Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 07, 2017 | Jul. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ZUMZ | ||
Entity Registrant Name | Zumiez Inc | ||
Entity Central Index Key | 1,318,008 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 24,943,341 | ||
Entity Public Float | $ 299,590,875 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 20,247 | $ 43,163 |
Marketable securities | 58,579 | 32,391 |
Receivables | 12,538 | 12,840 |
Inventories | 106,924 | 98,299 |
Prepaid expenses and other current assets | 13,075 | 12,204 |
Total current assets | 211,363 | 198,897 |
Fixed assets, net | 129,651 | 137,233 |
Goodwill | 56,001 | 54,245 |
Intangible assets, net | 14,610 | 11,766 |
Deferred tax assets, net | 7,041 | 4,634 |
Other long-term assets | 8,017 | 7,920 |
Total long-term assets | 215,320 | 215,798 |
Total assets | 426,683 | 414,695 |
Current liabilities | ||
Trade accounts payable | 25,529 | 21,919 |
Accrued payroll and payroll taxes | 14,914 | 12,466 |
Income taxes payable | 1,866 | 4,066 |
Deferred rent and tenant allowances | 8,344 | 8,116 |
Other liabilities | 22,944 | 22,575 |
Total current liabilities | 73,597 | 69,142 |
Long-term deferred rent and tenant allowances | 41,066 | 43,779 |
Other long-term liabilities | 4,969 | 4,817 |
Total long-term liabilities | 46,035 | 48,596 |
Total liabilities | 119,632 | 117,738 |
Commitments and contingencies (Note 9) | ||
Shareholders’ equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 24,945 shares issued and outstanding at January 28, 2017 and 25,708 shares issued and outstanding at January 30, 2016 | 140,984 | 135,013 |
Accumulated other comprehensive loss | (16,488) | (15,247) |
Retained earnings | 182,555 | 177,191 |
Total shareholders’ equity | 307,051 | 296,957 |
Total liabilities and shareholders’ equity | $ 426,683 | $ 414,695 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2017 | Jan. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0 | $ 0 |
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 | $ 0 | $ 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,945,000 | 25,708,000 |
Common stock, shares outstanding | 24,945,000 | 25,708,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 836,268 | $ 804,183 | $ 811,551 |
Cost of goods sold | 561,266 | 535,559 | 524,468 |
Gross profit | 275,002 | 268,624 | 287,083 |
Selling, general and administrative expenses | 235,259 | 222,459 | 215,512 |
Operating profit | 39,743 | 46,165 | 71,571 |
Interest income, net | 32 | 529 | 637 |
Other income (expense), net | 449 | (833) | (557) |
Earnings before income taxes | 40,224 | 45,861 | 71,651 |
Provision for income taxes | 14,320 | 17,076 | 28,459 |
Net income | $ 25,904 | $ 28,785 | $ 43,192 |
Basic earnings per share | $ 1.05 | $ 1.05 | $ 1.50 |
Diluted earnings per share | $ 1.04 | $ 1.04 | $ 1.47 |
Weighted average shares used in computation of earnings per share: | |||
Basic | 24,727 | 27,497 | 28,871 |
Diluted | 24,908 | 27,673 | 29,288 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 25,904 | $ 28,785 | $ 43,192 |
Other comprehensive loss, net of tax and reclassification adjustments: | |||
Foreign currency translation | (1,338) | (3,931) | (15,995) |
Net change in unrealized gain (loss) on available-for-sale investments | 97 | (38) | 7 |
Other comprehensive loss, net | (1,241) | (3,969) | (15,988) |
Comprehensive income | $ 24,663 | $ 24,816 | $ 27,204 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Beginning Balance at Jan. 31, 2014 | $ 335,654 | $ 114,983 | $ 4,710 | $ 215,961 |
Beginning Balance, shares at Jan. 31, 2014 | 29,619 | |||
Net income | 43,192 | 43,192 | ||
Other comprehensive loss, net | (15,988) | (15,988) | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss) | 6,591 | $ 6,591 | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss), shares | 557 | |||
Stock-based compensation expense | 7,520 | $ 7,520 | ||
Repurchase of common stock | (17,445) | (17,445) | ||
Repurchase of common stock, shares | (758) | |||
Ending Balance at Jan. 31, 2015 | 359,524 | $ 129,094 | (11,278) | 241,708 |
Ending Balance, shares at Jan. 31, 2015 | 29,418 | |||
Net income | 28,785 | 28,785 | ||
Other comprehensive loss, net | (3,969) | (3,969) | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss) | 923 | $ 923 | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss), shares | 255 | |||
Stock-based compensation expense | 4,996 | $ 4,996 | ||
Repurchase of common stock | (93,302) | (93,302) | ||
Repurchase of common stock, shares | (3,965) | |||
Ending Balance at Jan. 30, 2016 | $ 296,957 | $ 135,013 | (15,247) | 177,191 |
Ending Balance, shares at Jan. 30, 2016 | 25,708 | 25,708 | ||
Net income | $ 25,904 | 25,904 | ||
Other comprehensive loss, net | (1,241) | (1,241) | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss) | 1,393 | $ 1,393 | ||
Issuance and exercise of stock-based awards, including net tax benefit (loss), shares | 432 | |||
Stock-based compensation expense | 4,578 | $ 4,578 | ||
Repurchase of common stock | $ (20,540) | (20,540) | ||
Repurchase of common stock, shares | (1,195) | (1,195) | ||
Ending Balance at Jan. 28, 2017 | $ 307,051 | $ 140,984 | $ (16,488) | $ 182,555 |
Ending Balance, shares at Jan. 28, 2017 | 24,945 | 24,945 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Common Stock [Member] | |||
Issuance and exercise of stock-based awards, including net tax benefit (loss) | $ (887) | $ 714 | $ 1,355 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 25,904 | $ 28,785 | $ 43,192 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 27,916 | 30,410 | 29,167 |
Deferred taxes | (2,555) | (2,698) | (610) |
Stock-based compensation expense | 4,578 | 4,996 | 7,520 |
Excess tax benefit from stock-based compensation | (3) | (714) | (1,355) |
Other | 1,564 | 4,009 | 1,109 |
Changes in operating assets and liabilities: | |||
Receivables | 413 | (1,184) | (2,990) |
Inventories | (7,984) | (5,953) | (10,850) |
Prepaid expenses and other current assets | (1,793) | (133) | (4,702) |
Trade accounts payable | 3,261 | (9,103) | 14,744 |
Accrued payroll and payroll taxes | 2,313 | (483) | 2,718 |
Income taxes payable | (3,713) | 1 | (23) |
Deferred rent and tenant allowances | (2,673) | 2,613 | 5,937 |
Other liabilities | 1,227 | (1,939) | 6,080 |
Net cash provided by operating activities | 48,455 | 48,607 | 89,937 |
Cash flows from investing activities: | |||
Additions to fixed assets | (20,400) | (34,834) | (35,758) |
Acquisitions, net of cash acquired | (5,395) | ||
Purchases of marketable securities and other investments | (86,826) | (59,286) | (125,971) |
Sales and maturities of marketable securities and other investments | 61,106 | 158,850 | 87,856 |
Net cash (used in) provided by investing activities | (51,515) | 64,730 | (73,873) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facilities | 23,079 | 43,173 | 6,943 |
Payments on revolving credit facilities | (22,429) | (43,255) | (9,009) |
Repurchase of common stock | (21,607) | (92,235) | (19,557) |
Proceeds from exercise of stock-based awards, net of withholding tax | 880 | 845 | 6,335 |
Excess tax benefit from stock-based compensation | 3 | 714 | 1,355 |
Net cash used in financing activities | (20,074) | (90,758) | (13,933) |
Effect of exchange rate changes on cash and cash equivalents | 218 | (278) | (903) |
Net (decrease) increase in cash and cash equivalents | (22,916) | 22,301 | 1,228 |
Cash and cash equivalents, beginning of period | 43,163 | 20,862 | 19,634 |
Cash and cash equivalents, end of period | 20,247 | 43,163 | 20,862 |
Supplemental disclosure on cash flow information: | |||
Cash paid during the period for income taxes | 20,462 | 19,630 | 28,770 |
Accrual for purchases of fixed assets | $ 1,191 | 1,166 | $ 2,372 |
Accrual for repurchase of common stock | $ 1,067 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Jan. 28, 2017 | |
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, (“Zumiez”, 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. At January 28, 2017, we operated 685 stores; 603 in the United States (“U.S.”), 48 in Canada, 29 in Europe and 5 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce websites at www.zumiez.com, www.blue-tomato.com and www.fasttimes.com.au. In August 2016, we acquired 100% of the outstanding stock of Fast Times Skateboarding (“Fast Times”) for $7.1 million paid in $5.7 million of cash and $1.4 million in shares of common stock. Fast Times is an Australian specialty retailer of skateboards, hardware, apparel and footwear. All assets and liabilities assumed were measured at fair value on the date of the acquisition and primarily consisted of inventory, fixed assets, intangible assets and goodwill. 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 fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015 were 52-week periods. Basis of Presentation— The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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 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. Fair Value of Financial Instruments —We disclose the estimated fair value of our financial instruments. Financial instruments are generally defined as cash, evidence of ownership interest in an entity or a contractual obligation that both conveys to one entity a right to receive cash or other financial instruments from another entity and imposes on the other entity the obligation to deliver cash or other financial instruments to the first entity. Our financial instruments, other than those presented in Note 10, “Fair Value Measurements,” include cash and cash equivalents, receivables, payables and other liabilities. The carrying amounts of cash and cash equivalents, receivables, payables and other liabilities approximate fair value because of the short-term nature of these instruments. Our policy is to present transfers into and transfers out of hierarchy levels as of the actual date of the event or change in circumstances that caused the transfer. Cash and Cash Equivalents —We consider all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. Concentration of Risk —We maintain our cash and cash equivalents in accounts with major financial institutions in the form of demand deposits, money market accounts and state and local municipal securities. Deposits in these financial institutions may exceed the amount of federal deposit insurance provided on such deposits. Marketable Securities —Our marketable securities primarily consist of state and local municipal securities and variable-rate demand notes. Variable-rate demand notes are considered highly liquid. Although the variable-rate demand notes have long-term nominal maturity dates, the interest rates generally reset weekly. Despite the long-term nature of the underlying securities of the variable-rate demand notes, we have the ability to quickly liquidate these securities, which have an embedded put option that allows the bondholder to sell the security at par plus accrued interest. Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, we evaluate information about the underlying investment that is publicly available such as analyst reports, applicable industry data and other pertinent information and assess our intent and ability to hold the security. For fixed-income securities, we also evaluate whether we have plans to sell the security or it is more likely than not we will be required to sell the security before recovery. The investment would be written down to its fair value at the time the impairment is deemed to have occurred and a new cost basis is established. Future adverse changes in market conditions, continued poor operating results of underlying investments or other factors could result in further losses that may not be reflected in an investment’s current carrying value, possibly requiring an additional impairment charge in the future. Inventories —Merchandise inventories are valued at the lower of cost or fair market value. The cost of merchandise inventories are based upon an average cost methodology. Merchandise inventories may include items that have been written down to our best estimate of their net realizable value. Our decisions to write-down our merchandise inventories are based on their current rate of sale, the age of the inventory, the profitability of the inventory and other factors. The inventory related to this reserve is not marked up in subsequent periods. The inventory reserve includes inventory whose estimated market value is below cost and an estimate for inventory shrinkage. Shrinkage refers to a reduction in inventory due to shoplifting, employee theft and other matters. We estimate an inventory shrinkage reserve for anticipated losses for the period. We have reserved for inventory at January 28, 2017 and January 30, 2016 in the amounts of $4.8 million and $4.7 million. Fixed Assets— Fixed assets primarily consist of leasehold improvements, fixtures, land, buildings, computer equipment, software and store equipment. Fixed assets are stated at cost less accumulated depreciation utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of fixed assets are as follows: Leasehold improvements Lesser of 10 years or the term of the lease Fixtures 3 to 7 years Buildings, land and building and land improvements 15 to 39 years Computer equipment, software, store equipment & other 3 to 5 years The cost and related accumulated depreciation of assets sold or otherwise disposed of is removed from fixed assets and the related gain or loss is recorded in selling, general and administrative expenses on the consolidated statements of income. Asset Retirement Obligations— An asset retirement obligation (“ARO”) represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. Our AROs are associated with leasehold improvements that, at the end of a lease, we are contractually obligated to remove in order to comply with certain lease agreements. The ARO balance at January 28, 2017 and January 30, 2016 is $2.7 million and $2.6 million and is recorded in other liabilities and other long-term liabilities on the consolidated balance sheets and will be subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. Valuation of Long-Lived Assets— We review the carrying value of long-lived assets or asset groups (defined as a store, corporate facility or distribution center) for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment recognized is measured by comparing the fair value of the assets or asset group to the carrying values. The estimation of future cash flows from operating activities requires significant judgments of factors that include forecasting future sales, gross profit and operating expenses. In addition to historical results, current trends and initiatives, and long-term macro-economic and industry factors are qualitatively considered. Additionally management seeks input from store operations related to local economic conditions. Impairment charges are included in selling, general and administrative expenses on the consolidated statements of income. Goodwill— Goodwill represents the excess of purchase price over the fair value of acquired tangible and identifiable intangible net assets. We test goodwill for impairment on an annual basis or more frequently if indicators of impairment are present. We perform our annual impairment measurement test on the first day of the fourth quarter. Events that may trigger an early impairment review include significant changes in the current business climate, future expectations of economic conditions, declines in our operating results of our reporting units, or an expectation that the carrying amount may not be recoverable. We have an option to test goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. If we choose not to perform the qualitative test or we determine that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, we perform a quantitative two-step impairment test. The first step compares the carrying value of the reporting unit to its estimated fair value, which is based on the perspective of a market-participant. If the fair value of the reporting unit is lower than the carrying value, then a second step is performed to quantify the amount of the impairment. The second step includes estimating the fair value of the reporting unit by taking the net assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. We generally determine the fair value of each of our reporting units based on a combination of the income approach and the market valuation approaches. Key assumptions in the income approach include estimating future cash flows, long-term growth rates and weighted average cost of capital. Our ability to realize the future cash flows used in our fair value calculations is affected by factors such as changes in economic conditions, operating performance and our business strategies. Key assumptions in the market approaches include identifying companies and transactions with comparable business factors, such as earnings growth, profitability, business and financial risk. Intangible Assets— Our intangible assets consist of trade names and trademarks with indefinite lives and certain definite-lived intangible assets. We test our indefinite-lived intangible assets for impairment on an annual basis, or more frequently if indicators of impairment are present. We test our indefinite-lived assets by estimating the fair value of the asset and comparing that to the carrying value, an impairment loss is recorded for the amount that carrying value exceeds the estimated fair value. The fair value of the trade names and trademarks is determined using the relief from royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The assumptions used in this method requires management judgment and estimates in forecasting future revenue growth, discount rates, and royalty rates. Definite-lived intangible assets, which consist of developed technology, customer relationships and non-complete agreements, are amortized using the straight-line method over their estimated useful lives. Additionally, we test the definite-lived intangible assets when facts and circumstances indicate that the carrying values may not be recoverable. We first assess the recoverability of our definite-lived intangible assets by comparing the undiscounted cash flows of the definite-lived asset less its carrying value. If the undiscounted cash flows are less than the carrying value, we then determine the estimated fair value of our definite-lived asset by taking the estimated future operating cash flows derived from the operation to which the asset relates over its remaining useful life, using a discounted cash flow analysis and comparing it to the carrying value. Any impairment would be measured as the difference between the carrying amount and the estimated fair value. Changes in any of these estimates, projections and assumptions could have a material effect of the fair value of these assets in future measurement periods and result in an impairment which could materially affect our results of operations. Deferred Rent, Rent Expense and Tenant Allowances— We lease our stores and certain corporate and other operating facilities under operating leases. 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. Most of the lease agreements have defined escalating rent provisions, which are straight-lined over the term of the related lease. We recognize rent expense over the term of the lease, plus the construction period prior to occupancy of the retail location. For certain locations, we receive tenant allowances and report these amounts as a liability, which is amortized as a reduction to rent expense over the term of the lease. Claims and Contingencies— We are subject to various claims and contingencies related to lawsuits, insurance, regulatory and other matters arising out of the normal course of business. We accrue a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if an estimate is not determinable, we provide disclosure of a material claim or contingency. Revenue Recognition— Revenue is recognized upon purchase at our retail store locations. For our ecommerce sales, revenue is recognized upon delivery to the customer. Taxes collected from our customers are recorded on a net basis. We accrue for estimated sales returns by customers based on historical return experience. The allowance for sales returns at January 28, 2017 was $2.2 million and at January 30, 2016 was $2.0 million. We record the sale of gift cards as a current liability and recognize revenue when a customer redeems a gift card. Additionally, the portion of gift cards that will not be redeemed (“gift card breakage”) is recognized in net sales after 24 months, at which time the likelihood of redemption is considered remote based on our historical redemption patterns. For the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, we recorded net sales related to gift card breakage income of $1.1 million, $0.9 million and $0.9 million. Loyalty Program— We have a customer loyalty program, the Zumiez STASH, which allows members to earn points for purchases or performance of certain activities. The points can be redeemed for a broad range of rewards, including product and experiential rewards. Points earned for purchases are recorded as a reduction of net sales based on the fair value of the points at the time the points are earned and the revenue is recognized upon redemption of points for rewards. Points earned for the performance of activities are recorded as marketing expense based on the estimated cost of the points. The deferred revenue related to our customer loyalty program was $4.3 million at January 28, 2017 and $3.1 million at January 30, 2016. Cost of Goods Sold— Cost of goods sold consists of branded merchandise costs and our private label merchandise costs including design, sourcing, importing and inbound freight costs. Our cost of goods sold also includes shrinkage, buying, occupancy, ecommerce fulfillment, distribution and warehousing costs (including associated depreciation) and freight costs for store merchandise transfers. Cash consideration received from vendors is reported as a reduction of cost of goods sold if the inventory has sold, a reduction of the carrying value of the inventory if the inventory is still on hand, or a reduction of selling, general and administrative expense if the amounts are reimbursements of specific, incremental and identifiable costs of selling the vendors’ products. Shipping Revenue and Costs— We include shipping revenue related to ecommerce sales in net sales and the related freight cost is charged to cost of goods sold. Selling, General and Administrative Expense— Selling, general and administrative expenses consist primarily of store personnel wages and benefits, administrative staff and infrastructure expenses, freight costs for merchandise shipments from the distribution centers to the stores, store supplies, depreciation on fixed assets at the home office and stores, facility expenses, training expenses and advertising and marketing costs. Credit card fees, insurance, public company expenses, legal expenses, amortization of intangibles assets and other miscellaneous operating costs are also included in selling, general and administrative expenses. Advertising— We expense advertising costs as incurred, except for catalog costs, which are expensed once the catalog is mailed. Advertising expenses are net of sponsorships and vendor reimbursements. Advertising expense was $10.0 million, $9.5 million and $9.4 million for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. Stock-Based Compensation— 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 using the 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. Common Stock Share Repurchases— We may repurchase shares of our common stock under authorizations made from time to time by our Board of Directors. Under applicable Washington State law, shares repurchased are retired and not presented separately as treasury stock on the consolidated financial statements. Instead, the value of repurchased shares is deducted from retained earnings. Income Taxes— We use the asset and liability method of accounting for income taxes. Using this method, deferred tax assets and liabilities are recorded based on the differences between the financial reporting and tax basis of assets and liabilities. The deferred tax assets and liabilities are calculated using the enacted tax rates and laws that we expect to be in effect when the differences are expected to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, it is determined that it is more likely than not that all or some portion of the deferred tax benefit will not to be realized. We regularly evaluate the likelihood of realizing the benefit of income tax positions that we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be sustained, we recognize a benefit at the largest amount that we believe is cumulatively greater than 50% likely to be realized. Interest and penalties related to income tax matters are classified as a component of income tax expense. Unrecognized tax benefits are recorded in other long-term liabilities on the consolidated balance sheets. Our tax provision for interim periods is determined using an estimate of our annual effective rate, adjusted for discrete items, if any, that are taken into account in the relevant period. As the fiscal year progresses, we periodically refine our estimate based on actual events and earnings by jurisdiction. This ongoing estimation process can result in changes to our expected effective tax rate for the full fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that our year-to-date provision equals our expected annual rate. Earnings per Share— Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on the weighted average number of common shares and common share equivalents outstanding during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Common share equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options, employee stock purchase plan funds held to acquire stock and non-vested restricted stock. Potentially anti-dilutive securities not included in the calculation of diluted earnings per share are options to purchase common stock where the option exercise price is greater than the average market price of our common stock during the period reported. Foreign Currency Translation— Assets and liabilities denominated in foreign currencies are translated into U.S. dollars, the reporting currency, at the exchange rate prevailing at the balance sheet date. Revenue and expenses denominated in foreign currencies are translated into U.S. dollars at the monthly average exchange rate for the period and the translation adjustments are reported as an element of accumulated other comprehensive loss on the consolidated balance sheets. 