Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Aug. 03, 2013 | Mar. 22, 2014 | Mar. 22, 2014 | |
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-K | ' | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 83,057,766 | 7,733,177 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $2,800,259,308 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net sales | $2,368,668 | $2,257,778 | $2,024,329 |
Cost of sales | -1,629,381 | -1,533,058 | -1,370,382 |
Operating expenses | -497,899 | -481,797 | -448,583 |
Change in fair value of derivative instruments | 0 | -6,121 | -53,914 |
Operating profit | 241,388 | 236,802 | 151,450 |
Interest expense | -598 | -894 | -11,804 |
Interest income | 3,217 | 4,705 | 2,623 |
Interest income (expense), net | 2,619 | 3,811 | -9,181 |
Income from continuing operations before income taxes | 244,007 | 240,613 | 142,269 |
Income tax (provision) benefit | -92,705 | -95,427 | 58,069 |
Income from continuing operations | 151,302 | 145,186 | 200,338 |
Income from discontinued operations, net of tax - Value City Department Stores | 0 | 0 | 183 |
Income (loss) from discontinued operations, net of tax - Filene's Basement | 0 | 1,253 | -5,038 |
Total income (loss) from discontinued operations, net of tax | ' | 1,253 | -4,855 |
Net income | 151,302 | 146,439 | 195,483 |
Less: net income attributable to noncontrolling interests | 0 | 0 | -20,695 |
Net income, net of noncontrolling interests | 151,302 | 146,439 | 174,788 |
Basic and diluted earnings (loss) per share [Abstract]: | ' | ' | ' |
Basic earnings per share from continuing operations, net of noncontrolling interests | $1.67 | $1.63 | $2.55 |
Diluted earnings per share from continuing operations, net of noncontrolling interests | $1.65 | $1.60 | $2.34 |
Basic earnings (loss) per share from discontinued operations | $0 | $0.01 | ($0.07) |
Diluted earnings (loss) per share from discontinued operations | $0 | $0.01 | ($0.07) |
Basic earnings per share, net of noncontrolling interests | $1.67 | $1.65 | $2.48 |
Diluted earnings per share, net of noncontrolling interests | $1.65 | $1.62 | $2.27 |
Shares used in per share calculations [Abstract]: | ' | ' | ' |
Basic shares | 90,472 | 88,846 | 70,440 |
Diluted shares | 91,901 | 90,606 | 74,276 |
Income (Loss) from Continuing Operations Attributable to Parent [Abstract] | ' | ' | ' |
Income from continuing operations, net of tax and noncontrolling interests | 151,302 | 145,186 | 179,643 |
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operations, before Income Tax | 0 | 1,253 | -4,855 |
Net income, net of noncontrolling interests | $151,302 | $146,439 | $174,788 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Net income | $151,302 | $146,439 | $195,483 |
Less: net income attributable to noncontrolling interests | 0 | 0 | -20,695 |
Net income, net of noncontrolling interests | 151,302 | 146,439 | 174,788 |
Other comprehensive (loss) income, net of tax [Abstract]: | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 8,758 | -413 | -2,503 |
Unrealized gains (losses) on securities | 0 | 141 | -141 |
Total other comprehensive income (loss), net of tax | 8,758 | -272 | -2,644 |
Total comprehensive income, net of noncontrolling interests | $160,060 | $146,167 | $172,144 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Change in minimum pension liability, taxes | $5,289 | $839 | $645 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS [Abstract]: | ' | ' |
Cash and equivalents | $112,021 | $81,097 |
Short-term investments | 224,098 | 232,081 |
Accounts receivable, net | 26,593 | 26,756 |
Accounts receivable from related parties | 53 | 28 |
Inventories | 397,768 | 393,794 |
Prepaid expenses and other current assets | 34,072 | 20,637 |
Prepaid expenses to related parties | 29 | 0 |
Deferred income taxes | 18,130 | 67,397 |
Total current assets | 812,764 | 821,790 |
Property and equipment, net | 318,620 | 300,313 |
Long-term investments | 243,188 | 96,712 |
Goodwill | 25,899 | 25,899 |
Deferred income taxes | 11,587 | 9,443 |
Prepaid expenses to related parties, non-current | 514 | 0 |
Other assets | 8,672 | 7,946 |
Total assets | 1,421,244 | 1,262,103 |
LIABILITIES AND SHAREHOLDERSb EQUITY [Abstract]: | ' | ' |
Accounts payable | 167,949 | 150,461 |
Accounts payable to related parties | 756 | 1,651 |
Accrued expenses | 115,697 | 123,199 |
Total current liabilities | 284,402 | 275,311 |
Non-current liabilities | 138,298 | 128,213 |
Commitments and contingencies | 0 | 0 |
Shareholdersb equity [Abstract]: | ' | ' |
Common Shares | 890,698 | 872,026 |
Preferred shares, no par value; 100,000 authorized; no shares issued or outstanding | 0 | 0 |
Treasury Stock, Value | -1,600 | 0 |
Retained earnings | 134,439 | 16,991 |
Basis difference related to acquisition of commonly controlled entity | -24,993 | -21,680 |
Accumulated other comprehensive loss | 0 | -8,758 |
Total shareholdersb equity | 998,544 | 858,579 |
Total liabilities and shareholdersb equity | 1,421,244 | 1,262,103 |
Additional Paid-in Capital [Member] | ' | ' |
Shareholdersb equity [Abstract]: | ' | ' |
Total shareholdersb equity | $890,698 | $872,026 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Shareholders' equity [Abstract]: | ' | ' |
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) | 83,033 | 72,564 |
Common Shares, outstanding (in shares) | 83,033 | 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) | 7,733 | 17,460 |
Common Shares, outstanding (in shares) | 7,733 | 17,460 |
Class A Common Shares | ' | ' |
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, outstanding (in shares) | 83,033 | 72,564 |
Class B Common Shares | ' | ' |
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, outstanding (in shares) | 7,733 | 17,460 |
Treasury Shares | ' | ' |
Shareholders' equity [Abstract]: | ' | ' |
Common Shares, outstanding (in shares) | 38 | 0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Class A Common Shares | Class B Common Shares | Treasury Shares | Additional Paid-in Capital [Member] | Retained Earnings/ (Accumulated Deficit) | Accumulated other comprehensive loss | Non-controlling Interests | Basis difference related to acquisition of common control entity |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Jan. 29, 2011 | $488,869 | ' | ' | ($59) | $330,022 | ($78,940) | ($5,842) | $243,688 | ' |
Balance (in shares) at Jan. 29, 2011 | ' | 43,746,000 | 0 | 6,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 200,338 | ' | ' | ' | ' | 179,643 | ' | 20,695 | ' |
Income from discontinued operations, net of tax | -4,855 | ' | ' | ' | ' | -4,855 | ' | ' | ' |
Change in minimum pension liability, net of tax benefit | -2,503 | ' | ' | ' | ' | ' | -2,503 | ' | ' |
Capital transactions of subsidiary | 9,245 | ' | ' | ' | ' | 2,778 | ' | 6,467 | ' |
Exchange of Class B Common Shares for Class A Common Shares | 0 | ' | ' | ' | 0 | ' | ' | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares (in shares) | ' | 674,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -674,000 | ' | ' | ' | ' | ' | ' |
Dividends paid | -100,365 | ' | ' | ' | ' | -100,365 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | -141 | ' | ' | ' | ' | ' | -141 | ' | ' |
Net settlement of restricted shares | -345 | ' | ' | ' | -345 | ' | ' | ' | ' |
Net settlement of restricted shares (in shares) | ' | -20,000 | ' | ' | ' | ' | ' | ' | ' |
RVI stock-based compensation expense, before related tax effects | 157 | ' | ' | ' | 157 | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes | 1,051 | ' | ' | ' | 1,051 | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes (in shares) | ' | 216,000 | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants | 4,579 | ' | ' | ' | 4,579 | ' | ' | ' | ' |
Exercise of warrants (in shares) | ' | 192,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase of noncontrolling interest | 0 | ' | ' | ' | 270,850 | ' | ' | -270,850 | ' |
Purchase of noncontrolling interest (in shares) | ' | 34,242,000 | ' | ' | ' | ' | ' | ' | ' |
Cash settlement of RVI options and SARs | -7,000 | ' | ' | ' | -7,000 | ' | ' | ' | ' |
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) | ' | -23,014,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class A for Class B (in shares) | ' | ' | 23,014,000 | ' | ' | ' | ' | ' | ' |
Retirement of treasury shares | 0 | ' | ' | 59 | -59 | ' | ' | ' | ' |
Retirement of treasury shares (in shares) | ' | ' | ' | -6,000 | ' | ' | ' | ' | ' |
Cash Paid For Fractional Shares | -28 | ' | ' | ' | -28 | ' | ' | ' | ' |
Fractional shares settled in cash (in shares) | ' | -2,000 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to cash settled RVI options and SARs | 255 | ' | ' | ' | 255 | ' | ' | ' | ' |
RVI stock-based compensation expense, before related tax effects | 339 | ' | ' | ' | 339 | ' | ' | ' | ' |
DSW stock-based compensation expense, before related tax effects | 4,099 | ' | ' | ' | 4,099 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes | 4,301 | ' | ' | ' | 4,301 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes (in shares) | ' | 496,000 | ' | ' | ' | ' | ' | ' | ' |
Stock units granted | 64 | ' | ' | ' | 64 | ' | ' | ' | ' |
Stock units granted (in shares) | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -121 | ' | ' | ' | -121 | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to stock exercises | 6,872 | ' | ' | ' | 6,872 | ' | ' | ' | ' |
Settlement of PIES with Class A Common Shares | 181,776 | ' | ' | ' | 181,776 | ' | ' | ' | ' |
Settlement of PIES with Class A Common Shares (in shares) | ' | 7,654,000 | ' | ' | ' | ' | ' | ' | ' |
Balance at Jan. 28, 2012 | 786,587 | ' | ' | 0 | 796,812 | -1,739 | -8,486 | 0 | 0 |
Balance (in shares) at Jan. 28, 2012 | ' | 64,244,000 | 22,340,000 | 0 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 145,186 | ' | ' | ' | ' | 145,186 | ' | ' | ' |
Income from discontinued operations, net of tax | 1,253 | ' | ' | ' | ' | 1,253 | ' | ' | ' |
Change in minimum pension liability, net of tax benefit | -413 | ' | ' | ' | ' | ' | -413 | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares | 0 | ' | ' | ' | 0 | ' | ' | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares (in shares) | ' | 6,386,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -6,386,000 | ' | ' | ' | ' | ' | ' |
Dividends paid | -127,709 | ' | ' | ' | ' | -127,709 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 141 | ' | ' | ' | ' | ' | 141 | ' | ' |
Exercise of warrants | 43,216 | ' | ' | ' | 43,216 | ' | ' | ' | ' |
Exercise of warrants (in shares) | ' | ' | 1,506,000 | ' | ' | ' | ' | ' | ' |
Cash Paid For Fractional Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
DSW stock-based compensation expense, before related tax effects | 6,970 | ' | ' | ' | 6,970 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes | 11,202 | ' | ' | ' | 11,202 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes (in shares) | ' | 1,738,000 | ' | ' | ' | ' | ' | ' | ' |
Stock units granted | 1,110 | ' | ' | ' | 1,110 | ' | ' | ' | ' |
Stock units granted (in shares) | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -2,057 | ' | ' | ' | -2,057 | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 142,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to stock exercises | 14,773 | ' | ' | ' | 14,773 | ' | ' | ' | ' |
Common Control Asset Purchase | -21,680 | ' | ' | ' | ' | ' | ' | ' | -21,680 |
Settlement of PIES with Class A Common Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Feb. 02, 2013 | 858,579 | ' | ' | 0 | 872,026 | 16,991 | -8,758 | ' | -21,680 |
Balance (in shares) at Feb. 02, 2013 | ' | 72,564,000 | 17,460,000 | 0 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 151,302 | ' | ' | ' | ' | 151,302 | ' | ' | ' |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Change in minimum pension liability, net of tax benefit | 8,935 | ' | ' | ' | ' | ' | 8,935 | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares | 0 | ' | ' | ' | 0 | ' | ' | ' | ' |
Exchange of Class B Common Shares for Class A Common Shares (in shares) | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -2,600,000 | ' | ' | ' | ' | ' | ' |
Dividends paid | -33,854 | ' | ' | ' | ' | -33,854 | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Exchange of Class A for Class B (in shares) | ' | -606,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange of Class A for Class B Common Shares, Value | 0 | ' | ' | ' | 0 | ' | ' | ' | ' |
Exchange of Class A for Class B (in shares) | ' | ' | 606,000 | ' | ' | ' | ' | ' | ' |
Cash Paid For Fractional Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
DSW stock-based compensation expense, before related tax effects | 8,191 | ' | ' | ' | 8,191 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes | 4,776 | ' | ' | ' | 4,776 | ' | ' | ' | ' |
Exercise of DSW stock options, net of settlement of taxes (in shares) | ' | 665,000 | ' | ' | ' | ' | ' | ' | ' |
Stock units granted | 1,151 | ' | ' | ' | 1,151 | ' | ' | ' | ' |
Stock units granted (in shares) | ' | 34,000 | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -1,682 | ' | ' | ' | -1,682 | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 81,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to stock exercises | 6,236 | ' | ' | ' | 6,236 | ' | ' | ' | ' |
Settlement of PIES with Class A Common Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Effect of Basis Difference Related to Acquisition of Common Control Entity | -3,313 | ' | ' | ' | ' | ' | ' | ' | -3,313 |
Payments for Repurchase of Common Stock | -1,600 | ' | ' | -1,600 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | -38,000 | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | 38,000 | ' | ' | ' | ' | ' |
Class A Common Share Adjustment to Reflect Stock Split Impact on Voting Control (in shares) | ' | 7,733,000 | ' | ' | ' | ' | ' | ' | ' |
Class B Common Share Adjustment to Reflect Stock Split Impact on Voting Control (in shares) | ' | ' | -7,733,000 | ' | ' | ' | ' | ' | ' |
Class B Common Share Adjustment to Reflect Stock Split Impact on Voting Control, Value | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -177 | ' | ' | ' | ' | ' | -177 | ' | ' |
Balance at Feb. 01, 2014 | $998,544 | ' | ' | ($1,600) | $890,698 | $134,439 | $0 | ' | ($24,993) |
Balance (in shares) at Feb. 01, 2014 | ' | 83,033,000 | 7,733,000 | 38,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Common Stock, Dividends, Per Share, Cash Paid | $0.38 | $1.44 | $1.15 |
Change in minimum pension liability, taxes | $5,289 | $839 | $645 |
Tax Effect of Common Control Asset purchase | ' | $17,877 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $151,302 | $146,439 | $195,483 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | -1,253 | 4,855 |
Income from continuing operations | 151,302 | 145,186 | 200,338 |
Adjustments to reconcile net income to net cash and equivalents provided by operating activities from continuing operations: | ' | ' | ' |
Amortization of debt issuance costs and discount on debt | 137 | 201 | 5,086 |
Depreciation and amortization | 64,100 | 57,801 | 51,237 |
Capital transactions of subsidiary | 0 | 0 | 2,778 |
DSW and RVI stock-based compensation expense | 9,342 | 8,080 | 4,914 |
Deferred income taxes | 41,834 | 85,168 | -104,818 |
Change in fair value of derivative instruments | 0 | 6,121 | 53,914 |
Loss on disposal of long-lived assets | 1,902 | 1,943 | 1,512 |
Impairment of long-lived assets | 809 | 0 | 1,626 |
Impairment of lease | 0 | 5,984 | 3,394 |
Excess tax benefits related to stock-based compensation | -6,236 | -14,773 | -6,872 |
Amortization of investment discounts and premiums | 10,357 | 6,834 | 5,760 |
Settlement of pension plan | 14,224 | 0 | 0 |
Change in working capital, other assets and liabilities: | ' | ' | ' |
Accounts receivable, net | 138 | -9,382 | -3,810 |
Inventories | -3,974 | -59,404 | -25,377 |
Prepaid expenses and other current assets | -7,831 | 3,811 | 6,452 |
Accounts payable | 15,957 | 2,793 | -1,909 |
Accrued expenses | -3,766 | 3,157 | -11,260 |
Other | 5,548 | 21,358 | 8,698 |
Net cash and equivalents provided by operating activities from continuing operations | 301,375 | 258,564 | 214,183 |
Cash flows (used in) investing activities: | ' | ' | ' |
Cash paid for property and equipment | -86,412 | -102,034 | -74,707 |
Common Control Assets Acquired Investing Cash Flows Impact | 0 | -32,443 | 0 |
Purchases of available-for-sale investments | -34,720 | -44,790 | -186,570 |
Purchases of held-to-maturity investments | -379,438 | -309,032 | -207,194 |
Maturities and sales of available-for-sale investments | 36,950 | 160,332 | 150,244 |
Maturities of held-to-maturity investments | 228,358 | 207,408 | 178,808 |
Activity related to equity investment - related party | 0 | 1,151 | -199 |
Increase (Decrease) in Restricted Cash | -6,147 | 0 | 0 |
Net cash and equivalents used in investing activities from continuing operations | -241,409 | -119,408 | -139,618 |
Cash flows (used in) financing activities: | ' | ' | ' |
Loan proceeds from related party loan | 0 | 0 | 11,000 |
Payment of related party loan | 0 | 0 | -11,000 |
Proceeds from exercise of RVI and DSW stock options | 6,251 | 15,556 | 5,352 |
Cash remitted by DSW to satisfy income tax withholdings for shares withheld related to restricted stock unit vesting and net-settled option exercises | -3,157 | -6,411 | 0 |
Adjustments to Additional Paid in Capital, Other | 0 | 0 | -7,000 |
Debt issuance costs | -268 | 0 | -2,625 |
Payments for Repurchase of Common Stock | -1,600 | 0 | 0 |
Cash paid for fractional shares | 0 | 0 | -28 |
Proceeds from the exercise of warrants | 0 | 7,792 | 995 |
Dividends paid | -33,854 | -129,215 | -98,859 |
Common Control Assets Acquired Financing Cash Flows Impact | 0 | -39,557 | 0 |
Excess tax benefits related to stock-based compensation | 6,236 | 14,773 | 6,872 |
Net cash and equivalents used in financing activities from continuing operations | -26,392 | -137,062 | -95,293 |
Cash flows from (used in) discontinued operations: | ' | ' | ' |
Operating activities | -2,650 | 0 | 605 |
Net (decrease) increase in cash and equivalents from discontinued operations | -2,650 | 0 | 605 |
Net increase (decrease) in cash and equivalents from continuing operations | 33,574 | 2,094 | -20,728 |
Cash and equivalents, beginning of period | 81,097 | 79,003 | 99,126 |
Cash and equivalents, end of period | 112,021 | 81,097 | 79,003 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the period for interest | 0 | 0 | 7,291 |
Cash paid during the period for income taxes | 55,031 | 8,583 | 27,304 |
Proceeds from construction and tenant allowances | 21,138 | 16,421 | 9,840 |
Non-cash operating, investing and financing activities: | ' | ' | ' |
Balance of accounts payable and accrued expenses due to property and equipment purchases | 5,642 | 7,388 | 9,708 |
Settlement of PIES with Class A Common Shares | 0 | 0 | 181,776 |
Additional paid in capital transferred from warrant liability due to warrant exercises | 0 | 35,424 | 3,584 |
Dividends accrued | $0 | $0 | $1,506 |
Business_Operations
Business Operations | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
BUSINESS OPERATIONS AND BASIS OF PRESENTATION | ' | |||||||||
BUSINESS OPERATIONS | ||||||||||
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 February 1, 2014, DSW operated a total of 394 stores located in 42 states, the District of Columbia and Puerto Rico. During fiscal 2013, 2012 and 2011, DSW opened 30, 39 and 17 new DSW stores, respectively, and during fiscal 2012 and 2011, closed 1 and 2 DSW stores, respectively. In fiscal 2013, DSW conducted an unsuccessful test of an expanded luxury assortment online, and DSW's future approach to luxury will depend on DSW's ability to buy products that will allow DSW to at least break even. | ||||||||||
DSW separates its merchandise into four primary categories: women's footwear; men's footwear; athletic footwear; and accessories and other. The following table sets forth the approximate percentage of DSW segment sales attributable to each merchandise category for the periods presented: | ||||||||||
Fiscal years ended | ||||||||||
Category | 1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||
Women's | 62 | % | 65 | % | 66 | % | ||||
Men's | 17 | % | 16 | % | 15 | % | ||||
Athletic | 12 | % | 12 | % | 12 | % | ||||
Accessories and Other | 9 | % | 7 | % | 7 | % | ||||
DSW also operates shoe departments for three retailers through its Affiliated Business Group segment. As of February 1, 2014, DSW supplied merchandise to 262 Stein Mart stores, 93 Gordmans stores and one Frugal Fannie’s store. During fiscal 2013, 2012 and 2011, DSW added 18, 19 and 20 new shoe departments, respectively, and ceased operations in 6, 11 and 36 shoe departments, respectively. The increase in shoe department closures in fiscal 2011 was due to the bankruptcy and subsequent closure of Filene's Basement and Syms stores in December 2011. In October 2013, DSW began supplying merchandise to Stein Mart's e-commerce website. DSW owns the merchandise and the fixtures, records sales of merchandise, net of returns through period end and excluding sales tax, and provides management oversight. The retailers provide the sales associates and retail space. DSW pays a percentage of net sales as rent, which is included in cost of sales as occupancy expense. Affiliated Business Group segment sales represented 5.8%, 5.9% and 7.5% of total net sales for fiscal 2013, 2012 and 2011, respectively. | ||||||||||
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. In December 2013, Loehmann's announced that it had filed for Chapter 11 bankruptcy protection and began liquidating their inventory, including all DSW merchandise on hand, in January 2014. As of February 1, 2014, there were 9 Loehmann's locations selling DSW merchandise. |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 12 Months Ended |
Feb. 01, 2014 | |
Basis of Presentation [Line Items] | ' |
Basis of Presentation [Text Block] | ' |
Fiscal Year- DSW’s fiscal year ends on the Saturday nearest to January 31. The periods presented in these financial statements are the fiscal years ended February 1, 2014 ("fiscal 2013"), February 2, 2013 ("fiscal 2012") and January 28, 2012 ("fiscal 2011"). Fiscal 2012 consisted of 53 weeks while fiscal 2013 and 2011 each consisted of 52 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. | |
Use of Estimates- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Significant estimates are required as a part of inventory valuation, depreciation, amortization, customer loyalty program reserve, recoverability of long-lived assets and intangible assets, litigation reserves, exit and disposal obligations and establishing reserves for self-insurance. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results could differ from these estimates. | |
Principles of Consolidation- The consolidated financial statements include the accounts of DSW and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Two-for-One Stock Split- 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 and provided for the issuance of one Class A Common Share for each Class A and Class B Common Share outstanding. The stock split resulted in an increase in Class A shareholder voting power from 38% to 57% and a decrease in Class B shareholder voting power from 62% to 43%. All share and per share data herein have been adjusted retroactively to reflect the stock split. | |
Other- 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 consolidated balance sheets and consolidated statements of shareholders' equity. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Sales and Revenue Recognition- Revenues from merchandise sales are recognized upon customer receipt of merchandise, are net of returns through period end, exclude sales tax and are not recognized until collectibility is reasonably assured. DSW defers revenue representing a time lag for shipments to be received by the customer. Revenue from shipping and handling is in net sales while the related costs are included in cost of sales. Revenue from gift cards is deferred and recognized upon redemption of the gift card. DSW’s policy is to recognize income from breakage of gift cards when the likelihood of redemption of the gift card is remote. | |||||||||||||||
As of February 1, 2014, DSW supplies footwear, under supply arrangements, to three other retailers through its Affiliated Business Group. Sales for these affiliated businesses are net of returns through period end and exclude sales tax, and are included in net sales. | |||||||||||||||
Cost of Sales- In addition to the cost of merchandise, which includes markdowns and shrinkage, DSW includes in cost of sales expenses associated with distribution and fulfillment (including depreciation) and store occupancy (excluding depreciation and including store impairments). Distribution and fulfillment expenses are comprised of labor, benefits and other labor-related costs associated with the operations of the distribution and fulfillment centers. The non-labor costs include rent, depreciation, insurance, utilities, maintenance and other operating costs. Distribution and fulfillment expenses also include the transportation of merchandise to the distribution and fulfillment centers, from the distribution center to stores and from the fulfillment center and from stores to the customer. Store occupancy expenses include rent, utilities, repairs, maintenance, insurance, janitorial costs and occupancy-related taxes, which are primarily real estate taxes passed to DSW by its landlords. | |||||||||||||||
Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, Affiliated Business Group operations, store depreciation and amortization, new store advertising and other new store costs (which are expensed as incurred) and corporate expenses. Corporate expenses include expenses related to buying, information technology, depreciation expense for corporate cost centers, marketing, legal, finance, outside professional services, customer service center expenses, payroll and benefits for associates and payroll taxes. | |||||||||||||||
Stock-Based Compensation- DSW recognizes compensation expense for stock option awards, time-based restricted stock awards and performance-based restricted stock awards on a straight-line basis over the requisite service period of the award for the awards that actually vest in accordance with Accounting Standard Codification ("ASC") 718, Compensation – Stock Compensation. For stock options, the fair value of options granted is estimated on the date of grant using the Black-Scholes pricing model. This model assumes that the estimated fair value of options is amortized over the options’ vesting periods. The compensation costs, net of estimated forfeitures, are included in operating expenses in the consolidated statements of operations. | |||||||||||||||
