Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Mar. 28, 2014 | Aug. 02, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'New York & Company, Inc. | ' | ' |
Entity Central Index Key | '0001211351 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $191.10 |
Entity Common Stock, Shares Outstanding | ' | 63,571,895 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Consolidated Statements of Operations | ' | ' | ' |
Net sales | $939,163 | $966,434 | $956,456 |
Cost of goods sold, buying and occupancy costs | 674,793 | 701,613 | 734,838 |
Gross profit | 264,370 | 264,821 | 221,618 |
Selling, general and administrative expenses | 261,293 | 262,569 | 257,188 |
Operating income (loss) | 3,077 | 2,252 | -35,570 |
Interest expense, net of interest income of $8, $17 and $38, respectively | 369 | 360 | 495 |
Loss on modification and extinguishment of debt | ' | ' | 144 |
Income (loss) before income taxes | 2,708 | 1,892 | -36,209 |
Provision (benefit) for income taxes | 314 | -208 | 2,728 |
Net income (loss) | $2,394 | $2,100 | ($38,937) |
Basic earnings (loss) per share (in dollars per share) | $0.04 | $0.03 | ($0.64) |
Diluted earnings (loss) per share (in dollars per share) | $0.04 | $0.03 | ($0.64) |
Weighted average shares outstanding: | ' | ' | ' |
Basic shares of common stock (in shares) | 62,313 | 61,516 | 60,824 |
Diluted shares of common stock (in shares) | 63,240 | 62,164 | 60,824 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Consolidated Statements of Operations | ' | ' | ' |
Interest income | $8 | $17 | $38 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $6,943 | ($3,434) | ($2,709) | $1,594 | $10,480 | ($3,839) | ($4,330) | ($211) | $2,394 | $2,100 | ($38,937) |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in minimum pension liability, net of taxes of $385, $33 and $(288), respectively | ' | ' | ' | ' | ' | ' | ' | ' | 965 | 83 | -716 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $3,359 | $2,183 | ($39,653) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' |
Tax amount on change in minimum pension liability | $385 | $33 | ($288) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $69,723 | $60,933 |
Accounts receivable | 7,026 | 8,216 |
Income taxes receivable | 99 | 488 |
Inventories, net | 83,479 | 80,198 |
Prepaid expenses | 21,141 | 21,467 |
Other current assets | 1,280 | 954 |
Total current assets | 182,748 | 172,256 |
Property and equipment, net | 83,553 | 97,960 |
Intangible assets | 14,879 | 14,879 |
Deferred income taxes | 6,501 | 6,755 |
Other assets | 1,072 | 830 |
Total assets | 288,753 | 292,680 |
Current liabilities: | ' | ' |
Accounts payable | 75,874 | 74,410 |
Accrued expenses | 46,880 | 49,047 |
Income taxes payable | 1,075 | 989 |
Deferred income taxes | 6,501 | 6,755 |
Total current liabilities | 130,330 | 131,201 |
Deferred rent | 39,925 | 48,834 |
Other liabilities | 5,283 | 6,393 |
Total liabilities | 175,538 | 186,428 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, voting, par value $0.001; 300,000 shares authorized; 64,467 and 63,884 shares issued and 63,467 and 62,884 shares outstanding at February 1, 2014 and February 2, 2013, respectively | 64 | 64 |
Additional paid-in capital | 170,506 | 166,902 |
Retained deficit | -52,227 | -54,621 |
Accumulated other comprehensive loss | -1,731 | -2,696 |
Treasury stock at cost; 1,000 shares at February 1, 2014 and February 2, 2013 | -3,397 | -3,397 |
Total stockholders' equity | 113,215 | 106,252 |
Total liabilities and stockholders' equity | $288,753 | $292,680 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Common stock, voting, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, voting, shares authorized | 300,000 | 300,000 |
Common stock, voting, shares issued | 64,467 | 63,884 |
Common stock, voting, shares outstanding | 63,467 | 62,884 |
Treasury stock at cost, shares | 1,000 | 1,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Operating activities | ' | ' | ' |
Net income (loss) | $2,394 | $2,100 | ($38,937) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 32,719 | 34,909 | 38,418 |
Loss from impairment charges | 524 | 556 | 3,055 |
Amortization of deferred financing costs | 119 | 119 | 167 |
Write-off of unamortized deferred financing costs | ' | ' | 144 |
Share-based compensation expense | 3,866 | 3,869 | 3,719 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 1,190 | -947 | 2,487 |
Income taxes receivable | 389 | -11 | 50 |
Inventories, net | -3,281 | 1,130 | 734 |
Prepaid expenses | 326 | -410 | -350 |
Accounts payable | 1,464 | 2,113 | -1,314 |
Accrued expenses | -2,167 | -3,415 | -9,210 |
Income taxes payable | 86 | -2,075 | 2,804 |
Deferred rent | -8,909 | -8,293 | -9,735 |
Other assets and liabilities | -832 | -2,265 | -586 |
Net cash provided by (used in) operating activities | 27,888 | 27,380 | -8,554 |
Investing activities | ' | ' | ' |
Capital expenditures | -18,836 | -18,144 | -12,158 |
Insurance recoveries | ' | 815 | ' |
Net cash used in investing activities | -18,836 | -17,329 | -12,158 |
Financing activities | ' | ' | ' |
Proceeds from borrowings under revolving credit facility | ' | ' | 14,000 |
Repayment of borrowings under revolving credit facility | ' | ' | -14,000 |
Repayment of debt | ' | ' | -7,500 |
Payment of financing costs | ' | ' | -595 |
Proceeds from exercise of stock options | 510 | 95 | 2,202 |
Shares withheld for payment of employee payroll taxes | -772 | ' | ' |
Net cash (used in) provided by financing activities | -262 | 95 | -5,893 |
Net increase (decrease) in cash and cash equivalents | 8,790 | 10,146 | -26,605 |
Cash and cash equivalents at beginning of period | 60,933 | 50,787 | 77,392 |
Cash and cash equivalents at end of period | 69,723 | 60,933 | 50,787 |
Cash paid during the period for interest | 259 | 258 | 396 |
Cash paid during the period for taxes | $403 | $2,289 | $457 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | ||||||
Balance at Jan. 29, 2011 | $133,837 | $60 | ($3,397) | $157,021 | ($17,784) | ($2,063) |
Balance (in shares) at Jan. 29, 2011 | ' | 60,197 | 1,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Restricted stock issued (in shares) | ' | 667 | ' | ' | ' | ' |
Restricted stock forfeits (in shares) | ' | -230 | ' | ' | ' | ' |
Share-based compensation expense | 3,719 | ' | ' | 3,719 | ' | ' |
Net income (loss) | -38,937 | ' | ' | ' | -38,937 | ' |
Minimum pension liability adjustment, net of tax | -716 | ' | ' | ' | ' | -716 |
Comprehensive income (loss), net of tax | -39,653 | ' | ' | ' | ' | ' |
Stock options exercised | 2,202 | 2 | ' | 2,200 | ' | ' |
Stock options exercised (in shares) | ' | 1,419 | ' | ' | ' | ' |
Balance at Jan. 28, 2012 | 100,105 | 62 | -3,397 | 162,940 | -56,721 | -2,779 |
Balance (in shares) at Jan. 28, 2012 | ' | 62,053 | 1,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options and stock appreciation rights | 95 | 2 | ' | 93 | ' | ' |
Issuance of common stock upon exercise of stock options and stock appreciation rights (in shares) | ' | 362 | ' | ' | ' | ' |
Restricted stock issued (in shares) | ' | 469 | ' | ' | ' | ' |
Share-based compensation expense | 3,869 | ' | ' | 3,869 | ' | ' |
Net income (loss) | 2,100 | ' | ' | ' | 2,100 | ' |
Minimum pension liability adjustment, net of tax | 83 | ' | ' | ' | ' | 83 |
Comprehensive income (loss), net of tax | 2,183 | ' | ' | ' | ' | ' |
Balance at Feb. 02, 2013 | 106,252 | 64 | -3,397 | 166,902 | -54,621 | -2,696 |
Balance (in shares) at Feb. 02, 2013 | ' | 62,884 | 1,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options and stock appreciation rights | 510 | ' | ' | 510 | ' | ' |
Issuance of common stock upon exercise of stock options and stock appreciation rights (in shares) | ' | 300 | ' | ' | ' | ' |
Restricted stock issued and vesting of units (in shares) | ' | 651 | ' | ' | ' | ' |
Restricted stock forfeits and shares withheld for employee payroll taxes | -772 | ' | ' | -772 | ' | ' |
Restricted stock forfeits and shares withheld for employee payroll taxes (in shares) | ' | -368 | ' | ' | ' | ' |
Share-based compensation expense | 3,866 | ' | ' | 3,866 | ' | ' |
Net income (loss) | 2,394 | ' | ' | ' | 2,394 | ' |
Minimum pension liability adjustment, net of tax | 965 | ' | ' | ' | ' | 965 |
Comprehensive income (loss), net of tax | 3,359 | ' | ' | ' | ' | ' |
Balance at Feb. 01, 2014 | $113,215 | $64 | ($3,397) | $170,506 | ($52,227) | ($1,731) |
Balance (in shares) at Feb. 01, 2014 | ' | 63,467 | 1,000 | ' | ' | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation of Financial Statements | 12 Months Ended |
Feb. 01, 2014 | |
Organization and Basis of Presentation of Financial Statements | ' |
Organization and Basis of Presentation of Financial Statements | ' |
1. Organization and Basis of Presentation of Financial Statements | |
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 eCommerce store at www.nyandcompany.com. The target customers for the Company's merchandise are fashion-conscious, value-sensitive women between the ages of 25 and 45. As of February 1, 2014, the Company operated 507 stores in 43 states. | |
The Company's fiscal year is a 52- or 53-week year that ends on the Saturday closest to January 31. The accompanying consolidated financial statements include the accounts of the Company for the 52-weeks ended February 1, 2014 ("fiscal year 2013"), 53-weeks ended February 2, 2013 ("fiscal year 2012"), and the 52-weeks ended January 28, 2012 ("fiscal year 2011"). All significant intercompany balances and transactions have been eliminated in consolidation. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Recently Issued 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 a material 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 early adoption of ASU 2013-11 did not have a material impact on the Company's financial position or results of operations. | |||||||||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior fiscal year amounts and balances to conform to the presentation in the current fiscal year. These reclassifications did not impact consolidated operating income (loss) or net income (loss) in any period presented. | |||||||||||
Revenue Recognition | |||||||||||
Revenue from the sale of merchandise at the Company's stores is recognized at the time the customer takes possession of the related merchandise and the purchases are paid for, primarily with either cash or credit card. Revenue, including shipping fees billed to customers, from the sale of merchandise at the Company's eCommerce store is recognized when the merchandise is shipped to the customer and the purchases are paid for. Revenue for gift cards and merchandise credits is recognized at redemption. Prior to their redemption, gift cards and merchandise credits are recorded as a liability. Discounts and promotional coupons offered to customers are accounted for as a reduction of sales revenue at the time the coupons are tendered by the customer. The Company presents sales taxes collected from customers on a net basis (excluded from revenues). | |||||||||||
The Company issues gift cards and merchandise credits which do not contain provisions for expiration or inactivity fees. The portion of the dollar value of gift cards and merchandise credits that ultimately is not used by customers to make purchases is known as breakage and will be recognized as revenue, if the Company determines it is not required to escheat such amounts to government agencies under state escheatment laws. The Company recognizes gift card and merchandise credit breakage as revenue as they each are redeemed over a two-year redemption period based on their respective historical breakage rate. The Company considers the likelihood of redemption remote beyond a two-year redemption period, at which point any unrecognized breakage is recognized as revenue. The Company determined the redemption period and the breakage rates for gift cards and merchandise credits based on their respective historical redemption patterns. | |||||||||||
During fiscal year 2013, fiscal year 2012 and fiscal year 2011 the Company recorded breakage revenue for gift cards and merchandise credits of $1.1 million, $5.1 million, and $0.6 million, respectively. Included in the $5.1 million of breakage revenue in fiscal year 2012 is $4.3 million of breakage revenue, which resulted from the Company revising its estimates of redemption rates and the period over which breakage is recognized for merchandise credits based on historical redemption patterns. | |||||||||||
Reserve for Returns | |||||||||||
The Company reserves for sales returns through reductions in sales and gross margin based upon historical merchandise returns experience and current sales levels. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include all cash in banks, cash on-hand, and all short-term investments with an original maturity of three months or less when purchased. | |||||||||||
Inventories | |||||||||||
Inventories are valued at the lower of average cost or market, on a weighted average cost basis, using the retail method. | |||||||||||
Deferred Rent | |||||||||||
The Company recognizes fixed minimum rent expense on non-cancelable leases on a straight-line basis over the term of each individual lease including the build-out period. The difference between recognized rental expense and amounts payable under the lease is recorded as a deferred lease liability. In addition, the Company recognizes landlord allowances as a deferred lease liability, which is amortized over the term of the related lease as a reduction to rent expense. For contingent rent expense based upon sales, the Company estimates annual contingent rent expense and recognizes a portion each month based on actual sales. At February 1, 2014 and February 2, 2013, the deferred lease liability was $39.9 million and $48.8 million, respectively, and is reported as "Deferred rent" on the consolidated balance sheets. | |||||||||||
Property and Equipment | |||||||||||
Property and equipment are recorded at cost. Expenditures for new properties and improvements are capitalized, while the cost of repair and maintenance is charged to expense. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. | |||||||||||
The estimated useful lives of property and equipment, for financial statement purposes, are as follows: | |||||||||||
Depreciable Fixed Assets | Useful Life | ||||||||||
Land | — | ||||||||||
Store fixtures and equipment | 3 - 10 years | ||||||||||
Office furniture, fixtures and equipment | 3 - 10 years | ||||||||||
Software | 5 years | ||||||||||
Leasehold improvements | Lesser of the useful life or | ||||||||||
the term of the lease | |||||||||||
Cost of Goods Sold, Buying and Occupancy Costs | |||||||||||
Cost of goods sold, buying and occupancy costs is comprised of direct inventory costs for merchandise sold, distribution costs, shipping costs, payroll and related costs for the Company's design, sourcing, production, merchandising, planning and allocation personnel, and store occupancy and related costs. | |||||||||||
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. | |||||||||||
