Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Nov. 02, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | |
Class A Common Shares | Class B Common Shares | ||
Class of Stock [Line Items] | ' | ' | ' |
Entity Registrant Name | 'DSW Inc. | ' | ' |
Entity Central Index Key | '0001319947 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 2-Nov-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 82,990,667 | 7,733,177 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net sales | $632,976 | $592,734 | $1,796,401 | $1,663,524 |
Cost of sales | -420,106 | -392,563 | -1,217,092 | -1,110,518 |
Operating expenses | -124,614 | -121,734 | -382,786 | -355,775 |
Change in fair value of derivative instruments | 0 | 0 | 0 | -6,121 |
Operating profit | 88,256 | 78,437 | 196,523 | 191,110 |
Interest expense | -93 | -205 | -517 | -651 |
Interest income | 1,129 | 2,780 | 2,374 | 4,189 |
Interest income, net | 1,036 | 2,575 | 1,857 | 3,538 |
Income from continuing operations before income taxes | 89,292 | 81,012 | 198,380 | 194,648 |
Income tax provision | -34,331 | -30,897 | -75,184 | -76,608 |
Income from continuing operations | 54,961 | 50,115 | 123,196 | 118,040 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 1,253 |
Net income | 54,961 | 50,115 | 123,196 | 119,293 |
Basic and diluted earnings (loss) per share [Abstract]: | ' | ' | ' | ' |
Basic earnings per share from continuing operations | $0.61 | $0.56 | $1.36 | $1.33 |
Diluted earnings per share from continuing operations | $0.60 | $0.55 | $1.34 | $1.31 |
Basic earnings per share from discontinued operations | $0 | $0 | $0 | $0.01 |
Diluted earnings per share from discontinued operations | $0 | $0 | $0 | $0.01 |
Basic earnings per share | $0.61 | $0.56 | $1.36 | $1.35 |
Diluted earnings per share | $0.60 | $0.55 | $1.34 | $1.32 |
Shares used in per share calculations [Abstract]: | ' | ' | ' | ' |
Basic shares | 90,645 | 89,328 | 90,380 | 88,532 |
Diluted shares | 92,090 | 91,046 | 91,813 | 90,346 |
Other comprehensive (loss) income, net of tax [Abstract]: | ' | ' | ' | ' |
Change in minimum pension liability, net of taxes of $5,289, $284, $5,289 and $210, respectively | 8,758 | 451 | 8,758 | 575 |
Total other comprehensive (loss) income, net of tax | $63,719 | $50,566 | $131,954 | $119,868 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $5,289 | $284 | $5,289 | $210 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract]: | ' | ' |
Cash and equivalents | $86,909 | $81,097 |
Short-term investments | 195,248 | 232,081 |
Accounts receivable, net | 23,833 | 26,756 |
Accounts receivable from related parties | 20 | 28 |
Inventories | 424,066 | 393,794 |
Prepaid expenses and other current assets | 39,949 | 20,637 |
Prepaid rent to related parties | 1,137 | 0 |
Deferred income taxes | 24,343 | 67,397 |
Total current assets | 795,505 | 821,790 |
Property and equipment, net | 316,542 | 300,313 |
Long-term investments | 234,748 | 96,712 |
Goodwill | 25,899 | 25,899 |
Deferred income taxes | 10,562 | 9,443 |
Other assets | 8,518 | 7,946 |
Total assets | 1,391,774 | 1,262,103 |
Liabilities and Shareholders' equity [Abstract]: | ' | ' |
Accounts payable | 146,418 | 150,461 |
Accounts payable to related parties | 682 | 1,651 |
Accrued expenses | 130,612 | 123,199 |
Total current liabilities | 277,712 | 275,311 |
Non-current liabilities | 132,844 | 128,213 |
Commitments and contingencies | 0 | 0 |
Shareholdersb equity [Abstract]: | ' | ' |
Additional Paid in Capital, Common Stock | 888,575 | 872,026 |
Preferred Shares, no par value; 100,000 authorized; no shares issued or outstanding | 0 | 0 |
Retained earnings | 117,636 | 16,991 |
Basis difference related to acquisition of common control entity | -24,993 | -21,680 |
Accumulated other comprehensive loss | 0 | -8,758 |
Total shareholdersb equity | 981,218 | 858,579 |
Total liabilities and shareholdersb equity | 1,391,774 | 1,262,103 |
Additional Paid-in Capital [Member] | ' | ' |
Shareholdersb equity [Abstract]: | ' | ' |
Total shareholdersb equity | $888,575 | $872,026 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, outstanding (in shares) | 90,721 | 90,024 |
Preferred Shares, par value (in dollars per share) | $0 | $0 |
Preferred Shares, authorized (in shares) | 100,000 | 100,000 |
Preferred Shares, issued (in shares) | 0 | 0 |
Preferred Shares, outstanding (in shares) | 0 | 0 |
Class A Common Shares | ' | ' |
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, par value (in dollars per share) | $0 | $0 |
Common Shares, authorized (in shares) | 250,000 | 170,000 |
Common Shares, issued (in shares) | 75,255 | 72,564 |
Common Shares, outstanding (in shares) | 75,255 | 72,564 |
Class B Common Shares | ' | ' |
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, par value (in dollars per share) | $0 | $0 |
Common Shares, authorized (in shares) | 100,000 | 100,000 |
Common Shares, issued (in shares) | 15,466 | 17,460 |
Common Shares, outstanding (in shares) | 15,466 | 17,460 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Class A Common Shares | Class B Common Shares | Additional Paid-in Capital [Member] | Retained Earnings/ (Accumulated Deficit) | Basis difference related to acquisition of common control entity | Accumulated other comprehensive loss |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Jan. 28, 2012 | $786,587 | ' | ' | $796,812 | ($1,739) | $0 | ($8,486) |
Balance (in shares) at Jan. 28, 2012 | ' | 64,244 | 22,340 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations, net of tax | 118,040 | ' | ' | ' | 118,040 | ' | ' |
Income from discontinued operations, net of tax | 1,253 | ' | ' | ' | 1,253 | ' | ' |
Stock-based compensation expense, before related tax effects | 5,360 | ' | ' | 5,360 | ' | ' | ' |
Stock units granted | 1,076 | ' | ' | 1,076 | ' | ' | ' |
Stock units granted (in shares) | ' | 52 | ' | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes | 7,354 | ' | ' | 7,354 | ' | ' | ' |
Exercise of stock options, net of settlement of taxes (in shares) | ' | 1,118 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -1,858 | ' | ' | -1,858 | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 132 | ' | ' | ' | ' | ' |
Excess tax benefits related to stock-based compensation | 8,450 | ' | ' | 8,450 | ' | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares | 0 | ' | ' | 0 | ' | ' | ' |
Exchange of Class B Shares for Class A Shares (in shares) | ' | 4,540 | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -4,540 | ' | ' | ' | ' |
Exercise of warrants | 43,216 | ' | ' | 43,216 | ' | ' | ' |
Exercise of warrant (in shares) | ' | ' | 1,506 | ' | ' | ' | ' |
Dividends paid | -111,574 | ' | ' | ' | -111,574 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | ' | ' | ' | ' | ' | ' |
Change in minimum pension liability, net of taxes of $210 | 575 | ' | ' | ' | ' | ' | 575 |
Balance at Oct. 27, 2012 | 858,479 | ' | ' | 860,410 | 5,980 | 0 | -7,911 |
Balance (in shares) at Oct. 27, 2012 | ' | 70,086 | 19,306 | ' | ' | ' | ' |
Balance at Feb. 02, 2013 | 858,579 | ' | ' | 872,026 | 16,991 | -21,680 | -8,758 |
Balance (in shares) at Feb. 02, 2013 | 90,024 | 72,564 | 17,460 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations, net of tax | 123,196 | ' | ' | ' | 123,196 | ' | ' |
Stock-based compensation expense, before related tax effects | 6,243 | ' | ' | 6,243 | ' | ' | ' |
Stock units granted | 1,109 | ' | ' | 1,109 | ' | ' | ' |
Stock units granted (in shares) | ' | 32 | ' | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes | 6,009 | ' | ' | 6,009 | ' | ' | ' |
Exercise of stock options, net of settlement of taxes (in shares) | ' | 586 | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -1,620 | ' | ' | -1,620 | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 79 | ' | ' | ' | ' | ' |
Excess tax benefits related to stock-based compensation | 4,808 | ' | ' | 4,808 | ' | ' | ' |
Tax effect of basis difference related to acquisition of common control entity | -3,313 | ' | ' | ' | ' | -3,313 | ' |
Exchange of Class B Common Shares for Class A Common Shares | 0 | ' | ' | 0 | ' | ' | ' |
Exchange of Class B Shares for Class A Shares (in shares) | ' | 2,600 | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -2,600 | ' | ' | ' | ' |
Exchange of Class A Common Shares for Class B Common Shares | 0 | ' | ' | 0 | ' | ' | ' |
Exchange of Class A Common Shares for Class B Common Shares (in shares) | ' | -606 | ' | ' | ' | ' | ' |
Exchange of Class A for Class B (in shares) | ' | ' | 606 | ' | ' | ' | ' |
Dividends paid | -22,551 | ' | ' | ' | -22,551 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -177 | ' | ' | ' | ' | ' | -177 |
Change in minimum pension liability, net of taxes of $210 | 8,935 | ' | ' | ' | ' | ' | 8,935 |
Balance at Nov. 02, 2013 | $981,218 | ' | ' | $888,575 | $117,636 | ($24,993) | $0 |
Balance (in shares) at Nov. 02, 2013 | 90,721 | 75,255 | 15,466 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Dividends paid (in dollars per share) | $0.25 | $1.26 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $5,289 | $210 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $123,196 | $119,293 |
Less: income from discontinued operations, net of tax | 0 | -1,253 |
Income from continuing operations, net of tax | 123,196 | 118,040 |
Adjustments to reconcile net income (loss) to net cash and equivalents provided by operating activities from continuing operations: | ' | ' |
Depreciation and amortization | 48,881 | 42,227 |
Share-based compensation expense | 7,352 | 6,436 |
Deferred income taxes | 36,646 | 70,213 |
Change in fair value of derivative instruments | 0 | 6,121 |
Loss on disposal of long-lived assets | 759 | 1,400 |
Amortization of investment discounts and premiums | 7,620 | 4,913 |
Excess tax benefits related to stock option exercises | -4,808 | -8,450 |
Settlement of pension | 14,224 | 0 |