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We will adopt this standard beginning in the first quarter of fiscal 2017. We will continue to account for forfeitures on an estimated basis. The impact of this standard on our consolidated financial statements in future periods is dependent on our stock price at the time the awards vest and the number of awards that vest during a reporting period. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are continuing to evaluate the impact of this standard. We expect this standard to have a material impact on our consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We do not expect this standard to have a material impact on our consolidated financial statements. In May 2015, the 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 guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance for the year ended January 28, 2017 and the adoption did not 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 was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are continuing to evaluate the impact of this standard but we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. We are continuing to evaluate the method of adoption we will when transitioning to this new standard. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets The following tables summarize the changes in the carrying amount of goodwill (in thousands): Balance as of January 31, 2015 $ 55,852 Effects of foreign currency translation (1,607 ) Balance as of January 30, 2016 54,245 Goodwill acquired 2,568 Effects of foreign currency translation (812 ) Balance as of January 28, 2017 $ 56,001 There was no impairment of goodwill for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. The following table summarizes the gross carrying amount, accumulated amortization and the net carrying amount of intangible assets (in thousands): January 28, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangible assets not subject to amortization: Trade names and trademarks $ 14,402 $ — $ 14,402 Intangible assets subject to amortization: Developed technology 3,205 3,205 — Customer relationships 2,375 2,375 — Non-compete agreements 227 19 208 Total intangible assets $ 20,209 $ 5,599 $ 14,610 January 30, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangible assets not subject to amortization: Trade names and trademarks $ 11,766 $ — $ 11,766 Intangible assets subject to amortization: Developed technology 3,267 3,267 — Customer relationships 2,422 2,422 — Total intangible assets $ 17,455 $ 5,689 $ 11,766 There was no impairment of intangible assets for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. Amortization expense of intangible assets for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015 was less than $0.1 million, $0.9 million and $2.3 million. Amortization expense of intangible assets is recorded in selling, general and administrative expense on the consolidated statements of income. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 12 Months Ended |
Jan. 28, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 4. 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): January 28, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 19,190 $ — $ — $ 19,190 Money market funds 657 — — 657 State and local government securities 400 — — 400 Total cash and cash equivalents 20,247 — — 20,247 Marketable securities: State and local government securities 19,151 8 (30 ) 19,129 Variable-rate demand notes 39,450 — — 39,450 Total marketable securities $ 58,601 $ 8 $ (30 ) $ 58,579 January 30, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 33,608 $ — $ — $ 33,608 Money market funds 9,555 — — 9,555 Total cash and cash equivalents 43,163 — — 43,163 Marketable securities: State and local government securities 32,754 8 (187 ) 32,575 Variable-rate demand notes 644 — — 644 Total marketable securities $ 33,398 $ 8 $ (187 ) $ 33,219 Less: Long-term marketable securities (1) (828 ) Total current marketable securities $ 32,391 (1) At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the consolidated balance sheet. All of our available-for-sale securities 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): January 28, 2017 Less Than Twelve Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: State and local government securities $ 8,702 $ (30 ) $ — $ — $ 8,702 $ (30 ) Total marketable securities $ 8,702 $ (30 ) $ — $ — $ 8,702 $ (30 ) January 30, 2016 Less Than Twelve Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: State and local government securities $ 16,884 $ (15 ) $ 853 $ (172 ) $ 17,737 $ (187 ) Total marketable securities $ 16,884 $ (15 ) $ 853 $ (172 ) $ 17,737 $ (187 ) We did not record a realized loss for other-than-temporary impairments during the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Receivables
Receivables | 12 Months Ended |
Jan. 28, 2017 | |
Receivables [Abstract] | |
Receivables | 5. Receivables Receivables consisted of the following (in thousands): January January 30, 2016 Credit cards receivable $ 7,671 $ 7,606 Income tax receivable 568 86 Tenant allowances receivable 268 1,201 Other receivables 4,031 3,947 Receivables $ 12,538 $ 12,840 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jan. 28, 2017 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | 6. Fixed Assets Fixed assets consisted of the following (in thousands): January January 30, 2016 Leasehold improvements $ 173,916 $ 164,930 Fixtures 86,612 83,467 Buildings, land and building and land improvements 28,118 28,198 Computer equipment, software, store equipment and other 33,555 30,257 Fixed assets, at cost 322,201 306,852 Less: Accumulated depreciation (192,550 ) (169,619 ) Fixed assets, net $ 129,651 $ 137,233 Depreciation expense on fixed assets is recognized on our consolidated income statement as follows (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Cost of goods sold $ 1,049 $ 1,238 $ 1,230 Selling, general and administrative expenses 25,843 26,113 23,513 Depreciation expense $ 26,892 $ 27,351 $ 24,743 Impairment of Long-Lived Assets— We recorded $1.9 million, $3.1 million and $0.2 million of impairment of long-lived assets in selling, general and administrative expenses on the consolidated statements of income for the years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Jan. 28, 2017 | |
Payables And Accruals [Abstract] | |
Other Liabilities | 7. Other liabilities consisted of the following (in thousands): January January 30, 2016 Unredeemed gift cards $ 5,577 $ 5,328 Accrued indirect taxes 4,961 5,136 Deferred revenue 4,902 3,726 Accrued payables 4,189 4,485 Allowance for sales returns 2,189 1,978 Accrual for repurchase of common stock — 1,067 Other current liabilities 1,126 855 Other liabilities $ 22,944 $ 22,575 |
Revolving Credit Facilities and
Revolving Credit Facilities and Debt | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities and Debt | 8. Revolving Credit Facilities and Debt On February 5, 2016, the Company entered into an asset-based revolving credit agreement with Wells Fargo Bank, National Association, which provides for a senior secured revolving credit facility of up to $100 million (“ABL Facility”), subject to a borrowing base, with a letter of credit sub-limit of $10 million. The ABL Facility is available for working capital and other general corporate purposes. The ABL Facility will mature on February 5, 2021. The ABL Facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the Company. Amounts borrowed under the ABL Facility bear interest, at the Company’s option, at either an adjusted LIBOR rate plus a margin of 1.25% to 1.75% per annum, or an alternate base rate plus a margin of 0.25% to 0.75% per annum. The Company is also required to pay a fee of 0.25% per annum on undrawn commitments under the ABL Facility. Customary agency fees and letter of credit fees are also payable in respect of the ABL Facility. There were no borrowings outstanding under the ABL Facility at January 28, 2017 or the replaced secured revolving credit facility at January 30, 2016. We had no open commercial letters of credit outstanding under our secured revolving credit facility at January 28, 2017 and January 30, 2016. Additionally, we have revolving lines of credit of up to $21.9 million, the proceeds of which are used to fund certain international operations. The revolving lines of credit bears interest at 1.63%. There were no borrowings or open commercial letters of credit outstanding under these revolving lines of credit at January 28, 2017 and January 30, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Operating Leases— Total rent expense is as follows (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Minimum rent expense $ 73,888 $ 68,904 $ 62,336 Contingent rent expense 2,618 2,196 2,219 Total rent expense (1) $ 76,506 $ 71,100 $ 64,555 (1) Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $41.3 million, $38.6 million and $35.6 million for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. Future minimum lease payments at January 28, 2017 are as follows (in thousands): Fiscal 2017 $ 67,790 Fiscal 2018 63,241 Fiscal 2019 56,540 Fiscal 2020 52,647 Fiscal 2021 47,398 Thereafter 124,117 Total (1) $ 411,733 (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 January 28, 2017 and January 30, 2016, we had outstanding purchase orders to acquire merchandise from vendors of $168.8 million and $159.7 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 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 actuarial based analysis of historical claims experience. The self-insurance reserve at January 28, 2017 and January 30, 2016 was $2.3 million and $2.1 million. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. 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): January 28, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 657 $ — $ — State and local government securities 400 — — Marketable securities: State and local government securities — 19,129 — Variable-rate demand notes — 39,450 — Long-term other assets: Money market funds 1,557 — — Equity investments — — 116 Total $ 2,614 $ 58,579 $ 116 January 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 9,555 $ — $ — Marketable securities: State and local government securities — 31,747 — Variable-rate demand notes — 644 — Long-term other assets: Money market funds 1,510 — — State and local government securities — — 828 Equity investments — — 118 Total $ 11,065 $ 32,391 $ 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. Assets measured at fair value on a nonrecurring basis include items such as long-lived assets resulting from impairment, if deemed necessary. There were no material assets measured at fair value on a nonrecurring basis for the fiscal years ended January 28, 2017 and January 30, 2016. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 28, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 11. 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 that replaced the existing stock repurchase program that was authorized in December 2012. In December 2014, our Board of Directors superseded and replaced this program with a $30.0 million share repurchase program. In June 2015, our Board of Directors superseded and replaced this program with a $50.0 million share repurchase program that was completed in August 2015. In December 2015, our Board of Directors authorized us to repurchase up to $70.0 million of our common stock. This program was expired as of January 28, 2017. The following table summarizes common stock repurchase activity during the fiscal year ended January 28, 2017 (in thousands except average price per repurchased shares): Number of shares repurchased 1,195 Average price per share of repurchased shares (with commission) $ 17.19 Total cost of shares repurchased $ 20,540 Accumulated Other Comprehensive Income (Loss)— The component of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income is as follows (in thousands): Foreign currency translation adjustments Net unrealized gains (losses) on available-for- sale investments Accumulated other comprehensive income (loss) Balance at February 1, 2014 $ 4,790 $ (80 ) $ 4,710 Other comprehensive loss, net (1) (15,995 ) 7 (15,988 ) Balance at January 31, 2015 $ (11,205 ) $ (73 ) $ (11,278 ) Other comprehensive loss, net (1) (3,931 ) (38 ) (3,969 ) Balance at January 30, 2016 $ (15,136 ) $ (111 ) $ (15,247 ) Other comprehensive loss, net (1) (1,338 ) 97 (1,241 ) Balance at January 28, 2017 $ (16,474 ) $ (14 ) $ (16,488 ) (1) Other comprehensive income (loss) before reclassifications is net of taxes of less than $0.1 million for the fiscal year ended January 28, 2017, January 30, 2016 and January 31, 2015 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income (loss). Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity Awards
