Citi Trends (CTRN) 10-Q 29 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 30, 2016	Aug. 15, 2016
Document and Entity Information
Entity Registrant Name	Citi Trends Inc
Entity Central Index Key	1,318,484
Document Type	10-Q
Document Period End Date	Jul. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--01-28
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,894,960
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Current assets:
Cash and cash equivalents	$ 39,606	$ 39,116
Short-term investment securities	37,345	32,671
Inventory	132,093	137,020
Prepaid and other current assets	14,943	12,201
Income tax receivable	2,091	1,285
Total current assets	226,078	222,293
Property and equipment, net of accumulated depreciation of $207,494 and $199,284 as of July 30, 2016 and January 30, 2016, respectively	52,935	50,632
Long-term investment securities	24,616	30,890
Deferred tax asset	9,079	9,988
Other assets	731	705
Total assets	313,439	314,508
Current liabilities:
Accounts payable	61,982	67,419
Accrued expenses	14,622	14,603
Accrued compensation	8,204	13,097
Dividends payable		42
Layaway deposits	1,742	497
Total current liabilities	86,550	95,658
Other long-term liabilities	7,413	6,616
Total liabilities	93,963	102,274
Stockholders' equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 15,728,187 shares issued as of July 30, 2016 and 15,707,859 shares issued as of January 30, 2016; 14,894,999 shares outstanding as of July 30, 2016 and 14,874,671 shares outstanding as of January 30, 2016	155	154
Paid in capital	88,873	88,540
Retained earnings	145,633	138,725
Treasury stock, at cost; 833,188 shares held as of July 30, 2016 and January 30, 2016	(15,185)	(15,185)
Total stockholders' equity	219,476	212,234
Commitments and contingencies (note 10)
Total liabilities and stockholders' equity	$ 313,439	$ 314,508

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 30, 2016	Jan. 30, 2016
Consolidated Balance Sheets
Property and equipment, accumulated depreciation (in dollars)	$ 207,494	$ 199,284
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Authorized shares	32,000,000	32,000,000
Common stock, shares issued	15,728,187	15,707,859
Common stock, shares outstanding	14,894,999	14,874,671
Treasury stock, shares	833,188	833,188

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Consolidated Statements of Operations
Net sales	$ 155,276	$ 153,878	$ 348,948	$ 348,791
Cost of sales (exclusive of depreciation shown separately below)	(95,150)	(93,179)	(212,959)	(210,688)
Selling, general and administrative expenses	(56,105)	(55,703)	(114,436)	(111,515)
Depreciation	(4,294)	(4,620)	(8,738)	(9,433)
Asset impairment			(221)	0
Income from operations	(273)	376	12,594	17,155
Interest income	135	59	262	115
Interest expense	(41)	(47)	(81)	(94)
Income (Loss )before income taxes	(179)	388	12,775	17,176
Income tax benefit (expense)	59	(226)	(4,158)	(5,735)
Net (loss )income	$ (120)	$ 162	$ 8,617	$ 11,441
Basic net income per common share	$ (0.01)	$ 0.01	$ 0.59	$ 0.76
Diluted net income per common share	$ (0.01)	$ 0.01	$ 0.59	$ 0.75
Weighted average number of shares outstanding
Basic	14,675,712	15,182,838	14,634,946	15,139,283
Diluted	14,675,712	15,203,692	14,639,545	15,192,515
Cash dividends declared per share	$ 0.06		$ 0.06

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Operating activities:
Net income	$ 8,617	$ 11,441
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,738	9,433
Asset impairment	221	0
Loss on disposal of property and equipment	104	24
Deferred income taxes	909	74
Noncash stock-based compensation expense	1,687	2,248
Excess tax benefits from stock-based payment arrangements	(182)	(1,323)
Changes in assets and liabilities:
Inventory	4,927	4,711
Prepaid and other current assets	(2,742)	(286)
Other assets	(26)	11
Accounts payable	(5,437)	(12,903)
Accrued expenses and other long-term liabilities	(561)	524
Accrued compensation	(4,893)	(4,973)
Income tax receivable/payable	(624)	2,606
Layaway deposits	1,245	1,233
Net cash provided by operating activities	11,983	12,820
Investing activities:
Sales/redemptions of investment securities	18,392	12,429
Purchases of investment securities	(16,792)	(35,422)
Purchases of property and equipment	(9,989)	(8,843)
Net cash used in investing activities	(8,389)	(31,836)
Financing activities:
Excess tax benefits from stock-based payment arrangements	182	1,323
Proceeds from the exercise of stock options		70
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(1,535)	(2,511)
Dividends paid to stockholders	(1,751)
Net cash used in financing activities	(3,104)	(1,118)
Net increase (decrease) in cash and cash equivalents	490	(20,134)
Cash and cash equivalents:
Beginning of period	39,116	39,116
End of period	39,606	54,380
Supplemental disclosures of cash flow information:
Cash paid for interest	63	63
Cash payments of income taxes	3,873	3,055
Supplemental disclosures of noncash investing activities:
Accrual for purchases of property and equipment	$ 1,377	$ 914

