Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 01, 2021 | Jun. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 1, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZUMZ | |
Entity Registrant Name | ZUMIEZ INC | |
Entity Central Index Key | 0001318008 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,781,021 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-51300 | |
Entity Tax Identification Number | 91-1040022 | |
Entity Incorporation, State or Country Code | WA | |
Entity Address, Address Line One | 4001 204th Street SW | |
Entity Address, City or Town | Lynnwood | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98036 | |
City Area Code | 425 | |
Local Phone Number | 551-1500 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 81,503 | $ 73,622 |
Marketable securities | 318,888 | 301,920 |
Receivables | 20,481 | 16,558 |
Inventories | 136,498 | 134,354 |
Prepaid expenses and other current assets | 9,481 | 8,823 |
Total current assets | 566,851 | 535,277 |
Fixed assets, net | 96,004 | 98,352 |
Operating lease right-of-use assets | 259,790 | 267,152 |
Goodwill | 61,307 | 61,470 |
Intangible assets, net | 15,996 | 16,029 |
Deferred tax assets, net | 6,168 | 9,927 |
Other long-term assets | 11,688 | 10,157 |
Total long-term assets | 450,953 | 463,087 |
Total assets | 1,017,804 | 998,364 |
Current liabilities | ||
Trade accounts payable | 75,610 | 69,751 |
Accrued payroll and payroll taxes | 24,784 | 27,911 |
Income taxes payable | 3,698 | 6,317 |
Operating lease liabilities | 67,433 | 66,993 |
Other liabilities | 21,721 | 24,480 |
Total current liabilities | 193,246 | 195,452 |
Long-term operating lease liabilities | 238,553 | 246,123 |
Other long-term liabilities | 4,224 | 4,193 |
Total long-term liabilities | 242,777 | 250,316 |
Total liabilities | 436,023 | 445,768 |
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; 25,780 shares issued and outstanding at May 1, 2021 and 25,599 shares issued and outstanding at January 30, 2021 | 174,921 | 171,628 |
Accumulated other comprehensive income | 446 | 939 |
Retained earnings | 406,414 | 380,029 |
Total shareholders’ equity | 581,781 | 552,596 |
Total liabilities and shareholders’ equity | $ 1,017,804 | $ 998,364 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 01, 2021 | Jan. 30, 2021 |
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 | 25,780,000 | 25,599,000 |
Common stock, shares outstanding | 25,780,000 | 25,599,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 279,069 | $ 137,772 |
Cost of goods sold | 175,900 | 114,036 |
Gross profit | 103,169 | 23,736 |
Selling, general and administrative expenses | 68,889 | 51,584 |
Operating profit (loss) | 34,280 | (27,848) |
Interest income, net | 975 | 1,074 |
Other income, net | 254 | 106 |
Earnings (loss) before income taxes | 35,509 | (26,668) |
Provision for (benefit from) income taxes | 9,124 | (5,567) |
Net income (loss) | $ 26,385 | $ (21,101) |
Basic earnings (loss) per share | $ 1.05 | $ (0.84) |
Diluted earnings (loss) per share | $ 1.03 | $ (0.84) |
Weighted average shares used in computation of earnings (loss) per share: | ||
Basic | 25,167 | 25,040 |
Diluted | 25,676 | 25,040 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 26,385 | $ (21,101) |
Other comprehensive income (loss), net of tax and reclassification adjustments: | ||
Foreign currency translation | 268 | (1,961) |
Net change in unrealized loss on available-for-sale debt securities | (761) | (344) |
Other comprehensive loss, net | (493) | (2,305) |
Comprehensive income (loss) | $ 25,892 | $ (23,406) |
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. 01, 2020 | $ 466,086 | $ 161,458 | $ (12,591) | $ 317,219 |
Beginning Balance, shares at Feb. 01, 2020 | 25,828 | |||
Net income (loss) | (21,101) | (21,101) | ||
Other comprehensive loss, net | (2,305) | (2,305) | ||
Issuance and exercise of stock-based awards | 335 | $ 335 | ||
Issuance and exercise of stock-based awards, shares | 297 | |||
Stock-based compensation expense | 1,556 | $ 1,556 | ||
Repurchase of common stock | (13,417) | (13,417) | ||
Repurchase of common stock, shares | (694) | |||
Ending Balance at May. 02, 2020 | 431,154 | $ 163,349 | (14,896) | 282,701 |
Ending Balance, shares at May. 02, 2020 | 25,431 | |||
Beginning Balance at Jan. 30, 2021 | $ 552,596 | $ 171,628 | 939 | 380,029 |
Beginning Balance, shares at Jan. 30, 2021 | 25,599 | 25,599 | ||
Net income (loss) | $ 26,385 | 26,385 | ||
Other comprehensive loss, net | (493) | (493) | ||
Issuance and exercise of stock-based awards | 1,553 | $ 1,553 | ||
Issuance and exercise of stock-based awards, shares | 181 | |||
Stock-based compensation expense | 1,740 | $ 1,740 | ||
Ending Balance at May. 01, 2021 | $ 581,781 | $ 174,921 | $ 446 | $ 406,414 |
Ending Balance, shares at May. 01, 2021 | 25,780 | 25,780 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
May 01, 2021 | May 01, 2021 | May 02, 2020 | May 02, 2020 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 26,385 | $ (21,101) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation, amortization and accretion | 5,889 | 6,096 | ||
Noncash lease expense | 15,968 | 14,996 | ||
Deferred taxes | 4,063 | (4,856) | ||
Stock-based compensation expense | 1,740 | 1,556 | ||
Impairment of long-lived assets | 2,079 | 1,514 | ||
