Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2019 | Jun. 03, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 4, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZUMZ | |
Entity Registrant Name | Zumiez Inc | |
Entity Central Index Key | 0001318008 | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 25,740,888 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 |
Current assets | ||
Cash and cash equivalents | $ 60,616 | $ 52,422 |
Marketable securities | 107,364 | 112,912 |
Receivables | 15,083 | 17,776 |
Inventories | 135,959 | 129,268 |
Prepaid expenses and other current assets | 9,616 | 14,797 |
Total current assets | 328,638 | 327,175 |
Fixed assets, net | 116,830 | 120,503 |
Operating lease right-of-use assets | 301,980 | |
Goodwill | 57,682 | 58,813 |
Intangible assets, net | 14,852 | 15,260 |
Deferred tax assets, net | 6,312 | 5,259 |
Other long-term assets | 8,442 | 7,180 |
Total long-term assets | 506,098 | 207,015 |
Total assets | 834,736 | 534,190 |
Current liabilities | ||
Trade accounts payable | 54,454 | 35,293 |
Accrued payroll and payroll taxes | 15,302 | 21,015 |
Income taxes payable | 65 | 5,817 |
Deferred rent and tenant allowances | 7,489 | |
Operating lease liabilities | 54,469 | |
Other liabilities | 19,675 | 23,494 |
Total current liabilities | 143,965 | 93,108 |
Long-term deferred rent and tenant allowances | 37,076 | |
Long-term operating lease liabilities | 293,375 | |
Other long-term liabilities | 3,436 | 3,550 |
Total long-term liabilities | 296,811 | 40,626 |
Total liabilities | 440,776 | 133,734 |
Commitments and contingencies (Note 5) | ||
Shareholders’ equity | ||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | ||
Common stock, no par value, 50,000 shares authorized; 25,741 shares issued and outstanding at May 4, 2019 and 25,521 shares issued and outstanding at February 2, 2019 | 155,104 | 153,066 |
Accumulated other comprehensive loss | (12,275) | (9,224) |
Retained earnings | 251,131 | 256,614 |
Total shareholders’ equity | 393,960 | 400,456 |
Total liabilities and shareholders’ equity | $ 834,736 | $ 534,190 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 04, 2019 | Feb. 02, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,741,000 | 25,521,000 |
Common stock, shares outstanding | 25,741,000 | 25,521,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 212,928 | $ 206,287 |
Cost of goods sold | 146,464 | 143,700 |
Gross profit | 66,464 | 62,587 |
Selling, general and administrative expenses | 65,496 | 64,296 |
Operating profit (loss) | 968 | (1,709) |
Interest income, net | 852 | 283 |
Other income (expense), net | 153 | (482) |
Earnings (loss) before income taxes | 1,973 | (1,908) |
Provision for income taxes | 1,180 | 699 |
Net income (loss) | $ 793 | $ (2,607) |
Basic earnings (loss) per share | $ 0.03 | $ (0.10) |
Diluted earnings (loss) per share | $ 0.03 | $ (0.10) |
Weighted average shares used in computation of earnings (loss) per share: | ||
Basic | 25,090 | 24,831 |
Diluted | 25,351 | 24,831 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 793 | $ (2,607) |
Other comprehensive loss, net of tax and reclassification adjustments: | ||
Foreign currency translation | (3,035) | (4,875) |
Net change in unrealized loss on available-for-sale debt securities | (16) | (68) |
Other comprehensive loss, net | (3,051) | (4,943) |
Comprehensive loss | $ (2,258) | $ (7,550) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Beginning Balance at Feb. 03, 2018 | $ 355,915 | $ 146,523 | $ 35 | $ 209,357 |
Beginning Balance, shares at Feb. 03, 2018 | 25,249 | |||
Net income (loss) | (2,607) | (2,607) | ||
Other comprehensive loss, net | (4,943) | (4,943) | ||
Issuance and exercise of stock-based awards | 426 | $ 426 | ||
Issuance and exercise of stock-based awards, shares | 221 | |||
Stock-based compensation expense | 1,642 | $ 1,642 | ||
Cumulative effect of accounting change | Accounting Standards Update 2014-09 [Member] | 2,052 | 2,052 | ||
Ending Balance at May. 05, 2018 | 352,485 | $ 148,591 | (4,908) | 208,802 |
Ending Balance, shares at May. 05, 2018 | 25,470 | |||
Beginning Balance at Feb. 02, 2019 | $ 400,456 | $ 153,066 | (9,224) | 256,614 |
Beginning Balance, shares at Feb. 02, 2019 | 25,521 | 25,521 | ||
Net income (loss) | $ 793 | 793 | ||
Other comprehensive loss, net | (3,051) | (3,051) | ||
Issuance and exercise of stock-based awards | 345 | $ 345 | ||
Issuance and exercise of stock-based awards, shares | 220 | |||
Stock-based compensation expense | 1,693 | $ 1,693 | ||
Cumulative effect of accounting change | Accounting Standards Update 2016-02 [Member] | (6,276) | (6,276) | ||
Ending Balance at May. 04, 2019 | $ 393,960 | $ 155,104 | $ (12,275) | $ 251,131 |
Ending Balance, shares at May. 04, 2019 | 25,741 | 25,741 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 793 | $ (2,607) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 6,263 | 6,970 |
Noncash lease expense | 13,371 | |
Deferred taxes | 1,249 | 217 |
Stock-based compensation expense | 1,693 | 1,642 |
Other | 224 | 588 |
Changes in operating assets and liabilities: | ||
Receivables | 4,708 | (1,096) |
Inventories | (7,540) | (3,781) |
Prepaid expenses and other assets | (167) | 857 |
Trade accounts payable | 19,568 | 7,723 |
Accrued payroll and payroll taxes | (5,636) | (5,383) |
Income taxes payable | (7,104) | (5,993) |
Deferred rent and tenant allowances | (32) | |
Operating lease liabilities | (13,770) | |
Other liabilities | (3,790) | (2,997) |
Net cash provided by (used in) operating activities | 9,862 | (3,892) |
Cash flows from investing activities: | ||
Additions to fixed assets | (3,331) | (3,585) |
Purchases of marketable securities and other investments | (33,385) | (12,932) |
Sales and maturities of marketable securities and other investments | 39,001 | 21,590 |
Net cash provided by investing activities | 2,285 | 5,073 |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 17,245 | |
Payments on revolving credit facilities | (13,347) | |
Proceeds from issuance and exercise of stock-based awards | 583 | 621 |
Payments for tax withholdings on equity awards | (238) | (195) |
Net cash provided by financing activities | 345 | 4,324 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (466) | (497) |
Net increase in cash, cash equivalents, and restricted cash | 12,026 | 5,008 |
Cash, cash equivalents, and restricted cash, beginning of period | 54,271 | 25,803 |
Cash, cash equivalents, and restricted cash, end of period | 66,297 | 30,811 |
Supplemental disclosure on cash flow information: | ||
Cash paid during the period for income taxes | 7,038 | 6,442 |
Accrual for purchases of fixed assets | $ 1,583 | $ 2,872 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
May 04, 2019 | |