Change in working capital, other assets and liabilities: | ' | ' |
Accounts receivable, net | 2,930 | -9,249 |
Inventories | -30,272 | -88,077 |
Prepaid expenses and other current assets | -14,648 | 1,557 |
Accounts payable | -4,441 | 19,058 |
Accrued expenses | 16,299 | -1,575 |
Other | 423 | 14,600 |
Net cash and equivalents provided by operating activities from continuing operations | 204,161 | 177,214 |
Cash flows from investing activities: | ' | ' |
Cash paid for property and equipment | -67,480 | -80,203 |
Purchases of available-for-sale investments | -4,590 | -38,130 |
Purchases of held-to-maturity investments | -300,260 | -195,468 |
Maturities and sales of available-for-sale investments | 28,870 | 157,527 |
Maturities of held-to-maturity investments | 167,157 | 125,721 |
Increase (Decrease) in Restricted Cash | -5,800 | 0 |
Net cash and equivalents used in investing activities from continuing operations | -182,103 | -30,553 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 6,009 | 11,244 |
Payments Related to Tax Withholding for Share-based Compensation | -1,620 | -5,748 |
Payments of Debt Issuance Costs | -242 | 0 |
Dividends paid | -22,551 | -113,080 |
Proceeds from the exercise of warrants | 0 | 7,792 |
Excess tax benefits related to stock-based compensation | 4,808 | 8,450 |
Net cash and equivalents used in financing activities from continuing operations | -13,596 | -91,342 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | -2,650 | 0 |
Net Cash Provided by (Used in) Discontinued Operations | -2,650 | 0 |
Net increase in cash and equivalents from continuing operations | 8,462 | 55,319 |
Cash and equivalents, beginning of period | 81,097 | 79,003 |
Cash and equivalents, end of period | 86,909 | 134,322 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for income taxes | 35,483 | 4,871 |
Proceeds from construction and tenant allowances | 18,396 | 10,115 |
Non-cash operating, investing and financing activities: | ' | ' |
Balance of accounts payable and accrued expenses due to property and equipment purchases | 5,389 | 13,047 |
Additional paid in capital transferred from warrant liability due to warrant exercises | $0 | $35,424 |
Business_Operations
Business Operations | 9 Months Ended | ||||||||||||||
Nov. 02, 2013 | |||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||
Business Operations and Basis of Presentation | ' | ||||||||||||||
BUSINESS OPERATIONS AND BASIS OF PRESENTATION | |||||||||||||||
Business Operations- DSW and its wholly owned subsidiaries are herein referred to collectively as DSW or the “Company”. DSW’s Class A Common Shares are listed on the New York Stock Exchange under the ticker symbol “DSW”. DSW Class B Common Shares are not listed on a stock exchange but are exchangeable for Class A Common Shares at the election of the shareholder. | |||||||||||||||
DSW has two reportable segments: the DSW segment, which includes the DSW stores and dsw.com sales channels, and the Affiliated Business Group segment. DSW offers a wide assortment of brand name dress, casual and athletic footwear and accessories for women and men. As of November 2, 2013, DSW operated a total of 393 DSW stores located in 42 states, the District of Columbia and Puerto Rico, and dsw.com. During the nine months ended November 2, 2013, DSW opened 29 new DSW stores. | |||||||||||||||
DSW also operates 356 shoe departments for three retailers in its Affiliated Business Group segment. As of November 2, 2013, DSW supplied merchandise to 262 Stein Mart stores, 93 Gordmans stores, and one Frugal Fannie’s store. During the nine months ended November 2, 2013, DSW added 18 new shoe departments and ceased operations in 6 shoe departments. In October 2013, DSW began supplying merchandise to Stein Mart's e-commerce website. In June 2013, DSW announced the completion of a joint agreement with Loehmann's Operating Company ("Loehmann's") to operate as the sole supplier for the Loehmann's shoe departments in its stores located throughout the United States and e-commerce site, loehmanns.com. DSW will supply shoes to 10 Loehmann's stores and their e-commerce site beginning in December 2013, with the remainder of the stores commencing in early 2014. | |||||||||||||||
Basis of Presentation- The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with DSW’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2013 (the “2012 Annual Report”). In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the condensed consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated financial statements include the accounts of DSW and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||
Beginning in the third quarter of fiscal 2013, DSW condensed Class A Common Shares and Class B Common Shares into one line item, Common Shares Paid in Capital, within the condensed consolidated balance sheets and condensed consolidated statements of shareholders' equity. | |||||||||||||||
On October 14, 2013, the shareholders of DSW approved a two-for-one stock split of DSW's Common Shares. The stock split became effective on November 4, 2013; subsequent to the thirteen week period ended November 2, 2013. The stock split provided for the issuance of one Class A Common Share for each Class A and Class B Common Share outstanding, and resulted in an increase in Class A shareholders voting power from 38% to 57% and a decrease in Class B shareholders voting power from 62% to 43%. | |||||||||||||||
All share and per share data herein have been adjusted retroactively to reflect the November 4, 2013 stock split; however, since the stock split was completed subsequent to period end, retroactive share adjustments were required within the condensed consolidated financial statements so that the voting power of the Class A and Class B shareholders remained at their pre-stock split percentages for all periods presented. Accordingly, total outstanding DSW Common Shares were adjusted retroactively to reflect an increase to 90.7 million shares as of November 2, 2013, comprised of 75.3 million Class A Common Shares and 15.5 million Class B Common Shares, with voting power at that date of 38% and 62%, respectively. | |||||||||||||||
Upon completion of the stock split on November 4, 2013, total outstanding Common Shares remained at 90.7 million, with the post-stock split voting power increasing for Class A shareholders to 57% and decreasing for Class B shareholders to 43%. The Class A Common Shares continue to hold one vote per share while the Class B Common Shares continue to hold eight votes per share. | |||||||||||||||
The following table summarizes the balances and voting power of Class A and Class B Common Shares as of November 2, 2013 and November 4, 2013 (in thousands, except percentage data): | |||||||||||||||
Class A | Class B | Total | |||||||||||||
Shares Outstanding | Voting Power | Shares Outstanding | Voting Power | Shares Outstanding | |||||||||||
Balance, November 2, 2013 (retroactively adjusted for stock split) | 75,255 | 38 | % | 15,466 | 62 | % | 90,721 | ||||||||
Common share adjustment to reflect stock split impact on voting power | 7,733 | 19 | % | (7,733 | ) | (19 | )% | — | |||||||
Balance, November 4, 2013 | 82,988 | 57 | % | 7,733 | 43 | % | 90,721 | ||||||||
Also on October 14, 2013, DSW shareholders approved an amendment to the Company's Articles of Incorporation increasing the number of authorized Class A Common Shares from 170 million to 250 million, which became effective on November 2, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | |
Restricted Cash- Restricted cash represents cash that is restricted as to withdrawal or usage. The restricted cash balance is recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets and primarily consists of a mandatory cash deposit with the lender for outstanding letters of credit, as detailed in Note 9. | |
Comprehensive Income- In February 2013, the Financial Accounting Standards Board issued an update to existing guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income or loss and into the statement of operations. The update requires that significant reclassified amounts in its entirety, and in the same reporting period, be presented on the line item affected within the statement of operations or disclosed in the notes to the financial statements. See Note 13 for disclosures related to this guidance. |
Background
Background | 9 Months Ended |
Nov. 02, 2013 | |
Business Combinations [Abstract] | ' |
Merger with Retail Ventures, Inc. and Discontinued Operations | ' |
BACKGROUND | |
Merger with Retail Ventures, Inc. ("the Merger")- On May 26, 2011, Retail Ventures, Inc. (“Retail Ventures” or “RVI”) merged with and into DSW MS LLC (“Merger Sub”), with Merger Sub surviving the Merger and continuing as a wholly owned subsidiary of DSW. Upon the closing of the Merger, each outstanding RVI common share was converted into 0.87 DSW Class A Common Shares, unless the holder of each outstanding RVI common share properly and timely elected to receive a like amount of DSW Class B Common Shares. | |
The Merger was accounted for as a reverse merger with RVI as the accounting acquirer and DSW (the surviving legal entity) as the accounting acquiree. As the Merger was an equity transaction between entities under common control, purchase accounting was not applied. Pre-merger financial information presented in the DSW consolidated financial statements represents consolidated RVI financial information. References to Retail Ventures or RVI refer to the pre-merger entity. | |
Discontinued Operations- In fiscal 2009 and fiscal 2007, RVI disposed of its Filene's Basement operations and Value City operations, respectively. | |
