Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 29, 2023 | Aug. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 29, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ZUMZ | |
Entity Registrant Name | ZUMIEZ INC | |
Entity Central Index Key | 0001318008 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,808,346 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-51300 | |
Entity Tax Identification Number | 91-1040022 | |
Entity Incorporation, State or Country Code | WA | |
Entity Address, Address Line One | 4001 204th Street SW | |
Entity Address, City or Town | Lynnwood | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98036 | |
City Area Code | 425 | |
Local Phone Number | 551-1500 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Current assets | ||
Cash and cash equivalents | $ 57,854 | $ 81,503 |
Marketable securities | 82,128 | 91,986 |
Receivables | 23,910 | 20,613 |
Inventories | 156,654 | 134,824 |
Prepaid expenses and other current assets | 14,523 | 11,252 |
Total current assets | 335,069 | 340,178 |
Fixed assets, net | 94,193 | 93,746 |
Operating lease right-of-use assets | 221,538 | 222,240 |
Goodwill | 56,889 | 56,566 |
Intangible assets, net | 14,409 | 14,443 |
Deferred tax assets, net | 12,161 | 8,205 |
Other long-term assets | 11,575 | 12,525 |
Total long-term assets | 410,765 | 407,725 |
Total assets | 745,834 | 747,903 |
Current liabilities | ||
Trade accounts payable | 69,773 | 40,379 |
Accrued payroll and payroll taxes | 14,608 | 16,321 |
Operating lease liabilities | 66,087 | 65,460 |
Other liabilities | 19,312 | 23,649 |
Total current liabilities | 169,780 | 145,809 |
Long-term operating lease liabilities | 184,439 | 188,835 |
Other long-term liabilities | 6,191 | 5,931 |
Total long-term liabilities | 190,630 | 194,766 |
Total liabilities | 360,410 | 340,575 |
Commitments and contingencies (Note 5) | ||
Shareholders’ equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 19,809 shares issued and outstanding at July 29, 2023 and 19,489 shares issued and outstanding at January 28, 2023 | 192,169 | 188,418 |
Accumulated other comprehensive loss | (18,557) | (19,793) |
Retained earnings | 211,812 | 238,703 |
Total shareholders’ equity | 385,424 | 407,328 |
Total liabilities and shareholders’ equity | $ 745,834 | $ 747,903 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 29, 2023 | Jan. 28, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,809,000 | 19,489,000 |
Common stock, shares outstanding | 19,809,000 | 19,489,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 194,438 | $ 219,993 | $ 377,325 | $ 440,679 |
Cost of goods sold | 132,760 | 144,929 | 266,290 | 293,242 |
Gross profit | 61,678 | 75,064 | 111,035 | 147,437 |
Selling, general and administrative expenses | 72,171 | 70,109 | 142,881 | 141,985 |
Operating (loss) profit | (10,493) | 4,955 | (31,846) | 5,452 |
Interest income, net | 775 | 358 | 1,632 | 850 |
Other income (expense), net | 423 | 233 | (118) | 405 |
(Loss) earnings before income taxes | (9,295) | 5,546 | (30,332) | 6,707 |
(Benefit from) provision for income taxes | (786) | 2,479 | (3,441) | 4,037 |
Net (loss) income | $ (8,509) | $ 3,067 | $ (26,891) | $ 2,670 |
Basic (loss) earnings per share | $ (0.44) | $ 0.16 | $ (1.4) | $ 0.14 |
Diluted (loss) earnings per share | $ (0.44) | $ 0.16 | $ (1.4) | $ 0.14 |
Weighted average shares used in computation of (loss) earnings per share: | ||||
Basic | 19,311 | 19,084 | 19,254 | 19,308 |
Diluted | 19,311 | 19,262 | 19,254 | 19,592 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (8,509) | $ 3,067 | $ (26,891) | $ 2,670 |
Other comprehensive income (loss,), net of tax and reclassification adjustments: | ||||
Foreign currency translation | 385 | (3,774) | 771 | (10,146) |
Net change in unrealized gain (loss) on available-for-sale debt securities | 135 | 386 | 465 | (3,053) |
Other comprehensive income (loss,), net | 520 | (3,388) | 1,236 | (13,199) |
Comprehensive loss | $ (7,989) | $ (321) | $ (25,655) | $ (10,529) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive (Loss) [Member] | Retained Earnings [Member] |
Beginning Balance at Jan. 29, 2022 | $ 468,318 | $ 180,824 | $ (13,463) | $ 300,957 |
Beginning Balance, shares at Jan. 29, 2022 | 21,215 | |||
Net (loss) income | 2,670 | 2,670 | ||
Other comprehensive income (loss), net | (13,199) | (13,199) | ||
Issuance and exercise of stock-based awards | 282 | $ 282 | ||
Issuance and exercise of stock-based awards, shares | 173 | |||
Stock-based compensation expense | 3,513 | $ 3,513 | ||
Repurchase of common stock | (83,288) | (83,288) | ||
Repurchase of common stock, shares | (1,914) | |||
Ending Balance at Jul. 30, 2022 | 378,296 | $ 184,619 | (26,662) | 220,339 |
Ending Balance, shares at Jul. 30, 2022 | 19,474 | |||
Beginning Balance at Apr. 30, 2022 | 376,897 | $ 182,899 | (23,274) | 217,272 |
Beginning Balance, shares at Apr. 30, 2022 | 19,459 | |||
Net (loss) income | 3,067 | 3,067 | ||
Other comprehensive income (loss), net | (3,388) | (3,388) | ||
Issuance and exercise of stock-based awards | (93) | $ (93) | ||
Issuance and exercise of stock-based awards, shares | 15 | |||
Stock-based compensation expense | 1,813 | $ 1,813 | ||
Ending Balance at Jul. 30, 2022 | 378,296 | $ 184,619 | (26,662) | 220,339 |
Ending Balance, shares at Jul. 30, 2022 | 19,474 | |||
Beginning Balance at Jan. 28, 2023 | $ 407,328 | $ 188,418 | (19,793) | 238,703 |
Beginning Balance, shares at Jan. 28, 2023 | 19,489 | 19,489 | ||
Net (loss) income | $ (26,891) | (26,891) | ||
Other comprehensive income (loss), net | 1,236 | 1,236 | ||
Issuance and exercise of stock-based awards | 275 | $ 275 | ||
Issuance and exercise of stock-based awards, shares | 320 | |||
Stock-based compensation expense | 3,476 | $ 3,476 | ||
Ending Balance at Jul. 29, 2023 | $ 385,424 | $ 192,169 | (18,557) | 211,812 |
Ending Balance, shares at Jul. 29, 2023 | 19,809 | 19,809 | ||
Beginning Balance at Apr. 29, 2023 | $ 391,843 | $ 190,599 | (19,077) | 220,321 |
Beginning Balance, shares at Apr. 29, 2023 | 19,782 | |||
Net (loss) income | (8,509) | (8,509) | ||
Other comprehensive income (loss), net | 520 | 520 | ||
Issuance and exercise of stock-based awards, shares | 27 | |||
Stock-based compensation expense | 1,570 | $ 1,570 | ||
Ending Balance at Jul. 29, 2023 | $ 385,424 | $ 192,169 | $ (18,557) | $ 211,812 |
Ending Balance, shares at Jul. 29, 2023 | 19,809 | 19,809 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (26,891) | $ 2,670 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation, amortization and accretion | 10,881 | 10,598 |
Noncash lease expense | 34,380 | 33,040 |
Deferred taxes | (4,060) | 3,035 |
Stock-based compensation expense | 3,476 | 3,513 |
Impairment of long-lived assets | 338 | 65 |
Other | 84 | (115) |
Changes in operating assets and liabilities: | ||
Receivables | (1,113) | (5,496) |