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 30, 2016
Basis of Presentation
Basis of Presentation	1. Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) operate as an off-price retailer of urban fashion apparel and accessories for the entire family. As of July 30, 2016 , the Company operated 530 stores in 31 states. The condensed consolidated balance sheet as of July 30, 2016 , the condensed consolidated statements of operations for the twenty-six and thirteen week periods ended July 30, 2016 and August 1, 2015, and the condensed consolidated statements of cash flows for the twenty-six week periods ended July 30, 2016 and August 1, 2015 have been prepared by the Company and are unaudited. The condensed consolidated balance sheet as of January 30, 2016 has been derived from the audited financial statements as of that date, but does not include all required year-end disclosures. In the opinion of management, such statements include all adjustments considered necessary to present fairly the Company’s financial position as of July 30, 2016 and January 30, 2016 , and its results of operations and cash flows for all periods presented. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended January 30, 2016 . The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the twenty-six weeks ended July 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending January 28, 2017 . The following contains references to fiscal years 2016 and 2015 , which represent fiscal years ending or ended on January 28, 2017 and January 30, 2016 , respectively. Fiscal 2016 and fiscal 2015 both have 52 -week accounting periods.

Use of Estimates

Use of Estimates	6 Months Ended
	Jul. 30, 2016
Use of Estimates
Use of Estimates	2. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates made by management include those used in the valuation of inventory, property and equipment, self-insurance liabilities, leases and income taxes. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations.

Cash and Cash Equivalents_Conce

Cash and Cash Equivalents/Concentration of Credit Risk	6 Months Ended
	Jul. 30, 2016
Cash and Cash Equivalents/Concentration of Credit Risk
Cash and Cash Equivalents/Concentration of Credit Risk	3. Cash and Cash Equivalents/Concentration of Credit Risk For purposes of the condensed consolidated balance sheets and condensed consolidated statements of cash flows, the Company considers all highly liquid investments with maturities at date of purchase of three months or less to be cash equivalents. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company places its cash and cash equivalents in what it believes to be high credit quality banks and institutional money market funds. The Company maintains cash accounts that exceed federally insured limits.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 30, 2016
Earnings per Share
Earnings per Share	4. Earnings per Share Basic earnings per common share amounts are calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities, such as nonvested restricted stock and stock options. During loss periods, diluted loss per share amounts are based on the weighted average number of common shares outstanding, because the inclusion of common stock equivalents would be antidilutive. The dilutive effect of stock-based compensation arrangements is accounted for using the treasury stock method. This method assumes that the proceeds the Company receives from the exercise of stock options are used to repurchase common shares in the market. The Company includes as assumed proceeds the amount of compensation cost attributed to future services and not yet recognized, and the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of outstanding options and vesting of nonvested restricted stock. For the twenty-six weeks ended July 30, 2016 and August 1, 2015, there were 7,000 and 20,000 stock options, respectively, and 259,000 and 368,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. For the thirteen weeks ended July 30, 2016 and August 1, 2015 , there were 3,000 and 20,000 stock options, respectively, and 227,000 and 349,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. The following table provides a reconciliation of the average number of common shares outstanding used to calculate basic earnings per share to the number of common shares and common stock equivalents outstanding used in calculating diluted earnings per share for the twenty-six and thirteen week periods ended July 30, 2016 and August 1, 2015 : Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 Average number of common shares outstanding Incremental shares from assumed exercises of stock options — Incremental shares from assumed vesting of nonvested restricted stock Average number of common shares and common stock equivalents outstanding Thirteen Weeks Ended July 30, 2016 August 1, 2015 Average number of common shares outstanding Incremental shares from assumed exercises of stock options — — Incremental shares from assumed vesting of nonvested restricted stock — Average number of common shares and common stock equivalents outstanding