Beginning in fiscal 2013, DSW granted performance-based restricted stock units. These awards cliff vest at the end of a three year period based upon DSW’s achievement of pre-established goals as of the end of the first year of the term. Also beginning in fiscal 2013, restricted stock units granted will generally cliff vest at the end of three years from the date of grant. Restricted stock units granted prior to fiscal 2013 generally cliff vest at the end of four years. Both restricted stock units and performance-based restricted stock units are settled immediately upon vesting. Compensation cost is measured at fair value on the grant date and recorded over the vesting period, net of estimated forfeitures. Fair value is determined by multiplying the number of units granted by the grant date closing market price. | |||||||||||||||
New Store Costs- Costs associated with the opening of stores are expensed as incurred. New store costs, primarily pre-opening rent and marketing expenses, were $7.9 million, $16.0 million and $6.7 million for fiscal 2013, 2012 and 2011, respectively. New store costs primarily fluctuate with changes in the number of store openings. | |||||||||||||||
Marketing Expense- The production cost of advertising is expensed when the advertising first takes place. All other marketing costs are expensed as incurred. Marketing costs were $56.2 million, $55.9 million and $50.9 million in fiscal 2013, 2012 and 2011, respectively. | |||||||||||||||
Other Operating Income- Other operating income consists primarily of income from consignment sales, rental income, income from gift card breakage and insurance proceeds and is included in operating expenses in the statement of operations. The amount recorded in fiscal 2013, 2012 and 2011 was $14.1 million, $14.5 million and $7.8 million, respectively. Fiscal 2013 included a full year of rental income of $5.1 million. An award of damages of $5.3 million is included in other operating income in fiscal 2012. See Note 16 for a discussion of the award of damages. | |||||||||||||||
Income Taxes- Income taxes are accounted for using the asset and liability method. DSW is required to determine the aggregate amount of income tax expense to accrue and the amount which will be currently payable based upon tax statutes of each jurisdiction in which DSW does business. In making these estimates, income is adjusted based on a determination of GAAP for items that are treated differently by the applicable taxing authorities. Deferred tax assets and liabilities, as a result of these differences, are reflected on DSW’s balance sheet for temporary differences that will reverse in subsequent years. A valuation allowance is established against deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. DSW succeeded to Retail Ventures, Inc.'s ("RVI") tax attributes as a result of the merger with RVI ("the Merger"). | |||||||||||||||
Consistent with its historical financial reporting, DSW has elected to classify interest expense related to income tax liabilities, when applicable, as part of interest expense in its consolidated statements of operations rather than as part of income tax expense. DSW will continue to classify income tax penalties as part of operating expenses in its consolidated statements of operations. | |||||||||||||||
Discontinued Operations- As a result of RVI’s disposition of Filene’s Basement during fiscal 2009, any changes to the gain on disposal of Filene’s Basement operations are included in discontinued operations. As a result of RVI’s disposition of an 81% ownership interest in its Value City business during fiscal 2007, changes to the loss on disposal of Value City are also included in discontinued operations. Any changes in the carrying value of assets with residual interest in the discontinued business are classified within continuing operations. See Note 4 for a discussion of discontinued operations. | |||||||||||||||
Noncontrolling Interests- The noncontrolling interests represented the portion of legacy DSW’s total shareholders’ equity owned by unaffiliated investors in DSW prior to the Merger and net income attributable to the unaffiliated investors. The noncontrolling interest percentage was computed by the ratio of shares held by unaffiliated interests. After the Merger, noncontrolling interests were eliminated. | |||||||||||||||
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, related to outstanding stock options, restricted stock units and performance-based restricted stock units. In previous periods, there was also potential dilution of common shares from stock appreciation rights, warrants and PIES. See Note 6 for a detailed discussion of earnings per share. | |||||||||||||||
Financial Instruments- The following assumptions were used to estimate the fair value of each class of financial instruments: | |||||||||||||||
Cash and Equivalents- Cash and equivalents represent cash, money market funds and credit card receivables that generally settle within three days. Amounts due from banks for credit card transactions totaled $13.2 million and $13.0 million as of February 1, 2014 and February 2, 2013, respectively. The carrying amounts of cash and equivalents approximate fair value. DSW also reviews cash balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a bank. DSW reclassifies book overdrafts, if any, to accounts payable. | |||||||||||||||
Restricted Cash- Restricted cash represents cash that is restricted as to withdrawal or usage. The carrying amounts of restricted cash approximate fair value. The restricted cash balance is recorded in prepaid expenses and other current assets on the consolidated balance sheets and primarily consists of a mandatory cash deposit with the lender for outstanding letters of credit, as detailed in Note 10. | |||||||||||||||
Investments- DSW determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. If DSW has the intent and ability to hold the investments to maturity, investments are classified as held-to-maturity. Held-to-maturity securities are stated at amortized cost plus accrued interest. Otherwise, investments are classified as available-for-sale. All income generated from these investments is recorded as interest income. DSW evaluates its investments for impairment and whether impairment is other-than-temporary at each balance sheet date. Please see Note 8 for additional discussion of DSW’s investments. | |||||||||||||||
Accounts Receivable- Accounts receivable are classified as current assets because the average collection period is generally shorter than one year. Accounts receivable are primarily construction and tenant allowance receivables from landlords and receivables from DSW's affiliated business partners. The carrying amount approximates fair value because of the relatively short average collection period. | |||||||||||||||
Derivative Financial Instruments- In accordance with ASC 815, Derivatives and Hedging, DSW, and prior to the Merger, RVI, recognized all derivatives on the balance sheet at fair value. For derivatives that are not designated as hedges under ASC 815, changes in the fair values were recognized in earnings in the period of change. There were no derivatives designated as hedges outstanding as of February 1, 2014 or February 2, 2013. DSW does not hold or issue derivative financial instruments for trading purposes. DSW, and prior to the Merger, RVI, estimated the fair values of derivatives based on the Black-Scholes pricing model using current market information. | |||||||||||||||
The embedded exchange feature of the Premium Income Exchangeable Securities ("PIES") was accounted for as a derivative, which was recorded at fair value with changes in fair value in the statement of operations. Accordingly, the accounting for the embedded derivative addressed the variations in the fair value of the obligation to settle the PIES when the market value exceeded or was less than the threshold appreciation price. See Note 10 for a detailed discussion of DSW’s derivative financial instruments. | |||||||||||||||
Concentration of Credit Risk- Financial instruments, which principally subject DSW to concentration of credit risk, consist of cash and equivalents and investments. DSW invests excess cash when available through financial institutions in money market accounts and short-term and long-term investments. At times, such amounts invested through banks may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits, and DSW mitigates the risk by utilizing multiple banks. | |||||||||||||||
Concentration of Vendor Risk- During fiscal 2013, 2012 and 2011, merchandise supplied to DSW by three key vendors accounted for approximately 19%, 18% and 19% of net sales, respectively. | |||||||||||||||
Fair Value- 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. | |||||||||||||||
Allowance for Doubtful Accounts- DSW monitors its exposure for credit losses and records related allowances for doubtful accounts. Allowances are estimated based upon specific accounts receivable balances, where a risk of default has been identified. The following table summarizes the activity related to DSW’s allowance for doubtful accounts: | |||||||||||||||
Fiscal years ended | Balance at Beginning of the Period | Charged to Expense | Deductions | Balance at End of the Period | |||||||||||
(in thousands) | |||||||||||||||
February 1, 2014 | $ | 299 | 4 | — | $ | 303 | |||||||||
February 2, 2013 | $ | 555 | — | (256 | ) | $ | 299 | ||||||||
January 28, 2012 | $ | 714 | 532 | (691 | ) | $ | 555 | ||||||||
Inventories- Merchandise inventories are stated at lower of cost or market, determined using the retail inventory method. The retail inventory method is used in the retail industry due to its practicality. Under the retail inventory method, the valuation of inventories at cost and the resulting gross profits are determined by applying a calculated cost to retail ratio to the retail value of inventories. The cost of the inventory reflected on the balance sheet is decreased by charges to cost of sales at the time the retail value of the inventory is lowered through the use of markdowns, which are reductions in prices due to customers’ perception of value. Hence, earnings are negatively impacted as the merchandise is marked down prior to sale. Markdowns establish a new cost basis for inventory. Changes in facts or circumstances do not result in the reversal of previously recorded markdowns or an increase in the newly established cost basis. Markdowns require management to make assumptions regarding customer preferences, fashion trends and consumer demand. | |||||||||||||||
Inherent in the calculation of inventories are certain significant management judgments and estimates, including setting the original merchandise retail value, markdowns, and estimates of losses between physical inventory counts, or shrinkage, which combined with the averaging process within the retail inventory method, can significantly impact the ending inventory valuation at cost and the resulting gross profit. DSW records a reduction to inventories and a charge to cost of sales for shrinkage. Shrinkage is calculated as a percentage of sales from the last physical inventory date. Estimates are based on both historical experience as well as recent physical inventory results. Physical inventory counts are taken on an annual basis and have supported DSW’s shrinkage estimates. | |||||||||||||||
Property and Equipment- Property and equipment are stated at cost less accumulated depreciation determined by the straight-line method over the expected useful life of assets. The straight-line method is used to amortize such capitalized costs over the lesser of the expected useful life of the asset or the life of the lease. The estimated useful lives by class of asset are: | |||||||||||||||
Buildings | 39 years | ||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | ||||||||||||||
Building and leasehold improvements | 3 to 20 years or the lease term if that is shorter than the normal life of the asset | ||||||||||||||
Asset Impairment and Long-Lived 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. The carrying amount of a long-lived asset or asset group is considered impaired when the carrying value of the asset or asset group exceeds the expected future cash flows from the asset or asset group. The reviews are conducted at the lowest identifiable level, which has been identified as a store. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value, based on a discounted cash flow analysis using a discount rate determined by management. Should an impairment loss be realized, it will generally be included in cost of sales. DSW expensed $0.8 million and $1.6 million in fiscal 2013 and 2011, respectively, for identified assets where the recorded value could not be supported by projected future cash flows. The impairment charges in fiscal 2011 were recorded in other, and the impairment charges in fiscal 2013 were recorded in the DSW segment. There were no impairment charges in fiscal 2012. | |||||||||||||||
Goodwill- Goodwill represents the excess cost over the estimated fair values of net assets including identifiable intangible assets of businesses acquired. Goodwill is tested for impairment at least annually. Management evaluates the fair value of the reporting unit using market-based analysis to review market capitalization as well as reviewing a discounted cash flow analysis using management’s assumptions. Several factors could result in an impairment charge such as failure to achieve sufficient levels of cash flow at the reporting unit level or a significant and sustained decline in DSW’s stock price. Significant judgment is necessary to determine the underlying cause of the decline and whether stock price declines are related to the market or specifically to DSW. DSW has never recorded a goodwill impairment. As of both February 1, 2014 and February 2, 2013, the balance of goodwill related to the DSW stores was $25.9 million. | |||||||||||||||
Tradenames and Other Intangible Assets, Net- Tradenames and other intangible assets, net are primarily comprised of values assigned to tradenames at the time of RVI’s acquisition of DSW. As of both February 1, 2014 and February 2, 2013, the gross balance of tradenames was $13.0 million. As of February 1, 2014 and February 2, 2013, the average useful lives of tradenames were 5 years and 12 years, respectively. Accumulated amortization for tradenames was $12.9 million and $12.6 million as of February 1, 2014 and February 2, 2013, respectively. Amortization expense for fiscal 2013 was $0.3 million. Future amortization expense associated with the net carrying amount of intangible assets as of February 1, 2014 will be less than $0.1 million in each of fiscal 2014 and fiscal 2015. | |||||||||||||||
Self-insurance Reserves- DSW records estimates for certain health and welfare, workers compensation and casualty insurance costs that are self-insured programs. Self-insurance reserves include actuarial estimates of both claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. The liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date. Estimates for health and welfare, workers’ compensation and general liability are calculated utilizing claims development estimates based on historical experience and other factors. DSW has purchased stop loss insurance to limit its exposure on a per person basis for health and welfare and on a per claim basis for workers compensation and general liability, as well as on an aggregate annual basis. The self-insurance reserves were $3.0 million and $3.5 million as of February 1, 2014 and February 2, 2013, respectively. | |||||||||||||||
Customer Loyalty Program- DSW maintains a customer loyalty program for the DSW stores and dsw.com sales channels in which program members earn reward certificates that result in discounts on future purchases. Upon reaching the target-earned threshold, the members receive reward certificates for these discounts which expire three months after being issued (in the fourth quarter of fiscal 2013, the rewards certificate expiration period was reduced from six months to three months). DSW accrues the anticipated redemptions of the discount earned at the time of the initial purchase. To estimate these costs, DSW makes assumptions related to customer purchase levels and redemption rates based on historical experience. | |||||||||||||||
Legal Proceedings and Claims- DSW is involved in various legal proceedings that are incidental to the conduct of its business. DSW estimates the range of liability related to pending litigation where the amount of the range of loss can be estimated. DSW records its best estimate of a loss when the loss is considered probable, including an estimate of legal fees to be incurred. When a liability is probable and there is a range of estimated loss, DSW records the most likely estimated liability related to the claim. See Note 16 for a discussion of legal proceedings. | |||||||||||||||
Deferred Rent- Many of DSW’s operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, DSW recognizes the related rental expense on a straight-line basis over the noncancelable terms of the lease. DSW records the difference between the amounts charged to expense and the rent paid as deferred rent and begins amortizing such deferred rent upon the delivery of the lease location by the lessor. Deferred rent is included in non-current liabilities. | |||||||||||||||
Construction and Tenant Allowances- DSW receives cash allowances from landlords, which are deferred and amortized on a straight-line basis over the noncancelable terms of the lease as a reduction of rent expense. Construction and tenant allowances are included in non-current liabilities. | |||||||||||||||
Exit and Disposal Obligations- DSW records a reserve when a store or office facility is abandoned due to closure or relocation. Using its credit-adjusted risk-free rate to present value the liability, DSW estimates future lease obligations based on remaining lease payments, estimated or actual sublease payments and any other relevant factors. On a quarterly basis, DSW reassesses the reserve based on current market conditions. See Note 16 for a discussion of exit and disposal obligations. | |||||||||||||||
Accumulated Other Comprehensive Loss- Accumulated other comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. | |||||||||||||||
Sale of Subsidiary Stock- Prior to the Merger, sales of stock by a subsidiary were accounted for by RVI as capital transactions. | |||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||
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 consolidated financial statements. See Note 15 for disclosures related to this guidance. |
Merger_with_Retail_Ventures_In
Merger with Retail Ventures, Inc. and Discontinued Operations | 12 Months Ended | |
Feb. 01, 2014 | ||
Business Combinations [Abstract] | ' | |
MERGER WITH RETAIL VENTURES AND DISCONTINUED OPERATIONS | ' | |
MERGER WITH RETAIL VENTURES, INC. AND DISCONTINUED OPERATIONS | ||
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 0.435 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. In connection with the Merger, RVI shareholders received 21.2 million DSW Class A Common Shares and 23.0 million DSW Class B Common Shares. Prior to the Merger, RVI held 54.8 million DSW Class B Common Shares, which were retired in the third quarter of fiscal 2011. RVI common shares, without par value, which traded under the symbol “RVI,” ceased trading on, and were delisted from, the New York Stock Exchange on May 26, 2011. | ||
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 this was a transaction between entities under common control under ASC 805, Business Combinations, the Merger was accounted for as an equity transaction in accordance with ASC 810, Consolidation as the acquisition of a noncontrolling interest, and purchase accounting was not applied. As a result, there was no adjustment to RVI's historical cost carrying amounts of assets and liabilities reflected in the accompanying balance sheet. For financial reporting purposes, the Merger was accounted for as if the following transactions took place: | ||
• | RVI acquired all of the outstanding noncontrolling interests in DSW in exchange for 34.2 million newly issued Class A Common Shares, thus eliminating the noncontrolling interests. Legally, these DSW Class A Common Shares are the shares that were publicly held prior to the Merger; | |
• | RVI declared and implemented a reverse stock split at an exchange ratio of 0.435 applicable to all outstanding Common Shares; | |
• | RVI established a new class of unregistered common shares, Class B Common Shares, with special voting rights. DSW Class A Common Shares are entitled to one vote for each share. DSW Class B Common Shares are entitled to eight votes for each share; and | |
• | RVI offered to all common shareholders as of the date immediately prior to the closing of the Merger, the opportunity to tender Class A Common Shares in exchange for newly issued Class B Common Shares, resulting in the issuance of 23.0 million Class B Common Shares and the retirement of the same number of Class A Common Shares. | |
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. The pre-merger financial information was retrospectively recast in fiscal 2011 for the following matters: | ||
• | Share and per share information- DSW recast all RVI historical share and per share information, including earnings per share, to reflect the exchange ratio of 0.435 for periods prior to the Merger. | |
• | Segment presentation- DSW maintained its historical segment presentation, which is consistent with how the chief operating decision maker, as defined in ASC 280, Segment Reporting, reviews the business. DSW 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. 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 two reportable segments. The pre-merger or prior period consolidated financial statements and notes were recast to reflect the two reportable segments and Other. | |
• | Cost of sales- DSW conformed RVI's accounting policies and recast RVI's pre-merger or prior period financial statements and notes for distribution and fulfillment expenses and store occupancy costs historically reported by RVI within operating expenses to be consistent with DSW's historical classification of these costs within cost of sales. | |
Value City- On January 23, 2008, RVI disposed of an 81% ownership interest in its Value City Department Stores (“Value City”) business to VCHI Acquisition Co., a newly formed entity owned by VCDS Acquisition Holdings, LLC, Emerald Capital Management LLC and Crystal Value, LLC. | ||
The fiscal 2011 reduction of the loss of $0.2 million was due to revaluations of guarantees due to the passage of time, payments by the primary obligor to the guaranteed party or information available indicating that it was no longer probable that the liability would be incurred. | ||
Filene’s Basement- On April 21, 2009, RVI disposed of Filene’s Basement, Inc. and certain related entities to FB II Acquisition Corp., a newly formed entity owned by Buxbaum Holdings, Inc., and that entity subsequently filed for bankruptcy ("2009 Filene's Basement bankruptcy"). On June 18, 2009, following bankruptcy court approval, SYL LLC, a subsidiary of Syms Corp (“Syms”), purchased certain assets of Filene’s Basement. In this note, references to “Filene’s Basement” refer to the debtor, formerly known as Filene’s Basement Inc., and its debtor subsidiaries remaining after the asset purchase by a subsidiary of Syms. DSW and RVI received distributions from the debtors’ estates of $1.2 million in fiscal 2011. As of both February 1, 2014 and February 2, 2013, DSW had a guaranteed lease liability of less than $0.1 million related to leases not assumed by Syms. | ||
The fiscal 2012 gain of $1.3 million and fiscal 2011 loss of $5.0 million were related to guaranteed lease obligations, and fiscal 2011 also included a distribution from the 2009 Filene's Basement bankruptcy debtors' estates. See Note 16 for additional disclosure regarding the guaranteed lease obligations related to the 2011 bankruptcy filing of Syms and Filene's Basement. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Related Party Transactions [Abstract] | ' | ||||||
RELATED PARTY TRANSACTIONS | ' | ||||||
RELATED PARTY TRANSACTIONS | |||||||
Schottenstein Affiliates- As of February 1, 2014, 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, beneficially owned approximately 17% of DSW’s outstanding Common Shares representing approximately 48% of the combined voting power of DSW’s outstanding Common Shares. As of February 1, 2014, the Schottenstein Affiliates beneficially owned 8.1 million Class A Common Shares and 7.7 million Class B Common Shares. | |||||||
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 February 1, 2014 and February 2, 2013, the balance of related party receivables was less than $0.1 million. As of February 1, 2014 and February 2, 2013, the balance of related party payables was $0.8 million and $1.7 million, respectively. As of February 1, 2014, the balance of prepaid expenses to related parties was less than $0.1 million, and there were no prepaid expenses to related parties as of February 2, 2013. | |||||||
Corporate Office Headquarters and Distribution Center Acquisition- On October 31, 2012, DSW entered into an agreement of purchase and sale (the “Purchase Agreement”) with 4300 East Fifth Avenue LLC, an Ohio limited liability company, 4300 Venture 34910 LLC, a Delaware limited liability company, and 4300 Venture 6729 LLC, a Delaware limited liability company (each a “Seller” and collectively “Sellers”, which are all Schottenstein Affiliates), pursuant to which DSW acquired on November 1, 2012 all of the Sellers' ownership interest in 810 AC LLC, an Ohio limited liability company (the “Acquisition”). Prior to the closing of the Acquisition, Sellers transferred certain Properties (as defined in the Purchase Agreement) to 810 AC LLC, portions of which Properties were previously leased by DSW for its corporate office headquarters, its distribution center and a trailer parking lot. DSW expects certain portions of the Properties to continue to be leased by unrelated and related parties. As consideration for the Acquisition, DSW paid to Sellers $72 million in cash, subject to credits and adjustments as provided in the Purchase Agreement. | |||||||