Marketing | |||||||||||
Marketing costs, which consist primarily of direct mail and point-of-sale ("POS") advertising costs, are expensed at the time the promotion is mailed or first appears in the store. For the following periods, marketing costs reported in "Selling, general, and administrative expenses" on the consolidated statements of operations were as follows: | |||||||||||
Fiscal Year | (Amounts in thousands) | ||||||||||
2013 | $ | 31,137 | |||||||||
2012 | $ | 30,413 | |||||||||
2011 | $ | 26,587 | |||||||||
At February 1, 2014 and February 2, 2013, marketing costs reported in "Prepaid expenses" on the consolidated balance sheets amounted to $1.7 million and $1.9 million, respectively. | |||||||||||
Pre-Opening Expenses | |||||||||||
Costs, such as advertising and payroll costs, incurred prior to the opening of a new store are expensed as incurred. | |||||||||||
Store Supplies | |||||||||||
The initial inventory and subsequent shipments of supplies for new stores, including, but not limited to, hangers, signage, packaging and POS supplies, are expensed as incurred. | |||||||||||
Deferred Financing Costs | |||||||||||
Costs related to the issuance of debt are capitalized as "Other assets" in the consolidated balance sheets and amortized as interest expense over the terms of the related debt. At February 1, 2014 and February 2, 2013, net deferred financing costs were $0.3 million and $0.4 million, respectively. | |||||||||||
Interest Expense | |||||||||||
Interest expense, net of interest income, includes interest primarily related to the Company's revolving credit facility, amortization of deferred financing costs, and historically, long-term debt. | |||||||||||
Impairment of Long-lived Assets | |||||||||||
The Company evaluates the impairment of long-lived assets in accordance with ASC Topic 360, "Property, Plant and Equipment" ("ASC 360"). Long-lived assets are evaluated for recoverability whenever events or changes in circumstances indicate that an asset may have been impaired. The evaluation is performed at the individual store level, which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. In evaluating long-lived assets for recoverability, the Company estimates the future cash flows at the individual store level that are expected to result from the use of each store's assets based on historical experience, knowledge and market data assumptions. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the long-lived assets, an impairment loss, equal to the excess of the carrying amount over the fair value of the assets, is recognized. | |||||||||||
Intangible Assets | |||||||||||
The Company follows ASU 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which amends FASB 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. | |||||||||||
The Company's intangible assets relate to the New York & Company trademarks, which were initially valued at $14.8 million. The trademarks were initially valued using the "relief from royalty method" and were determined to have indefinite lives by an independent appraiser. The Company's fiscal year 2013, fiscal year 2012 and fiscal year 2011 impairment tests resulted in a fair value that significantly exceeded the carrying amount of the Company's trademarks. In addition to assessing qualitative factors that could impact the fair value of the New York & Company trademarks, the Company performed a sensitivity analysis on the key assumptions used in the trademark impairment analysis and has determined that a significant, negative change in the assumptions would not impact the Company's conclusion that no impairment was required. | |||||||||||
Income Taxes | |||||||||||
Income taxes are calculated in accordance with ASC Topic 740, "Income Taxes" ("ASC 740"), which requires the use of the liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Inherent in the measurement of deferred balances are certain judgments and interpretations of enacted tax laws and published guidance with respect to applicability to the Company's operations. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The provisions in ASC 740 related to accounting for uncertain tax positions prescribe a comprehensive model of how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. Under these provisions, the Company recognizes a tax benefit when a tax position is more-likely-than-not to be sustained upon examination, based solely on its technical merits. The Company measures the recognized tax benefit as the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority. The Company reverses a previously recognized tax benefit if it determines that the tax position no longer meets the more-likely-than-not threshold of being sustained. The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) is calculated in accordance with ASC Topic 220, "Comprehensive Income." Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). The Company reports the components of other comprehensive income (loss) and accumulated other comprehensive loss in the consolidated financial statements included in this Annual Report on Form 10-K. | |||||||||||
Earnings (Loss) Per Share | |||||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, diluted earnings (loss) per share are 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 earnings (loss) per share is as follows: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands, except per | |||||||||||
share amounts) | |||||||||||
Net income (loss) | $ | 2,394 | $ | 2,100 | $ | (38,937 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
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| | | | | | | | | | | |
Diluted earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
Plus impact of share-based awards | 927 | 648 | — | ||||||||
| | | | | | | | | | | |
Diluted shares of common stock | 63,240 | 62,164 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
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| | | | | | | | | | | |
The calculation of diluted earnings (loss) per share for fiscal year 2013, fiscal year 2012, and fiscal year 2011 excludes the share-based awards listed in the following table due to their anti-dilutive effect, as determined under the treasury stock method: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands) | |||||||||||
Stock options | 329 | 957 | 1,381 | ||||||||
Stock appreciation rights(1) | 1,808 | 3,266 | 2,072 | ||||||||
Restricted stock and units | 118 | 492 | 441 | ||||||||
| | | | | | | | | | | |
Total anti-dilutive shares | 2,255 | 4,715 | 3,894 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-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. | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||
Feb. 01, 2014 | |||
Fair Value Measurements | ' | ||
Fair Value Measurements | ' | ||
3. Fair Value Measurements | |||
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. | |||
Significant_Risks_and_Uncertai
Significant Risks and Uncertainties | 12 Months Ended |
Feb. 01, 2014 | |
Significant Risks and Uncertainties | ' |
Significant Risks and Uncertainties | ' |
4. Significant Risks and Uncertainties | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to inventories, long-lived assets, intangible assets, and income taxes. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Concentration of Risk | |
The Company is subject to concentration of credit risk relating to cash, primarily store depository accounts, which are maintained with major financial institutions. The Company monitors the relative credit standing of these financial institutions and other entities and limits the amount of credit exposure with any one entity. The Company also monitors the creditworthiness of the entities to which it grants credit terms in the normal course of business. | |
The Company's largest country sources are China, Vietnam and Indonesia, which represented approximately 92% of purchases in fiscal year 2013. The Company utilizes three major apparel vendors, which together represented approximately 74% of the Company's merchandise purchases during fiscal year 2013; however, no individual factory represented more than approximately 6% of the Company's merchandise purchases. | |
Proprietary_Credit_Card
Proprietary Credit Card | 12 Months Ended |
Feb. 01, 2014 | |
Proprietary Credit Card | ' |
Proprietary Credit Card | ' |
5. Proprietary Credit Card | |
The Company has a credit card processing agreement with a third party (the "administration company"), which provides the services of the Company's proprietary credit card program. The Company allows payments on this credit card to be made at its stores as a service to its customers. The administration company owns the credit card accounts, with no recourse from the Company. The Company's receivable due from the administration company at any time represents the standard processing time of approximately three days. The amount due at February 1, 2014 and February 2, 2013 was $1.0 million and $1.2 million, respectively. The Company does not have any off-balance sheet arrangements with credit exposure. | |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
6. Property and Equipment | ||||||||
Property and equipment at February 1, 2014 and February 2, 2013 consist of the following: | ||||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Land | $ | 117 | $ | 117 | ||||
Store fixtures and equipment | 165,822 | 164,105 | ||||||
Office furniture, fixtures, and equipment | 18,808 | 17,933 | ||||||
Leasehold improvements | 170,293 | 173,903 | ||||||
Software | 37,870 | 35,799 | ||||||
Construction in progress | 8,164 | 2,675 | ||||||
| | | | | | | | |
Total | 401,074 | 394,532 | ||||||
Less accumulated depreciation | 317,521 | 296,572 | ||||||
| | | | | | | | |
Property and equipment, net | $ | 83,553 | $ | 97,960 | ||||
| | | | | | | | |
| | | | | | | | |
Depreciation expense amounted to $32.7 million, $34.9 million and $38.4 million for fiscal year 2013, fiscal year 2012 and fiscal year 2011, respectively. | ||||||||
During the second quarter and fourth quarter of fiscal year 2013, the Company recorded non-cash impairment charges of $0.3 million and $0.2 million, respectively, related to store assets. During the second quarter and fourth quarter of fiscal year 2012, the Company recorded non-cash impairment charges of $0.4 million and $0.2 million, respectively, related to store assets. During the second quarter and fourth quarter of fiscal year 2011, the Company recorded non-cash impairment charges of $0.9 million and $2.2 million, respectively, related to store assets. The Company reported these impairment charges in fiscal year 2013, fiscal year 2012 and fiscal year 201l in "Selling, general and administrative expenses" on the Company's consolidated statement of operations. The Company classifies long-lived store assets within level 3 of the fair value hierarchy as defined in ASC 820. | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Commitments and Contingencies | ' | ||||||||||
7. Commitments and Contingencies | |||||||||||
The Company leases retail business locations, office and warehouse facilities, copier equipment and automotive equipment under various non-cancelable operating leases expiring in various years through 2026. Leases on retail business locations typically specify minimum rentals plus common area maintenance ("CAM") charges, real estate taxes, other landlord charges and possible additional rentals based upon percentages of sales. Most of the retail business location leases have an original term of 10 years and some provide renewal options at rates specified in the leases. | |||||||||||
A summary of rent expense is as follows: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands) | |||||||||||
Fixed minimum rentals | $ | 85,423 | $ | 86,538 | $ | 90,123 | |||||
Contingent rentals | 4,049 | 4,605 | 6,961 | ||||||||
| | | | | | | | | | | |
Total store rentals | 89,472 | 91,143 | 97,084 | ||||||||
Office space rentals | 5,280 | 5,320 | 5,400 | ||||||||
Equipment rentals | 862 | 698 | 1,064 | ||||||||
| | | | | | | | | | | |
Total rental expense | $ | 95,614 | $ | 97,161 | $ | 103,548 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Sublease rental income | $ | 29 | $ | 72 | $ | 277 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
As of February 1, 2014 the aggregate minimum rent commitments under non-cancelable operating leases are as follows: | |||||||||||
Fiscal Year | Fixed | ||||||||||
Minimum Rent | |||||||||||
(Amounts in thousands) | |||||||||||
2014 | $ | 97,339 | |||||||||
2015 | 76,964 | ||||||||||
2016 | 55,847 | ||||||||||
2017 | 38,168 | ||||||||||
2018 | 23,449 | ||||||||||
Thereafter | 59,366 | ||||||||||
| | | | | |||||||
Total | $ | 351,133 | |||||||||
| | | | | |||||||
| | | | | |||||||
The minimum lease payments above do not include CAM charges, real estate taxes or other landlord charges, which are also required contractual obligations under the Company's store and office operating leases. In many of the Company's leases, CAM charges are not fixed and can fluctuate from year to year. During fiscal year 2013, CAM charges and real estate taxes were $58.4 million and other landlord charges were $4.7 million. | |||||||||||
On February 25, 2014, the Company entered into a lease for 182,709 square feet of office space at 330 West 34th Street, New York, New York, which the Company plans to move its corporate headquarters to by January 1, 2015 upon expiration of its existing lease at 450 West 33rd Street, New York, New York. The lease at 330 West 34th Street, New York, New York expires in 2030. For further information related to the Company's new corporate headquarters lease agreement, please refer to Note 15, "Subsequent Events," in these Notes to Consolidated Financial Statements. | |||||||||||
As of February 1, 2014, the Company had open purchase commitments for inventory totaling approximately $76.9 million. | |||||||||||
Legal Proceedings | |||||||||||
There are various claims, lawsuits and pending actions against the Company arising in the normal course of the Company's business. It is the opinion of management that the ultimate resolution of these matters will not have a material effect on the Company's financial condition, results of operations or cash flows. | |||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Employee Benefit Plans | ' | |||||||||||||
Employee Benefit Plans | ' | |||||||||||||
8. Employee Benefit Plans | ||||||||||||||
Savings and Retirement Plan | ||||||||||||||
The Company contributes to a defined contribution savings and retirement plan (the "SARP") qualifying under section 401(k) of the Internal Revenue Code. Participation in the SARP is available to all associates, if not covered by the pension plan discussed below, who have completed 1,000 or more hours of service with the Company during certain twelve-month periods and have attained the age of 21. Participants are able to contribute up to 100% of their pay to the SARP, subject to Internal Revenue Service ("IRS") limits. The Company matches 100% of the employee's contribution up to a maximum of 4% of the employee's eligible pay. The Company match is immediately vested. | ||||||||||||||
