Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 29, 2017 | Aug. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ZUMZ | |
Entity Registrant Name | Zumiez Inc | |
Entity Central Index Key | 1,318,008 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,230,570 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 |
Current assets | ||
Cash and cash equivalents | $ 17,291 | $ 20,247 |
Marketable securities | 53,433 | 58,579 |
Receivables | 16,334 | 12,538 |
Inventories | 141,782 | 106,924 |
Prepaid expenses and other current assets | 15,378 | 13,075 |
Total current assets | 244,218 | 211,363 |
Fixed assets, net | 131,934 | 129,651 |
Goodwill | 60,057 | 56,001 |
Intangible assets, net | 15,903 | 14,610 |
Deferred tax assets, net | 9,733 | 7,041 |
Other long-term assets | 7,022 | 8,017 |
Total long-term assets | 224,649 | 215,320 |
Total assets | 468,867 | 426,683 |
Current liabilities | ||
Trade accounts payable | 60,652 | 25,529 |
Accrued payroll and payroll taxes | 15,684 | 14,914 |
Income taxes payable | 68 | 1,866 |
Deferred rent and tenant allowances | 8,393 | 8,344 |
Other liabilities | 23,657 | 22,944 |
Total current liabilities | 108,454 | 73,597 |
Long-term deferred rent and tenant allowances | 40,795 | 41,066 |
Other long-term liabilities | 5,113 | 4,969 |
Total long-term liabilities | 45,908 | 46,035 |
Total liabilities | 154,362 | 119,632 |
Commitments and contingencies (Note 3) | ||
Shareholders’ equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 25,231 shares issued and outstanding at July 29, 2017 and 24,945 shares issued and outstanding at January 28, 2017 | 143,682 | 140,984 |
Accumulated other comprehensive loss | (6,676) | (16,488) |
Retained earnings | 177,499 | 182,555 |
Total shareholders’ equity | 314,505 | 307,051 |
Total liabilities and shareholders’ equity | $ 468,867 | $ 426,683 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 29, 2017 | Jan. 28, 2017 |
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 | 25,231,000 | 24,945,000 |
Common stock, shares outstanding | 25,231,000 | 24,945,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 192,245 | $ 178,272 | $ 373,399 | $ 351,243 |
Cost of goods sold | 132,449 | 123,428 | 261,555 | 246,440 |
Gross profit | 59,796 | 54,844 | 111,844 | 104,803 |
Selling, general and administrative expenses | 60,558 | 55,980 | 118,841 | 109,879 |
Operating loss | (762) | (1,136) | (6,997) | (5,076) |
Interest income, net | 92 | 28 | 174 | 59 |
Other (expense) income, net | (23) | (256) | (472) | 242 |
Loss before income taxes | (693) | (1,364) | (7,295) | (4,775) |
Benefit from income taxes | (85) | (526) | (2,239) | (1,800) |
Net Loss | $ (608) | $ (838) | $ (5,056) | $ (2,975) |
Basic loss per share | $ (0.02) | $ (0.03) | $ (0.21) | $ (0.12) |
Diluted loss per share | $ (0.02) | $ (0.03) | $ (0.21) | $ (0.12) |
Weighted average shares used in computation of loss per share: | ||||
Basic | 24,689 | 24,712 | 24,635 | 24,957 |
Diluted | 24,689 | 24,712 | 24,635 | 24,957 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (608) | $ (838) | $ (5,056) | $ (2,975) |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||||
Foreign currency translation | 8,305 | (2,664) | 9,784 | 2,329 |
Net change in unrealized gain/loss on available-for-sale securities | 17 | 122 | 28 | 116 |
Other comprehensive income (loss), net | 8,322 | (2,542) | 9,812 | 2,445 |
Comprehensive income (loss) | $ 7,714 | $ (3,380) | $ 4,756 | $ (530) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Beginning Balance at Jan. 30, 2016 | $ 296,957 | $ 135,013 | $ (15,247) | $ 177,191 |
Beginning Balance, shares at Jan. 30, 2016 | 25,708,000 | |||
Net loss | (2,975) | (2,975) | ||
Other comprehensive income, net | 2,445 | 2,445 | ||
Issuance and exercise of stock-based awards including net tax loss, value | (132) | $ (132) | ||
Issuance and exercise of stock-based awards including net tax loss, shares | 282,000 | |||
Stock-based compensation expense | 2,221 | $ 2,221 | ||
Repurchase of common stock, value | $ (18,269) | (18,269) | ||
Repurchase of common stock, shares | (1,100,000) | (1,059,000) | ||
Ending Balance at Jul. 30, 2016 | $ 280,247 | $ 137,102 | (12,802) | 155,947 |
Ending Balance, shares at Jul. 30, 2016 | 24,931,000 | |||