Inventories | (21,721) | (24,671) |
Prepaid expenses and other assets | (3,807) | (3,946) |
Trade accounts payable | 30,150 | 17,084 |
Accrued payroll and payroll taxes | (1,676) | (13,958) |
Income taxes payable | (1,044) | (4,128) |
Operating lease liabilities | (38,783) | (37,239) |
Other liabilities | (4,480) | (4,611) |
Net cash used in operating activities | (24,266) | (24,159) |
Cash flows from investing activities: | ||
Additions to fixed assets | (11,879) | (10,253) |
Purchases of marketable securities and other investments | (1,850) | (1,914) |
Sales and maturities of marketable securities and other investments | 12,284 | 67,890 |
Net cash (used in) provided by investing activities | (1,445) | 55,723 |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 25,682 | 19,844 |
Payments on revolving credit facilities | (25,682) | (19,844) |
Proceeds from issuance and exercise of stock-based awards | 460 | 781 |
Payments for tax withholdings on equity awards | (185) | (499) |
Common stock repurchased | 0 | (87,860) |
Net cash provided by (used in) financing activities | 275 | (87,578) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 179 | (2,367) |
Net decrease in cash, cash equivalents, and restricted cash | (25,257) | (58,381) |
Cash, cash equivalents, and restricted cash, beginning of period | 88,453 | 124,052 |
Cash, cash equivalents, and restricted cash, end of period | 63,196 | 65,671 |
Supplemental disclosure on cash flow information: | ||
Cash paid during the period for income taxes | 1,520 | 5,027 |
Accrual for purchases of fixed assets | $ 1,784 | $ 2,466 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jul. 29, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business— Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. We operate under the names Zumiez, Blue Tomato and Fast Times. We operate ecommerce websites at zumiez.com , zumiez.ca, blue-tomato.com and fasttimes.com.au. At July 29, 2023, we operated 761 stores; 609 in the United States (“U.S.”), 81 in Europe, 49 in Canada, and 22 in Australia. COVID-19— In December 2019, a novel strain of coronavirus (“COVID-19”) was first identified, and in March 2020, the World Health Organization categorized COVID-19 as a pandemic. Changes in our operations due to COVID-19 resulted in material fluctuations to our results of operations during fiscal 2020 and in certain geographies during fiscal 2021. On April 1, 2022, we received 3.2 million Euro ($ 3.6 million) as a taxable subsidy from the German government related to our European business for costs incurred during fiscal 2020 and fiscal 2021 related to the COVID-19 pandemic. The subsidy received was granted free of future obligations to repay and was recorded as a reduction to selling, general and administrative expenses on the condensed consolidated statement of operations in the first quarter of fiscal 2022. Fiscal Year— We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 29, 2023 and July 30, 2022 were 13-week periods. The six months ended July 29, 2023 and July 30, 2022 were 26-week periods. Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 28, 2023 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 28, 2023 , and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. Reclassifications— Certain amounts reported in prior years in the financial statements have been reclassified to conform to the current year's presentation. These reclassifications had no effect on the consolidated statements of operations. Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. Restricted Cash— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): July 29, 2023 January 28, 2023 Cash and cash equivalents $ 57,854 $ 81,503 Restricted cash included in other long-term assets 5,342 6,950 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 63,196 $ 88,453 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. Recent Accounting Standards— We review recent account pronouncements on a quarterly basis and have excluded discussion of those that are not applicable and those that we determined did not have, or are not expected to have, a material impact on the condensed consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jul. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following table disaggregates net sales by geographic region (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 United States $ 149,991 $ 178,265 $ 285,541 $ 354,694 Canada 9,682 11,637 18,116 21,543 Europe 29,488 24,709 62,999 54,211 Australia 5,277 5,382 10,669 10,231 Net sales $ 194,438 $ 219,993 $ 377,325 $ 440,679 Net sales for the three months ended July 29, 2023 included a $ 0.8 million increase due to the change in foreign exchange rates, which consisted of a $ 1.3 million increase in Europe partially offset by a $ 0.3 million decrease in Canada and a $ 0.2 million decrease in Australia. Net sales for the six months ended July 29, 2023 included a $ 1.2 million decrease due to the change in foreign exchange rates, which consisted of a $ 1.0 million decrease in Canada and a $ 0.7 million decrease in Australia, partially offset by a $ 0.5 million increase in Europe. Our contract liabilities include deferred revenue related to our customer loyalty program and gift cards. The current liability for gift cards was $ 3.5 million at July 29, 2023 and $ 4.9 million at January 28, 2023, respectively. Deferred revenue related to our STASH loyalty program was $ 1.2 million at July 29, 2023 and January 28, 2023 . |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 6 Months Ended |
Jul. 29, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 3. Cash, Cash Equivalents and Marketable Securities The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): July 29, 2023 Amortized Gross Gross Estimated Cash and cash equivalents: Cash $ 23,711 $ — $ — $ 23,711 Money market funds 28,079 — — 28,079 Corporate debt securities 6,064 — — 6,064 Total cash and cash equivalents 57,854 — — 57,854 Marketable securities: U.S. treasury and government agency securities 19,204 — ( 3,198 ) 16,006 Corporate debt securities 54,638 — ( 2,127 ) 52,511 State and local government securities 13,975 — ( 364 ) 13,611 Total marketable securities $ 87,817 $ — $ ( 5,689 ) $ 82,128 January 28, 2023 Amortized Gross Gross Estimated Cash and cash equivalents: Cash $ 30,587 $ — $ — $ 30,587 Money market funds 22,121 — — 22,121 Corporate debt securities 28,802 — ( 7 ) 28,795 Total cash and cash equivalents 81,510 — ( 7 ) 81,503 Marketable securities: U.S. treasury and government agency securities 20,973 — ( 2,891 ) 18,082 Corporate debt securities 60,832 — ( 2,848 ) 57,984 State and local government securities 16,490 — ( 570 ) 15,920 Total marketable securities $ 98,295 $ — $ ( 6,309 ) $ 91,986 All of our marketable securities have an effective maturity date or weighted average life of five years or less at the time of purchase and