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 May 4, 2019, we operated 707 stores; 606 in the United States (“U.S.”), 50 in Canada, 42 in Europe, and 9 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce websites at zumiez.com , zumiez.ca, blue-tomato.com and 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 May 4, 2019 and May 5, 2018 were 13-week periods. Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at February 2, 2019 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended February 2, 2019, 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. Reclassification— Certain prior period amounts have been reclassified to be consistent with current year presentation within our condensed consolidated statement of cash flows. restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): February 2, 2019 February 3, 2018 Cash and cash equivalents $ 52,422 $ 24,041 Restricted cash included in other long-term assets 1,849 1,762 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 54,271 $ 25,803 May 4, 2019 May 5, 2018 Cash and cash equivalents $ 60,616 $ 29,063 Restricted cash included in other long-term assets 5,681 1,748 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 66,297 $ 30,811 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. Significant Accounting Policies— Our significant accounting policies are detailed in Note 2, “Summary of Significant Accounting Policies” within Part IV Item 15 of the Annual Report on Form 10-K for the year ended February 2, 2019. There have been no significant changes in accounting policies, with exception of the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”). Our significant accounting policies impacted by the adoption of ASC 842 are discussed below. Leases – We determine at inception if a contract is or contains a lease. Upon modification of a contract, we reassess if a contract is or contains a lease. For a contract that contains fixed payments for both lease and non-lease components, we allocate the consideration to components based on the relative standalone price. At the commencement date of a lease, we recognize (1) a right-of-use asset representing our right to use the underlying asset during the lease term and (2) a lease liability for the present value of the lease payments not yet made. The majority of our store operating leases include ongoing co-tenancy requirements or early termination option that reduce lease payments, permit lease termination, or both, in the event that co-tenants cease to operate for specific periods or if stated sales levels are not met in specific periods. The lease term includes the options to extend the lease, only to the extent it is reasonably certain that we will exercise such extension options and not exercise such early termination options, respectively. The lease payments are discounted using the rate implicit in the lease, if available, or our incremental borrowing rate. Our incremental borrowing rate is based on information available at commencement date. The right-of-use asset is measured at the present value of lease payments not yet made with adjustments for initial direct costs, lease prepayments and lease incentives. We evaluate the carrying value of right-of-use assets for indicators of impairment and perform an analysis of the recoverability of the related asset group. If the carrying value of the asset group is determined to be in excess of the estimated fair value, we record an impairment loss in our consolidated statements of income. Our store operating leases may include fixed minimum lease payments, as contractually stated in the lease agreement or variable lease payments, which are generally based on a percentage of the store’s net sales in excess of a specified threshold or are dependent on changes in an index. Operating lease expense relating to fixed lease payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. Recent Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued a new standard over customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The standard requires implementation costs incurred in a hosting arrangement that is a service contract be accounted for in accordance with ASC 350-40. The new standard is effective for annual periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard prospectively during the three months ended May 4, 2019 and the impact on our condensed consolidated financial statements was not material. In January 2017, the FASB issued a new standard simplifying the test for goodwill impairment. The standard eliminates Step 2 from the goodwill impairment test. The standard requires entities perform the goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize the impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total goodwill allocated to that reporting unit. The new standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We do expect this standard to have a material impact on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations. The standard requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. In July 2018, the FASB issued an update that allows companies an optional transition method to recognize a cumulative effect adjustment to the opening balance of retained earnings recorded at the beginning of the period of adoption. The new standard is effective for the fiscal year beginning after December 15, 2018. We adopted this standard for the fiscal year beginning February 3, 2019, using the optional transition method. We elected the package of practical expedients available upon adoption that allows us (1) to not reassess whether expired or existing contracts contain leases, (2) to not reassess lease classification for existing leases, and (3) to not reassess initial direct costs for existing leases. The adoption of this standard resulted in a material change to our condensed consolidated balance sheet, primarily related to the (1) recognition of $297.3 million of operating lease right-of-use assets and $342.7 million of operating lease liabilities, (2) de-recognition of $44.6 million of deferred rent and tenant allowances, and (3) a cumulative adjustment to retained earnings of $6.3 million related to impairment of operating lease right-of-use assets that were impaired upon adoption of this standard. This standard did not have a material impact on our condensed consolidated statement of income or cash flows. See Note 4, “Leases” for additional information regarding leases. The following table summarizes the changes made to our consolidated balance sheet at February 3, 2019 (in thousands): As Reported February 2, 2019 Adjustment for ASC 842 As Adjusted February 3, 2019 Assets Prepaid expenses and other current assets $ 14,797 $ (5,739 ) $ 9,058 Operating lease right-of-use assets — 297,326 297,326 Deferred tax assets, net 5,259 2,345 7,604 Other long-term assets 7,180 (2,094 ) 5,086 Liabilities Deferred rent and tenant allowances 7,489 (7,489 ) — Operating lease liabilities — 52,958 52,958 Long-term deferred rent and tenant allowances 37,076 (37,076 ) — Long-term operating lease liabilities — 289,721 289,721 Equity Retained Earnings 256,614 (6,276 ) 250,338 |