Equity Awards | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Awards | 12. Equity Awards General— 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. Stock-Based Compensation— Total stock-based compensation expense is recognized on our consolidated income statements as follows (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Cost of goods sold $ 928 $ 1,041 $ 1,048 Selling, general and administrative expenses (1) 3,650 3,955 6,472 Total stock-based compensation expense $ 4,578 $ 4,996 $ 7,520 (1) Included in stock-based compensation expense recognized in selling, general and administrative expenses is $0.3 million and $3.1 million of expense associated with the incentive payments paid in shares of our common stock for the fiscal year ended January 30, 2016 and January 31, 2015. At January 28, 2017, there was $6.8 million of total unrecognized compensation cost related to unvested stock options and restricted stock. This cost has a weighted-average recognition period of 1.3 years. Restricted Equity Awards — The following table summarizes the activity of restricted stock awards and restricted stock units, collectively defined as “restricted equity awards” (in thousands, except grant date weighted-average fair value): Restricted Equity Awards Grant Date Weighted- Average Fair Value Intrinsic Value Outstanding at February 1, 2014 361 $ 26.91 Granted 176 $ 25.76 Vested (154 ) $ 26.31 Forfeited (40 ) $ 27.14 Outstanding at January 31, 2015 343 $ 26.56 Granted 130 $ 36.10 Vested (142 ) $ 27.06 Forfeited (45 ) $ 28.64 Outstanding at January 30, 2016 286 $ 30.32 Granted 301 $ 19.06 Vested (128 ) $ 29.54 Forfeited (17 ) $ 25.78 Outstanding at January 28, 2017 442 $ 23.05 $ 8,330 The following table summarizes additional information related to restricted equity awards activity (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Vest date fair value of restricted stock vested $ 2,404 $ 5,184 $ 3,916 Stock Options —We had 0.2 million stock options outstanding at January 28, 2017 with a grant date weighted average exercise price of $25.61. We had 0.1 million stock options outstanding at January 30, 2016 with a grant date weighted average exercise price of $27.86 and 0.3 million stock options outstanding at January 31, 2015 with a grant date weighted average exercise price of $24.76. Employee Stock Purchase Plan— We offer an Employee Stock Purchase Plan (the “ESPP”) for eligible employees to purchase our common stock at a 15% discount of the lesser of fair market value of the stock on the first business day or the last business day of the offering period, subject to maximum contribution thresholds. The number of shares issued under our ESPP was less than 0.1 million for each of the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The components of earnings before income taxes are (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 United States $ 35,456 $ 46,868 $ 80,449 Foreign 4,768 (1,007 ) (8,798 ) Total earnings before income taxes $ 40,224 $ 45,861 $ 71,651 The components of the provision for income taxes are (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Current: Federal $ 13,350 $ 16,186 $ 24,639 State and local 2,338 2,591 3,386 Foreign 1,187 972 1,044 Total current 16,875 19,749 29,069 Deferred: Federal (1,855 ) (585 ) 1,706 State and local (266 ) (832 ) 291 Foreign (434 ) (1,256 ) (2,607 ) Total deferred (2,555 ) (2,673 ) (610 ) Provision for income taxes $ 14,320 $ 17,076 $ 28,459 The reconciliation of the income tax provision at the U.S. federal statutory rate to our effective income tax rate is as follows: Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Expected U.S. federal income taxes at statutory rates 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal effect 3.1 3.3 3.4 Foreign earnings, net (2.3 ) (0.6 ) 0.6 Other (0.2 ) (0.5 ) 0.7 Effective tax rate 35.6 % 37.2 % 39.7 % The components of deferred income taxes are (in thousands): January 28, 2017 January 30, 2016 Deferred tax assets: Deferred rent $ 18,504 $ 19,512 Net operating losses 5,055 4,384 Employee benefits, including stock-based compensation 2,916 3,124 Accrued liabilities 2,279 2,125 Inventory 1,458 1,181 Other 2,026 1,516 Total deferred tax assets 32,238 31,842 Deferred tax liabilities: Property and equipment (16,348 ) (19,606 ) Goodwill and other intangibles (7,765 ) (6,901 ) Other (1,084 ) (701 ) Total deferred tax liabilities (25,197 ) (27,208 ) Net deferred tax assets $ 7,041 $ 4,634 At January 28, 2017 and January 30, 2016, we had $20.3 million and $16.0 million of foreign net operating loss carryovers that could be utilized to reduce future years’ tax liabilities. The tax-effected foreign net operating loss carryovers were $5.1 million and $4.4 million at January 28, 2017 and January 30, 2016. The net operating loss carryovers have an indefinite carryfoward period and currently will not expire. We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Our U.S. federal income tax returns are no longer subject to examination for years before fiscal 2013 and with few exceptions, we are no longer subject to U.S. state examinations for years before fiscal 2012. We are no longer subject to examination for all foreign income tax returns before fiscal 2011. |
Earnings per Share, Basic and D
Earnings per Share, Basic and Diluted | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share, Basic and Diluted | 14. 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): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Net income $ 25,904 $ 28,785 $ 43,192 Weighted average common shares for basic earnings per share 24,727 27,497 28,871 Dilutive effect of stock options and restricted stock 181 176 417 Weighted average common shares for diluted earnings per share 24,908 27,673 29,288 Basic earnings per share $ 1.05 $ 1.05 $ 1.50 Diluted earnings per share $ 1.04 $ 1.04 $ 1.47 Total anti-dilutive common stock options not included in the calculation of diluted earnings per share were 0.2 million, 0.1 million and 0.1 million for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 28, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions The Zumiez Foundation is a charitable based nonprofit organization focused on meeting various needs of the under-privileged. Our Chairman of the Board is also the President of the Zumiez Foundation. We committed charitable contributions to the Zumiez Foundation of $0.7 million, $0.6 million and $0.7 million for the fiscal years ended January 28, 2017, January 30, 2016, January 31, 2015. We have accrued charitable contributions payable to the Zumiez Foundation of $0.6 million and $0.5 million at January 28,2017 and January 30, 2016. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting 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. The following table is a summary of product categories as a percentage of merchandise sales: Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Men's Apparel 37 % 34 % 34 % Accessories 20 % 20 % 20 % Footwear 18 % 19 % 19 % Junior's Apparel 13 % 13 % 13 % Hardgoods 12 % 14 % 14 % Total 100 % 100 % 100 % The following tables present summarized geographical information (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Net sales (1): United States $ 710,976 $ 689,582 $ 708,279 Foreign 125,292 114,601 103,272 Total net sales $ 836,268 $ 804,183 $ 811,551 January 28, 2017 January 30, 2016 Long-lived assets: United States $ 110,539 $ 124,436 Foreign 26,387 25,352 Total long-lived assets $ 136,926 $ 149,788 (1) Net sales are allocated based on the location in which the sale was originated for the fiscal years ended January 28, 2017 and January 30, 2016 and fulfilled for the fiscal year ended January 31, 2015. Store sales are allocated based on the location of the store and ecommerce sales are allocated to the U.S. for sales on www.zumiez.com and to foreign for sales on www.blue-tomato.com www.fasttimes.com.au |
Nature of Business and Basis 25
Nature of Business and Basis of Presentation (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
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 fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015 were 52-week periods. |
Basis of Presentation | Basis of Presentation— The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
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 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments —We disclose the estimated fair value of our financial instruments. Financial instruments are generally defined as cash, evidence of ownership interest in an entity or a contractual obligation that both conveys to one entity a right to receive cash or other financial instruments from another entity and imposes on the other entity the obligation to deliver cash or other financial instruments to the first entity. Our financial instruments, other than those presented in Note 10, “Fair Value Measurements,” include cash and cash equivalents, receivables, payables and other liabilities. The carrying amounts of cash and cash equivalents, receivables, payables and other liabilities approximate fair value because of the short-term nature of these instruments. Our policy is to present transfers into and transfers out of hierarchy levels as of the actual date of the event or change in circumstances that caused the transfer. |
Cash and Cash Equivalents | Cash and Cash Equivalents —We consider all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. |
Concentration of Risk | Concentration of Risk —We maintain our cash and cash equivalents in accounts with major financial institutions in the form of demand deposits, money market accounts and state and local municipal securities. Deposits in these financial institutions may exceed the amount of federal deposit insurance provided on such deposits. |
Marketable Securities | Marketable Securities —Our marketable securities primarily consist of state and local municipal securities and variable-rate demand notes. Variable-rate demand notes are considered highly liquid. Although the variable-rate demand notes have long-term nominal maturity dates, the interest rates generally reset weekly. Despite the long-term nature of the underlying securities of the variable-rate demand notes, we have the ability to quickly liquidate these securities, which have an embedded put option that allows the bondholder to sell the security at par plus accrued interest. Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, we evaluate information about the underlying investment that is publicly available such as analyst reports, applicable industry data and other pertinent information and assess our intent and ability to hold the security. For fixed-income securities, we also evaluate whether we have plans to sell the security or it is more likely than not we will be required to sell the security before recovery. The investment would be written down to its fair value at the time the impairment is deemed to have occurred and a new cost basis is established. Future adverse changes in market conditions, continued poor operating results of underlying investments or other factors could result in further losses that may not be reflected in an investment’s current carrying value, possibly requiring an additional impairment charge in the future. |