may be liquidated, at our discretion, prior to maturity. The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): July 29, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Marketable securities: U.S. treasury and government agency securities $ 34 $ ( 1 ) $ 15,972 $ ( 3,197 ) $ 16,006 $ ( 3,198 ) Corporate debt securities 1,595 ( 5 ) 50,916 ( 2,122 ) 52,511 ( 2,127 ) State and local government securities — — 13,611 ( 364 ) 13,611 ( 364 ) Total marketable securities $ 1,629 $ ( 6 ) $ 80,499 $ ( 5,683 ) $ 82,128 $ ( 5,689 ) January 28, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Cash and cash equivalents: Corporate debt securities $ 27,099 $ ( 7 ) $ — $ — $ 27,099 $ ( 7 ) Total cash and cash equivalents 27,099 ( 7 ) - - 27,099 ( 7 ) Marketable securities: U.S. treasury and government agency securities 3,682 ( 229 ) 14,399 ( 2,662 ) 18,081 ( 2,891 ) Corporate debt securities 12,044 ( 604 ) 45,940 ( 2,244 ) 57,984 ( 2,848 ) State and local government securities 2,434 ( 50 ) 13,487 ( 520 ) 15,921 ( 570 ) Total marketable securities $ 18,160 $ ( 883 ) $ 73,826 $ ( 5,426 ) $ 91,986 $ ( 6,309 ) |
Leases
Leases | 6 Months Ended |
Jul. 29, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases At July 29, 2023 , we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from under one month to eleven years , with varying renewal and termination options. The following table presents components of lease expense (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating lease expense $ 19,864 $ 18,480 $ 37,630 $ 36,758 Variable lease expense 728 1,641 3,780 3,775 Total lease expense (1) $ 20,592 $ 20,121 $ 41,410 $ 40,533 (1) Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components. Supplemental cash flow information related to leases is as follows (in thousands): Six Months Ended July 29, 2023 July 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ ( 38,783 ) $ ( 37,239 ) Right-of-use assets obtained in exchange for new operating lease liabilities 32,900 36,700 Weighted-average remaining lease term and discount rate were as follows: July 29, 2023 July 30, 2022 Weighted-average remaining lease term 4.9 4.9 Weighted-average discount rate 2.9 % 2.5 % At July 29, 2023, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2023 $ 36,235 Fiscal 2024 70,590 Fiscal 2025 52,382 Fiscal 2026 34,335 Fiscal 2027 26,197 Thereafter 47,008 Total minimum lease payments 266,747 Less: interest ( 16,221 ) Present value of lease obligations 250,526 Less: current portion ( 66,087 ) Long-term lease obligations (1) $ 184,439 (1) Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components. At July 29, 2023 , we have excluded from the table above $ 2.4 million of operating leases that were contractually executed, but had not yet commenced. These operating leases are expected to commence by the end of fiscal 2024. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Purchase Commitments— At July 29, 2023, we had outstanding purchase orders to acquire merchandise from vendors of $ 151.2 million. We have an option to cancel these commitments with no notice prior to shipment, except for certain private label and international purchase orders in which we are obligated to repay contractual amounts upon cancellation. Litigation— We are involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. We have made accruals with respect to these matters, where appropriate, which are reflected in our condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders. On October 14, 2022, former employee Seana Neihart filed a representative action under California’s Private Attorneys General Act, California Labor Code section 2698 et seq (“PAGA”), against us. An answer to the complaint was filed on December 8, 2022. A first amended complaint was filed on February 8, 2023 adding Jessica King as a plaintiff. The lawsuit alleges a series of wage and hour violations under California’s Labor Code. An answer was filed on March 14, 2023. Zumiez intends to enforce individual arbitrations of the plaintiffs' claims. We continue to investigate the claims and we intend to vigorously defend ourselves. Insurance Reserves— We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at July 29, 2023 and January 28, 2023 was $ 2.2 million and $ 2.8 million, respectively. |
Revolving Credit Facilities and
Revolving Credit Facilities and Debt | 6 Months Ended |
Jul. 29, 2023 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities and Debt | 6. Revolving Credit Facilities and Debt On October 14, 2021, we amended our credit agreement with Wells Fargo Bank, N.A. (previously entered into December 7, 2018), which provided us with a senior secured credit facility (“credit facility”) of up to $ 25.0 million through December 1, 2023, and up to $ 35.0 million after December 1, 2023 and through December 1, 2024. A second amendment was made on July 27, 2023 which provided revised financial maintenance covenants through the duration of the facility. The secured revolving credit facility is available for working capital and other general corporate purposes. The senior secured credit facility provides for the issuance of standby letters of credit in an amount not to exceed $ 17.5 million outstanding at any time and with a term not to exceed 365 days. The commercial line of credit provides for the issuance of commercial letters of credit in an amount not to exceed $ 10.0 million and with terms not to exceed 120 days. The amount of borrowings available at any time under our credit facility is reduced by the amount of standby and commercial letters of credit outstanding at that time. The credit facility will mature on December 1, 2024 . All obligations under the credit facility are joint and several with Zumiez Services and guaranteed by certain of our subsidiaries. The credit facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the borrowers and guarantors. Amounts borrowed under the credit facility bear interest at a daily simple SOFR rate plus a margin of 1.35 % per annum. The credit facility contains various representations, warranties and restrictive covenants that, among other things and subject to specified circumstances and exceptions, restrict our ability to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers, dispose of certain assets or change the nature of their business. The credit facility contains certain financial maintenance covenants that generally require we/us to have a quick ratio of 1.25 :1.0 at the end of each fiscal quarter, and EBITDA not less than $ 12.0 million as of the fiscal quarters ending July 29, 2023 and October 28, 2023, and not less than $ 20.0 million as of the fiscal quarter ending February 3, 2024 and each fiscal quarter thereafter. EBITDA is defined as net profit before tax, depreciation and amortization expense, goodwill and other intangible impairment, leased right-of-use asset impairment, and store fixed asset impairment (up to an aggregate of $ 5.0 million), plus interest expense (net of capitalized interest expense). The credit facility contains certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances. The credit facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, material judgments and change of control. There were no borrowings outstanding under the credit facility at July 29, 2023 or January 28, 2023 . We had open commercial letters of credit outstanding of less than $ 0.1 million under our secured revolving credit facility at July 29, 2023 and no open commercial letters of credit outstanding at January 28, 2023 . We had $ 3.5 million and $ 0.6 million in issued, but undrawn, standby letters of credit at July 29, 2023 and January 28, 2023, respectively. Additionally, on October 12, 2020, we entered into a credit facility with UBS Switzerland AG of up to 15.0 million Euro. The credit facility bore interest at 1.25 %. This credit facility was closed on December 30, 2022. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1— Quoted prices in active markets for identical assets or liabilities; • Level 2— Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and • Level 3— Inputs that are unobservable. The following tables summarize assets measured at fair value on a recurring basis (in thousands): July 29, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 28,079 $ — $ — Corporate debt securities — 6,064 — Marketable securities: U.S. treasury and government agency securities — 16,006 — Corporate debt securities — 52,511 — State and local government securities — 13,611 — Other long-term assets: Money market funds 5,342 — — Total $ 33,421 $ 88,192 $ — January 28, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 22,121 $ — $ — Corporate debt securities — 28,795 — Marketable securities: U.S. treasury and government agency securities — 18,082 — Corporate debt securities — 57,984 — State and local government securities — 15,920 — Other long-term assets: Money market funds 6,950 — — Total $ 29,071 $ 120,781 $ — The Level 2 marketable securities include U.S treasury and government agency securities, corporate debt securities, state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as fixed assets, operating lease right-of-use-assets, goodwill, other intangible assets and other assets. These assets are measured at fair value if determined to be impaired. During the three months ended July 29, 2023 we recognized no material impairment losses related to fixed assets or operating lease right-of-use assets. During the six months ended July 29, 2023 , we recognized $ 0.3 million in impairment losses related to fixed assets and $ 0.1 million in impairment losses related to operating lease right-of-use assets. During the three and six months ended July 30, 2022, we recognized less than $ 0.1 million in impairment losses related to operating lease right-of-use assets and fixed assets. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 29, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Accumulated Other Comprehensive Loss — The components of accumulated other comprehensive loss and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive loss into net loss are as follows (in thousands): Foreign currency Net unrealized Accumulated other Three months ended July 29, 2023: Balance at April 29, 2023 $ ( 14,715 ) $ ( 4,362 ) $ ( 19,077 ) Other comprehensive income, net (1) 385 135 520 Balance at July 29, 2023 $ ( 14,330 ) $ ( 4,227 ) $ ( 18,557 ) Three months ended July 30, 2022: Balance at April 30, 2022 $ ( 18,877 ) $ ( 4,397 ) $ ( 23,274 ) Other comprehensive loss, net (1) ( 3,774 ) 386 ( 3,388 ) Balance at July 30, 2022 $ ( 22,651 ) $ ( 4,011 ) $ ( 26,662 ) Foreign currency Net unrealized losses Accumulated other Six months ended July 29, 2023: Balance at January 28, 2023 $ ( 15,101 ) $ ( 4,692 ) $ ( 19,793 ) Other comprehensive income, net (2) 771 465 1,236 Balance at July 29, 2023 $ ( 14,330 ) $ ( 4,227 ) $ ( 18,557 ) Six months ended July 30, 2022: Balance at January 29, 2022 $ ( 12,505 ) $ ( 958 ) $ ( 13,463 ) Other comprehensive loss, net (2) ( 10,146 ) ( 3,053 ) ( 13,199 ) Balance at July 30, 2022 $ ( 22,651 ) $ ( 4,011 ) $ ( 26,662 ) (1) Other comprehensive income before reclassifications was $ 0.1 million, net of taxes for net unrealized losses on available-for-sale investments for the three months ended July 29, 2023 . Other comprehensive income before reclassifications was $ 0.4 million, net of taxes for net unrealized gains on available-for-sale investments for the three months ended July 30, 2022 . There were no net unrealized losses, net of taxes, reclassified from accumulated other comprehensive loss for the three months ended July 29, 2023 and July 30, 2022, respectively. (2) Other comprehensive income before reclassifications was $ 0.5 million, net of taxes for net unrealized losses on available-for-sale investments for the six months ended July 29, 2023 . Other comprehensive loss before reclassifications was $ 3.1 million, net of taxes for net unrealized losses on available-for-sale investments for the six months ended July 30, 2022 . There were no net unrealized losses, net of taxes, reclassified from accumulated other comprehensive loss for the six months ended July 29, 2023 and July 30, 2022, respectively. (3) Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity Awards
Equity Awards | 6 Months Ended |
Jul. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Awards | 9. Equity Awards We maintain several equity incentive plans under which we may grant incentive stock options, nonqualified stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights to employees (including officers), non-employee directors and consultants. We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using a straight-line method. We estimate forfeitures of stock-based awards based on historical experience and expected future activity. The fair value of restricted stock awards and units is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Total stock-based compensation expense is recognized on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Cost of goods sold $ 382 $ 391 $ 774 $ 735 Selling, general and administrative expenses 1,188 1,422 2,702 2,778 Total stock-based compensation expense $ 1,570 $ 1,813 $ 3,476 $ 3,513 At July 29, 2023, there was $ 11.9 million of total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units. This cost has a weighted-average remaining recognition period of 1.3 years. The following table summarizes restricted stock awards and restricted stock units, collectively defined as “restricted equity awards” (in thousands, except grant date weighted-average fair value): Restricted Grant Date Intrinsic Outstanding at January 28, 2023 397 $ 33.34 Granted 330 $ 20.08 Vested ( 190 ) $ 29.49 Forfeited ( 25 ) $ 32.97 Outstanding at July 29, 2023 512 $ 26.24 $ 9,684 We had 0.4 million stock options outstanding at July 29, 2023 with a grant date weighted average exercise price of $ 26.51 and 0.3 million stock options outstanding at January 28, 2023 with a grant date weighted average exercise price of $ 29.30 . |