The Company's costs under this plan were as follows: | ||||||||||||||
Fiscal Year | (Amounts | |||||||||||||
in thousands) | ||||||||||||||
2013 | $ | 1,737 | ||||||||||||
2012 | $ | 1,793 | ||||||||||||
2011 | $ | 1,885 | ||||||||||||
Pension Plan | ||||||||||||||
The Company sponsors a single employer defined benefit pension plan ("plan") covering substantially all union employees. Employees covered by collective bargaining agreements are primarily non-management store associates, representing approximately 9% of the Company's workforce at February 1, 2014. 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. The Company anticipates contributing approximately $0.7 million to the plan during fiscal year 2014. The Company's pension plan weighted average asset allocation, by asset category, is as follows: | ||||||||||||||
Asset Category | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 67 | % | 64 | % | ||||||||||
Fixed income | 32 | % | 34 | % | ||||||||||
Cash and cash equivalents | 1 | % | 2 | % | ||||||||||
The Company's investment policy generally targets 65% to 70% in equity securities and 30% to 35% in fixed income. | ||||||||||||||
The fair values of the pension plan assets at February 1, 2014, utilizing the fair value hierarchy in accordance with ASC 820, is as follows: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
February 1, | Quoted | Significant | Significant | |||||||||||
2014 | Prices in | Other | Unobservable | |||||||||||
Active | Observable | Inputs | ||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Equity securities: | ||||||||||||||
U.S. common stocks | $ | 4,174 | $ | 4,174 | $ | — | $ | — | ||||||
International common stocks | 519 | — | 519 | — | ||||||||||
Fixed income securities: | ||||||||||||||
U.S. treasury/government bonds | 1,159 | — | 1,159 | — | ||||||||||
U.S. corporate bonds | 955 | — | 955 | — | ||||||||||
U.S. mortgage-backed securities | 108 | — | 108 | — | ||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash equivalents | 78 | — | 78 | — | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,993 | $ | 4,174 | $ | 2,819 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The fair values of the pension plan assets at February 2, 2013, utilizing the fair value hierarchy in accordance with ASC 820, is as follows: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
February 2, | Quoted | Significant | Significant | |||||||||||
2013 | Prices in | Other | Unobservable | |||||||||||
Active | Observable | Inputs | ||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Equity securities: | ||||||||||||||
U.S. common stocks | $ | 3,886 | $ | 3,886 | $ | — | $ | — | ||||||
International common stocks | 450 | — | 450 | — | ||||||||||
Fixed income securities: | ||||||||||||||
U.S. corporate bonds | 1,161 | — | 1,161 | — | ||||||||||
U.S. mortgage-backed securities | 1,084 | — | 1,084 | — | ||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash equivalents | 102 | — | 102 | $ | — | |||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,683 | $ | 3,886 | $ | 2,797 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
In consideration of the fund's investment goals, demographics, time horizon available for investment and the overall risk tolerance of the board of trustees (consisting of two union trustees and two employer trustees) a long-term investment objective of long-term income and growth has been adopted for the fund's assets. This is a risk-averse balanced approach that seeks long-term growth in capital along with significant current income. | ||||||||||||||
The following weighted average assumptions were used to determine benefit obligations: | ||||||||||||||
Fiscal Year | Fiscal Year | |||||||||||||
2013 | 2012 | |||||||||||||
Discount rate | 4.3 | % | 3.9 | % | ||||||||||
The following weighted average assumptions were used to determine net periodic benefit cost: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Discount rate | 3.9 | % | 4.5 | % | 5.2 | % | ||||||||
Long-term rate of return on assets | 8 | % | 8 | % | 8 | % | ||||||||
The measurement dates for fiscal year 2013 and fiscal year 2012 are February 1, 2014 and February 2, 2013, respectively, for the determination of benefit obligations. The following table provides information for the pension plan: | ||||||||||||||
Fiscal Year | Fiscal Year | |||||||||||||
2013 | 2012 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Change in benefit obligation: | ||||||||||||||
Benefit obligation, beginning of period | $ | 9,810 | $ | 9,705 | ||||||||||
Service cost | 347 | 340 | ||||||||||||
Interest | 360 | 408 | ||||||||||||
Actuarial (gain) loss | (738 | ) | 114 | |||||||||||
Benefits paid | (793 | ) | (757 | ) | ||||||||||
| | | | | | | | |||||||
Benefit obligation, end of period | $ | 8,986 | $ | 9,810 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 6,683 | $ | 6,065 | ||||||||||
Actual return on plan assets | 557 | 491 | ||||||||||||
Benefits paid | (793 | ) | (757 | ) | ||||||||||
Employer contributions | 546 | 884 | ||||||||||||
| | | | | | | | |||||||
Fair value of plan assets, end of period | $ | 6,993 | $ | 6,683 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Funded status | $ | (1,993 | ) | $ | (3,127 | ) | ||||||||
Unrecognized net actuarial loss | 3,043 | 4,023 | ||||||||||||
Unrecognized prior service credit | (188 | ) | (203 | ) | ||||||||||
| | | | | | | | |||||||
Net amount recognized | $ | 862 | $ | 693 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||
Accrued pension liability | $ | (1,993 | ) | $ | (3,127 | ) | ||||||||
Accumulated other comprehensive loss | 2,855 | 3,820 | ||||||||||||
| | | | | | | | |||||||
Net amount recognized | $ | 862 | $ | 693 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
At February 1, 2014 and February 2, 2013, the Company reported a minimum pension liability of $2.0 million and $3.1 million, respectively, due to the underfunded status of the plan. The minimum pension liability is reported in "Other liabilities" on the consolidated balance sheets. Included in accumulated other comprehensive loss at February 1, 2014 is a net loss of $0.1 million that is expected to be recognized in net periodic benefit cost during fiscal year 2014. | ||||||||||||||
Net periodic benefit cost includes the following components: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Service cost | $ | 347 | $ | 340 | $ | 339 | ||||||||
Interest cost | 360 | 408 | 454 | |||||||||||
Expected return on plan assets | (517 | ) | (486 | ) | (499 | ) | ||||||||
Amortization of unrecognized losses | 201 | 208 | 131 | |||||||||||
Amortization of prior service credit | (15 | ) | (15 | ) | (15 | ) | ||||||||
| | | | | | | | | | | ||||
Net periodic benefit cost | $ | 376 | $ | 455 | $ | 410 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
The following schedule shows the expected benefit payments over the next 10 years: | ||||||||||||||
Fiscal Year | (Amounts | |||||||||||||
in thousands) | ||||||||||||||
2014 | $ | 816 | ||||||||||||
2015 | 797 | |||||||||||||
2016 | 764 | |||||||||||||
2017 | 731 | |||||||||||||
2018 | 697 | |||||||||||||
2019-2023 | 3,025 | |||||||||||||
| | | | | ||||||||||
Total | $ | 6,830 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
9. Share-Based Compensation | ||||||||||||||
2006 Amended and Restated Long-Term Incentive Plan. The Company's board of directors and stockholders approved the 2006 Long-Term Incentive Plan (the "2006 Plan") on May 3, 2006, and June 21, 2006, respectively. On June 29, 2009 and June 22, 2011, the Company's stockholders approved, among other matters, amendments to the 2006 Plan to increase the number of shares reserved for issuance. The aggregate number of shares of the Company's common stock that may be issued under the New York & Company, Inc. Amended and Restated 2006 Long-Term Incentive Plan (the "Amended and Restated 2006 Plan") is 8,668,496 shares, and the maximum number of shares which may be used for awards other than stock options or stock appreciation rights ("SARs") is 3,750,000 shares. These shares may be in whole or in part authorized and unissued or held by the Company as treasury shares. | ||||||||||||||
Amended and Restated 2002 Stock Option Plan. The Company originally adopted the 2002 Stock Option Plan on November 27, 2002 and approved the Amended and Restated 2002 Stock Option Plan (the "2002 Plan") to become effective on October 13, 2004. Upon stockholder approval of the 2006 Plan, the 2002 Plan ceased to be available for the grants of new incentive awards, other than awards granted wholly from shares returned to the 2002 Plan by forfeiture or expiration after May 5, 2006; all other new incentive awards are to be granted under the Amended and Restated 2006 Plan. As of November 27, 2012, the 2002 Plan expired and no new awards may be issued from the 2002 Plan. | ||||||||||||||
Under the Amended and Restated 2006 Plan, the Company is able to grant share-based awards to its executives, consultants, directors, or other key employees. Options and SARs generally have a maximum term of up to 10 years. Upon grant of share-based awards, the compensation committee of the Company's board of directors will determine the exercise price, if applicable, and the term and conditions of any award pursuant to the Amended and Restated 2006 Plan. The exercise price of an incentive stock option and a SAR; however, may not be less than 100% of the fair market value of a share of common stock on the date of grant. The exercise price of an incentive stock option awarded to a person who owns stock constituting more than 10% of the total combined voting power of all classes of stock of the Company may not be less than 110% of the fair market value on such date and the option must be exercised within five years of the date of grant. The aggregate fair market value of common stock for which an incentive stock option is exercisable for the first time during any calendar year, under all equity incentive plans of the Company, may not exceed $0.1 million. Upon the exercise of a SAR, a participant will receive a number of shares of the Company's common stock equal in value to the excess of the fair market value of a share of common stock over the exercise price per share, multiplied by the number of shares in respect of which the SAR is exercised. Vesting provisions for all share-based awards, are determined by the compensation committee of the Company's board of directors at the date of grant; however, subject to certain restrictions, all outstanding share-based awards may vest upon a sale of the Company. Shares that are not currently outstanding and are available for issuance at February 1, 2014 amounted to 1,896,312. | ||||||||||||||
A summary of the Company's stock options and SARs outstanding as of February 1, 2014 and activity for fiscal year 2013 is presented below: | ||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||
of | Average | Average | Intrinsic | |||||||||||
Shares | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(years) | ||||||||||||||
(Amounts in | (Amounts in | |||||||||||||
thousands) | thousands) | |||||||||||||
Outstanding, beginning of period | 4,350 | $ | 4.11 | |||||||||||
Granted | 1,467 | 5.23 | ||||||||||||
Exercised | (541 | ) | 3.05 | |||||||||||
Forfeited | (743 | ) | 4.26 | |||||||||||
Expired | (45 | ) | 7.26 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding, end of period(1) | 4,488 | $ | 4.55 | 7.2 | $ | 2,096 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Exercisable, end of period | 1,861 | $ | 4.15 | 5.2 | $ | 1,185 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
There were 769,041 stock options and 3,718,918 SARs outstanding as of February 1, 2014, of which 638,041 stock options and 1,222,600 SARs were vested. The non-vested stock options and SARs outstanding at February 1, 2014 vest subject to the passage of time through fiscal year 2017. | ||||||||||||||
Aggregate intrinsic value for both outstanding and exercisable options and SARs, in the table above, represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of fiscal year 2013 and the exercise price, multiplied by the number of in-the-money options and SARs) that would have been received by the option and SAR holders had all option and SAR holders exercised their options and SARs on February 1, 2014. This amount changes based on the fair market value of the Company's common stock. Total intrinsic value of options exercised for fiscal year 2013, fiscal year 2012 and fiscal year 2011 (based on the difference between the Company's stock price on the respective exercise date and the respective exercise price, multiplied by the number of respective options and SARs exercised) was $1.4 million, $1.2 million and $7.6 million, respectively. | ||||||||||||||
In accordance with ASC 718, for compensation expense purposes, the fair value of each option and SAR granted is estimated on the date granted using the Black-Scholes option-pricing model for all employees and non-employee board members. The weighted average fair value for options and SARs granted during fiscal year 2013, fiscal year 2012 and fiscal year 2011 was $2.64, $2.17 and $3.62, respectively. The total fair value of share-based awards that vested during fiscal year 2013, fiscal year 2012 and fiscal year 2011 was $4.6 million, $2.3 million and $1.7 million, respectively. | ||||||||||||||
The following weighted average assumptions were used to value stock options and SARs: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 65.1 | % | 86.8 | % | 84.1 | % | ||||||||
Expected life | 4.1 years | 3.8 years | 4.5 years | |||||||||||
Risk-free interest rate | 1.51 | % | 0.78 | % | 1.89 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||
The risk-free interest rate used to value stock options and SARs is based on the U.S. Treasury yield curve in effect at the time of grant with maturity dates that coincide with the expected life of the options and SARs. The expected life represents the weighted average period the stock options and SARs are expected to remain outstanding and is based primarily on industry averages due to the Company's limited historical data for employee exercises. The Company's assumption for volatility is based on its historical volatility calculated on the grant date of an award for a period of time that coincides with the expected life of the options. | ||||||||||||||
The following table summarizes the restricted stock and unit awards outstanding at February 1, 2014 and activity for fiscal year 2013: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date Fair | ||||||||||||||
Value | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Nonvested at February 2, 2013 | 1,149 | $ | 4.43 | |||||||||||
Granted | 705 | $ | 5.08 | |||||||||||
Vested | (594 | ) | $ | 4.29 | ||||||||||
Forfeited | (355 | ) | $ | 5.63 | ||||||||||
| | | | | | | | |||||||
Nonvested at February 1, 2014 | 905 | $ | 4.56 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