Other | (246) | (173) | ||
Changes in operating assets and liabilities: | ||||
Receivables | (2,019) | 1,918 | ||
Inventories | (1,813) | (2,031) | ||
Prepaid expenses and other assets | (2,098) | 4,354 | ||
Trade accounts payable | 5,796 | 1,074 | ||
Accrued payroll and payroll taxes | (3,141) | (10,423) | ||
Income taxes payable | (3,690) | (1,078) | ||
Operating lease liabilities | $ (18,776) | (18,776) | $ (6,948) | (6,948) |
Other liabilities | (3,212) | (2,440) | ||
Net cash provided by (used in) operating activities | 26,925 | (17,542) | ||
Cash flows from investing activities: | ||||
Additions to fixed assets | (2,825) | (2,504) | ||
Purchases of marketable securities and other investments | (60,692) | (9,106) | ||
Sales and maturities of marketable securities and other investments | 42,249 | 54,344 | ||
Net cash (used in) provided by investing activities | (21,268) | 42,734 | ||
Cash flows from financing activities: | ||||
Proceeds from issuance and exercise of stock-based awards | 2,039 | 428 | ||
Payments for tax withholdings on equity awards | (486) | (93) | ||
Common stock repurchased | (13,417) | |||
Net cash provided by (used in) financing activities | 1,553 | (13,082) | ||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 766 | (853) | ||
Net increase in cash, cash equivalents, and restricted cash | 7,976 | 11,257 | ||
Cash, cash equivalents, and restricted cash, beginning of period | 80,690 | 58,991 | ||
Cash, cash equivalents, and restricted cash, end of period | $ 88,666 | 88,666 | $ 70,248 | 70,248 |
Supplemental disclosure on cash flow information: | ||||
Cash paid during the period for income taxes | 8,738 | 343 | ||
Accrual for purchases of fixed assets | $ 553 | $ 1,976 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business— Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. We operate under the names Zumiez, Blue Tomato and Fast Times. We operate ecommerce websites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au. At May 1, 2021, we operated 722 stores; 601 in the United States (“U.S.”), 52 in Canada, 54 in Europe, and 15 in Australia COVID-19— In December 2019, a novel strain of coronavirus (“COVID-19”) was first identified, and in March 2020, the World Health Organization categorized COVID-19 as a pandemic. In March 2020, we experienced global store closures as a result of the COVID-19 pandemic that extended for a significant portion of March and April. We began gradually re-opening retail stores near the end of the first quarter and into the second quarter of fiscal 2020, with the majority of our stores open through the third and fourth quarter of fiscal 2020 . Due to the COVID-19 pandemic, during the three months ended May 2, 2020, our stores were, open on an aggregate basis, approximately 50.2% of the possible days across the global business, compared to 93.4% for the three months ended May 1, 2021. In certain regions, COVID-19 related closures have continued into 2021 where we have seen the majority of our closures in Europe and Eastern Canada. Throughout the COVID-19 pandemic, we have seen an increased demand in ecommerce sales in markets with store closures. Changes in our operations due to COVID-19 resulted in material fluctuations to our results of operations during the three months ended May 2, 2020 and throughout fiscal 2020 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 1, 2021 and May 2, 2020 were 13-week periods. Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2021 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2021, 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. Restricted Cash— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): May 1, 2021 January 30, 2021 Cash and cash equivalents $ 81,503 $ 73,622 Restricted cash included in other long-term assets 7,163 7,068 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 88,666 $ 80,690 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. Recent Accounting Standards— We review recent account pronouncements on a quarterly basis and have excluded discussion of those that are not applicable and those that we determined did not have, or are not expected to have, a material impact on the condensed consolidated financial statements. |
Revenue
Revenue | 3 Months Ended |
May 01, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 2. Revenue The following table disaggregates net sales by geographic region (in thousands): Three Months Ended May 1, 2021 May 2, 2020 United States $ 238,788 $ 110,364 Canada 9,874 6,173 Europe 26,256 19,600 Australia 4,151 1,635 Net sales $ 279,069 $ 137,772 Net sales for the three months ended May 1, 2021 included a $3.9 million increase due to the change in foreign exchange rates, which consisted of $2.3 million in Europe, $0.9 million in Canada and $0.7 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 $3.9 million at May 1, 2021 and $4.8 million at January 30, 2021, respectively. Deferred revenue related to our STASH loyalty program was $0.8 million at May 1, 2021 and $0.7 million at January 30, 2021, respectively. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 41,286 $ — $ — $ 41,286 Money market funds 23,124 — — 23,124 Corporate debt securities 17,093 — — 17,093 Total cash and cash equivalents 81,503 — — 81,503 Marketable securities: U.S. treasury and government agency securities 63,099 303 (248 ) 63,154 Corporate debt securities 229,317 1,849 (130 ) 231,036 State and local government securities 24,355 346 (3 ) 24,698 Total marketable securities $ 316,771 $ 2,498 $ (381 ) $ 318,888 January 30, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 43,407 $ — $ — $ 43,407 Money market funds 19,267 — — 19,267 Corporate debt securities 10,948 — — 10,948 Total cash and cash equivalents 73,622 — — 73,622 Marketable securities: U.S. treasury and government agency securities 53,856 478 (24 ) 54,310 Corporate debt securities 220,558 2,352 (38 ) 222,872 State and local government securities 24,363 375 — 24,738 Total marketable securities $ 298,777 $ 3,205 $ (62 ) $ 301,920 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 1, 2021 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: U.S. treasury and government agency securities $ 39,187 $ (248 ) $ — $ — $ 39,187 $ (248 ) Corporate debt securities 75,698 (130 ) — — 75,698 (130 ) State and local government securities 3,147 (3 ) — — 3,147 (3 ) Total marketable securities $ 118,032 $ (381 ) $ — $ — $ 118,032 $ (381 ) January 30, 2021 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: U.S. treasury and government agency securities $ 3,653 $ (24 ) $ — $ — $ 3,653 $ (24 ) Corporate debt securities 36,068 (38 ) — — 36,068 (38 ) Total marketable securities $ 39,721 $ (62 ) $ — $ — $ 39,721 $ (62 ) |
Leases
Leases | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases At May 1, 2021, 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. The following table presents components of lease expense (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Operating lease expense $ 18,086 $ 17,953 Variable lease expense 1,956 676 Total lease expense (1) $ 20,042 $ 18,629 (1) Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components. Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (18,776 ) $ (6,948 ) Right-of-use assets obtained in exchange for new operating lease liabilities 10,600 2,214 Weighted-average remaining lease term and discount rate were as follows: May 1, 2021 May 2, 2020 Weighted-average remaining lease term 5.2 5.7 Weighted-average discount rate 2.9 % 3.3 % At May 1, 2021, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2021 $ 56,811 Fiscal 2022 72,463 Fiscal 2023 59,898 Fiscal 2025 50,704 Fiscal 2025 36,180 Thereafter 52,788 Total minimum lease payments 328,844 Less: interest (22,858 ) Present value of lease obligations 305,986 Less: current portion (67,433 ) Long-term lease obligations (1) $ 238,553 (1) Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components. At May 1, 2021, we have excluded from the table above $0.8 million of operating leases that were contractually executed, but had not yet commenced. These operating leases are expected to commence in fiscal 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 01, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Purchase Commitments— At May 1, 2021, we had outstanding purchase orders to acquire merchandise from vendors of $275.1 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. , was filed against us in the Eastern District Count of California, Sacramento Division under case number 2:16-cv-01802-SB in August 2016. Alexandra Bernal filed the initial complaint and then in October 2016 added Alexia Herrera as a named plaintiff and Alexandra Bernal left the case. The putative class action lawsuit against us alleges, among other things, various violations of California’s wage and hour laws, including alleged violations of failure to pay reporting time. In May 2017 we moved for judgment on the pleadings in that plaintiff’s cause of action for reporting-time pay should fail as a matter of law as the plaintiff and the other putative class members did not “report for work” with respect to certain shifts on which the plaintiff’s claims are based. In August 2017, the court denied the motion. However, in October 2017 the district court certified the order denying the motion for judgment on the pleadings for immediate interlocutory review by the United States Court of Appeals for the Ninth Circuit. We then filed a petition for permission to appeal the order denying the motion for judgment on the pleadings with the United States Court of Appeals for the Ninth Circuit, which petition was then granted in January 2018. Our opening appellate brief was filed on June 6, 2018 and the plaintiff’s answering appellate brief was filed August 6, 2018. Our reply brief to the Plaintiff’s answering appellate brief was filed on September 26, 2018 and oral arguments w ere completed on February 4, 2019. On May 20, 2019, the United States Court of Appeals for the Ninth Circuit granted our motion for leave to file a supplemental brief addressing new authority. On June 10, 2019, the plaintiff’s supplemental answering brief was filed with the United States Court of Appeals for the Ninth Circuit. We then filed our supplemental reply brief to the plaintiff’s supplemental answering brief with the United States Court of Appeals for the Ninth Circuit on June 24, 2019. On March 19, 2020 the United States Court of Appeals for the Ninth Circuit published its opinion (i) affirming the District Court’s denial of judgment