Beginning Balance at Jan. 28, 2017 | $ 307,051 | $ 140,984 | (16,488) | 182,555 |
Beginning Balance, shares at Jan. 28, 2017 | 24,945,000 | 24,945,000 | ||
Net loss | $ (5,056) | (5,056) | ||
Other comprehensive income, net | 9,812 | 9,812 | ||
Issuance and exercise of stock-based awards including net tax loss, value | 198 | $ 198 | ||
Issuance and exercise of stock-based awards including net tax loss, shares | 286,000 | |||
Stock-based compensation expense | $ 2,500 | $ 2,500 | ||
Repurchase of common stock, shares | 0 | |||
Ending Balance at Jul. 29, 2017 | $ 314,505 | $ 143,682 | $ (6,676) | $ 177,499 |
Ending Balance, shares at Jul. 29, 2017 | 25,231,000 | 25,231,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 6 Months Ended |
Jul. 30, 2016USD ($) | |
Common Stock [Member] | |
Net tax loss included in issuance and exercise of stock-based awards | $ 529 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2017 | Jul. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (5,056) | $ (2,975) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 13,520 | 14,336 |
Deferred taxes | (2,456) | (3,713) |
Stock-based compensation expense | 2,500 | 2,221 |
Other | 621 | 95 |
Changes in operating assets and liabilities: | ||
Receivables | (2,092) | (842) |
Inventories | (32,553) | (32,766) |
Prepaid expenses and other current assets | (995) | (2,690) |
Trade accounts payable | 34,627 | 38,181 |
Accrued payroll and payroll taxes | 561 | 225 |
Income taxes payable | (3,372) | (4,804) |
Deferred rent and tenant allowances | (521) | (12) |
Other liabilities | (1,016) | (813) |
Net cash provided by operating activities | 3,768 | 6,443 |
Cash flows from investing activities: | ||
Additions to fixed assets | (12,461) | (11,895) |
Purchases of marketable securities and other investments | (37,586) | (28,353) |
Sales and maturities of marketable securities and other investments | 42,615 | 28,658 |
Net cash used in investing activities | (7,432) | (11,590) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 1,791 | |
Payments on revolving credit facilities | (1,791) | |
Repurchase of common stock | (19,084) | |
Proceeds from issuance and exercise of stock-based awards | 370 | 518 |
Payments for tax withholdings on equity awards | (172) | (121) |
Net cash provided by (used in) financing activities | 198 | (18,687) |
Effect of exchange rate changes on cash and cash equivalents | 510 | 271 |
Net decrease in cash and cash equivalents | (2,956) | (23,563) |
Cash and cash equivalents, beginning of period | 20,247 | 43,163 |
Cash and cash equivalents, end of period | 17,291 | 19,600 |
Supplemental disclosure on cash flow information: | ||
Cash paid during the period for income taxes | 3,660 | 6,736 |
Accrual for purchases of fixed assets | $ 2,550 | 1,835 |
Accrual for repurchase of common stock | $ 254 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jul. 29, 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, (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 July 29, 2017, we operated 692 stores; 605 in the United States (“U.S.”), 51 in Canada, 30 in Europe, and 6 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. Fiscal Year— We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 29, 2017 and July 30, 2016 were 13-week periods. The six months ended July 29, 2017 and July 30, 2016 were 26-week periods. Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 28, 2017 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 28, 2017, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. Segment Reporting— We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. Recent Accounting Standards— In 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. We adopted this standard beginning January 29, 2017. The amendment related to accounting for excess tax benefits and deficiencies was adopted prospectively, resulting in recognition of excess tax deficiencies against income tax benefit rather than additional paid-in capital of $0.1 million and $0.5 million for the three and six months ended July 29, 2017. 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 evaluating the impact of this standard on our condensed consolidated financial statements. We expect this standard to have a material impact on our condensed 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 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 use when we transition to this standard. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 6 Months Ended |