Inventories | Inventories —Merchandise inventories are valued at the lower of cost or fair market value. The cost of merchandise inventories are based upon an average cost methodology. Merchandise inventories may include items that have been written down to our best estimate of their net realizable value. Our decisions to write-down our merchandise inventories are based on their current rate of sale, the age of the inventory, the profitability of the inventory and other factors. The inventory related to this reserve is not marked up in subsequent periods. The inventory reserve includes inventory whose estimated market value is below cost and an estimate for inventory shrinkage. Shrinkage refers to a reduction in inventory due to shoplifting, employee theft and other matters. We estimate an inventory shrinkage reserve for anticipated losses for the period. We have reserved for inventory at January 28, 2017 and January 30, 2016 in the amounts of $4.8 million and $4.7 million. |
Fixed Assets | Fixed Assets— Fixed assets primarily consist of leasehold improvements, fixtures, land, buildings, computer equipment, software and store equipment. Fixed assets are stated at cost less accumulated depreciation utilizing the straight-line method over the assets’ estimated useful lives. The useful lives of our major classes of fixed assets are as follows: Leasehold improvements Lesser of 10 years or the term of the lease Fixtures 3 to 7 years Buildings, land and building and land improvements 15 to 39 years Computer equipment, software, store equipment & other 3 to 5 years The cost and related accumulated depreciation of assets sold or otherwise disposed of is removed from fixed assets and the related gain or loss is recorded in selling, general and administrative expenses on the consolidated statements of income. |
Asset Retirement Obligations | Asset Retirement Obligations— An asset retirement obligation (“ARO”) represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. Our AROs are associated with leasehold improvements that, at the end of a lease, we are contractually obligated to remove in order to comply with certain lease agreements. The ARO balance at January 28, 2017 and January 30, 2016 is $2.7 million and $2.6 million and is recorded in other liabilities and other long-term liabilities on the consolidated balance sheets and will be subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets— We review the carrying value of long-lived assets or asset groups (defined as a store, corporate facility or distribution center) for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. Recoverability of assets to be held and used is determined by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment recognized is measured by comparing the fair value of the assets or asset group to the carrying values. The estimation of future cash flows from operating activities requires significant judgments of factors that include forecasting future sales, gross profit and operating expenses. In addition to historical results, current trends and initiatives, and long-term macro-economic and industry factors are qualitatively considered. Additionally management seeks input from store operations related to local economic conditions. Impairment charges are included in selling, general and administrative expenses on the consolidated statements of income. |
Goodwill | Goodwill— Goodwill represents the excess of purchase price over the fair value of acquired tangible and identifiable intangible net assets. We test goodwill for impairment on an annual basis or more frequently if indicators of impairment are present. We perform our annual impairment measurement test on the first day of the fourth quarter. Events that may trigger an early impairment review include significant changes in the current business climate, future expectations of economic conditions, declines in our operating results of our reporting units, or an expectation that the carrying amount may not be recoverable. We have an option to test goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. If we choose not to perform the qualitative test or we determine that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, we perform a quantitative two-step impairment test. The first step compares the carrying value of the reporting unit to its estimated fair value, which is based on the perspective of a market-participant. If the fair value of the reporting unit is lower than the carrying value, then a second step is performed to quantify the amount of the impairment. The second step includes estimating the fair value of the reporting unit by taking the net assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. We generally determine the fair value of each of our reporting units based on a combination of the income approach and the market valuation approaches. Key assumptions in the income approach include estimating future cash flows, long-term growth rates and weighted average cost of capital. Our ability to realize the future cash flows used in our fair value calculations is affected by factors such as changes in economic conditions, operating performance and our business strategies. Key assumptions in the market approaches include identifying companies and transactions with comparable business factors, such as earnings growth, profitability, business and financial risk. |
Intangible Assets | Intangible Assets— Our intangible assets consist of trade names and trademarks with indefinite lives and certain definite-lived intangible assets. We test our indefinite-lived intangible assets for impairment on an annual basis, or more frequently if indicators of impairment are present. We test our indefinite-lived assets by estimating the fair value of the asset and comparing that to the carrying value, an impairment loss is recorded for the amount that carrying value exceeds the estimated fair value. The fair value of the trade names and trademarks is determined using the relief from royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The assumptions used in this method requires management judgment and estimates in forecasting future revenue growth, discount rates, and royalty rates. Definite-lived intangible assets, which consist of developed technology, customer relationships and non-complete agreements, are amortized using the straight-line method over their estimated useful lives. Additionally, we test the definite-lived intangible assets when facts and circumstances indicate that the carrying values may not be recoverable. We first assess the recoverability of our definite-lived intangible assets by comparing the undiscounted cash flows of the definite-lived asset less its carrying value. If the undiscounted cash flows are less than the carrying value, we then determine the estimated fair value of our definite-lived asset by taking the estimated future operating cash flows derived from the operation to which the asset relates over its remaining useful life, using a discounted cash flow analysis and comparing it to the carrying value. Any impairment would be measured as the difference between the carrying amount and the estimated fair value. Changes in any of these estimates, projections and assumptions could have a material effect of the fair value of these assets in future measurement periods and result in an impairment which could materially affect our results of operations. |
Deferred Rent, Rent Expense and Tenant Allowances | Deferred Rent, Rent Expense and Tenant Allowances— We lease our stores and certain corporate and other operating facilities under operating leases. 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. Most of the lease agreements have defined escalating rent provisions, which are straight-lined over the term of the related lease. We recognize rent expense over the term of the lease, plus the construction period prior to occupancy of the retail location. For certain locations, we receive tenant allowances and report these amounts as a liability, which is amortized as a reduction to rent expense over the term of the lease. |
Claims and Contingencies | Claims and Contingencies— We are subject to various claims and contingencies related to lawsuits, insurance, regulatory and other matters arising out of the normal course of business. We accrue a liability if the likelihood of an adverse outcome is probable and the amount is estimable. If the likelihood of an adverse outcome is only reasonably possible (as opposed to probable), or if an estimate is not determinable, we provide disclosure of a material claim or contingency. |
Revenue Recognition | Revenue Recognition— Revenue is recognized upon purchase at our retail store locations. For our ecommerce sales, revenue is recognized upon delivery to the customer. Taxes collected from our customers are recorded on a net basis. We accrue for estimated sales returns by customers based on historical return experience. The allowance for sales returns at January 28, 2017 was $2.2 million and at January 30, 2016 was $2.0 million. We record the sale of gift cards as a current liability and recognize revenue when a customer redeems a gift card. Additionally, the portion of gift cards that will not be redeemed (“gift card breakage”) is recognized in net sales after 24 months, at which time the likelihood of redemption is considered remote based on our historical redemption patterns. For the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, we recorded net sales related to gift card breakage income of $1.1 million, $0.9 million and $0.9 million. |
Loyalty Program | Loyalty Program— We have a customer loyalty program, the Zumiez STASH, which allows members to earn points for purchases or performance of certain activities. The points can be redeemed for a broad range of rewards, including product and experiential rewards. Points earned for purchases are recorded as a reduction of net sales based on the fair value of the points at the time the points are earned and the revenue is recognized upon redemption of points for rewards. Points earned for the performance of activities are recorded as marketing expense based on the estimated cost of the points. The deferred revenue related to our customer loyalty program was $ 4.3 million at January 28, 2017 and $3.1 million at January 30, 2016. |
Cost of Goods Sold | Cost of Goods Sold— Cost of goods sold consists of branded merchandise costs and our private label merchandise costs including design, sourcing, importing and inbound freight costs. Our cost of goods sold also includes shrinkage, buying, occupancy, ecommerce fulfillment, distribution and warehousing costs (including associated depreciation) and freight costs for store merchandise transfers. Cash consideration received from vendors is reported as a reduction of cost of goods sold if the inventory has sold, a reduction of the carrying value of the inventory if the inventory is still on hand, or a reduction of selling, general and administrative expense if the amounts are reimbursements of specific, incremental and identifiable costs of selling the vendors’ products. |
Shipping Revenue and Costs | Shipping Revenue and Costs— We include shipping revenue related to ecommerce sales in net sales and the related freight cost is charged to cost of goods sold. |
Selling, General and Administrative Expense | Selling, General and Administrative Expense— Selling, general and administrative expenses consist primarily of store personnel wages and benefits, administrative staff and infrastructure expenses, freight costs for merchandise shipments from the distribution centers to the stores, store supplies, depreciation on fixed assets at the home office and stores, facility expenses, training expenses and advertising and marketing costs. Credit card fees, insurance, public company expenses, legal expenses, amortization of intangibles assets and other miscellaneous operating costs are also included in selling, general and administrative expenses. |