The fair value of restricted stock and units is based on the closing stock price of an unrestricted share of the Company's common stock on the grant date. Each vested stock unit is convertible into one share of the Company's common stock. The non-vested shares outstanding at February 1, 2014 vest subject to the passage of time through fiscal year 2017. | ||||||||||||||
Total share-based compensation expense attributable to all share-based awards was $3.9 million, $3.9 million and $3.7 million in fiscal year 2013, fiscal year 2012 and fiscal year 2011, respectively. The Company recognizes share-based compensation expense in the consolidated statements of operations over the requisite service period for each share-based payment award. The Company recognized a tax benefit in the consolidated statements of operations related to share-based compensation expense of $1.5 million, $1.6 million and $1.5 million in fiscal year 2013, fiscal year 2012 and fiscal year 2011, respectively. The tax benefit recognized in fiscal year 2013, fiscal year 2012 and fiscal year 2011 consolidated statements of operations was offset by corresponding adjustments to the valuation allowance against deferred tax assets. In addition, as a result of the deferred tax valuation allowance, the Company did not recognize an excess benefit related to the exercise of options during fiscal year 2013, fiscal year 2012 and fiscal year 2011. For further information related to the deferred tax valuation allowance, please refer to Note 12, "Income Taxes" in these Notes to Consolidated Financial Statements. Unamortized share-based compensation expense at February 1, 2014 was $7.0 million and will be recognized in the consolidated statements of operations over a weighted average period of 1.7 years. | ||||||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ' | |||||||
10. Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Gift cards and merchandise credits | $ | 12,062 | $ | 12,188 | ||||
Compensation and benefits | 9,646 | 9,202 | ||||||
Other taxes | 5,824 | 7,317 | ||||||
Construction in progress | 1,697 | 1,590 | ||||||
Occupancy and related | 1,584 | 2,855 | ||||||
Insurance | 1,131 | 1,546 | ||||||
Other accrued expenses | 14,936 | 14,349 | ||||||
| | | | | | | | |
Total accrued expenses | $ | 46,880 | $ | 49,047 | ||||
| | | | | | | | |
| | | | | | | | |
LongTerm_Debt_and_Credit_Facil
Long-Term Debt and Credit Facilities | 12 Months Ended |
Feb. 01, 2014 | |
Long-Term Debt and Credit Facilities | ' |
Long-Term Debt and Credit Facilities | ' |
11. 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. Concurrent with the closing of the Loan Agreement, the Company repaid in full the $4.5 million outstanding balance on the term loan under the prior agreement and wrote off $0.1 million of unamortized deferred financing costs related to the prior agreement. | |
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 terms of 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 that is based on the application of specified advance rates against inventory and certain other eligible assets. As of February 1, 2014, the Company had availability under its revolving credit facility of $37.1 million, net of letters of credit outstanding of $11.5 million, as compared to availability of $33.4 million, net of letters of credit outstanding of $12.0 million, as of February 2, 2013. | |
The lender has been granted a pledge of the common stock of Lerner Holding 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. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
12. Income Taxes | ||||||||||||||
Income tax expense (benefit) consists of: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Federal: | ||||||||||||||
Current | $ | (439 | ) | $ | (180 | ) | $ | 2,280 | ||||||
Deferred | — | — | 43 | |||||||||||
State and Local: | ||||||||||||||
Current | 753 | (28 | ) | 394 | ||||||||||
Deferred | — | — | 11 | |||||||||||
| | | | | | | | | | | ||||
$ | 314 | $ | (208 | ) | $ | 2,728 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
The components of items giving rise to the net deferred income tax (liabilities) assets recognized in the Company's consolidated balance sheets are as follows: | ||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
Current | Non-current | Current | Non-current | |||||||||||
(Amounts in thousands) | ||||||||||||||
Deferred income tax assets: | ||||||||||||||
Accrued expenses | $ | 8,414 | $ | 6,939 | $ | 8,531 | $ | 8,194 | ||||||
Inventory | 1,100 | — | 153 | — | ||||||||||
Fixed assets and intangible assets | — | 19,819 | — | 18,545 | ||||||||||
Net operating loss | — | 18,548 | — | 21,416 | ||||||||||
Other assets | — | 9,759 | — | 10,576 | ||||||||||
| | | | | | | | | | | | | | |
Subtotal | 9,514 | 55,065 | 8,684 | 58,731 | ||||||||||
Valuation allowance | (8,391 | ) | (48,564 | ) | (7,685 | ) | (51,976 | ) | ||||||
| | | | | | | | | | | | | | |
Total deferred income tax assets | $ | 1,123 | $ | 6,501 | $ | 999 | $ | 6,755 | ||||||
| | | | | | | | | | | | | | |
Deferred income tax liabilities: | ||||||||||||||
Accrued expenses | $ | — | $ | — | $ | — | $ | — | ||||||
Prepaid costs | (7,624 | ) | — | (7,730 | ) | — | ||||||||
Inventory | — | — | (24 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Total deferred income tax liabilities | $ | (7,624 | ) | $ | — | $ | (7,754 | ) | $ | — | ||||
| | | | | | | | | | | | | | |
Net deferred tax (liabilities) assets | $ | (6,501 | ) | $ | 6,501 | $ | (6,755 | ) | $ | 6,755 | ||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The Company continues 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 February 1, 2014, the Company had $252.2 million of various state net operating loss carryforwards and $47.7 million of federal net operating loss carryforwards. | ||||||||||||||
The state net operating loss carryforwards are reported on a pre-apportioned basis that applies to various states with varying tax laws and expiration dates. Below is a summary of the Company's loss carryforwards and when they expire: | ||||||||||||||
Tax Year Ended | State NOL | The Earliest | Years | |||||||||||
Carryover | Expiration | Remaining | ||||||||||||
(Amounts in | Starts at the | |||||||||||||
thousands) | Beginning of | |||||||||||||
Fiscal Year | ||||||||||||||
2/3/07 | $ | 5,146 | FY2012 | 13 | ||||||||||
2/2/08 | 50,698 | FY2013 | 14 | |||||||||||
1/31/09 | 13,481 | FY2014 | 15 | |||||||||||
1/30/10 | 30,264 | FY2015 | 1 to 16 | |||||||||||
1/29/11 | 47,229 | FY2016 | 2 to 17 | |||||||||||
1/28/12 | 38,186 | FY2017 | 3 to 18 | |||||||||||
2/2/13 | 30,184 | FY2018 | 4 to 19 | |||||||||||
2/1/14 | 37,060 | FY2019 | 5 to 20 | |||||||||||
| | | | | | | | | ||||||
$ | 252,248 | |||||||||||||
| | | | | | | | | ||||||
| | | | | | | | | ||||||
Tax Year Ended | Federal NOL | The Earliest | Years | |||||||||||
Carryover | Expiration | Remaining | ||||||||||||
(Amounts in | Starts at the | |||||||||||||
thousands) | Beginning of | |||||||||||||
Fiscal Year | ||||||||||||||
1/29/11 | $ | 23,848 | FY2031 | 17 | ||||||||||
1/28/12 | 23,897 | FY2032 | 18 | |||||||||||
| | | | | | | | | | | ||||
$ | 47,745 | |||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
A reconciliation of the statutory federal income tax expense (benefit) is as follows: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Statutory 35% federal tax | $ | 947 | $ | 663 | $ | (12,674 | ) | |||||||
State and local income taxes, net of federal income tax benefit | 2,710 | (724 | ) | (1,914 | ) | |||||||||
Federal tax credit | (270 | ) | (157 | ) | (802 | ) | ||||||||
Basis adjustment | (784 | ) | (1,505 | ) | — | |||||||||
Permanent difference | 273 | 183 | 345 | |||||||||||
Alternative minimum tax | 220 | — | — | |||||||||||
Federal unrecognized tax benefit | (444 | ) | 19 | 31 | ||||||||||
Valuation allowance | (2,322 | ) | 1,328 | 18,043 | ||||||||||
Other, net | (16 | ) | (15 | ) | (301 | ) | ||||||||
| | | | | | | | | | | ||||
Income tax expense (benefit) | $ | 314 | $ | (208 | ) | $ | 2,728 | |||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
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 2009. With limited exception, the Company is no longer subject to state and local income tax examinations for tax years through 2009. | ||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits in accordance with ASC 740 is as follows: | ||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Unrecognized tax benefits at beginning of period | $ | 4,449 | $ | 1,617 | $ | 2,198 | ||||||||
Additions based on tax positions related to the current year | — | — | — | |||||||||||
Additions for tax positions of prior years | 78 | 3,120 | 1,474 | |||||||||||
Reductions for tax positions of prior years | — | (23 | ) | (575 | ) | |||||||||
Settlements | — | — | (651 | ) | ||||||||||
Reductions for lapse of statute of limitations | (644 | ) | (265 | ) | (829 | ) | ||||||||
| | | | | | | | | | | ||||
Unrecognized tax benefits at end of period | $ | 3,883 | $ | 4,449 | $ | 1,617 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal year 2013, fiscal year 2012 and fiscal year 2011, the Company recorded a net benefit for interest and penalties in the consolidated statements of operations of $0.2 million, $0.1 million, and $0.2 million, respectively. At February 1, 2014 and February 2, 2013, the Company had accrued $0.2 million and $0.4 million, respectively, for the potential payment of interest and penalties. The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next twelve months. | ||||||||||||||
Redeemable_Preferred_Stock
Redeemable Preferred Stock | 12 Months Ended |
Feb. 01, 2014 | |
Redeemable Preferred Stock | ' |
Redeemable Preferred Stock | ' |
13. Redeemable Preferred Stock | |
The Company is authorized to issue 5,000,000 shares of preferred stock, $0.001 par value. At February 1, 2014 and February 2, 2013, there were no shares of preferred stock outstanding. | |
Quarterly_Results
Quarterly Results | 12 Months Ended | |||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||
Quarterly Results | ' | |||||||||||||||||||||||||
Quarterly Results | ' | |||||||||||||||||||||||||
14. Quarterly Results | ||||||||||||||||||||||||||
The following tables set forth the Company's quarterly consolidated statements of operations data for the last eight fiscal quarters and such information expressed as a percentage of net sales. This unaudited quarterly information has been prepared on the same basis as the annual audited financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments that the Company considers necessary to present fairly the financial information for the quarters presented. | ||||||||||||||||||||||||||
Fiscal Year 2013 | Fiscal Year 2012 | |||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||
Statements of Operations data | May 4, | August 3, | November 2, | February 1, | April 28, | July 28, | October 27, | February 2, | ||||||||||||||||||
2013 | 2013 | 2013 | 2014 | 2012 | 2012 | 2012 | 2013 | |||||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||||||||||||
Net sales | $ | 227,483 | $ | 223,050 | $ | 217,626 | $ | 271,004 | $ | 227,736 | $ | 227,690 | $ | 219,250 | $ | 291,758 | ||||||||||
Gross profit | $ | 66,334 | $ | 60,002 | $ | 60,988 | $ | 77,046 | $ | 64,550 | $ | 57,719 | $ | 60,927 | $ | 81,625 | ||||||||||
Operating income (loss) | $ | 1,217 | $ | (2,243 | ) | $ | (3,119 | ) | $ | 7,222 | $ | (76 | ) | $ | (4,403 | ) | $ | (3,819 | ) | $ | 10,550 | |||||
Net income (loss) | $ | 1,594 | $ | (2,709 | ) | $ | (3,434 | ) | $ | 6,943 | $ | (211 | ) | $ | (4,330 | ) | $ | (3,839 | ) | $ | 10,480 | |||||
Basic earnings (loss) per share of common stock | $ | 0.03 | $ | (0.04 | ) | $ | (0.05 | ) | $ | 0.11 | $ | — | $ | (0.07 | ) | $ | (0.06 | ) | $ | 0.17 | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings (loss) per share of common stock | $ | 0.03 | $ | (0.04 | ) | $ | (0.05 | ) | $ | 0.11 | $ | — | $ | (0.07 | ) | $ | (0.06 | ) | $ | 0.17 | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic shares of common stock | 61,970 | 62,279 | 62,491 | 62,512 | 61,302 | 61,437 | 61,583 | 61,742 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted shares of common stock | 62,704 | 62,279 | 62,491 | 63,251 | 61,302 | 61,437 | 61,583 | 62,341 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal Year 2013 | Fiscal Year 2012 | |||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||
(as a % of net sales) | May 4, | August 3, | November 2, | February 1, | April 28, | July 28, | October 27, | February 2, | ||||||||||||||||||
2013 | 2013 | 2013 | 2014 | 2012 | 2012 | 2012 | 2013 | |||||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
Gross profit | 29.2 | % | 26.9 | % | 28 | % | 28.4 | % | 28.3 | % | 25.3 | % | 27.8 | % | 28 | % | ||||||||||
Operating income (loss) | 0.5 | % | (1.0 | )% | (1.4 | )% | 2.7 | % | — | % | (1.9 | )% | (1.7 | )% | 3.6 | % | ||||||||||
Net income (loss) | 0.7 | % | (1.2 | )% | (1.6 | )% | 2.6 | % | (0.1 | )% | (1.9 | )% | (1.8 | )% | 3.6 | % |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
15. Subsequent Events | |
In accordance with FASB ASC 855, "Subsequent Events," the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the consolidated financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the consolidated financial statements as of February 1, 2014. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred through the date these consolidated financial statements were issued. | |
On February 25, 2014, the Company entered into a lease for 182,709 square feet of office space at 330 West 34th Street, New York, New York, which the Company plans to move its corporate headquarters to by January 1, 2015 upon expiration of its existing lease at 450 West 33rd Street, New York, New York. The lease at 330 West 34th Street, New York, New York expires in 2030. In connection with the signing of the new corporate office lease agreement, the Company issued an $8.0 million standby letter of credit to the lessor. During fiscal year 2014, the Company expects capital expenditures related to the new office space to be approximately $14.0 million. Total cash rental obligations to be paid over the life of the lease are approximately $162.0 million. | |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Financial Statement Schedule II Valuation and Qualifying Accounts | ' | |||||||||||||||
Financial Statement Schedule II Valuation and Qualifying Accounts | ' | |||||||||||||||
Financial Statement Schedule II Valuation and Qualifying Accounts | ||||||||||||||||
Fiscal Year | Reserve | Balance at | Additions | Deductions | Balance at | |||||||||||
Description | beginning of | Charged to Operations | end of | |||||||||||||
period | period | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
2011 | Sales Return Reserve | $ | 1,666 | $ | 34,091 | $ | 34,360 | $ | 1,397 | |||||||
2012 | Sales Return Reserve | $ | 1,397 | $ | 36,864 | $ | 36,658 | $ | 1,603 | |||||||
2013 | Sales Return Reserve | $ | 1,603 | $ | 33,277 | $ | 33,461 | $ | 1,419 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||