Jul. 29, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 2. Cash, Cash Equivalents and Marketable Securities The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): July 29, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 15,070 $ — $ — $ 15,070 Money market funds 2,221 — — 2,221 Total cash and cash equivalents 17,291 — — 17,291 Marketable securities: State and local government securities 45,016 39 (17 ) 45,038 Variable-rate demand notes 8,395 — — 8,395 Total marketable securities $ 53,411 $ 39 $ (17 ) $ 53,433 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 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): July 29, 2017 Less Than 12 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 8,834 (5 ) 1,002 (12 ) 9,836 (17 ) Total marketable securities $ 8,834 $ (5 ) $ 1,002 $ (12 ) $ 9,836 $ (17 ) January 28, 2017 Less Than 12 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 ) We did not record a realized loss for other-than-temporary impairments during the three and six months ended July 29, 2017 or July 30, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 29, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 3. Commitments and Contingencies Leases— We lease our stores and certain corporate and other operating facilities under operating leases. Total rent expense is as follows (in thousands): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Minimum rent expense $ 19,316 $ 18,409 $ 38,294 $ 36,410 Contingent rent expense 619 459 1,216 873 Total rent expense (1) $ 19,935 $ 18,868 $ 39,510 $ 37,283 (1) Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $10.4 million and $20.9 million for the three and six months ended July 29, 2017 and $10.3 million and $20.5 million for the three and six months ended July 30, 2016. A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Future minimum lease payments at July 29, 2017 are as follows (in thousands): Fiscal 2017 $ 36,120 Fiscal 2018 68,983 Fiscal 2019 62,096 Fiscal 2020 57,997 Fiscal 2021 52,629 Thereafter 146,343 Total (1) $ 424,168 (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 July 29, 2017, we had outstanding purchase orders to acquire merchandise from vendors of $190.7 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 condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders. Insurance Reserves— We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at July 29, 2017 and January 28, 2017 was $2.7 million and $2.3 million. |
Revolving Credit Facilities and
Revolving Credit Facilities and Debt | 6 Months Ended |
Jul. 29, 2017 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities and Debt | 4. 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, as administrative agent, collateral agent, letter of credit issuer and lenders, 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 borrowers and guarantors. 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 July 29, 2017 and at January 28, 2017. We had no open commercial letters of credit outstanding under these lines of credit at July 29, 2017 and at January 28, 2017. Additionally, we have revolving lines of credit of up to 20.5 million Euro ($24.0 million at July 29, 2017), the proceeds of which are used to fund certain international operations. The revolving lines of credit bear interest at 1.65%. There were no borrowings outstanding at July 29, 2017 and at January 28, 2017. We had no open commercial letters of credit outstanding under these lines of credit at July 29, 2017 and at January 28, 2017. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1— Quoted prices in active markets for identical assets or liabilities; • Level 2— Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and • Level 3— Inputs that are unobservable. The following tables summarize assets measured at fair value on a recurring basis (in thousands): July 29, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 2,221 $ — $ — Marketable securities: State and local government securities — 45,038 — Variable-rate demand notes — 8,395 — Other long-term assets: Money market funds 1,245 — — Equity investments — — 127 Total $ 3,466 $ 53,433 $ 127 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 — Other long-term assets: Money market funds 1,557 — — Equity investments — — 116 Total $ 2,614 $ 58,579 $ 116 The Level 2 marketable securities include state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. There were no material assets measured at fair value on a nonrecurring basis for the three and six months ended July 29, 2017 and July 30, 2016. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 29, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Share Repurchase— In December 2015, our Board of Directors authorized us to repurchase up to $70.0 million of our common stock. This program was completed at January 28, 2017. There was no share repurchase activity during the six months ended July 29, 2017 and 1.1 million shares repurchased during the six months ended July 30, 2016. Accumulated Other Comprehensive Loss— The components of accumulated other comprehensive loss and the adjustments to other comprehensive income for amounts reclassified from accumulated other comprehensive loss into net loss are as follows (in thousands): Foreign translation adjustments Net unrealized gains (losses) on available-for-sale investments Accumulated other comprehensive loss Three months ended July 29, 2017: Balance at April 29, 2017 $ (14,995 ) $ (3 ) $ (14,998 ) Other comprehensive income, net (1) 8,305 17 8,322 Balance at July 29, 2017 $ (6,690 ) $ 14 $ (6,676 ) Three months ended July 30, 2016: Balance at April 30, 2016 $ (10,143 ) $ (117 ) $ (10,260 ) Other comprehensive (loss) income, net (1) (2,664 ) 122 (2,542 ) Balance at July 30, 2016 $ (12,807 ) $ 5 $ (12,802 ) Foreign currency translation adjustments Net unrealized gains (losses) on available-for-sale investments Accumulated other comprehensive loss Six months ended July 29, 2017: Balance at January 28, 2017 $ (16,474 ) $ (14 ) $ (16,488 ) Other comprehensive income, net (1) 9,784 28 9,812 Balance at July 29, 2017 $ (6,690 ) $ 14 $ (6,676 ) Six months ended July 30, 2016: Balance at January 30, 2016 $ (15,136 ) $ (111 ) $ (15,247 ) Other comprehensive income, net (1) 2,329 116 2,445 Balance at July 30, 2016 $ (12,807 ) $ 5 $ (12,802 ) (1) Other comprehensive income is net of immaterial taxes for the three and six months ended July 29, 2017 and July 30, 2016 for both net unrealized gains (losses) on available-for-sale investments. Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity Awards
Equity Awards | 6 Months Ended |
Jul. 29, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Awards | 7. Equity Awards We maintain several equity incentive plans under which we may grant incentive stock options, nonqualified stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights to employees (including officers), non-employee directors and consultants. We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using a straight-line method. We estimate forfeitures of stock-based awards based on historical experience and expected future activity. The fair value of restricted stock awards and units is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Cost of goods sold $ 238 $ 241 $ 505 $ 447 Selling, general and administrative expenses 983 945 1,995 1,774 Total stock-based compensation expense $ 1,221 $ 1,186 $ 2,500 $ 2,221 At July 29, 2017, there was $8.9 million of total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units. This cost has a weighted-average remaining recognition period of 1.3 years. The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value): Restricted Stock Awards/Units Grant Date Weighted- Average Fair Value Intrinsic Value Outstanding at January 28, 2017 442 $ 23.05 Granted 288 $ 17.19 Vested (178 ) $ 22.70 Forfeited (20 ) $ 19.80 Outstanding at July 29, 2017 532 $ 20.12 $ 6,593 We had 0.3 million stock options outstanding at July 29, 2017 with a weighted average exercise price of $22.82 and 0.2 million stock options outstanding at January 28, 2017 with a weighted average exercise price of $25.61. |
Loss per Share, Basic and Dilut
