Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2024 | May 25, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | May 04, 2024 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-41886 | |
Entity Registrant Name | CITI TRENDS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2150697 | |
Entity Address, Address Line One | 104 Coleman Boulevard | |
Entity Address, City or Town | Savannah | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31408 | |
City Area Code | 912 | |
Local Phone Number | 236-1561 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CTRN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,595,297 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001318484 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 58,169 | $ 79,706 |
Inventory | 119,014 | 130,432 |
Prepaid and other current assets | 14,002 | 10,838 |
Income tax receivable | 3,813 | 4,123 |
Total current assets | 194,998 | 225,099 |
Property and equipment, net of accumulated depreciation of $288,437 and $276,446 as of May 4, 2024 and February 3, 2024, respectively | 53,352 | 56,231 |
Operating lease right of use assets | 226,918 | 231,281 |
Deferred income taxes | 7,877 | 5,105 |
Other assets | 957 | 1,005 |
Total assets | 484,102 | 518,721 |
Current liabilities: | ||
Accounts payable | 72,269 | 100,366 |
Operating lease liabilities | 45,428 | 45,842 |
Accrued expenses | 15,191 | 16,466 |
Accrued compensation | 9,245 | 6,846 |
Layaway deposits | 843 | 384 |
Total current liabilities | 142,976 | 169,904 |
Noncurrent operating lease liabilities | 184,463 | 188,810 |
Other long-term liabilities | 1,831 | 2,301 |
Total liabilities | 329,270 | 361,015 |
Stockholders' equity: | ||
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,340,729 shares issued as of May 4, 2024 and 16,354,714 shares issued as of February 3, 2024; 8,536,716 shares outstanding as of May 4, 2024 and 8,550,701 shares outstanding as of February 3, 2024 | 161 | 160 |
Paid in capital | 106,237 | 105,686 |
Retained earnings | 315,645 | 319,071 |
Treasury stock, at cost; 7,804,013 shares held as of May 4, 2024 and February 3, 2024 | (267,211) | (267,211) |
Total stockholders' equity | 154,832 | 157,706 |
Commitments and contingencies (Note 6) | ||
Total liabilities and stockholders' equity | $ 484,102 | $ 518,721 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Consolidated Balance Sheets | ||
Accumulated depreciation | $ 288,437 | $ 276,446 |
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 | 16,340,729 | 16,354,714 |
Common stock, shares outstanding | 8,536,716 | 8,550,701 |
Treasury stock, shares | 7,804,013 | 7,804,013 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Consolidated Statements of Operations | ||
Net sales | $ 186,289 | $ 179,688 |
Revenue, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of sales (exclusive of depreciation) | $ (114,254) | $ (113,659) |
Selling, general and administrative expenses | (74,211) | (70,807) |
Depreciation | (4,793) | (4,681) |
Loss from operations | (6,969) | (9,459) |
Interest income | 849 | 1,023 |
Interest expense | (79) | (75) |
Loss before income taxes | (6,199) | (8,511) |
Income tax benefit | 2,773 | 1,876 |
Net loss | $ (3,426) | $ (6,635) |
Basic net loss per common share | $ (0.42) | $ (0.81) |
Diluted net loss per common share | $ (0.42) | $ (0.81) |
Weighted average number of shares outstanding | ||
Basic | 8,252,556 | 8,182,231 |
Diluted | 8,252,556 | 8,182,231 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Operating activities: | ||
Net loss | $ (3,426) | $ (6,635) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 4,793 | 4,681 |
Non-cash operating lease costs | 12,013 | 12,955 |
Loss on disposal of property and equipment | 15 | 23 |
Deferred income taxes | (2,772) | (1,501) |
Non-cash stock-based compensation expense | 884 | 935 |
Changes in assets and liabilities: | ||
Inventory | 11,418 | (8,528) |
Prepaid and other current assets | (3,164) | (874) |
Other assets | 48 | 49 |
Accounts payable | (28,097) | 9,179 |
Accrued expenses and other long-term liabilities | (14,494) | (19,982) |
Accrued compensation | 2,399 | (2,337) |
Income tax payable/receivable | 310 | (1,588) |
Layaway deposits | 459 | 568 |
Net cash used in operating activities | (19,614) | (13,055) |
Investing activities: | ||
Purchases of property and equipment | (1,590) | (950) |