Revenue
Revenue | 3 Months Ended |
May 04, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 2. Revenue The following table disaggregates net sales by geographic region (in thousands): Three Months Ended May 4, 2019 May 5, 2018 United States $ 176,918 $ 170,541 Canada 11,032 10,706 Europe 22,946 23,174 Australia 2,032 1,866 Net sales $ 212,928 $ 206,287 Net sales for the three months ended May 4, 2019 included a $2.7 million decrease due to the change in foreign exchange rates, which consisted of $0.5 million in Canada, $2.0 million in Europe and $0.2 million in Australia. Our contract liabilities include deferred revenue related to our customer loyalty program and gift cards. The current liability for gift cards was $3.2 million at May 4, 2019 and $4.3 million at February 2, 2019, respectively. Deferred revenue related to our STASH loyalty program was $2.2 million at May 4, 2019 and $2.1 million at February 2, 2019, respectively. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
May 04, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 3. Cash, Cash Equivalents and Marketable Securities The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands) May 4, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 38,887 $ — $ — $ 38,887 Money market funds 16,735 — — 16,735 Corporate debt securities 4,994 — — 4,994 Total cash and cash equivalents 60,616 — — 60,616 Marketable securities: U.S. treasury and government agency securities 4,355 4 — 4,359 Corporate debt securities 54,822 70 (44 ) 54,848 State and local government securities 46,207 27 (17 ) 46,217 Variable-rate demand notes 1,940 — — 1,940 Total marketable securities $ 107,324 $ 101 $ (61 ) $ 107,364 February 2, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 26,336 $ — $ — $ 26,336 Money market funds 3,689 — — 3,689 Corporate debt securities 22,397 — — 22,397 Total cash and cash equivalents 52,422 — — 52,422 Marketable securities: U.S. treasury and government agency securities 4,326 2 — 4,328 Corporate debt securities 55,122 98 (8 ) 55,212 State and local government securities 51,462 13 (43 ) 51,432 Variable-rate demand notes 1,940 — — 1,940 Total marketable securities $ 112,850 $ 113 $ (51 ) $ 112,912 All of our marketable securities have an effective maturity date of five years or less and may be liquidated, at our discretion, prior to maturity. The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): May 4, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: Corporate debt securities $ 9,035 $ (32 ) $ 5,709 $ (11 ) $ 14,744 $ (43 ) State and local government securities 21,802 (16 ) 1,780 (1 ) 23,582 (17 ) Total marketable securities $ 30,837 $ (48 ) $ 7,489 $ (12 ) $ 38,326 $ (60 ) February 2, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: Corporate debt securities $ 14,523 $ (8 ) $ — $ — $ 14,523 $ (8 ) State and local government securities 26,986 (20 ) 9,548 (23 ) 36,534 (43 ) Total marketable securities $ 41,509 $ (28 ) $ 9,548 $ (23 ) $ 51,057 $ (51 ) We did not record a realized loss for other-than-temporary impairments during the three months ended May 4, 2019 or May 5, 2018. |
Leases
Leases | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Leases | 4. Leases At May 4, 2019, we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from one month to ten years, with varying renewal and termination options. At May 4, 2019, the weighted-average of the remaining lease term was 6.3 years and the weighted-average discount rate was 3.4%. The following table presents components of lease expense (in thousands): Three Months Ended May 4, 2019 Operating lease expense $ 17,082 Variable lease expense 894 Total lease expense $ 17,976 Supplemental cash flow information related to leases is as follows (in thousands): May 4, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (13,770 ) Right-of-use assets obtained in exchange for new operating lease liabilities 20,296 At May 4, 2019, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2019 $ 48,814 Fiscal 2020 68,812 Fiscal 2021 63,411 Fiscal 2022 57,342 Fiscal 2023 47,972 Thereafter 100,790 Total minimum lease payments 387,141 Less: interest (39,297 ) Present value of lease obligations 347,844 Less: current portion (54,469 ) Long-term lease obligations $ 293,375 At May 4, 2019, we have excluded from the table above operating leases that have not yet commenced of $5.6 million. These operating leases are expected to commence in fiscal 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 04, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Purchase Commitments— At May 4, 2019, we had outstanding purchase orders to acquire merchandise from vendors of $240.2 million. We have an option to cancel these commitments with no notice prior to shipment, except for certain private label and international purchase orders in which we are obligated to repay contractual amounts upon cancellation. Litigation— We are involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. We have made accruals with respect to these matters, where appropriate, which are reflected in our condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders. A putative class action, Alexia Herrera, on behalf of herself and all other similarly situated, v. Zumiez Inc. Insurance Reserves— We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at May 4, 2019 and February 2, 2019 was $2.5 million and $2.1 million. |
Revolving Credit Facilities and
Revolving Credit Facilities and Debt | 3 Months Ended |
May 04, 2019 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities and Debt | 6. Revolving Credit Facilities and Debt On December 7, 2018, the Company entered into a secured credit agreement with Wells Fargo Bank, N.A., which provided us with a senior secured credit facility (“credit facility”) of up to $35.0 million. The secured revolving credit facility is available for working capital and other general corporate purposes. The senior secured credit facility provides for the issuance of standby letters of credit in an amount not to exceed $17.5 million outstanding at any time and with a term not to exceed 365 days. The commercial line of credit provides for the issuance of commercial letters of credit in an amount not to exceed $10.0 million and with terms not to exceed 120 days. The amount of borrowings available at any time under our credit facility is reduced by the amount of standby and commercial letters of credit outstanding at that time. The credit facility replaced our asset-based revolving credit agreement (“ABL Facility”) with Wells Fargo Bank, N.A., which provided for a senior secured revolving credit facility of up to $100 million, subject to a borrowing base, with a letter of credit sub-limit of $10 million, which was entered into on February 5, 2016 and was to mature on February 5, 2021. The credit facility will mature on December 7, 