Recently Issued 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 a material 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 early adoption of ASU 2013-11 did not have a material impact on the Company's financial position or results of operations. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications | |||||||||||
Certain reclassifications have been made to prior fiscal year amounts and balances to conform to the presentation in the current fiscal year. These reclassifications did not impact consolidated operating income (loss) or net income (loss) in any period presented. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
Revenue from the sale of merchandise at the Company's stores is recognized at the time the customer takes possession of the related merchandise and the purchases are paid for, primarily with either cash or credit card. Revenue, including shipping fees billed to customers, from the sale of merchandise at the Company's eCommerce store is recognized when the merchandise is shipped to the customer and the purchases are paid for. Revenue for gift cards and merchandise credits is recognized at redemption. Prior to their redemption, gift cards and merchandise credits are recorded as a liability. Discounts and promotional coupons offered to customers are accounted for as a reduction of sales revenue at the time the coupons are tendered by the customer. The Company presents sales taxes collected from customers on a net basis (excluded from revenues). | |||||||||||
The Company issues gift cards and merchandise credits which do not contain provisions for expiration or inactivity fees. The portion of the dollar value of gift cards and merchandise credits that ultimately is not used by customers to make purchases is known as breakage and will be recognized as revenue, if the Company determines it is not required to escheat such amounts to government agencies under state escheatment laws. The Company recognizes gift card and merchandise credit breakage as revenue as they each are redeemed over a two-year redemption period based on their respective historical breakage rate. The Company considers the likelihood of redemption remote beyond a two-year redemption period, at which point any unrecognized breakage is recognized as revenue. The Company determined the redemption period and the breakage rates for gift cards and merchandise credits based on their respective historical redemption patterns. | |||||||||||
During fiscal year 2013, fiscal year 2012 and fiscal year 2011 the Company recorded breakage revenue for gift cards and merchandise credits of $1.1 million, $5.1 million, and $0.6 million, respectively. Included in the $5.1 million of breakage revenue in fiscal year 2012 is $4.3 million of breakage revenue, which resulted from the Company revising its estimates of redemption rates and the period over which breakage is recognized for merchandise credits based on historical redemption patterns. | |||||||||||
Reserve for Returns | ' | ||||||||||
Reserve for Returns | |||||||||||
The Company reserves for sales returns through reductions in sales and gross margin based upon historical merchandise returns experience and current sales levels. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include all cash in banks, cash on-hand, and all short-term investments with an original maturity of three months or less when purchased. | |||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories are valued at the lower of average cost or market, on a weighted average cost basis, using the retail method. | |||||||||||
Deferred Rent | ' | ||||||||||
Deferred Rent | |||||||||||
The Company recognizes fixed minimum rent expense on non-cancelable leases on a straight-line basis over the term of each individual lease including the build-out period. The difference between recognized rental expense and amounts payable under the lease is recorded as a deferred lease liability. In addition, the Company recognizes landlord allowances as a deferred lease liability, which is amortized over the term of the related lease as a reduction to rent expense. For contingent rent expense based upon sales, the Company estimates annual contingent rent expense and recognizes a portion each month based on actual sales. At February 1, 2014 and February 2, 2013, the deferred lease liability was $39.9 million and $48.8 million, respectively, and is reported as "Deferred rent" on the consolidated balance sheets. | |||||||||||
Property and Equipment | ' | ||||||||||
Property and Equipment | |||||||||||
Property and equipment are recorded at cost. Expenditures for new properties and improvements are capitalized, while the cost of repair and maintenance is charged to expense. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. | |||||||||||
The estimated useful lives of property and equipment, for financial statement purposes, are as follows: | |||||||||||
Depreciable Fixed Assets | Useful Life | ||||||||||
Land | — | ||||||||||
Store fixtures and equipment | 3 - 10 years | ||||||||||
Office furniture, fixtures and equipment | 3 - 10 years | ||||||||||
Software | 5 years | ||||||||||
Leasehold improvements | Lesser of the useful life or | ||||||||||
the term of the lease | |||||||||||
Cost of Goods Sold, Buying and Occupancy Costs | ' | ||||||||||
Cost of Goods Sold, Buying and Occupancy Costs | |||||||||||
Cost of goods sold, buying and occupancy costs is comprised of direct inventory costs for merchandise sold, distribution costs, shipping costs, payroll and related costs for the Company's design, sourcing, production, merchandising, planning and allocation personnel, and store occupancy and related costs. | |||||||||||
Share-Based Compensation | ' | ||||||||||
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. | |||||||||||
Marketing | ' | ||||||||||
Marketing | |||||||||||
Marketing costs, which consist primarily of direct mail and point-of-sale ("POS") advertising costs, are expensed at the time the promotion is mailed or first appears in the store. For the following periods, marketing costs reported in "Selling, general, and administrative expenses" on the consolidated statements of operations were as follows: | |||||||||||
Fiscal Year | (Amounts in thousands) | ||||||||||
2013 | $ | 31,137 | |||||||||
2012 | $ | 30,413 | |||||||||
2011 | $ | 26,587 | |||||||||
At February 1, 2014 and February 2, 2013, marketing costs reported in "Prepaid expenses" on the consolidated balance sheets amounted to $1.7 million and $1.9 million, respectively. | |||||||||||
Pre-Opening Expenses | ' | ||||||||||
Pre-Opening Expenses | |||||||||||
Costs, such as advertising and payroll costs, incurred prior to the opening of a new store are expensed as incurred. | |||||||||||
Store Supplies | ' | ||||||||||
Store Supplies | |||||||||||
The initial inventory and subsequent shipments of supplies for new stores, including, but not limited to, hangers, signage, packaging and POS supplies, are expensed as incurred. | |||||||||||
Deferred Financing Costs | ' | ||||||||||
Deferred Financing Costs | |||||||||||
Costs related to the issuance of debt are capitalized as "Other assets" in the consolidated balance sheets and amortized as interest expense over the terms of the related debt. At February 1, 2014 and February 2, 2013, net deferred financing costs were $0.3 million and $0.4 million, respectively. | |||||||||||
Interest Expense | ' | ||||||||||
Interest Expense | |||||||||||
Interest expense, net of interest income, includes interest primarily related to the Company's revolving credit facility, amortization of deferred financing costs, and historically, long-term debt. | |||||||||||
Impairment of Long-lived Assets | ' | ||||||||||
Impairment of Long-lived Assets | |||||||||||
The Company evaluates the impairment of long-lived assets in accordance with ASC Topic 360, "Property, Plant and Equipment" ("ASC 360"). Long-lived assets are evaluated for recoverability whenever events or changes in circumstances indicate that an asset may have been impaired. The evaluation is performed at the individual store level, which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. In evaluating long-lived assets for recoverability, the Company estimates the future cash flows at the individual store level that are expected to result from the use of each store's assets based on historical experience, knowledge and market data assumptions. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the long-lived assets, an impairment loss, equal to the excess of the carrying amount over the fair value of the assets, is recognized. | |||||||||||
Intangible Assets | ' | ||||||||||
Intangible Assets | |||||||||||
The Company follows ASU 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which amends FASB 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. | |||||||||||
The Company's intangible assets relate to the New York & Company trademarks, which were initially valued at $14.8 million. The trademarks were initially valued using the "relief from royalty method" and were determined to have indefinite lives by an independent appraiser. The Company's fiscal year 2013, fiscal year 2012 and fiscal year 2011 impairment tests resulted in a fair value that significantly exceeded the carrying amount of the Company's trademarks. In addition to assessing qualitative factors that could impact the fair value of the New York & Company trademarks, the Company performed a sensitivity analysis on the key assumptions used in the trademark impairment analysis and has determined that a significant, negative change in the assumptions would not impact the Company's conclusion that no impairment was required. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
Income taxes are calculated in accordance with ASC Topic 740, "Income Taxes" ("ASC 740"), which requires the use of the liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Inherent in the measurement of deferred balances are certain judgments and interpretations of enacted tax laws and published guidance with respect to applicability to the Company's operations. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The provisions in ASC 740 related to accounting for uncertain tax positions prescribe a comprehensive model of how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. Under these provisions, the Company recognizes a tax benefit when a tax position is more-likely-than-not to be sustained upon examination, based solely on its technical merits. The Company measures the recognized tax benefit as the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority. The Company reverses a previously recognized tax benefit if it determines that the tax position no longer meets the more-likely-than-not threshold of being sustained. The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||
Comprehensive Income (Loss) | ' | ||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) is calculated in accordance with ASC Topic 220, "Comprehensive Income." Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). The Company reports the components of other comprehensive income (loss) and accumulated other comprehensive loss in the consolidated financial statements included in this Annual Report on Form 10-K. | |||||||||||
Earnings (Loss) Per Share | ' | ||||||||||
Earnings (Loss) Per Share | |||||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, diluted earnings (loss) per share are 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 earnings (loss) per share is as follows: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands, except per | |||||||||||
share amounts) | |||||||||||
Net income (loss) | $ | 2,394 | $ | 2,100 | $ | (38,937 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
Plus impact of share-based awards | 927 | 648 | — | ||||||||
| | | | | | | | | | | |
Diluted shares of common stock | 63,240 | 62,164 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The calculation of diluted earnings (loss) per share for fiscal year 2013, fiscal year 2012, and fiscal year 2011 excludes the share-based awards listed in the following table due to their anti-dilutive effect, as determined under the treasury stock method: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands) | |||||||||||
Stock options | 329 | 957 | 1,381 | ||||||||
Stock appreciation rights(1) | 1,808 | 3,266 | 2,072 | ||||||||
Restricted stock and units | 118 | 492 | 441 | ||||||||
| | | | | | | | | | | |
Total anti-dilutive shares | 2,255 | 4,715 | 3,894 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-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. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Schedule of estimated useful lives of property and equipment | ' | ||||||||||
Depreciable Fixed Assets | Useful Life | ||||||||||
Land | — | ||||||||||
Store fixtures and equipment | 3 - 10 years | ||||||||||
Office furniture, fixtures and equipment | 3 - 10 years | ||||||||||
Software | 5 years | ||||||||||
Leasehold improvements | Lesser of the useful life or | ||||||||||
the term of the lease | |||||||||||
Schedule of marketing costs reported in selling, general and administrative expenses on the consolidated statements of operations | ' | ||||||||||
Fiscal Year | (Amounts in thousands) | ||||||||||
2013 | $ | 31,137 | |||||||||
2012 | $ | 30,413 | |||||||||
2011 | $ | 26,587 | |||||||||
Schedule of reconciliation between basic and diluted earnings (loss) per share | ' | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands, except per | |||||||||||
share amounts) | |||||||||||
Net income (loss) | $ | 2,394 | $ | 2,100 | $ | (38,937 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings (loss) per share | |||||||||||
Weighted average shares outstanding: | |||||||||||
Basic shares of common stock | 62,313 | 61,516 | 60,824 | ||||||||
Plus impact of share-based awards | 927 | 648 | — | ||||||||
| | | | | | | | | | | |
Diluted shares of common stock | 63,240 | 62,164 | 60,824 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Diluted earnings (loss) per share | $ | 0.04 | $ | 0.03 | $ | (0.64 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule listing the share-based awards excluded from the computation of diluted earnings (loss) per share due to their anti-dilutive effect | ' | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands) | |||||||||||
Stock options | 329 | 957 | 1,381 | ||||||||
Stock appreciation rights(1) | 1,808 | 3,266 | 2,072 | ||||||||
Restricted stock and units | 118 | 492 | 441 | ||||||||
| | | | | | | | | | | |
Total anti-dilutive shares | 2,255 | 4,715 | 3,894 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-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. | |||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property and Equipment | ' | |||||||
Schedule of property and equipment | ' | |||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Land | $ | 117 | $ | 117 | ||||
Store fixtures and equipment | 165,822 | 164,105 | ||||||
Office furniture, fixtures, and equipment | 18,808 | 17,933 | ||||||