Loss per Share, Basic and Diluted | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Loss per Share, Basic and Diluted | 8. Loss per Share, Basic and Diluted The following table sets forth the computation of basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Net loss $ (608 ) $ (838 ) $ (5,056 ) $ (2,975 ) Weighted average common shares for basic loss per share: 24,689 24,712 24,635 24,957 Dilutive effect of stock options and restricted stock — — — — Weighted average common shares for diluted loss per share: 24,689 24,712 24,635 24,957 Basic loss per share $ (0.02 ) $ (0.03 ) $ (0.21 ) $ (0.12 ) Diluted loss per share $ (0.02 ) $ (0.03 ) $ (0.21 ) $ (0.12 ) The common shares related to stock-based awards excluded from the calculation of diluted loss per share were 0.3 million and 0.5 million for the three and six months ended July 29, 2017and 0.3 million and 0.4 million for the three and six months ended July 30, 2016 because the effect of inclusion would have been antidilutive. |
Nature of Business and Basis 17
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jul. 29, 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 three months ended July 29, 2017 and July 30, 2016 were 13-week periods. The six months ended July 29, 2017 and July 30, 2016 were 26-week periods. |
Basis of Presentation | Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 28, 2017 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 28, 2017, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. |
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. |
Segment Reporting | Segment Reporting— We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. |
Recent Accounting Standards | Recent Accounting Standards— In 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. We adopted this standard beginning January 29, 2017. The amendment related to accounting for excess tax benefits and deficiencies was adopted prospectively, resulting in recognition of excess tax deficiencies against income tax benefit rather than additional paid-in capital of $0.1 million and $0.5 million for the three and six months ended July 29, 2017. 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 evaluating the impact of this standard on our condensed consolidated financial statements. We expect this standard to have a material impact on our condensed 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 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 use when we transition to this standard. |
Cash, Cash Equivalents and Ma18
Cash, Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jul. 29, 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): July 29, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 15,070 $ — $ — $ 15,070 Money market funds 2,221 — — 2,221 Total cash and cash equivalents 17,291 — — 17,291 Marketable securities: State and local government securities 45,016 39 (17 ) 45,038 Variable-rate demand notes 8,395 — — 8,395 Total marketable securities $ 53,411 $ 39 $ (17 ) $ 53,433 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 |
Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position | The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): July 29, 2017 Less Than 12 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 8,834 (5 ) 1,002 (12 ) 9,836 (17 ) Total marketable securities $ 8,834 $ (5 ) $ 1,002 $ (12 ) $ 9,836 $ (17 ) January 28, 2017 Less Than 12 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 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Total Rent Expense | Total rent expense is as follows (in thousands): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Minimum rent expense $ 19,316 $ 18,409 $ 38,294 $ 36,410 Contingent rent expense 619 459 1,216 873 Total rent expense (1) $ 19,935 $ 18,868 $ 39,510 $ 37,283 (1) Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $10.4 million and $20.9 million for the three and six months ended July 29, 2017 and $10.3 million and $20.5 million for the three and six months ended July 30, 2016. |
Schedule of Future Minimum Commitments on all Leases | Future minimum lease payments at July 29, 2017 are as follows (in thousands): Fiscal 2017 $ 36,120 Fiscal 2018 68,983 Fiscal 2019 62,096 Fiscal 2020 57,997 Fiscal 2021 52,629 Thereafter 146,343 Total (1) $ 424,168 (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) | 6 Months Ended |