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jul. 30, 2016
Fair Value Measurement
Fair Value Measurement	5. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date. Fair value is established according to a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Level 3 inputs are given the lowest priority in the fair value hierarchy. As of July 30, 2016 , the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Market Cost Gains Losses Value Short-term: Obligations of the U.S. Treasury (Level 1) $ $ $ — $ Obligations of states and municipalities (Level 2) — Bank certificates of deposit (Level 2) — — $ $ $ — $ Long-term: Obligations of the U. S. Treasury (Level 1) $ $ $ — $ Bank certificates of deposit (Level 2) — — $ $ $ — $ The amortized cost and fair market value of investment securities as of July 30, 2016 by contractual maturity are as follows (in thousands): Fair Amortized Market Cost Value Mature in one year or less $ $ Mature after one year through five years $ $ As of January 30, 2016 , the Company’s investment securities were classified as held-to-maturity and consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Market Cost Gains Losses Value Short-term: Obligations of the U. S. Treasury (Level 1) $ $ $ $ Obligations of states and municipalities (Level 2) — Bank certificates of deposit (Level 2) — — $ $ $ $ Long-term: Obligations of the U. S. Treasury (Level 1) $ $ $ $ Bank certificates of deposit (Level 2) — — $ $ $ $ The amortized cost and fair market value of investment securities as of January 30, 2016 by contractual maturity were as follows (in thousands): Fair Amortized Market Cost Value Mature in one year or less $ $ Mature after one year through five years $ $ There were no changes among the levels in the twenty-six weeks ended July 30, 2016 . Fair market values of Level 2 investments are determined by management with the assistance of a third party pricing service. Because quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	6 Months Ended
	Jul. 30, 2016
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets	6. Impairment of Long-Lived Assets If facts and circumstances indicate that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. Non-cash impairment expense related to leasehold improvements and fixtures and equipment at an underperforming store totaled $0.2 million in the twenty-six week period ended July 30, 2016 . There was no impairment expense in the twenty-six week period ended August 1, 2015 .

Revolving Line of Credit

Revolving Line of Credit	6 Months Ended
	Jul. 30, 2016
Revolving Line of Credit
Revolving Line of Credit	7. Revolving Line of Credit On October 27, 2011, t he Company entered into a five -year, $50 million credit facility with Bank of America. The facility was amended on August 18, 2015, extending the maturity date to August 18, 2020. The amended facility provides a $50 million credit commitment and a $25 million uncommitted “accordion” feature that under certain circumstances could allow the Company to increase the size of the facility to $75 million. Borrowings, if any, under the facility bear interest (a) for LIBOR Rate Loans, at LIBOR plus either 1.25% or 1.5% , or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate plus either 0.25% or 0.50% , (ii) the Federal Funds Rate plus either 0.75% or 1.0% , or (iii) LIBOR plus either 1.25% or 1.5% , based in any such case on the average daily availability for borrowings under the facility. The facility is secured by the Company’s inventory, accounts receivable and related assets, but not its real estate, fixtures and equipment, and it contains one financial covenant, a fixed charge coverage ratio, which is applicable and tested only in certain circumstances. The facility has an unused commitment fee of 0.25% and permits the payment of cash dividends subject to certain limitations, including a requirement that there were no borrowings outstanding in the 30 days prior to the dividend payment and no borrowings are expected in the 30 days subsequent to the payment. The Company has had no borrowings under the credit facility.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 30, 2016
Income Taxes
Income Taxes	8. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-270, Income Taxes – Interim Reporting , requires companies to calculate income taxes by applying their estimated full-year tax rate in each interim period unless the estimated full-year tax rate is not reliably predictable. For the twenty-six weeks ended July 30, 2016 and August 1, 2015 , the Company utilized this annual effective tax rate method to calculate income taxes.