Net cash used in investing activities | (1,590) | (950) |
Financing activities: | ||
Cash used to settle withholding taxes on vested restricted stock | (333) | (783) |
Net cash used in financing activities | (333) | (783) |
Net decrease in cash and cash equivalents | (21,537) | (14,788) |
Cash and cash equivalents: | ||
Beginning of period | 79,706 | 103,495 |
End of period | 58,169 | 88,707 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 41 | 39 |
Cash (refunds) payments of income taxes | 310 | (1,213) |
Supplemental disclosures of non-cash investing activities: | ||
Accrual for purchases of property and equipment | $ 338 | $ 1,031 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Paid in Capital | Retained Earnings | Treasury Stock | Total |
Balances at Jan. 28, 2023 | $ 160 | $ 102,445 | $ 331,050 | $ (267,211) | $ 166,444 |
Balances (in shares) at Jan. 28, 2023 | 16,158,494 | ||||
Balances (in shares) at Jan. 28, 2023 | 7,804,013 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Vesting of nonvested shares | $ 1 | 1 | |||
Issuance of nonvested shares (in shares) | 1,500 | ||||
Forfeiture of nonvested shares (in shares) | (9,647) | ||||
Stock-based compensation expense | 935 | 935 | |||
Net share settlement of nonvested shares | $ (1) | (782) | (783) | ||
Net share settlement of nonvested shares (in shares) | (33,432) | ||||
Net (loss) income | (6,635) | (6,635) | |||
Balances at Apr. 29, 2023 | $ 160 | 102,598 | 324,415 | $ (267,211) | 159,962 |
Balances (in shares) at Apr. 29, 2023 | 16,116,915 | ||||
Balances (in shares) at Apr. 29, 2023 | 7,804,013 | ||||
Balances at Feb. 03, 2024 | $ 160 | 105,686 | 319,071 | $ (267,211) | $ 157,706 |
Balances (in shares) at Feb. 03, 2024 | 16,354,714 | 16,354,714 | |||
Balances (in shares) at Feb. 03, 2024 | 7,804,013 | 7,804,013 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Vesting of nonvested shares | $ 1 | $ 1 | |||
Issuance of nonvested shares (in shares) | 2,811 | ||||
Forfeiture of nonvested shares (in shares) | (5,178) | ||||
Stock-based compensation expense | 884 | 884 | |||
Net share settlement of nonvested shares | (333) | (333) | |||
Net share settlement of nonvested shares (in shares) | (11,618) | ||||
Net (loss) income | (3,426) | (3,426) | |||
Balances at May. 04, 2024 | $ 161 | $ 106,237 | $ 315,645 | $ (267,211) | $ 154,832 |
Balances (in shares) at May. 04, 2024 | 16,340,729 | 16,340,729 | |||
Balances (in shares) at May. 04, 2024 | 7,804,013 | 7,804,013 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
May 04, 2024 | |
Significant Accounting Policies | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation Citi Trends, Inc. and its subsidiary (the “ Company ” ) is a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and multicultural families. As of May 4, 2024, the Company operated 599 stores in urban, suburban and rural markets in 33 states. The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ( “ U.S. GAAP ” ) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of February 3, 2024 is derived from the audited financial statements in the Company ’ s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (the “ 2023 Form 10-K ” ). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2023 Form 10-K. Operating results for the first quarter of 2024 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business and the current economic uncertainty. Fiscal Year The following contains references to fiscal years 2024 and 2023, which represent fiscal years ending or ended on February 1, 2025 and February 3, 2024, respectively. Fiscal 2024 has a 52 -week accounting period, and fiscal 2023 had a 53 -week accounting period. |
Cash and Cash Equivalents_Conce
Cash and Cash Equivalents/Concentration of Credit Risk | 3 Months Ended |
May 04, 2024 | |
Cash and Cash Equivalents/Concentration of Credit Risk | |
Cash and Cash Equivalents/Concentration of Credit Risk | 2. 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 | 3 Months Ended |
May 04, 2024 | |
Earnings per Share | |