2021. All obligations under the credit facility are joint and several with Zumiez Services and guaranteed by certain of our subsidiaries. The credit facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the borrowers and guarantors. Amounts borrowed under the credit facility bear interest at an adjusted LIBOR rate plus a margin of 1.25% per annum. The credit facility contains various representations, warranties and restrictive covenants that, among other things and subject to specified circumstances and exceptions, restrict our ability to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers, dispose of certain assets or change the nature of their business. The credit facility contains certain financial maintenance covenants that generally require the Registrant to have net income after taxes of at least $5.0 million on a trailing four-quarter basis and a quick ratio of 1.25:1.0 at the end of each fiscal quarter. The credit facility contains certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances. The credit facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, material judgments and change of control. There were no borrowings outstanding under the credit facility at May 4, 2019 and February 2, 2019. We had no open commercial letters of credit outstanding under our secured revolving credit facility at May 4, 2019 and February 2, 2019. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1— Quoted prices in active markets for identical assets or liabilities; • Level 2— Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and • Level 3— Inputs that are unobservable. The following tables summarize assets measured at fair value on a recurring basis (in thousands): May 4, 2019 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 16,735 $ — $ — Corporate debt securities 4,994 Marketable securities: U.S. treasury and government agency securities — 4,359 — Corporate debt securities — 54,848 — State and local government securities — 46,217 — Variable-rate demand notes — 1,940 — Other long-term assets: Money market funds 5,681 — — Total $ 27,410 $ 107,364 $ — February 2, 2019 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 3,689 $ — $ — Corporate debt securities $ 22,397 Marketable securities: Treasury and agency securities — 4,328 — Corporate debt securities — 55,212 — State and local government securities — 51,432 — Variable-rate demand notes — 1,940 — Other long-term assets: Money market funds 1,404 — — Total $ 27,490 $ 112,912 $ — The Level 2 marketable securities include U.S treasury and government agency securities, corporate debt securities, state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. There were no material assets measured at fair value on a nonrecurring basis for the three months ended May 4, 2019 and May 5, 2018. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Share Repurchase— In December 2018, our Board of Directors authorized us to repurchase up to $75.0 million of our common stock. This program is expected to continue through February 1, 2020, unless the time period is extended or shortened by the Board of Directors. There was no share repurchase activity during the three months ended May 4, 2019. 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 income are as follows (in thousands): Foreign translation adjustments Net unrealized gains (losses) on available-for-sale debt securities Accumulated other comprehensive loss Three months ended May 4, 2019: Balance at February 2, 2019 $ (9,270 ) $ 46 $ (9,224 ) Other comprehensive loss, net (1) (3,035 ) (16 ) (3,051 ) Balance at May 4, 2019 $ (12,305 ) $ 30 $ (12,275 ) Three months ended May 5, 2018: Balance at February 3, 2018 $ 109 $ (74 ) $ 35 Other comprehensive loss, net (1) (4,875 ) (68 ) (4,943 ) Balance at May 5, 2018 $ (4,766 ) $ (142 ) $ (4,908 ) (1) Other comprehensive loss is net of immaterial taxes for the three months ended May 4, 2019 and May 5, 2018 for 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 | 3 Months Ended |
May 04, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Awards | 9. Equity Awards We maintain several equity incentive plans under which we may grant incentive stock options, nonqualified stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights to employees (including officers), non-employee directors and consultants. We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using a straight-line method. We estimate forfeitures of stock-based awards based on historical experience and expected future activity. The fair value of restricted stock awards and units is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands): Three Months Ended May 4, 2019 May 5, 2018 Cost of goods sold $ 345 $ 308 Selling, general and administrative expenses 1,348 1,334 Total stock-based compensation expense $ 1,693 $ 1,642 At May 4, 2019, there was $11.8 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 1.4 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 February 2, 2019 544 $ 21.63 Granted 209 $ 24.54 Vested (176 ) $ 21.71 Forfeited (8 ) $ 21.74 Outstanding at May 4, 2019 569 $ 22.67 $ 15,325 We had 0.4 million stock options outstanding at May 4, 2019 with a weighted average exercise price of $23.38 and 0.3 million stock options outstanding at February 2, 2019 with a weighted average exercise price of $23.06. |
Earnings (Loss) per Share, Basi
Earnings (Loss) per Share, Basic and Diluted | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share, Basic and Diluted | 10. Earnings (Loss) per Share, Basic and Diluted The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended May 4, 2019 May 5, 2018 Net income (loss) $ 793 $ (2,607 ) Weighted average common shares for basic earnings (loss) per share: 25,090 24,831 Dilutive effect of stock options and restricted stock 261 — Weighted average common shares for diluted earnings (loss) per share: 25,351 24,831 Basic earnings (loss) per share $ 0.03 $ (0.10 ) Diluted earnings (loss) per share $ 0.03 $ (0.10 ) Total anti-dilutive common shares related to stock-based awards not included in the calculation of diluted earnings per share were 0.1 million for the three months ended May 4, 2019 and 0.5 million for the three months ended May 5, 2018. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
May 04, 2019 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year— We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended May 4, 2019 and May 5, 2018 were 13-week periods. |
Basis of Presentation | Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at February 2, 2019 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended February 2, 2019, 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. |
Reclassification | Reclassification— Certain prior period amounts have been reclassified to be consistent with current year presentation within our condensed consolidated statement of cash flows. |