On November 1, 2012, in connection with the completion of the Acquisition, 4300 East Fifth Avenue LLC and DSW's wholly owned subsidiary, 810 AC LLC, entered into a cost sharing agreement (the “Cost Sharing Agreement”) pursuant to which, in fiscal 2013, DSW contributed $3 million to the cost of replacing the roof of a building on the Properties, with the remainder of the costs being contributed by the Sellers. Also on November 1, 2012, 810 AC LLC and Schottenstein Property Group, LLC, an Ohio limited liability company (“SPG”) which is a Schottenstein Affiliate, entered into a management agreement (the “Management Agreement”) pursuant to which SPG provides management, operation, repair, maintenance, replacement, and supervision services with respect to the properties that are the subject of the Management Agreement, collects rent from other tenants and provides other landlord services with respect to such tenants. SPG had previously managed the Properties. As compensation, DSW pays SPG 4% of rents, or approximately $0.2 million on an annual basis, collected from lessees of certain portions of the Properties, plus reimbursement for certain costs pursuant to the Management Agreement. The term of the Management Agreement is three years, with automatic one year extensions after the initial term. The Management Agreement can be terminated by either party with 60 days notice. | |||||||
Prior to the Acquisition, certain portions of the purchased property were leased to third-party tenants. One of these tenants is SB Capital, which is a Schottenstein Affiliate. In connection with the Acquisition, DSW assumed the role of landlord to the lease with SB Capital. On December 6, 2013, the lease was amended to provide that the lease shall expire on or before December 6, 2014 for a payment of less than $0.1 million. Under this agreement, DSW received approximately $0.2 million in rent for fiscal 2013. | |||||||
Since each of the Sellers and SPG are Schottenstein Affiliates, the audit committee of DSW's board of directors reviewed and approved the Purchase Agreement, the Acquisition, the Cost Sharing Agreement, and the Management Agreement, consistent with DSW's related party transaction policy and determined that the transaction was fair and reasonable for the properties. As this was a transaction between entities under common control, as provided by ASC 805, there was no adjustment to the historical cost carrying amounts of assets transferred to DSW. The difference between the historical cost carrying amounts and the consideration of $72 million transferred was an equity transaction. DSW also reduced the cost basis of the assets by the balance of tenant allowances and deferred rent recorded related to the properties. DSW received a step-up of tax basis to $72 million and the resulting tax effect, the difference between the financial reporting basis and tax basis, was recorded to equity. In the first quarter of fiscal 2013, DSW recorded an adjustment to the tax impact of $3.3 million as a prior period adjustment between non-current deferred tax assets and basis difference related to acquisition of commonly controlled entity. There was no impact to the statement of operations. The following table highlights the key financial statement line items impacted by the transaction: | |||||||
Impact on Consolidated Financial Statements | Amount | Financial Statement Section/Line item | |||||
Impact on the Consolidated Statement of Cash Flows: | (in thousands) | ||||||
Historical cost carrying amount | $ | (32,443 | ) | Net cash and equivalents used in investing activities from continuing operations | |||
Equity impact of Corporate Headquarters and Distribution Center Acquisition | (39,557 | ) | Net cash and equivalents used in financing activities from continuing operations | ||||
Total cash transferred to the Sellers | $ | (72,000 | ) | ||||
Impact on the Consolidated Balance Sheet: | |||||||
Historical cost carrying amount | $ | 32,443 | |||||
Less: Tenant allowances and deferred rent | (8,310 | ) | |||||
Total net book value of assets recorded | $ | 24,133 | Property and equipment, net | ||||
Impact on the Consolidated Statement of Shareholders' Equity: | |||||||
Equity impact of Corporate Headquarters and Distribution Center Acquisition | $ | (39,557 | ) | ||||
Tax impact of Corporate Headquarters and Distribution Center Acquisition | 17,877 | ||||||
Adjustment to the tax impact of basis difference of Corporate Headquarters and Distribution Center Acquisition | (3,313 | ) | |||||
Basis difference related to acquisition of commonly controlled entity | $ | (24,993 | ) | Acquisition of commonly controlled entity | |||
Prior to the transfer of the buildings to DSW, lease payments by DSW for the buildings were $2.6 million and $4.3 million for fiscal 2012 and 2011, respectively. | |||||||
SEI Loan Agreement- On February 8, 2011, RVI and SEI, Inc. (“SEI”), a Schottenstein Affiliate, entered into a Loan Agreement (the “Loan Agreement”) pursuant to which SEI made available to RVI a revolving credit facility, to fund its operations prior to the Merger, in the principal amount not to exceed $30.0 million (the “RVI Credit Facility”). Upon execution of the Loan Agreement, RVI also paid an up-front commitment fee of 8.75% of the maximum loan amount, $2.625 million, to SEI, which was approved by the RVI board of directors prior to the Merger. All outstanding principal and accrued but unpaid interest under the RVI Credit Facility became due and payable after the closing of the Merger. DSW repaid RVI’s borrowings of $11.0 million under the RVI Credit Facility on May 31, 2011. The consolidated statements of operations include interest expense of $0.1 million related to the borrowings under the RVI Credit Facility. In fiscal 2011, DSW fully amortized the up-front commitment fee of $2.625 million. | |||||||
Equity Investment- In fiscal 2009, DSW made an equity investment of $1.2 million in an entity in which the majority interest was held by a Schottenstein Affiliate. DSW contributed $0.2 million in fiscal 2011 and received a return of capital of $0.2 million in fiscal 2010. In fiscal 2012, DSW received a return of capital of $1.2 million when the investment was sold to a third party. The investment was accounted for under cost method accounting. There was no statement of operations impact in fiscal 2013, 2012 or 2011 related to this investment. | |||||||
Other- Purchases and services from related parties were $0.9 million, $1.3 million and $1.1 million in fiscal 2013, 2012 and 2011, respectively. In fiscal 2013 and 2012, $1.8 million and $0.2 million, respectively, were reimbursements to a Schottenstein Affiliate in connection with DSW's luxury test, which were then primarily paid to unrelated vendors. Additionally in fiscal 2013, DSW paid a Schottenstein Affiliate approximately $0.4 million to modify the lease related to its existing Sawmill store location in Dublin, Ohio. As a result, the deferred rent balance is in a long-term prepaid balance of $0.5 million. |
Earnings_per_Share_and_Shareho
Earnings per Share and Shareholders' Equity | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
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. For periods prior to the Merger, share count was determined by adjusting all historical RVI shares by the exchange ratio of 0.435. Diluted earnings per share reflects the potential dilution of common shares adjusted, related to outstanding RVI stock options and stock appreciation rights ("SARs") (prior to the Merger), outstanding DSW stock options, restricted stock units ("RSUs"), performance-based restricted stock units ("PSUs") (after the Merger) and warrants (through exercise date) calculated using the treasury stock method. As PIES were exchangeable for DSW Class A Common Shares, they were included as potentially dilutive instruments based on the DSW common share price, after the Merger and before the settlement. For all periods presented, where there was a loss in fair value of warrants (prior to and after the Merger) and PIES (after the Merger), the loss was included in the calculation of the net income and the corresponding shares were excluded from the diluted share count, if the effect was anti-dilutive. | ||||||||||||
The following is a reconciliation of the net income used in the calculation of diluted earnings per share computations for the periods presented for net income from continuing operations, net of noncontrolling interests: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Net income from continuing operations, net of noncontrolling interests for basic earnings per share | $ | 151,302 | $ | 145,186 | $ | 179,643 | ||||||
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | — | — | (6,019 | ) | ||||||||
Net income from continuing operations, net of noncontrolling interests for diluted earnings per share | $ | 151,302 | $ | 145,186 | $ | 173,624 | ||||||
The following is a reconciliation of the net income used in the calculation of diluted earnings per share computations for the periods presented for net income, net of noncontrolling interests: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Net income, net of noncontrolling interests for basic earnings per share | $ | 151,302 | $ | 146,439 | $ | 174,788 | ||||||
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | — | — | (6,019 | ) | ||||||||
Net income, net of noncontrolling interests for diluted earnings per share | $ | 151,302 | $ | 146,439 | $ | 168,769 | ||||||
The following is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Weighted average shares outstanding | 90,472 | 88,846 | 70,440 | |||||||||
Assumed exercise of dilutive DSW stock options | 1,202 | 1,504 | 1,110 | |||||||||
Assumed exercise of dilutive DSW RSUs | 227 | 256 | 220 | |||||||||
Assumed exercise of dilutive RVI stock options & SARs | — | — | 130 | |||||||||
Assumed exercise of dilutive PIES | — | — | 2,376 | |||||||||
Number of shares for computation of diluted earnings per share | 91,901 | 90,606 | 74,276 | |||||||||
Options and RSUs- For fiscal 2013, 2012 and 2011, the amount of potential shares that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 0.8 million, 0.6 million and 0.5 million, respectively. | ||||||||||||
PIES- For fiscal 2011, the assumed exercise of 2.4 million common shares that would convert upon redemption of the PIES were included in the calculation of dilutive shares as the effect was dilutive. The total amount of common shares that would convert upon redemption of the PIES based on the average of DSW's share prices was 7.7 million, but the assumed conversion was prorated as the PIES were only included in the calculation of earnings per share after the Merger. | ||||||||||||
Warrants- For fiscal 2012 and 2011, the assumed exercise of warrants for 0.2 million and 1.2 million common shares, respectively, were not included in the calculation of shares as the effect would have been anti-dilutive. There were no warrants outstanding as of February 1, 2014. | ||||||||||||
Shareholders' Equity- On May 29, 2013, DSW announced that its Board of Directors had authorized DSW 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 DSW has no obligation to repurchase any amount of its common shares under the program. In December 2013, DSW repurchased 38,333 Class A Common Shares at a cost of $1.6 million. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||||||||||||||||||
DSW Stock-Based Compensation Plan- 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 majority of the DSW’s stock-based compensation awards are granted on an annual basis in the first quarter of each year. The risk-free interest rate is based on the yield for U.S. Treasury securities with a remaining life equal to the expected term of the options at the grant date. Expected volatility is based on the historical volatility of the DSW Common Shares. The expected term of options granted is derived from historical data on DSW stock option exercises. The dividend yield assumption is based on DSW's expectation of future dividend payouts. DSW granted its first dividends in the third quarter of fiscal 2011. Forfeitures of options are estimated at the grant date based on historical rates of DSW’s stock option activity and reduce the compensation expense recognized. | |||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
Assumptions: | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||||||||||||||||||||
Risk-free interest rate | 0.70% | 1.20% | 2.40% | ||||||||||||||||||||||||||||||
Annual volatility of DSW common stock | 53.40% | 56.20% | 55.10% | ||||||||||||||||||||||||||||||
Expected option term | 4.7 years | 5.5 years | 5.9 years | ||||||||||||||||||||||||||||||
Dividend yield | 1.30% | 1.20% | 0.00% | ||||||||||||||||||||||||||||||
DSW expensed $5.9 million, $5.5 million and $5.1 million, respectively, in fiscal 2013, 2012 and 2011 related to stock options. The weighted average grant date fair value of each stock option granted in fiscal 2013, 2012 and 2011 was $12.85, $12.59 and $10.28, respectively. In connection with the special dividends paid on October 26, 2012 and September 30, 2011, DSW adjusted its outstanding stock options under the anti-dilution provision by decreasing the grant price and increasing the number of shares to make the optionee whole as required under the DSW plan. As of February 1, 2014, the total compensation cost related to unvested options not yet recognized was approximately $14.2 million, with a weighted average expense recognition period remaining of 2.0 years. For the periods presented, the following tables summarize DSW’s stock option activity, related per share weighted average exercise prices (“WAEP”), weighted average remaining contract life and aggregate intrinsic value (shares and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Shares | WAEP | Shares | WAEP | Shares | WAEP | ||||||||||||||||||||||||||||
Outstanding beginning of year | 3,694 | $ | 14.5 | 5,016 | $ | 11.22 | 5,314 | $ | 10.02 | ||||||||||||||||||||||||
Granted | 492 | $ | 31.75 | 674 | $ | 27.47 | 726 | $ | 19.06 | ||||||||||||||||||||||||
RVI options converted | — | — | 146 | $ | 13.14 | ||||||||||||||||||||||||||||
Increase in options from dividend adjustment | — | 128 | 228 | ||||||||||||||||||||||||||||||
Exercised | (748 | ) | $ | 10.99 | (2,004 | ) | $ | 9.62 | (1,090 | ) | $ | 8.62 | |||||||||||||||||||||
Forfeited | (91 | ) | $ | 21.79 | (120 | ) | $ | 15.82 | (308 | ) | $ | 10.52 | |||||||||||||||||||||
Outstanding end of year | 3,347 | $ | 17.62 | 3,694 | $ | 14.5 | 5,016 | $ | 11.22 | ||||||||||||||||||||||||
Options exercisable end of year | 1,430 | $ | 13.08 | 1,260 | $ | 12.76 | 2,250 | $ | 11.32 | ||||||||||||||||||||||||
As of February 1, 2014: | Shares | WAEP | Weighted Average Remaining Contract Life | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||
Options exercisable | 1,430 | $ | 13.08 | 4.7 years | $ | 35,141 | |||||||||||||||||||||||||||
Options expected to vest | 1,667 | $ | 21.23 | 7.5 years | 27,365 | ||||||||||||||||||||||||||||
Options vested and expected to vest | 3,097 | $ | 17.47 | 6.2 years | $ | 62,506 | |||||||||||||||||||||||||||
Year of Grant | Range of Exercise Prices | Weighted Average Remaining Contract Life | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||
Min | Max | Options Outstanding | WAEP | Aggregate Intrinsic Value | Options Exercisable | WAEP | Aggregate Intrinsic Value | ||||||||||||||||||||||||||
2005 - expire 2015 | $ | 8.84 | $ | 8.84 | 1.4 years | 115 | $ | 8.84 | $ | 3,313 | 115 | $ | 8.84 | $ | 3,313 | ||||||||||||||||||
2006 - expire 2016 | $ | 12.93 | $ | 14.5 | 2.6 years | 94 | $ | 12.99 | 2,305 | 94 | $ | 12.99 | 2,305 | ||||||||||||||||||||
2007 - expire 2017 | $ | 10.42 | $ | 19.94 | 3.2 years | 301 | $ | 19.83 | 5,364 | 301 | $ | 19.83 | 5,364 | ||||||||||||||||||||
2008 - expire 2018 | $ | 6.01 | $ | 9.15 | 4.2 years | 238 | $ | 6.19 | 7,479 | 238 | $ | 6.19 | 7,479 | ||||||||||||||||||||
2009 - expire 2019 | $ | 4.65 | $ | 7 | 5.2 years | 426 | $ | 4.7 | 14,021 | 203 | $ | 4.7 | 6,683 | ||||||||||||||||||||
2010 - expire 2020 | $ | 12.34 | $ | 12.38 | 6.1 years | 592 | $ | 12.36 | 14,961 | 240 | $ | 12.37 | 6,083 | ||||||||||||||||||||
2011 - expire 2021 | $ | 17.43 | $ | 22.71 | 7.1 years | 503 | $ | 17.48 | 10,143 | 139 | $ | 17.45 | 2,815 | ||||||||||||||||||||
2012 - expire 2022 | $ | 24.57 | $ | 27.18 | 8.1 years | 605 | $ | 26.65 | 6,663 | 98 | $ | 26.61 | 1,086 | ||||||||||||||||||||
2013 - expire 2023 | $ | 31.68 | $ | 34.99 | 9.1 years | 473 | $ | 31.75 | 2,799 | 2 | $ | 31.68 | 13 | ||||||||||||||||||||
Total | $ | 4.65 | $ | 34.99 | 6.3 years | 3,347 | $ | 17.62 | $ | 67,048 | 1,430 | $ | 13.08 | $ | 35,141 | ||||||||||||||||||
The aggregate intrinsic value is calculated as the amount by which the fair value of the underlying common shares exceeds the option exercise price. The total intrinsic value of options exercised during fiscal 2013, 2012 and 2011 was $20.9 million, $41.7 million and $14.5 million, respectively. The total fair value of options that vested during fiscal 2013, 2012 and 2011 was $3.8 million, $4.8 million and $4.9 million, respectively. | |||||||||||||||||||||||||||||||||
Restricted Stock Units ("RSU")- Beginning in fiscal 2013, RSUs granted will generally cliff vest over three years. DSW expensed $1.8 million, $1.5 million and $1.2 million, respectively, in fiscal 2013, 2012 and 2011 related to RSUs. The weighted average exercise price for all RSUs is zero. The aggregate intrinsic value is calculated as the amount by which the fair value of the underlying common shares exceeds the exercise price. The total intrinsic value of RSUs that vested during fiscal 2013, 2012 and 2011 was $4.0 million, $5.6 million and $2.4 million, respectively. The total fair value of RSUs that vested during fiscal 2013, 2012 and 2011 was $0.7 million, $1.2 million and $0.8 million, respectively. As of February 1, 2014, the total compensation cost related to nonvested RSUs not yet recognized was approximately $5.0 million with a weighted average expense recognition period remaining of 2.0 years. | |||||||||||||||||||||||||||||||||
In connection with the special dividends paid on October 26, 2012 and September 30, 2011, DSW issued forfeitable dividend equivalent units under the anti-dilution provision to make the grantee whole as required under the DSW plan. DSW also modified its outstanding RSU awards to grant forfeitable dividend equivalent units for the quarterly dividends resulting in immaterial incremental compensation expense. | |||||||||||||||||||||||||||||||||
For the periods presented, the following tables summarize DSW’s RSU activity, weighted average grant date fair value (“GDFV”) and aggregate intrinsic value (units and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Units | GDFV | Units | GDFV | Units | GDFV | ||||||||||||||||||||||||||||
Outstanding beginning of year | 436 | $ | 15.39 | 546 | $ | 9.33 | 552 | $ | 7.49 | ||||||||||||||||||||||||
Granted | 92 | $ | 35.5 | 114 | $ | 27.48 | 134 | $ | 19.18 | ||||||||||||||||||||||||
Vested | (136 | ) | $ | 5.51 | (208 | ) | $ | 5.86 | (110 | ) | $ | 7.04 | |||||||||||||||||||||
Forfeited | (15 | ) | $ | 29.46 | (16 | ) | $ | 16.82 | (30 | ) | $ | 11.14 | |||||||||||||||||||||
Outstanding end of year | 377 | $ | 23.41 | 436 | $ | 15.39 | 546 | $ | 9.33 | ||||||||||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||||||||||||||||||
Remaining | Intrinsic | ||||||||||||||||||||||||||||||||
As of February 1, 2014: | Units | GDFV | Contract Life | Value | |||||||||||||||||||||||||||||
RSUs expected to vest | 295 | $ | 23.6 | 1.4 years | $ | 11,094 | |||||||||||||||||||||||||||
Performance-Based Restricted Stock Units ("PSU")- Beginning in fiscal 2013, DSW granted PSUs. These awards cliff vest at the end of a three year period based upon DSW’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 $0.5 million in fiscal 2013 related to PSUs. As of February 1, 2014, the total compensation cost related to nonvested PSUs not yet recognized was approximately $1.6 million with a weighted average expense recognition period remaining of 2.1 years. The weighted average exercise price for all PSUs is zero. | |||||||||||||||||||||||||||||||||
For fiscal 2013, the following tables summarize DSW’s PSU activity, GDFV and aggregate intrinsic value (units and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal year ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||
Units | GDFV | ||||||||||||||||||||||||||||||||
Outstanding beginning of year | — | ||||||||||||||||||||||||||||||||
Granted | 69 | $ | 31.76 | ||||||||||||||||||||||||||||||
Vested | — | ||||||||||||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||||||||||
Outstanding end of year | 69 | $ | 31.76 | ||||||||||||||||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||||||||||||||||||
Remaining | Intrinsic | ||||||||||||||||||||||||||||||||
As of February 1, 2014: | Units | GDFV | Contract Life | Value | |||||||||||||||||||||||||||||
PSUs expected to vest | 56 | $ | 31.76 | 2.1 years | $ | 2,121 | |||||||||||||||||||||||||||
Director Stock Units- DSW issues stock units to directors who are not employees of DSW. During fiscal 2013, 2012 and 2011, DSW expensed $1.2 million, $1.1 million and $1.0 million, respectively, related to these grants. Stock units are automatically granted to each director who is not an employee of DSW or RVI on the date of each annual meeting of shareholders for the purpose of electing directors. Each non-employee director is granted stock units based on the fair market value of DSW Class A Common Shares on the date of the annual meeting. In addition, each director eligible to receive compensation for board service may elect to have the cash portion of such directors’ compensation paid in the form of stock units. Stock units granted to directors vest immediately and are settled upon the director terminating service from the board. For new grants beginning in fiscal 2012, directors were given the option to exercise their units at a specified point in the future or upon completion of service. Stock units granted to directors, which are not subject to forfeiture, are considered to be outstanding for the purposes of computing basic earnings per share. The exercise price of the director stock units is zero. The following table summarizes DSW’s director stock unit activity (units in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Outstanding beginning of year | 316 | 384 | 322 | ||||||||||||||||||||||||||||||
Granted | 34 | 54 | 62 | ||||||||||||||||||||||||||||||
Exercised | (20 | ) | (122 | ) | — | ||||||||||||||||||||||||||||
Outstanding end of year | 330 | 316 | 384 | ||||||||||||||||||||||||||||||
RVI Stock-Based Compensation Plan- Historically, both DSW and RVI issued stock-based compensation under their respective plans. After the Merger, DSW either cash settled or converted all outstanding units and options under the RVI 2000 Stock Incentive Plan (“the RVI Plan”) to be exercisable for DSW Class A Common Shares. At the date of the Merger, all RVI stock options and Stock Appreciation Rights (“SARs”) granted to directors immediately vested resulting in compensation expense of $0.3 million. At the election of each option holder, options and SARs were either paid in cash at a value equal to the RVI share price at close of the market on May 25, 2011 less the exercise price, or converted to be exercisable for DSW Class A Common Shares adjusted for the exchange ratio of 0.435. Immediately after the Merger, DSW paid $7.0 million related to the settlement of these options and SARs, which was treated as a reduction of additional paid in capital, and converted the remaining RVI options to options exercisable for DSW Class A Common Shares. DSW recorded additional stock-based compensation expense of $0.3 million related to the cash settled options and SARs as the fair value the recipient received was greater than the option they held. The converted options are included in the DSW Plan section above. The RVI stock-based compensation instruments were adjusted retrospectively for the conversion ratio. Excluding the converted options, the DSW Plan was otherwise not affected as a result of the Merger. | |||||||||||||||||||||||||||||||||
Excluding any expense related to the Merger, RVI expensed $0.1 million in fiscal 2011 related to stock options. RVI expensed less than $0.1 million in fiscal 2011 related to RVI SARs. RVI expensed $0.1 million in fiscal 2011 related to RVI restricted shares. These restricted shares were settled in the first quarter of fiscal 2011. |
Investments
Investments | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
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 are 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 | |||||||||||||||
February 1, 2014 | February 2, 2013 | February 1, 2014 | February 2, 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Available-for-sale: | ||||||||||||||||
Bonds | $ | 22,050 | $ | 24,280 | — | — | ||||||||||
Total available-for-sale investments | 22,050 | 24,280 | — | — | ||||||||||||
Held-to-maturity: | ||||||||||||||||
Term notes and bonds | 202,048 | 207,801 | $ | 243,188 | $ | 96,712 | ||||||||||
Total investments | $ | 224,098 | $ | 232,081 | $ | 243,188 | $ | 96,712 | ||||||||
As of both February 1, 2014 and February 2, 2013, short-term investments had gross holding gains of $0.2 million, and as of February 1, 2014 and February 2, 2013, gross holding losses of $0.1 million and $0.2 million, respectively. As of February 1, 2014 and February 2, 2013, long-term investments had gross holding gains of $0.6 million and $0.3 million, respectively, and as of February 1, 2014 and February 2, 2013, gross holding losses of $0.4 million and $0.1 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||
Financial Assets and Liabilities- The following table presents financial assets and liabilities at fair value as of the periods presented: | ||||||||||||||||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Cash and equivalents(a) | $ | 112,021 | $ | 112,021 | — | — | $ | 81,097 | $ | 81,097 | — | — | ||||||||||||||||||
Short-term investments(b) | 224,167 | — | $ | 224,167 | — | 232,052 | — | $ | 232,052 | — | ||||||||||||||||||||
Long-term investments(b) | 243,373 | — | 243,373 | — | 96,843 | — | 96,843 | — | ||||||||||||||||||||||
$ | 579,561 | $ | 112,021 | $ | 467,540 | — | $ | 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) Short-term and long-term investments include available-for-sale and held-to maturity investments, which are valued using a market-based approach using level 2 inputs such as prices of similar assets in active markets. Held-to-maturity investments are held at amortized cost and are reviewed for impairment using level 2 inputs. | ||||||||||||||||||||||||||||||