Leasehold improvements | 170,293 | 173,903 | ||||||
Software | 37,870 | 35,799 | ||||||
Construction in progress | 8,164 | 2,675 | ||||||
| | | | | | | | |
Total | 401,074 | 394,532 | ||||||
Less accumulated depreciation | 317,521 | 296,572 | ||||||
| | | | | | | | |
Property and equipment, net | $ | 83,553 | $ | 97,960 | ||||
| | | | | | | | |
| | | | | | | | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Feb. 01, 2014 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Summary of rent expense | ' | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(Amounts in thousands) | |||||||||||
Fixed minimum rentals | $ | 85,423 | $ | 86,538 | $ | 90,123 | |||||
Contingent rentals | 4,049 | 4,605 | 6,961 | ||||||||
| | | | | | | | | | | |
Total store rentals | 89,472 | 91,143 | 97,084 | ||||||||
Office space rentals | 5,280 | 5,320 | 5,400 | ||||||||
Equipment rentals | 862 | 698 | 1,064 | ||||||||
| | | | | | | | | | | |
Total rental expense | $ | 95,614 | $ | 97,161 | $ | 103,548 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Sublease rental income | $ | 29 | $ | 72 | $ | 277 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of aggregate minimum rent commitments under non-cancelable operating leases | ' | ||||||||||
Fiscal Year | Fixed | ||||||||||
Minimum Rent | |||||||||||
(Amounts in thousands) | |||||||||||
2014 | $ | 97,339 | |||||||||
2015 | 76,964 | ||||||||||
2016 | 55,847 | ||||||||||
2017 | 38,168 | ||||||||||
2018 | 23,449 | ||||||||||
Thereafter | 59,366 | ||||||||||
| | | | | |||||||
Total | $ | 351,133 | |||||||||
| | | | | |||||||
| | | | | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Employee Benefit Plans | ' | |||||||||||||
Schedule of cost under savings and retirement plan | ' | |||||||||||||
Fiscal Year | (Amounts | |||||||||||||
in thousands) | ||||||||||||||
2013 | $ | 1,737 | ||||||||||||
2012 | $ | 1,793 | ||||||||||||
2011 | $ | 1,885 | ||||||||||||
Schedule of the pension plan assets, by asset category | ' | |||||||||||||
Asset Category | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 67 | % | 64 | % | ||||||||||
Fixed income | 32 | % | 34 | % | ||||||||||
Cash and cash equivalents | 1 | % | 2 | % | ||||||||||
Schedule of fair values of pension plan assets by fair value hierarchy | ' | |||||||||||||
Fair Value Measurements Using | ||||||||||||||
February 1, | Quoted | Significant | Significant | |||||||||||
2014 | Prices in | Other | Unobservable | |||||||||||
Active | Observable | Inputs | ||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Equity securities: | ||||||||||||||
U.S. common stocks | $ | 4,174 | $ | 4,174 | $ | — | $ | — | ||||||
International common stocks | 519 | — | 519 | — | ||||||||||
Fixed income securities: | ||||||||||||||
U.S. treasury/government bonds | 1,159 | — | 1,159 | — | ||||||||||
U.S. corporate bonds | 955 | — | 955 | — | ||||||||||
U.S. mortgage-backed securities | 108 | — | 108 | — | ||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash equivalents | 78 | — | 78 | — | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,993 | $ | 4,174 | $ | 2,819 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair Value Measurements Using | ||||||||||||||
February 2, | Quoted | Significant | Significant | |||||||||||
2013 | Prices in | Other | Unobservable | |||||||||||
Active | Observable | Inputs | ||||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Equity securities: | ||||||||||||||
U.S. common stocks | $ | 3,886 | $ | 3,886 | $ | — | $ | — | ||||||
International common stocks | 450 | — | 450 | — | ||||||||||
Fixed income securities: | ||||||||||||||
U.S. corporate bonds | 1,161 | — | 1,161 | — | ||||||||||
U.S. mortgage-backed securities | 1,084 | — | 1,084 | — | ||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash equivalents | 102 | — | 102 | $ | — | |||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,683 | $ | 3,886 | $ | 2,797 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of weighted average assumptions used to determine benefit obligations | ' | |||||||||||||
Fiscal Year | Fiscal Year | |||||||||||||
2013 | 2012 | |||||||||||||
Discount rate | 4.3 | % | 3.9 | % | ||||||||||
Schedule of weighted average assumptions used to determine net periodic benefit cost | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Discount rate | 3.9 | % | 4.5 | % | 5.2 | % | ||||||||
Long-term rate of return on assets | 8 | % | 8 | % | 8 | % | ||||||||
Schedule of plan funded status and amounts recognized in the consolidated balance sheets | ' | |||||||||||||
Fiscal Year | Fiscal Year | |||||||||||||
2013 | 2012 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Change in benefit obligation: | ||||||||||||||
Benefit obligation, beginning of period | $ | 9,810 | $ | 9,705 | ||||||||||
Service cost | 347 | 340 | ||||||||||||
Interest | 360 | 408 | ||||||||||||
Actuarial (gain) loss | (738 | ) | 114 | |||||||||||
Benefits paid | (793 | ) | (757 | ) | ||||||||||
| | | | | | | | |||||||
Benefit obligation, end of period | $ | 8,986 | $ | 9,810 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 6,683 | $ | 6,065 | ||||||||||
Actual return on plan assets | 557 | 491 | ||||||||||||
Benefits paid | (793 | ) | (757 | ) | ||||||||||
Employer contributions | 546 | 884 | ||||||||||||
| | | | | | | | |||||||
Fair value of plan assets, end of period | $ | 6,993 | $ | 6,683 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Funded status | $ | (1,993 | ) | $ | (3,127 | ) | ||||||||
Unrecognized net actuarial loss | 3,043 | 4,023 | ||||||||||||
Unrecognized prior service credit | (188 | ) | (203 | ) | ||||||||||
| | | | | | | | |||||||
Net amount recognized | $ | 862 | $ | 693 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||||
Accrued pension liability | $ | (1,993 | ) | $ | (3,127 | ) | ||||||||
Accumulated other comprehensive loss | 2,855 | 3,820 | ||||||||||||
| | | | | | | | |||||||
Net amount recognized | $ | 862 | $ | 693 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of net periodic benefit cost | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Service cost | $ | 347 | $ | 340 | $ | 339 | ||||||||
Interest cost | 360 | 408 | 454 | |||||||||||
Expected return on plan assets | (517 | ) | (486 | ) | (499 | ) | ||||||||
Amortization of unrecognized losses | 201 | 208 | 131 | |||||||||||
Amortization of prior service credit | (15 | ) | (15 | ) | (15 | ) | ||||||||
| | | | | | | | | | | ||||
Net periodic benefit cost | $ | 376 | $ | 455 | $ | 410 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of expected benefit payments | ' | |||||||||||||
Fiscal Year | (Amounts | |||||||||||||
in thousands) | ||||||||||||||
2014 | $ | 816 | ||||||||||||
2015 | 797 | |||||||||||||
2016 | 764 | |||||||||||||
2017 | 731 | |||||||||||||
2018 | 697 | |||||||||||||
2019-2023 | 3,025 | |||||||||||||
| | | | | ||||||||||
Total | $ | 6,830 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Share-Based Compensation | ' | |||||||||||||
Summary of stock options and SARs outstanding | ' | |||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||
of | Average | Average | Intrinsic | |||||||||||
Shares | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(years) | ||||||||||||||
(Amounts in | (Amounts in | |||||||||||||
thousands) | thousands) | |||||||||||||
Outstanding, beginning of period | 4,350 | $ | 4.11 | |||||||||||
Granted | 1,467 | 5.23 | ||||||||||||
Exercised | (541 | ) | 3.05 | |||||||||||
Forfeited | (743 | ) | 4.26 | |||||||||||
Expired | (45 | ) | 7.26 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding, end of period(1) | 4,488 | $ | 4.55 | 7.2 | $ | 2,096 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Exercisable, end of period | 1,861 | $ | 4.15 | 5.2 | $ | 1,185 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
There were 769,041 stock options and 3,718,918 SARs outstanding as of February 1, 2014, of which 638,041 stock options and 1,222,600 SARs were vested. The non-vested stock options and SARs outstanding at February 1, 2014 vest subject to the passage of time through fiscal year 2017. | ||||||||||||||
Weighted average assumptions used to value stock options and SARs | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 65.1 | % | 86.8 | % | 84.1 | % | ||||||||
Expected life | 4.1 years | 3.8 years | 4.5 years | |||||||||||
Risk-free interest rate | 1.51 | % | 0.78 | % | 1.89 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||
Schedule of activity of the restricted stock and unit awards | ' | |||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date Fair | ||||||||||||||
Value | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
Nonvested at February 2, 2013 | 1,149 | $ | 4.43 | |||||||||||
Granted | 705 | $ | 5.08 | |||||||||||
Vested | (594 | ) | $ | 4.29 | ||||||||||
Forfeited | (355 | ) | $ | 5.63 | ||||||||||
| | | | | | | | |||||||
Nonvested at February 1, 2014 | 905 | $ | 4.56 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Accrued Expenses | ' | |||||||
Schedule of accrued expenses | ' | |||||||
February 1, | February 2, | |||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Gift cards and merchandise credits | $ | 12,062 | $ | 12,188 | ||||
Compensation and benefits | 9,646 | 9,202 | ||||||
Other taxes | 5,824 | 7,317 | ||||||
Construction in progress | 1,697 | 1,590 | ||||||
Occupancy and related | 1,584 | 2,855 | ||||||
Insurance | 1,131 | 1,546 | ||||||
Other accrued expenses | 14,936 | 14,349 | ||||||
| | | | | | | | |
Total accrued expenses | $ | 46,880 | $ | 49,047 | ||||
| | | | | | | | |
| | | | | | | | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Income Taxes | ' | |||||||||||||
Schedule of income tax expense (benefit) | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Federal: | ||||||||||||||
Current | $ | (439 | ) | $ | (180 | ) | $ | 2,280 | ||||||
Deferred | — | — | 43 | |||||||||||
State and Local: | ||||||||||||||
Current | 753 | (28 | ) | 394 | ||||||||||
Deferred | — | — | 11 | |||||||||||
| | | | | | | | | | | ||||
$ | 314 | $ | (208 | ) | $ | 2,728 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of components of items giving rise to the net deferred income tax (liabilities) assets | ' | |||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
Current | Non-current | Current | Non-current | |||||||||||
(Amounts in thousands) | ||||||||||||||
Deferred income tax assets: | ||||||||||||||
Accrued expenses | $ | 8,414 | $ | 6,939 | $ | 8,531 | $ | 8,194 | ||||||
Inventory | 1,100 | — | 153 | — | ||||||||||
Fixed assets and intangible assets | — | 19,819 | — | 18,545 | ||||||||||
Net operating loss | — | 18,548 | — | 21,416 | ||||||||||
Other assets | — | 9,759 | — | 10,576 | ||||||||||
| | | | | | | | | | | | | | |
Subtotal | 9,514 | 55,065 | 8,684 | 58,731 | ||||||||||
Valuation allowance | (8,391 | ) | (48,564 | ) | (7,685 | ) | (51,976 | ) | ||||||
| | | | | | | | | | | | | | |
Total deferred income tax assets | $ | 1,123 | $ | 6,501 | $ | 999 | $ | 6,755 | ||||||
| | | | | | | | | | | | | | |
Deferred income tax liabilities: | ||||||||||||||
Accrued expenses | $ | — | $ | — | $ | — | $ | — | ||||||
Prepaid costs | (7,624 | ) | — | (7,730 | ) | — | ||||||||
Inventory | — | — | (24 | ) | — | |||||||||
| | | | | | | | | | | | | | |
Total deferred income tax liabilities | $ | (7,624 | ) | $ | — | $ | (7,754 | ) | $ | — | ||||
| | | | | | | | | | | | | | |
Net deferred tax (liabilities) assets | $ | (6,501 | ) | $ | 6,501 | $ | (6,755 | ) | $ | 6,755 | ||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Summary of the Company's loss carryforwards and their expiration dates | ' | |||||||||||||
Tax Year Ended | State NOL | The Earliest | Years | |||||||||||
Carryover | Expiration | Remaining | ||||||||||||
(Amounts in | Starts at the | |||||||||||||
thousands) | Beginning of | |||||||||||||
Fiscal Year | ||||||||||||||
2/3/07 | $ | 5,146 | FY2012 | 13 | ||||||||||
2/2/08 | 50,698 | FY2013 | 14 | |||||||||||
1/31/09 | 13,481 | FY2014 | 15 | |||||||||||
1/30/10 | 30,264 | FY2015 | 1 to 16 | |||||||||||
1/29/11 | 47,229 | FY2016 | 2 to 17 | |||||||||||
1/28/12 | 38,186 | FY2017 | 3 to 18 | |||||||||||
2/2/13 | 30,184 | FY2018 | 4 to 19 | |||||||||||
2/1/14 | 37,060 | FY2019 | 5 to 20 | |||||||||||
| | | | | | | | | ||||||
$ | 252,248 | |||||||||||||
| | | | | | | | | ||||||
| | | | | | | | | ||||||
Tax Year Ended | Federal NOL | The Earliest | Years | |||||||||||
Carryover | Expiration | Remaining | ||||||||||||
(Amounts in | Starts at the | |||||||||||||
thousands) | Beginning of | |||||||||||||
Fiscal Year | ||||||||||||||
1/29/11 | $ | 23,848 | FY2031 | 17 | ||||||||||
1/28/12 | 23,897 | FY2032 | 18 | |||||||||||
| | | | | | | | | | | ||||
$ | 47,745 | |||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of reconciliation of statutory federal income tax expense (benefit) | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Statutory 35% federal tax | $ | 947 | $ | 663 | $ | (12,674 | ) | |||||||
State and local income taxes, net of federal income tax benefit | 2,710 | (724 | ) | (1,914 | ) | |||||||||
Federal tax credit | (270 | ) | (157 | ) | (802 | ) | ||||||||
Basis adjustment | (784 | ) | (1,505 | ) | — | |||||||||
Permanent difference | 273 | 183 | 345 | |||||||||||
Alternative minimum tax | 220 | — | — | |||||||||||
Federal unrecognized tax benefit | (444 | ) | 19 | 31 | ||||||||||
Valuation allowance | (2,322 | ) | 1,328 | 18,043 | ||||||||||
Other, net | (16 | ) | (15 | ) | (301 | ) | ||||||||
| | | | | | | | | | | ||||
Income tax expense (benefit) | $ | 314 | $ | (208 | ) | $ | 2,728 | |||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Amounts in thousands) | ||||||||||||||
Unrecognized tax benefits at beginning of period | $ | 4,449 | $ | 1,617 | $ | 2,198 | ||||||||
Additions based on tax positions related to the current year | — | — | — | |||||||||||
Additions for tax positions of prior years | 78 | 3,120 | 1,474 | |||||||||||
Reductions for tax positions of prior years | — | (23 | ) | (575 | ) | |||||||||
Settlements | — | — | (651 | ) | ||||||||||
Reductions for lapse of statute of limitations | (644 | ) | (265 | ) | (829 | ) | ||||||||
| | | | | | | | | | | ||||
Unrecognized tax benefits at end of period | $ | 3,883 | $ | 4,449 | $ | 1,617 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Quarterly_Results_Tables
Quarterly Results (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||
Quarterly Results | ' | |||||||||||||||||||||||||
Schedule of Company's quarterly consolidated statements of operations data for the last eight fiscal quarters and such information expressed as a percentage of net sales | ' | |||||||||||||||||||||||||
Fiscal Year 2013 | Fiscal Year 2012 | |||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||
Statements of Operations data | May 4, | August 3, | November 2, | February 1, | April 28, | July 28, | October 27, | February 2, | ||||||||||||||||||
2013 | 2013 | 2013 | 2014 | 2012 | 2012 | 2012 | 2013 | |||||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||||||||||||
Net sales | $ | 227,483 | $ | 223,050 | $ | 217,626 | $ | 271,004 | $ | 227,736 | $ | 227,690 | $ | 219,250 | $ | 291,758 | ||||||||||