Other Long-Term Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jul. 30, 2016
Other Long-Term Liabilities
Other Long-Term Liabilities	9. Other Long-Term Liabilities The components of other long-term liabilities as of July 30, 2016 and January 30, 2016 are as follows (in thousands): July 30, January 30, 2016 2016 Deferred rent $ $ Tenant improvement allowances Other $ $

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies On August 12, 2011, the Company received a letter of determination from the U.S. Equal Employment Opportunity Commission (the “EEOC”) commencing a conciliation process regarding alleged discrimination against males by the Company in its hiring and promotion practices during the years 2004 through 2006. The Company has not received full documentation or information from the EEOC in support of its letter of determination, but has undertaken its own internal analysis of the EEOC’s claims and defenses to such claims and has had discussions with the EEOC in that regard. In the interest of reaching a satisfactory conciliation agreement with the EEOC, the Company proposed a total economic settlement offer of $1.0 million to cover all claims and the expenses of administering and complying with the settlement (excluding professional fees), with no reversion of unclaimed funds back to the Company. On March 19, 2015, the Company received a response from the EEOC proposing a settlement amount to be paid by the Company of $1.0 million to cover all claims. The EEOC’s proposed conciliation agreement contained in its settlement proposal would require certain undertakings by the Company with regard to employment policies and procedures, training requirements, and a continuing reporting obligation to the EEOC for a period of two years, with the expenses incurred in connection with such undertakings to be paid by the Company. The Company has evaluated this proposed conciliation agreement and has addressed with the EEOC certain modifications to it, without affecting the overall settlement amount. The Company is awaiting a response from the EEOC regarding these proposed modifications. The Company from time to time is also involved in various other legal proceedings incidental to the conduct of its business, including claims by customers, employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such costs can be reasonably estimated, it establishes appropriate reserves. While legal proceedings are subject to uncertainties and the outcome of any such matter is not predictable, the Company is not aware of any other legal proceedings pending or threatened against it that it expects to have a material adverse effect on its financial condition, results of operations or liquidity.

Cash Dividends

Cash Dividends	6 Months Ended
	Jul. 30, 2016
Cash Dividends
Cash Dividends	11. Cash Dividends On February 9, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share, which was paid on March 15, 2016 to stockholders of record as of March 1, 2016. On May 17, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share, which was paid on June 14, 2016 to stockholders of record as of May 31, 2016. On August 16, 2016, the Company’s Board of Directors declared a dividend of $0.06 per common share payable September 13, 2016 to stockholders of record as of August 30, 2016. Any determination to declare and pay cash dividends for future quarters will be made by the Board of Directors.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jul. 30, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	12. Recent Accounting Pronouncements In November 2015 , the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). New guidance under ASU 2015-17 requires companies to classify deferred tax assets and liabilities on their balance sheets as noncurrent. Existing accounting guidance requires companies to classify deferred tax assets and liabilities as current or noncurrent based on the classification of the underlying asset or liability. The new standard is effective for financial statements issued for fiscal years beginning after December 15, 2016. ASU 2015-17 may be applied either prospectively or retrospectively, with early adoption permitted. The Company early adopted ASU 2015-17 retrospectively as of April 30, 2016. As a result, $4.8 million of our deferred tax assets previously presented in current assets on January 30, 2016 have been reclassified to noncurrent deferred tax assets in the condensed consolidated balance sheet as of that date. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous reporting periods. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016–02”) which replaces the existing guidance in ASC 840, Leases . The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires retrospective application. The Company will adopt ASU 2016-02 in fiscal 2019 and is currently evaluating the impact to its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The new guidance will change how companies account for certain aspects of share-based payments to employees. Under existing accounting guidance, tax benefits and certain tax deficiencies arising from the vesting of share-based payments are recorded in additional paid-in-capital. The new guidance will require such benefits or deficiencies to be recognized as income tax benefits or expenses in the statement of operations. Companies are required to apply the new guidance prospectively. The new standard is effective for fiscal years beginning after December 15, 2016, and the Company is currently evaluating the impact that ASU 2016-09 will have on its consolidated financial statements.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 30, 2016
Earnings per Share
Schedule of reconciliation of the number of average common shares outstanding used to calculate basic and diluted earnings per share	Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 Average number of common shares outstanding Incremental shares from assumed exercises of stock options — Incremental shares from assumed vesting of nonvested restricted stock Average number of common shares and common stock equivalents outstanding Thirteen Weeks Ended July 30, 2016 August 1, 2015 Average number of common shares outstanding Incremental shares from assumed exercises of stock options — — Incremental shares from assumed vesting of nonvested restricted stock — Average number of common shares and common stock equivalents outstanding