Non-Financial Assets and Liabilities- 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. The carrying amount of a long-lived asset or asset group is considered impaired when the carrying value of the asset or asset group exceeds the expected future cash flows from the asset or asset group. The reviews are conducted at the lowest identifiable level, which includes a store. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value, based on a discounted cash flow analysis using a discount rate determined by management. Should an impairment loss be realized, it will generally be included in cost of sales. | ||||||||||||||||||||||||||||||
In fiscal 2013, DSW recognized an impairment loss of $0.8 million on assets used in a DSW store. DSW determined that the carrying value exceeded the expected future cash flows and recorded a partial impairment after determining fair value based on the discounted future cash flow analysis using a discount rate determined by management. The remaining carrying value of the assets used in the store, net of the tenant allowance, subsequent to the impairment is $0.8 million as of February 1, 2014. | ||||||||||||||||||||||||||||||
In fiscal 2011, DSW recognized an impairment loss of $1.6 million on assets used in a leased office building assumed in the Merger. Based on the projected future cash flows under the lease, DSW determined that the carrying value exceeded the expected future cash flows from the asset group and recorded a full impairment after determining fair value. The impairment of the related lease is discussed in Note 16. | ||||||||||||||||||||||||||||||
The following table presents the activity related to the fair value of assets held and used that realized an impairment loss for the periods presented: | ||||||||||||||||||||||||||||||
Total Losses | ||||||||||||||||||||||||||||||
As of February 1, 2014 | Fiscal years ended | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value as of the Impairment Date | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||
Assets held and used | — | — | $ | 835 | $ | 835 | $ | 809 | — | $ | 1,626 | |||||||||||||||||||
Debt_Obligations_and_Warrant_L
Debt Obligations and Warrant Liabilities | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT OBLIGATIONS AND WARRANT LIABILITIES | ' | |||||||
DEBT OBLIGATIONS AND DERIVATIVE INSTRUMENTS | ||||||||
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 DSW'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 $86.4 million for capital expenditures in fiscal 2013. | ||||||||
As of February 1, 2014 and February 2, 2013, DSW had no outstanding borrowings under the Credit Facility, had availability under the facility of $49.4 million and $86.0 million, respectively, and had outstanding letters of credit of $0.6 million and $14.0 million, respectively. | ||||||||
Total interest expense related to the Credit Facility for fiscal 2013, 2012 and 2011 included fees, such as commitment and line of credit fees, of $0.3 million, $0.6 million and $0.6 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 is 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% per annum. | ||||||||
As of February 1, 2014, DSW had $5.6 million in outstanding letters of credit and $6.1 million in restricted cash on deposit as collateral under the Letter of Credit Agreement. The restricted cash balance is recorded in prepaid expenses and other current assets on the 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. | ||||||||
Derivative Instruments | ||||||||
$143.75 Million Premium Income Exchangeable SecuritiesSM (“PIES”)- The 6.625% Mandatorily Exchangeable Notes due September 15, 2011, or PIES, bore a coupon at an annual rate of 6.625% of the principal amount of $143.75 million, payable quarterly in arrears, commencing on December 15, 2006 and ending on September 15, 2011. The PIES were mandatorily exchangeable, on the maturity date, into DSW Class A Common Shares. On the maturity date, each holder of the PIES received a number of DSW Class A Common Shares per $50.00 principal amount of PIES equal to the “exchange ratio” described in the RVI prospectus filed with the Securities and Exchange Commission on August 11, 2006. | ||||||||
A subsidiary of DSW assumed, as of the effective time of the Merger, by supplemental indenture and supplemental agreement, all of RVI’s obligations with respect to the PIES. On September 15, 2011, DSW issued 7.7 million of its Class A Common shares, without par value, to the holders of the PIES. In connection with this settlement, DSW reclassified $48.0 million from the conversion feature of short-term debt and $133.8 million from current maturities of long-term debt to paid in capital during the third quarter of fiscal 2011. | ||||||||
The fair value of the conversion feature at the date of issuance of $11.7 million was equal to the amount of the discount of the PIES and was amortized into interest expense over the term of the PIES. The discount on the PIES was fully amortized as of the settlement date. The amount of interest expense recognized and the effective interest rate for the PIES were as follows for the period presented: | ||||||||
Fiscal year ended | ||||||||
28-Jan-12 | ||||||||
(in thousands) | ||||||||
Contractual interest expense | $ | 5,926 | ||||||
Amortization of debt discount | 1,618 | |||||||
Total interest expense | $ | 7,544 | ||||||
Effective interest rate | 8.6 | % | ||||||
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 ASC 815. The fair values of the warrants were recorded on the balance sheet within current liabilities. | ||||||||
On May 31, 2012, DSW issued 682,444 of its 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 paid in capital during the second quarter of fiscal 2012. | ||||||||
On March 14, 2012, DSW issued 823,926 of its Class B Common Shares, without par value, to the Schottenstein Affiliates in connection with the exercise of its outstanding warrant. 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 issued 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 paid in capital during the first quarter of fiscal 2012. The fiscal 2012 warrant exercises resulted in an total increase to paid in capital of $43.2 million. | ||||||||
On April 28, 2011, RVI issued 442,074 common shares (which represent 192,302 DSW Common Shares factoring in the exchange ratio of 0.435 subsequent to the Merger), without par value, to Millennium Partners, L.P. in connection with the exercise of its outstanding warrant. The common shares were issued at an exercise price of $2.25 per share, for an aggregate cash purchase price of $1.0 million. In connection with this exercise, DSW reclassified $3.6 million from the warrant liability to paid in capital during the first quarter of fiscal 2011, for a total of $4.6 million increase to paid in capital. | ||||||||
The effect of derivative instruments on DSW’s, and prior to the Merger, RVI’s, consolidated statements of operations was as follows for the periods presented: | ||||||||
Fiscal years ended | ||||||||
2-Feb-13 | 28-Jan-12 | |||||||
(in thousands) | ||||||||
Warrants – related party | $ | 6,121 | $ | 11,071 | ||||
Warrants – non-related party | — | 1,192 | ||||||
Conversion feature of debt | — | 41,651 | ||||||
Expense related to the change in fair value of derivative instruments | $ | 6,121 | $ | 53,914 | ||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
PROPERTY AND EQUIPMENT, NET | |||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Property and equipment: | |||||||||
Land | $ | 1,110 | $ | 1,110 | |||||
Furniture, fixtures and equipment | 387,913 | 343,614 | |||||||
Buildings, building and leasehold improvements | 325,340 | 291,572 | |||||||
Total property and equipment | 714,363 | 636,296 | |||||||
Accumulated depreciation and amortization | (395,743 | ) | (335,983 | ) | |||||
Property and equipment, net | $ | 318,620 | $ | 300,313 | |||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
ACCRUED EXPENSES | |||||||||
The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Gift cards and merchandise credits | $ | 37,651 | $ | 33,831 | |||||
Compensation | 18,043 | 19,711 | |||||||
Taxes | 13,581 | 16,192 | |||||||
Customer loyalty program | 19,547 | 18,407 | |||||||
Other | 26,875 | 35,058 | |||||||
Total accrued expenses | $ | 115,697 | $ | 123,199 | |||||
NonCurrent_Liabilities
Non-Current Liabilities | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER NON-CURRENT LIABILITIES | ' | ||||||||
NON-CURRENT LIABILITIES | |||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Construction and tenant allowances | $ | 84,464 | $ | 77,084 | |||||
Deferred rent | 37,985 | 36,723 | |||||||
Other | 15,849 | 14,406 | |||||||
Total non-current liabilities | $ | 138,298 | $ | 128,213 | |||||
Leases
Leases | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases of Lessee Disclosure [Text Block] | ' | |||||||||||
LEASES | ||||||||||||
DSW leases stores, its fulfillment center and other facilities under various arrangements with related and unrelated parties. Such leases expire through 2028 and in most cases provide for renewal options. Generally, DSW is required to pay base rent, real estate taxes, maintenance, insurance and contingent rentals based on sales in excess of specified levels. Under supply agreements, DSW pays contingent rents based on sales for the shoe departments it operates through its Affiliated Business Group. As of February 1, 2014 and February 2, 2013, DSW had no capital leases. | ||||||||||||
As of February 1, 2014, DSW leased or had other agreements with entities affiliated with Schottenstein Affiliates for 22 store locations and its fulfillment center for a total annual minimum rent for fiscal 2013 of $10.5 million. DSW leases a portion of its corporate office headquarters to a Schottenstein Affiliate for annual rent of $0.2 million. Related party rental income for fiscal 2013 and fiscal 2012 was $0.2 million and $0.1 million, respectively. | ||||||||||||
The following table presents future minimum lease payments required under the aforementioned leases, excluding real estate taxes, insurance and maintenance costs, as of February 1, 2014: | ||||||||||||
Total | Unrelated | Related | ||||||||||
Party | Party | |||||||||||
Fiscal years | (in thousands) | |||||||||||
2014 | $ | 170,434 | $ | 159,295 | $ | 11,139 | ||||||
2015 | 165,529 | 154,694 | 10,835 | |||||||||
2016 | 148,436 | 138,259 | 10,177 | |||||||||
2017 | 125,425 | 116,250 | 9,175 | |||||||||
2018 | 103,566 | 98,348 | 5,218 | |||||||||
Future years | 362,274 | 349,898 | 12,376 | |||||||||
Total minimum lease payments (a) | $ | 1,075,664 | $ | 1,016,744 | $ | 58,920 | ||||||
(a) Minimum payments have been reduced by minimum sublease rentals of $4.8 million due in the future under noncancelable subleases. | ||||||||||||
The following table presents the composition of rental expense for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Minimum rentals: | ||||||||||||
Unrelated parties | $ | 137,602 | $ | 127,061 | $ | 112,800 | ||||||
Related parties | 10,486 | 12,855 | 13,230 | |||||||||
Contingent rentals: | ||||||||||||
Unrelated parties | 29,639 | 26,502 | 33,784 | |||||||||
Total | $ | 177,727 | $ | 166,418 | $ | 159,814 | ||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||
PENSION PLAN | ' | ||||||||||||||
BENEFIT PLANS | |||||||||||||||
Filene's Basement Defined Benefit Pension Plan- Merger Sub was 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 $5.0 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 an income tax benefit of $5.3 million, which was reclassified from accumulated other comprehensive loss to the statement of operations 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 periods presented: | |||||||||||||||
Fiscal years ended | Location on Consolidated Statements of Operations | ||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Beginning Balance | $ | (8,758 | ) | $ | (8,486 | ) | $ | (5,842 | ) | ||||||
Reclassification adjustments: | |||||||||||||||
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 | ||||||||||
Other changes to accumulated other comprehensive loss: | |||||||||||||||
Change in minimum pension liability | (177 | ) | (413 | ) | (2,503 | ) | |||||||||
Unrealized gains (losses) on securities | — | 141 | (141 | ) | |||||||||||
Ending Balance | $ | — | $ | (8,758 | ) | $ | (8,486 | ) | |||||||
The following table provides a reconciliation of projected benefit obligations, plan assets and funded status of the plan as of the periods presented: | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
(in thousands) | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 23,005 | $ | 21,919 | |||||||||||
Interest cost | 843 | 919 | |||||||||||||
Benefits paid | (23,218 | ) | (964 | ) | |||||||||||
Settlement (gain) | (270 | ) | — | ||||||||||||
Actuarial (gain) loss | (360 | ) | 1,131 | ||||||||||||
Projected benefit obligation at end of year | — | 23,005 | |||||||||||||
Accumulated benefit obligation at end of year | — | 23,005 | |||||||||||||
Change in plan assets: | |||||||||||||||
Fair market value at beginning of year | 18,461 | 16,336 | |||||||||||||
Actual (loss) gain on plan assets | (97 | ) | 863 | ||||||||||||
Employer contributions | 5,027 | 2,400 | |||||||||||||
Benefits paid | (23,218 | ) | (964 | ) | |||||||||||
Other | (173 | ) | (174 | ) | |||||||||||
Fair market value at end of year | $ | — | $ | 18,461 | |||||||||||
Amounts recognized in the consolidated balance sheets consisted of the following as of the period presented: | |||||||||||||||
February 2, 2013 | |||||||||||||||
Current liabilities | $ | 4,544 | |||||||||||||
Accumulated other comprehensive loss | $ | 8,758 | |||||||||||||
Accumulated other comprehensive loss was net of deferred tax assets of $5.4 million as of February 2, 2013. | |||||||||||||||
The components of net periodic benefit cost are comprised of the following for the periods presented: | |||||||||||||||
Fiscal years ended | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Interest cost | $ | 843 | $ | 919 | $ | 1,003 | |||||||||
Expected return on plan assets | (808 | ) | (1,208 | ) | (945 | ) | |||||||||
Loss recognized due to settlements | 14,224 | 67 | — | ||||||||||||
Amortization of net loss | 494 | 398 | 296 | ||||||||||||
Net periodic benefit cost | $ | 14,753 | $ | 176 | $ | 354 | |||||||||
For the periods presented, other changes in plan assets and benefit obligations recognized in net periodic cost and other comprehensive income loss consist of: | |||||||||||||||
Fiscal years ended | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Net actuarial loss | $ | 671 | $ | 1,717 | $ | 3,444 | |||||||||
Loss recognized due to settlements | (14,224 | ) | (67 | ) | — | ||||||||||
Amortization of net loss | (494 | ) | (398 | ) | (296 | ) | |||||||||
Total recognized in other comprehensive (income) loss | (14,047 | ) | 1,252 | 3,148 | |||||||||||
Net periodic benefit cost | 14,753 | 176 | 354 | ||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 706 | $ | 1,428 | $ | 3,502 | |||||||||
The expected long-term rate of return was based on historical average annual returns for S&P 500, Russell 2000 and Barclay Capital for 5 years and 10 years and since inception of the assets. Due to DSW's expectation of plan termination in fiscal 2013, DSW reduced both the discount rate and expected rate of return to be consistent with the expected short-term nature of the plan as of February 2, 2013. Assumptions used in each year of the actuarial computations to determine both the liability as of February 2, 2013 and the expense for the fiscal year were as follows: | |||||||||||||||
February 2, 2013 | |||||||||||||||
Discount rate | 3.7 | % | |||||||||||||
Expected long-term rate of return | 4 | % | |||||||||||||
DSW’s investment strategy was to meet the liabilities of the plan as they were due and to maximize the return on invested assets within appropriate risk tolerances. As a result of the expected termination, DSW shifted out of equity securities. The weighted average allocation of plan assets by category was as follows for fiscal 2012: | |||||||||||||||
Fiscal year ended | |||||||||||||||
February 2, 2013 | |||||||||||||||
Fixed securities | 71.3 | % | |||||||||||||
Cash and equivalents | 28.7 | % | |||||||||||||
Total | 100 | % | |||||||||||||
DSW classifies its fair value measurements under the fair value hierarchy discussed in Note 3. The following table presents the activity related to fair value measurements of pension plan assets as of February 2, 2013: | |||||||||||||||
2-Feb-13 | |||||||||||||||
Total | Level 1 | Level 2 | |||||||||||||
(in thousands) | |||||||||||||||
Cash and equivalents | $ | 5,289 | $ | 5,289 | — | ||||||||||
Fixed income | 13,172 | — | $ | 13,172 | |||||||||||
Fair market value at end of year | $ | 18,461 | $ | 5,289 | $ | 13,172 | |||||||||
Other Benefit Plans | |||||||||||||||
DSW 401(k) Plan- DSW sponsors a 401(k) Plan. Eligible employees may contribute up to fifty percent of their compensation to the 401(k) Plan, on a pre-tax basis, subject to Internal Revenue Service limitations. As of the first day of the month following an employee’s completion of one year of service as defined under the terms of the 401(k) Plan, DSW matches employee deferrals, 100% on the first 3% of eligible compensation deferred and 50% on the next 2% of eligible compensation deferred. Additionally, DSW may contribute a discretionary profit sharing amount to the Plan each year but has not for the past three fiscal years. DSW incurred costs associated with the Plan of $3.1 million, $2.4 million and $2.0 million for fiscal 2013, 2012 and 2011, respectively. | |||||||||||||||
Deferred Compensation Plan- DSW sponsors a non-qualified deferred compensation plan for certain executives and non-employee members of the Board of Directors that is intended to defer the receipt of compensation. As of February 1, 2014, the plan liability is $2.3 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2014 | |
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. | |
As previously reported, on March 8, 2005, RVI announced that it had learned of the theft of credit card and other information from a portion of DSW's customers. In fiscal 2005, DSW incurred a loss of approximately $6.0 million related to this incident. DSW filed a claim for coverage with its insurance carrier, which the insurance carrier denied. DSW brought suit in federal district court and won a ruling that coverage applied and was awarded $6.8 million in damages. The insurance company appealed that decision, and oral arguments on the appeal occurred in July 2012. On August 23, 2012, DSW received notification from the Sixth Circuit Court of Appeals that the damages award was affirmed, and in September 2012, DSW received $7.2 million from the insurance carrier, $1.9 million of which represented accrued interest on the award. As this was a gain contingency resulting from a litigation, DSW recognized the award at the time of receipt of cash from the insurance carrier. In the statement of operations, $5.3 million was classified as other operating income, which was included in operating expenses, and $1.9 million related to interest was classified as interest income. | |
In the first quarter of fiscal 2011, shareholders of RVI filed two putative shareholder class action lawsuits in an Ohio state court captioned as follows: Steamfitters local #449 Retirement Security Fund v. Schottenstein, et. al (“Steamfitters”), and Farkas v. Retail Ventures, Inc. (“Farkas”). The Steamfitters action was brought against RVI and its directors and chief executive officer and DSW. The Farkas action was brought against RVI and its directors, and DSW and Merger Sub. The Steamfitters action alleged, among other things, that RVI and its directors breached their fiduciary duties by approving the merger agreement and that RVI’s chief executive officer and DSW aided and abetted in these alleged breaches of fiduciary duty. The Farkas action alleged, among other things, that the RVI board of directors breached its fiduciary duties by approving the merger agreement and failing to disclose certain alleged material information, and that RVI and DSW aided and abetted these alleged breaches of fiduciary duty. Both complaints sought, among other things, to enjoin the shareholder vote on the Merger, as well as money damages. On May 9, 2011, the court granted plaintiffs’ motion to consolidate the actions. In order to avoid the costs associated with the litigation, the parties agreed to a disclosure-based settlement of the lawsuits set forth in an executed memorandum of understanding that was filed with the court. The memorandum of understanding provided for, among other things, additional public disclosure with respect to the Merger, which was included in the joint proxy statement/prospectus sent to the shareholders of RVI and DSW. The court approved the settlement, and this matter was resolved during fiscal 2011. | |
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 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. The decrease in the liability through February 1, 2014 is due to information available indicating that it was probable that DSW's exposure to the guaranteed liability would be reduced. 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. | |
Value City- RVI completed the disposition of a portion of its ownership interest in its Value City business segment in fiscal 2007. RVI or its wholly owned subsidiary had guaranteed and in certain circumstances may be responsible for certain liabilities of Value City. There is a guarantee of certain workers compensation claims for events prior to the disposition date. As of both February 1, 2014 and February 2, 2013, the amount of guarantees of Value City commitments was $0.1 million. | |
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 ("2011 Syms and Filene's Basement bankruptcy") 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 is operating 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 February 1, 2014, the estimated liability was $3.4 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 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 is 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 were held in February 2014. The expected range of loss is from no loss to $7 million. | |
Contractual Obligations- As of February 1, 2014, 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 approximately $6.7 million as of February 1, 2014. In addition, DSW has entered into various noncancelable purchase and service agreements. These agreements expire over the next two years, and the obligations under these agreements were $4.7 million as of February 1, 2014. DSW has also signed lease agreements for 30 new store locations expected to be opened in fiscal 2014 and 2015 with total annual rent of approximately $10.3 million. In connection with the new lease agreements, DSW will receive a total of $15.7 million of construction and tenant allowance reimbursements for expenditures at these locations. | |
In the third quarter of fiscal 2011, DSW recorded an initial liability of $5.5 million related to a lease of an office building assumed in the Merger. The office lease expires in 2024. DSW estimated its future liability under this lease based on its current lease payments and executory costs, net of estimated sublease rentals. DSW estimated inflationary increases in its executory costs and used its credit-adjusted risk-free rate to present value its liability. The loss was partially offset by the elimination of the deferred rent liability of $2.1 million, as rent would no longer be recorded on a straight-line basis. In fiscal 2012, DSW recorded an increase of $6.0 million to the liability as the result of a decrease in future sublease rental income based on market expectations as well as an increase in expected real estate taxes as the building was purchased by a new landlord in the fourth quarter of fiscal 2012, resulting in an increase in the real estate valuation of the property. The non-cash impairment charges were included in operating expenses. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
DSW 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 outstanding as of February 1, 2014 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 primarily related to assets and liabilities of the former RVI operations, and are not attributable to the reportable segments. The settlement of the pension plan was recorded in Other. | ||||||||||||||||
DSW | Affiliated Business Group | Other | DSW Inc. | |||||||||||||
(in thousands) | ||||||||||||||||
As of and for the fiscal year ended February 1, 2014 | ||||||||||||||||
Net sales | $ | 2,230,996 | $ | 137,672 | — | $ | 2,368,668 | |||||||||
Gross profit | 710,972 | 28,315 | — | 739,287 | ||||||||||||
Capital expenditures | 83,231 | 569 | — | 83,800 | ||||||||||||
Total assets | 1,340,629 | 80,221 | $ | 394 | 1,421,244 | |||||||||||
As of and for the fiscal year ended February 2, 2013 | ||||||||||||||||
Net sales | $ | 2,125,262 | $ | 132,516 | — | $ | 2,257,778 | |||||||||
Gross profit | 696,854 | 27,866 | — | 724,720 | ||||||||||||
Capital expenditures | 99,326 | 426 | — | 99,752 | ||||||||||||
Total assets | 1,164,331 | 97,358 | $ | 414 | 1,262,103 | |||||||||||
For the fiscal year ended January 28, 2012 | ||||||||||||||||
Net sales | $ | 1,871,917 | $ | 152,412 | — | $ | 2,024,329 | |||||||||
Gross profit | 624,391 | 29,556 | — | 653,947 | ||||||||||||
Capital expenditures | 76,472 | 440 | — | 76,912 | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Income Tax Provision- The following table presents the composition of the provision (benefit) for income taxes for continuing operations for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
Current: | (in thousands) | |||||||||||
Federal | $ | 36,407 | $ | 14,070 | $ | 35,811 | ||||||
State and local | 14,839 | 9,193 | 10,938 | |||||||||
Total current tax expense | 51,246 | 23,263 | 46,749 | |||||||||
Deferred: | ||||||||||||
Federal | 42,557 | 70,158 | (101,797 | ) | ||||||||
State and local | (1,098 | ) | 2,006 | (3,021 | ) | |||||||
Total deferred tax expense (benefit) | 41,459 | 72,164 | (104,818 | ) | ||||||||
Income tax provision (benefit) | $ | 92,705 | $ | 95,427 | $ | (58,069 | ) | |||||
Rate Reconciliation- The following table presents a reconciliation of the expected income taxes for continuing operations based upon the statutory federal income tax rate: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Income tax expense at federal statutory rate | $ | 85,402 | $ | 84,215 | $ | 49,794 | ||||||
State and local taxes-net | 8,532 | 7,631 | 9,199 | |||||||||
Warrants | — | 2,142 | 4,292 | |||||||||
PIES | — | — | 17,207 | |||||||||
Merger related items | — | — | (140,072 | ) | ||||||||
Other | (1,229 | ) | 1,439 | 1,511 | ||||||||
Income tax provision (benefit) | $ | 92,705 | $ | 95,427 | $ | (58,069 | ) | |||||
For fiscal 2011, the effective tax rate was favorably impacted by merger related tax items, which was reflected as an income tax benefit in DSW’s consolidated statements of operations. | ||||||||||||