Gross profit | $ | 66,334 | $ | 60,002 | $ | 60,988 | $ | 77,046 | $ | 64,550 | $ | 57,719 | $ | 60,927 | $ | 81,625 | ||||||||||
Operating income (loss) | $ | 1,217 | $ | (2,243 | ) | $ | (3,119 | ) | $ | 7,222 | $ | (76 | ) | $ | (4,403 | ) | $ | (3,819 | ) | $ | 10,550 | |||||
Net income (loss) | $ | 1,594 | $ | (2,709 | ) | $ | (3,434 | ) | $ | 6,943 | $ | (211 | ) | $ | (4,330 | ) | $ | (3,839 | ) | $ | 10,480 | |||||
Basic earnings (loss) per share of common stock | $ | 0.03 | $ | (0.04 | ) | $ | (0.05 | ) | $ | 0.11 | $ | — | $ | (0.07 | ) | $ | (0.06 | ) | $ | 0.17 | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings (loss) per share of common stock | $ | 0.03 | $ | (0.04 | ) | $ | (0.05 | ) | $ | 0.11 | $ | — | $ | (0.07 | ) | $ | (0.06 | ) | $ | 0.17 | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic shares of common stock | 61,970 | 62,279 | 62,491 | 62,512 | 61,302 | 61,437 | 61,583 | 61,742 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted shares of common stock | 62,704 | 62,279 | 62,491 | 63,251 | 61,302 | 61,437 | 61,583 | 62,341 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal Year 2013 | Fiscal Year 2012 | |||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||
(as a % of net sales) | May 4, | August 3, | November 2, | February 1, | April 28, | July 28, | October 27, | February 2, | ||||||||||||||||||
2013 | 2013 | 2013 | 2014 | 2012 | 2012 | 2012 | 2013 | |||||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
Gross profit | 29.2 | % | 26.9 | % | 28 | % | 28.4 | % | 28.3 | % | 25.3 | % | 27.8 | % | 28 | % | ||||||||||
Operating income (loss) | 0.5 | % | (1.0 | )% | (1.4 | )% | 2.7 | % | — | % | (1.9 | )% | (1.7 | )% | 3.6 | % | ||||||||||
Net income (loss) | 0.7 | % | (1.2 | )% | (1.6 | )% | 2.6 | % | (0.1 | )% | (1.9 | )% | (1.8 | )% | 3.6 | % |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation of Financial Statements (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
item | |||
Organization and basis of presentation | ' | ' | ' |
Number of stores operated | 507 | ' | ' |
Number of states in which entity operated the stores | 43 | ' | ' |
Length of fiscal year | '364 days | '371 days | '364 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 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Breakage revenue for gift cards and merchandise credits | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | $5,100,000 | $600,000 |
Breakage revenue adjustment based upon historical redemption patterns | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' |
Deferred Rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred lease liability | 39,925,000 | ' | ' | ' | 48,834,000 | ' | ' | ' | 39,925,000 | 48,834,000 | ' |
Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing costs | ' | ' | ' | ' | ' | ' | ' | ' | 31,137,000 | 30,413,000 | 26,587,000 |
Prepaid marketing costs | 1,700,000 | ' | ' | ' | 1,900,000 | ' | ' | ' | 1,700,000 | 1,900,000 | ' |
Deferred Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred financing costs | 300,000 | ' | ' | ' | 400,000 | ' | ' | ' | 300,000 | 400,000 | ' |
Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 14,879,000 | ' | ' | ' | 14,879,000 | ' | ' | ' | 14,879,000 | 14,879,000 | ' |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Earnings (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $6,943,000 | ($3,434,000) | ($2,709,000) | $1,594,000 | $10,480,000 | ($3,839,000) | ($4,330,000) | ($211,000) | $2,394,000 | $2,100,000 | ($38,937,000) |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares of common stock (in shares) | 62,512 | 62,491 | 62,279 | 61,970 | 61,742 | 61,583 | 61,437 | 61,302 | 62,313 | 61,516 | 60,824 |
Basic earnings (loss) per share (in dollars per share) | $0.11 | ($0.05) | ($0.04) | $0.03 | $0.17 | ($0.06) | ($0.07) | ' | $0.04 | $0.03 | ($0.64) |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares of common stock (in shares) | 62,512 | 62,491 | 62,279 | 61,970 | 61,742 | 61,583 | 61,437 | 61,302 | 62,313 | 61,516 | 60,824 |
Plus impact of share-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 927 | 648 | ' |
Diluted shares of common stock | 63,251 | 62,491 | 62,279 | 62,704 | 62,341 | 61,583 | 61,437 | 61,302 | 63,240 | 62,164 | 60,824 |
Diluted earnings (loss) per share (in dollars per share) | $0.11 | ($0.05) | ($0.04) | $0.03 | $0.17 | ($0.06) | ($0.07) | ' | $0.04 | $0.03 | ($0.64) |
Store fixtures and equipment | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Store fixtures and equipment | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Office furniture, fixtures, and equipment | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Office furniture, fixtures, and equipment | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Software | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' |
Anti-dilutive shares | 2,255,000 | 4,715,000 | 3,894,000 |
Stock options | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' |
Anti-dilutive shares | 329,000 | 957,000 | 1,381,000 |
Stock appreciation rights | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share | ' | ' | ' |
Anti-dilutive shares | 1,808,000 | 3,266,000 | 2,072,000 |
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 | 118,000 | 492,000 | 441,000 |
Significant_Risks_and_Uncertai1
Significant Risks and Uncertainties (Details) (Merchandise purchases) | 12 Months Ended |
Feb. 01, 2014 | |
item | |
Vendor concentration risk | Three largest merchandise suppliers | ' |
Concentration of Risk | ' |
Percentage of concentration risk | 74.00% |
Number of suppliers | 3 |
China, Vietnam and Indonesia | ' |
Concentration of Risk | ' |
Percentage of concentration risk | 92.00% |
Manufacturing factories | ' |
Concentration of Risk | ' |
Number of individual factories | 0 |
Manufacturing factories | Maximum | ' |
Concentration of Risk | ' |
Percentage of concentration risk | 6.00% |
Proprietary_Credit_Card_Detail
Proprietary Credit Card (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Proprietary Credit Card | ' | ' |
Standard processing time of receivables | '3 days | ' |
Receivable due | $1 | $1.20 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property and equipment | ' | ' | ' |
Total | $401,074,000 | $394,532,000 | ' |
Less accumulated depreciation | 317,521,000 | 296,572,000 | ' |
Property and equipment, net | 83,553,000 | 97,960,000 | ' |
Depreciation expense | 32,700,000 | 34,900,000 | 38,400,000 |
Land | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | 117,000 | 117,000 | ' |
Store fixtures and equipment | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | 165,822,000 | 164,105,000 | ' |
Office furniture, fixtures, and equipment | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | 18,808,000 | 17,933,000 | ' |
Leasehold improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | 170,293,000 | 173,903,000 | ' |
Software | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | 37,870,000 | 35,799,000 | ' |
Construction in progress | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total | $8,164,000 | $2,675,000 | ' |
Property_and_Equipment_Details1
Property and Equipment (Details 2) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Aug. 03, 2013 | Feb. 02, 2013 | Jul. 28, 2012 | Jan. 28, 2012 | Jul. 30, 2011 |
Underperforming New York & Company stores | Underperforming New York & Company stores | Underperforming New York & Company stores | Underperforming New York & Company stores | Underperforming New York & Company stores | Underperforming New York & Company stores | ||||
Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | ||||
Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash impairment charge | $524 | $556 | $3,055 | $200 | $300 | $200 | $400 | $2,200 | $900 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Commitments and Contingencies | ' | ' | ' |
Original lease term | '10 years | ' | ' |
Commitments and Contingencies | ' | ' | ' |
Total rental expense | $95,614,000 | $97,161,000 | $103,548,000 |
Sublease rental income | 29,000 | 72,000 | 277,000 |
Aggregate minimum rental commitments under non-cancelable operating leases | ' | ' | ' |
2014 | 97,339,000 | ' | ' |
2015 | 76,964,000 | ' | ' |
2016 | 55,847,000 | ' | ' |
2017 | 38,168,000 | ' | ' |
2018 | 23,449,000 | ' | ' |
Thereafter | 59,366,000 | ' | ' |
Total | 351,133,000 | ' | ' |
CAM charges and real estate taxes | 58,400,000 | ' | ' |
Other landlord charges | 4,700,000 | ' | ' |
Store | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' |
Fixed minimum rentals | 85,423,000 | 86,538,000 | 90,123,000 |
Contingent rentals | 4,049,000 | 4,605,000 | 6,961,000 |
Total rental expense | 89,472,000 | 91,143,000 | 97,084,000 |
Office space | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' |
Total rental expense | 5,280,000 | 5,320,000 | 5,400,000 |
Equipment | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' |
Total rental expense | $862,000 | $698,000 | $1,064,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 25, 2014 | Feb. 01, 2014 |
Subsequent Events | Inventory | |
sqft | ||
Commitments and Contingencies | ' | ' |
Open purchase commitments | ' | $76.90 |
Area of office property leased (in square feet) | 182,709 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
item | |||
Savings and Retirement Plan | ' | ' | ' |
Minimum hours of service to be completed for participation in savings and retirement plan | '1000 hours | ' | ' |
Period during which minimum hours of service must be completed to be eligible to participate in the savings and retirement plan | '12 months | ' | ' |
Minimum age of an employee to be eligible to participate in the savings and retirement plan | 21 | ' | ' |
Maximum employees contribution as percentage of their compensation | 100.00% | ' | ' |
Matching contribution by employer as a percentage of employee's contribution | 100.00% | ' | ' |
Maximum employer matching contribution as a percentage of employee's eligible pay | 4.00% | ' | ' |
Cost recognized under the plan | $1,737 | $1,793 | $1,885 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
item | |
Pension Plan | ' |
Employees covered by collective bargaining agreements (as a percent) | 9.00% |
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 | '1000 hours |
Anticipated contribution for pension plan during current fiscal year | $0.70 |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Equity securities | ' | ' |
Weighted average asset allocation for plan assets | ' | ' |
Weighted average asset allocation (as a percent) | 67.00% | 64.00% |
Target allocation of plan assets | ' | ' |
Minimum target allocations (as a percent) | 65.00% | ' |
Maximum target allocations (as a percent) | 70.00% | ' |
Fixed income | ' | ' |
Weighted average asset allocation for plan assets | ' | ' |
Weighted average asset allocation (as a percent) | 32.00% | 34.00% |
Target allocation of plan assets | ' | ' |
Minimum target allocations (as a percent) | 30.00% | ' |
Maximum target allocations (as a percent) | 35.00% | ' |
Cash and cash equivalents | ' | ' |
Weighted average asset allocation for plan assets | ' | ' |
Weighted average asset allocation (as a percent) | 1.00% | 2.00% |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
item | |||
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | $6,993 | $6,683 | $6,065 |
Number of union trustees | 2 | ' | ' |
Number of employer trustees | 2 | ' | ' |
Total | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 6,993 | 6,683 | ' |
Total | U.S. common stocks | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 4,174 | 3,886 | ' |
Total | International common stocks | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 519 | 450 | ' |
Total | U.S. treasury/government bonds | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 1,159 | ' | ' |
Total | U.S. corporate bonds | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 955 | 1,161 | ' |
Total | U.S. mortgage-backed securities | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 108 | 1,084 | ' |
Total | Cash equivalents | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 78 | 102 | ' |
Quoted Prices in Active Markets (Level 1) | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 4,174 | 3,886 | ' |
Quoted Prices in Active Markets (Level 1) | U.S. common stocks | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 4,174 | 3,886 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 2,819 | 2,797 | ' |
Significant Other Observable Inputs (Level 2) | International common stocks | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 519 | 450 | ' |
Significant Other Observable Inputs (Level 2) | U.S. treasury/government bonds | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 1,159 | ' | ' |
Significant Other Observable Inputs (Level 2) | U.S. corporate bonds | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 955 | 1,161 | ' |
Significant Other Observable Inputs (Level 2) | U.S. mortgage-backed securities | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | 108 | 1,084 | ' |
Significant Other Observable Inputs (Level 2) | Cash equivalents | ' | ' | ' |
Pension Plan | ' | ' | ' |
Fair value of pension plan assets | $78 | $102 | ' |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 5) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Weighted average assumptions to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 4.30% | 3.90% | ' |
Weighted average assumptions to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 3.90% | 4.50% | 5.20% |
Long-term rate of return on assets (as a percent) | 8.00% | 8.00% | 8.00% |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation, beginning of period | $9,810,000 | $9,705,000 | ' |
Service cost | 347,000 | 340,000 | 339,000 |
Interest cost | 360,000 | 408,000 | 454,000 |
Actuarial (gain) loss | -738,000 | 114,000 | ' |
Benefits paid | -793,000 | -757,000 | ' |
Benefit obligation, end of period | 8,986,000 | 9,810,000 | 9,705,000 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 6,683,000 | 6,065,000 | ' |
Actual return on plan assets | 557,000 | 491,000 | ' |
Benefits paid | -793,000 | -757,000 | ' |
Employer contributions | 546,000 | 884,000 | ' |
Fair value of plan assets, end of period | 6,993,000 | 6,683,000 | 6,065,000 |
Funded status | -1,993,000 | -3,127,000 | ' |
Unrecognized net actuarial loss | 3,043,000 | 4,023,000 | ' |
Unrecognized prior service credit | -188,000 | -203,000 | ' |
Net amount recognized | 862,000 | 693,000 | ' |
Amounts recognized in the consolidated balance sheets: | ' | ' | ' |
Accrued pension liability | -1,993,000 | -3,127,000 | ' |
Accumulated other comprehensive loss | 2,855,000 | 3,820,000 | ' |
Net amount recognized | 862,000 | 693,000 | ' |
Minimum pension liability due to the underfunded status of the plan | 2,000,000 | 3,100,000 | ' |
Net loss expected to be recognized | $100,000 | ' | ' |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net periodic benefit cost | ' | ' | ' |
Service cost | $347 | $340 | $339 |
Interest cost | 360 | 408 | 454 |
Expected return on plan assets | -517 | -486 | -499 |
Amortization of unrecognized losses | 201 | 208 | 131 |