Restricted Cash | restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): February 2, 2019 February 3, 2018 Cash and cash equivalents $ 52,422 $ 24,041 Restricted cash included in other long-term assets 1,849 1,762 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 54,271 $ 25,803 May 4, 2019 May 5, 2018 Cash and cash equivalents $ 60,616 $ 29,063 Restricted cash included in other long-term assets 5,681 1,748 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 66,297 $ 30,811 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. |
Significant Accounting Policies | Significant Accounting Policies— Our significant accounting policies are detailed in Note 2, “Summary of Significant Accounting Policies” within Part IV Item 15 of the Annual Report on Form 10-K for the year ended February 2, 2019. There have been no significant changes in accounting policies, with exception of the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”). Our significant accounting policies impacted by the adoption of ASC 842 are discussed below. |
Leases | Leases – We determine at inception if a contract is or contains a lease. Upon modification of a contract, we reassess if a contract is or contains a lease. For a contract that contains fixed payments for both lease and non-lease components, we allocate the consideration to components based on the relative standalone price. At the commencement date of a lease, we recognize (1) a right-of-use asset representing our right to use the underlying asset during the lease term and (2) a lease liability for the present value of the lease payments not yet made. The majority of our store operating leases include ongoing co-tenancy requirements or early termination option that reduce lease payments, permit lease termination, or both, in the event that co-tenants cease to operate for specific periods or if stated sales levels are not met in specific periods. The lease term includes the options to extend the lease, only to the extent it is reasonably certain that we will exercise such extension options and not exercise such early termination options, respectively. The lease payments are discounted using the rate implicit in the lease, if available, or our incremental borrowing rate. Our incremental borrowing rate is based on information available at commencement date. The right-of-use asset is measured at the present value of lease payments not yet made with adjustments for initial direct costs, lease prepayments and lease incentives. We evaluate the carrying value of right-of-use assets for indicators of impairment and perform an analysis of the recoverability of the related asset group. If the carrying value of the asset group is determined to be in excess of the estimated fair value, we record an impairment loss in our consolidated statements of income. Our store operating leases may include fixed minimum lease payments, as contractually stated in the lease agreement or variable lease payments, which are generally based on a percentage of the store’s net sales in excess of a specified threshold or are dependent on changes in an index. Operating lease expense relating to fixed lease payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. |
Recent Accounting Standards | Recent Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued a new standard over customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The standard requires implementation costs incurred in a hosting arrangement that is a service contract be accounted for in accordance with ASC 350-40. The new standard is effective for annual periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard prospectively during the three months ended May 4, 2019 and the impact on our condensed consolidated financial statements was not material. In January 2017, the FASB issued a new standard simplifying the test for goodwill impairment. The standard eliminates Step 2 from the goodwill impairment test. The standard requires entities perform the goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize the impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total goodwill allocated to that reporting unit. The new standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We do expect this standard to have a material impact on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations. The standard requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. In July 2018, the FASB issued an update that allows companies an optional transition method to recognize a cumulative effect adjustment to the opening balance of retained earnings recorded at the beginning of the period of adoption. The new standard is effective for the fiscal year beginning after December 15, 2018. We adopted this standard for the fiscal year beginning February 3, 2019, using the optional transition method. We elected the package of practical expedients available upon adoption that allows us (1) to not reassess whether expired or existing contracts contain leases, (2) to not reassess lease classification for existing leases, and (3) to not reassess initial direct costs for existing leases. The adoption of this standard resulted in a material change to our condensed consolidated balance sheet, primarily related to the (1) recognition of $297.3 million of operating lease right-of-use assets and $342.7 million of operating lease liabilities, (2) de-recognition of $44.6 million of deferred rent and tenant allowances, and (3) a cumulative adjustment to retained earnings of $6.3 million related to impairment of operating lease right-of-use assets that were impaired upon adoption of this standard. This standard did not have a material impact on our condensed consolidated statement of income or cash flows. See Note 4, “Leases” for additional information regarding leases. The following table summarizes the changes made to our consolidated balance sheet at February 3, 2019 (in thousands): As Reported February 2, 2019 Adjustment for ASC 842 As Adjusted February 3, 2019 Assets Prepaid expenses and other current assets $ 14,797 $ (5,739 ) $ 9,058 Operating lease right-of-use assets — 297,326 297,326 Deferred tax assets, net 5,259 2,345 7,604 Other long-term assets 7,180 (2,094 ) 5,086 Liabilities Deferred rent and tenant allowances 7,489 (7,489 ) — Operating lease liabilities — 52,958 52,958 Long-term deferred rent and tenant allowances 37,076 (37,076 ) — Long-term operating lease liabilities — 289,721 289,721 Equity Retained Earnings 256,614 (6,276 ) 250,338 |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Tables) | 3 Months Ended |
May 04, 2019 | |
Accounting Policies [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): February 2, 2019 February 3, 2018 Cash and cash equivalents $ 52,422 $ 24,041 Restricted cash included in other long-term assets 1,849 1,762 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 54,271 $ 25,803 May 4, 2019 May 5, 2018 Cash and cash equivalents $ 60,616 $ 29,063 Restricted cash included in other long-term assets 5,681 1,748 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 66,297 $ 30,811 |