on the pleadings on plaintiff’s reporting time pay and minimum wage claims, (ii) reversing the District Court’s denial of judgment on the pleadings on plaintiff’s expense reimbursement claim and (iii) refusing to certify the reporting time pay question to the California Supreme Court. On April 2, 2020 we filed a petition for rehearing en banc to certify the reporting time pay question to the California Supreme Court and on April 27, 2020 plaintiff filed a response to our petition for rehearing en banc. We in turn filed a reply in support of our petition for rehearing en banc on May 1, 2020. On May 14, 2020, the United States Court of Appeals for the Ninth Circuit denied our petition for rehearing en banc. The case was remanded to the Eastern District of California, Sacramento for further proceedings. The parties have scheduled a mediation with a private mediator on June 23, 2021. A status conference is scheduled with the court on July 22, 2021. Given the current status of this case, we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount, or range, of reasonably possible loss. We have defended this case vigorously and will continue to do so if mediation is unsuccessful . 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 1, 2021 and January 30, 2021 was $2.1 million and $1.8 million. |
Revolving Credit Facilities and
Revolving Credit Facilities and Debt | 3 Months Ended |
May 01, 2021 | |
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 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 us 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 1, 2021 or January 30, 2021. We no open commercial letters of credit outstanding at May 1, 2021 or January 30, 2021. Additionally, we maintain a credit facility with UBS Switzerland AG of up to 15.0 million Euro ($18.0 million), which may be used to guarantee payment of letters of credit. Either party has a right to terminate this credit agreement at any time with immediate effect. The credit facility bears interest at 1.25%. There were no borrowings outstanding under this secured credit facility at May 1, 2021 or January 30, 2021. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 23,124 $ — $ — Corporate debt securities — 17,093 — Marketable securities: U.S. treasury and government agency securities — 63,154 — Corporate debt securities — 231,036 — State and local government securities — 24,698 — Other long-term assets: Money market funds 7,163 — — Total $ 30,287 $ 335,981 $ — January 30, 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 19,267 $ — $ — Corporate debt securities — 10,948 — Marketable securities: U.S. treasury and government agency securities — 54,310 — Corporate debt securities — 222,872 — State and local government securities — 24,738 — Other long-term assets: Money market funds 7,068 — — Total $ 26,335 $ 312,868 $ — The Level 2 marketable securities include U.S treasury and government agency securities, corporate debt securities, state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as fixed assets, operating lease right-of-use-assets, goodwill, other intangible assets and other assets. These assets are measured at fair value if determined to be impaired. During the three months ended May 1, 2021, we recognized impairment losses of $2.1 million related to operating lease right-of-use assets and no impairment losses related to fixed assets. During the three months ended May 2, 2020, we recognized impairment losses of $1.2 million related to operating lease right-of-use assets and $0.3 million related to fixed assets. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Share Repurchase— In December 2020, our Board of Directors approved the repurchase of up to an aggregate of $100 million of common stock. Repurchases may be made from time to time on the open market at prevailing market prices. This program is expected to continue through January 29, 2022, unless the time period is extended or shortened by the Board of Directors. This repurchase program supersedes all previously approved and authorized share repurchase programs. As of May 1, 2021, no purchases have been made under the current share repurchase program. Accumulated Other Comprehensive Income (Loss)— The components of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income (loss) are as follows (in thousands): Foreign translation adjustments Net unrealized gain/loss on available-for- sale debt securities Accumulated other comprehensive income (loss) Three months ended May 1, 2021: Balance at January 31, 2021 $ (1,407 ) $ 2,346 $ 939 Other comprehensive loss, net (1) 268 (761 ) (493 ) Balance at May 1, 2021 $ (1,139 ) $ 1,585 $ 446 Three months ended May 2, 2020: Balance at February 1, 2020 $ (13,696 ) $ 1,105 $ (12,591 ) Other comprehensive loss, net (1) (1,961 ) (344 ) (2,305 ) Balance at May 2, 2020 $ (15,657 ) $ 761 $ (14,896 ) (1) Other comprehensive income (loss) is net of immaterial taxes for the three months ended May 1, 2021 and May 2, 2020 for net unrealized gains 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 01, 2021 | |