Deferred Tax Assets and Liabilities- The following tables present the deferred tax assets and liabilities and the components of deferred tax assets and liabilities as of the periods presented: | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | ||||||||||||
Current deferred tax assets | $ | 18,130 | $ | 67,397 | ||||||||
Non-current deferred tax assets | 11,587 | 9,443 | ||||||||||
Total net deferred tax asset | $ | 29,717 | $ | 76,840 | ||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss | $ | — | $ | 25,006 | ||||||||
Federal tax credits | — | 16,881 | ||||||||||
State net operating loss and tax credits | 332 | — | ||||||||||
Inventory | 5,826 | 6,529 | ||||||||||
Construction and tenant allowances | 7,441 | 9,981 | ||||||||||
Stock-based compensation | 7,457 | 6,109 | ||||||||||
Benefit from uncertain tax positions | 58 | 116 | ||||||||||
Guarantees | 1,347 | 2,523 | ||||||||||
Accrued expenses | 8,717 | 7,389 | ||||||||||
Accrued rent | 14,790 | 14,293 | ||||||||||
Other | 13,068 | 12,921 | ||||||||||
Total deferred tax assets, gross of valuation allowance | 59,036 | 101,748 | ||||||||||
Less: valuation allowance | (860 | ) | (785 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 58,176 | 100,963 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (24,214 | ) | (21,567 | ) | ||||||||
Prepaid expenses | (957 | ) | (924 | ) | ||||||||
Other | (3,288 | ) | (1,632 | ) | ||||||||
Total deferred tax liabilities | (28,459 | ) | (24,123 | ) | ||||||||
Total – net deferred tax asset | $ | 29,717 | $ | 76,840 | ||||||||
The federal net operating loss and state net operating loss and tax credits were fully utilized in 2013. DSW establishes valuation allowances for deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. The valuation allowance as of February 1, 2014 was related to a capital loss carryforward and state income tax credits. The valuation allowance as of February 2, 2013 was related to a capital loss carryforward. | ||||||||||||
As a result of the Merger in fiscal 2011, DSW released the valuation allowance on RVI’s deferred tax assets of $88.6 million due to DSW’s expected future taxable income and eliminated $17.4 million of state net operating losses and tax credits and the related valuation allowance. DSW was also able to reverse the deferred tax liability of $87.4 million related to RVI's basis in DSW. RVI's tax basis of its investment in DSW was below its book basis in the shares and RVI had recorded a deferred tax liability for the gain on eventual sales of the DSW stock. When the merger closed, the parent/subsidiary relationship that caused the basis difference ended, and no tax cost was incurred to eliminate the historical basis difference. The elimination of the historical basis difference was an indirect effect of the merger, and accordingly, the reversal of the deferred tax liability was required to be reflected in the statement of operations. Similarly, RVI had recorded a deferred tax asset of $18.6 million for the changes in fair value of its PIES and, as a result of the merger where DSW would now settle a security indexed to its own stock, any gain or loss on the settlement of the PIES would not be taxable. As the elimination of the taxability of any gain or loss was also an indirect effect of the Merger, the reversal of the deferred tax asset was charged to the statement of operations. | ||||||||||||
Uncertain Tax Positions- As of February 1, 2014, February 2, 2013 and January 28, 2012, unrecognized tax benefits of $1.8 million, $1.3 million and $1.2 million, respectively, of the total unrecognized tax benefits would affect DSW’s effective tax rate if recognized. The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits as of the periods presented: | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 1,253 | $ | 2,315 | $ | 2,899 | ||||||
Additions for tax positions taken in the current year | 1,184 | 400 | 374 | |||||||||
Reductions for tax positions taken in prior years: | ||||||||||||
Changes in judgment | (69 | ) | (345 | ) | (870 | ) | ||||||
Lapses of applicable statutes of limitations | (530 | ) | (755 | ) | (86 | ) | ||||||
Settlements during the year | — | (362 | ) | (2 | ) | |||||||
Ending balance | $ | 1,838 | $ | 1,253 | $ | 2,315 | ||||||
While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, any changes are not expected to have a material impact on DSW's financial position, results of operations or cash flows. | ||||||||||||
As of February 1, 2014 and February 2, 2013, $0.2 million and $0.3 million, respectively, was accrued for the payment of interest and penalties. | ||||||||||||
DSW is no longer subject to U.S federal income tax examination and state income tax examinations for years prior to 2010. DSW estimates the range of possible changes that may result from any current and future tax examinations to be insignificant at this time. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
In DSW’s opinion, the unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of DSW’s net income for interim periods. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present DSW’s unaudited quarterly financial information for the periods presented: | ||||||||||||||||
Thirteen weeks ended | ||||||||||||||||
May 4, 2013 | August 3, 2013 | November 2, 2013 | February 1, 2014 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net sales | $ | 601,362 | $ | 562,063 | $ | 632,976 | $ | 572,267 | ||||||||
Cost of sales | (418,365 | ) | (378,621 | ) | (420,106 | ) | (412,289 | ) | ||||||||
Operating expenses | (128,711 | ) | (129,461 | ) | (124,614 | ) | (115,113 | ) | ||||||||
Operating profit | 54,286 | 53,981 | 88,256 | 44,865 | ||||||||||||
Interest income, net | 340 | 481 | 1,036 | 762 | ||||||||||||
Income from continuing operations before income taxes | 54,626 | 54,462 | 89,292 | 45,627 | ||||||||||||
Income tax provision | (20,111 | ) | (20,742 | ) | (34,331 | ) | (17,521 | ) | ||||||||
Net income | 34,515 | 33,720 | 54,961 | 28,106 | ||||||||||||
Diluted earnings per share(1): | $ | 0.38 | $ | 0.37 | $ | 0.6 | $ | 0.3 | ||||||||
Thirteen weeks ended | Fourteen weeks ended | |||||||||||||||
28-Apr-12 | 28-Jul-12 | 27-Oct-12 | 2-Feb-13 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net sales | $ | 558,572 | $ | 512,218 | $ | 592,734 | $ | 594,254 | ||||||||
Cost of sales | (365,982 | ) | (351,973 | ) | (392,563 | ) | (422,540 | ) | ||||||||
Operating expenses | (121,923 | ) | (112,118 | ) | (121,734 | ) | (126,022 | ) | ||||||||
Change in fair value of derivative instruments | (5,342 | ) | (779 | ) | — | — | ||||||||||
Operating profit | 65,325 | 47,348 | 78,437 | 45,692 | ||||||||||||
Interest income, net | 467 | 496 | 2,575 | 273 | ||||||||||||
Income from continuing operations before income taxes | 65,792 | 47,844 | 81,012 | 45,965 | ||||||||||||
Income tax provision | (27,185 | ) | (18,526 | ) | (30,897 | ) | (18,819 | ) | ||||||||
Income from continuing operations | 38,607 | 29,318 | 50,115 | 27,146 | ||||||||||||
Total income from discontinued operations, net of tax | 1,253 | — | — | — | ||||||||||||
Net income | $ | 39,860 | $ | 29,318 | $ | 50,115 | $ | 27,146 | ||||||||
Diluted earnings per share(1): | ||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.43 | $ | 0.32 | $ | 0.55 | $ | 0.3 | ||||||||
Diluted earnings per share from discontinued operations | $ | 0.01 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.32 | $ | 0.55 | $ | 0.3 | ||||||||
-1 | The earnings per share calculations for each quarter are based upon the applicable weighted average shares outstanding for each period and may not necessarily be equal to the full year share amount. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended | |
Feb. 01, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events [Text Block] | ' | |
SUBSEQUENT EVENTS | ||
Dividends- On March 18, 2014, DSW announced that the DSW Board of Directors declared a quarterly cash dividend of $0.1875 per share. The quarterly dividend will be paid on April 15, 2014 to shareholders of record at the close of business on April 4, 2014. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
BASIS OF PRESENTATION | |
Fiscal Year- DSW’s fiscal year ends on the Saturday nearest to January 31. The periods presented in these financial statements are the fiscal years ended February 1, 2014 ("fiscal 2013"), February 2, 2013 ("fiscal 2012") and January 28, 2012 ("fiscal 2011"). Fiscal 2012 consisted of 53 weeks while fiscal 2013 and 2011 each consisted of 52 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. | |
Use of Estimates- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Significant estimates are required as a part of inventory valuation, depreciation, amortization, customer loyalty program reserve, recoverability of long-lived assets and intangible assets, litigation reserves, exit and disposal obligations and establishing reserves for self-insurance. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results could differ from these estimates. | |
Principles of Consolidation- The consolidated financial statements include the accounts of DSW and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Two-for-One Stock Split- 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 and provided for the issuance of one Class A Common Share for each Class A and Class B Common Share outstanding. The stock split resulted in an increase in Class A shareholder voting power from 38% to 57% and a decrease in Class B shareholder voting power from 62% to 43%. All share and per share data herein have been adjusted retroactively to reflect the stock split. | |
Other- 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 consolidated balance sheets and consolidated statements of shareholders' equity. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Feb. 01, 2014 | ||
Accounting Policies [Abstract] | ' | |
Revenue Recognition, Policy [Policy Text Block] | ' | |
Sales and Revenue Recognition- Revenues from merchandise sales are recognized upon customer receipt of merchandise, are net of returns through period end, exclude sales tax and are not recognized until collectibility is reasonably assured. DSW defers revenue representing a time lag for shipments to be received by the customer. | ||
Shipping and Handling Cost | ' | |
Revenue from shipping and handling is in net sales while the related costs are included in cost of sales. | ||
Gift Cards | ' | |
Revenue from gift cards is deferred and recognized upon redemption of the gift card. DSW’s policy is to recognize income from breakage of gift cards when the likelihood of redemption of the gift card is remote. | ||
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | ' | |
As of February 1, 2014, DSW supplies footwear, under supply arrangements, to three other retailers through its Affiliated Business Group. Sales for these affiliated businesses are net of returns through period end and exclude sales tax, and are included in net sales. | ||
Cost of Sales | ' | |
Cost of Sales- In addition to the cost of merchandise, which includes markdowns and shrinkage, DSW includes in cost of sales expenses associated with distribution and fulfillment (including depreciation) and store occupancy (excluding depreciation and including store impairments). Distribution and fulfillment expenses are comprised of labor, benefits and other labor-related costs associated with the operations of the distribution and fulfillment centers. The non-labor costs include rent, depreciation, insurance, utilities, maintenance and other operating costs. Distribution and fulfillment expenses also include the transportation of merchandise to the distribution and fulfillment centers, from the distribution center to stores and from the fulfillment center and from stores to the customer. Store occupancy expenses include rent, utilities, repairs, maintenance, insurance, janitorial costs and occupancy-related taxes, which are primarily real estate taxes passed to DSW by its landlords. | ||
Operating Expenses | ' | |
Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, Affiliated Business Group operations, store depreciation and amortization, new store advertising and other new store costs (which are expensed as incurred) and corporate expenses. Corporate expenses include expenses related to buying, information technology, depreciation expense for corporate cost centers, marketing, legal, finance, outside professional services, customer service center expenses, payroll and benefits for associates and payroll taxes. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Stock-Based Compensation- DSW recognizes compensation expense for stock option awards, time-based restricted stock awards and performance-based restricted stock awards on a straight-line basis over the requisite service period of the award for the awards that actually vest in accordance with Accounting Standard Codification ("ASC") 718, Compensation – Stock Compensation. For stock options, the fair value of options granted is estimated on the date of grant using the Black-Scholes pricing model. This model assumes that the estimated fair value of options is amortized over the options’ vesting periods. The compensation costs, net of estimated forfeitures, are included in operating expenses in the consolidated statements of operations. | ||
Beginning in fiscal 2013, DSW granted performance-based restricted stock units. These awards cliff vest at the end of a three year period based upon DSW’s achievement of pre-established goals as of the end of the first year of the term. Also beginning in fiscal 2013, restricted stock units granted will generally cliff vest at the end of three years from the date of grant. Restricted stock units granted prior to fiscal 2013 generally cliff vest at the end of four years. Both restricted stock units and performance-based restricted stock units are settled immediately upon vesting. Compensation cost is measured at fair value on the grant date and recorded over the vesting period, net of estimated forfeitures. Fair value is determined by multiplying the number of units granted by the grant date closing market price. | ||
Start-up Activities, Cost Policy [Policy Text Block] | ' | |
New Store Costs- Costs associated with the opening of stores are expensed as incurred. | ||
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ' | |
Marketing Expense- The production cost of advertising is expensed when the advertising first takes place. All other marketing costs are expensed as incurred. | ||
Other Operating Income [Policy Text Block] | ' | |
Other Operating Income- Other operating income consists primarily of income from consignment sales, rental income, income from gift card breakage and insurance proceeds and is included in operating expenses in the statement of operations. | ||
Income Taxes | ' | |
Income Taxes- Income taxes are accounted for using the asset and liability method. DSW is required to determine the aggregate amount of income tax expense to accrue and the amount which will be currently payable based upon tax statutes of each jurisdiction in which DSW does business. In making these estimates, income is adjusted based on a determination of GAAP for items that are treated differently by the applicable taxing authorities. Deferred tax assets and liabilities, as a result of these differences, are reflected on DSW’s balance sheet for temporary differences that will reverse in subsequent years. A valuation allowance is established against deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. DSW succeeded to Retail Ventures, Inc.'s ("RVI") tax attributes as a result of the merger with RVI ("the Merger"). | ||
Consistent with its historical financial reporting, DSW has elected to classify interest expense related to income tax liabilities, when applicable, as part of interest expense in its consolidated statements of operations rather than as part of income tax expense. DSW will continue to classify income tax penalties as part of operating expenses in its consolidated statements of operations. | ||
Discontinued Operations, Policy [Policy Text Block] | ' | |
Discontinued Operations- As a result of RVI’s disposition of Filene’s Basement during fiscal 2009, any changes to the gain on disposal of Filene’s Basement operations are included in discontinued operations. As a result of RVI’s disposition of an 81% ownership interest in its Value City business during fiscal 2007, changes to the loss on disposal of Value City are also included in discontinued operations. Any changes in the carrying value of assets with residual interest in the discontinued business are classified within continuing operations. See Note 4 for a discussion of discontinued operations. | ||
Noncontrolling Interests | ' | |
Noncontrolling Interests- The noncontrolling interests represented the portion of legacy DSW’s total shareholders’ equity owned by unaffiliated investors in DSW prior to the Merger and net income attributable to the unaffiliated investors. The noncontrolling interest percentage was computed by the ratio of shares held by unaffiliated interests. After the Merger, noncontrolling interests were eliminated. | ||
Earnings Per Share | ' | |
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, related to outstanding stock options, restricted stock units and performance-based restricted stock units. In previous periods, there was also potential dilution of common shares from stock appreciation rights, warrants and PIES. | ||
Cash and Cash Equivalents | ' | |
Cash and Equivalents- Cash and equivalents represent cash, money market funds and credit card receivables that generally settle within three days. Amounts due from banks for credit card transactions totaled $13.2 million and $13.0 million as of February 1, 2014 and February 2, 2013, respectively. The carrying amounts of cash and equivalents approximate fair value. DSW also reviews cash balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a bank. DSW reclassifies book overdrafts, if any, to accounts payable. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Restricted Cash- Restricted cash represents cash that is restricted as to withdrawal or usage. The carrying amounts of restricted cash approximate fair value. The restricted cash balance is recorded in prepaid expenses and other current assets on the consolidated balance sheets and primarily consists of a mandatory cash deposit with the lender for outstanding letters of credit, as detailed in Note 10. | ||
Investment, Policy [Policy Text Block] | ' | |
Investments- DSW determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. If DSW has the intent and ability to hold the investments to maturity, investments are classified as held-to-maturity. Held-to-maturity securities are stated at amortized cost plus accrued interest. Otherwise, investments are classified as available-for-sale. All income generated from these investments is recorded as interest income. DSW evaluates its investments for impairment and whether impairment is other-than-temporary at each balance sheet date. | ||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |
Accounts Receivable- Accounts receivable are classified as current assets because the average collection period is generally shorter than one year. Accounts receivable are primarily construction and tenant allowance receivables from landlords and receivables from DSW's affiliated business partners. The carrying amount approximates fair value because of the relatively short average collection period. | ||
Derivatives, Policy [Policy Text Block] | ' | |
Derivative Financial Instruments- In accordance with ASC 815, Derivatives and Hedging, DSW, and prior to the Merger, RVI, recognized all derivatives on the balance sheet at fair value. For derivatives that are not designated as hedges under ASC 815, changes in the fair values were recognized in earnings in the period of change. There were no derivatives designated as hedges outstanding as of February 1, 2014 or February 2, 2013. DSW does not hold or issue derivative financial instruments for trading purposes. DSW, and prior to the Merger, RVI, estimated the fair values of derivatives based on the Black-Scholes pricing model using current market information. | ||
Derivatives, Embedded Derivatives [Policy Text Block] | ' | |
The embedded exchange feature of the Premium Income Exchangeable Securities ("PIES") was accounted for as a derivative, which was recorded at fair value with changes in fair value in the statement of operations. Accordingly, the accounting for the embedded derivative addressed the variations in the fair value of the obligation to settle the PIES when the market value exceeded or was less than the threshold appreciation price. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |
Concentration of Credit Risk- Financial instruments, which principally subject DSW to concentration of credit risk, consist of cash and equivalents and investments. DSW invests excess cash when available through financial institutions in money market accounts and short-term and long-term investments. At times, such amounts invested through banks may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits, and DSW mitigates the risk by utilizing multiple banks. | ||
Concentration Risk, Vendor Risk, Policy [Policy Text Block] | ' | |
Concentration of Vendor Risk- During fiscal 2013, 2012 and 2011, merchandise supplied to DSW by three key vendors accounted for approximately 19%, 18% and 19% of net sales, respectively. | ||
Fair Value Measurement, Policy [Policy Text Block] | ' | |
Fair Value- 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. | ||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | |
Allowance for Doubtful Accounts- DSW monitors its exposure for credit losses and records related allowances for doubtful accounts. Allowances are estimated based upon specific accounts receivable balances, where a risk of default has been identified. | ||
Inventories | ' | |
Inventories- Merchandise inventories are stated at lower of cost or market, determined using the retail inventory method. The retail inventory method is used in the retail industry due to its practicality. Under the retail inventory method, the valuation of inventories at cost and the resulting gross profits are determined by applying a calculated cost to retail ratio to the retail value of inventories. The cost of the inventory reflected on the balance sheet is decreased by charges to cost of sales at the time the retail value of the inventory is lowered through the use of markdowns, which are reductions in prices due to customers’ perception of value. Hence, earnings are negatively impacted as the merchandise is marked down prior to sale. Markdowns establish a new cost basis for inventory. Changes in facts or circumstances do not result in the reversal of previously recorded markdowns or an increase in the newly established cost basis. Markdowns require management to make assumptions regarding customer preferences, fashion trends and consumer demand. | ||
Inherent in the calculation of inventories are certain significant management judgments and estimates, including setting the original merchandise retail value, markdowns, and estimates of losses between physical inventory counts, or shrinkage, which combined with the averaging process within the retail inventory method, can significantly impact the ending inventory valuation at cost and the resulting gross profit. DSW records a reduction to inventories and a charge to cost of sales for shrinkage. Shrinkage is calculated as a percentage of sales from the last physical inventory date. Estimates are based on both historical experience as well as recent physical inventory results. Physical inventory counts are taken on an annual basis and have supported DSW’s shrinkage estimates. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |
Property and Equipment- Property and equipment are stated at cost less accumulated depreciation determined by the straight-line method over the expected useful life of assets. The straight-line method is used to amortize such capitalized costs over the lesser of the expected useful life of the asset or the life of the lease. The estimated useful lives by class of asset are: | ||
Buildings | 39 years | |
Furniture, fixtures and equipment | 3 to 10 years | |
Building and leasehold improvements | 3 to 20 years or the lease term if that is shorter than the normal life of the asset | |
Impairment or Disposal of Long-Lived Assets | ' | |
Asset Impairment and Long-Lived 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. The carrying amount of a long-lived asset or asset group is considered impaired when the carrying value of the asset or asset group exceeds the expected future cash flows from the asset or asset group. The reviews are conducted at the lowest identifiable level, which has been identified as a store. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value, based on a discounted cash flow analysis using a discount rate determined by management. Should an impairment loss be realized, it will generally be included in cost of sales. DSW expensed $0.8 million and $1.6 million in fiscal 2013 and 2011, respectively, for identified assets where the recorded value could not be supported by projected future cash flows. The impairment charges in fiscal 2011 were recorded in other, and the impairment charges in fiscal 2013 were recorded in the DSW segment. There were no impairment charges in fiscal 2012. | ||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |
Goodwill- Goodwill represents the excess cost over the estimated fair values of net assets including identifiable intangible assets of businesses acquired. Goodwill is tested for impairment at least annually. Management evaluates the fair value of the reporting unit using market-based analysis to review market capitalization as well as reviewing a discounted cash flow analysis using management’s assumptions. Several factors could result in an impairment charge such as failure to achieve sufficient levels of cash flow at the reporting unit level or a significant and sustained decline in DSW’s stock price. Significant judgment is necessary to determine the underlying cause of the decline and whether stock price declines are related to the market or specifically to DSW. DSW has never recorded a goodwill impairment. As of both February 1, 2014 and February 2, 2013, the balance of goodwill related to the DSW stores was $25.9 million. | ||
Tradenames and Other Intangible Assets, Net- Tradenames and other intangible assets, net are primarily comprised of values assigned to tradenames at the time of RVI’s acquisition of DSW. | ||
Liability Reserve Estimate, Policy [Policy Text Block] | ' | |
