Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | Jun. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZUMZ | |
Entity Registrant Name | Zumiez Inc | |
Entity Central Index Key | 1318008 | |
Current Fiscal Year End Date | -30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,205,648 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $11,806 | $20,862 |
Marketable securities | 139,048 | 133,782 |
Receivables | 14,401 | 12,653 |
Inventories | 104,091 | 93,850 |
Prepaid expenses and other | 11,117 | 11,651 |
Deferred tax assets | 7,532 | 6,965 |
Total current assets | 287,995 | 279,763 |
Fixed assets, net | 140,320 | 135,642 |
Goodwill | 55,478 | 55,852 |
Intangible assets, net | 12,460 | 13,062 |
Long-term other assets | 9,294 | 9,386 |
Total long-term assets | 217,552 | 213,942 |
Total assets | 505,547 | 493,705 |
Current liabilities | ||
Trade accounts payable | 39,525 | 32,094 |
Accrued payroll and payroll taxes | 9,168 | 13,047 |
Income taxes payable | 732 | 4,651 |
Deferred rent and tenant allowances | 7,448 | 7,083 |
Other liabilities | 29,276 | 24,572 |
Total current liabilities | 86,149 | 81,447 |
Long-term deferred rent and tenant allowances | 44,761 | 42,553 |
Long-term deferred tax liabilities | 4,542 | 5,738 |
Other long-term liabilities | 5,669 | 4,443 |
Total long-term liabilities | 54,972 | 52,734 |
Total liabilities | 141,121 | 134,181 |
Commitments and contingencies (Note 4) | ||
Shareholders' equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 29,535 shares issued and outstanding at May 2, 2015, and 29,418 shares issued and outstanding at January 31, 2015 | 131,715 | 129,094 |
Accumulated other comprehensive income | -11,767 | -11,278 |
Retained earnings | 244,478 | 241,708 |
Total shareholders' equity | 364,426 | 359,524 |
Total liabilities and shareholders' equity | $505,547 | $493,705 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 |
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 | 29,535,000 | 29,418,000 |
Common stock, shares outstanding | 29,535,000 | 29,418,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net sales | $177,610 | $162,932 |
Cost of goods sold | 121,075 | 112,399 |
Gross profit | 56,535 | 50,533 |
Selling, general and administrative expenses | 52,409 | 46,820 |
Operating profit | 4,126 | 3,713 |
Interest income, net | 205 | 182 |
Other income, net | 115 | 86 |
Earnings before income taxes | 4,446 | 3,981 |
Provision for income taxes | 1,676 | 1,485 |
Net income | $2,770 | $2,496 |
Basic earnings per share | $0.10 | $0.09 |
Diluted earnings per share | $0.09 | $0.09 |
Weighted average shares used in computation of earnings per share: | ||
Basic | 29,141 | 28,861 |
Diluted | 29,486 | 29,213 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $2,770 | $2,496 |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||
Foreign currency translation | -468 | 2,293 |
Net change in unrealized gain/loss on available-for-sale investments | -21 | 8 |
Other comprehensive income (loss), net | -489 | 2,301 |
Comprehensive income | $2,281 | $4,797 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||
Beginning Balance at Feb. 01, 2014 | $335,654 | $114,983 | $4,710 | $215,961 |
Beginning Balance, shares at Feb. 01, 2014 | 29,619,000 | |||
Net income | 2,496 | 2,496 | ||
Other comprehensive income (loss), net | 2,301 | 2,301 | ||
Issuance and exercise of stock-based compensation, including net tax benefit/(loss) | 180 | 180 | ||
Issuance and exercise of stock-based compensation, including net tax benefit, shares | 168,000 | |||
Stock-based compensation expense | 948 | 948 | ||
Repurchase of common stock | -17,440 | -17,440 | ||
Repurchase of common stock, shares | -757,000 | |||
Ending Balance at May. 03, 2014 | 324,139 | 116,111 | 7,011 | 201,017 |
Ending Balance, shares at May. 03, 2014 | 29,030,000 | |||
Beginning Balance at Jan. 31, 2015 | 359,524 | 129,094 | -11,278 | 241,708 |
Beginning Balance, shares at Jan. 31, 2015 | 29,418,000 | 29,418,000 | ||
Net income | 2,770 | 2,770 | ||
Other comprehensive income (loss), net | -489 | -489 | ||
Issuance and exercise of stock-based compensation, including net tax benefit/(loss) | 1,049 | 1,049 | ||
Issuance and exercise of stock-based compensation, including net tax benefit, shares | 117,000 | |||
Stock-based compensation expense | 1,572 | 1,572 | ||
Repurchase of common stock, shares | 0 | |||
Ending Balance at May. 02, 2015 | $364,426 | $131,715 | ($11,767) | $244,478 |
Ending Balance, shares at May. 02, 2015 | 29,535,000 | 29,535,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (Common Stock [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Common Stock [Member] | ||
Issuance and exercise of stock-based compensation, net tax benefit/(loss) | $689 | ($62) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash flows from operating activities: | ||
Net income | $2,770 | $2,496 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 7,797 | 7,009 |
Deferred taxes | -622 | -1,869 |
Stock-based compensation expense | 1,572 | 948 |
Excess tax benefit from stock-based compensation | -689 | 62 |
Other | -76 | -26 |
Changes in operating assets and liabilities: | ||
Receivables | -1,617 | -1,115 |
Inventories | -10,187 | -10,011 |
Prepaid expenses and other | 605 | -2,480 |
Trade accounts payable | 7,726 | 24,635 |
Accrued payroll and payroll taxes | -3,891 | -2,543 |
Income taxes payable | -3,355 | -2,448 |
Deferred rent and tenant allowances | 2,444 | 4,374 |
Other liabilities | -789 | -2,462 |
Net cash provided by operating activities | 1,688 | 16,570 |
Cash flows from investing activities: | ||