Advertising | Advertising— We expense advertising costs as incurred, except for catalog costs, which are expensed once the catalog is mailed. Advertising expenses are net of sponsorships and vendor reimbursements. Advertising expense was $10.0 million, $9.5 million and $9.4 million for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Stock-Based Compensation | Stock-Based Compensation— 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 using the 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. |
Common Stock Share Repurchases | Common Stock Share Repurchases— We may repurchase shares of our common stock under authorizations made from time to time by our Board of Directors. Under applicable Washington State law, shares repurchased are retired and not presented separately as treasury stock on the consolidated financial statements. Instead, the value of repurchased shares is deducted from retained earnings. |
Income Taxes | Income Taxes— We use the asset and liability method of accounting for income taxes. Using this method, deferred tax assets and liabilities are recorded based on the differences between the financial reporting and tax basis of assets and liabilities. The deferred tax assets and liabilities are calculated using the enacted tax rates and laws that we expect to be in effect when the differences are expected to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, it is determined that it is more likely than not that all or some portion of the deferred tax benefit will not to be realized. We regularly evaluate the likelihood of realizing the benefit of income tax positions that we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be sustained, we recognize a benefit at the largest amount that we believe is cumulatively greater than 50% likely to be realized. Interest and penalties related to income tax matters are classified as a component of income tax expense. Unrecognized tax benefits are recorded in other long-term liabilities on the consolidated balance sheets. Our tax provision for interim periods is determined using an estimate of our annual effective rate, adjusted for discrete items, if any, that are taken into account in the relevant period. As the fiscal year progresses, we periodically refine our estimate based on actual events and earnings by jurisdiction. This ongoing estimation process can result in changes to our expected effective tax rate for the full fiscal year. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs so that our year-to-date provision equals our expected annual rate. |
Earnings per Share | Earnings per Share— Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on the weighted average number of common shares and common share equivalents outstanding during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. Common share equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options, employee stock purchase plan funds held to acquire stock and non-vested restricted stock. Potentially anti-dilutive securities not included in the calculation of diluted earnings per share are options to purchase common stock where the option exercise price is greater than the average market price of our common stock during the period reported. |
Foreign Currency Translation | Foreign Currency Translation— Assets and liabilities denominated in foreign currencies are translated into U.S. dollars, the reporting currency, at the exchange rate prevailing at the balance sheet date. Revenue and expenses denominated in foreign currencies are translated into U.S. dollars at the monthly average exchange rate for the period and the translation adjustments are reported as an element of accumulated other comprehensive loss on the consolidated balance sheets. |
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 March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We will adopt this standard beginning in the first quarter of fiscal 2017. We will continue to account for forfeitures on an estimated basis. The impact of this standard on our consolidated financial statements in future periods is dependent on our stock price at the time the awards vest and the number of awards that vest during a reporting period. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are continuing to evaluate the impact of this standard. We expect this standard to have a material impact on our consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We do not expect this standard to have a material impact on our consolidated financial statements. In May 2015, the 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 guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance for the year ended January 28, 2017 and the adoption did not 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 was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are continuing to evaluate the impact of this standard but we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. We are continuing to evaluate the method of adoption we will when transitioning to this new standard. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Useful Lives of Major Classes of Fixed Assets | The useful lives of our major classes of fixed assets are as follows: Leasehold improvements Lesser of 10 years or the term of the lease Fixtures 3 to 7 years Buildings, land and building and land improvements 15 to 39 years Computer equipment, software, store equipment & other 3 to 5 years |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | The following tables summarize the changes in the carrying amount of goodwill (in thousands): Balance as of January 31, 2015 $ 55,852 Effects of foreign currency translation (1,607 ) Balance as of January 30, 2016 54,245 Goodwill acquired 2,568 Effects of foreign currency translation (812 ) Balance as of January 28, 2017 $ 56,001 |
Summary of Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Intangible Assets | The following table summarizes the gross carrying amount, accumulated amortization and the net carrying amount of intangible assets (in thousands): January 28, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangible assets not subject to amortization: Trade names and trademarks $ 14,402 $ — $ 14,402 Intangible assets subject to amortization: Developed technology 3,205 3,205 — Customer relationships 2,375 2,375 — Non-compete agreements 227 19 208 Total intangible assets $ 20,209 $ 5,599 $ 14,610 January 30, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangible assets not subject to amortization: Trade names and trademarks $ 11,766 $ — $ 11,766 Intangible assets subject to amortization: Developed technology 3,267 3,267 — Customer relationships 2,422 2,422 — Total intangible assets $ 17,455 $ 5,689 $ 11,766 |
Cash, Cash Equivalents and Ma28
Cash, Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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): January 28, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 19,190 $ — $ — $ 19,190 Money market funds 657 — — 657 State and local government securities 400 — — 400 Total cash and cash equivalents 20,247 — — 20,247 Marketable securities: State and local government securities 19,151 8 (30 ) 19,129 Variable-rate demand notes 39,450 — — 39,450 Total marketable securities $ 58,601 $ 8 $ (30 ) $ 58,579 January 30, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 33,608 $ — $ — $ 33,608 Money market funds 9,555 — — 9,555 Total cash and cash equivalents 43,163 — — 43,163 Marketable securities: State and local government securities 32,754 8 (187 ) 32,575 Variable-rate demand notes 644 — — 644 Total marketable securities $ 33,398 $ 8 $ (187 ) $ 33,219 Less: Long-term marketable securities (1) (828 ) Total current marketable securities $ 32,391 (1) At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the consolidated balance sheet. |
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): January 28, 2017 Less Than Twelve Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: State and local government securities $ 8,702 $ (30 ) $ — $ — $ 8,702 $ (30 ) Total marketable securities $ 8,702 $ (30 ) $ — $ — $ 8,702 $ (30 ) January 30, 2016 Less Than Twelve Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: State and local government securities $ 16,884 $ (15 ) $ 853 $ (172 ) $ 17,737 $ (187 ) Total marketable securities $ 16,884 $ (15 ) $ 853 $ (172 ) $ 17,737 $ (187 ) |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Receivables [Abstract] | |
Summary of Receivables | Receivables consisted of the following (in thousands): January January 30, 2016 Credit cards receivable $ 7,671 $ 7,606 Income tax receivable 568 86 Tenant allowances receivable 268 1,201 Other receivables 4,031 3,947 Receivables $ 12,538 $ 12,840 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Fixed Assets | Fixed assets consisted of the following (in thousands): January January 30, 2016 Leasehold improvements $ 173,916 $ 164,930 Fixtures 86,612 83,467 Buildings, land and building and land improvements 28,118 28,198 Computer equipment, software, store equipment and other 33,555 30,257 Fixed assets, at cost 322,201 306,852 Less: Accumulated depreciation (192,550 ) (169,619 ) Fixed assets, net $ 129,651 $ 137,233 |
Summary of Depreciation Expense | Depreciation expense on fixed assets is recognized on our consolidated income statement as follows (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Cost of goods sold $ 1,049 $ 1,238 $ 1,230 Selling, general and administrative expenses 25,843 26,113 23,513 Depreciation expense $ 26,892 $ 27,351 $ 24,743 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Payables And Accruals [Abstract] | |
Summary of Other Liabilities | Other liabilities consisted of the following (in thousands): January January 30, 2016 Unredeemed gift cards $ 5,577 $ 5,328 Accrued indirect taxes 4,961 5,136 Deferred revenue 4,902 3,726 Accrued payables 4,189 4,485 Allowance for sales returns 2,189 1,978 Accrual for repurchase of common stock — 1,067 Other current liabilities 1,126 855 Other liabilities $ 22,944 $ 22,575 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Total Rent Expense | Total rent expense is as follows (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Minimum rent expense $ 73,888 $ 68,904 $ 62,336 Contingent rent expense 2,618 2,196 2,219 Total rent expense (1) $ 76,506 $ 71,100 $ 64,555 (1) Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $41.3 million, $38.6 million and $35.6 million for the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015. |
Schedule of Future Minimum Commitments on all Leases | Future minimum lease payments at January 28, 2017 are as follows (in thousands): Fiscal 2017 $ 67,790 Fiscal 2018 63,241 Fiscal 2019 56,540 Fiscal 2020 52,647 Fiscal 2021 47,398 Thereafter 124,117 Total (1) $ 411,733 (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) | 12 Months Ended |
Jan. 28, 2017 | |
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): January 28, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 657 $ — $ — State and local government securities 400 — — Marketable securities: State and local government securities — 19,129 — Variable-rate demand notes — 39,450 — Long-term other assets: Money market funds 1,557 — — Equity investments — — 116 Total $ 2,614 $ 58,579 $ 116 January 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 9,555 $ — $ — Marketable securities: State and local government securities — 31,747 — Variable-rate demand notes — 644 — Long-term other assets: Money market funds 1,510 — — State and local government securities — — 828 Equity investments — — 118 Total $ 11,065 $ 32,391 $ 946 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Equity [Abstract] | |