(Loss) Earnings per Share, Basi
(Loss) Earnings per Share, Basic and Diluted | 6 Months Ended |
Jul. 29, 2023 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share, Basic and Diluted | 10. (Loss) Earnings per Share, Basic and Diluted The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Net (loss) earnings $ ( 8,509 ) $ 3,067 $ ( 26,891 ) $ 2,670 Weighted average common shares for basic (loss) earnings per share: 19,311 19,084 19,254 19,308 Dilutive effect of stock options and restricted stock — 178 — 284 Weighted average common shares for diluted (loss) earnings per share: 19,311 19,262 19,254 19,592 Basic (loss) earnings per share $ ( 0.44 ) $ 0.16 $ ( 1.40 ) $ 0.14 Diluted (loss) earnings per share $ ( 0.44 ) $ 0.16 $ ( 1.40 ) $ 0.14 There were 0.4 million and 0.1 million anti-dilutive common shares related to stock-based awards for the three months ended July 29, 2023 and July 30, 2022 , respectively. There were 0.5 million and 0.1 million anti-dilutive common shares related to stock-based awards for the six months ended July 29, 2023 and July 30, 2022 , respectively. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jul. 29, 2023 | |
Accounting Policies [Abstract] | |
COVID-19 | COVID-19— In December 2019, a novel strain of coronavirus (“COVID-19”) was first identified, and in March 2020, the World Health Organization categorized COVID-19 as a pandemic. Changes in our operations due to COVID-19 resulted in material fluctuations to our results of operations during fiscal 2020 and in certain geographies during fiscal 2021. On April 1, 2022, we received 3.2 million Euro ($ 3.6 million) as a taxable subsidy from the German government related to our European business for costs incurred during fiscal 2020 and fiscal 2021 related to the COVID-19 pandemic. The subsidy received was granted free of future obligations to repay and was recorded as a reduction to selling, general and administrative expenses on the condensed consolidated statement of operations in the first quarter of fiscal 2022. |
Fiscal Year | Fiscal Year— We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 29, 2023 and July 30, 2022 were 13-week periods. The six months ended July 29, 2023 and July 30, 2022 were 26-week periods. |
Basis of Presentation | Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 28, 2023 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 28, 2023 , and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. |
Reclassifications | Reclassifications— Certain amounts reported in prior years in the financial statements have been reclassified to conform to the current year's presentation. These reclassifications had no effect on the consolidated statements of operations. |
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. |
Restricted Cash | Restricted Cash— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): July 29, 2023 January 28, 2023 Cash and cash equivalents $ 57,854 $ 81,503 Restricted cash included in other long-term assets 5,342 6,950 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 63,196 $ 88,453 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. |
Recent Accounting Standards | Recent Accounting Standards— We review recent account pronouncements on a quarterly basis and have excluded discussion of those that are not applicable and those that we determined did not have, or are not expected to have, a material impact on the condensed consolidated financial statements. |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Accounting Policies [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): July 29, 2023 January 28, 2023 Cash and cash equivalents $ 57,854 $ 81,503 Restricted cash included in other long-term assets 5,342 6,950 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 63,196 $ 88,453 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Net Sales by Geographic Region | The following table disaggregates net sales by geographic region (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 United States $ 149,991 $ 178,265 $ 285,541 $ 354,694 Canada 9,682 11,637 18,116 21,543 Europe 29,488 24,709 62,999 54,211 Australia 5,277 5,382 10,669 10,231 Net sales $ 194,438 $ 219,993 $ 377,325 $ 440,679 |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities | The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): July 29, 2023 Amortized Gross Gross Estimated Cash and cash equivalents: Cash $ 23,711 $ — $ — $ 23,711 Money market funds 28,079 — — 28,079 Corporate debt securities 6,064 — — 6,064 Total cash and cash equivalents 57,854 — — 57,854 Marketable securities: U.S. treasury and government agency securities 19,204 — ( 3,198 ) 16,006 Corporate debt securities 54,638 — ( 2,127 ) 52,511 State and local government securities 13,975 — ( 364 ) 13,611 Total marketable securities $ 87,817 $ — $ ( 5,689 ) $ 82,128 January 28, 2023 Amortized Gross Gross Estimated Cash and cash equivalents: Cash $ 30,587 $ — $ — $ 30,587 Money market funds 22,121 — — 22,121 Corporate debt securities 28,802 — ( 7 ) 28,795 Total cash and cash equivalents 81,510 — ( 7 ) 81,503 Marketable securities: U.S. treasury and government agency securities 20,973 — ( 2,891 ) 18,082 Corporate debt securities 60,832 — ( 2,848 ) 57,984 State and local government securities 16,490 — ( 570 ) 15,920 Total marketable securities $ 98,295 $ — $ ( 6,309 ) $ 91,986 |
Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position | The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): July 29, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Marketable securities: U.S. treasury and government agency securities $ 34 $ ( 1 ) $ 15,972 $ ( 3,197 ) $ 16,006 $ ( 3,198 ) Corporate debt securities 1,595 ( 5 ) 50,916 ( 2,122 ) 52,511 ( 2,127 ) State and local government securities — — 13,611 ( 364 ) 13,611 ( 364 ) Total marketable securities $ 1,629 $ ( 6 ) $ 80,499 $ ( 5,683 ) $ 82,128 $ ( 5,689 ) January 28, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Cash and cash equivalents: Corporate debt securities $ 27,099 $ ( 7 ) $ — $ — $ 27,099 $ ( 7 ) Total cash and cash equivalents 27,099 ( 7 ) - - 27,099 ( 7 ) Marketable securities: U.S. treasury and government agency securities 3,682 ( 229 ) 14,399 ( 2,662 ) 18,081 ( 2,891 ) Corporate debt securities 12,044 ( 604 ) 45,940 ( 2,244 ) 57,984 ( 2,848 ) State and local government securities 2,434 ( 50 ) 13,487 ( 520 ) 15,921 ( 570 ) Total marketable securities $ 18,160 $ ( 883 ) $ 73,826 $ ( 5,426 ) $ 91,986 $ ( 6,309 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents components of lease expense (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating lease expense $ 19,864 $ 18,480 $ 37,630 $ 36,758 Variable lease expense 728 1,641 3,780 3,775 Total lease expense (1) $ 20,592 $ 20,121 $ 41,410 $ 40,533 (1) Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components. |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Six Months Ended July 29, 2023 July 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ ( 38,783 ) $ ( 37,239 ) Right-of-use assets obtained in exchange for new operating lease liabilities 32,900 36,700 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | Weighted-average remaining lease term and discount rate were as follows: July 29, 2023 July 30, 2022 Weighted-average remaining lease term 4.9 4.9 Weighted-average discount rate 2.9 % 2.5 % |