Self-insurance Reserves- DSW records estimates for certain health and welfare, workers compensation and casualty insurance costs that are self-insured programs. Self-insurance reserves include actuarial estimates of both claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. The liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date. Estimates for health and welfare, workers’ compensation and general liability are calculated utilizing claims development estimates based on historical experience and other factors. DSW has purchased stop loss insurance to limit its exposure on a per person basis for health and welfare and on a per claim basis for workers compensation and general liability, as well as on an aggregate annual basis. | ||
Customer Loyalty Program | ' | |
Customer Loyalty Program- DSW maintains a customer loyalty program for the DSW stores and dsw.com sales channels in which program members earn reward certificates that result in discounts on future purchases. Upon reaching the target-earned threshold, the members receive reward certificates for these discounts which expire three months after being issued (in the fourth quarter of fiscal 2013, the rewards certificate expiration period was reduced from six months to three months). DSW accrues the anticipated redemptions of the discount earned at the time of the initial purchase. To estimate these costs, DSW makes assumptions related to customer purchase levels and redemption rates based on historical experience. | ||
Commitments and Contingencies | ' | |
Legal Proceedings and Claims- DSW is involved in various legal proceedings that are incidental to the conduct of its business. DSW estimates the range of liability related to pending litigation where the amount of the range of loss can be estimated. DSW records its best estimate of a loss when the loss is considered probable, including an estimate of legal fees to be incurred. When a liability is probable and there is a range of estimated loss, DSW records the most likely estimated liability related to the claim. | ||
Deferred Rent | ' | |
Deferred Rent- Many of DSW’s operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, DSW recognizes the related rental expense on a straight-line basis over the noncancelable terms of the lease. DSW records the difference between the amounts charged to expense and the rent paid as deferred rent and begins amortizing such deferred rent upon the delivery of the lease location by the lessor. Deferred rent is included in non-current liabilities. | ||
Construction and Tenant Allowances | ' | |
Construction and Tenant Allowances- DSW receives cash allowances from landlords, which are deferred and amortized on a straight-line basis over the noncancelable terms of the lease as a reduction of rent expense. Construction and tenant allowances are included in non-current liabilities. | ||
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | ' | |
Exit and Disposal Obligations- DSW records a reserve when a store or office facility is abandoned due to closure or relocation. Using its credit-adjusted risk-free rate to present value the liability, DSW estimates future lease obligations based on remaining lease payments, estimated or actual sublease payments and any other relevant factors. On a quarterly basis, DSW reassesses the reserve based on current market conditions. See Note 16 for a discussion of exit and disposal obligations. | ||
Comprehensive Income, Policy [Policy Text Block] | ' | |
Accumulated Other Comprehensive Loss- Accumulated other comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. | ||
Consolidation, Subsidiary Stock Issuances, Policy [Policy Text Block] | ' | |
Sale of Subsidiary Stock- Prior to the Merger, sales of stock by a subsidiary were accounted for by RVI as capital transactions. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
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 consolidated financial statements. See Note 15 for disclosures related to this guidance. |
Segment_Reporting_Policies
Segment Reporting (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting | ' |
DSW 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. |
Business_Operations_Tables
Business Operations (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Percentage of sales attributable to each merchandise category [Abstract] | ' | |||||||||
Percentage of sales attributable to each merchandise category [Table Text Block] | ' | |||||||||
The following table sets forth the approximate percentage of DSW segment sales attributable to each merchandise category for the periods presented: | ||||||||||
Fiscal years ended | ||||||||||
Category | 1-Feb-14 | 2-Feb-13 | 28-Jan-12 | |||||||
Women's | 62 | % | 65 | % | 66 | % | ||||
Men's | 17 | % | 16 | % | 15 | % | ||||
Athletic | 12 | % | 12 | % | 12 | % | ||||
Accessories and Other | 9 | % | 7 | % | 7 | % |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | ||||||||||||||
Allowance for Doubtful Accounts [Table Text Block] | ' | ||||||||||||||
The following table summarizes the activity related to DSW’s allowance for doubtful accounts: | |||||||||||||||
Fiscal years ended | Balance at Beginning of the Period | Charged to Expense | Deductions | Balance at End of the Period | |||||||||||
(in thousands) | |||||||||||||||
February 1, 2014 | $ | 299 | 4 | — | $ | 303 | |||||||||
February 2, 2013 | $ | 555 | — | (256 | ) | $ | 299 | ||||||||
January 28, 2012 | $ | 714 | 532 | (691 | ) | $ | 555 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||||||||
Estimated Useful Lives PPE [Table Text Block] | ' | ||||||||||||||
The estimated useful lives by class of asset are: | |||||||||||||||
Buildings | 39 years | ||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | ||||||||||||||
Building and leasehold improvements | 3 to 20 years or the lease term if that is shorter than the normal life of the asset |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Related Party Transaction [Line Items] | ' | ||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||
The following table highlights the key financial statement line items impacted by the transaction: | |||||||
Impact on Consolidated Financial Statements | Amount | Financial Statement Section/Line item | |||||
Impact on the Consolidated Statement of Cash Flows: | (in thousands) | ||||||
Historical cost carrying amount | $ | (32,443 | ) | Net cash and equivalents used in investing activities from continuing operations | |||
Equity impact of Corporate Headquarters and Distribution Center Acquisition | (39,557 | ) | Net cash and equivalents used in financing activities from continuing operations | ||||
Total cash transferred to the Sellers | $ | (72,000 | ) | ||||
Impact on the Consolidated Balance Sheet: | |||||||
Historical cost carrying amount | $ | 32,443 | |||||
Less: Tenant allowances and deferred rent | (8,310 | ) | |||||
Total net book value of assets recorded | $ | 24,133 | Property and equipment, net | ||||
Impact on the Consolidated Statement of Shareholders' Equity: | |||||||
Equity impact of Corporate Headquarters and Distribution Center Acquisition | $ | (39,557 | ) | ||||
Tax impact of Corporate Headquarters and Distribution Center Acquisition | 17,877 | ||||||
Adjustment to the tax impact of basis difference of Corporate Headquarters and Distribution Center Acquisition | (3,313 | ) | |||||
Basis difference related to acquisition of commonly controlled entity | $ | (24,993 | ) | Acquisition of commonly controlled entity |
Earnings_per_Share_and_Shareho1
Earnings per Share and Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the net income used in the calculation of diluted earnings per share computations for the periods presented for net income from continuing operations, net of noncontrolling interests: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Net income from continuing operations, net of noncontrolling interests for basic earnings per share | $ | 151,302 | $ | 145,186 | $ | 179,643 | ||||||
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | — | — | (6,019 | ) | ||||||||
Net income from continuing operations, net of noncontrolling interests for diluted earnings per share | $ | 151,302 | $ | 145,186 | $ | 173,624 | ||||||
The following is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Weighted average shares outstanding | 90,472 | 88,846 | 70,440 | |||||||||
Assumed exercise of dilutive DSW stock options | 1,202 | 1,504 | 1,110 | |||||||||
Assumed exercise of dilutive DSW RSUs | 227 | 256 | 220 | |||||||||
Assumed exercise of dilutive RVI stock options & SARs | — | — | 130 | |||||||||
Assumed exercise of dilutive PIES | — | — | 2,376 | |||||||||
Number of shares for computation of diluted earnings per share | 91,901 | 90,606 | 74,276 | |||||||||
Reconciliation of Net Income in the Calculation of Earnings Per Share, Net of Noncontrolling Interests [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the net income used in the calculation of diluted earnings per share computations for the periods presented for net income, net of noncontrolling interests: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Net income, net of noncontrolling interests for basic earnings per share | $ | 151,302 | $ | 146,439 | $ | 174,788 | ||||||
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | — | — | (6,019 | ) | ||||||||
Net income, net of noncontrolling interests for diluted earnings per share | $ | 151,302 | $ | 146,439 | $ | 168,769 | ||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Stock Option Plan Activity | ' | ||||||||||||||||||||||||||||||||
the following tables summarize DSW’s stock option activity, related per share weighted average exercise prices (“WAEP”), weighted average remaining contract life and aggregate intrinsic value (shares and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Shares | WAEP | Shares | WAEP | Shares | WAEP | ||||||||||||||||||||||||||||
Outstanding beginning of year | 3,694 | $ | 14.5 | 5,016 | $ | 11.22 | 5,314 | $ | 10.02 | ||||||||||||||||||||||||
Granted | 492 | $ | 31.75 | 674 | $ | 27.47 | 726 | $ | 19.06 | ||||||||||||||||||||||||
RVI options converted | — | — | 146 | $ | 13.14 | ||||||||||||||||||||||||||||
Increase in options from dividend adjustment | — | 128 | 228 | ||||||||||||||||||||||||||||||
Exercised | (748 | ) | $ | 10.99 | (2,004 | ) | $ | 9.62 | (1,090 | ) | $ | 8.62 | |||||||||||||||||||||
Forfeited | (91 | ) | $ | 21.79 | (120 | ) | $ | 15.82 | (308 | ) | $ | 10.52 | |||||||||||||||||||||
Outstanding end of year | 3,347 | $ | 17.62 | 3,694 | $ | 14.5 | 5,016 | $ | 11.22 | ||||||||||||||||||||||||
Options exercisable end of year | 1,430 | $ | 13.08 | 1,260 | $ | 12.76 | 2,250 | $ | 11.32 | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
Assumptions: | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||||||||||||||||||||
Risk-free interest rate | 0.70% | 1.20% | 2.40% | ||||||||||||||||||||||||||||||
Annual volatility of DSW common stock | 53.40% | 56.20% | 55.10% | ||||||||||||||||||||||||||||||
Expected option term | 4.7 years | 5.5 years | 5.9 years | ||||||||||||||||||||||||||||||
Dividend yield | 1.30% | 1.20% | 0.00% | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
As of February 1, 2014: | Shares | WAEP | Weighted Average Remaining Contract Life | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||
Options exercisable | 1,430 | $ | 13.08 | 4.7 years | $ | 35,141 | |||||||||||||||||||||||||||
Options expected to vest | 1,667 | $ | 21.23 | 7.5 years | 27,365 | ||||||||||||||||||||||||||||
Options vested and expected to vest | 3,097 | $ | 17.47 | 6.2 years | $ | 62,506 | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Year of Grant | Range of Exercise Prices | Weighted Average Remaining Contract Life | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||
Min | Max | Options Outstanding | WAEP | Aggregate Intrinsic Value | Options Exercisable | WAEP | Aggregate Intrinsic Value | ||||||||||||||||||||||||||
2005 - expire 2015 | $ | 8.84 | $ | 8.84 | 1.4 years | 115 | $ | 8.84 | $ | 3,313 | 115 | $ | 8.84 | $ | 3,313 | ||||||||||||||||||
2006 - expire 2016 | $ | 12.93 | $ | 14.5 | 2.6 years | 94 | $ | 12.99 | 2,305 | 94 | $ | 12.99 | 2,305 | ||||||||||||||||||||
2007 - expire 2017 | $ | 10.42 | $ | 19.94 | 3.2 years | 301 | $ | 19.83 | 5,364 | 301 | $ | 19.83 | 5,364 | ||||||||||||||||||||
2008 - expire 2018 | $ | 6.01 | $ | 9.15 | 4.2 years | 238 | $ | 6.19 | 7,479 | 238 | $ | 6.19 | 7,479 | ||||||||||||||||||||
2009 - expire 2019 | $ | 4.65 | $ | 7 | 5.2 years | 426 | $ | 4.7 | 14,021 | 203 | $ | 4.7 | 6,683 | ||||||||||||||||||||
2010 - expire 2020 | $ | 12.34 | $ | 12.38 | 6.1 years | 592 | $ | 12.36 | 14,961 | 240 | $ | 12.37 | 6,083 | ||||||||||||||||||||
2011 - expire 2021 | $ | 17.43 | $ | 22.71 | 7.1 years | 503 | $ | 17.48 | 10,143 | 139 | $ | 17.45 | 2,815 | ||||||||||||||||||||
2012 - expire 2022 | $ | 24.57 | $ | 27.18 | 8.1 years | 605 | $ | 26.65 | 6,663 | 98 | $ | 26.61 | 1,086 | ||||||||||||||||||||
2013 - expire 2023 | $ | 31.68 | $ | 34.99 | 9.1 years | 473 | $ | 31.75 | 2,799 | 2 | $ | 31.68 | 13 | ||||||||||||||||||||
Total | $ | 4.65 | $ | 34.99 | 6.3 years | 3,347 | $ | 17.62 | $ | 67,048 | 1,430 | $ | 13.08 | $ | 35,141 | ||||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||||||||||||||||||
Remaining | Intrinsic | ||||||||||||||||||||||||||||||||
As of February 1, 2014: | Units | GDFV | Contract Life | Value | |||||||||||||||||||||||||||||
RSUs expected to vest | 295 | $ | 23.6 | 1.4 years | $ | 11,094 | |||||||||||||||||||||||||||
Restricted Stock Unit Activity | ' | ||||||||||||||||||||||||||||||||
the following tables summarize DSW’s RSU activity, weighted average grant date fair value (“GDFV”) and aggregate intrinsic value (units and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Units | GDFV | Units | GDFV | Units | GDFV | ||||||||||||||||||||||||||||
Outstanding beginning of year | 436 | $ | 15.39 | 546 | $ | 9.33 | 552 | $ | 7.49 | ||||||||||||||||||||||||
Granted | 92 | $ | 35.5 | 114 | $ | 27.48 | 134 | $ | 19.18 | ||||||||||||||||||||||||
Vested | (136 | ) | $ | 5.51 | (208 | ) | $ | 5.86 | (110 | ) | $ | 7.04 | |||||||||||||||||||||
Forfeited | (15 | ) | $ | 29.46 | (16 | ) | $ | 16.82 | (30 | ) | $ | 11.14 | |||||||||||||||||||||
Outstanding end of year | 377 | $ | 23.41 | 436 | $ | 15.39 | 546 | $ | 9.33 | ||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||||||||||||||||||
Remaining | Intrinsic | ||||||||||||||||||||||||||||||||
As of February 1, 2014: | Units | GDFV | Contract Life | Value | |||||||||||||||||||||||||||||
PSUs expected to vest | 56 | $ | 31.76 | 2.1 years | $ | 2,121 | |||||||||||||||||||||||||||
Performance Based Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
the following tables summarize DSW’s PSU activity, GDFV and aggregate intrinsic value (units and intrinsic value in thousands): | |||||||||||||||||||||||||||||||||
Fiscal year ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||||||||||
Units | GDFV | ||||||||||||||||||||||||||||||||
Outstanding beginning of year | — | ||||||||||||||||||||||||||||||||
Granted | 69 | $ | 31.76 | ||||||||||||||||||||||||||||||
Vested | — | ||||||||||||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||||||||||
Outstanding end of year | 69 | $ | 31.76 | ||||||||||||||||||||||||||||||
Director Stock Unit Activity | ' | ||||||||||||||||||||||||||||||||
The following table summarizes DSW’s director stock unit activity (units in thousands): | |||||||||||||||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||||||||||||||||||||
Outstanding beginning of year | 316 | 384 | 322 | ||||||||||||||||||||||||||||||
Granted | 34 | 54 | 62 | ||||||||||||||||||||||||||||||
Exercised | (20 | ) | (122 | ) | — | ||||||||||||||||||||||||||||
Outstanding end of year | 330 | 316 | 384 | ||||||||||||||||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
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 | |||||||||||||||
February 1, 2014 | February 2, 2013 | February 1, 2014 | February 2, 2013 | |||||||||||||
(in thousands) | ||||||||||||||||
Available-for-sale: | ||||||||||||||||
Bonds | $ | 22,050 | $ | 24,280 | — | — | ||||||||||
Total available-for-sale investments | 22,050 | 24,280 | — | — | ||||||||||||
Held-to-maturity: | ||||||||||||||||
Term notes and bonds | 202,048 | 207,801 | $ | 243,188 | $ | 96,712 | ||||||||||
Total investments | $ | 224,098 | $ | 232,081 | $ | 243,188 | $ | 96,712 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||
Financial Assets and Liabilities- The following table presents financial assets and liabilities at fair value as of the periods presented: | ||||||||||||||||||||||||||||||
1-Feb-14 | 2-Feb-13 | |||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Cash and equivalents(a) | $ | 112,021 | $ | 112,021 | — | — | $ | 81,097 | $ | 81,097 | — | — | ||||||||||||||||||
Short-term investments(b) | 224,167 | — | $ | 224,167 | — | 232,052 | — | $ | 232,052 | — | ||||||||||||||||||||
Long-term investments(b) | 243,373 | — | 243,373 | — | 96,843 | — | 96,843 | — | ||||||||||||||||||||||
$ | 579,561 | $ | 112,021 | $ | 467,540 | — | $ | 409,992 | $ | 81,097 | $ | 328,895 | — | |||||||||||||||||
Activity Related to the Fair Value of Assets Held | ' | |||||||||||||||||||||||||||||
The following table presents the activity related to the fair value of assets held and used that realized an impairment loss for the periods presented: | ||||||||||||||||||||||||||||||
Total Losses | ||||||||||||||||||||||||||||||
As of February 1, 2014 | Fiscal years ended | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value as of the Impairment Date | February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||
Assets held and used | — | — | $ | 835 | $ | 835 | $ | 809 | — | $ | 1,626 | |||||||||||||||||||
Debt_Obligations_and_Warrant_L1
Debt Obligations and Warrant Liabilities (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Interest Expense Recognized | ' | |||||||
The amount of interest expense recognized and the effective interest rate for the PIES were as follows for the period presented: | ||||||||
Fiscal year ended | ||||||||
28-Jan-12 | ||||||||
(in thousands) | ||||||||
Contractual interest expense | $ | 5,926 | ||||||
Amortization of debt discount | 1,618 | |||||||
Total interest expense | $ | 7,544 | ||||||
Effective interest rate | 8.6 | % | ||||||
Effect of Derivative Instruments | ' | |||||||
The effect of derivative instruments on DSW’s, and prior to the Merger, RVI’s, consolidated statements of operations was as follows for the periods presented: | ||||||||
Fiscal years ended | ||||||||
2-Feb-13 | 28-Jan-12 | |||||||
(in thousands) | ||||||||
Warrants – related party | $ | 6,121 | $ | 11,071 | ||||
Warrants – non-related party | — | 1,192 | ||||||
Conversion feature of debt | — | 41,651 | ||||||
Expense related to the change in fair value of derivative instruments | $ | 6,121 | $ | 53,914 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Property and equipment: | |||||||||
Land | $ | 1,110 | $ | 1,110 | |||||
Furniture, fixtures and equipment | 387,913 | 343,614 | |||||||
Buildings, building and leasehold improvements | 325,340 | 291,572 | |||||||
Total property and equipment | 714,363 | 636,296 | |||||||
Accumulated depreciation and amortization | (395,743 | ) | (335,983 | ) | |||||
Property and equipment, net | $ | 318,620 | $ | 300,313 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Gift cards and merchandise credits | $ | 37,651 | $ | 33,831 | |||||
Compensation | 18,043 | 19,711 | |||||||
Taxes | 13,581 | 16,192 | |||||||
Customer loyalty program | 19,547 | 18,407 | |||||||
Other | 26,875 | 35,058 | |||||||
Total accrued expenses | $ | 115,697 | $ | 123,199 | |||||
NonCurrent_LiabilitiesTables
Non-Current Liabilities(Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Non-current Liabilities | ' | ||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following as of the periods presented: | |||||||||
February 1, 2014 | February 2, 2013 | ||||||||
(in thousands) | |||||||||
Construction and tenant allowances | $ | 84,464 | $ | 77,084 | |||||
Deferred rent | 37,985 | 36,723 | |||||||
Other | 15,849 | 14,406 | |||||||
Total non-current liabilities | $ | 138,298 | $ | 128,213 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||
The following table presents future minimum lease payments required under the aforementioned leases, excluding real estate taxes, insurance and maintenance costs, as of February 1, 2014: | ||||||||||||
Total | Unrelated | Related | ||||||||||
Party | Party | |||||||||||
Fiscal years | (in thousands) | |||||||||||
2014 | $ | 170,434 | $ | 159,295 | $ | 11,139 | ||||||
2015 | 165,529 | 154,694 | 10,835 | |||||||||
2016 | 148,436 | 138,259 | 10,177 | |||||||||
2017 | 125,425 | 116,250 | 9,175 | |||||||||
2018 | 103,566 | 98,348 | 5,218 | |||||||||
Future years | 362,274 | 349,898 | 12,376 | |||||||||
Total minimum lease payments (a) | $ | 1,075,664 | $ | 1,016,744 | $ | 58,920 | ||||||
(a) Minimum payments have been reduced by minimum sublease rentals of $4.8 million due in the future under | ||||||||||||
Schedule of Rent Expense [Table Text Block] | ' | |||||||||||
The following table presents the composition of rental expense for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Minimum rentals: | ||||||||||||
Unrelated parties | $ | 137,602 | $ | 127,061 | $ | 112,800 | ||||||
Related parties | 10,486 | 12,855 | 13,230 | |||||||||
Contingent rentals: | ||||||||||||
Unrelated parties | 29,639 | 26,502 | 33,784 | |||||||||
Total | $ | 177,727 | $ | 166,418 | $ | 159,814 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
The following table provides additional detail regarding the composition of and reclassification adjustments out of accumulated other comprehensive loss for the periods presented: | |||||||||||||||
Fiscal years ended | Location on Consolidated Statements of Operations | ||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Beginning Balance | $ | (8,758 | ) | $ | (8,486 | ) | $ | (5,842 | ) | ||||||
Reclassification adjustments: | |||||||||||||||
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 | ||||||||||
Other changes to accumulated other comprehensive loss: | |||||||||||||||
Change in minimum pension liability | (177 | ) | (413 | ) | (2,503 | ) | |||||||||
Unrealized gains (losses) on securities | — | 141 | (141 | ) | |||||||||||
Ending Balance | $ | — | $ | (8,758 | ) | $ | (8,486 | ) | |||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||
The following table provides a reconciliation of projected benefit obligations, plan assets and funded status of the plan as of the periods presented: | |||||||||||||||
February 1, 2014 | February 2, 2013 | ||||||||||||||
(in thousands) | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 23,005 | $ | 21,919 | |||||||||||
Interest cost | 843 | 919 | |||||||||||||
Benefits paid | (23,218 | ) | (964 | ) | |||||||||||
Settlement (gain) | (270 | ) | — | ||||||||||||
Actuarial (gain) loss | (360 | ) | 1,131 | ||||||||||||
Projected benefit obligation at end of year | — | 23,005 | |||||||||||||
Accumulated benefit obligation at end of year | — | 23,005 | |||||||||||||
Change in plan assets: | |||||||||||||||
Fair market value at beginning of year | 18,461 | 16,336 | |||||||||||||
Actual (loss) gain on plan assets | (97 | ) | 863 | ||||||||||||
Employer contributions | 5,027 | 2,400 | |||||||||||||
Benefits paid | (23,218 | ) | (964 | ) | |||||||||||
Other | (173 | ) | (174 | ) | |||||||||||
Fair market value at end of year | $ | — | $ | 18,461 | |||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||
Amounts recognized in the consolidated balance sheets consisted of the following as of the period presented: | |||||||||||||||
February 2, 2013 | |||||||||||||||
Current liabilities | $ | 4,544 | |||||||||||||
Accumulated other comprehensive loss | $ | 8,758 | |||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||
The components of net periodic benefit cost are comprised of the following for the periods presented: | |||||||||||||||
Fiscal years ended | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Interest cost | $ | 843 | $ | 919 | $ | 1,003 | |||||||||
Expected return on plan assets | (808 | ) | (1,208 | ) | (945 | ) | |||||||||
Loss recognized due to settlements | 14,224 | 67 | — | ||||||||||||
Amortization of net loss | 494 | 398 | 296 | ||||||||||||
Net periodic benefit cost | $ | 14,753 | $ | 176 | $ | 354 | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
For the periods presented, other changes in plan assets and benefit obligations recognized in net periodic cost and other comprehensive income loss consist of: | |||||||||||||||
Fiscal years ended | |||||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | |||||||||||||
(in thousands) | |||||||||||||||
Net actuarial loss | $ | 671 | $ | 1,717 | $ | 3,444 | |||||||||
Loss recognized due to settlements | (14,224 | ) | (67 | ) | — | ||||||||||
Amortization of net loss | (494 | ) | (398 | ) | (296 | ) | |||||||||
Total recognized in other comprehensive (income) loss | (14,047 | ) | 1,252 | 3,148 | |||||||||||
Net periodic benefit cost | 14,753 | 176 | 354 | ||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 706 | $ | 1,428 | $ | 3,502 | |||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||
Assumptions used in each year of the actuarial computations to determine both the liability as of February 2, 2013 and the expense for the fiscal year were as follows: | |||||||||||||||
February 2, 2013 | |||||||||||||||
Discount rate | 3.7 | % | |||||||||||||
Expected long-term rate of return | 4 | % | |||||||||||||
Assets by Category [Table Text Block] | ' | ||||||||||||||
The weighted average allocation of plan assets by category was as follows for fiscal 2012: | |||||||||||||||
Fiscal year ended | |||||||||||||||
February 2, 2013 | |||||||||||||||
Fixed securities | 71.3 | % | |||||||||||||
Cash and equivalents | 28.7 | % | |||||||||||||
Total | 100 | % | |||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||
The following table presents the activity related to fair value measurements of pension plan assets as of February 2, 2013: | |||||||||||||||
2-Feb-13 | |||||||||||||||
Total | Level 1 | Level 2 | |||||||||||||
(in thousands) | |||||||||||||||
Cash and equivalents | $ | 5,289 | $ | 5,289 | — | ||||||||||
Fixed income | 13,172 | — | $ | 13,172 | |||||||||||
Fair market value at end of year | $ | 18,461 | $ | 5,289 | $ | 13,172 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
DSW | Affiliated Business Group | Other | DSW Inc. | |||||||||||||
(in thousands) | ||||||||||||||||
As of and for the fiscal year ended February 1, 2014 | ||||||||||||||||
Net sales | $ | 2,230,996 | $ | 137,672 | — | $ | 2,368,668 | |||||||||
Gross profit | 710,972 | 28,315 | — | 739,287 | ||||||||||||
Capital expenditures | 83,231 | 569 | — | 83,800 | ||||||||||||