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 30, 2016
Fair Value Measurement
Schedule of investment securities classified as held-to-maturity	As of July 30, 2016, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Market Cost Gains Losses Value Short-term: Obligations of the U.S. Treasury (Level 1) $ $ $ — $ Obligations of states and municipalities (Level 2) — Bank certificates of deposit (Level 2) — — $ $ $ — $ Long-term: Obligations of the U. S. Treasury (Level 1) $ $ $ — $ Bank certificates of deposit (Level 2) — — $ $ $ — $ As of January 30, 2016, the Company’s investment securities were classified as held-to-maturity and consisted of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Market Cost Gains Losses Value Short-term: Obligations of the U. S. Treasury (Level 1) $ $ $ $ Obligations of states and municipalities (Level 2) — Bank certificates of deposit (Level 2) — — $ $ $ $ Long-term: Obligations of the U. S. Treasury (Level 1) $ $ $ $ Bank certificates of deposit (Level 2) — — $ $ $ $
Schedule of amortized cost and fair market value of investment securities by contractual maturity	The amortized cost and fair market value of investment securities as of July 30, 2016 by contractual maturity are as follows (in thousands): Fair Amortized Market Cost Value Mature in one year or less $ $ Mature after one year through five years $ $ The amortized cost and fair market value of investment securities as of January 30, 2016 by contractual maturity were as follows (in thousands): Fair Amortized Market Cost Value Mature in one year or less $ $ Mature after one year through five years $ $

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jul. 30, 2016
Other Long-Term Liabilities
Schedule of components of other long-term liabilities	The components of other long-term liabilities as of July 30, 2016 and January 30, 2016 are as follows (in thousands): July 30, January 30, 2016 2016 Deferred rent $ $ Tenant improvement allowances Other $ $

Basis of Presentation (Details)

Basis of Presentation (Details) - store	12 Months Ended
	Jan. 28, 2017	Jan. 30, 2016	Jul. 30, 2016
Basis of Presentation
Number of stores operated			530
Number of states in which company operates			31
Length of fiscal year	364 days	364 days

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Average number of common shares outstanding	14,675,712	15,182,838	14,634,946	15,139,283
Incremental shares from assumed exercises of stock options				385
Incremental shares from assumed vesting of nonvested restricted stock		20,854	4,599	52,847
Average number of common shares and common stock equivalents outstanding	14,675,712	15,203,692	14,639,545	15,192,515
Stock Options
Antidilutive securities
Shares excluded from the calculation of diluted earnings per share	3,000		7,000	20,000
Restricted Stock
Antidilutive securities
Shares excluded from the calculation of diluted earnings per share	227,000	349,000	259,000	368,000

Fair Value Measurement - Securi

Fair Value Measurement - Securities Carried at Amortized Cost Plus Accrued Interest (Details) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Investment securities classified as held to maturity
Amortized Cost	$ 61,961	$ 63,561
Total Fair Market Value	62,040	63,591
Short-term Investments
Investment securities classified as held to maturity
Amortized Cost	37,345	32,671
Gross Unrealized Gains	7	5
Gross Unrealized Losses		(1)
Total Fair Market Value	37,352	32,675
Short-term Investments | Obligations of the U.S. Treasury | Fair Value, Inputs, Level 1
Investment securities classified as held to maturity
Amortized Cost	11,247	8,763
Gross Unrealized Gains	4	3
Gross Unrealized Losses		(1)
Total Fair Market Value	11,251	8,765
Short-term Investments | Obligations of states and municipalities | Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost	11,850	2,930
Gross Unrealized Gains	3	2
Total Fair Market Value	11,853	2,932
Short-term Investments | Bank certificates of deposit | Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost	14,248	20,978
Total Fair Market Value	14,248	20,978
Long Term Investments
Investment securities classified as held to maturity
Amortized Cost	24,616	30,890
Gross Unrealized Gains	72	33
Gross Unrealized Losses		(7)
Total Fair Market Value	24,688	30,916
Long Term Investments | Obligations of the U.S. Treasury | Fair Value, Inputs, Level 1
Investment securities classified as held to maturity
Amortized Cost	15,008	20,002
Gross Unrealized Gains	72	33
Gross Unrealized Losses		(7)
Total Fair Market Value	15,080	20,028
Long Term Investments | Bank certificates of deposit | Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost	9,608	10,888
Total Fair Market Value	$ 9,608	$ 10,888

