pension_Plan_Details
Pension Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |
item | |||||
Pension Plan | ' | ' | ' | ' | ' |
Employees covered by collective bargaining agreements (as a percent) | ' | ' | 7.00% | ' | ' |
Age of employees, after attainment of which plan provides retirement benefits | ' | ' | 21 | ' | ' |
Minimum hours of service to be completed for plan to provide retirement benefits | ' | ' | 1,000 | ' | ' |
Net periodic benefit cost | ' | ' | ' | ' | ' |
Service cost | $87,000 | $88,000 | $260,000 | $264,000 | ' |
Interest cost | 90,000 | 104,000 | 270,000 | 312,000 | ' |
Expected return on plan assets | -130,000 | -122,000 | -388,000 | -366,000 | ' |
Amortization of unrecognized losses | 50,000 | 51,000 | 151,000 | 153,000 | ' |
Amortization of prior service credit | -4,000 | -4,000 | -12,000 | -12,000 | ' |
Net periodic benefit cost | 93,000 | 117,000 | 281,000 | 351,000 | ' |
Amounts reclassified from accumulated other comprehensive loss | 46,000 | 47,000 | 139,000 | 141,000 | ' |
Minimum pension liability due to the underfunded status of the plan | ' | ' | ' | ' | $3,100,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Feb. 02, 2013 |
Income Taxes | ' | ' |
Unrecognized tax benefits, which would impact the company's effective tax rate if recognized | ' | $4.40 |
Reversal of liability for unrecognized tax benefits | 0.6 | ' |
Period of cumulative loss related to earnings before taxes | '3 years | ' |
Deferred tax assets, valuation allowance | $61.30 | ' |
LongTerm_Debt_and_Credit_Facil1
Long-Term Debt and Credit Facilities (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Long-term debt and credit facilities | ' | ' | ' |
Minimum excess availability covenant | $7.50 | ' | ' |
Line of credit | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Maximum borrowing capacity | 100 | ' | ' |
Revolving credit facility | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Maximum borrowing capacity | 75 | ' | ' |
Monthly commitment fee on the unused portion of credit facility (as a percent) | 0.38% | ' | ' |
Borrowing availability | 59 | 33.4 | 56.1 |
Outstanding letters of credit | 12.8 | 12 | 12.3 |
Revolving credit facility | Minimum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Accordion option to increase or decrease commitments under the credit facility | 60 | ' | ' |
Revolving credit facility | Maximum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Accordion option to increase or decrease commitments under the credit facility | 100 | ' | ' |
Revolving credit facility | Eurodollar rate | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Variable rate basis | 'Eurodollar rate | ' | ' |
Revolving credit facility | Eurodollar rate | Minimum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Interest rate margin (as a percent) | 1.75% | ' | ' |
Revolving credit facility | Eurodollar rate | Maximum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Interest rate margin (as a percent) | 2.00% | ' | ' |
Revolving credit facility | Prime rate | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Variable rate basis | 'Prime rate | ' | ' |
Revolving credit facility | Prime rate | Minimum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Interest rate margin (as a percent) | 0.75% | ' | ' |
Revolving credit facility | Prime rate | Maximum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Interest rate margin (as a percent) | 1.00% | ' | ' |
Commercial letters of credit | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Maximum borrowing capacity | $45 | ' | ' |
Commercial letters of credit | Minimum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Monthly commitment fee letters of credit (as a percent) | 0.88% | ' | ' |
Commercial letters of credit | Maximum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Monthly commitment fee letters of credit (as a percent) | 1.00% | ' | ' |
Stand by letters of credit | Minimum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Monthly commitment fee letters of credit (as a percent) | 1.75% | ' | ' |
Stand by letters of credit | Maximum | ' | ' | ' |
Long-term debt and credit facilities | ' | ' | ' |
Monthly commitment fee letters of credit (as a percent) | 2.00% | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Fair Value Measurements | ' | ' |
Pre-tax non-cash impairment charge | $278,000 | $384,000 |
Underperforming New York & Company stores | ' | ' |
Fair Value Measurements | ' | ' |
Carrying value of long-lived assets held and used | 300,000 | 500,000 |
Fair value of long-lived assets held and used | ' | 100,000 |
Pre-tax non-cash impairment charge | $300,000 | $400,000 |