Schedule of Maturities of Operating Leases Liabilities | At July 29, 2023, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2023 $ 36,235 Fiscal 2024 70,590 Fiscal 2025 52,382 Fiscal 2026 34,335 Fiscal 2027 26,197 Thereafter 47,008 Total minimum lease payments 266,747 Less: interest ( 16,221 ) Present value of lease obligations 250,526 Less: current portion ( 66,087 ) Long-term lease obligations (1) $ 184,439 (1) Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | The following tables summarize assets measured at fair value on a recurring basis (in thousands): July 29, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 28,079 $ — $ — Corporate debt securities — 6,064 — Marketable securities: U.S. treasury and government agency securities — 16,006 — Corporate debt securities — 52,511 — State and local government securities — 13,611 — Other long-term assets: Money market funds 5,342 — — Total $ 33,421 $ 88,192 $ — January 28, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 22,121 $ — $ — Corporate debt securities — 28,795 — Marketable securities: U.S. treasury and government agency securities — 18,082 — Corporate debt securities — 57,984 — State and local government securities — 15,920 — Other long-term assets: Money market funds 6,950 — — Total $ 29,071 $ 120,781 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive loss and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive loss into net loss are as follows (in thousands): Foreign currency Net unrealized Accumulated other Three months ended July 29, 2023: Balance at April 29, 2023 $ ( 14,715 ) $ ( 4,362 ) $ ( 19,077 ) Other comprehensive income, net (1) 385 135 520 Balance at July 29, 2023 $ ( 14,330 ) $ ( 4,227 ) $ ( 18,557 ) Three months ended July 30, 2022: Balance at April 30, 2022 $ ( 18,877 ) $ ( 4,397 ) $ ( 23,274 ) Other comprehensive loss, net (1) ( 3,774 ) 386 ( 3,388 ) Balance at July 30, 2022 $ ( 22,651 ) $ ( 4,011 ) $ ( 26,662 ) Foreign currency Net unrealized losses Accumulated other Six months ended July 29, 2023: Balance at January 28, 2023 $ ( 15,101 ) $ ( 4,692 ) $ ( 19,793 ) Other comprehensive income, net (2) 771 465 1,236 Balance at July 29, 2023 $ ( 14,330 ) $ ( 4,227 ) $ ( 18,557 ) Six months ended July 30, 2022: Balance at January 29, 2022 $ ( 12,505 ) $ ( 958 ) $ ( 13,463 ) Other comprehensive loss, net (2) ( 10,146 ) ( 3,053 ) ( 13,199 ) Balance at July 30, 2022 $ ( 22,651 ) $ ( 4,011 ) $ ( 26,662 ) (1) Other comprehensive income before reclassifications was $ 0.1 million, net of taxes for net unrealized losses on available-for-sale investments for the three months ended July 29, 2023 . Other comprehensive income before reclassifications was $ 0.4 million, net of taxes for net unrealized gains on available-for-sale investments for the three months ended July 30, 2022 . There were no net unrealized losses, net of taxes, reclassified from accumulated other comprehensive loss for the three months ended July 29, 2023 and July 30, 2022, respectively. (2) Other comprehensive income before reclassifications was $ 0.5 million, net of taxes for net unrealized losses on available-for-sale investments for the six months ended July 29, 2023 . Other comprehensive loss before reclassifications was $ 3.1 million, net of taxes for net unrealized losses on available-for-sale investments for the six months ended July 30, 2022 . There were no net unrealized losses, net of taxes, reclassified from accumulated other comprehensive loss for the six months ended July 29, 2023 and July 30, 2022, respectively. (3) Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense is recognized on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Cost of goods sold $ 382 $ 391 $ 774 $ 735 Selling, general and administrative expenses 1,188 1,422 2,702 2,778 Total stock-based compensation expense $ 1,570 $ 1,813 $ 3,476 $ 3,513 |
Summary of Restricted Stock Awards and Restricted Stock Units | The following table summarizes restricted stock awards and restricted stock units, collectively defined as “restricted equity awards” (in thousands, except grant date weighted-average fair value): Restricted Grant Date Intrinsic Outstanding at January 28, 2023 397 $ 33.34 Granted 330 $ 20.08 Vested ( 190 ) $ 29.49 Forfeited ( 25 ) $ 32.97 Outstanding at July 29, 2023 512 $ 26.24 $ 9,684 |
(Loss) Earnings per Share, Ba_2
(Loss) Earnings per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Loss) Earnings per Share | The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Net (loss) earnings $ ( 8,509 ) $ 3,067 $ ( 26,891 ) $ 2,670 Weighted average common shares for basic (loss) earnings per share: 19,311 19,084 19,254 19,308 Dilutive effect of stock options and restricted stock — 178 — 284 Weighted average common shares for diluted (loss) earnings per share: 19,311 19,262 19,254 19,592 Basic (loss) earnings per share $ ( 0.44 ) $ 0.16 $ ( 1.40 ) $ 0.14 Diluted (loss) earnings per share $ ( 0.44 ) $ 0.16 $ ( 1.40 ) $ 0.14 |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation - Additional Information (Detail) € in Millions, $ in Millions | Apr. 01, 2022 EUR (€) | Apr. 01, 2022 USD ($) | Jul. 29, 2023 Store |
Nature Of Business And Basis Of Presentation [Line Items] | |||
Operated stores | 761 | ||
COVID - 19 [Member] | |||
Nature Of Business And Basis Of Presentation [Line Items] | |||
Taxable subsidy | € 3.2 | $ 3.6 | |
United States [Member] | |||
Nature Of Business And Basis Of Presentation [Line Items] | |||
Operated stores | 609 | ||
Canada [Member] | |||
Nature Of Business And Basis Of Presentation [Line Items] | |||
Operated stores | 49 | ||
Europe [Member] | |||
Nature Of Business And Basis Of Presentation [Line Items] | |||
Operated stores | 81 | ||
Australia [Member] | |||
Nature Of Business And Basis Of Presentation [Line Items] | |||
Operated stores | 22 |
Nature of Business and Basis _5
Nature of Business and Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Restricted Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 57,854 | $ 81,503 |
Restricted cash included in other long-term assets | 5,342 | 6,950 |
Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows | $ 63,196 | $ 88,453 |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Sales by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 194,438 | $ 219,993 | $ 377,325 | $ 440,679 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 149,991 | 178,265 | 285,541 | 354,694 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 9,682 | 11,637 | 18,116 | 21,543 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 29,488 | 24,709 | 62,999 | 54,211 |
Australia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 5,277 | $ 5,382 | $ 10,669 | $ 10,231 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 29, 2023 | Jul. 29, 2023 | Jan. 28, 2023 | |
Disaggregation Of Revenue [Line Items] | |||
Decrease in net sales due to change in foreign exchange rates | $ 1.2 | ||
Increase in revenue due to changes in foreign exchange rates | $ 0.8 | ||
Gift Cards [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Current liability for gift cards | 3.5 | 3.5 | $ 4.9 |
STASH Loyalty Program [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Current liability for gift cards | 1.2 | 1.2 | $ 1.2 |
Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Decrease in net sales due to change in foreign exchange rates | 0.3 | 1 | |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Increase in revenue due to changes in foreign exchange rates | 1.3 | 0.5 | |
Australia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Decrease in net sales due to change in foreign exchange rates | $ 0.2 | $ 0.7 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Cash and cash equivalents | $ 57,854 | $ 81,510 |
Gross Unrealized Holding Losses, Cash and cash equivalents | (7) | |
Estimated Fair Value, Cash and cash equivalents | 57,854 | 81,503 |
Amortized Cost, Marketable securities | 87,817 | 98,295 |
Gross Unrealized Holding Losses, Marketable securities | (5,689) | (6,309) |
Estimated Fair Value, Marketable securities | 82,128 | 91,986 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Cash and cash equivalents | 23,711 | 30,587 |
Estimated Fair Value, Cash and cash equivalents | 23,711 | 30,587 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Cash and cash equivalents | 28,079 | 22,121 |
Estimated Fair Value, Cash and cash equivalents | 28,079 | 22,121 |
U.S. Treasury and Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Marketable securities | 19,204 | 20,973 |
Gross Unrealized Holding Losses, Marketable securities | (3,198) | (2,891) |
Estimated Fair Value, Marketable securities | 16,006 | 18,082 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Cash and cash equivalents | 6,064 | 28,802 |
Gross Unrealized Holding Losses, Cash and cash equivalents | (7) | |
Estimated Fair Value, Cash and cash equivalents | 6,064 | 28,795 |
Amortized Cost, Marketable securities | 54,638 | 60,832 |
Gross Unrealized Holding Losses, Marketable securities | (2,127) | (2,848) |
Estimated Fair Value, Marketable securities | 52,511 | 57,984 |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Marketable securities | 13,975 | 16,490 |
Gross Unrealized Holding Losses, Marketable securities | (364) | (570) |
Estimated Fair Value, Marketable securities | $ 13,611 | $ 15,920 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) | 6 Months Ended |
Jul. 29, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Effective maturity period | 5 years |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 1,629 | $ 18,160 |
Fair Value, 12 Months or Greater | 80,499 | 73,826 |
Fair Value, Total | 82,128 | 91,986 |
Unrealized Losses, Less Than 12 Months | (6) | (883) |
Unrealized Losses, 12 Months or Greater | (5,683) | (5,426) |
Unrealized Losses, Total | (5,689) | (6,309) |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 27,099 | |
Fair Value, Total | 27,099 | |
Unrealized Losses, Less Than 12 Months | (7) | |
Unrealized Losses, Total | (7) | |
U.S. Treasury and Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 34 | 3,682 |
Fair Value, 12 Months or Greater | 15,972 | 14,399 |
Fair Value, Total | 16,006 | 18,081 |
Unrealized Losses, Less Than 12 Months | (1) | (229) |
Unrealized Losses, 12 Months or Greater | (3,197) | (2,662) |
Unrealized Losses, Total | (3,198) | (2,891) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 1,595 | 12,044 |
Fair Value, 12 Months or Greater | 50,916 | 45,940 |
Fair Value, Total | 52,511 | 57,984 |
Unrealized Losses, Less Than 12 Months | (5) | (604) |
Unrealized Losses, 12 Months or Greater | (2,122) | (2,244) |
Unrealized Losses, Total | (2,127) | (2,848) |
Corporate Debt Securities [Member] | Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 27,099 | |
Fair Value, Total | 27,099 | |
Unrealized Losses, Less Than 12 Months | (7) | |
Unrealized Losses, Total | (7) | |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,434 | |
Fair Value, 12 Months or Greater | 13,611 | 13,487 |
Fair Value, Total | 13,611 | 15,921 |
Unrealized Losses, Less Than 12 Months | (50) | |
Unrealized Losses, 12 Months or Greater | (364) | (520) |
Unrealized Losses, Total | $ (364) | $ (570) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jul. 29, 2023 USD ($) | |
Lessee Lease Description [Line Items] | |
Operating leases contractually executed but not yet commenced | $ 2.4 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms | 1 month |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms | 11 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating lease expense | $ 19,864 | $ 18,480 | $ 37,630 | $ 36,758 |
Variable lease expense | 728 | 1,641 | 3,780 | 3,775 |
Total lease expense | $ 20,592 | $ 20,121 | $ 41,410 | $ 40,533 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (38,783) | $ (37,239) |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 32,900 | $ 36,700 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | Jul. 29, 2023 | Jul. 30, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 4 years 10 months 24 days | 4 years 10 months 24 days |
Weighted-average discount rate | 2.90% | 2.50% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Leases Liabilities (Detail) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Fiscal 2023 | $ 36,235 | |
Fiscal 2024 | 70,590 | |
Fiscal 2025 | 52,382 | |
Fiscal 2026 | 34,335 | |
Fiscal 2027 | 26,197 | |
Thereafter | 47,008 | |
Total minimum lease payments | 266,747 | |
Less: interest | (16,221) | |
Present value of lease obligations | 250,526 | |
Less: current portion | (66,087) | $ (65,460) |
Long-term lease obligations | $ 184,439 | $ 188,835 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jul. 29, 2023 | Jan. 28, 2023 |
Loss Contingencies [Line Items] | ||
Outstanding purchase orders | $ 151.2 | |
Self-insurance reserve | $ 2.2 | $ 2.8 |
Revolving Credit Facility and D
Revolving Credit Facility and Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||||