Summary of Changes Made to Consolidated Balance Sheet | The following table summarizes the changes made to our consolidated balance sheet at February 3, 2019 (in thousands): As Reported February 2, 2019 Adjustment for ASC 842 As Adjusted February 3, 2019 Assets Prepaid expenses and other current assets $ 14,797 $ (5,739 ) $ 9,058 Operating lease right-of-use assets — 297,326 297,326 Deferred tax assets, net 5,259 2,345 7,604 Other long-term assets 7,180 (2,094 ) 5,086 Liabilities Deferred rent and tenant allowances 7,489 (7,489 ) — Operating lease liabilities — 52,958 52,958 Long-term deferred rent and tenant allowances 37,076 (37,076 ) — Long-term operating lease liabilities — 289,721 289,721 Equity Retained Earnings 256,614 (6,276 ) 250,338 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 04, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Net Sales by Geographic Region | The following table disaggregates net sales by geographic region (in thousands): Three Months Ended May 4, 2019 May 5, 2018 United States $ 176,918 $ 170,541 Canada 11,032 10,706 Europe 22,946 23,174 Australia 2,032 1,866 Net sales $ 212,928 $ 206,287 |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
May 04, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities | The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands) May 4, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 38,887 $ — $ — $ 38,887 Money market funds 16,735 — — 16,735 Corporate debt securities 4,994 — — 4,994 Total cash and cash equivalents 60,616 — — 60,616 Marketable securities: U.S. treasury and government agency securities 4,355 4 — 4,359 Corporate debt securities 54,822 70 (44 ) 54,848 State and local government securities 46,207 27 (17 ) 46,217 Variable-rate demand notes 1,940 — — 1,940 Total marketable securities $ 107,324 $ 101 $ (61 ) $ 107,364 February 2, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 26,336 $ — $ — $ 26,336 Money market funds 3,689 — — 3,689 Corporate debt securities 22,397 — — 22,397 Total cash and cash equivalents 52,422 — — 52,422 Marketable securities: U.S. treasury and government agency securities 4,326 2 — 4,328 Corporate debt securities 55,122 98 (8 ) 55,212 State and local government securities 51,462 13 (43 ) 51,432 Variable-rate demand notes 1,940 — — 1,940 Total marketable securities $ 112,850 $ 113 $ (51 ) $ 112,912 |
Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position | The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): May 4, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: Corporate debt securities $ 9,035 $ (32 ) $ 5,709 $ (11 ) $ 14,744 $ (43 ) State and local government securities 21,802 (16 ) 1,780 (1 ) 23,582 (17 ) Total marketable securities $ 30,837 $ (48 ) $ 7,489 $ (12 ) $ 38,326 $ (60 ) February 2, 2019 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: Corporate debt securities $ 14,523 $ (8 ) $ — $ — $ 14,523 $ (8 ) State and local government securities 26,986 (20 ) 9,548 (23 ) 36,534 (43 ) Total marketable securities $ 41,509 $ (28 ) $ 9,548 $ (23 ) $ 51,057 $ (51 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents components of lease expense (in thousands): Three Months Ended May 4, 2019 Operating lease expense $ 17,082 Variable lease expense 894 Total lease expense $ 17,976 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): May 4, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (13,770 ) Right-of-use assets obtained in exchange for new operating lease liabilities 20,296 |
Schedule of Maturities of Operating Leases Liabilities | At May 4, 2019, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2019 $ 48,814 Fiscal 2020 68,812 Fiscal 2021 63,411 Fiscal 2022 57,342 Fiscal 2023 47,972 Thereafter 100,790 Total minimum lease payments 387,141 Less: interest (39,297 ) Present value of lease obligations 347,844 Less: current portion (54,469 ) Long-term lease obligations $ 293,375 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | The following tables summarize assets measured at fair value on a recurring basis (in thousands): May 4, 2019 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 16,735 $ — $ — Corporate debt securities 4,994 Marketable securities: U.S. treasury and government agency securities — 4,359 — Corporate debt securities — 54,848 — State and local government securities — 46,217 — Variable-rate demand notes — 1,940 — Other long-term assets: Money market funds 5,681 — — Total $ 27,410 $ 107,364 $ — February 2, 2019 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 3,689 $ — $ — Corporate debt securities $ 22,397 Marketable securities: Treasury and agency securities — 4,328 — Corporate debt securities — 55,212 — State and local government securities — 51,432 — Variable-rate demand notes — 1,940 — Other long-term assets: Money market funds 1,404 — — Total $ 27,490 $ 112,912 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
May 04, 2019 | |
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 income are as follows (in thousands): Foreign translation adjustments Net unrealized gains (losses) on available-for-sale debt securities Accumulated other comprehensive loss Three months ended May 4, 2019: Balance at February 2, 2019 $ (9,270 ) $ 46 $ (9,224 ) Other comprehensive loss, net (1) (3,035 ) (16 ) (3,051 ) Balance at May 4, 2019 $ (12,305 ) $ 30 $ (12,275 ) Three months ended May 5, 2018: Balance at February 3, 2018 $ 109 $ (74 ) $ 35 Other comprehensive loss, net (1) (4,875 ) (68 ) (4,943 ) Balance at May 5, 2018 $ (4,766 ) $ (142 ) $ (4,908 ) (1) Other comprehensive loss is net of immaterial taxes for the three months ended May 4, 2019 and May 5, 2018 for 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) | 3 Months Ended |
May 04, 2019 | |
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 May 4, 2019 May 5, 2018 Cost of goods sold $ 345 $ 308 Selling, general and administrative expenses 1,348 1,334 Total stock-based compensation expense $ 1,693 $ 1,642 |
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 February 2, 2019 544 $ 21.63 Granted 209 $ 24.54 Vested (176 ) $ 21.71 Forfeited (8 ) $ 21.74 Outstanding at May 4, 2019 569 $ 22.67 $ 15,325 |
Earnings (Loss) per Share, Ba_2
Earnings (Loss) per Share, Basic and Diluted (Tables) | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended May 4, 2019 May 5, 2018 Net income (loss) $ 793 $ (2,607 ) Weighted average common shares for basic earnings (loss) per share: 25,090 24,831 Dilutive effect of stock options and restricted stock 261 — Weighted average common shares for diluted earnings (loss) per share: 25,351 24,831 Basic earnings (loss) per share $ 0.03 $ (0.10 ) Diluted earnings (loss) per share $ 0.03 $ (0.10 ) |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands | Feb. 03, 2019USD ($) | May 04, 2019USD ($)Store |