Additions to fixed assets | -8,818 | -6,781 |
Purchases of marketable securities and other investments | -35,037 | -11,714 |
Sales and maturities of marketable securities and other investments | 29,074 | 22,100 |
Net cash (used in) provided by investing activities | -14,781 | 3,605 |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 4,310 | 634 |
Payments on revolving credit facilities | -1,271 | -81 |
Repurchase of common stock | -19,553 | |
Proceeds from exercise of stock-based compensation, net of withholding tax payments | 367 | 242 |
Excess tax benefit (loss) from stock-based compensation | 689 | -62 |
Net cash provided by (used in) financing activities | 4,095 | -18,820 |
Effect of exchange rate changes on cash and cash equivalents | -58 | 90 |
Net (decrease) increase in cash and cash equivalents | -9,056 | 1,445 |
Cash and cash equivalents, beginning of period | 20,862 | 19,634 |
Cash and cash equivalents, end of period | 11,806 | 21,079 |
Supplemental disclosure on cash flow information: | ||
Cash paid during the period for income taxes, net of refunds | 5,667 | 5,783 |
Accrual for purchases of fixed assets | $4,489 | $4,480 |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 3 Months Ended |
2-May-15 | |
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 multi-channel specialty retailer of apparel, footwear, accessories and hardgoods rooted in youth culture as expressed through music, art, fashion and action sports lifestyle for young men and women. At May 2, 2015, we operated 616 stores; 557 in the United States (“U.S.”), 37 in Canada and 22 in Europe. We operate under the names Zumiez and Blue Tomato. Additionally, we operate ecommerce websites at www.zumiez.com and www.blue-tomato.com. | |
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 May 2, 2015 and May 3, 2014 were 13-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 31, 2015 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 31, 2015, 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. | |
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. | |
Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. | |
Recent Accounting Standards—In May 2015, the Financial Accounting Standards Board (“FASB”) issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. | |
In August 2014, the FASB issued new guidance which provides details on when and how to disclose going concern uncertainties. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year and to provide certain footnote disclosures if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. In April 2015, the FASB proposed deferring the effective date to December 15, 2017 and permitting early adoptions of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our financial position, results of operations and cash flows. | |
In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations, as well as requiring new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. We adopted this guidance for the fiscal quarter ending May 2, 2015. The adoption did not have a material impact on our consolidated financial statements. |
Business_Combination
Business Combination | 3 Months Ended |
2-May-15 | |
Business Combinations [Abstract] | |
Business Combination | 2. Business Combination |
Blue Tomato—On July 4, 2012, we acquired 100% of the outstanding stock of Blue Tomato for cash consideration of 59.5 million Euros ($74.8 million, using the exchange rate as of July 4, 2012). Blue Tomato is a leading European multi-channel retailer for board sports and related apparel and footwear and the acquisition allowed us to enter into the European marketplace. | |
In addition, there was the possibility of future incentive payments to the sellers and certain employees of Blue Tomato in an aggregate amount of up to 22.1 million Euros ($24.8 million, using the exchange rate as of May 2, 2015) to the extent that certain financial metrics are met related to (i) the obtainment of certain EBITDA performance of Blue Tomato for the twelve months ended April 30, 2015 and (ii) the opening and performance of certain defined incremental stores in the European market by April 30, 2015. We account for the estimated future incentive payments as compensation expense, which is included in selling, general and administrative expense on the consolidated statements of income, and recognized this amount ratably over the term of service through April 2015. | |
At May 2, 2015, we determined that Blue Tomato achieved the metrics related to the opening and performance of certain defined incremental stores, subject to the review of Blue Tomato audited financial statements pursuant to the terms of the agreement; and we will be obligated to pay 6.0 million Euros ($6.8 million, using the exchange rate as of May 2, 2015) for future incentive payments of which 3.0 million Euros ($3.4 million, using the exchange rate as of May 2, 2015) will be payable in cash and 3.0 million Euros ($3.4 million, using the exchange rate as of May 2, 2015) will be payable in 0.1 million shares of our common stock. For the three months ended May 2, 2015, we recorded an expense of future incentive payments of $0.6 million. For the three months ended May 3, 2014, we estimated that we would not be obligated for future incentive payments and recorded no expense related to the future incentive payments. |
Cash_Cash_Equivalents_and_Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 6,945 | $ | — | $ | — | $ | 6,945 | |||||||||||||||||
Money market funds | — | — | — | — | |||||||||||||||||||||