Dec. 30, 2022 | Oct. 14, 2021 USD ($) | Feb. 03, 2024 USD ($) | Oct. 28, 2023 USD ($) | Jul. 29, 2023 USD ($) | Jul. 29, 2023 USD ($) | Jan. 28, 2023 USD ($) | Oct. 12, 2020 EUR (€) | |
Senior Secured Credit Facility Through December 1, 2023 and Through December 1, 2024 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under revolving credit facility | $ 35,000,000 | |||||||
Senior Secured Credit Facility Through December 1, 2023 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under revolving credit facility | $ 25,000,000 | |||||||
Secured Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maturity date | Dec. 01, 2024 | |||||||
Quick ratio under covenant terms of credit agreement | 1.25 | |||||||
Outstanding borrowings under revolving lines of credit | $ 0 | $ 0 | $ 0 | |||||
Standby letters of credit issued amount | 3,500,000 | 3,500,000 | 600,000 | |||||
Secured Revolving Credit Facility [Member] | UBS Switzerland AG [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under revolving credit facility | € | € 15,000,000 | |||||||
Basis spread on variable rate | 1.25% | |||||||
Secured Revolving Credit Facility [Member] | SOFR [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.35% | |||||||
Secured Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Impairment charges allowed to add back EBIDTDA covenant calculation | 5,000,000 | |||||||
Secured Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Minimum required covenant amount of EBITDA | 12,000,000 | |||||||
Secured Revolving Credit Facility [Member] | Minimum [Member] | Forecast [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Minimum required covenant amount of EBITDA | $ 20,000,000 | $ 12,000,000 | ||||||
Secured Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Letter of credit outstanding amount | $ 17,500,000 | |||||||
Secured Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Letters of credit expiration term | 365 days | |||||||
Secured Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Letter of credit outstanding amount | $ 10,000,000 | |||||||
Letters of credit outstanding | $ 0 | |||||||
Secured Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Letters of credit expiration term | 120 days | |||||||
Letters of credit outstanding | $ 100,000 | $ 100,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 82,128 | $ 91,986 |
Other long-term assets | 11,575 | 12,525 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 6,064 | 28,795 |
Marketable securities | 52,511 | 57,984 |
State and Local Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,611 | 15,920 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 33,421 | 29,071 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 28,079 | 22,121 |
Other long-term assets | 5,342 | 6,950 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 88,192 | 120,781 |
Level 2 [Member] | U.S. Treasury and Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 16,006 | $ 18,082 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges for operating lease right-of-use assets | $ 0 | $ 100,000 | ||
Asset impairment charges | $ 0 | $ 300,000 | ||
Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges for operating lease right-of-use assets | $ 100,000 | $ 100,000 | ||
Asset impairment charges | $ 100,000 | $ 100,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (19,077) | $ (23,274) | $ (19,793) | $ (13,463) |
Other comprehensive income (loss), net | 520 | (3,388) | 1,236 | (13,199) |
Ending Balance | (18,557) | (26,662) | (18,557) | (26,662) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (14,715) | (18,877) | (15,101) | (12,505) |
Other comprehensive income (loss), net | 385 | (3,774) | 771 | (10,146) |
Ending Balance | (14,330) | (22,651) | (14,330) | (22,651) |
Net Unrealized (Losses) Gains on Available-for-Sale Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (4,362) | (4,397) | (4,692) | (958) |
Other comprehensive income (loss), net | 135 | 386 | 465 | (3,053) |
Ending Balance | $ (4,227) | $ (4,011) | $ (4,227) | $ (4,011) |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Net Unrealized (Losses) Gains on Available-for-Sale Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, before reclassification tax | $ 100,000 | $ 400,000 | $ 500,000 | $ (3,100,000) |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss (income), tax | $ 0 | $ 0 | $ 0 | $ 0 |
Equity Awards - Summary of Tota
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,570 | $ 1,813 | $ 3,476 | $ 3,513 |
Cost of Goods Sold [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 382 | 391 | 774 | 735 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,188 | $ 1,422 | $ 2,702 | $ 2,778 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Jul. 29, 2023 | Jan. 28, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units | $ 11.9 | |
Weighted-average remaining recognition period related to unvested stock options, restricted stock awards and restricted stock units | 1 year 3 months 18 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding | 0.4 | 0.3 |
Grant date weighted average exercise price | $ 26.51 | $ 29.3 |
Equity Awards - Summary of Rest
Equity Awards - Summary of Restricted Stock Awards and Restricted Stock Units (Detail) - Restricted Stock Awards and Restricted Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jul. 29, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards/Units, Beginning Balance | shares | 397 |
Restricted Stock Awards/Units, Granted | shares | 330 |
Restricted Stock Awards/Units, Vested | shares | (190) |
Restricted Stock Awards/Units, Forfeited | shares | (25) |
Restricted Stock Awards/Units, Ending Balance | shares | 512 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $ / shares | $ 33.34 |
Grant Date Weighted-Average Fair Value, Granted | $ / shares | 20.08 |
Grant Date Weighted-Average Fair Value, Vested | $ / shares | 29.49 |
Grant Date Weighted-Average Fair Value, Forfeited | $ / shares | 32.97 |
Grant Date Weighted-Average Fair Value, Ending Balance | $ / shares | $ 26.24 |
Intrinsic Value, Ending Balance | $ | $ 9,684 |
(Loss) Earnings per Share, Ba_3
(Loss) Earnings per Share, Basic and Diluted - Computation of Basic and Diluted (Loss) Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net (loss) earnings | $ (8,509) | $ 3,067 | $ (26,891) | $ 2,670 |
Weighted average common shares for basic (loss) earnings per share: | 19,311 | 19,084 | 19,254 | 19,308 |
Dilutive effect of stock options and restricted stock | 0 | 178 | 0 | 284 |
Weighted average common shares for diluted (loss) earnings per share: | 19,311 | 19,262 | 19,254 | 19,592 |
Basic (loss) earnings per share | $ (0.44) | $ 0.16 | $ (1.4) | $ 0.14 |
Diluted (loss) earnings per share | $ (0.44) | $ 0.16 | $ (1.4) | $ 0.14 |
(Loss) Earnings per Share, Ba_4
(Loss) Earnings per Share, Basic and Diluted - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares related to stock-based awards | 0.4 | 0.1 | 0.5 | 0.1 |