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 statements of operations as follows (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Cost of goods sold $ 371 $ 319 Selling, general and administrative expenses 1,369 1,237 Total stock-based compensation expense $ 1,740 $ 1,556 At May 1, 2021, there was $12.7 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 January 30, 2021 600 $ 21.41 Granted 127 $ 45.29 Vested (207 ) $ 20.97 Forfeited (18 ) $ 21.62 Outstanding at May 1, 2021 502 $ 27.64 $ 21,561 We had 0.3 million stock options outstanding at May 1, 2021 with a weighted average exercise price of $26.10 and 0.3 million stock options outstanding at January 30, 2021 with a weighted average exercise price of $22.08. |
Earnings per Share, Basic and D
Earnings per Share, Basic and Diluted | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share, Basic and Diluted | 10. Earnings per Share, Basic and Diluted The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended May 1, 2021 May 2, 2020 Net income (loss) $ 26,385 $ (21,101 ) Weighted average common shares for basic earnings (loss) per share: 25,167 25,040 Dilutive effect of stock options and restricted stock 509 — Weighted average common shares for diluted earnings (loss) per share: 25,676 25,040 Basic earnings (loss) per share $ 1.05 $ (0.84 ) Diluted earnings (loss) per share $ 1.03 $ (0.84 ) There were 0.1 million anti-dilutive common shares related to stock-based awards for the three months ended May 1, 2021 and no anti-dilutive common shares related to stock-based awards for the three months ended May 2, 2020. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 and May 2, 2020 were 13-week periods. |
Basis of Presentation | Basis of Presentation— The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2021 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2021, 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. |
Restricted Cash | Restricted Cash— Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash in other long-term assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows (in thousands): May 1, 2021 January 30, 2021 Cash and cash equivalents $ 81,503 $ 73,622 Restricted cash included in other long-term assets 7,163 7,068 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 88,666 $ 80,690 Restricted cash included in other long-term assets represents amounts held as insurance collateral and collateral for bank guarantees on certain store operating leases. |
Recent Accounting Standards | Recent Accounting Standards— We review recent account pronouncements on a quarterly basis and have excluded discussion of those that are not applicable and those that we determined did not have, or are not expected to have, a material impact on the condensed consolidated financial statements. |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Tables) | 3 Months Ended |
May 01, 2021 | |
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): May 1, 2021 January 30, 2021 Cash and cash equivalents $ 81,503 $ 73,622 Restricted cash included in other long-term assets 7,163 7,068 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 88,666 $ 80,690 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 May 2, 2020 United States $ 238,788 $ 110,364 Canada 9,874 6,173 Europe 26,256 19,600 Australia 4,151 1,635 Net sales $ 279,069 $ 137,772 |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 41,286 $ — $ — $ 41,286 Money market funds 23,124 — — 23,124 Corporate debt securities 17,093 — — 17,093 Total cash and cash equivalents 81,503 — — 81,503 Marketable securities: U.S. treasury and government agency securities 63,099 303 (248 ) 63,154 Corporate debt securities 229,317 1,849 (130 ) 231,036 State and local government securities 24,355 346 (3 ) 24,698 Total marketable securities $ 316,771 $ 2,498 $ (381 ) $ 318,888 January 30, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Cash and cash equivalents: Cash $ 43,407 $ — $ — $ 43,407 Money market funds 19,267 — — 19,267 Corporate debt securities 10,948 — — 10,948 Total cash and cash equivalents 73,622 — — 73,622 Marketable securities: U.S. treasury and government agency securities 53,856 478 (24 ) 54,310 Corporate debt securities 220,558 2,352 (38 ) 222,872 State and local government securities 24,363 375 — 24,738 Total marketable securities $ 298,777 $ 3,205 $ (62 ) $ 301,920 |
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 1, 2021 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: U.S. treasury and government agency securities $ 39,187 $ (248 ) $ — $ — $ 39,187 $ (248 ) Corporate debt securities 75,698 (130 ) — — 75,698 (130 ) State and local government securities 3,147 (3 ) — — 3,147 (3 ) Total marketable securities $ 118,032 $ (381 ) $ — $ — $ 118,032 $ (381 ) January 30, 2021 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Marketable securities: U.S. treasury and government agency securities $ 3,653 $ (24 ) $ — $ — $ 3,653 $ (24 ) Corporate debt securities 36,068 (38 ) — — 36,068 (38 ) Total marketable securities $ 39,721 $ (62 ) $ — $ — $ 39,721 $ (62 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 01, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents components of lease expense (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Operating lease expense $ 18,086 $ 17,953 Variable lease expense 1,956 676 Total lease expense (1) $ 20,042 $ 18,629 (1) Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components. |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (18,776 ) $ (6,948 ) Right-of-use assets obtained in exchange for new operating lease liabilities 10,600 2,214 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | Weighted-average remaining lease term and discount rate were as follows: May 1, 2021 May 2, 2020 Weighted-average remaining lease term 5.2 5.7 Weighted-average discount rate 2.9 % 3.3 % |