Earnings per Share | 3. 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. 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. The Company includes as assumed proceeds the amount of compensation cost attributed to future services and not yet recognized. For the first quarter of 2024 and 2023, there were 272,000 and 102,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. The following table provides the weighted 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: Thirteen Weeks Ended May 4, 2024 April 29, 2023 Weighted average number of common shares outstanding (basic) 8,252,556 8,182,231 Incremental shares from assumed vesting of nonvested restricted stock — — Weighted average number of common shares and common stock equivalents outstanding (diluted) 8,252,556 8,182,231 |
Revolving Credit Facility
Revolving Credit Facility | 3 Months Ended |
May 04, 2024 | |
Revolving Credit Facility | |
Revolving Credit Facility | 4. Revolving Credit Facility In October 2011, the Company entered into a five-year , $50 million credit facility with Bank of America. The facility was amended in August 2015 and May 2020 to extend the maturity dates. The facility was further amended in April 2021 to modify terms and extend the maturity date to April 15, 2026. In May 2023, the facility was amended to replace the London Interbank Offered Rate ( “ LIBOR ” ) with the Secured Overnight Financing Rate ( “ SOFR ” ). The amended facility provides a $75 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 $100 million. 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 0.20% and permits the payment of cash dividends subject to certain limitations. Borrowings under the credit facility bear interest (a) for SOFR Loans, at a rate equal to the SOFR Rate plus a SOFR adjustment equal to 0.10% plus either 1.25% , 1.50% or 1.75% , or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate, (ii) the Federal Funds Rate plus 0.5% or (iii) the Eurodollar Rate plus 1.0% , plus, in each case either 0.25% , 0.50% or 0.75% , based in any such case on the average daily availability for borrowings under the facility. As of May 4, 2024, the Company had no borrowings under the credit facility and $1.4 million of letters of credit outstanding. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2024 | |
Income Taxes | |
Income Taxes | 5. 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. If there is a change in tax rates, the Company would recognize the impact of such change in income in the period that includes the enactment date. For the first quarter of 2024, the Company utilized the annual effective tax rate method to calculate income taxes. For the first quarter of 2023, the Company used the discrete effective tax rate method to determine its tax expense based upon interim period results. The Company determined that since small changes in estimated ordinary income would result in significant changes in the estimated annual effective tax rate, the annual effective tax rate method would not have provided a reliable estimate for the first quarter of 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 04, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company from time to time is involved in various legal proceedings incidental to the conduct of its business, including claims by customers, landlords, 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, the Company 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 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. |
Stock Repurchases
Stock Repurchases | 3 Months Ended |
May 04, 2024 | |
Stock Repurchases | |
Stock Repurchases | 7. Stock Repurchases The Company periodically repurchases shares of its common stock under board-authorized repurchase programs. Such repurchases may be made in the open market, through block trades or through other negotiated transactions. There were no stock repurchases in the first quarter of fiscal 2024 or the first quarter of fiscal 2023. At May 4, 2024, $50.0 million remained available under the Company ’ s stock repurchase authorization. |
Revenue
Revenue | 3 Months Ended |
May 04, 2024 | |
Revenue | |