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | Store | 707 | |
Operating lease right-of-use assets | $ 297,326 | $ 301,980 |
Operating lease liabilities | 347,844 | |
Accounting Standards Update 2016-02 [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operating lease right-of-use assets | 297,326 | |
Operating lease liabilities | 342,700 | |
Derecognized deferred rent and tenant allowance | 44,600 | |
Cumulative adjustment to retained earnings related to impairment of operating lease right-of-use assets | $ 6,300 | $ (6,276) |
United States [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | Store | 606 | |
Canada [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | Store | 50 | |
Europe [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | Store | 42 | |
Australia [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | Store | 9 |
Nature of Business and Basis _5
Nature of Business and Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | Feb. 03, 2018 |
Restricted Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 60,616 | $ 52,422 | $ 29,063 | $ 24,041 |
Restricted cash included in other long-term assets | 5,681 | 1,849 | 1,748 | 1,762 |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 66,297 | $ 54,271 | $ 30,811 | $ 25,803 |
Nature of Business and Basis _6
Nature of Business and Basis of Presentation - Summary of Changes Made to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 |
Assets | |||
Prepaid expenses and other current assets | $ 9,616 | $ 9,058 | $ 14,797 |
Operating lease right-of-use assets | 301,980 | 297,326 | |
Deferred tax assets, net | 6,312 | 7,604 | 5,259 |
Other long-term assets | 8,442 | 5,086 | 7,180 |
Liabilities | |||
Deferred rent and tenant allowances | 7,489 | ||
Operating lease liabilities | 54,469 | 52,958 | |
Long-term deferred rent and tenant allowances | 37,076 | ||
Long-term operating lease liabilities | 293,375 | 289,721 | |
Shareholders’ equity | |||
Retained earnings | $ 251,131 | 250,338 | $ 256,614 |
Accounting Standards Update 2016-02 [Member] | |||
Assets | |||
Prepaid expenses and other current assets | (5,739) | ||
Operating lease right-of-use assets | 297,326 | ||
Deferred tax assets, net | 2,345 | ||
Other long-term assets | (2,094) | ||
Liabilities | |||
Deferred rent and tenant allowances | (7,489) | ||
Operating lease liabilities | 52,958 | ||
Long-term deferred rent and tenant allowances | (37,076) | ||
Long-term operating lease liabilities | 289,721 | ||
Shareholders’ equity | |||
Retained earnings | $ (6,276) |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Sales by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 212,928 | $ 206,287 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 176,918 | 170,541 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 11,032 | 10,706 |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 22,946 | 23,174 |
Australia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 2,032 | $ 1,866 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | Feb. 02, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Decrease in net sales due to change in foreign exchange rates | $ 2.7 | |
Current liability for gift cards | 3.2 | $ 4.3 |
STASH Loyalty Program [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred revenue related to our customer loyalty program | 2.2 | $ 2.1 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Decrease in net sales due to change in foreign exchange rates | 0.5 | |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Decrease in net sales due to change in foreign exchange rates | 2 | |
Australia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Decrease in net sales due to change in foreign exchange rates | $ 0.2 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | Feb. 03, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | $ 60,616 | $ 52,422 | $ 29,063 | $ 24,041 |
Estimated Fair Value, Cash and cash equivalents | 60,616 | 52,422 | ||
Amortized Cost, Marketable securities | 107,324 | 112,850 | ||
Gross Unrealized Holding Gains, Marketable securities | 101 | 113 | ||
Gross Unrealized Holding Losses, Marketable securities | (61) | (51) | ||
Estimated Fair Value, Marketable securities | 107,364 | 112,912 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 38,887 | 26,336 | ||
Estimated Fair Value, Cash and cash equivalents | 38,887 | 26,336 | ||
Money Market Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 16,735 | 3,689 | ||
Estimated Fair Value, Cash and cash equivalents | 16,735 | 3,689 | ||
U.S. Treasury and Government Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 4,355 | 4,326 | ||
Gross Unrealized Holding Gains, Marketable securities | 4 | 2 | ||
Estimated Fair Value, Marketable securities | 4,359 | 4,328 | ||
Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 4,994 | 22,397 | ||
Estimated Fair Value, Cash and cash equivalents | 4,994 | 22,397 | ||
Amortized Cost, Marketable securities | 54,822 | 55,122 | ||
Gross Unrealized Holding Gains, Marketable securities | 70 | 98 | ||
Gross Unrealized Holding Losses, Marketable securities | (44) | (8) | ||
Estimated Fair Value, Marketable securities | 54,848 | 55,212 | ||
State and Local Government Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 46,207 | 51,462 | ||
Gross Unrealized Holding Gains, Marketable securities | 27 | 13 | ||
Gross Unrealized Holding Losses, Marketable securities | (17) | (43) | ||
Estimated Fair Value, Marketable securities | 46,217 | 51,432 | ||
Variable-rate Demand Notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 1,940 | 1,940 | ||
Estimated Fair Value, Marketable securities | $ 1,940 | $ 1,940 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Cash And Cash Equivalents [Abstract] | ||
Effective maturity period | 5 years | |
Realized loss for other-than-temporary impairments | $ 0 | $ 0 |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $ 30,837 | $ 41,509 |
Marketable securities, Fair Value, 12 Months or Greater | 7,489 | 9,548 |
Marketable securities, Fair Value, Total | 38,326 | 51,057 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (48) | (28) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (12) | (23) |
Marketable securities, Unrealized Losses, Total | (60) | (51) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 9,035 | 14,523 |
Marketable securities, Fair Value, 12 Months or Greater | 5,709 | |
Marketable securities, Fair Value, Total | 14,744 | 14,523 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (32) | (8) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (11) | |
Marketable securities, Unrealized Losses, Total | (43) | (8) |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 21,802 | 26,986 |
Marketable securities, Fair Value, 12 Months or Greater | 1,780 | 9,548 |
Marketable securities, Fair Value, Total | 23,582 | 36,534 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (16) | (20) |
Marketable securities, Unrealized Losses, 12 Months or Greater | (1) | (23) |