State and local government securities | 4,861 | — | — | 4,861 | |||||||||||||||||||||
Total cash and cash equivalents | 11,806 | — | — | 11,806 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 117,216 | 43 | (191 | ) | 117,068 | ||||||||||||||||||||
Variable-rate demand notes | 22,830 | — | — | 22,830 | |||||||||||||||||||||
Total marketable securities | $ | 140,046 | $ | 43 | $ | (191 | ) | $ | 139,898 | ||||||||||||||||
Less: Long-term marketable securities (1) | (850 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 139,048 | |||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 10,251 | $ | — | $ | — | $ | 10,251 | |||||||||||||||||
Money market funds | 7,061 | — | — | 7,061 | |||||||||||||||||||||
State and local government securities | 3,550 | — | — | 3,550 | |||||||||||||||||||||
Total cash and cash equivalents | 20,862 | — | — | 20,862 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 102,888 | 73 | (186 | ) | 102,775 | ||||||||||||||||||||
Variable-rate demand notes | 31,830 | — | — | 31,830 | |||||||||||||||||||||
Total marketable securities | $ | 134,718 | $ | 73 | $ | (186 | ) | $ | 134,605 | ||||||||||||||||
Less: Long-term marketable securities (1) | (823 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 133,782 | |||||||||||||||||||||||
-1 | At May 2, 2015 and January 31, 2015, we held one auction rate security, classified as available-for-sale marketable securities and included in long-term other assets on the condensed consolidated balance sheets. | ||||||||||||||||||||||||
All of our available-for-sale securities, excluding our auction rate security, have an effective maturity date of two years or less 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): | |||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 65,590 | (41 | ) | 850 | (150 | ) | 66,440 | (191 | ) | ||||||||||||||||
Total marketable securities | $ | 65,590 | $ | (41 | ) | $ | 850 | $ | (150 | ) | $ | 66,440 | $ | (191 | ) | ||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 27,701 | (9 | ) | 823 | (177 | ) | 28,524 | (186 | ) | ||||||||||||||||
Total marketable securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
We did not record a realized loss for other-than-temporary impairments during the three months ended May 2, 2015 or May 3, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | 4. Commitments and Contingencies | ||||||||
Leases—We lease our stores and certain corporate and other operating facilities under operating leases. Total rent expense is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Minimum rent expense | $ | 16,893 | $ | 14,757 | |||||
Contingent rent expense | 337 | 353 | |||||||
Total rent expense (1) | $ | 17,230 | $ | 15,110 | |||||
-1 | Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $9.4 million and $8.5 million for the three months ended May 2, 2015 and May 3, 2014. | ||||||||
A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Future minimum lease payments at May 2, 2015 are as follows (in thousands): | |||||||||
Fiscal 2015 | $ | 46,553 | |||||||
Fiscal 2016 | 60,878 | ||||||||
Fiscal 2017 | 57,097 | ||||||||
Fiscal 2018 | 51,713 | ||||||||
Fiscal 2019 | 44,950 | ||||||||
Thereafter | 154,589 | ||||||||
Total(1) | $ | 415,780 | |||||||
-1 | Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations. | ||||||||
Purchase Commitments—At May 2, 2015, we had outstanding purchase orders to acquire merchandise from vendors of $212.0 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. | |||||||||
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 May 2, 2015 and January 31, 2015 was $2.1 million and $1.8 million. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Measurements | 5. 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): | |||||||||||||
May 2, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | — | $ | — | $ | — | |||||||
State and local government securities | — | 4,861 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 116,218 | — | ||||||||||
Variable-rate demand notes | — | 22,830 | — | ||||||||||
Long-term other assets: | — | — | |||||||||||
Money market funds | 2,008 | — | — | ||||||||||
State and local government securities | — | — | 850 | ||||||||||
Equity investments | — | — | 122 | ||||||||||
Total | $ | 2,008 | $ | 143,909 | $ | 972 | |||||||
January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 7,061 | $ | — | $ | — | |||||||
State and local government securities | — | 3,550 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 101,952 | — | ||||||||||
Variable-rate demand notes | — | 31,830 | — | ||||||||||
Long-term other assets: | |||||||||||||
Money market funds | — | — | — | ||||||||||
State and local government securities | — | — | 823 | ||||||||||
Equity investments | — | — | 123 | ||||||||||
Total | $ | 7,061 | $ | 137,332 | $ | 946 | |||||||
The Level 2 marketable securities primarily include 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. | |||||||||||||
There were no material assets measured at fair value on a nonrecurring basis for the three months ended May 2, 2015 and May 3, 2014. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Equity [Abstract] | |||||||||||||
Stockholders' Equity | 6. Stockholders’ Equity | ||||||||||||