Schedule of Maturities of Operating Leases Liabilities | At May 1, 2021, the maturities of our operating leases liabilities are as follows (in thousands): Fiscal 2021 $ 56,811 Fiscal 2022 72,463 Fiscal 2023 59,898 Fiscal 2025 50,704 Fiscal 2025 36,180 Thereafter 52,788 Total minimum lease payments 328,844 Less: interest (22,858 ) Present value of lease obligations 305,986 Less: current portion (67,433 ) Long-term lease obligations (1) $ 238,553 (1) Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 01, 2021 | |
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 1, 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 23,124 $ — $ — Corporate debt securities — 17,093 — Marketable securities: U.S. treasury and government agency securities — 63,154 — Corporate debt securities — 231,036 — State and local government securities — 24,698 — Other long-term assets: Money market funds 7,163 — — Total $ 30,287 $ 335,981 $ — January 30, 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 19,267 $ — $ — Corporate debt securities — 10,948 — Marketable securities: U.S. treasury and government agency securities — 54,310 — Corporate debt securities — 222,872 — State and local government securities — 24,738 — Other long-term assets: Money market funds 7,068 — — Total $ 26,335 $ 312,868 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
May 01, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) and the adjustments to other comprehensive income (loss) for amounts reclassified from accumulated other comprehensive income (loss) into net income (loss) are as follows (in thousands): Foreign translation adjustments Net unrealized gain/loss on available-for- sale debt securities Accumulated other comprehensive income (loss) Three months ended May 1, 2021: Balance at January 31, 2021 $ (1,407 ) $ 2,346 $ 939 Other comprehensive loss, net (1) 268 (761 ) (493 ) Balance at May 1, 2021 $ (1,139 ) $ 1,585 $ 446 Three months ended May 2, 2020: Balance at February 1, 2020 $ (13,696 ) $ 1,105 $ (12,591 ) Other comprehensive loss, net (1) (1,961 ) (344 ) (2,305 ) Balance at May 2, 2020 $ (15,657 ) $ 761 $ (14,896 ) (1) Other comprehensive income (loss) is net of immaterial taxes for the three months ended May 1, 2021 and May 2, 2020 for net unrealized gains 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 01, 2021 | |
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 statements of operations as follows (in thousands): Three Months Ended May 1, 2021 May 2, 2020 Cost of goods sold $ 371 $ 319 Selling, general and administrative expenses 1,369 1,237 Total stock-based compensation expense $ 1,740 $ 1,556 |
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 30, 2021 600 $ 21.41 Granted 127 $ 45.29 Vested (207 ) $ 20.97 Forfeited (18 ) $ 21.62 Outstanding at May 1, 2021 502 $ 27.64 $ 21,561 |
Earnings per Share, Basic and_2
Earnings per Share, Basic and Diluted (Tables) | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended May 1, 2021 May 2, 2020 Net income (loss) $ 26,385 $ (21,101 ) Weighted average common shares for basic earnings (loss) per share: 25,167 25,040 Dilutive effect of stock options and restricted stock 509 — Weighted average common shares for diluted earnings (loss) per share: 25,676 25,040 Basic earnings (loss) per share $ 1.05 $ (0.84 ) Diluted earnings (loss) per share $ 1.03 $ (0.84 ) |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation - Additional Information (Detail) - Store | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 722 | |
COVID - 19 [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Percentage of days open out of possible days | 93.40% | 50.20% |
United States [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 601 | |
Canada [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 52 | |
Europe [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 54 | |
Australia [Member] | ||
Nature Of Business And Basis Of Presentation [Line Items] | ||
Operated stores | 15 |
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 01, 2021 | Jan. 30, 2021 |
Restricted Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 81,503 | $ 73,622 |
Restricted cash included in other long-term assets | 7,163 | 7,068 |
Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows | $ 88,666 | $ 80,690 |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Sales by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 279,069 | $ 137,772 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 238,788 | 110,364 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 9,874 | 6,173 |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 26,256 | 19,600 |
Australia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 4,151 | $ 1,635 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | Jan. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Increase in net sales due to change in foreign exchange rates | $ 3.9 | |