Filene’s Basement- Following the Merger, Merger Sub assumed RVI’s obligations under lease guarantees for three Filene’s Basement retail store locations for leases assumed by Syms in its purchase of Filene’s Basement in fiscal 2009. As of November 2, 2013, the Company had a liability of $3.7 million for the remaining guaranteed lease obligation assumed by Syms and a liability of less than $0.1 million related to leases not assumed by Syms. See Note 16 for additional disclosure regarding the guaranteed lease obligations. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Nov. 02, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Schottenstein Affiliates- As of November 2, 2013, the Schottenstein Affiliates, entities owned by or controlled by Jay L. Schottenstein, the executive chairman of the DSW Board of Directors, and members of his family, owned approximately 18% of DSW’s outstanding Common Shares representing approximately 62% of the combined voting power of DSW’s outstanding Common Shares. As of November 2, 2013, the Schottenstein Affiliates beneficially owned 0.3 million Class A Common Shares and 7.7 million Class B Common Shares (prior to adjustment related to two-for-one stock split). Upon completion of the two-for-one stock split on November 4, 2013, the combined voting power of the Schottenstein Affiliates was reduced to 48%. | |
DSW leases certain store locations owned by Schottenstein Affiliates and purchases services and products from Schottenstein Affiliates. Accounts receivable from and payables to affiliates principally result from commercial transactions or affiliate transactions and normally settle in the form of cash in 30 to 60 days. As of both November 2, 2013 and February 2, 2013, the balance of related party receivables was less than $0.1 million. As of November 2, 2013 and February 2, 2013, the balance of related party payables was $0.7 million and $1.7 million, respectively. As of November 2, 2013, the balance of related party prepaid rent was $1.1 million, and there was no related party prepaid rent as of February 2, 2013. |
Earnings_per_Share_and_Shareho
Earnings per Share and Shareholders' Equity | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share and Shareholders' Equity | ' | |||||||||||
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | ||||||||||||
Earnings per Share- Basic earnings per share is based on net income and a simple weighted average of common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding DSW stock options, restricted stock units ("RSU") and performance-based restricted stock units ("PSU") calculated using the treasury stock method. The following table is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: | ||||||||||||
Three months ended | Nine months ended | |||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | |||||||||
(in thousands) | ||||||||||||
Basic shares | 90,645 | 89,328 | 90,380 | 88,532 | ||||||||
Assumed exercise of dilutive DSW stock options | 1,216 | 1,484 | 1,211 | 1,560 | ||||||||
Assumed exercise of dilutive DSW RSUs and PSUs | 229 | 234 | 222 | 254 | ||||||||
Diluted shares | 92,090 | 91,046 | 91,813 | 90,346 | ||||||||
Options, RSUs and PSUs- For the three and nine months ended November 2, 2013, the amount of potential common shares outstanding as of November 2, 2013 that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 0.4 million and 0.8 million, respectively. For both the three and nine months ended October 27, 2012, the amount of potential common shares (excluding warrants) outstanding as of October 27, 2012 that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 0.6 million. | ||||||||||||
Warrants- For the nine months ended October 27, 2012, the assumed exercise of warrants for 0.4 million common shares were not included in the calculation of shares as the effect would have been anti-dilutive. There were no warrants outstanding during the three months ended October 27, 2012 or nine months ended November 2, 2013. | ||||||||||||
Shareholders' Equity- On May 29, 2013, DSW announced that its Board of Directors had authorized the Company to extend the share repurchase program of up to $100 million of DSW Common Shares. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common shares under the program. As of November 2, 2013, DSW has not made any repurchases under this program. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||
Nov. 02, 2013 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||
Stock-based Compensation | ' | |||
STOCK-BASED COMPENSATION | ||||
The DSW 2005 Equity Incentive Plan ("the DSW Plan") provides for the issuance of equity awards to purchase up to 11.2 million DSW Common Shares (in connection with the two-for-one stock split, the number of awards authorized to be issued under the DSW Plan increased from 7.6 million to 11.2 million). The DSW Plan covers stock options, RSUs, PSUs and director stock units. Eligible recipients include key employees of DSW and affiliates, as well as directors of DSW. Options generally vest 20% per year on a cumulative basis. Options granted under the DSW Plan generally remain exercisable for a period of ten years from the date of grant. | ||||
Stock Options- The following table summarizes DSW’s stock option activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 3,694 | |||
Granted | 492 | |||
Exercised | (586 | ) | ||
Forfeited | (47 | ) | ||
Outstanding, end of period | 3,553 | |||
Exercisable, end of period | 1,557 | |||
DSW expensed $4.5 million and $4.2 million for the nine months ended November 2, 2013 and October 27, 2012, respectively, related to stock options. The weighted-average grant date fair value of each option granted in the nine months ended November 2, 2013 and October 27, 2012 was $12.85 and $12.59 per share, respectively. As of November 2, 2013, the total compensation cost related to nonvested DSW stock options not yet recognized was approximately $15.9 million with a weighted average expense recognition period remaining of 2.1 years. The following table illustrates the weighted-average assumptions used in the Black-Scholes pricing model for DSW options granted in each of the periods presented: | ||||
Nine months ended | ||||
Assumptions: | November 2, 2013 | October 27, 2012 | ||
Risk-free interest rate | 0.70% | 1.20% | ||
Expected volatility of DSW common stock | 53.40% | 56.20% | ||
Expected option term | 4.7 years | 5.5 years | ||
Expected dividend yield | 1.30% | 1.20% | ||
Restricted Stock Units ("RSU")- The following table summarizes DSW’s RSU activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 436 | |||
Granted | 83 | |||
Vested | (128 | ) | ||
Forfeited | (4 | ) | ||
Outstanding, end of period | 387 | |||
Beginning in fiscal 2013, RSUs granted will generally vest over three years. DSW expensed $1.4 million and $1.2 million for the nine months ended November 2, 2013 and October 27, 2012, respectively, related to RSUs. As of November 2, 2013, the total compensation cost related to nonvested RSUs not yet recognized was approximately $5.5 million with a weighted average expense recognition period remaining of 2.2 years. The weighted average exercise price for all RSUs is zero. | ||||
Performance-Based Restricted Stock Units ("PSU")- The following table summarizes DSW’s PSU activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | — | |||
Granted | 68 | |||
Vested | — | |||
Forfeited | — | |||
Outstanding, end of period | 68 | |||
Beginning in fiscal 2013, DSW granted PSUs. These awards cliff vest at the end of a three year period based upon the Company’s achievement of pre-established goals as of the end of the first year of the term. PSUs receive dividend equivalents in the form of additional PSUs, which are subject to the same restrictions and forfeiture provisions as the original award. Consistent with RSUs, the grant date fair value of PSUs is based on the closing market price of DSW Class A Common Shares on the date of grant. DSW expensed $0.4 million for the nine months ended November 2, 2013 related to PSUs. As of November 2, 2013, the total compensation cost related to nonvested PSUs not yet recognized was approximately $1.8 million with a weighted average expense recognition period remaining of 2.4 years. The weighted average exercise price for all PSUs is zero. | ||||
Director Stock Units- DSW issues stock units to directors who are not employees of DSW. During both of the nine months ended November 2, 2013 and October 27, 2012, DSW expensed $1.1 million for these grants. The following table summarizes DSW’s director stock unit activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 316 | |||
Granted | 32 | |||
Exercised | (19 | ) | ||
Outstanding, end of period | 329 | |||
Investments
Investments | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||
INVESTMENTS | ||||||||||||||||
The majority of DSW’s available-for-sale investments were primarily municipal bonds with renewal dates of every 7 days. Held-to-maturity investments are primarily corporate bonds, municipal bonds and municipal term notes and are held at amortized cost, which approximates fair value. Long-term investments have maturities longer than one year but shorter than three years and are classified as held-to-maturity. The following table discloses the major categories of DSW’s investments as of the periods presented: | ||||||||||||||||
Short-term investments | Long-term investments | |||||||||||||||
November 2, 2013 | February 2, 2013 | November 2, 2013 | February 2, 2013 | |||||||||||||
Available-for-sale: | (in thousands) | |||||||||||||||
Term notes and bonds | — | $ | 24,280 | — | — | |||||||||||
Held-to-maturity: | ||||||||||||||||
Term notes and bonds | $ | 195,248 | 207,801 | $ | 234,748 | $ | 96,712 | |||||||||
Total investments | $ | 195,248 | $ | 232,081 | $ | 234,748 | $ | 96,712 | ||||||||
As of November 2, 2013 and February 2, 2013, short-term investments had gross holding gains of $0.1 million and $0.2 million, respectively, and gross holding losses of $0.1 million and $0.2 million, respectively. As of both November 2, 2013 and February 2, 2013, long-term investments had gross holding gains of $0.3 million, and as of November 2, 2013 and February 2, 2013, gross holding losses of $0.5 million and $0.1 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