Total assets | 1,340,629 | 80,221 | $ | 394 | 1,421,244 | |||||||||||
As of and for the fiscal year ended February 2, 2013 | ||||||||||||||||
Net sales | $ | 2,125,262 | $ | 132,516 | — | $ | 2,257,778 | |||||||||
Gross profit | 696,854 | 27,866 | — | 724,720 | ||||||||||||
Capital expenditures | 99,326 | 426 | — | 99,752 | ||||||||||||
Total assets | 1,164,331 | 97,358 | $ | 414 | 1,262,103 | |||||||||||
For the fiscal year ended January 28, 2012 | ||||||||||||||||
Net sales | $ | 1,871,917 | $ | 152,412 | — | $ | 2,024,329 | |||||||||
Gross profit | 624,391 | 29,556 | — | 653,947 | ||||||||||||
Capital expenditures | 76,472 | 440 | — | 76,912 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
Income Tax Provision- The following table presents the composition of the provision (benefit) for income taxes for continuing operations for the periods presented: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
Current: | (in thousands) | |||||||||||
Federal | $ | 36,407 | $ | 14,070 | $ | 35,811 | ||||||
State and local | 14,839 | 9,193 | 10,938 | |||||||||
Total current tax expense | 51,246 | 23,263 | 46,749 | |||||||||
Deferred: | ||||||||||||
Federal | 42,557 | 70,158 | (101,797 | ) | ||||||||
State and local | (1,098 | ) | 2,006 | (3,021 | ) | |||||||
Total deferred tax expense (benefit) | 41,459 | 72,164 | (104,818 | ) | ||||||||
Income tax provision (benefit) | $ | 92,705 | $ | 95,427 | $ | (58,069 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
Rate Reconciliation- The following table presents a reconciliation of the expected income taxes for continuing operations based upon the statutory federal income tax rate: | ||||||||||||
Fiscal years ended | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Income tax expense at federal statutory rate | $ | 85,402 | $ | 84,215 | $ | 49,794 | ||||||
State and local taxes-net | 8,532 | 7,631 | 9,199 | |||||||||
Warrants | — | 2,142 | 4,292 | |||||||||
PIES | — | — | 17,207 | |||||||||
Merger related items | — | — | (140,072 | ) | ||||||||
Other | (1,229 | ) | 1,439 | 1,511 | ||||||||
Income tax provision (benefit) | $ | 92,705 | $ | 95,427 | $ | (58,069 | ) | |||||
Summary of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Deferred Tax Assets and Liabilities- The following tables present the deferred tax assets and liabilities and the components of deferred tax assets and liabilities as of the periods presented: | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | ||||||||||||
Current deferred tax assets | $ | 18,130 | $ | 67,397 | ||||||||
Non-current deferred tax assets | 11,587 | 9,443 | ||||||||||
Total net deferred tax asset | $ | 29,717 | $ | 76,840 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss | $ | — | $ | 25,006 | ||||||||
Federal tax credits | — | 16,881 | ||||||||||
State net operating loss and tax credits | 332 | — | ||||||||||
Inventory | 5,826 | 6,529 | ||||||||||
Construction and tenant allowances | 7,441 | 9,981 | ||||||||||
Stock-based compensation | 7,457 | 6,109 | ||||||||||
Benefit from uncertain tax positions | 58 | 116 | ||||||||||
Guarantees | 1,347 | 2,523 | ||||||||||
Accrued expenses | 8,717 | 7,389 | ||||||||||
Accrued rent | 14,790 | 14,293 | ||||||||||
Other | 13,068 | 12,921 | ||||||||||
Total deferred tax assets, gross of valuation allowance | 59,036 | 101,748 | ||||||||||
Less: valuation allowance | (860 | ) | (785 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 58,176 | 100,963 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (24,214 | ) | (21,567 | ) | ||||||||
Prepaid expenses | (957 | ) | (924 | ) | ||||||||
Other | (3,288 | ) | (1,632 | ) | ||||||||
Total deferred tax liabilities | (28,459 | ) | (24,123 | ) | ||||||||
Total – net deferred tax asset | $ | 29,717 | $ | 76,840 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||||||
The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits as of the periods presented: | ||||||||||||
February 1, 2014 | February 2, 2013 | January 28, 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 1,253 | $ | 2,315 | $ | 2,899 | ||||||
Additions for tax positions taken in the current year | 1,184 | 400 | 374 | |||||||||
Reductions for tax positions taken in prior years: | ||||||||||||
Changes in judgment | (69 | ) | (345 | ) | (870 | ) | ||||||
Lapses of applicable statutes of limitations | (530 | ) | (755 | ) | (86 | ) | ||||||
Settlements during the year | — | (362 | ) | (2 | ) | |||||||
Ending balance | $ | 1,838 | $ | 1,253 | $ | 2,315 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
In DSW’s opinion, the unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of DSW’s net income for interim periods. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The following tables present DSW’s unaudited quarterly financial information for the periods presented: | ||||||||||||||||
Thirteen weeks ended | ||||||||||||||||
May 4, 2013 | August 3, 2013 | November 2, 2013 | February 1, 2014 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net sales | $ | 601,362 | $ | 562,063 | $ | 632,976 | $ | 572,267 | ||||||||
Cost of sales | (418,365 | ) | (378,621 | ) | (420,106 | ) | (412,289 | ) | ||||||||
Operating expenses | (128,711 | ) | (129,461 | ) | (124,614 | ) | (115,113 | ) | ||||||||
Operating profit | 54,286 | 53,981 | 88,256 | 44,865 | ||||||||||||
Interest income, net | 340 | 481 | 1,036 | 762 | ||||||||||||
Income from continuing operations before income taxes | 54,626 | 54,462 | 89,292 | 45,627 | ||||||||||||
Income tax provision | (20,111 | ) | (20,742 | ) | (34,331 | ) | (17,521 | ) | ||||||||
Net income | 34,515 | 33,720 | 54,961 | 28,106 | ||||||||||||
Diluted earnings per share(1): | $ | 0.38 | $ | 0.37 | $ | 0.6 | $ | 0.3 | ||||||||
Thirteen weeks ended | Fourteen weeks ended | |||||||||||||||
28-Apr-12 | 28-Jul-12 | 27-Oct-12 | 2-Feb-13 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net sales | $ | 558,572 | $ | 512,218 | $ | 592,734 | $ | 594,254 | ||||||||
Cost of sales | (365,982 | ) | (351,973 | ) | (392,563 | ) | (422,540 | ) | ||||||||
Operating expenses | (121,923 | ) | (112,118 | ) | (121,734 | ) | (126,022 | ) | ||||||||
Change in fair value of derivative instruments | (5,342 | ) | (779 | ) | — | — | ||||||||||
Operating profit | 65,325 | 47,348 | 78,437 | 45,692 | ||||||||||||
Interest income, net | 467 | 496 | 2,575 | 273 | ||||||||||||
Income from continuing operations before income taxes | 65,792 | 47,844 | 81,012 | 45,965 | ||||||||||||
Income tax provision | (27,185 | ) | (18,526 | ) | (30,897 | ) | (18,819 | ) | ||||||||
Income from continuing operations | 38,607 | 29,318 | 50,115 | 27,146 | ||||||||||||
Total income from discontinued operations, net of tax | 1,253 | — | — | — | ||||||||||||
Net income | $ | 39,860 | $ | 29,318 | $ | 50,115 | $ | 27,146 | ||||||||
Diluted earnings per share(1): | ||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.43 | $ | 0.32 | $ | 0.55 | $ | 0.3 | ||||||||
Diluted earnings per share from discontinued operations | $ | 0.01 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.32 | $ | 0.55 | $ | 0.3 | ||||||||
Business_Operations_Sales_by_C
Business Operations Sales by Category (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Womens' [Member] | ' | ' | ' |
Percentage of revenue by merchandise category [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 62.00% | 65.00% | 66.00% |
Men's [Member] | ' | ' | ' |
Percentage of revenue by merchandise category [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 17.00% | 16.00% | 15.00% |
Athletic [Member] | ' | ' | ' |
Percentage of revenue by merchandise category [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 12.00% | 12.00% | 12.00% |
Accessories and Other [Member] | ' | ' | ' |
Percentage of revenue by merchandise category [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 9.00% | 7.00% | 7.00% |
Business_Operations_Store_Data
Business Operations Store Data (Details) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Schedule of Stores Supplied With Merchandise [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Affiliated Business Group [Abstract] | ' | ' | ' |
Number of retailers operated as leased departments | 3 | ' | ' |
Number of new leased departments added | 18 | 19 | 20 |
Number of leased departments ceased | 6 | 11 | 36 |
DSW Segment [Abstract] | ' | ' | ' |
Number of States in which Entity Operates | 42 | ' | ' |
Number of Stores | 394 | ' | ' |
Number of new stores opened | 30 | 39 | 17 |
Number of stores closed | 0 | 1 | 2 |
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 | ' | ' |
Affiliated Business Group segment [Member] | ' | ' | ' |
Affiliated Business Group [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 5.80% | 5.90% | 7.50% |
Basis_of_Presentation_Twoforon
Basis of Presentation Two-for-one Stock Split (Details) | Feb. 01, 2014 |
Basis of Presentation [Abstract] | ' |
Class A Common Shares Ownership Percentage, Pre Split | 38.00% |
Class A Common Shares Ownership Percentage, Post Split | 57.00% |
Class B Common Shares Ownership Percentage, Pre Split | 62.00% |
Class B Common Shares Ownership Percentage, Post Split | 43.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2008 | |
Number of retailers operated as leased departments | 3 | ' | ' | ' |
New Store Costs [Abstract] | ' | ' | ' | ' |
Pre-Opening Costs | $7,900,000 | $16,000,000 | $6,700,000 | ' |
Marketing Expense [Abstract] | ' | ' | ' | ' |
Marketing Expense | 56,200,000 | 55,900,000 | 50,900,000 | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Other Operating Income | 14,100,000 | 14,500,000 | 7,800,000 | ' |
Self-insurance Reserves [Abstract] | ' | ' | ' | ' |
Self Insurance Reserve | 3,000,000 | 3,500,000 | ' | ' |
Principles of Consolidation [Abstract] | ' | ' | ' | ' |
Sale of Stock, Percentage of Ownership before Transaction | ' | ' | ' | 81.00% |
Financial Instruments [Abstract] | ' | ' | ' | ' |
Credit and Debit Card Receivables, at Carrying Value | 13,200,000 | 13,000,000 | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '39 years | ' | ' | ' |
Asset Impairment and Long-lived Assets [Abstract] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 809,000 | 0 | 1,626,000 | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' | ' |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' | ' |
Rental Income [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Other Operating Income (Expense), Net | 5,100,000 | ' | ' | ' |
Supplier Concentration Risk [Member] | ' | ' | ' | ' |
Concentration of Vendor Risk [Abstract] | ' | ' | ' | ' |
Concentration Risk, Percentage | 19.00% | 18.00% | 19.00% | ' |
Insurance Claims [Member] | ' | ' | ' | ' |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Other Operating Income (Expense), Net | ' | $5,300,000 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies Intangible Assets, Goodwill and Long-lived Assets (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill [Line Items] | ' | ' |
Goodwill | $25,899,000 | $25,899,000 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 13,000,000 | 13,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -12,900,000 | -12,600,000 |
Finite-Lived Intangible Asset, Useful Life | '5 years | '12 years |
Amortization of Intangible Assets | 300,000 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 100,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $100,000 | ' |
Significant_Accounting_Policie5
Significant Accounting Policies Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance | $299 | $555 | $714 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 4 | 0 | 532 |
Valuation Allowances and Reserves, Deductions | 0 | -256 | -691 |
Valuation Allowances and Reserves, Balance | $303 | $299 | $555 |
Merger_with_Retail_Ventures_In1
Merger with Retail Ventures, Inc. and Discontinued Operations Filene's Basement (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Receipt of cash from bankruptcy claim | ' | ' | $1,200,000 |
Income (loss) on discontinued operations Filene's Basement | 0 | 1,253,000 | -5,038,000 |
Property Lease Guarantee [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Estimated guarantee liability | $100,000 | $100,000 | ' |
Merger_with_Retail_Ventures_In2
Merger with Retail Ventures, Inc. and Discontinued Operations Merger with Retail Ventures, Inc. (Details) | 12 Months Ended | |
Feb. 01, 2014 | Jan. 28, 2012 | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Shares issued to RVI shareholders - legal form of transaction | ' | 21,200,000 |
Shares Owned Prior to Merger | ' | 54,800,000 |
Stockholders Equity Reverse Stock Split Conversion Ratio | ' | 0.435 |
Number of Reportable Segments | 2 | ' |
Class A Common Shares | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | 34,242,000 |
Class B Common Shares | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Exchange of Class A for Class B (in shares) | 606,000 | 23,014,000 |
Merger_with_Retail_Ventures_In3
Merger with Retail Ventures, Inc. and Discontinued Operations Value City Department Stores (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 02, 2008 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sale of Stock, Percentage of Ownership before Transaction | ' | ' | ' | 81.00% |
IncomeLossondiscontinuedoperationsValueCity | $0 | $0 | $183 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Share data in Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Jan. 30, 2010 | Nov. 01, 2012 | Jan. 28, 2012 | Feb. 08, 2011 | Feb. 01, 2014 | Feb. 02, 2013 |
SEI Loan Agreement [Member] | SEI Loan Agreement [Member] | Schottenstein Affiliates [Member] | Schottenstein Affiliates [Member] | |||||||
Schottenstein Affiliates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common shares owned (in hundredths) | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined voting power of outstanding common shares (in hundredths) | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Class A Common Shares owned by Schottenstein Affiliates (in shares) | 8.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Class B Common Shares owned by Schottenstein Affiliates (in shares) | 7.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party payables | $756,000 | $1,651,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties, Current | 53,000 | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses to related parties | 29,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of Corporate Office and Distribution Center [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to cost for replacing the roof of building | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
Management fee paid to Schottenstein Affiliate, percentage (in hundredths) | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination Fee, Related Party | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Income, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 |
Payments for Rent | ' | 2,600,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' |
Common Control Assets Acquired Investing Cash Flows Impact | 0 | 32,443,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Common Control Assets Acquired Financing Cash Flows Impact | 0 | -39,557,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Asset acquisition, cash paid | ' | ' | ' | ' | ' | -72,000,000 | ' | ' | ' | ' |
Less: Tenant allowances and deferred rent | ' | ' | ' | ' | ' | 8,310,000 | ' | ' | ' | ' |
Property, Plant and Equipment, Other, Net | ' | ' | ' | ' | ' | 24,133,000 | ' | ' | ' | ' |
Tax Effect of Common Control Asset purchase | ' | 17,877,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax Effect of Basis Difference Related to Acquisition of Common Control Entity | -3,313,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis difference related to acquisition of commonly controlled entity | -24,993,000 | -21,680,000 | ' | ' | ' | ' | ' | ' | ' | ' |
SEI Loan Agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, maximum capacity | 50,000,000 | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | ' | ' | ' | ' | ' | ' | 2,625,000 | ' | ' | ' |
Repayments of Other Debt | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Related Party Investment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | 200,000 | ' | 1,200,000 | ' | ' | ' | ' | ' |
Return of Capital from Related Party Investment | ' | 1,200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Other Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Purchases from Related Party | 900,000 | 1,300,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Reimbursements received from related parties | 1,800,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to related party for reduction in rent | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses to related parties, non-current | $514,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_and_Shareho2
Earnings per Share and Shareholders' Equity Anti-Dilutive Securities (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Stock Options and Restricted Stock Units [Member] | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 800 | 600 | 500 |
Warrants [Member] | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 200 | 1,200 |
Class A Common Shares | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' |
Settlement of PIES with Class A Common Shares (in shares) | ' | ' | 7,654 |
Convertible Debt [Member] | ' | ' | ' |
Diluted earnings per share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 2,376 |
Earnings_per_Share_and_Shareho3
Earnings per Share and Shareholders' Equity Calculation of Earnings per Share (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | ' | ' | 0.435 |
Income from Continuing Operations Attributable to Parent [Abstract] | ' | ' | ' |
Net income from continuing operations, net of noncontrolling interests for basic earnings per share | $151,302,000 | $145,186,000 | $179,643,000 |
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | 0 | 0 | -6,019,000 |
Net income from continuing operations, net of noncontrolling interests for diluted earnings per share | 151,302,000 | 145,186,000 | 173,624,000 |
Net Income Attributable to Parent [Abstract] | ' | ' | ' |
Net income, net of noncontrolling interests | 151,302,000 | 146,439,000 | 174,788,000 |
Less: gain in fair value of PIES, net of tax effected interest expense, amortization of debt discount and amortization of deferred financing fees | 0 | 0 | -6,019,000 |
Net income, net of noncontrolling interests for diluted earnings per share | 151,302,000 | 146,439,000 | 168,769,000 |
Reconciliation of the number of shares used in the calculation of diluted earnings (loss) per share [Abstract] | ' | ' | ' |
Basic shares | 90,472,000 | 88,846,000 | 70,440,000 |
Assumed exercise of dilutive DSW stock options | 1,202,000 | 1,504,000 | 1,110,000 |
Assumed exercise of dilutive DSW RSUs | 227,000 | 256,000 | 220,000 |
Assumed exercise of dilutive RVI stock options & SARs | 0 | 0 | 130,000 |
Assumed exercise of dilutive PIES | 0 | 0 | 2,376,000 |
Diluted shares | 91,901,000 | 90,606,000 | 74,276,000 |
Shareholders' equity [Abstract]: | ' | ' | ' |
Amount authorized under the share repurchase program | 100,000,000 | ' | ' |
Stock Repurchased During Period, Value | $1,600,000 | ' | ' |
Class A Common Shares | ' | ' | ' |
Shareholders' equity [Abstract]: | ' | ' | ' |
Stock Repurchased During Period, Shares | 38,333 | ' | ' |
Class A Common Shares | ' | ' | ' |
Shareholders' equity [Abstract]: | ' | ' | ' |
Stock Repurchased During Period, Shares | 38,000 | ' | ' |
Stockbased_Compensation_Option
Stock-based Compensation Options (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | ' | ' | 0.435 |
DSW Stock-Based Compensation Plans [Abstract] | ' | ' | ' |
Annual vesting percentage (in hundredths) | 20.00% | ' | ' |
Stock options activity [Roll forward] | ' | ' | ' |
Options, Outstanding, Weighted Average Exercise Price | $17.62 | ' | ' |
Exercisable Options, Weighted Average Exercise Price | $13.08 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ' | ' | ' |
Options exercisable, Aggregate Instrinsic Value | $35,141,000 | ' | ' |
Stock Options [Member] | ' | ' | ' |
DSW Stock-Based Compensation Plans [Abstract] | ' | ' | ' |
Number of shares authorized (in shares) | 11,200,000 | 7,600,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.70% | 1.20% | 2.40% |
Annual volatility of DSW common stock | 53.40% | 56.20% | 55.10% |
Expected option term | '4 years 8 months | '5 years 6 months | '5 years 11 months |
Dividend yield | 1.30% | 1.20% | 0.00% |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | $12.85 | $12.59 | $10.28 |
Share-based compensation expense | 5,900,000 | 5,500,000 | 5,100,000 |
Stock options activity [Roll forward] | ' | ' | ' |
Outstanding, beginning of period (in shares) | 3,694,000 | 5,016,000 | 5,314,000 |
Granted | 492,000 | 674,000 | 726,000 |
RVI options converted | ' | 0 | 146,000 |
Increase in options from dividend adjustment | 0 | 128,000 | 228,000 |
Exercised | -748,000 | -2,004,000 | -1,090,000 |
Forfeited | -91,000 | -120,000 | -308,000 |
Outstanding, end of period (in shares) | 3,347,000 | 3,694,000 | 5,016,000 |
Options, Outstanding, Weighted Average Exercise Price | $14.50 | $11.22 | $10.02 |
Options, Grants in Period, Weighted Average Exercise Price | $31.75 | $27.47 | $19.06 |
Options, Converted in Period, Weighted Average Exercise Price | ' | ' | $13.14 |
Options, Exercises in Period, Weighted Average Exercise Price | $10.99 | $9.62 | $8.62 |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $21.79 | $15.82 | $10.52 |
Options, Outstanding, Weighted Average Exercise Price | $17.62 | $14.50 | $11.22 |
Exercisable Options, Weighted Average Exercise Price | $13.08 | $12.76 | $11.32 |
Options, Additional Disclosures [Abstract] | ' | ' | ' |
Options, Vested in Period, Fair Value | 3,800,000 | 4,800,000 | 4,900,000 |
Options, Exercises in Period, Total Intrinsic Value | 20,900,000 | 41,700,000 | 14,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ' | ' | ' |
Options exercisable end of year | 1,430,000 | 1,260,000 | 2,250,000 |
Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 8 months | ' | ' |
Options exercisable, Aggregate Instrinsic Value | 35,141,000 | ' | ' |
Options expected to vest (in shares) | 1,667,000 | ' | ' |
Options Expected to Vest WAEP | $21.23 | ' | ' |
Options Expected to Vest, Weighted Average Remaining Contractual Term | '7 years 6 months | ' | ' |
Options Expected to Vest, Aggregate Intrinsic Value | 27,365,000 | ' | ' |
Options vested and expected to vest (in shares) | 3,097,000 | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $17.47 | ' | ' |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '6 years 2 months | ' | ' |
Options vested and expected to vest, Aggregate Intrinsic Value | 62,506,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Compensation cost not yet recognized related to nonvested awards | $14,200,000 | ' | ' |
Weighted average expense recognition period (in years) | '2 years 0 months | ' | ' |
Stockbased_Compensation_Option1
Stock-based Compensation Options - Range of Exercise Prices (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $4.65 |
Option Plans, Exercise Price Range, Upper Range Limit | $34.99 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '6 years 3 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 3,347 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $17.62 |
Options, Outstanding, Intrinsic Value | $67,048 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 1,430 |
Exercisable Options, Weighted Average Exercise Price | $13.08 |
Options exercisable, Aggregate Instrinsic Value | 35,141 |
2005 - expire 2015 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $8.84 |
Option Plans, Exercise Price Range, Upper Range Limit | $8.84 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '1 year 5 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 115 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8.84 |
Options, Outstanding, Intrinsic Value | 3,313 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 115 |
Exercisable Options, Weighted Average Exercise Price | $8.84 |
Options exercisable, Aggregate Instrinsic Value | 3,313 |
2006 - expire 2016 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $12.93 |
Option Plans, Exercise Price Range, Upper Range Limit | $14.50 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '2 years 7 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 94 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $12.99 |
Options, Outstanding, Intrinsic Value | 2,305 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 94 |
Exercisable Options, Weighted Average Exercise Price | $12.99 |
Options exercisable, Aggregate Instrinsic Value | 2,305 |
2007 - expire 2017 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $10.42 |
Option Plans, Exercise Price Range, Upper Range Limit | $19.94 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 2 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 301 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $19.83 |
Options, Outstanding, Intrinsic Value | 5,364 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 301 |
Exercisable Options, Weighted Average Exercise Price | $19.83 |
Options exercisable, Aggregate Instrinsic Value | 5,364 |
2008 - expire 2018 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $6.01 |
Option Plans, Exercise Price Range, Upper Range Limit | $9.15 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 2 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 238 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $6.19 |
Options, Outstanding, Intrinsic Value | 7,479 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 238 |
Exercisable Options, Weighted Average Exercise Price | $6.19 |
Options exercisable, Aggregate Instrinsic Value | 7,479 |
2009 - expire 2019 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $4.65 |
Option Plans, Exercise Price Range, Upper Range Limit | $7 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '5 years 2 months |
Option Plans, Exercise Price Range, Number of Outstanding Options | 426 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $4.70 |
Options, Outstanding, Intrinsic Value | 14,021 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 203 |
Exercisable Options, Weighted Average Exercise Price | $4.70 |
Options exercisable, Aggregate Instrinsic Value | 6,683 |
2010 - expire 2020 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $12.34 |
Option Plans, Exercise Price Range, Upper Range Limit | $12.38 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '6 years 1 month |
Option Plans, Exercise Price Range, Number of Outstanding Options | 592 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $12.36 |
Options, Outstanding, Intrinsic Value | 14,961 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 240 |
Exercisable Options, Weighted Average Exercise Price | $12.37 |