Share Repurchase—In December 2013, the Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $30.0 million of outstanding common stock. The December 2013 stock repurchase program was completed in April 2014. In March 2014, the Board of Directors authorized an additional stock repurchase program that provides for the repurchase of up to $30.0 million of outstanding common stock through the fiscal year ending January 31, 2015. On December 10, 2014 our Board of Directors superseded and replaced this program with a new $30.0 million share repurchase program that is expected to continue through January 30, 2016, unless the time period is extended or shortened by the Board of Directors. There was no repurchase activity during the three months ended May 2, 2015. At May 2, 2015, there remains $30.0 million available to repurchase shares under the share repurchase program. | |||||||||||||
Accumulated Other Comprehensive Income—The component of accumulated other comprehensive income and the adjustments to other comprehensive income for amounts reclassified from accumulated other comprehensive income into net income is as follows (in thousands): | |||||||||||||
Foreign currency | Net unrealized | Accumulated other | |||||||||||
translation | gains (losses) on | comprehensive | |||||||||||
adjustments | available-for- | income | |||||||||||
sale investments | |||||||||||||
Three months ended May 2, 2015: | |||||||||||||
Balance at January 31, 2015 | $ | (11,205 | ) | $ | (73 | ) | $ | (11,278 | ) | ||||
Other comprehensive loss, net (1) | (468 | ) | (21 | ) | (489 | ) | |||||||
Balance at May 2, 2015 | $ | (11,673 | ) | $ | (94 | ) | $ | (11,767 | ) | ||||
Three months ended May 3, 2014 | |||||||||||||
Balance at February 1, 2014 | $ | 4,790 | $ | (80 | ) | $ | 4,710 | ||||||
Other comprehensive income, net (1) | 2,293 | 8 | 2,301 | ||||||||||
Balance at May 3, 2014 | $ | 7,083 | $ | (72 | ) | $ | 7,011 | ||||||
-1 | Other comprehensive income (loss) before reclassifications is net of immaterial taxes for the three months ended May 2, 2015 and May 3, 2014 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income. Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity_Awards
Equity Awards | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity Awards | 7. 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. The following weighted-average assumptions were used to estimate the fair value of stock options granted: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility rate | 53.4 | % | 63.7 | % | |||||||||||||
Weighted-average expected life (in years) | 6.25 | 6.25 | |||||||||||||||
Weighted-average risk-free interest rate | 1.8 | % | 1.9 | % | |||||||||||||
Weighted-average fair value per share of stock options granted | $ | 20.19 | $ | 15.26 | |||||||||||||
Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||
Cost of goods sold | $ | 243 | $ | 244 | |||||||||||||
Selling, general and administrative expenses | 1,329 | 704 | |||||||||||||||
Total stock-based compensation expense | $ | 1,572 | $ | 948 | |||||||||||||
At May 2, 2015, there was $8.1 million of total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units. This cost has a weighted-average recognition period of 1.4 years. | |||||||||||||||||
The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value): | |||||||||||||||||
Restricted | Grant Date | Intrinsic | |||||||||||||||
Stock | Weighted- | Value | |||||||||||||||
Awards/Units | Average Fair | -1 | |||||||||||||||
Value | |||||||||||||||||
Outstanding at January 31, 2015 | 343 | $ | 26.56 | ||||||||||||||
Granted | 105 | $ | 38.11 | ||||||||||||||
Vested | (119 | ) | $ | 27.03 | |||||||||||||
Forfeited | (21 | ) | $ | 26.28 | |||||||||||||
Outstanding at May 2, 2015 | 308 | $ | 30.36 | $ | 9,817 | ||||||||||||
-1 | Intrinsic value for restricted stock awards and units is defined as the market value of the outstanding restricted stock awards and units on the last business day of the quarter. | ||||||||||||||||
The following table summarizes stock option activity (in thousands except grant date weighted-average exercise price and weighted-average remaining contractual life): | |||||||||||||||||
Stock | Grant Date | Weighted- | Intrinsic | ||||||||||||||
Options | Weighted- | Average | Value | ||||||||||||||
Average | Remaining | -1 | |||||||||||||||
Exercise Price | Contractual Life | ||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2015 | 251 | $ | 24.76 | ||||||||||||||
Granted | 24 | $ | 38.57 | ||||||||||||||
Exercised | (32 | ) | $ | 10.23 | |||||||||||||
Forfeited | (13 | ) | $ | 26.3 | |||||||||||||
Outstanding at May 2, 2015 | 230 | $ | 28.14 | 4.7 | $ | 1,361 | |||||||||||
Exercisable at May 2, 2015 | 168 | $ | 27.07 | 3.1 | $ | 1,144 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of our common stock on the last business day of the quarter and the weighted average exercise price of in-the-money options outstanding at the end of the quarter. |
Earnings_per_Share_Basic_and_D
Earnings per Share, Basic and Diluted | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per Share, Basic and Diluted | 8. Earnings per Share, Basic and Diluted | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
May 2, 2015 | May 3, 2014 | ||||||||
Net income | $ | 2,770 | $ | 2,496 | |||||
Weighted average common shares for basic earnings per share | 29,141 | 28,861 | |||||||
Dilutive effect of stock options and restricted stock | 345 | 352 | |||||||
Weighted average common shares for diluted earnings per share | 29,486 | 29,213 | |||||||
Basic earnings per share | $ | 0.1 | $ | 0.09 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.09 | |||||
Total anti-dilutive common stock options not included in the calculation of diluted earnings per share were less than 0.1 million for the three months ended May 2, 2015 and 0.4 million for the three months ended May 3, 2014. |
Nature_of_Business_and_Basis_o1
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