Revenue | 8. Revenue Revenue Recognition The Company ’ s primary source of revenue is derived from the sale of clothing and accessories to its customers with the Company ’ s performance obligations satisfied immediately when the customer pays for their purchase and receives the merchandise. Sales taxes collected by the Company from customers are excluded from revenue. Revenue from layaway sales is recognized at the point in time when the merchandise is paid for and control of the goods is transferred to the customer, thereby satisfying the Company ’ s performance obligation. The Company defers revenue from the sale of gift cards and recognizes the associated revenue upon the redemption of the cards by customers to purchase merchandise. Sales Returns The Company allows customers to return merchandise for up to 30 days after the date of sale. Expected refunds to customers are recorded based on estimated margin using historical return information. Disaggregation of Revenue The Company ’ s retail operations represent a single operating segment based on the way the Company manages its business. Operating decisions and resource allocation decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company ’ s retail stores sell similar products, use similar processes to sell those products, and sell their products to similar classes of customers. In the following table, the Company ’ s revenue from contracts with customers is disaggregated by “ CITI ” or major merchandise category. The percentage of net sales for each CITI with the merchandise assortment was approximately: Thirteen Weeks Ended May 4, April 29, 2024 2023 Ladies 29 % 29 % Kids 22 % 22 % Accessories & Beauty 17 % 18 % Mens 15 % 16 % Home & Lifestyle 10 % 8 % Footwear 7 % 7 % |
Leases
Leases | 3 Months Ended |
May 04, 2024 | |
Leases | |
Leases | 9. Leases The Company leases its retail store locations, distribution centers, and certain office space and equipment. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods. The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the condensed consolidated balance sheets. The lease liability is measured at the present value of future lease payments as of the lease commencement date. Total lease cost is comprised of operating lease costs, short-term lease costs, and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company ’ s real estate leases. Lease costs consisted of the following (in thousands): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 15,391 $ 15,791 Variable lease cost 2,622 2,860 Short term lease cost 712 393 Total lease cost $ 18,725 $ 19,044 Future minimum lease payments as of May 4, 2024 are as follows (in thousands): Fiscal Year Lease Costs Remainder of 2024 $ 41,116 2025 54,565 2026 43,274 2027 32,453 2028 24,371 Thereafter 103,959 Total future minimum lease payments 299,738 Less: imputed interest (69,847) (1) Total present value of lease liabilities $ 229,891 (2) (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities. Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales. Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Cash paid for operating leases $ 15,302 $ 20,820 Right of use assets obtained in exchange for new operating lease liabilities $ 7,651 $ 8,195 Weighted average remaining lease term (years) - operating leases 7.47 7.75 Weighted average discount rate - operating leases 5.18% 4.60% |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 04, 2024 | |
Subsequent Events. | |
Subsequent Events | 10. Subsequent Events As previously disclosed in the Company ’ s Form 8-K filed on May 7, 2024, the Company and Equiniti Trust Company, LLC (the “ Rights Agent ” ) entered into the Second Amendment to the Stockholder Protection Rights Agreement, dated as of May 7, 2024 (the “ Amendment ” ), which amended the Stockholder Protection Rights Agreement, dated as of December 6, 2023, by and between the Company and the Rights Agent, as amended by that certain Amendment to the Stockholder Protection Rights Agreement, dated as of February 28, 2024 (as amended, the “ Rights Agreement ” ). The Amendment terminated the Rights Agreement by accelerating the expiration time of the Company ’ s preferred share purchase rights (each, a “ Right ” and, collectively, the “ Rights ” ) to 5:00 P.M., New York City time, on May 7, 2024. At the time of the termination of the Rights Agreement, all of the Rights, which were previously distributed to holders of the Company ’ s issued and outstanding common stock, par value $0.01 , pursuant to the Rights Agreement, expired. In deciding to accelerate the expiration time to May 7, 2024, the Company's Board of Directors determined that an active Rights Agreement is no longer needed to protect stockholder value. As previously disclosed in the Company ’ s Form 8-K filed on May 31, 2024, the Company ’ s Board of Directors appointed Kenneth D. Seipel as interim Chief Executive Officer ( “ CEO ” ), effective June 2, 2024. In connection with the appointment, David Makuen has stepped down as CEO and a member of the Company ’ s Board of Directors. The Board ’ s independent members will commence a search for a new permanent Chief Executive Officer and plan to retain a nationally recognized executive search firm to support the process. The Board will consider external candidates, as well as Mr. Seipel, in the search. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 04, 2024 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation Citi Trends, Inc. and its subsidiary (the “ Company ” ) is a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and multicultural families. As of May 4, 2024, the Company operated 599 stores in urban, suburban and rural markets in 33 states. The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ( “ U.S. GAAP ” ) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of February 3, 2024 is derived from the audited financial statements in the Company ’ s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (the “ 2023 Form 10-K ” ). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2023 Form 10-K. Operating results for the first quarter of 2024 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business and the current economic uncertainty. |
Fiscal Year | Fiscal Year The following contains references to fiscal years 2024 and 2023, which represent fiscal years ending or ended on February 1, 2025 and February 3, 2024, respectively. Fiscal 2024 has a 52 -week accounting period, and fiscal 2023 had a 53 -week accounting period. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings per Share | |
Schedule of reconciliation of the number of average common shares outstanding used to calculate basic and diluted earnings per share | Thirteen Weeks Ended May 4, 2024 April 29, 2023 Weighted average number of common shares outstanding (basic) 8,252,556 8,182,231 Incremental shares from assumed vesting of nonvested restricted stock — — Weighted average number of common shares and common stock equivalents outstanding (diluted) 8,252,556 8,182,231 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
May 04, 2024 | |
Revenue | |
Schedule of revenue from contracts with customers disaggregated by major product line | Thirteen Weeks Ended May 4, April 29, 2024 2023 Ladies 29 % 29 % Kids 22 % 22 % Accessories & Beauty 17 % 18 % Mens 15 % 16 % Home & Lifestyle 10 % 8 % Footwear 7 % 7 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2024 | |
Leases | |
Schedule of lease expense | Thirteen Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 15,391 $ 15,791 Variable lease cost 2,622 2,860 Short term lease cost 712 393 Total lease cost $ 18,725 $ 19,044 |
Schedule of future minimum rent payments under operating leases | Future minimum lease payments as of May 4, 2024 are as follows (in thousands): Fiscal Year Lease Costs Remainder of 2024 $ 41,116 2025 54,565 2026 43,274 2027 32,453 2028 24,371 Thereafter 103,959 Total future minimum lease payments 299,738 Less: imputed interest (69,847) (1) Total present value of lease liabilities $ 229,891 (2) (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities. |
Schedule of supplemental cash flow and other information | Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Cash paid for operating leases $ 15,302 $ 20,820 Right of use assets obtained in exchange for new operating lease liabilities $ 7,651 $ 8,195 Weighted average remaining lease term (years) - operating leases 7.47 7.75 Weighted average discount rate - operating leases 5.18% 4.60% |
Significant Accounting Polici_2
Significant Accounting Policies (Details) | 12 Months Ended | ||
Feb. 01, 2025 | Feb. 03, 2024 | May 04, 2024 state store | |
Significant Accounting Policies | |||
Number of stores operated | store | 599 | ||
Number of states in which company operates | state | 33 | ||
Length of fiscal year | 364 days | 371 days |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share | ||
Weighted average number of common shares outstanding (basic) | 8,252,556 | 8,182,231 |
Weighted average number of common shares and common stock equivalents outstanding (diluted) | 8,252,556 | 8,182,231 |
Restricted Stock | ||
Antidilutive securities | ||
Shares excluded from the calculation of diluted earnings per share | 272,000 | 102,000 |
Revolving Line of Credit (Detai