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 at the measurement date. Therefore, fair value is a market-based measurement based on assumptions of the market participants. As a basis for these assumptions, DSW classifies its fair value measurements under the following fair value hierarchy: | ||||||||||||||||||||||||
• | Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are publicly accessible. Active markets have frequent transactions with enough volume to provide ongoing pricing information. | |||||||||||||||||||||||
• | Level 2 inputs are other than level 1 inputs that are directly or indirectly observable. These can include unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical assets or liabilities in inactive markets or other observable inputs. | |||||||||||||||||||||||
• | Level 3 inputs are unobservable inputs. | |||||||||||||||||||||||
Financial Assets- The following table presents financial assets at fair value as of the periods presented: | ||||||||||||||||||||||||
As of November 2, 2013 | As of February 2, 2013 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | (in thousands) | |||||||||||||||||||||||
Cash and equivalents(a) | $ | 86,909 | $ | 86,909 | — | $ | 81,097 | $ | 81,097 | — | ||||||||||||||
Short-term investments(b) | 195,254 | — | $ | 195,254 | 232,052 | — | $ | 232,052 | ||||||||||||||||
Long-term investments (b) | 234,554 | — | 234,554 | 96,843 | — | 96,843 | ||||||||||||||||||
Total assets | $ | 516,717 | $ | 86,909 | $ | 429,808 | $ | 409,992 | $ | 81,097 | $ | 328,895 | ||||||||||||
(a) Cash and equivalents primarily represent cash deposits and investments in money market funds held with financial institutions, as well as credit card receivables that generally settle within three days. The carrying amount approximates fair value because of the relatively short average maturity of the instruments. | ||||||||||||||||||||||||
(b) Available-for-sale and held-to maturity investments are valued using a market-based approach using level 2 inputs such as prices of similar assets in active markets. | ||||||||||||||||||||||||
Non-Financial Assets- DSW periodically evaluates the carrying amount of its long-lived assets, primarily property and equipment, and finite lived intangible assets when events and circumstances warrant such a review to ascertain if any assets have been impaired. There were no significant non-recurring fair value measurements recorded for the nine months ended November 2, 2013 or October 27, 2012. |
Debt_Obligations_and_Warrant_L
Debt Obligations and Warrant Liabilities | 9 Months Ended |
Nov. 02, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Obligations and Warrant Liabilities | ' |
DEBT OBLIGATIONS AND WARRANT LIABILITIES | |
DSW $50 Million Secured Credit Facility- On August 2, 2013, DSW entered into a secured revolving credit agreement (the "Credit Facility"). The Credit Facility, together with the Letter of Credit Agreement (defined below), amended and restated DSW's prior credit facility, dated June 30, 2010. The Credit Facility reduced the amount of revolving credit commitments from $100 million to $50 million, allowed DSW to transfer its outstanding letters of credit and has a term of five years that will expire on July 31, 2018. The Credit Facility may be increased by up to $100 million upon DSW's request and the increase would be subject to lender availability, DSW's financial condition and compliance with covenants. The Credit Facility is secured by a lien on substantially all of DSW's personal property assets and its subsidiaries with certain exclusions and may be used to provide funds for general corporate purposes, to provide for DSW's ongoing working capital requirements and to make permitted acquisitions. Revolving credit loans bear interest under the Credit Facility at the Company's option under: (a) a base rate option at a rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Credit Facility), plus 0.5%, (ii) the Lender's prime rate, and (iii) the Daily LIBOR Rate (as defined in the Credit Facility) plus 1.0%, plus in each instance an applicable margin, which is between 1.00 and 1.25, based upon the Company's revolving credit availability; or (b) a LIBOR option at a rate equal to the LIBOR Rate (as defined in the Credit Facility), plus an applicable margin based upon the Company's revolving credit availability. In addition, the Credit Facility contains restrictive covenants relating to DSW's management and the operation of DSW's business. These covenants, among other things, limit or restrict DSW's ability to grant liens on its assets, limit its ability to incur additional indebtedness, limit its ability to enter into transactions with affiliates and limit its ability to merge or consolidate with another entity. The Credit Facility also requires that DSW meet the minimum cash and short-term investments requirement of $125 million, as defined in the Credit Facility. An additional covenant limits payments for capital expenditures to $200 million in any fiscal year. DSW paid $67.5 million for capital expenditures for the nine months ended November 2, 2013. | |
As of November 2, 2013 and February 2, 2013, DSW had no outstanding borrowings under the facilities, had availability under the facilities of $49.2 million and $86.0 million, respectively, and had outstanding letters of credit under the credit facilities of $0.8 million and $14.0 million, respectively. | |
DSW $50 Million Letter of Credit Agreement- Also on August 2, 2013, DSW entered into a letter of credit agreement (the “Letter of Credit Agreement”). The Letter of Credit Agreement provides for the issuance of letters of credit up to $50 million, with a term of five years that will expire on August 2, 2018. The facility for the issuance of letters of credit is secured by a cash collateral account containing cash in an amount equal to 103% of the face amount of any letter of credit extension (105% for extensions denominated in foreign currency) and will be used for general corporate purposes. The Letter of Credit Agreement requires compliance with conditions precedent that must be satisfied prior to issuing any letter of credit or extension. In addition, the Letter of Credit Agreement contains restrictive covenants relating to DSW's management and the operation of DSW's business. These covenants, among other things, limit or restrict DSW's ability to grant liens on its assets, limit its ability to incur additional indebtedness, limit its ability to enter into transactions with affiliates and limit its ability to merge or consolidate with another entity. An event of default may cause the applicable interest rate and fees to increase by 2.0% per annum. | |
As of November 2, 2013, DSW had $4.9 million in outstanding letters of credit and $5.2 million in restricted cash on deposit under the Letter of Credit Agreement. The restricted cash balance is recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. DSW had no outstanding letters of credit or restricted cash on deposit under the Letter of Credit Agreement as of February 2, 2013. | |
Warrants- The warrants originally issued by RVI on September 26, 2002 and updated on July 5, 2005 in connection with previously paid credit facilities qualified as derivatives under Accounting Standards Codification 815, Derivatives and Hedging. The fair values of the warrants were recorded on the balance sheet within current liabilities. All outstanding warrants were exercised prior to fiscal 2013. | |
On March 14, 2012, DSW issued 823,926 DSW Class B Common Shares, without par value, to the Schottenstein Affiliates in connection with the exercise of its outstanding warrants. The common shares were issued at an exercise price of $5.17 per share, for an aggregate cash purchase price of $4.3 million, and DSW paid accrued dividends of $0.8 million related to DSW's special dividend paid on September 30, 2011. In connection with this exercise and in addition to the purchase price, DSW reclassified $18.6 million from the warrant liability to common shares paid in capital during the first quarter of fiscal 2012. | |
On May 31, 2012, DSW issued 682,444 DSW Class B Common Shares, without par value, to the Schottenstein Affiliates in connection with the exercise of its outstanding warrants. The common shares were issued at an exercise price of $5.17 per share, for an aggregate cash purchase price of $3.5 million, and DSW paid accrued dividends of $0.7 million related to DSW's special dividend issued on September 30, 2011. In connection with this exercise and in addition to the purchase price, DSW reclassified $16.8 million from the warrant liability to common shares paid in capital during the second quarter of fiscal 2012. The warrants exercised during the nine months ended October 27, 2012 resulted in a total increase of $43.2 million to common shares paid in capital. | |
During the nine months ended October 27, 2012, DSW recorded a non-cash charge of $6.1 million related to the change in the fair value of warrants, which settled in the first half of fiscal 2012. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and equipment, net | ' | ||||||||
PROPERTY AND EQUIPMENT | |||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 1,110 | $ | 1,110 | |||||
Furniture, fixtures and equipment | 379,648 | 343,614 | |||||||
Buildings, building and leasehold improvements | 316,011 | 291,572 | |||||||
Total property and equipment | 696,769 | 636,296 | |||||||
Accumulated depreciation and amortization | (380,227 | ) | (335,983 | ) | |||||
Property and equipment, net | $ | 316,542 | $ | 300,313 | |||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