Fair Value Measurement - Amorti

Fair Value Measurement - Amortized Cost and Fair Market Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Amortized Cost
Mature in one year or less	$ 37,345	$ 32,671
Mature after one year through five years	24,616	30,890
Total	61,961	63,561
Fair Market Value
Mature in one year or less	37,352	32,675
Mature after one year through five years	24,688	30,916
Total Fair Market Value	62,040	$ 63,591
Changes among the fair value levels
Changes between Level 1 to Level 2, Assets	$ 0

Impairment of Long-Lived Asse25

Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Impairment of Long-Lived Assets
Impairment expense related to leasehold improvements and fixtures and equipment	$ 221	$ 0

Revolving Line of Credit (Detai

Revolving Line of Credit (Details) - Line of Credit $ in Millions	Aug. 18, 2015USD ($)	Oct. 27, 2011USD ($)	Jul. 30, 2016USD ($)bbl / agreement
Revolving Line of Credit
Term of credit facility		5 years
Maximum borrowing capacity		$ 50
Number of covenants | bbl / agreement			1
Unused commitment fee (as a percent)			0.25%
Amount of outstanding borrowings prior to cash dividend payment within specified period, per covenant			$ 0
Period prior to cash dividend payment when no borrowings may be outstanding, per covenant			30 days
Amount of expected borrowings subsequent to cash dividend payment within specified period, per covenant			$ 0
Period subsequent to cash dividend payment when no borrowings may be expected, per covenant			30 days
Borrowings outstanding			$ 0
LIBOR Rate Loans
Revolving Line of Credit
Variable interest rate basis	LIBOR
Debt Instrument, Variable Rate Base LIBOR | Base Rate Loans
Revolving Line of Credit
Variable interest rate basis	LIBOR
Debt Instrument Variable Rate Prime Rate | Base Rate Loans
Revolving Line of Credit
Variable interest rate basis	prime rate
Debt Instrument, Variable Rate Base Federal Funds Rate | Base Rate Loans
Revolving Line of Credit
Variable interest rate basis	Federal Funds Rate
Amendment to credit facility
Revolving Line of Credit
Maximum borrowing capacity	$ 50
Borrowing capacity, accordion feature	25
Maximum borrowing capacity including accordion expansion	$ 75
Amendment to credit facility | Debt Instrument, Variable Rate Base LIBOR | LIBOR Rate Loans | Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.25%
Amendment to credit facility | Debt Instrument, Variable Rate Base LIBOR | LIBOR Rate Loans | Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%
Amendment to credit facility | Debt Instrument Variable Rate Prime Rate | Base Rate Loans | Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.25%
Amendment to credit facility | Debt Instrument Variable Rate Prime Rate | Base Rate Loans | Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Amendment to credit facility | Debt Instrument, Variable Rate Base Federal Funds Rate | Base Rate Loans | Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.75%
Amendment to credit facility | Debt Instrument, Variable Rate Base Federal Funds Rate | Base Rate Loans | Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.00%

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Other Long-Term Liabilities
Deferred rent	$ 1,497	$ 1,204
Tenant improvement allowances	3,519	3,321
Other	2,397	2,091
Other long-term liabilities total	$ 7,413	$ 6,616

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 19, 2015	Jul. 30, 2016
Current and Former Employees
Commitments and Contingencies
Accrual for costs		$ 0
Equal Employment Opportunity Commission
Commitments and Contingencies
Amount of settlement proposed	$ 1
Counter offer for settlement proposed		$ 1
Length of proposed reporting obligation to EEOC	2 years

Cash Dividends (Details)

Cash Dividends (Details) - $ / shares	Aug. 16, 2016	May 17, 2016	Feb. 09, 2016	Jul. 30, 2016	Jul. 30, 2016
Stockholders' Equity
Cash dividends declared per share		$ 0.06	$ 0.06	$ 0.06	$ 0.06
Subsequent Event
Stockholders' Equity
Cash dividends declared per share	$ 0.06

Recent Accounting Pronounceme30

Recent Accounting Pronouncements (Details) $ in Millions	Jan. 30, 2016USD ($)
Recent Accounting Pronouncements
Deferred tax asset, current	$ 4.8
Deferred tax asset, noncurrent	$ 4.8