Jul. 29, 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): July 29, 2017 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 2,221 $ — $ — Marketable securities: State and local government securities — 45,038 — Variable-rate demand notes — 8,395 — Other long-term assets: Money market funds 1,245 — — Equity investments — — 127 Total $ 3,466 $ 53,433 $ 127 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 — Other long-term assets: Money market funds 1,557 — — Equity investments — — 116 Total $ 2,614 $ 58,579 $ 116 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss and the adjustments to other comprehensive income for amounts reclassified from accumulated other comprehensive loss into net loss are as follows (in thousands): Foreign translation adjustments Net unrealized gains (losses) on available-for-sale investments Accumulated other comprehensive loss Three months ended July 29, 2017: Balance at April 29, 2017 $ (14,995 ) $ (3 ) $ (14,998 ) Other comprehensive income, net (1) 8,305 17 8,322 Balance at July 29, 2017 $ (6,690 ) $ 14 $ (6,676 ) Three months ended July 30, 2016: Balance at April 30, 2016 $ (10,143 ) $ (117 ) $ (10,260 ) Other comprehensive (loss) income, net (1) (2,664 ) 122 (2,542 ) Balance at July 30, 2016 $ (12,807 ) $ 5 $ (12,802 ) Foreign currency translation adjustments Net unrealized gains (losses) on available-for-sale investments Accumulated other comprehensive loss Six months ended July 29, 2017: Balance at January 28, 2017 $ (16,474 ) $ (14 ) $ (16,488 ) Other comprehensive income, net (1) 9,784 28 9,812 Balance at July 29, 2017 $ (6,690 ) $ 14 $ (6,676 ) Six months ended July 30, 2016: Balance at January 30, 2016 $ (15,136 ) $ (111 ) $ (15,247 ) Other comprehensive income, net (1) 2,329 116 2,445 Balance at July 30, 2016 $ (12,807 ) $ 5 $ (12,802 ) (1) Other comprehensive income is net of immaterial taxes for the three and six months ended July 29, 2017 and July 30, 2016 for both net unrealized gains (losses) on available-for-sale investments. Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries. |
Equity Awards (Tables)
Equity Awards (Tables) | 6 Months Ended |
Jul. 29, 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 condensed consolidated income statements as follows (in thousands): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Cost of goods sold $ 238 $ 241 $ 505 $ 447 Selling, general and administrative expenses 983 945 1,995 1,774 Total stock-based compensation expense $ 1,221 $ 1,186 $ 2,500 $ 2,221 |
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value): Restricted Stock Awards/Units Grant Date Weighted- Average Fair Value Intrinsic Value Outstanding at January 28, 2017 442 $ 23.05 Granted 288 $ 17.19 Vested (178 ) $ 22.70 Forfeited (20 ) $ 19.80 Outstanding at July 29, 2017 532 $ 20.12 $ 6,593 |
Loss per Share, Basic and Dil23
Loss per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jul. 29, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss per Share | The following table sets forth the computation of basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended Six Months Ended July 29, 2017 July 30, 2016 July 29, 2017 July 30, 2016 Net loss $ (608 ) $ (838 ) $ (5,056 ) $ (2,975 ) Weighted average common shares for basic loss per share: 24,689 24,712 24,635 24,957 Dilutive effect of stock options and restricted stock — — — — Weighted average common shares for diluted loss per share: 24,689 24,712 24,635 24,957 Basic loss per share $ (0.02 ) $ (0.03 ) $ (0.21 ) $ (0.12 ) Diluted loss per share $ (0.02 ) $ (0.03 ) $ (0.21 ) $ (0.12 ) |
Nature of Business and Basis 24
Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jul. 29, 2017USD ($)Store | Jul. 29, 2017USD ($)StoreSegment | |
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 692 | 692 |
Number of reportable segment | Segment | 1 | |
Accounting for Share-based Payments [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Recognition of excess tax deficiencies against income tax benefit | $ | $ 0.1 | $ 0.5 |
United States [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 605 | 605 |
Canada [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 51 | 51 |
Europe [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 30 | 30 |
Australia [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 6 | 6 |
Cash, Cash Equivalents and Ma25