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 May 2, 2015 and May 3, 2014 were 13-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 31, 2015 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 31, 2015, 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. | |
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. |
Segment Reporting | Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. |
Recent Accounting Standards | Recent Accounting Standards—In May 2015, the Financial Accounting Standards Board (“FASB”) issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
In August 2014, the FASB issued new guidance which provides details on when and how to disclose going concern uncertainties. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year and to provide certain footnote disclosures if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016. In April 2015, the FASB proposed deferring the effective date to December 15, 2017 and permitting early adoptions of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our financial position, results of operations and cash flows. | |
In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations, as well as requiring new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. We adopted this guidance for the fiscal quarter ending May 2, 2015. The adoption did not have a material impact on our consolidated financial statements. |
Cash_Cash_Equivalents_and_Mark1
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
2-May-15 | |||||||||||||||||||||||||
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): | ||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 6,945 | $ | — | $ | — | $ | 6,945 | |||||||||||||||||
Money market funds | — | — | — | — | |||||||||||||||||||||
State and local government securities | 4,861 | — | — | 4,861 | |||||||||||||||||||||
Total cash and cash equivalents | 11,806 | — | — | 11,806 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 117,216 | 43 | (191 | ) | 117,068 | ||||||||||||||||||||
Variable-rate demand notes | 22,830 | — | — | 22,830 | |||||||||||||||||||||
Total marketable securities | $ | 140,046 | $ | 43 | $ | (191 | ) | $ | 139,898 | ||||||||||||||||
Less: Long-term marketable securities (1) | (850 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 139,048 | |||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||
Cash | $ | 10,251 | $ | — | $ | — | $ | 10,251 | |||||||||||||||||
Money market funds | 7,061 | — | — | 7,061 | |||||||||||||||||||||
State and local government securities | 3,550 | — | — | 3,550 | |||||||||||||||||||||
Total cash and cash equivalents | 20,862 | — | — | 20,862 | |||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 102,888 | 73 | (186 | ) | 102,775 | ||||||||||||||||||||
Variable-rate demand notes | 31,830 | — | — | 31,830 | |||||||||||||||||||||
Total marketable securities | $ | 134,718 | $ | 73 | $ | (186 | ) | $ | 134,605 | ||||||||||||||||
Less: Long-term marketable securities (1) | (823 | ) | |||||||||||||||||||||||
Total current marketable securities | $ | 133,782 | |||||||||||||||||||||||
-1 | At May 2, 2015 and January 31, 2015, we held one auction rate security, classified as available-for-sale marketable securities and included in long-term other assets on the condensed consolidated balance sheets. | ||||||||||||||||||||||||
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): | ||||||||||||||||||||||||
May 2, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 65,590 | (41 | ) | 850 | (150 | ) | 66,440 | (191 | ) | ||||||||||||||||
Total marketable securities | $ | 65,590 | $ | (41 | ) | $ | 850 | $ | (150 | ) | $ | 66,440 | $ | (191 | ) | ||||||||||
January 31, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or | Total | |||||||||||||||||||||||
Greater | |||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
State and local government securities | 27,701 | (9 | ) | 823 | (177 | ) | 28,524 | (186 | ) | ||||||||||||||||
Total marketable securities | $ | 27,701 | $ | (9 | ) | $ | 823 | $ | (177 | ) | $ | 28,524 | $ | (186 | ) | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Total Rent Expense | Total rent expense is as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Minimum rent expense | $ | 16,893 | $ | 14,757 | |||||
Contingent rent expense | 337 | 353 | |||||||
Total rent expense (1) | $ | 17,230 | $ | 15,110 | |||||
-1 | Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $9.4 million and $8.5 million for the three months ended May 2, 2015 and May 3, 2014. | ||||||||
Schedule of Future Minimum Commitments on all Leases | Future minimum lease payments at May 2, 2015 are as follows (in thousands): | ||||||||
Fiscal 2015 | $ | 46,553 | |||||||
Fiscal 2016 | 60,878 | ||||||||
Fiscal 2017 | 57,097 | ||||||||
Fiscal 2018 | 51,713 | ||||||||
Fiscal 2019 | 44,950 | ||||||||
Thereafter | 154,589 | ||||||||
Total(1) | $ | 415,780 | |||||||
-1 | Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
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): | ||||||||||||
May 2, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | — | $ | — | $ | — | |||||||
State and local government securities | — | 4,861 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 116,218 | — | ||||||||||
Variable-rate demand notes | — | 22,830 | — | ||||||||||
Long-term other assets: | — | — | |||||||||||
Money market funds | 2,008 | — | — | ||||||||||
State and local government securities | — | — | 850 | ||||||||||
Equity investments | — | — | 122 | ||||||||||
Total | $ | 2,008 | $ | 143,909 | $ | 972 | |||||||
January 31, 2015 | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 7,061 | $ | — | $ | — | |||||||