Gift Cards [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Current liability for gift cards | 3.9 | $ 4.8 |
STASH Loyalty Program [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Current liability for gift cards | 0.8 | $ 0.7 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Increase in net sales due to change in foreign exchange rates | 0.9 | |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Increase in net sales due to change in foreign exchange rates | 2.3 | |
Australia [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Increase in net sales due to change in foreign exchange rates | $ 0.7 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Feb. 01, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | $ 81,503 | $ 73,622 | ||
Estimated Fair Value, Cash and cash equivalents | $ 81,503 | $ 73,622 | ||
Amortized Cost, Marketable securities | 316,771 | 298,777 | ||
Gross Unrealized Holding Gains, Marketable securities | 2,498 | 3,205 | ||
Gross Unrealized Holding Losses, Marketable securities | (381) | (62) | ||
Estimated Fair Value, Marketable securities | 318,888 | 301,920 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 41,286 | 43,407 | ||
Estimated Fair Value, Cash and cash equivalents | 41,286 | 43,407 | ||
Money Market Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 23,124 | 19,267 | ||
Estimated Fair Value, Cash and cash equivalents | 23,124 | 19,267 | ||
U.S. Treasury and Government Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 63,099 | 53,856 | ||
Gross Unrealized Holding Gains, Marketable securities | 303 | 478 | ||
Gross Unrealized Holding Losses, Marketable securities | (248) | (24) | ||
Estimated Fair Value, Marketable securities | 63,154 | 54,310 | ||
Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Cash and cash equivalents | 17,093 | 10,948 | ||
Estimated Fair Value, Cash and cash equivalents | $ 17,093 | 10,948 | ||
Amortized Cost, Marketable securities | 229,317 | 220,558 | ||
Gross Unrealized Holding Gains, Marketable securities | 1,849 | 2,352 | ||
Gross Unrealized Holding Losses, Marketable securities | (130) | (38) | ||
Estimated Fair Value, Marketable securities | 231,036 | 222,872 | ||
State and Local Government Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost, Marketable securities | 24,355 | 24,363 | ||
Gross Unrealized Holding Gains, Marketable securities | 346 | $ 375 | ||
Gross Unrealized Holding Losses, Marketable securities | (3) | |||
Estimated Fair Value, Marketable securities | $ 24,698 | $ 24,738 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) | 3 Months Ended |
May 01, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Effective maturity period | 5 years |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | $ 118,032 | $ 39,721 |
Marketable securities, Fair Value, Total | 118,032 | 39,721 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (381) | (62) |
Marketable securities, Unrealized Losses, Total | (381) | (62) |
U.S. Treasury and Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 39,187 | 3,653 |
Marketable securities, Fair Value, Total | 39,187 | 3,653 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (248) | (24) |
Marketable securities, Unrealized Losses, Total | (248) | (24) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 75,698 | 36,068 |
Marketable securities, Fair Value, Total | 75,698 | 36,068 |
Marketable securities, Unrealized Losses, Less Than 12 Months | (130) | (38) |
Marketable securities, Unrealized Losses, Total | (130) | $ (38) |
State and Local Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Fair Value, Less Than 12 Months | 3,147 | |
Marketable securities, Fair Value, Total | 3,147 | |
Marketable securities, Unrealized Losses, Less Than 12 Months | (3) | |
Marketable securities, Unrealized Losses, Total | $ (3) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Lessee Lease Description [Line Items] | |
Operating leases contractually executed but not yet commenced | $ 0.8 |
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) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Lease Cost [Abstract] | ||
Operating lease expense | $ 18,086 | $ 17,953 |
Variable lease expense | 1,956 | 676 |
Total lease expense | $ 20,042 | $ 18,629 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
May 01, 2021 | May 01, 2021 | May 02, 2020 | May 02, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ (18,776) | $ (18,776) | $ (6,948) | $ (6,948) |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 10,600 | $ 2,214 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Detail) | May 01, 2021 | May 02, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 5 years 2 months 12 days | 5 years 8 months 12 days |
Weighted-average discount rate | 2.90% | 3.30% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Leases Liabilities (Detail) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2021 | $ 56,811 | |
Fiscal 2022 | 72,463 | |
Fiscal 2023 | 59,898 | |
Fiscal 2025 | 50,704 | |
Fiscal 2025 | 36,180 | |
Thereafter | 52,788 | |
Total minimum lease payments | 328,844 | |
Less: interest | (22,858) | |
Present value of lease obligations | 305,986 | |
Less: current portion | (67,433) | $ (66,993) |
Long-term lease obligations | $ 238,553 | $ 246,123 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | May 01, 2021 | Jan. 30, 2021 |