ACCRUED EXPENSES | |||||||||
The balance sheet caption "Accrued expenses" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Gift cards and merchandise credits | $ | 28,945 | $ | 33,831 | |||||
Compensation | 21,884 | 19,711 | |||||||
Taxes | 22,621 | 16,192 | |||||||
Customer loyalty program | 21,194 | 18,407 | |||||||
Other | 35,968 | 35,058 | |||||||
Total accrued expenses | $ | 130,612 | $ | 123,199 | |||||
NonCurrent_Liabilities
Non-Current Liabilities | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Non-Current Liabilities | ' | ||||||||
NON-CURRENT LIABILITIES | |||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Construction and tenant allowances | $ | 79,012 | $ | 77,084 | |||||
Deferred rent | 38,224 | 36,723 | |||||||
Other | 15,608 | 14,406 | |||||||
Total non-current liabilities | $ | 132,844 | $ | 128,213 | |||||
Pension_Plan
Pension Plan | 9 Months Ended | ||||||||||
Nov. 02, 2013 | |||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||
PENSION PLAN | |||||||||||
Merger Sub is responsible for the Filene’s Basement defined benefit pension plan (the "plan") that RVI assumed as part of its sale of Filene's Basement in fiscal 2009. On December 1, 2011, DSW adopted a plan amendment to terminate the plan with a proposed termination date of March 11, 2012. In April 2013, DSW received a favorable determination letter from the Internal Revenue Service, began the process of obtaining participant settlement elections and was required to disburse the funds within 120 days of the receipt of the favorable determination letter. DSW contributed a final contribution of $5 million to fully fund the plan. In the second quarter of fiscal 2013, DSW distributed all plan assets to participants through lump-sum distributions and a nonparticipating annuity contract. The settlement of the pension plan resulted in a settlement loss of $8.9 million, which is net of a tax benefit of $5.3 million, which was reclassified from other comprehensive loss to net income in the second quarter of fiscal 2013. | |||||||||||
The following table provides additional detail regarding the composition of and reclassification adjustments out of accumulated other comprehensive loss for the nine months ended November 2, 2013 and October 27, 2012, respectively: | |||||||||||
Nine Months Ended | Location on Condensed Consolidated Statements of Operations | ||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||
(in thousands) | |||||||||||
Beginning Balance | $ | (8,758 | ) | $ | (8,486 | ) | |||||
Reclassification to net income due to settlement of the pension plan | 14,224 | — | Operating expenses | ||||||||
Tax benefit of the settlement of the pension plan | (5,289 | ) | — | Income tax provision | |||||||
Amortization of net loss | — | 575 | Operating expenses | ||||||||
Change in minimum pension liability | (177 | ) | — | Operating expenses | |||||||
Ending Balance | $ | — | $ | (7,911 | ) | ||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
The Company sells products through three channels: DSW stores, dsw.com and the Affiliated Business Group. The reportable segments are the DSW segment, which includes the DSW stores and dsw.com sales channels, and the Affiliated Business Group segment. DSW has identified such segments based on internal management reporting and responsibilities and measures segment profit as gross profit, which is defined as net sales less cost of sales. All operations are located in the United States and its territories. The goodwill balance of $25.9 million as of November 2, 2013 and February 2, 2013 is recorded in the DSW segment related to the DSW stores. In order to reconcile to the consolidated financial statements, DSW includes Other, which consists of assets, liabilities and expenses that are not attributable to the reportable segments, primarily related to assets and liabilities of the former RVI operations. The settlement of the pension plan was recorded in Other. | ||||||||||||||||
DSW segment | Affiliated Business Group segment | Other | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended November 2, 2013 | ||||||||||||||||
Net sales | $ | 597,274 | $ | 35,702 | — | $ | 632,976 | |||||||||
Gross profit | 204,935 | 7,935 | — | 212,870 | ||||||||||||
Capital expenditures | 21,993 | 291 | — | 22,284 | ||||||||||||
Three months ended October 27, 2012 | ||||||||||||||||
Net sales | $ | 559,312 | $ | 33,422 | — | $ | 592,734 | |||||||||
Gross profit | 193,363 | 6,808 | — | 200,171 | ||||||||||||
Capital expenditures | 37,700 | 162 | — | 37,862 | ||||||||||||
Nine months ended November 2, 2013 | ||||||||||||||||
Net sales | $ | 1,691,119 | $ | 105,282 | — | $ | 1,796,401 | |||||||||
Gross profit | 556,396 | 22,913 | — | 579,309 | ||||||||||||
Capital expenditures | 64,973 | 529 | — | 65,502 | ||||||||||||
Nine months ended October 27, 2012 | ||||||||||||||||
Net sales | $ | 1,562,707 | $ | 100,817 | — | $ | 1,663,524 | |||||||||
Gross profit | 531,848 | 21,158 | — | 553,006 | ||||||||||||
Capital expenditures | 83,212 | 366 | — | 83,578 | ||||||||||||
As of November 2, 2013 | ||||||||||||||||
Total assets | $ | 1,289,896 | $ | 101,484 | $ | 394 | $ | 1,391,774 | ||||||||
As of February 2, 2013 | ||||||||||||||||
Total assets | $ | 1,164,331 | $ | 97,358 | $ | 414 | $ | 1,262,103 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax, Policy [Policy Text Block] | ' |
INCOME TAXES | |
The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the three and nine months ended November 2, 2013, the effective tax rate of 38.4% and 37.9%, respectively, reflects federal, state and local taxes. For the three and nine months ended October 27, 2012, the effective tax rate of 38.1% and 39.4%, respectively, primarily reflects federal, state and local taxes, and for the nine months ended October 27, 2012, the effective tax rate was also impacted by the change in fair value of warrants included in book income but not tax income. | |
In the 2012 Annual Report, Note 4 discussed the tax impact of the acquisition of DSW's corporate headquarters and distribution center, which was a transaction between entities under common control. Differences between the financial reporting basis and tax basis were recorded as an equity transaction. In the first quarter of fiscal 2013, DSW recorded an additional tax effect of the basis difference related to the acquisition of the entity under common control of $3.3 million, which is reflected in the condensed consolidated statements of shareholders' equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Legal Proceedings- DSW is involved in various legal proceedings that are incidental to the conduct of its business. Although it is not possible to predict with certainty the eventual outcome of any litigation, in the opinion of management, the amount of any potential liability with respect to current legal proceedings will not be material to DSW’s results of operations or financial condition. As additional information becomes available, DSW will assess the potential liability related to its pending litigation and revise the estimates as needed. | |
Guarantees and Liabilities related to Discontinued Operations- As of the effective time of the Merger, a subsidiary of DSW assumed the obligations under RVI’s guarantees related to discontinued operations. DSW may become subject to various risks related to guarantees and in certain circumstances may be responsible for certain other liabilities related to discontinued operations. Changes in the amount of guarantees and liabilities related to discontinued operations are included in the loss or income from discontinued operations on the statements of operations. DSW records its best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss, DSW records the most likely estimated liability related to the guarantee. Additionally, if the underlying obligations are paid down or otherwise liquidated by the primary obligor, subject to certain statutory requirements, DSW will recognize a reduction of the associated liability. | |
Filene’s Basement- Following the Merger, a subsidiary of DSW, Merger Sub, assumed RVI’s obligations under lease guarantees for three Filene’s Basement retail store locations for leases assumed by Syms in its purchase of Filene’s Basement in fiscal 2009. In fiscal 2011, Syms and Filene’s Basement filed for bankruptcy protection and liquidated all of their stores in December 2011. DSW recorded a liability of $9.0 million related to lease guarantees for two locations in fiscal 2011, and in the first quarter of fiscal 2012, adjusted the liability to $7.0 million based on current information available to DSW, which resulted in an update of DSW's most likely estimated liability. DSW assumed the lease for the third location in fiscal 2011 and operates a store at this location. In the third quarter of fiscal 2013, DSW settled the dispute over the guarantee for the Bergen, New Jersey location, and the case has been dismissed. As of November 2, 2013, the estimated liability was $3.7 million for the remaining guarantee, which is described in more detail below: | |
Union Square, NY- RVI guaranteed Filene’s Basement’s obligations for the Union Square location when RVI owned Filene’s Basement, and the landlord at the Union Square location has brought a lawsuit against Merger Sub in the Supreme Court of the State of New York ("the Court") seeking payment under the guarantee. DSW believes that the liability under the guarantee may be limited based on the ultimate disposition of the lease and/or the guarantee may not be enforceable. In April 2012, the landlord advised DSW that it had signed a lease with a tenant and asserted that DSW is responsible for shortfalls and rent while the space was unoccupied. In April 2013, the Court denied the landlord's motion for summary judgment. The landlord appealed the court's denial of summary judgment. Oral arguments for the appeal have not yet been scheduled. The expected range of loss is from zero to $7 million. | |