State and local government securities | — | 3,550 | — | ||||||||||
Marketable securities: | |||||||||||||
State and local government securities | — | 101,952 | — | ||||||||||
Variable-rate demand notes | — | 31,830 | — | ||||||||||
Long-term other assets: | |||||||||||||
Money market funds | — | — | — | ||||||||||
State and local government securities | — | — | 823 | ||||||||||
Equity investments | — | — | 123 | ||||||||||
Total | $ | 7,061 | $ | 137,332 | $ | 946 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income | The component of accumulated other comprehensive income and the adjustments to other comprehensive income for amounts reclassified from accumulated other comprehensive income into net income is as follows (in thousands): | ||||||||||||
Foreign currency | Net unrealized | Accumulated other | |||||||||||
translation | gains (losses) on | comprehensive | |||||||||||
adjustments | available-for- | income | |||||||||||
sale investments | |||||||||||||
Three months ended May 2, 2015: | |||||||||||||
Balance at January 31, 2015 | $ | (11,205 | ) | $ | (73 | ) | $ | (11,278 | ) | ||||
Other comprehensive loss, net (1) | (468 | ) | (21 | ) | (489 | ) | |||||||
Balance at May 2, 2015 | $ | (11,673 | ) | $ | (94 | ) | $ | (11,767 | ) | ||||
Three months ended May 3, 2014 | |||||||||||||
Balance at February 1, 2014 | $ | 4,790 | $ | (80 | ) | $ | 4,710 | ||||||
Other comprehensive income, net (1) | 2,293 | 8 | 2,301 | ||||||||||
Balance at May 3, 2014 | $ | 7,083 | $ | (72 | ) | $ | 7,011 | ||||||
-1 | Other comprehensive income (loss) before reclassifications is net of immaterial taxes for the three months ended May 2, 2015 and May 3, 2014 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income. 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) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted | The following weighted-average assumptions were used to estimate the fair value of stock options granted: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility rate | 53.4 | % | 63.7 | % | |||||||||||||
Weighted-average expected life (in years) | 6.25 | 6.25 | |||||||||||||||
Weighted-average risk-free interest rate | 1.8 | % | 1.9 | % | |||||||||||||
Weighted-average fair value per share of stock options granted | $ | 20.19 | $ | 15.26 | |||||||||||||
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands): | ||||||||||||||||
Three Months Ended | |||||||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||||||
Cost of goods sold | $ | 243 | $ | 244 | |||||||||||||
Selling, general and administrative expenses | 1,329 | 704 | |||||||||||||||
Total stock-based compensation expense | $ | 1,572 | $ | 948 | |||||||||||||
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value): | ||||||||||||||||
Restricted | Grant Date | Intrinsic | |||||||||||||||
Stock | Weighted- | Value | |||||||||||||||
Awards/Units | Average Fair | -1 | |||||||||||||||
Value | |||||||||||||||||
Outstanding at January 31, 2015 | 343 | $ | 26.56 | ||||||||||||||
Granted | 105 | $ | 38.11 | ||||||||||||||
Vested | (119 | ) | $ | 27.03 | |||||||||||||
Forfeited | (21 | ) | $ | 26.28 | |||||||||||||
Outstanding at May 2, 2015 | 308 | $ | 30.36 | $ | 9,817 | ||||||||||||
-1 | Intrinsic value for restricted stock awards and units is defined as the market value of the outstanding restricted stock awards and units on the last business day of the quarter. | ||||||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity (in thousands except grant date weighted-average exercise price and weighted-average remaining contractual life): | ||||||||||||||||
Stock | Grant Date | Weighted- | Intrinsic | ||||||||||||||
Options | Weighted- | Average | Value | ||||||||||||||
Average | Remaining | -1 | |||||||||||||||
Exercise Price | Contractual Life | ||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding at January 31, 2015 | 251 | $ | 24.76 | ||||||||||||||
Granted | 24 | $ | 38.57 | ||||||||||||||
Exercised | (32 | ) | $ | 10.23 | |||||||||||||
Forfeited | (13 | ) | $ | 26.3 | |||||||||||||
Outstanding at May 2, 2015 | 230 | $ | 28.14 | 4.7 | $ | 1,361 | |||||||||||
Exercisable at May 2, 2015 | 168 | $ | 27.07 | 3.1 | $ | 1,144 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of our common stock on the last business day of the quarter and the weighted average exercise price of in-the-money options outstanding at the end of the quarter. |
Earnings_per_Share_Basic_and_D1
Earnings per Share, Basic and Diluted (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||
Three Months Ended | |||||||||
May 2, 2015 | May 3, 2014 | ||||||||
Net income | $ | 2,770 | $ | 2,496 | |||||
Weighted average common shares for basic earnings per share | 29,141 | 28,861 | |||||||
Dilutive effect of stock options and restricted stock | 345 | 352 | |||||||
Weighted average common shares for diluted earnings per share | 29,486 | 29,213 | |||||||
Basic earnings per share | $ | 0.1 | $ | 0.09 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.09 | |||||
Nature_of_Business_and_Basis_o2
Nature of Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
2-May-15 | |
Segment | |
Store | |
Nature Of Business And Basis Of Presentation [Line Items] | |
Operated stores | 616 |
Number of reportable segment | 1 |
United States [Member] | |
Nature Of Business And Basis Of Presentation [Line Items] | |
Operated stores | 557 |
Canada [Member] | |
Nature Of Business And Basis Of Presentation [Line Items] | |
Operated stores | 37 |
Europe [Member] | |
Nature Of Business And Basis Of Presentation [Line Items] | |