Marketable securities, Unrealized Losses, Total | $ (17) | $ (43) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended |
May 04, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Weighted-average remaining lease term | 6 years 3 months 18 days |
Weighted-average discount rate | 3.40% |
Operating leases not yet commenced | $ 5.6 |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms | 10 years |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms | 1 month |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Lease Cost [Abstract] | |
Operating lease expense | $ 17,082 |
Variable lease expense | 894 |
Total lease expense | $ 17,976 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ (13,770) |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 20,296 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Leases Liabilities (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2019 | $ 48,814 | |
Fiscal 2020 | 68,812 | |
Fiscal 2021 | 63,411 | |
Fiscal 2022 | 57,342 | |
Fiscal 2023 | 47,972 | |
Thereafter | 100,790 | |
Total minimum lease payments | 387,141 | |
Less: interest | (39,297) | |
Present value of lease obligations | 347,844 | |
Less: current portion | (54,469) | $ (52,958) |
Long-term lease obligations | $ 293,375 | $ 289,721 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Outstanding purchase orders | $ 240.2 | |
Self-insurance reserve | $ 2.5 | $ 2.1 |
Revolving Credit Facility and D
Revolving Credit Facility and Debt - Additional Information (Detail) | Dec. 07, 2018USD ($) | Feb. 05, 2016USD ($) | May 04, 2019USD ($) | Feb. 02, 2019USD ($) |
Line of Credit Facility [Line Items] | ||||
Maturity date | Feb. 5, 2021 | |||
Secured Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity under revolving credit facility | $ 35,000,000 | $ 100,000,000 | ||
Maturity date | Dec. 7, 2021 | |||
Minimum quick ratio under covenant terms of credit agreement | 1.25 | |||
Outstanding borrowings under revolving lines of credit | $ 0 | $ 0 | ||
Secured Revolving Credit Facility [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] | ||||
Line of Credit Facility [Line Items] | ||||
Minimum required covenant amount of net income after taxes | 5,000,000 | |||
Secured Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letter of credit outstanding amount | $ 17,500,000 | |||
Secured Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit expiration term | 365 days | |||
Secured Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity under revolving credit facility | $ 10,000,000 | |||
Letter of credit outstanding amount | $ 10,000,000 | |||
Commercial letters of credit outstanding | $ 0 | $ 0 | ||
Secured Revolving Credit Facility [Member] | Commercial Letters of Credit [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit expiration term | 120 days |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 107,364 | $ 112,912 | |
Other long-term assets | 8,442 | $ 5,086 | 7,180 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 27,410 | 27,490 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 16,735 | 3,689 | |
Other long-term assets | 5,681 | 1,404 | |
Level 1 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 4,994 | 22,397 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 107,364 | 112,912 | |
Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 54,848 | 55,212 | |
Level 2 [Member] | U.S. Treasury and Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 4,359 | ||
Level 2 [Member] | Treasury and Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 4,328 | ||
Level 2 [Member] | State and Local Government Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 46,217 | 51,432 | |
Level 2 [Member] | Variable-rate Demand Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 1,940 | $ 1,940 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 04, 2019 | Dec. 31, 2018 | |
Equity Class Of Treasury Stock [Line Items] | ||
Shares repurchased during period | 0 | |
Maximum [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Shares authorized to purchase under stock repurchase program, value | $ 75,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (9,224) | $ 35 |
Other comprehensive loss, net | (3,051) | (4,943) |
Ending Balance | (12,275) | (4,908) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (9,270) | 109 |
Other comprehensive loss, net | (3,035) | (4,875) |
Ending Balance | (12,305) | (4,766) |
Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 46 | (74) |
Other comprehensive loss, net | (16) | (68) |
Ending Balance | $ 30 | $ (142) |
Equity Awards - Summary of Tota
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,693 | $ 1,642 |
Cost of Goods Sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 345 | 308 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,348 | $ 1,334 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
May 04, 2019 | Feb. 02, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units | $ 11.8 | |
Weighted-average remaining recognition period related to unvested stock options, restricted stock awards and restricted stock units | 1 year 4 months 24 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding | 0.4 | 0.3 |
Weighted average exercise price | $ 23.38 | $ 23.06 |
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 | 3 Months Ended |
May 04, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards/Units, Beginning Balance | shares | 544 |
Restricted Stock Awards/Units, Granted | shares | 209 |
Restricted Stock Awards/Units, Vested | shares | (176) |
Restricted Stock Awards/Units, Forfeited | shares | (8) |
Restricted Stock Awards/Units, Ending Balance | shares | 569 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $ / shares | $ 21.63 |
Grant Date Weighted-Average Fair Value, Granted | $ / shares | 24.54 |
Grant Date Weighted-Average Fair Value, Vested | $ / shares | 21.71 |
Grant Date Weighted-Average Fair Value, Forfeited | $ / shares | 21.74 |
Grant Date Weighted-Average Fair Value, Ending Balance | $ / shares | $ 22.67 |
Intrinsic Value, Ending Balance | $ | $ 15,325 |
Earnings (Loss) per Share, Ba_3
Earnings (Loss) per Share, Basic and Diluted - Computation of Basic and Diluted Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 793 | $ (2,607) |
Weighted average common shares for basic earnings (loss) per share: | 25,090 | 24,831 |
Dilutive effect of stock options and restricted stock | 261 | |
Weighted average common shares for diluted earnings (loss) per share: | 25,351 | 24,831 |
Basic earnings (loss) per share | $ 0.03 | $ (0.10) |
Diluted earnings (loss) per share | $ 0.03 | $ (0.10) |
Earnings (Loss) per Share, Ba_4
Earnings (Loss) per Share, Basic and Diluted - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Earnings Per Share [Abstract] | ||
Total anti-dilutive common shares related to stock-based awards not included in the calculation of diluted earnings per share | 0.1 | 0.5 |