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 | Jul. 30, 2016 | Jan. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | $ 17,291 | $ 20,247 | $ 19,600 | $ 43,163 |
Estimated Fair Value, Cash and cash equivalents | 17,291 | 20,247 | ||
Amortized Cost, Marketable securities | 53,411 | 58,601 | ||
Gross Unrealized Holding Gains, Marketable securities | 39 | 8 | ||
Gross Unrealized Holding Losses, Marketable securities | (17) | (30) | ||
Estimated Fair Value, Marketable securities | 53,433 | 58,579 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 15,070 | 19,190 | ||
Estimated Fair Value, Cash and cash equivalents | 15,070 | 19,190 | ||
Money Market Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 2,221 | 657 | ||
Estimated Fair Value, Cash and cash equivalents | 2,221 | 657 | ||
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 | 45,016 | 19,151 | ||
Gross Unrealized Holding Gains, Marketable securities | 39 | 8 | ||
Gross Unrealized Holding Losses, Marketable securities | (17) | (30) | ||
Estimated Fair Value, Marketable securities | 45,038 | 19,129 | ||
Variable-rate Demand Notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 8,395 | 39,450 | ||
Estimated Fair Value, Marketable securities | $ 8,395 | $ 39,450 |
Cash, Cash Equivalents and Ma26
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | ||||
Effective maturity period | 2 years | |||
Realized loss for other-than-temporary impairments | $ 0 | $ 0 | $ 0 | $ 0 |
Cash, Cash Equivalents and Ma27
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $ 8,834 | $ 8,702 |
Marketable securities, Fair Value, 12 Months or Greater | 1,002 | |
Marketable securities, Fair Value, Total | 9,836 | 8,702 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (5) | (30) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (12) | |
Marketable securities, Unrealized Losses, Total | (17) | (30) |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 8,834 | 8,702 |
Marketable securities, Fair Value, 12 Months or Greater | 1,002 | |
Marketable securities, Fair Value, Total | 9,836 | 8,702 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (5) | (30) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (12) | |
Marketable securities, Unrealized Losses, Total | $ (17) | $ (30) |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Total Rent Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Minimum rent expense | $ 19,316 | $ 18,409 | $ 38,294 | $ 36,410 |
Contingent rent expense | 619 | 459 | 1,216 | 873 |
Total rent expense | $ 19,935 | $ 18,868 | $ 39,510 | $ 37,283 |
Commitments and Contingencies29
Commitments and Contingencies - Schedule of Total Rent Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Real estate taxes, insurance, common area maintenance charges and other executory costs | $ 10.4 | $ 10.3 | $ 20.9 | $ 20.5 |
Commitments and Contingencies30
Commitments and Contingencies - Schedule of Future Minimum Commitments on all Leases (Detail) $ in Thousands | Jul. 29, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Fiscal 2,017 | $ 36,120 |
Fiscal 2,018 | 68,983 |
Fiscal 2,019 | 62,096 |
Fiscal 2,020 | 57,997 |
Fiscal 2,021 | 52,629 |
Thereafter | 146,343 |
Total | $ 424,168 |
Commitments and Contingencies31
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jul. 29, 2017 | Jan. 28, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Outstanding purchase orders | $ 190.7 | |
Self-insurance reserve | $ 2.7 | $ 2.3 |
Revolving Credit Facility and D
Revolving Credit Facility and Debt - Additional Information (Detail) € in Millions | Feb. 05, 2016USD ($) | Jul. 29, 2017USD ($) | Jul. 29, 2017EUR (€) | Jan. 28, 2017USD ($) |
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 | $ 24,000,000 | € 20.5 | ||
Revolving lines of credit, interest rate during period | 1.65% | |||
Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | European [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commercial letters of credit outstanding | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 29, 2017 | Jan. 28, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 53,433 | $ 58,579 |
Other long-term assets | 7,022 | 8,017 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,466 | 2,614 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,221 | 657 |