Contractual Obligations- As of November 2, 2013, DSW has entered into various construction commitments, including capital items to be purchased for projects that were under construction, or for which a lease has been signed. DSW’s obligations under these commitments were $1.5 million as of November 2, 2013. In addition, DSW has signed lease agreements for 18 new store locations expected to be opened in fiscal 2013 and 2014 with total annual rent of $10.3 million. In connection with the new lease agreements, DSW will receive a total of $10.6 million of tenant construction allowance reimbursements for expenditures at these locations. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Nov. 02, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Dividends- On November 26, 2013, DSW announced that the DSW Board of Directors declared a quarterly cash dividend of $0.125 per share. The quarterly dividend will be paid on December 31, 2013 to shareholders of record at the close of business on December 19, 2013. | |
Two-for-One Stock Split- As discussed in Note 1, on November 4, 2013, DSW completed a two-for-one stock split of DSW's Common Shares. Upon completion of the stock split, total outstanding DSW Common Shares increased to 90.7 million, comprised of 83.0 million Class A Common Shares and 7.7 million Class B Common Shares. The stock split did not change the proportion of share ownership of existing shareholders but increased the voting power of the Class A shareholders from 38% to 57% and reduced the voting power of the Class B shareholders from 62% to 43%. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Restricted Cash- Restricted cash represents cash that is restricted as to withdrawal or usage. The restricted cash balance is recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets and primarily consists of a mandatory cash deposit with the lender for outstanding letters of credit, as detailed in Note 9. | |
Comprehensive Income- In February 2013, the Financial Accounting Standards Board issued an update to existing guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income or loss and into the statement of operations. The update requires that significant reclassified amounts in its entirety, and in the same reporting period, be presented on the line item affected within the statement of operations or disclosed in the notes to the financial statements. See Note 13 for disclosures related to this guidance. |
Business_Operations_Business_O
Business Operations Business Operations (Tables) | 9 Months Ended | ||||||||||||||
Nov. 02, 2013 | |||||||||||||||
Two-for-One Stock Split [Abstract] | ' | ||||||||||||||
Two-for-One Stock Split Adjustment Summary [Table Text Block] | ' | ||||||||||||||
The following table summarizes the balances and voting power of Class A and Class B Common Shares as of November 2, 2013 and November 4, 2013 (in thousands, except percentage data): | |||||||||||||||
Class A | Class B | Total | |||||||||||||
Shares Outstanding | Voting Power | Shares Outstanding | Voting Power | Shares Outstanding | |||||||||||
Balance, November 2, 2013 (retroactively adjusted for stock split) | 75,255 | 38 | % | 15,466 | 62 | % | 90,721 | ||||||||
Common share adjustment to reflect stock split impact on voting power | 7,733 | 19 | % | (7,733 | ) | (19 | )% | — | |||||||
Balance, November 4, 2013 | 82,988 | 57 | % | 7,733 | 43 | % | 90,721 | ||||||||
Earnings_per_Share_and_Shareho1
Earnings per Share and Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of the Number of Shares Used in the Calculation of Diluted Earnings per Share | ' | |||||||||||
Three months ended | Nine months ended | |||||||||||
November 2, 2013 | October 27, 2012 | November 2, 2013 | October 27, 2012 | |||||||||
(in thousands) | ||||||||||||
Basic shares | 90,645 | 89,328 | 90,380 | 88,532 | ||||||||
Assumed exercise of dilutive DSW stock options | 1,216 | 1,484 | 1,211 | 1,560 | ||||||||
Assumed exercise of dilutive DSW RSUs and PSUs | 229 | 234 | 222 | 254 | ||||||||
Diluted shares | 92,090 | 91,046 | 91,813 | 90,346 | ||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | |||
Nov. 02, 2013 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||
Stock Option Plan Activity | ' | |||
The following table summarizes DSW’s stock option activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 3,694 | |||
Granted | 492 | |||
Exercised | (586 | ) | ||
Forfeited | (47 | ) | ||
Outstanding, end of period | 3,553 | |||
Exercisable, end of period | 1,557 | |||
Weighted-average Assumptions Used for Options Granted | ' | |||
The following table illustrates the weighted-average assumptions used in the Black-Scholes pricing model for DSW options granted in each of the periods presented: | ||||
Nine months ended | ||||
Assumptions: | November 2, 2013 | October 27, 2012 | ||
Risk-free interest rate | 0.70% | 1.20% | ||
Expected volatility of DSW common stock | 53.40% | 56.20% | ||
Expected option term | 4.7 years | 5.5 years | ||
Expected dividend yield | 1.30% | 1.20% | ||
Restricted Stock Unit Activity | ' | |||
The following table summarizes DSW’s RSU activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 436 | |||
Granted | 83 | |||
Vested | (128 | ) | ||
Forfeited | (4 | ) | ||
Outstanding, end of period | 387 | |||
Performance-based Units Activity [Table Text Block] | ' | |||
The following table summarizes DSW’s PSU activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | — | |||
Granted | 68 | |||
Vested | — | |||
Forfeited | — | |||
Outstanding, end of period | 68 | |||
Director Stock Unit Activity | ' | |||
The following table summarizes DSW’s director stock unit activity: | ||||
Nine months ended | ||||
November 2, 2013 | ||||
(in thousands) | ||||
Outstanding, beginning of period | 316 | |||
Granted | 32 | |||
Exercised | (19 | ) | ||
Outstanding, end of period | 329 | |||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
The following table discloses the major categories of DSW’s investments as of the periods presented: | ||||||||||||||||
Short-term investments | Long-term investments | |||||||||||||||
November 2, 2013 | February 2, 2013 | November 2, 2013 | February 2, 2013 | |||||||||||||
Available-for-sale: | (in thousands) | |||||||||||||||
Term notes and bonds | — | $ | 24,280 | — | — | |||||||||||
Held-to-maturity: | ||||||||||||||||
Term notes and bonds | $ | 195,248 | 207,801 | $ | 234,748 | $ | 96,712 | |||||||||
Total investments | $ | 195,248 | $ | 232,081 | $ | 234,748 | $ | 96,712 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||
The following table presents financial assets at fair value as of the periods presented: | ||||||||||||||||||||||||
As of November 2, 2013 | As of February 2, 2013 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | (in thousands) | |||||||||||||||||||||||
Cash and equivalents(a) | $ | 86,909 | $ | 86,909 | — | $ | 81,097 | $ | 81,097 | — | ||||||||||||||
Short-term investments(b) | 195,254 | — | $ | 195,254 | 232,052 | — | $ | 232,052 | ||||||||||||||||
Long-term investments (b) | 234,554 | — | 234,554 | 96,843 | — | 96,843 | ||||||||||||||||||
Total assets | $ | 516,717 | $ | 86,909 | $ | 429,808 | $ | 409,992 | $ | 81,097 | $ | 328,895 | ||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 1,110 | $ | 1,110 | |||||
Furniture, fixtures and equipment | 379,648 | 343,614 | |||||||
Buildings, building and leasehold improvements | 316,011 | 291,572 | |||||||
Total property and equipment | 696,769 | 636,296 | |||||||
Accumulated depreciation and amortization | (380,227 | ) | (335,983 | ) | |||||
Property and equipment, net | $ | 316,542 | $ | 300,313 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
The balance sheet caption "Accrued expenses" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Gift cards and merchandise credits | $ | 28,945 | $ | 33,831 | |||||
Compensation | 21,884 | 19,711 | |||||||
Taxes | 22,621 | 16,192 | |||||||
Customer loyalty program | 21,194 | 18,407 | |||||||
Other | 35,968 | 35,058 | |||||||
Total accrued expenses | $ | 130,612 | $ | 123,199 | |||||
NonCurrent_LiabilitiesTables
Non-Current Liabilities(Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Non-current Liabilities | ' | ||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following for the periods presented: | |||||||||
November 2, 2013 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Construction and tenant allowances | $ | 79,012 | $ | 77,084 | |||||
Deferred rent | 38,224 | 36,723 | |||||||
Other | 15,608 | 14,406 | |||||||
Total non-current liabilities | $ | 132,844 | $ | 128,213 | |||||
Pension_Plan_Tables
Pension Plan (Tables) | 9 Months Ended | ||||||||||
Nov. 02, 2013 | |||||||||||
Pension Table [Abstract] | ' | ||||||||||
Schedule of Adjustments Made to Other Comprehensive Loss [Table Text Block] | ' | ||||||||||
The following table provides additional detail regarding the composition of and reclassification adjustments out of accumulated other comprehensive loss for the nine months ended November 2, 2013 and October 27, 2012, respectively: | |||||||||||
Nine Months Ended | Location on Condensed Consolidated Statements of Operations | ||||||||||
November 2, 2013 | October 27, 2012 | ||||||||||
(in thousands) | |||||||||||
Beginning Balance | $ | (8,758 | ) | $ | (8,486 | ) | |||||
Reclassification to net income due to settlement of the pension plan | 14,224 | — | Operating expenses | ||||||||
Tax benefit of the settlement of the pension plan | (5,289 | ) | — | Income tax provision | |||||||
Amortization of net loss | — | 575 | Operating expenses | ||||||||
Change in minimum pension liability | (177 | ) | — | Operating expenses | |||||||
Ending Balance | $ | — | $ | (7,911 | ) | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