Operated stores | 22 |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (Blue Tomato [Member]) | 0 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Jul. 04, 2012 | Jul. 04, 2012 | 2-May-15 | 3-May-14 | 2-May-15 | Jul. 04, 2012 |
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | ||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding equity acquired | 100.00% | |||||
Cash consideration for acquisition of outstanding equity | $74,800,000 | € 59,500,000 | ||||
Maximum future incentive payment to the sellers and certain employees of Blue Tomato | 24,800,000 | 22,100,000 | ||||
Future incentive payments to the sellers and certain employees of Blue Tomato | 6,800,000 | 6,000,000 | ||||
Future incentive payable in cash to the sellers and certain employees of Blue Tomato | 3,400,000 | 3,000,000 | ||||
Future incentive payable in common stock to the sellers and certain employees of Blue Tomato | 3,400,000 | 3,000,000 | ||||
Future incentive payable in shares of common stock to the sellers and certain employees of Blue Tomato | 0.1 | |||||
Estimated future incentive payments expense | $600,000 | $0 |
Cash_Cash_Equivalents_and_Mark2
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | $140,046 | $134,718 | ||
Gross Unrealized Holding Gains, Marketable securities | 43 | 73 | ||
Gross Unrealized Holding Losses, Marketable securities | -191 | -186 | ||
Estimated Fair Value, Marketable securities | 139,898 | 134,605 | ||
Less: Long-term marketable securities | -850 | -823 | ||
Total current marketable securities | 139,048 | 133,782 | ||
Amortized Cost, Cash and cash equivalents | 11,806 | 20,862 | 21,079 | 19,634 |
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 11,806 | 20,862 | ||
State and local government securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 117,216 | 102,888 | ||
Gross Unrealized Holding Gains, Marketable securities | 43 | 73 | ||
Gross Unrealized Holding Losses, Marketable securities | -191 | -186 | ||
Estimated Fair Value, Marketable securities | 117,068 | 102,775 | ||
Amortized Cost, Cash and cash equivalents | 4,861 | 3,550 | ||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 4,861 | 3,550 | ||
Variable-rate demand notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 22,830 | 31,830 | ||
Estimated Fair Value, Marketable securities | 22,830 | 31,830 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 6,945 | 10,251 | ||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | 6,945 | 10,251 | ||
Money market funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 7,061 | |||
Gross Unrealized Holding Gains, Cash and cash equivalents | 0 | 0 | ||
Gross Unrealized Holding Losses, Cash and cash equivalents | 0 | 0 | ||
Estimated Fair Value, Cash and cash equivalents | $7,061 |
Cash_Cash_Equivalents_and_Mark3
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
2-May-15 | Jan. 31, 2015 | |
Security | Security | |
Cash and Cash Equivalents [Abstract] | ||
Number of auction rate securities held | 1 | 1 |
Cash_Cash_Equivalents_and_Mark4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Cash and Cash Equivalents [Abstract] | ||
Effective maturity period | Two years or less | |
Realized loss for other-than-temporary impairments | $0 | $0 |
Cash_Cash_Equivalents_and_Mark5
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $65,590 | $27,701 |
Marketable securities, Fair Value, 12 Months or Greater | 850 | 823 |
Marketable securities, Fair Value, Total | 66,440 | 28,524 |
Marketable securities, Unrealized Losses, Less Than 12 Months | -41 | -9 |
Marketable securities, Unrealized Losses, 12 Months or Greater | -150 | -177 |
Marketable securities, Unrealized Losses, Total | -191 | -186 |
State and local government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 65,590 | 27,701 |
Marketable securities, Fair Value, 12 Months or Greater | 850 | 823 |
Marketable securities, Fair Value, Total | 66,440 | 28,524 |
Marketable securities, Unrealized Losses, Less Than 12 Months | -41 | -9 |
Marketable securities, Unrealized Losses, 12 Months or Greater | -150 | -177 |
Marketable securities, Unrealized Losses, Total | ($191) | ($186) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Total Rent Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Commitments and Contingencies Disclosure [Abstract] | ||
Minimum rent expense | $16,893 | $14,757 |
Contingent rent expense | 337 | 353 |
Total rent expense | $17,230 | $15,110 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Total Rent Expense (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Commitments and Contingencies Disclosure [Abstract] | ||
Real estate taxes, insurance, common area maintenance charges and other executory costs | $9.40 | $8.50 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Commitments on all Leases (Detail) (USD $) | 2-May-15 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2015 | $46,553 |
Fiscal 2016 | 60,878 |
Fiscal 2017 | 57,097 |
Fiscal 2018 | 51,713 |
Fiscal 2019 | 44,950 |
Thereafter | 154,589 |
Total | $415,780 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Additional Information (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding purchase orders | $212 | |
Self-insurance reserve | $2.10 | $1.80 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $139,048 | $133,782 |
Long-term other assets | 9,294 | 9,386 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,008 | 7,061 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,061 | |
Long-term other assets | 2,008 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 143,909 | 137,332 |