Summary of Common Stock Repurchase Activity | The following table summarizes common stock repurchase activity during the fiscal year ended January 28, 2017 (in thousands except average price per repurchased shares): Number of shares repurchased 1,195 Average price per share of repurchased shares (with commission) $ 17.19 Total cost of shares repurchased $ 20,540 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The component of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income is as follows (in thousands): Foreign currency translation adjustments Net unrealized gains (losses) on available-for- sale investments Accumulated other comprehensive income (loss) Balance at February 1, 2014 $ 4,790 $ (80 ) $ 4,710 Other comprehensive loss, net (1) (15,995 ) 7 (15,988 ) Balance at January 31, 2015 $ (11,205 ) $ (73 ) $ (11,278 ) Other comprehensive loss, net (1) (3,931 ) (38 ) (3,969 ) Balance at January 30, 2016 $ (15,136 ) $ (111 ) $ (15,247 ) Other comprehensive loss, net (1) (1,338 ) 97 (1,241 ) Balance at January 28, 2017 $ (16,474 ) $ (14 ) $ (16,488 ) (1) Other comprehensive income (loss) before reclassifications is net of taxes of less than $0.1 million for the fiscal year ended January 28, 2017, January 30, 2016 and January 31, 2015 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive income (loss). 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) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense is recognized on our consolidated income statements as follows (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Cost of goods sold $ 928 $ 1,041 $ 1,048 Selling, general and administrative expenses (1) 3,650 3,955 6,472 Total stock-based compensation expense $ 4,578 $ 4,996 $ 7,520 (1) Included in stock-based compensation expense recognized in selling, general and administrative expenses is $0.3 million and $3.1 million of expense associated with the incentive payments paid in shares of our common stock for the fiscal year ended January 30, 2016 and January 31, 2015. |
Summary of Activity of Restricted Stock Awards and Restricted Stock Units | The following table summarizes the activity of restricted stock awards and restricted stock units, collectively defined as “restricted equity awards” (in thousands, except grant date weighted-average fair value): Restricted Equity Awards Grant Date Weighted- Average Fair Value Intrinsic Value Outstanding at February 1, 2014 361 $ 26.91 Granted 176 $ 25.76 Vested (154 ) $ 26.31 Forfeited (40 ) $ 27.14 Outstanding at January 31, 2015 343 $ 26.56 Granted 130 $ 36.10 Vested (142 ) $ 27.06 Forfeited (45 ) $ 28.64 Outstanding at January 30, 2016 286 $ 30.32 Granted 301 $ 19.06 Vested (128 ) $ 29.54 Forfeited (17 ) $ 25.78 Outstanding at January 28, 2017 442 $ 23.05 $ 8,330 |
Summary of Additional Information Related to Restricted Equity Awards Activity | The following table summarizes additional information related to restricted equity awards activity (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Vest date fair value of restricted stock vested $ 2,404 $ 5,184 $ 3,916 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings before Income Taxes | The components of earnings before income taxes are (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 United States $ 35,456 $ 46,868 $ 80,449 Foreign 4,768 (1,007 ) (8,798 ) Total earnings before income taxes $ 40,224 $ 45,861 $ 71,651 |
Components of Provision for Income Taxes | The components of the provision for income taxes are (in thousands): Fiscal Year Ended January January 30, 2016 January 31, 2015 Current: Federal $ 13,350 $ 16,186 $ 24,639 State and local 2,338 2,591 3,386 Foreign 1,187 972 1,044 Total current 16,875 19,749 29,069 Deferred: Federal (1,855 ) (585 ) 1,706 State and local (266 ) (832 ) 291 Foreign (434 ) (1,256 ) (2,607 ) Total deferred (2,555 ) (2,673 ) (610 ) Provision for income taxes $ 14,320 $ 17,076 $ 28,459 |
Reconciliation of Effective Income Tax Rate to U.S. Federal Statutory Rate | The reconciliation of the income tax provision at the U.S. federal statutory rate to our effective income tax rate is as follows: Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Expected U.S. federal income taxes at statutory rates 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal effect 3.1 3.3 3.4 Foreign earnings, net (2.3 ) (0.6 ) 0.6 Other (0.2 ) (0.5 ) 0.7 Effective tax rate 35.6 % 37.2 % 39.7 % |
Components of Deferred Income Taxes | The components of deferred income taxes are (in thousands): January 28, 2017 January 30, 2016 Deferred tax assets: Deferred rent $ 18,504 $ 19,512 Net operating losses 5,055 4,384 Employee benefits, including stock-based compensation 2,916 3,124 Accrued liabilities 2,279 2,125 Inventory 1,458 1,181 Other 2,026 1,516 Total deferred tax assets 32,238 31,842 Deferred tax liabilities: Property and equipment (16,348 ) (19,606 ) Goodwill and other intangibles (7,765 ) (6,901 ) Other (1,084 ) (701 ) Total deferred tax liabilities (25,197 ) (27,208 ) Net deferred tax assets $ 7,041 $ 4,634 |
Earnings per Share, Basic and37
Earnings per Share, Basic and Diluted (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Net income $ 25,904 $ 28,785 $ 43,192 Weighted average common shares for basic earnings per share 24,727 27,497 28,871 Dilutive effect of stock options and restricted stock 181 176 417 Weighted average common shares for diluted earnings per share 24,908 27,673 29,288 Basic earnings per share $ 1.05 $ 1.05 $ 1.50 Diluted earnings per share $ 1.04 $ 1.04 $ 1.47 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Segment Reporting [Abstract] | |
Summary of Product Categories as a Percentage of Merchandise Sales | The following table is a summary of product categories as a percentage of merchandise sales: Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Men's Apparel 37 % 34 % 34 % Accessories 20 % 20 % 20 % Footwear 18 % 19 % 19 % Junior's Apparel 13 % 13 % 13 % Hardgoods 12 % 14 % 14 % Total 100 % 100 % 100 % |
Summary of Net Sales by Geographical Area | The following tables present summarized geographical information (in thousands): Fiscal Year Ended January 28, 2017 January 30, 2016 January 31, 2015 Net sales (1): United States $ 710,976 $ 689,582 $ 708,279 Foreign 125,292 114,601 103,272 Total net sales $ 836,268 $ 804,183 $ 811,551 (1) Net sales are allocated based on the location in which the sale was originated for the fiscal years ended January 28, 2017 and January 30, 2016 and fulfilled for the fiscal year ended January 31, 2015. Store sales are allocated based on the location of the store and ecommerce sales are allocated to the U.S. for sales on www.zumiez.com and to foreign for sales on www.blue-tomato.com www.fasttimes.com.au |
Summary of Long-lived Assets by Geographical Area | January 28, 2017 January 30, 2016 Long-lived assets: United States $ 110,539 $ 124,436 Foreign 26,387 25,352 Total long-lived assets $ 136,926 $ 149,788 |
Nature of Business and Basis 39
Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Millions | Aug. 31, 2016USD ($) | Jan. 28, 2017Store |
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 685 | |
Fast Times [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Percentage of outstanding equity acquired | 100.00% | |
Business combination purchase price | $ | $ 7.1 | |
Purchase price paid in cash | $ | 5.7 | |
Purchase price paid in shares of common stock | $ | $ 1.4 | |
United States [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 603 | |
Canada [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 48 | |
Europe [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 29 | |
Australia [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 5 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017USD ($)Segment | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Original maturity period for cash equivalents | Three months or less | ||
Inventory valuation reserve | $ 4.8 | $ 4.7 | |
Asset retirement obligations | $ 2.7 | 2.6 | |
Gift card breakage period | 24 months | ||
Allowance for sales returns | $ 2.2 | 2 | |
Gift card breakage income | 1.1 | 0.9 | $ 0.9 |
Deferred revenue related to our customer loyalty program | 4.3 | 3.1 | |
Advertising expenses | $ 10 | $ 9.5 | $ 9.4 |
Number of reportable segment | Segment | 1 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Useful Lives of Major Classes of Fixed Assets (Detail) | 12 Months Ended |
Jan. 28, 2017 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of 10 years or the term of the lease |
Minimum [Member] | Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Buildings Land and Building and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Minimum [Member] | Computer Equipment, Software Store Equipment & Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Maximum [Member] | Buildings Land and Building and Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 39 years |
Maximum [Member] | Computer Equipment, Software Store Equipment & Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 54,245 | $ 55,852 |
Goodwill acquired | 2,568 | |
Effects of foreign currency translation | (812) | (1,607) |
Ending Balance | $ 56,001 | $ 54,245 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Goodwill And Intangible Assets | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Amortization expense of intangible assets | $ 900,000 | $ 2,300,000 | |
Maximum [Member] | |||
Goodwill And Intangible Assets | |||
Amortization expense of intangible assets | $ 100,000 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Summary of Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20,209 | $ 17,455 |
Accumulated Amortization | 5,599 | 5,689 |
Intangible Assets, Net | 14,610 | 11,766 |
Trade Names and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,402 | 11,766 |
Intangible Assets, Net | 14,402 | 11,766 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,205 | 3,267 |
Accumulated Amortization | 3,205 | 3,267 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,375 | 2,422 |
Accumulated Amortization | 2,375 | $ 2,422 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 227 | |
Accumulated Amortization | 19 | |
Intangible Assets, Net | $ 208 |
Cash, Cash Equivalents and Ma45
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | $ 20,247 | $ 43,163 | $ 20,862 | $ 19,634 |
Estimated Fair Value, Cash and cash equivalents | 20,247 | 43,163 | ||
Amortized Cost, Marketable securities | 58,601 | 33,398 | ||
Gross Unrealized Holding Gains, Marketable securities | 8 | 8 | ||
Gross Unrealized Holding Losses, Marketable securities | (30) | (187) | ||
Estimated Fair Value, Marketable securities | 58,579 | 33,219 | ||
Less: Long-term marketable securities | (828) | |||
Total current marketable securities | 58,579 | 32,391 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 19,190 | 33,608 | ||
Estimated Fair Value, Cash and cash equivalents | 19,190 | 33,608 | ||
Money Market Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 657 | 9,555 | ||
Estimated Fair Value, Cash and cash equivalents | 657 | 9,555 | ||
State and Local Government Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 400 | |||
Estimated Fair Value, Cash and cash equivalents | 400 | |||
Amortized Cost, Marketable securities | 19,151 | 32,754 | ||
Gross Unrealized Holding Gains, Marketable securities | 8 | 8 | ||
Gross Unrealized Holding Losses, Marketable securities | (30) | (187) | ||
Estimated Fair Value, Marketable securities | 19,129 | 32,575 | ||
Variable-rate Demand Notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 39,450 | 644 | ||
Estimated Fair Value, Marketable securities | $ 39,450 | $ 644 |
Cash, Cash Equivalents and Ma46
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Parenthetical) (Detail) | Jan. 30, 2016Security |
Cash And Cash Equivalents [Abstract] | |
Number of auction rate securities held | 1 |
Cash, Cash Equivalents and Ma47
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash And Cash Equivalents [Abstract] | |||
Effective maturity period | 2 years | ||
Realized loss for other-than-temporary impairments | $ 0 | $ 0 | $ 0 |
Cash, Cash Equivalents and Ma48
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 | Jan. 28, 2017 | Jan. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $ 8,702 | $ 16,884 |
Marketable securities, Fair Value, 12 Months or Greater | 853 | |
Marketable securities, Fair Value, Total | 8,702 | 17,737 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (30) | (15) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (172) | |
Marketable securities, Unrealized Losses, Total | (30) | (187) |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 8,702 | 16,884 |
Marketable securities, Fair Value, 12 Months or Greater | 853 | |
Marketable securities, Fair Value, Total | 8,702 | 17,737 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (30) | (15) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (172) | |
Marketable securities, Unrealized Losses, Total | $ (30) | $ (187) |
Receivables - Summary of Receiv
Receivables - Summary of Receivables (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Receivables [Abstract] | ||
Credit cards receivable | $ 7,671 | $ 7,606 |
Income tax receivable | 568 | 86 |
Tenant allowances receivable | 268 | 1,201 |
Other receivables | 4,031 | 3,947 |
Receivables | $ 12,538 | $ 12,840 |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 322,201 | $ 306,852 |
Less: Accumulated depreciation | (192,550) | (169,619) |
Fixed assets, net | 129,651 | 137,233 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 173,916 | 164,930 |
Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 86,612 | 83,467 |
Buildings Land and Building and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 28,118 | 28,198 |
Computer equipment, software, store equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 33,555 | $ 30,257 |
Fixed Assets - Summary of Depre
Fixed Assets - Summary of Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 26,892 | $ 27,351 | $ 24,743 |
Cost of Goods Sold [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 1,049 | 1,238 | 1,230 |
Selling, General and Administrative Expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 25,843 | $ 26,113 | $ 23,513 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Selling, General and Administrative Expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of long-lived assets | $ 1.9 | $ 3.1 | $ 0.2 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Unredeemed gift cards | $ 5,577 | $ 5,328 |
Accrued indirect taxes | 4,961 | 5,136 |
Deferred revenue | 4,902 | 3,726 |
Accrued payables | 4,189 | 4,485 |
Allowance for sales returns | 2,189 | 1,978 |
Accrual for repurchase of common stock | 1,067 | |
Other current liabilities | 1,126 | 855 |
Other liabilities | $ 22,944 | $ 22,575 |
Revolving Credit Facility and D
Revolving Credit Facility and Debt - Additional Information (Detail) - USD ($) | Feb. 05, 2016 | Jan. 28, 2017 | Jan. 30, 2016 |
Secured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 100,000,000 | ||
Maturity date | Feb. 5, 2021 | ||
Undrawn commitment fee, percentage | 0.25% | ||
Outstanding borrowings under revolving lines of credit | $ 0 | $ 0 | |
Secured Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Secured Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
Secured Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Secured Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.75% | ||
Secured Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 10,000,000 | ||
Commercial letters of credit outstanding | 0 | 0 | |
Revolving Credit Facility [Member] | European [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving lines of credit | 0 | 0 | |
Revolving credit facility | $ 21,900,000 | ||
Revolving lines of credit, interest rate during period | 1.63% | ||
Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | European [Member] | |||
Line of Credit Facility [Line Items] | |||
Commercial letters of credit outstanding | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Total Rent Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Minimum rent expense | $ 73,888 | $ 68,904 | $ 62,336 |
Contingent rent expense | 2,618 | 2,196 | 2,219 |
Total rent expense | $ 76,506 | $ 71,100 | $ 64,555 |
Commitments and Contingencies56
Commitments and Contingencies - Schedule of Total Rent Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Real estate taxes, insurance, common area maintenance charges and other executory costs | $ 41.3 | $ 38.6 | $ 35.6 |
Commitments and Contingencies57
Commitments and Contingencies - Schedule of Future Minimum Commitments on all Leases (Detail) $ in Thousands | Jan. 28, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 67,790 |
Fiscal 2,018 | 63,241 |
Fiscal 2,019 | 56,540 |
Fiscal 2,020 | 52,647 |
Fiscal 2,021 | 47,398 |
Thereafter | 124,117 |
Total | $ 411,733 |
Commitments and Contingencies58
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 28, 2017 | Jan. 30, 2016 |
Commitments And Contingencies Disclosure [Abstract] | ||
Outstanding purchase orders | $ 168.8 | $ 159.7 |
Self-insurance reserve | $ 2.3 | $ 2.1 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 58,579 | $ 32,391 |
Long-term other assets | 8,017 | 7,920 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,614 | 11,065 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 58,579 | 32,391 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 116 | 946 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 657 | 9,555 |
Long-term other assets | 1,557 | 1,510 |
State and Local Government Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 400 | |
State and Local Government Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 19,129 | 31,747 |
State and Local Government Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | 828 | |
Variable-rate Demand Notes [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 39,450 | 644 |
Equity Investments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term other assets | $ 116 | $ 118 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Jan. 28, 2017 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||||
Shares authorized to purchase under stock repurchase program, value | $ 70,000,000 | $ 50,000,000 | $ 30,000,000 | $ 30,000,000 | |
Stock repurchase program expiration date | Jan. 28, 2017 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Repurchase Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Equity [Abstract] | |||
Number of shares repurchased | 1,195 | ||
Average price per share of repurchased shares (with commission) | $ 17.19 | ||
Total cost of shares repurchased | $ 20,540 | $ 93,302 | $ 17,445 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (15,247) | $ (11,278) | $ 4,710 |
Other comprehensive loss, net | (1,241) | (3,969) | (15,988) |
Ending Balance | (16,488) | (15,247) | (11,278) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (15,136) | (11,205) | 4,790 |
Other comprehensive loss, net | (1,338) | (3,931) | (15,995) |
Ending Balance | (16,474) | (15,136) | (11,205) |
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (111) | (73) | (80) |
Other comprehensive loss, net | 97 | (38) | 7 |
Ending Balance | $ (14) | $ (111) | $ (73) |
Stockholders' Equity - Schedu63
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | $ 0 | $ 0 | $ 0 |
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | 100,000 | 100,000 | 100,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | $ 100,000 | $ 100,000 | $ 100,000 |
Equity Awards - Summary of Tota
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 4,578 | $ 4,996 | $ 7,520 |
Cost of Goods Sold [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 928 | 1,041 | 1,048 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 3,650 | $ 3,955 | $ 6,472 |
Equity Awards - Summary of To65
Equity Awards - Summary of Total Stock-Based Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation benefit recognized | $ 0.3 | $ 3.1 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
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 | $ 6.8 | ||
Weighted-average recognition period related to unvested stock options, restricted stock awards and restricted stock units | 1 year 3 months 18 days | ||
Number of shares issued under ESPP | 0.1 | 0.1 | 0.1 |
Percentage of discount on purchase of common stock through ESPP | 15.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding | 0.2 | 0.1 | 0.3 |
Grant date weighted average exercise price | $ 25.61 | $ 27.86 | $ 24.76 |
Equity Awards - Summary of Acti
Equity Awards - Summary of Activity of Restricted Stock Awards and Restricted Stock Units (Detail) - Restricted Stock Awards and Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Equity Awards, Beginning Balance | 286 | 343 | 361 |
Restricted Equity Awards, Granted | 301 | 130 | 176 |
Restricted Equity Awards, Vested | (128) | (142) | (154) |
Restricted Equity Awards, Forfeited | (17) | (45) | (40) |
Restricted Equity Awards, Ending Balance | 442 | 286 | 343 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $ 30.32 | $ 26.56 | $ 26.91 |
Grant Date Weighted-Average Fair Value, Granted | 19.06 | 36.10 | 25.76 |
Grant Date Weighted-Average Fair Value, Vested | 29.54 | 27.06 | 26.31 |
Grant Date Weighted-Average Fair Value, Forfeited | 25.78 | 28.64 | 27.14 |
Grant Date Weighted-Average Fair Value, Ending Balance | $ 23.05 | $ 30.32 | $ 26.56 |
Intrinsic Value, Ending Balance | $ 8,330 |
Equity Awards - Summary of Addi
Equity Awards - Summary of Additional Information Related to Restricted Equity Awards Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vest date fair value of restricted stock vested | $ 2,404 | $ 5,184 | $ 3,916 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 35,456 | $ 46,868 | $ 80,449 |
Foreign | 4,768 | (1,007) | (8,798) |
Earnings before income taxes | $ 40,224 | $ 45,861 | $ 71,651 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current: | |||
Federal | $ 13,350 | $ 16,186 | $ 24,639 |
State and local | 2,338 | 2,591 | 3,386 |
Foreign | 1,187 | 972 | 1,044 |
Total current | 16,875 | 19,749 | 29,069 |
Deferred: | |||
Federal | (1,855) | (585) | 1,706 |
State and local | (266) | (832) | 291 |
Foreign | (434) | (1,256) | (2,607) |
Total deferred | (2,555) | (2,673) | (610) |
Provision for income taxes | $ 14,320 | $ 17,076 | $ 28,459 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Expected U.S. federal income taxes at statutory rates | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal effect | 3.10% | 3.30% | 3.40% |
Foreign earnings, net | (2.30%) | (0.60%) | 0.60% |
Other | (0.20%) | (0.50%) | 0.70% |
Effective tax rate | 35.60% | 37.20% | 39.70% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Deferred tax assets: | ||
Deferred rent | $ 18,504 | $ 19,512 |
Net operating losses | 5,055 | 4,384 |
Employee benefits, including stock-based compensation | 2,916 | 3,124 |
Accrued liabilities | 2,279 | 2,125 |
Inventory | 1,458 | 1,181 |
Other | 2,026 | 1,516 |
Total deferred tax assets | 32,238 | 31,842 |
Deferred tax liabilities: | ||
Property and equipment | (16,348) | (19,606) |
Goodwill and other intangibles | (7,765) | (6,901) |
Other | (1,084) | (701) |
Total deferred tax liabilities | (25,197) | (27,208) |
Net deferred tax assets | $ 7,041 | $ 4,634 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Foreign net operating loss carryovers | $ 20,300 | $ 16,000 |
Tax-effected foreign net operating loss carryovers | $ 5,055 | $ 4,384 |
Earnings per Share, Basic and74
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 | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income | $ 25,904 | $ 28,785 | $ 43,192 |
Weighted average common shares for basic earnings per share | 24,727 | 27,497 | 28,871 |
Dilutive effect of stock options and restricted stock | 181 | 176 | 417 |
Weighted average common shares for diluted earnings per share | 24,908 | 27,673 | 29,288 |
Basic earnings per share | $ 1.05 | $ 1.05 | $ 1.50 |
Diluted earnings per share | $ 1.04 | $ 1.04 | $ 1.47 |
Earnings per Share, Basic and75
Earnings per Share, Basic and Diluted - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Total anti-dilutive common shares related to stock-based awards not included in the calculation of diluted earnings per share | 0.2 | 0.1 | 0.1 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Zumiez Foundation [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related party expenses | $ 0.7 | $ 0.6 | $ 0.7 |
Payable to related party | $ 0.6 | $ 0.5 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Jan. 28, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 1 |
Segment Reporting - Summary of
Segment Reporting - Summary of Product Categories as a Percentage of Merchandise Sales (Detail) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 100.00% | 100.00% | 100.00% |
Men's Apparel [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 37.00% | 34.00% | 34.00% |
Accessories [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 20.00% | 20.00% | 20.00% |
Footwear [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 18.00% | 19.00% | 19.00% |
Hardgoods [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 12.00% | 14.00% | 14.00% |
Junior's Apparel [Member] | |||
Revenue from External Customer [Line Items] | |||
Product categories as a percentage of merchandise sales | 13.00% | 13.00% | 13.00% |
Segment Reporting - Summary o79
Segment Reporting - Summary of Net Sales by Geographical Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Net sales : | |||
Total net sales | $ 836,268 | $ 804,183 | $ 811,551 |
United States [Member] | |||
Net sales : | |||
Total net sales | 710,976 | 689,582 | 708,279 |
Foreign [Member] | |||
Net sales : | |||
Total net sales | $ 125,292 | $ 114,601 | $ 103,272 |
Segment Reporting - Summary o80
Segment Reporting - Summary of Long-lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Long-lived assets: | ||
Total long-lived assets | $ 136,926 | $ 149,788 |
United States [Member] | ||
Long-lived assets: | ||
Total long-lived assets | 110,539 | 124,436 |
Foreign [Member] | ||
Long-lived assets: | ||
Total long-lived assets | $ 26,387 | $ 25,352 |