Other long-term assets | 1,245 | 1,557 |
Level 1 [Member] | State and Local Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 400 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 53,433 | 58,579 |
Level 2 [Member] | State and Local Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 45,038 | 19,129 |
Level 2 [Member] | Variable-rate Demand Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 8,395 | 39,450 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 127 | 116 |
Level 3 [Member] | Equity Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term assets | $ 127 | $ 116 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Dec. 31, 2015 | |
Equity Class Of Treasury Stock [Line Items] | |||
Share repurchase program completion date | Jan. 28, 2017 | ||
Number of shares repurchased under share repurchase program | 0 | 1,100,000 | |
Maximum [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Shares authorized to purchase under stock repurchase program, value | $ 70,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (14,998) | $ (10,260) | $ (16,488) | $ (15,247) |
Other comprehensive (loss) income, net | 8,322 | (2,542) | 9,812 | 2,445 |
Ending Balance | (6,676) | (12,802) | (6,676) | (12,802) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (14,995) | (10,143) | (16,474) | (15,136) |
Other comprehensive (loss) income, net | 8,305 | (2,664) | 9,784 | 2,329 |
Ending Balance | (6,690) | (12,807) | (6,690) | (12,807) |
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3) | (117) | (14) | (111) |
Other comprehensive (loss) income, net | 17 | 122 | 28 | 116 |
Ending Balance | $ 14 | $ 5 | $ 14 | $ 5 |
Stockholders' Equity - Schedu36
Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Equity Awards - Summary of Tota
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,221 | $ 1,186 | $ 2,500 | $ 2,221 |
Cost of Goods Sold [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 238 | 241 | 505 | 447 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 983 | $ 945 | $ 1,995 | $ 1,774 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Jul. 29, 2017 | Jan. 28, 2017 | |
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 | $ 8.9 | |
Weighted-average remaining recognition period related to unvested stock options, restricted stock awards and restricted stock units | 1 year 3 months 18 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding | 0.3 | 0.2 |
Weighted average exercise price | $ 22.82 | $ 25.61 |
Equity Awards - Summary of Rest
Equity Awards - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Detail) - Restricted Stock Awards and Restricted Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jul. 29, 2017USD ($)$ / sharesshares | |
Restricted Stock Awards/Units | |
Restricted Stock Awards/Units, Beginning Balance | shares | 442 |
Restricted Stock Awards/Units, Granted | shares | 288 |
Restricted Stock Awards/Units, Vested | shares | (178) |
Restricted Stock Awards/Units, Forfeited | shares | (20) |
Restricted Stock Awards/Units, Ending Balance | shares | 532 |
Grant Date Weighted-Average Fair Value | |
Grant Date Weighted-Average Fair Value, Beginning Balance | $ / shares | $ 23.05 |
Grant Date Weighted-Average Fair Value, Granted | $ / shares | 17.19 |
Grant Date Weighted-Average Fair Value, Vested | $ / shares | 22.70 |
Grant Date Weighted-Average Fair Value, Forfeited | $ / shares | 19.80 |
Grant Date Weighted-Average Fair Value, Ending Balance | $ / shares | $ 20.12 |
Intrinsic Value | |
Intrinsic Value, Ending Balance | $ | $ 6,593 |
Loss per Share, Basic and Dil40
Loss per Share, Basic and Diluted - Computation of Basic and Diluted Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (608) | $ (838) | $ (5,056) | $ (2,975) |
Weighted average common shares for basic loss per share: | 24,689 | 24,712 | 24,635 | 24,957 |
Weighted average common shares for diluted loss per share: | 24,689 | 24,712 | 24,635 | 24,957 |
Basic loss per share | $ (0.02) | $ (0.03) | $ (0.21) | $ (0.12) |
Diluted loss per share | $ (0.02) | $ (0.03) | $ (0.21) | $ (0.12) |
Loss per Share, Basic and Dil41
Loss per Share, Basic and Diluted - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Common shares related to stock-based awards excluded from the calculation of diluted loss per share | 0.3 | 0.3 | 0.5 | 0.4 |