Amortization of prior service credit | -15 | -15 | -15 |
Net periodic benefit cost | 376 | 455 | 410 |
Expected benefit payments | ' | ' | ' |
2014 | 816 | ' | ' |
2015 | 797 | ' | ' |
2016 | 764 | ' | ' |
2017 | 731 | ' | ' |
2018 | 697 | ' | ' |
2019-2023 | 3,025 | ' | ' |
Total | $6,830 | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jun. 22, 2011 | Nov. 27, 2012 | |
Stock options and SARs | Stock options and SARs | Stock options and SARs | Stock options and SARs | Stock options and SARs | Stock options | Incentive stock options | Incentive stock options | Incentive stock options | SARs | Restricted stock and restricted stock unit awards | Amended and Restated 2006 Plan | 2002 Plan | ||||
Minimum | Maximum | Minimum | Maximum | item | ||||||||||||
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,668,496 | 0 |
Maximum number of shares which may be used for awards other than stock options or stock appreciation rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' |
Maximum term of award | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price expressed as percentage of fair market value of common stock | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership required in entity's common stock for specified exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Exercise price expressed as percentage of fair market value of common stock for specified stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' |
Exercise period from the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Aggregate fair market value of common stock for which an option is exercisable for the first time during any calendar year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' |
Shares available for issuance | 1,896,312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | 4,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 1,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | -541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | -743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | -45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shares) | ' | ' | ' | 4,488,000 | 4,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of the period (in shares) | ' | ' | ' | 1,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | ' | ' | $4.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $5.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $3.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $4.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | $7.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per share) | ' | ' | ' | $4.55 | $4.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period (in dollars per share) | ' | ' | ' | $4.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period | ' | ' | ' | '7 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period | ' | ' | ' | '5 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period | ' | ' | ' | 2,096,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period | ' | ' | ' | 1,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 769,041 | ' | ' | ' | ' | ' | ' | ' |
SARs outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,718,918 | ' | ' | ' |
Options vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 638,041 | ' | ' | ' | ' | ' | ' | ' |
SARs vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,222,600 | ' | ' | ' |
Intrinsic value of options and SARs exercised | ' | ' | ' | 1,400,000 | 1,200,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value for options and SARs granted (in dollars per share) | ' | ' | ' | $2.64 | $2.17 | $3.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of share-based awards vested in period | 4,600,000 | 2,300,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | 65.10% | 86.80% | 84.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | '4 years 1 month 6 days | '3 years 9 months 18 days | '4 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | 1.51% | 0.78% | 1.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,149,000 | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705,000 | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -594,000 | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -355,000 | ' | ' |
Nonvested at the end of the year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 905,000 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.43 | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.08 | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.29 | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.63 | ' | ' |
Nonvested at the end of the year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.56 | ' | ' |
Share-based compensation expense | 3,900,000 | 3,900,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized related to share-based compensation expense | 1,500,000 | 1,600,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized share-based compensation expense | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period over which share-based compensation expense will be recognized | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares per restricted stock unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses | ' | ' |
Gift cards and merchandise credits | $12,062 | $12,188 |
Compensation and benefits | 9,646 | 9,202 |
Other taxes | 5,824 | 7,317 |
Construction in progress | 1,697 | 1,590 |
Occupancy and related | 1,584 | 2,855 |
Insurance | 1,131 | 1,546 |
Other accrued expenses | 14,936 | 14,349 |
Total accrued expenses | $46,880 | $49,047 |
LongTerm_Debt_and_Credit_Facil1
Long-Term Debt and Credit Facilities (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 10, 2011 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
Line of credit | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Commercial letters of credit | Commercial letters of credit | Commercial letters of credit | Stand by letters of credit | Stand by letters of credit | ||||
Minimum | Maximum | Eurodollar rate | Eurodollar rate | Eurodollar rate | Prime rate | Prime rate | Prime rate | Minimum | Maximum | Minimum | Maximum | ||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||
Long-term debt and credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loan | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized deferred financing costs | 100,000 | 144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | 100,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' |
Accordion option to increase or decrease commitments under the credit facility | ' | ' | ' | ' | ' | ' | 60,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum excess availability covenant | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | 'Eurodollar rate | ' | ' | 'Prime rate | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.00% | ' | 0.75% | 1.00% | ' | ' | ' | ' | ' |
Monthly commitment fee letters of credit (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.88% | 1.00% | 1.75% | 2.00% |
Monthly commitment fee on the unused portion of credit facility (as a percent) | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing availability | ' | ' | ' | ' | 37,100,000 | 33,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | $11,500,000 | $12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Federal: | ' | ' | ' |
Current | ($439) | ($180) | $2,280 |
Deferred | ' | ' | 43 |
State and Local: | ' | ' | ' |
Current | 753 | -28 | 394 |
Deferred | ' | ' | 11 |
Income taxes for continuing operations | 314 | -208 | 2,728 |
Current | ' | ' | ' |
Accrued expenses | 8,414 | 8,531 | ' |
Inventory | 1,100 | 153 | ' |
Subtotal | 9,514 | 8,684 | ' |
Valuation allowance | -8,391 | -7,685 | ' |
Total deferred income tax assets | 1,123 | 999 | ' |
Non-current | ' | ' | ' |
Accrued expenses | 6,939 | 8,194 | ' |
Fixed assets and intangible assets | 19,819 | 18,545 | ' |
Net operating loss | 18,548 | 21,416 | ' |
Other assets | 9,759 | 10,576 | ' |
Subtotal | 55,065 | 58,731 | ' |
Valuation allowance | -48,564 | -51,976 | ' |
Total deferred income tax assets | 6,501 | 6,755 | ' |
Current | ' | ' | ' |
Prepaid costs | -7,624 | -7,730 | ' |
Inventory | ' | -24 | ' |
Total current deferred income tax liabilities | -7,624 | -7,754 | ' |
Net current deferred tax (liabilities) assets | -6,501 | -6,755 | ' |
Net noncurrent deferred tax (liabilities) assets | $6,501 | $6,755 | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 01, 2014 |
State | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | $252,248 |
State | 2/3/2007 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 5,146 |
Years Remaining | '13 years |
State | 2/2/2008 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 50,698 |
Years Remaining | '14 years |
State | 1/31/2009 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 13,481 |
Years Remaining | '15 years |
State | 1/30/2010 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 30,264 |
State | 1/30/2010 | Minimum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '1 year |
State | 1/30/2010 | Maximum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '16 years |
State | 1/29/2011 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 47,229 |
State | 1/29/2011 | Minimum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '2 years |
State | 1/29/2011 | Maximum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '17 years |
State | 1/28/2012 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 38,186 |
State | 1/28/2012 | Minimum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '3 years |
State | 1/28/2012 | Maximum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '18 years |
State | 2/2/2013 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 30,184 |
State | 2/2/2013 | Minimum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '4 years |
State | 2/2/2013 | Maximum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '19 years |
State | 2/1/2014 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 37,060 |
State | 2/1/2014 | Minimum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '5 years |
State | 2/1/2014 | Maximum | ' |
Summary of loss carryforwards and their expiration | ' |
Years Remaining | '20 years |
Federal | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 47,745 |
Federal | 1/29/2011 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | 23,848 |
Years Remaining | '17 years |
Federal | 1/28/2012 | ' |
Summary of loss carryforwards and their expiration | ' |
NOL Carryover | $23,897 |
Years Remaining | '18 years |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Reconciliation of the statutory federal income tax expense (benefit) | ' | ' | ' |
Statutory federal tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Statutory 35% federal tax | $947,000 | $663,000 | ($12,674,000) |
State and local income taxes, net of federal income tax benefit | 2,710,000 | -724,000 | -1,914,000 |
Federal tax credit | -270,000 | -157,000 | -802,000 |
Permanent difference | 273,000 | 183,000 | 345,000 |
Alternative minimum tax | 220,000 | ' | ' |
Federal unrecognized tax benefit | -444,000 | 19,000 | 31,000 |
Basis adjustment | -784,000 | -1,505,000 | ' |
Valuation allowance | -2,322,000 | 1,328,000 | 18,043,000 |
Other, net | -16,000 | -15,000 | -301,000 |
Income taxes for continuing operations | 314,000 | -208,000 | 2,728,000 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits at beginning of period | 4,449,000 | 1,617,000 | 2,198,000 |
Additions for tax positions of prior years | 78,000 | 3,120,000 | 1,474,000 |
Reductions for tax positions of prior years | ' | -23,000 | -575,000 |
Settlements | ' | ' | -651,000 |
Reductions for lapse of statute of limitations | -644,000 | -265,000 | -829,000 |
Unrecognized tax benefits at end of period | 3,883,000 | 4,449,000 | 1,617,000 |
Net benefit for interest and penalties related to unrecognized tax benefits | 200,000 | 100,000 | 200,000 |
Accrued interest and penalties related to unrecognized tax benefits | $200,000 | $400,000 | ' |
Redeemable_Preferred_Stock_Det
Redeemable Preferred Stock (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Redeemable Preferred Stock | ' | ' |
Preferred stock, shares authorized | 5,000,000 | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' |
Number of shares of preferred stock outstanding | 0 | 0 |
Quarterly_Results_Details
Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
item | |||||||||||
Quarterly Results | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of fiscal quarters for which quarterly data is presented | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Net sales | $271,004 | $217,626 | $223,050 | $227,483 | $291,758 | $219,250 | $227,690 | $227,736 | $939,163 | $966,434 | $956,456 |
Gross profit | 77,046 | 60,988 | 60,002 | 66,334 | 81,625 | 60,927 | 57,719 | 64,550 | 264,370 | 264,821 | 221,618 |
Operating income (loss) | 7,222 | -3,119 | -2,243 | 1,217 | 10,550 | -3,819 | -4,403 | -76 | 3,077 | 2,252 | -35,570 |
Net income (loss) | $6,943 | ($3,434) | ($2,709) | $1,594 | $10,480 | ($3,839) | ($4,330) | ($211) | $2,394 | $2,100 | ($38,937) |
Basic earnings (loss) per share (in dollars per share) | $0.11 | ($0.05) | ($0.04) | $0.03 | $0.17 | ($0.06) | ($0.07) | ' | $0.04 | $0.03 | ($0.64) |
Diluted earnings (loss) per share (in dollars per share) | $0.11 | ($0.05) | ($0.04) | $0.03 | $0.17 | ($0.06) | ($0.07) | ' | $0.04 | $0.03 | ($0.64) |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares of common stock | 62,512 | 62,491 | 62,279 | 61,970 | 61,742 | 61,583 | 61,437 | 61,302 | 62,313 | 61,516 | 60,824 |
Diluted shares of common stock | 63,251 | 62,491 | 62,279 | 62,704 | 62,341 | 61,583 | 61,437 | 61,302 | 63,240 | 62,164 | 60,824 |
Net sales (as a percentage of net sales) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' |
Gross profit (as a percentage of net sales) | 28.40% | 28.00% | 26.90% | 29.20% | 28.00% | 27.80% | 25.30% | 28.30% | ' | ' | ' |
Operating income (loss) (as a percentage of net sales) | 2.70% | -1.40% | -1.00% | 0.50% | 3.60% | -1.70% | -1.90% | ' | ' | ' | ' |
Net income (loss) (as a percentage of net sales) | 2.60% | -1.60% | -1.20% | 0.70% | 3.60% | -1.80% | -1.90% | -0.10% | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 31, 2015 | Feb. 25, 2014 | Feb. 25, 2014 | |
Forecast | Subsequent Events | Subsequent Events | ||||
sqft | Stand by letters of credit | |||||
Subsequent Events | ' | ' | ' | ' | ' | ' |
Area of office property leased (in square feet) | ' | ' | ' | ' | 182,709 | ' |
Debt issued | ' | ' | ' | ' | ' | $8,000,000 |
Capital expenditures | 18,836,000 | 18,144,000 | 12,158,000 | 14,000,000 | ' | ' |
Cash rental obligations to be paid | ' | ' | ' | ' | $162,000,000 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (Sales Return Reserve, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Sales Return Reserve | ' | ' | ' |
Schedule II Valuation and Qualifying Accounts | ' | ' | ' |
Balance at beginning of period | $1,603 | $1,397 | $1,666 |
Additions Charged to Operations | 33,277 | 36,864 | 34,091 |
Deductions | 33,461 | 36,658 | 34,360 |
Balance at end of period | $1,419 | $1,603 | $1,397 |