Level 2 [Member] | State and local government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,861 | 3,550 |
Marketable securities | 116,218 | 101,952 |
Level 2 [Member] | Variable-rate demand notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 22,830 | 31,830 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 972 | 946 |
Level 3 [Member] | State and local government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | 850 | 823 |
Level 3 [Member] | Equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | $122 | $123 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | 2-May-15 | Dec. 10, 2014 | Mar. 31, 2014 |
Equity [Abstract] | ||||
Shares authorized to purchase under stock repurchase program, value | $30 | $30 | $30 | |
Stock repurchase program expiration date | 30-Jan-16 | |||
Remaining value of shares authorized to purchase under stock repurchase program | $30 | |||
Repurchase activity | 0 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($11,278) | $4,710 |
Other comprehensive income, net | -489 | 2,301 |
Ending Balance | -11,767 | 7,011 |
Foreign currency translation adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -11,205 | 4,790 |
Other comprehensive income, net | -468 | 2,293 |
Ending Balance | -11,673 | 7,083 |
Net unrealized gains (losses) on available-for-sale investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -73 | -80 |
Other comprehensive income, net | -21 | 8 |
Ending Balance | ($94) | ($72) |
Equity_Awards_Schedule_of_Weig
Equity Awards - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) (Stock options [Member], USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Volatility rate | 53.40% | 63.70% |
Weighted-average expected life (in years) | 6 years 3 months | 6 years 3 months |
Weighted-average risk-free interest rate | 1.80% | 1.90% |
Weighted-average fair value per share of stock options granted | $20.19 | $15.26 |
Equity_Awards_Summary_of_Total
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $1,572 | $948 |
Cost of goods sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 243 | 244 |
Selling, general and administrative expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $1,329 | $704 |
Equity_Awards_Additional_Infor
Equity Awards - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 2-May-15 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units | $8.10 |
Weighted-average recognition period related to unvested stock options, restricted stock awards and restricted stock units | 1 year 4 months 24 days |
Equity_Awards_Summary_of_Restr
Equity Awards - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Detail) (Restricted stock awards and restricted stock units [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 |
Restricted stock awards and restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards/Units, Beginning Balance | 343 |
Restricted Stock Awards/Units, Granted | 105 |
Restricted Stock Awards/Units, Vested | -119 |
Restricted Stock Awards/Units, Forfeited | -21 |
Restricted Stock Awards/Units, Ending Balance | 308 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $26.56 |
Grant Date Weighted-Average Fair Value, Granted | $38.11 |
Grant Date Weighted-Average Fair Value, Vested | $27.03 |
Grant Date Weighted-Average Fair Value, Forfeited | $26.28 |
Grant Date Weighted-Average Fair Value, Ending Balance | $30.36 |
Intrinsic Value, Ending Balance | $9,817 |
Equity_Awards_Summary_of_Stock
Equity Awards - Summary of Stock Option Activity (Detail) (Stock options [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options, Outstanding, Beginning Balance | 251 |
Stock Options, Granted | 24 |
Stock Options, Exercised | -32 |
Stock Options, Forfeited | -13 |
Stock Options, Outstanding, Ending Balance | 230 |
Stock Options, Exercisable, Ending Balance | 168 |
Grant Date Weighted-Average Exercise Price, Outstanding, Beginning Balance | $24.76 |
Grant Date Weighted-Average Exercise Price, Granted | $38.57 |
Grant Date Weighted-Average Exercise Price, Exercised | $10.23 |
Grant Date Weighted-Average Exercise Price, Forfeited | $26.30 |
Grant Date Weighted-Average Exercise Price, Outstanding, Ending Balance | $28.14 |
Grant Date Weighted-Average Exercise Price, Exercisable, Ending Balance | $27.07 |
Weighted-Average Remaining Contractual Life (in Years), Outstanding, Ending Balance | 4 years 8 months 12 days |
Weighted-Average Remaining Contractual Life (in Years), Exercisable, Ending Balance | 3 years 1 month 6 days |
Intrinsic Value, Outstanding, Ending Balance | $1,361 |
Intrinsic Value, Exercisable, Ending Balance | $1,144 |
Earnings_per_Share_Basic_and_D2
Earnings per Share, Basic and Diluted - Computation of Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Earnings Per Share [Abstract] | ||
Net income | $2,770 | $2,496 |
Weighted average common shares for basic earnings per share | 29,141 | 28,861 |
Dilutive effect of stock options and restricted stock | 345 | 352 |
Weighted average common shares for diluted earnings per share | 29,486 | 29,213 |
Basic earnings per share | $0.10 | $0.09 |
Diluted earnings per share | $0.09 | $0.09 |
Earnings_per_Share_Basic_and_D3
Earnings per Share, Basic and Diluted - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 2-May-15 |
Earnings Per Share Basic And Diluted [Line Items] | ||
Total anti-dilutive common stock options not included in the calculation of diluted earnings per share | 0.4 | |
Maximum [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Total anti-dilutive common stock options not included in the calculation of diluted earnings per share | 0.1 |