Commitments And Contingencies Disclosure [Abstract] | ||
Outstanding purchase orders | $ 275.1 | |
Self-insurance reserve | $ 2.1 | $ 1.8 |
Revolving Credit Facility and D
Revolving Credit Facility and Debt - Additional Information (Detail) - Secured Revolving Credit Facility [Member] | Dec. 07, 2018USD ($) | May 01, 2021USD ($) | Oct. 31, 2020USD ($) | May 01, 2021EUR (€) | Jan. 30, 2021USD ($) |
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity under revolving credit facility | $ 35,000,000 | ||||
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 | |||
UBS Switzerland AG [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity under revolving credit facility | $ 18,000,000 | € 15,000,000 | |||
Basis spread on variable rate | 1.25% | ||||
Letters of credit outstanding | $ 0 | 0 | |||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Minimum required covenant amount of net income after taxes | $ 5,000,000 | ||||
Standby Letters of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit outstanding amount | $ 17,500,000 | ||||
Standby Letters of Credit [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit expiration term | 365 days | ||||
Commercial Letters of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letter of credit outstanding amount | $ 10,000,000 | ||||
Letters of credit outstanding | $ 0 | $ 0 | |||
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 01, 2021 | Jan. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 318,888 | $ 301,920 |
Other long-term assets | 11,688 | 10,157 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 30,287 | 26,335 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 23,124 | 19,267 |
Other long-term assets | 7,163 | 7,068 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 335,981 | 312,868 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 17,093 | 10,948 |
Marketable securities | 231,036 | 222,872 |
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 | 63,154 | 54,310 |
Level 2 [Member] | State and Local Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 24,698 | $ 24,738 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Fair Value Disclosures [Abstract] | ||
Impairment charges for operating lease right-of-use assets | $ 2,100,000 | $ 1,200,000 |
Asset impairment charges | $ 0 | $ 300,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May 01, 2021 | Dec. 31, 2020 |
Equity Class Of Treasury Stock [Line Items] | ||
Number of shares repurchased | 0 | |
Maximum [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Shares approved to purchase under stock repurchase program, value | $ 100,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 939 | $ (12,591) |
Other comprehensive loss, net | (493) | (2,305) |
Ending Balance | 446 | (14,896) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1,407) | (13,696) |
Other comprehensive loss, net | 268 | (1,961) |
Ending Balance | (1,139) | (15,657) |
Net Unrealized Gains /Loss on Available-for-Sale Debt Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 2,346 | 1,105 |
Other comprehensive loss, net | (761) | (344) |
Ending Balance | $ 1,585 | $ 761 |
Equity Awards - Summary of Tota
Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,740 | $ 1,556 |
Cost of Goods Sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 371 | 319 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,369 | $ 1,237 |
Equity Awards - Additional Info
Equity Awards - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
May 01, 2021 | Jan. 30, 2021 | |
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 | $ 12.7 | |
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 | 0.3 | 0.3 |
Weighted average exercise price | $ 26.10 | $ 22.08 |
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 01, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards/Units, Beginning Balance | shares | 600 |
Restricted Stock Awards/Units, Granted | shares | 127 |
Restricted Stock Awards/Units, Vested | shares | (207) |
Restricted Stock Awards/Units, Forfeited | shares | (18) |
Restricted Stock Awards/Units, Ending Balance | shares | 502 |
Grant Date Weighted-Average Fair Value, Beginning Balance | $ / shares | $ 21.41 |
Grant Date Weighted-Average Fair Value, Granted | $ / shares | 45.29 |
Grant Date Weighted-Average Fair Value, Vested | $ / shares | 20.97 |
Grant Date Weighted-Average Fair Value, Forfeited | $ / shares | 21.62 |
Grant Date Weighted-Average Fair Value, Ending Balance | $ / shares | $ 27.64 |
Intrinsic Value, Ending Balance | $ | $ 21,561 |
Earnings per Share, Basic and_3
Earnings per Share, Basic and Diluted - Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 26,385 | $ (21,101) |
Weighted average common shares for basic earnings (loss) per share: | 25,167 | 25,040 |
Dilutive effect of stock options and restricted stock | 509 | |
Weighted average common shares for diluted earnings (loss) per share: | 25,676 | 25,040 |
Basic earnings (loss) per share | $ 1.05 | $ (0.84) |
Diluted earnings (loss) per share | $ 1.03 | $ (0.84) |
Earnings per Share, Basic and_4
Earnings per Share, Basic and Diluted - Additional Information (Detail) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Maximum [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares related to stock-based awards | 100,000 | 0 |