DSW segment | Affiliated Business Group segment | Other | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended November 2, 2013 | ||||||||||||||||
Net sales | $ | 597,274 | $ | 35,702 | — | $ | 632,976 | |||||||||
Gross profit | 204,935 | 7,935 | — | 212,870 | ||||||||||||
Capital expenditures | 21,993 | 291 | — | 22,284 | ||||||||||||
Three months ended October 27, 2012 | ||||||||||||||||
Net sales | $ | 559,312 | $ | 33,422 | — | $ | 592,734 | |||||||||
Gross profit | 193,363 | 6,808 | — | 200,171 | ||||||||||||
Capital expenditures | 37,700 | 162 | — | 37,862 | ||||||||||||
Nine months ended November 2, 2013 | ||||||||||||||||
Net sales | $ | 1,691,119 | $ | 105,282 | — | $ | 1,796,401 | |||||||||
Gross profit | 556,396 | 22,913 | — | 579,309 | ||||||||||||
Capital expenditures | 64,973 | 529 | — | 65,502 | ||||||||||||
Nine months ended October 27, 2012 | ||||||||||||||||
Net sales | $ | 1,562,707 | $ | 100,817 | — | $ | 1,663,524 | |||||||||
Gross profit | 531,848 | 21,158 | — | 553,006 | ||||||||||||
Capital expenditures | 83,212 | 366 | — | 83,578 | ||||||||||||
As of November 2, 2013 | ||||||||||||||||
Total assets | $ | 1,289,896 | $ | 101,484 | $ | 394 | $ | 1,391,774 | ||||||||
As of February 2, 2013 | ||||||||||||||||
Total assets | $ | 1,164,331 | $ | 97,358 | $ | 414 | $ | 1,262,103 | ||||||||
Business_Operations_Store_Data
Business Operations Store Data (Details) | 9 Months Ended |
Nov. 02, 2013 | |
Schedule of Stores Supplied With Merchandise [Line Items] | ' |
Number of Reportable Segments | 2 |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 356 |
Number of retailers operated as leased departments | 3 |
Number of new leased departments added | 18 |
Number of leased departments ceased | 6 |
DSW Segment [Abstract] | ' |
Number of States in which Entity Operates | 42 |
Number of Stores | 393 |
Number of new stores opened | 29 |
Stein Mart Stores [Member] | ' |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 262 |
Gordmans Stores [Member] | ' |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 93 |
Frugal Fannie's Stores [Member] | ' |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 1 |
Business_Operations_Business_O1
Business Operations Business Operations (two-for-one stock split) (Details) | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Nov. 04, 2013 | Feb. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
Class B Common Shares | Class B Common Shares | Class B Common Shares | Class B Common Shares | Class A Common Shares | Class A Common Shares | Class A Common Shares | Class A Common Shares | ||||
Schedule of Common Share Ownership as a Result of two-for-one Stock Split [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Split Special Meeting Date | 14-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Shares Ownership Percentage, Pre Split | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Share Adjustment Impact on Class A Voting Control | ' | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Share Adjustment to Reflect Stock Split Impact on Voting Control | ' | 7,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Shares Ownership Percentage, Post Split | ' | 57.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A Common Shares Outstanding, Post Split | ' | 82,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Common Shares Ownership Percentage, Pre Split | 62.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Common Share Adjustment to Reflect Stock Split Impact on Voting Control | ' | -7,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Common Share Adjustment Impact on Class B Voting Control | ' | -19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Common Shares Ownership Percetage, Post Split | ' | 43.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B Common Shares Oustanding, Post Split | ' | 7,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares, authorized (in shares) | ' | ' | ' | 100,000 | 100,000 | ' | ' | 250,000 | 170,000 | ' | ' |
Common Shares, outstanding (in shares) | 90,721 | ' | 90,024 | 15,466 | 17,460 | 19,306 | 22,340 | 75,255 | 72,564 | 70,086 | 64,244 |
Background_Details
Background (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Apr. 28, 2012 | Jan. 28, 2012 |
Loss Contingencies [Line Items] | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | 26-May-11 | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | 0.87 | ' | ' |
Estimated guarantee liability | $3.70 | $7 | $9 |
Filene's Basement commitments [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Estimated guarantee liability | $0.10 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
Schottenstein Affiliates [Abstract] | ' | ' |
Related party transaction Outstanding common shares owned (in hundredths) | 18.00% | ' |
Related party transaction Combined voting power of outstanding common shares (in hundredths) | 62.00% | ' |
Related party payables | $682 | $1,651 |
Due from Related Parties, Current | 20 | 28 |
Prepaid rent to related parties | $1,137 | $0 |
Class A Common Shares | ' | ' |
Schottenstein Affiliates [Abstract] | ' | ' |
Related Party Transaction, Number of shares owned by related party (in shares) | 0.3 | ' |
Class B Common Shares | ' | ' |
Schottenstein Affiliates [Abstract] | ' | ' |
Related Party Transaction, Number of shares owned by related party (in shares) | 7.7 | ' |
Earnings_per_Share_and_Shareho2
Earnings per Share and Shareholders' Equity Calculation of Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Reconciliation of the number of shares used in the calculation of diluted earnings (loss) per share [Abstract] | ' | ' | ' | ' |
Basic shares | 90,645,000 | 89,328,000 | 90,380,000 | 88,532,000 |
Assumed exercise of dilutive DSW stock options | 1,216,000 | 1,484,000 | 1,211,000 | 1,560,000 |
Assumed exercise of dilutive DSW RSUs and PSUs | 229,000 | 234,000 | 222,000 | 254,000 |
Diluted shares | 92,090,000 | 91,046,000 | 91,813,000 | 90,346,000 |
Shareholders' equity [Abstract]: | ' | ' | ' | ' |
Amount authorized under the share repurchase program | ' | ' | $100 | ' |
Stock Repurchased During Period, Shares | ' | ' | 0 | ' |
Earnings_per_Share_and_Shareho3
Earnings per Share and Shareholders' Equity Anti-Dilutive Securities (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Options, RSUs and PSUs [Member] | ' | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' | ' |
Securities outstanding not included in computation of diluted earnings per share | 400,000 | 600,000 | 800,000 | 600,000 |
Warrants [Member] | ' | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' | ' |
Securities outstanding not included in computation of diluted earnings per share | 0 | 0 | 0 | 400,000 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
DSW Stock-Based Compensation Plans [Abstract] | ' | ' |
Number of shares authorized (in shares) | 11,200,000 | ' |
Annual vesting percentage (in hundredths) | 20.00% | ' |
Additional Disclosures [Abstract] | ' | ' |
Share-based compensation expense | $7,352,000 | $6,436,000 |
Stock Options [Member] | ' | ' |
Stock Option Activity [Roll Forward] | ' | ' |
Outstanding, beginning of period (in shares) | 3,694,000 | ' |
Granted | 492,000 | ' |
Exercised | -586,000 | ' |
Forfeited | -47,000 | ' |
Outstanding, end of period (in shares) | 3,553,000 | ' |
Exercisable, end of period (in shares) | 1,557,000 | ' |
Additional Disclosures [Abstract] | ' | ' |
Compensation cost not yet recognized related to nonvested awards | 15,900,000 | ' |
Weighted average expense recognition period (in years) | '2 years 1 month | ' |
Weighted average grant date fair value (in dollars per share) | $12.85 | $12.59 |
Share-based compensation expense | 4,500,000 | 4,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Risk-free interest rate | 0.70% | 1.20% |
Expected volatility of DSW common stock | 53.40% | 56.20% |
Expected option term | '4 years 8 months | '5 years 6 months |
Expected dividend yield | 1.30% | 1.20% |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 5,500,000 | ' |
Weighted average expense recognition period (in years) | '2 years 2 months | ' |
Share-based compensation expense | 1,400,000 | 1,200,000 |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 436,000 | ' |
Granted (in units) | 83,000 | ' |
Vested (in units) | -128,000 | ' |
Forfeited (in units) | -4,000 | ' |
Outstanding, end of period (in units) | 387,000 | ' |
Performance Shares [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 1,800,000 | ' |
Weighted average expense recognition period (in years) | '2 years 5 months | ' |
Share-based compensation expense | 400,000 | ' |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 0 | ' |
Granted (in units) | 68,000 | ' |
Vested (in units) | 0 | ' |
Forfeited (in units) | 0 | ' |
Outstanding, end of period (in units) | 68,000 | ' |
Director Stock Units [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Share-based compensation expense | $1,100,000 | $1,100,000 |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 316,000 | ' |
Granted (in units) | 32,000 | ' |
Non-Option Equity Instruments, Exercised | -19,000 | ' |
Outstanding, end of period (in units) | 329,000 | ' |
Investments_Details
Investments (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | $195,248,000 | $232,081,000 |
Long-term investments | 234,748,000 | 96,712,000 |
Investment disclosure [Abstract] | ' | ' |
Gross unrealized gains on short-term investments | 100,000 | 200,000 |
Current Held to Maturity Securities Unrecognized Holding Loss | 100,000 | 200,000 |
Gross unrealized gains from long-term held-to-maturity investments | 300,000 | 300,000 |
Gross unrealized losses on long-term held-to-maturity investments | 500,000 | 100,000 |
Term notes and bonds | Available-for-sale Securities [Member] | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | 0 | 24,280,000 |
Long-term investments | 0 | 0 |