Revolving Line of Credit (Details) $ in Millions | 1 Months Ended | ||
Oct. 27, 2011 USD ($) | May 31, 2023 USD ($) agreement | May 04, 2024 USD ($) | |
Line of Credit | |||
Revolving Line of Credit | |||
Term of credit facility | 5 years | ||
Maximum borrowing capacity | $ 50 | ||
Debt outstanding | $ 0 | ||
Line of Credit | Secured Overnight Financing Rate | |||
Revolving Line of Credit | |||
Maximum borrowing capacity | $ 75 | ||
Borrowing capacity, accordion feature | 25 | ||
Maximum borrowing capacity including accordion expansion | $ 100 | ||
Number of covenants | agreement | 1 | ||
Unused commitment fee (as a percent) | 0.20% | ||
Increase pricing for loans (as a percent) | 0.10% | ||
Line of Credit | Federal Fund Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 0.50% | ||
Line of Credit | Eurodollar Rate | |||
Revolving Line of Credit | |||
Increase pricing for loans (as a percent) | 1% | ||
Letter of Credit | |||
Revolving Line of Credit | |||
Debt outstanding | $ 1.4 | ||
First interest rate | Line of Credit | Secured Overnight Financing Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 1.25% | ||
First interest rate | Line of Credit | Eurodollar Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 0.25% | ||
Second interest rate | Line of Credit | Secured Overnight Financing Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 1.50% | ||
Second interest rate | Line of Credit | Eurodollar Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 0.50% | ||
Third interest rate | Line of Credit | Secured Overnight Financing Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 1.75% | ||
Third interest rate | Line of Credit | Eurodollar Rate | |||
Revolving Line of Credit | |||
Margin added to variable rate (as a percent) | 0.75% |
Stockholders' Equity - Stockhol
Stockholders' Equity - Stockholder Right Agreement (Details) - $ / shares | May 04, 2024 | Feb. 03, 2024 |
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Stock Repurchases | ||
Stock purchase plan authorized amount | $ 50,000 | |
Common stock repurchased | $ 0 | $ 0 |
Revenue - Returns and Disaggreg
Revenue - Returns and Disaggregation of Revenue (Details) | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue | ||
Period Customers Can Return Merchandise | 30 days | |
Ladies | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 29% | 29% |
Kids | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 22% | 22% |
Accessories & Beauty | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 17% | 18% |
Mens | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 15% | 16% |
Footwear | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 7% | 7% |
Home & Lifestyle | ||
Disaggregation of Revenue | ||
Revenue from contracts with customers disaggregated by major product line (as a percent) | 10% | 8% |
Leases (Details)
Leases (Details) | May 04, 2024 |
Leases | |
Lease term | 5 years |
Minimum | |
Leases | |
Extension term | 1 year |
Maximum | |
Leases | |
Extension term | 5 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases | ||
Operating lease cost | $ 15,391 | $ 15,791 |
Variable lease cost | 2,622 | 2,860 |
Short term lease cost | 712 | 393 |
Total lease cost | $ 18,725 | $ 19,044 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | May 04, 2024 USD ($) |
Future minimum lease payments under operating leases | |
Remainder of 2024 | $ 41,116 |
2025 | 54,565 |
2026 | 43,274 |
2027 | 32,453 |
2028 | 24,371 |
Thereafter | 103,959 |
Total future minimum lease payments | 299,738 |
Less: imputed interest | (69,847) |
Total present value of lease liabilities | $ 229,891 |
Leases - Cash flow and other in
Leases - Cash flow and other information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Supplemental cash flow and other information related to operating leases | ||
Cash paid for operating leases | $ 15,302 | $ 20,820 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 7,651 | $ 8,195 |
Weighted average remaining lease term (years) - operating leases | 7 years 5 months 19 days | 7 years 9 months |
Weighted average discount rate - operating leases (as a percent) | 5.18% | 4.60% |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | May 07, 2024 | May 04, 2024 | Feb. 03, 2024 |
Subsequent Event | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Subsequent Event | |||
Subsequent Event | |||
Common stock, par value (in dollars per share) | $ 0.01 |