Term notes and bonds | Held-to-maturity Securities [Member] | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | 195,248,000 | 207,801,000 |
Long-term investments | $234,748,000 | $96,712,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Assets: | ' | ' |
Cash and equivalents | $86,909,000 | $81,097,000 |
Short-term investments(b) | 195,254,000 | 232,052,000 |
Long-term investments(c) | 234,554,000 | 96,843,000 |
Total assets | 516,717,000 | 409,992,000 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash and equivalents | 86,909,000 | 81,097,000 |
Short-term investments(b) | 0 | 0 |
Long-term investments(c) | 0 | 0 |
Total assets | 86,909,000 | 81,097,000 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash and equivalents | 0 | 0 |
Short-term investments(b) | 195,254,000 | 232,052,000 |
Long-term investments(c) | 234,554,000 | 96,843,000 |
Total assets | $429,808,000 | $328,895,000 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |
Credit Facility [Abstract] | ' | ' | ' |
Initiation date | 2-Aug-13 | ' | ' |
Prior Line of Credit Facility, Initiation Date | 30-Jun-10 | ' | ' |
Prior Line of Credit Facility, Maximum Borrowing Capacity | $100,000,000 | ' | ' |
Credit Facility, maximum capacity | 50,000,000 | ' | ' |
Expiration date | 31-Jul-18 | ' | ' |
Line of Credit Facility, additional borrowing capacity | 100,000,000 | ' | ' |
Line of Credit Facility, Interest Rate Description | 'Revolving credit loans bear interest under the Credit Facility at the Company's option under: (a) a base rate option at a rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Credit Facility), plus 0.5%, (ii) the Lender's prime rate, and (iii) the Daily LIBOR Rate (as defined in the Credit Facility) plus 1.0%, plus in each instance an applicable margin, which is between 1.00 and 1.25, based upon the Company's revolving credit availability; or (b) a LIBOR option at a rate equal to the LIBOR Rate (as defined in the Credit Facility), plus an applicable margin based upon the Company's revolving credit availability. | ' | ' |
Line of Credit Facility, Covenant Terms | 'In addition, the Credit Facility contains restrictive covenants relating to DSW's management and the operation of DSW's business. These covenants, among other things, limit or restrict DSW's ability to grant liens on its assets, limit its ability to incur additional indebtedness, limit its ability to enter into transactions with affiliates and limit its ability to merge or consolidate with another entity. | ' | ' |
Cash and short term investment requirement | 125,000,000 | ' | ' |
Limitation of capital expenditures | 200,000,000 | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 67,480,000 | 80,203,000 | ' |
Credit Facility, available capacity | 49,200,000 | ' | 86,000,000 |
Credit Facility, amount outstanding | $800,000 | ' | $14,000,000 |
Warrants_Details
Warrants (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Nov. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | 682,444 | 823,926 | ' | ' |
Accrued dividend paid | ' | ' | $700,000 | $800,000 | ' | ' |
Reclass from the warrant liability to paid in capital upon exercise of warrants | ' | ' | 16,800,000 | 18,600,000 | ' | 43,216,000 |
Exercise price per share per warrant | ' | ' | $5.17 | ' | ' | ' |
Proceeds from the exercise of warrants | ' | ' | 3,500,000 | 4,300,000 | 0 | 7,792,000 |
Change in fair value of derivative instruments | $0 | $0 | ' | ' | $0 | ($6,121,000) |
Letter_of_Credit_Agreement_Det
Letter of Credit Agreement (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Letter of Credit [Line Items] | ' |
Letters of Credit Outstanding, Amount | $4.90 |
Letters of Credit Outstanding, Cash Held on Deposit | 5.2 |
Letter of Credit Agreement, initiation date | 2-Aug-13 |
Letter of Credit Agreement, Maximum Borrowing Capacity | $50 |
Letter of Credit Agreement, expiration date | 2-Aug-18 |
Letter of Credit Agreement, cash collateral account requirement | 103.00% |
Letter of Credit Agreement, cash collateral account (foreign currency) | 105.00% |
Letter of Credit Agreement, Covenant Terms | 'The Letter of Credit Agreement requires compliance with conditions precedent that must be satisfied prior to issuing any letter of credit or extension. In addition, the Letter of Credit Agreement contains restrictive covenants relating to DSW's management and the operation of DSW's business. These covenants, among other things, limit or restrict DSW's ability to grant liens on its assets, limit its ability to incur additional indebtedness, limit its ability to enter into transactions with affiliates and limit its ability to merge or consolidate with another entity. |
Letter of Credit Agreement, fee increase percentage in event of default | 2.00% |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment [Abstract]: | ' | ' |
Land | $1,110 | $1,110 |
Furniture, fixtures and equipment | 379,648 | 343,614 |
Buildings, building and leasehold improvements | 316,011 | 291,572 |
Total property and equipment | 696,769 | 636,296 |
Accumulated depreciation and amortization | -380,227 | -335,983 |
Property and equipment, net | $316,542 | $300,313 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Line Items] | ' | ' |
Gift cards and merchandise credits | $28,945 | $33,831 |
Compensation | 21,884 | 19,711 |
Taxes | 22,621 | 16,192 |
Customer loyalty program | 21,194 | 18,407 |
Other | 35,968 | 35,058 |
Total accrued expenses | $130,612 | $123,199 |
NonCurrent_Liabilities_Details
Non-Current Liabilities (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Non-current liabilities [Line Items] | ' | ' |
Construction and tenant allowances | $79,012 | $77,084 |
Deferred rent | 38,224 | 36,723 |
Other | 15,608 | 14,406 |
Total non-current liabilities | $132,844 | $128,213 |
Pension_Plan_Details
Pension Plan (Details) (USD $) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension Contributions | $5,000,000 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 8,935,000 | 575,000 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -8,758,000 | -8,486,000 |
Settlement of pension | 14,224,000 | 0 |
Current Federal Tax Expense (Benefit) | -5,289,000 | 0 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | ' | 575,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -177,000 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $0 | ($7,911,000) |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Segment information [Abstract] | ' | ' | ' | ' | ' |
Net sales | $632,976 | $592,734 | $1,796,401 | $1,663,524 | ' |
Gross profit | 212,870 | 200,171 | 579,309 | 553,006 | ' |
Capital expenditures | 22,284 | 37,862 | 65,502 | 83,578 | ' |
Total assets | 1,391,774 | ' | 1,391,774 | ' | 1,262,103 |
Goodwill | 25,899 | ' | 25,899 | ' | 25,899 |
Number of Reportable Segments | ' | ' | 2 | ' | ' |
Affiliated Business Group segment [Member] | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' |
Net sales | 35,702 | 33,422 | 105,282 | 100,817 | ' |
Gross profit | 7,935 | 6,808 | 22,913 | 21,158 | ' |
Capital expenditures | 291 | 162 | 529 | 366 | ' |
Total assets | 101,484 | ' | 101,484 | ' | 97,358 |
Other [Member] | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Capital expenditures | 0 | 0 | 0 | 0 | ' |
Total assets | 394 | ' | 394 | ' | 414 |
DSW [Member] | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' |
Net sales | 597,274 | 559,312 | 1,691,119 | 1,562,707 | ' |
Gross profit | 204,935 | 193,363 | 556,396 | 531,848 | ' |
Capital expenditures | 21,993 | 37,700 | 64,973 | 83,212 | ' |
Total assets | $1,289,896 | ' | $1,289,896 | ' | $1,164,331 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 38.40% | 38.10% | 37.90% | 39.40% |
Tax effect of basis difference related to acquisition of common control entity | ' | ' | $3,313 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Nov. 02, 2013 |
In Millions, unless otherwise specified | |
Contractual Obligations [Abstract] | ' |
Purchase Commitment, Remaining Minimum Amount Committed | $1.50 |
New store locations for which lease agreements signed, number | 18 |
Operating Leases, future minimum payments due, current, new stores | 10.3 |
Incentive to Lessee | $10.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies Guarantees Related to Discontinued Operations (Details) (USD $) | Nov. 02, 2013 | Apr. 28, 2012 | Jan. 28, 2012 |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Estimated guarantee liability | $3,700,000 | $7,000,000 | $9,000,000 |
Union Square, NY [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Guarantee Obligations Minimum Exposure | 0 | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $7,000,000 | ' | ' |
Subsequent_Events_Dividend_Dec
Subsequent Events Dividend Declaration (Details) (USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Dividend Declaration [Abstract] | ' |
Common Stock, Dividends, Per Share, Declared | $0.13 |
Dividends Payable, Date to be Paid | 31-Dec-13 |
Dividends Payable, Date of Record | 19-Dec-13 |
Subsequent_Events_2for1_Stock_
Subsequent Events 2-for-1 Stock Split (Details) | Nov. 04, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
In Thousands, unless otherwise specified | Class A Common Shares | Class A Common Shares | Class A Common Shares | Class A Common Shares | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Shares, outstanding (in shares) | ' | 90,721 | 90,024 | 75,255 | 72,564 | 70,086 | 64,244 |
Class A Common Shares Outstanding, Post Split | 82,988 | ' | ' | ' | ' | ' | ' |
Class B Common Shares Oustanding, Post Split | 7,733 | ' | ' | ' | ' | ' | ' |
Class A Common Shares Ownership Percentage, Pre Split | ' | 38.00% | ' | ' | ' | ' | ' |
Class B Common Shares Ownership Percentage, Pre Split | ' | 62.00% | ' | ' | ' | ' | ' |
Class A Common Shares Ownership Percentage, Post Split | 57.00% | ' | ' | ' | ' | ' | ' |
Class B Common Shares Ownership Percetage, Post Split | 43.00% | ' | ' | ' | ' | ' | ' |