Options exercisable, Aggregate Instrinsic Value | 6,083 |
2011 - expire 2021 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $17.43 |
Option Plans, Exercise Price Range, Upper Range Limit | $22.71 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '7 years 1 month |
Option Plans, Exercise Price Range, Number of Outstanding Options | 503 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $17.48 |
Options, Outstanding, Intrinsic Value | 10,143 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 139 |
Exercisable Options, Weighted Average Exercise Price | $17.45 |
Options exercisable, Aggregate Instrinsic Value | 2,815 |
2012 - expire 2022 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $24.57 |
Option Plans, Exercise Price Range, Upper Range Limit | $27.18 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '8 years 1 month |
Option Plans, Exercise Price Range, Number of Outstanding Options | 605 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $26.65 |
Options, Outstanding, Intrinsic Value | 6,663 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 98 |
Exercisable Options, Weighted Average Exercise Price | $26.61 |
Options exercisable, Aggregate Instrinsic Value | 1,086 |
2013 - expire in 2023 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Plans, Exercise Price Range, Lower Range Limit | $31.68 |
Option Plans, Exercise Price Range, Upper Range Limit | $34.99 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '9 years 1 month |
Option Plans, Exercise Price Range, Number of Outstanding Options | 473 |
Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $31.75 |
Options, Outstanding, Intrinsic Value | 2,799 |
Option Plans, Exercise Price Range, Number of Exercisable Options | 2 |
Exercisable Options, Weighted Average Exercise Price | $31.68 |
Options exercisable, Aggregate Instrinsic Value | $13 |
Stockbased_Compensation_Restri
Stock-based Compensation Restricted Stock Units and Director Stock Units (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Performance Based Restricted Stock Units (PSUs) [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $1,600,000 | ' | ' |
Weighted average expense recognition period (in years) | '2 years 1 month | ' | ' |
Equity instruments other than options [Roll forward] | ' | ' | ' |
Outstanding, beginning of period (in units) | 0 | ' | ' |
Granted (in units) | 69 | ' | ' |
Vested (in units) | 0 | ' | ' |
Forfeited (in units) | 0 | ' | ' |
Outstanding, end of period (in units) | 69 | ' | ' |
Grants in Period, Weighted Average Grant Date Fair Value | $31.76 | ' | ' |
Outstanding, Weighted Average Grant Date Fair Value | $31.76 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Share-based compensation expense | 500,000 | ' | ' |
Share Based Compensation by Share Based Payment Award Other Than Option Weighted Average Exercise Price | $0 | ' | ' |
Restricted Units Expected to Vest [Abstract] | ' | ' | ' |
RSUs expected to vest | 56 | ' | ' |
Restricted stock units weighted average grant date fair value | $31.76 | ' | ' |
Restricted stock units expected to vest Weighted Average Remaining Contract Life | '2 years 1 month | ' | ' |
Restricted Stock Units Expected to Vest Aggregate Intrinsic Value | 2,121,000 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | ' | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 5,000,000 | ' | ' |
Weighted average expense recognition period (in years) | '2 years 0 months | ' | ' |
Equity instruments other than options [Roll forward] | ' | ' | ' |
Outstanding, beginning of period (in units) | 436 | 546 | 552 |
Granted (in units) | 92 | 114 | 134 |
Vested (in units) | -136 | -208 | -110 |
Forfeited (in units) | -15 | -16 | -30 |
Outstanding, end of period (in units) | 377 | 436 | 546 |
Outstanding, Weighted Average Grant Date Fair Value | $15.39 | $9.33 | $7.49 |
Grants in Period, Weighted Average Grant Date Fair Value | $35.50 | $27.48 | $19.18 |
Vested in Period, Weighted Average Grant Date Fair Value | $5.51 | $5.86 | $7.04 |
Forfeitures, Weighted Average Grant Date Fair Value | $29.46 | $16.82 | $11.14 |
Outstanding, Weighted Average Grant Date Fair Value | $23.41 | $15.39 | $9.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Share-based compensation expense | 1,800,000 | 1,500,000 | 1,200,000 |
Intrinsic value other than options that vested during the period | 4,000,000 | 5,600,000 | 2,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 700,000 | 1,200,000 | 800,000 |
Restricted Units Expected to Vest [Abstract] | ' | ' | ' |
RSUs expected to vest | 295 | ' | ' |
Restricted stock units weighted average grant date fair value | $23.60 | ' | ' |
Restricted stock units expected to vest Weighted Average Remaining Contract Life | '1 year 5 months | ' | ' |
Restricted Stock Units Expected to Vest Aggregate Intrinsic Value | 11,094,000 | ' | ' |
Director Stock Units [Member] | ' | ' | ' |
Equity instruments other than options [Roll forward] | ' | ' | ' |
Outstanding, beginning of period (in units) | 316 | 384 | 322 |
Granted (in units) | 34 | 54 | 62 |
Non-Option Equity Instruments, Exercised | -20 | -122 | 0 |
Outstanding, end of period (in units) | 330 | 316 | 384 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Share-based compensation expense | $1,200,000 | $1,100,000 | $1,000,000 |
Share Based Compensation by Share Based Payment Award Other Than Option Weighted Average Exercise Price | $0 | ' | ' |
Stockbased_Compensation_RVI_St
Stock-based Compensation RVI Stock-Based Compensation Plan (Details) (USD $) | 12 Months Ended |
Jan. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
RVI stock-based compensation expense, before related tax effects | $339,000 |
Cash settlement of RVI options and SARs | 7,000,000 |
Stock-based compensation expense related to cash settled RVI options and SARs | 255,000 |
Stock Appreciation Rights (SARs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation expense | 100,000 |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation expense | 100,000 |
RVI Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Cash settlement of RVI options and SARs | 7,000,000 |
Share-based compensation expense | $100,000 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | $224,098,000 | $232,081,000 |
Long-term investments | 243,188,000 | 96,712,000 |
Investment disclosure [Abstract] | ' | ' |
Gross unrealized gains on short-term investments | 200,000 | 200,000 |
Gross unrealized losses on short-term investments | 100,000 | 200,000 |
Gross unrealized gains from long-term held-to-maturity investments | 600,000 | 300,000 |
Gross unrealized losses on long-term held-to-maturity investments | 400,000 | 100,000 |
Held-to-maturity Securities [Member] | Term notes and bonds | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | 202,048,000 | 207,801,000 |
Long-term investments | 243,188,000 | 96,712,000 |
Available-for-sale Securities [Member] | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | 22,050,000 | 24,280,000 |
Available-for-sale Securities [Member] | Bonds | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' |
Short-term investments | $22,050,000 | $24,280,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Assets: | ' | ' | ' |
Cash and equivalents | $112,021 | $81,097 | ' |
Short-term investments(b) | 224,167 | 232,052 | ' |
Long-term investments(b) | 243,373 | 96,843 | ' |
Total assets | 579,561 | 409,992 | ' |
Activity related to fair value of assets held and used that realized an impairment loss [Abstract] | ' | ' | ' |
Assets held and used | 835 | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 809 | 0 | 1,626 |
Level 1 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and equivalents | 112,021 | 81,097 | ' |
Short-term investments(b) | 0 | 0 | ' |
Long-term investments(b) | 0 | 0 | ' |
Total assets | 112,021 | 81,097 | ' |
Level 2 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and equivalents | 0 | 0 | ' |
Short-term investments(b) | 224,167 | 232,052 | ' |
Long-term investments(b) | 243,373 | 96,843 | ' |
Total assets | 467,540 | 328,895 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and equivalents | 0 | 0 | ' |
Short-term investments(b) | 0 | 0 | ' |
Long-term investments(b) | 0 | 0 | ' |
Total assets | $0 | $0 | ' |
Debt_Obligations_and_Warrant_L2
Debt Obligations and Warrant Liabilities Credit Facility (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
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 | ' | ' |
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 DSW'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. | ' | ' |
Credit Facility, Cash and Short Term Investment Requirement | 125,000,000 | ' | ' |
Expiration date | 31-Jul-18 | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | 100,000,000 | ' | ' |
Capital expenditures | 86,412,000 | 102,034,000 | 74,707,000 |
Credit Facility, available capacity | 49,400,000 | 86,000,000 | ' |
Credit Facility, amount outstanding | 600,000 | 14,000,000 | ' |
Debt Related Commitment Fees and Debt Issuance Costs | $300,000 | $600,000 | $600,000 |
Debt_Obligations_and_Warrant_L3
Debt Obligations and Warrant Liabilities Letter or Credit Agreement (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Debt Instrument [Line Items] | ' |
Letter of Credit, Expiration Date | 2-Aug-18 |
Collateral Requirement (Domestic) | 103.00% |
Letter of Credit Agreement, Cash Collateral Requirement (Foreign Currency) | 105.00% |
Letter of Credit Facility, Initiation Date | 2-Aug-13 |
Letter of Credit, Maximum Borrowing Capacity | $50 |
Letter of Credit Agreement, Description of Covenants | '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% per annum. |
Letters of Credit Outstanding, Amount | 5.6 |
Letters of credit outstanding, cash held on deposit | $6.10 |
Debt_Obligations_and_Warrant_L4
Debt Obligations and Warrant Liabilities Premium Income Exchangeable Securities and Warrants (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Apr. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 31-May-12 | Mar. 14, 2012 | Sep. 15, 2011 | Apr. 28, 2011 | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $143,750,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' |
Reclass from conversion feature of short-term debt to paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' |
Reclass from short-term debt to paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,800,000 | ' |
Change in fair value of derivative instruments | 0 | 0 | 779,000 | 5,342,000 | ' | 0 | 6,121,000 | 53,914,000 | ' | ' | ' | ' |
Warrants and premium income exchangeable securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of warrants | ' | ' | 3,500,000 | 4,300,000 | ' | 0 | 7,792,000 | 995,000 | ' | ' | ' | ' |
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 | 3,600,000 | ' | 43,216,000 | 4,579,000 | ' | ' | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | 0.435 | ' | ' | ' | ' |
Number of common shares called by warrants | ' | ' | ' | ' | ' | ' | ' | ' | 682,444 | 823,926 | ' | ' |
Exercise price per share per warrant | ' | ' | ' | ' | ' | ' | ' | ' | $5.17 | $5.17 | ' | $2.25 |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,700,000 | ' |
Conversion Feature of Debt [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of derivative instruments | ' | ' | ' | ' | ' | ' | 0 | 41,651,000 | ' | ' | ' | ' |
Interest expense recognized and effective interest rate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual interest expense | ' | ' | ' | ' | ' | ' | ' | 5,926,000 | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | ' | ' | ' | ' | 1,618,000 | ' | ' | ' | ' |
Total interest expense | ' | ' | ' | ' | ' | ' | ' | 7,544,000 | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | 8.60% | ' | ' | ' | ' |
Warrants - Related Party [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of derivative instruments | ' | ' | ' | ' | ' | ' | 6,121,000 | 11,071,000 | ' | ' | ' | ' |
Warrants - Non Related Party [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of derivative instruments | ' | ' | ' | ' | ' | ' | 0 | 1,192,000 | ' | ' | ' | ' |
RVI Common Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and premium income exchangeable securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares called by warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 442,074 |
DSW Common Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and premium income exchangeable securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares called by warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,302 |
Warrant Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and premium income exchangeable securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclass from the warrant liability to paid in capital upon exercise of warrants | ' | ' | ' | ' | ' | ' | ' | $4,600,000 | ' | ' | ' | ' |
Class A Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of PIES with Class A Common Shares (in shares) | ' | ' | ' | ' | ' | ' | ' | 7,654,000 | ' | ' | ' | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment [Abstract]: | ' | ' |
Land | $1,110 | $1,110 |
Furniture, fixtures and equipment | 387,913 | 343,614 |
Buildings, building and leasehold improvements | 325,340 | 291,572 |
Total property and equipment | 714,363 | 636,296 |
Accumulated depreciation and amortization | -395,743 | -335,983 |
Property and equipment, net | $318,620 | $300,313 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Gift cards and merchandise credits | $37,651 | $33,831 |
Compensation | 18,043 | 19,711 |
Taxes | 13,581 | 16,192 |
Customer loyalty program | 19,547 | 18,407 |
Other | 26,875 | 35,058 |
Total accrued expenses | $115,697 | $123,199 |
NonCurrent_Liabilities_Details
Non-Current Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Construction and tenant allowances | $84,464 | $77,084 |
Deferred rent | 37,985 | 36,723 |
Other | 15,849 | 14,406 |
Total non-current liabilities | $138,298 | $128,213 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of Stores | 394 | ' | ' |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Total | $177,727,000 | $166,418,000 | $159,814,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 170,434,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 165,529,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 148,436,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 125,425,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 103,566,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 362,274,000 | ' | ' |
Operating Leases, Future Minimum Payments Due | 1,075,664,000 | ' | ' |
Operating Leases, Future Minimum Payments, Sublease Rental Income Reduction | 4,800,000 | ' | ' |
Schottenstein Affiliates [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of Stores | 22 | ' | ' |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 10,486,000 | 12,855,000 | 13,230,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 11,139,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 10,835,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 10,177,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 9,175,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 5,218,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 12,376,000 | ' | ' |
Operating Leases, Future Minimum Payments Due | 58,920,000 | ' | ' |
Annual Rental Income, Related Party | 200,000 | ' | ' |
Rental Income, Related Party | 200,000 | 100,000 | ' |
Unrelated Party [Member] | ' | ' | ' |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Contingent Rentals | 29,639,000 | 26,502,000 | 33,784,000 |
Operating Leases, Rent Expense, Minimum Rentals | 137,602,000 | 127,061,000 | 112,800,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 159,295,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 154,694,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 138,259,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 116,250,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 98,348,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 349,898,000 | ' | ' |
Operating Leases, Future Minimum Payments Due | $1,016,744,000 | ' | ' |
Benefit_Plans_Pension_Plan_Det
Benefit Plans Pension Plan (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 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 | 413,000 | 2,503,000 |
Schedule of adjustments made to other comprehensive income (loss) [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive (Income) Loss, Beginning Balance | -8,758,000 | -8,486,000 | -5,842,000 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 14,224,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | -5,289,000 | ' | ' |
Other Comprehensive Income, Other, Net of Tax | -177,000 | -413,000 | -2,503,000 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | ' | 141,000 | -141,000 |
Accumulated Other Comprehensive (Income) Loss, Ending Balance | 0 | -8,758,000 | -8,486,000 |
Change in plan assets [Roll Forward] | ' | ' | ' |
Projected benefit obligation at beginning of year | 23,005,000 | 21,919,000 | ' |
Interest cost | 843,000 | 919,000 | 1,003,000 |
Benefits paid | -23,218,000 | -964,000 | ' |
(Gain) on Settlement of Pension | -270,000 | 0 | ' |
Actuarial (gain) loss | -360,000 | 1,131,000 | ' |
Projected benefit obligation at end of year | 0 | 23,005,000 | 21,919,000 |
Accumulated benefit obligation at end of year | 0 | 23,005,000 | ' |
Fair market value at beginning of year | 18,461,000 | 16,336,000 | ' |
Actual (loss) gain on plan assets | -97,000 | 863,000 | ' |
Employer contributions | 5,027,000 | 2,400,000 | ' |
Benefits paid | -23,218,000 | -964,000 | ' |
Other | -173,000 | -174,000 | ' |
Fair market value at end of year | 0 | 18,461,000 | 16,336,000 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | ' | 4,544,000 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | ' | 8,758,000 | ' |
Deferred Tax Assets, Other Comprehensive Loss | ' | 5,400,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Interest cost | 843,000 | 919,000 | 1,003,000 |
Expected return on plan assets | -808,000 | -1,208,000 | -945,000 |
Loss recognized due to settlements | 14,224,000 | 67,000 | 0 |
Amortization of net loss | -494,000 | -398,000 | -296,000 |
Net periodic benefit cost | 14,753,000 | 176,000 | 354,000 |
Amounts recognized in net period cost and other comprehensive income loss [Abstract] | ' | ' | ' |
Net actuarial loss | 671,000 | 1,717,000 | 3,444,000 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | -14,224,000 | -67,000 | ' |
Amortization of net loss | -494,000 | -398,000 | -296,000 |
Total recognized in other comprehensive (income) loss | -14,047,000 | 1,252,000 | 3,148,000 |
Net periodic benefit cost | 14,753,000 | 176,000 | 354,000 |
Total recognized in net periodic benefit cost and other comprehensive income | 706,000 | 1,428,000 | 3,502,000 |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ' | ' | ' |
Discount rate | ' | 3.70% | ' |
Expected long-term rate of return | ' | 4.00% | ' |
Pension Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Other Cash Equivalents, at Carrying Value | ' | 5,289,000 | ' |
Fixed income | ' | 13,172,000 | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 100.00% | ' |
Level 1 - Pension Assets [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair market value at end of year | ' | 5,289,000 | ' |
Pension Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Other Cash Equivalents, at Carrying Value | ' | 5,289,000 | ' |
Level 2 - Pension Assets [Member] | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' |
Fair market value at end of year | ' | 13,172,000 | ' |
Pension Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fixed income | ' | 13,172,000 | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 71.30% | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | 28.70% | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -8,935,000 | 413,000 | 2,503,000 |
Schedule of adjustments made to other comprehensive income (loss) [Roll Forward] | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $0 | $141,000 | ($141,000) |
Benefit_Plans_Other_Benefit_Pl
Benefit Plans Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Description of Defined Contribution Pension and Other Postretirement Plans | 'As of the first day of the month following an employeebs completion of one year of service as defined under the terms of the 401(k) Plan, DSW matches employee deferrals, 100% on the first 3% of eligible compensation deferred and 50% on the next 2% of eligible compensation deferred. | ' | ' |
Defined Contribution Plan, Cost Recognized | $3.10 | $2.40 | $2 |
Deferred Compensation Liability, Classified, Noncurrent | $2.30 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 |
Contractual Obligations [Abstract] | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | $6.70 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | ' | ' | 4.7 |
New store locations for which lease agreements signed, number | ' | ' | 30 |
Operating Leases, future minimum payments due, current, new stores | ' | ' | 10.3 |
Incentive to Lessee | ' | ' | 15.7 |
Lease Impairment [Abstract] | ' | ' | ' |
Other Asset Impairment Charges | 6 | 5.5 | ' |
Facility Closing [Member] | ' | ' | ' |
Lease Impairment [Abstract] | ' | ' | ' |
Deferred Rent Credit | ' | $2.10 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Guarantees and Liabilities related to Discontinued Operations (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Value City [Member] | ' | ' | ' |
Syms and Filene's Basement Bankruptcy [Abstract] | ' | ' | ' |
Estimated guarantee liability | $100,000 | ' | ' |
2011 Syms and Filene's Bankruptcy [Member] | ' | ' | ' |
Syms and Filene's Basement Bankruptcy [Abstract] | ' | ' | ' |
Estimated guarantee liability | 3,400,000 | 7,000,000 | 9,000,000 |
Filene's Basement, Union Square, NY [Member] | ' | ' | ' |
Syms and Filene's Basement Bankruptcy [Abstract] | ' | ' | ' |
Lease guarantee, minimum liability | 0 | ' | ' |
Lease guarantee, maximum liability | $7,000,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies Legal Proceedings (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 02, 2013 |
Gain (Loss) Related to Litigation Settlement [Abstract] | ' |
DSW loss | $6 |
Insurance Claims [Member] | ' |
Gain (Loss) Related to Litigation Settlement [Abstract] | ' |
Loss Contingency, Damages Sought, Value | 6.8 |
Received insurance carrier | 7.2 |
Accrued Interest | 1.9 |
Interest Income, Operating | 1.9 |
Other Operating Income (Expense), Net | $5.30 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Segment information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $572,267 | $632,976 | $562,063 | $601,362 | $594,254 | $592,734 | $512,218 | $558,572 | $2,368,668 | $2,257,778 | $2,024,329 |
Total assets | 1,421,244 | ' | ' | ' | 1,262,103 | ' | ' | ' | 1,421,244 | 1,262,103 | ' |
Goodwill | 25,899 | ' | ' | ' | 25,899 | ' | ' | ' | 25,899 | 25,899 | ' |
Number of Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
DSW [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,230,996 | 2,125,262 | 1,871,917 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 710,972 | 696,854 | 624,391 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 83,231 | 99,326 | 76,472 |
Total assets | 1,340,629 | ' | ' | ' | 1,164,331 | ' | ' | ' | 1,340,629 | 1,164,331 | ' |
Affiliated Business Group segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 137,672 | 132,516 | 152,412 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 28,315 | 27,866 | 29,556 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 569 | 426 | 440 |
Total assets | 80,221 | ' | ' | ' | 97,358 | ' | ' | ' | 80,221 | 97,358 | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total assets | 394 | ' | ' | ' | 414 | ' | ' | ' | 394 | 414 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,368,668 | 2,257,778 | 2,024,329 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 739,287 | 724,720 | 653,947 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 83,800 | 99,752 | 76,912 |
Total assets | $1,421,244 | ' | ' | ' | $1,262,103 | ' | ' | ' | $1,421,244 | $1,262,103 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 26-May-11 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $36,407 | $14,070 | $35,811 | ' |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 14,839 | 9,193 | 10,938 | ' |
Total current tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 51,246 | 23,263 | 46,749 | ' |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 42,557 | 70,158 | -101,797 | ' |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -1,098 | 2,006 | -3,021 | ' |
Total deferred tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 41,459 | 72,164 | -104,818 | ' |
Income tax provision (benefit) | 17,521 | 34,331 | 20,742 | 20,111 | 18,819 | 30,897 | 18,526 | 27,185 | 92,705 | 95,427 | -58,069 | ' |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 85,402 | 84,215 | 49,794 | ' |
State and local taxes-net | ' | ' | ' | ' | ' | ' | ' | ' | 8,532 | 7,631 | 9,199 | ' |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,142 | 4,292 | ' |
PIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 17,207 | ' |
Tax effects of Merger | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -140,072 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,229 | 1,439 | 1,511 | ' |
Income tax provision (benefit) | 17,521 | 34,331 | 20,742 | 20,111 | 18,819 | 30,897 | 18,526 | 27,185 | 92,705 | 95,427 | -58,069 | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current deferred tax assets | 18,130 | ' | ' | ' | 67,397 | ' | ' | ' | 18,130 | 67,397 | ' | ' |
Non-current deferred tax assets | 11,587 | ' | ' | ' | 9,443 | ' | ' | ' | 11,587 | 9,443 | ' | ' |
Deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal net operating loss | 0 | ' | ' | ' | 25,006 | ' | ' | ' | 0 | 25,006 | ' | ' |
Federal tax credits | 0 | ' | ' | ' | 16,881 | ' | ' | ' | 0 | 16,881 | ' | ' |
State net operating loss and tax credits | 332 | ' | ' | ' | 0 | ' | ' | ' | 332 | 0 | ' | 17,400 |
Inventory | 5,826 | ' | ' | ' | 6,529 | ' | ' | ' | 5,826 | 6,529 | ' | ' |
Construction and tenant allowances | 7,441 | ' | ' | ' | 9,981 | ' | ' | ' | 7,441 | 9,981 | ' | ' |
Stock-based compensation | 7,457 | ' | ' | ' | 6,109 | ' | ' | ' | 7,457 | 6,109 | ' | ' |
Benefit from uncertain tax positions | 58 | ' | ' | ' | 116 | ' | ' | ' | 58 | 116 | ' | ' |
Guarantees | 1,347 | ' | ' | ' | 2,523 | ' | ' | ' | 1,347 | 2,523 | ' | ' |
Accrued expenses | 8,717 | ' | ' | ' | 7,389 | ' | ' | ' | 8,717 | 7,389 | ' | ' |
Accrued rent | 14,790 | ' | ' | ' | 14,293 | ' | ' | ' | 14,790 | 14,293 | ' | ' |
Other | 13,068 | ' | ' | ' | 12,921 | ' | ' | ' | 13,068 | 12,921 | ' | 18,600 |
Total deferred tax assets, gross of valuation allowance | 59,036 | ' | ' | ' | 101,748 | ' | ' | ' | 59,036 | 101,748 | ' | ' |
Less: valuation allowance | -860 | ' | ' | ' | -785 | ' | ' | ' | -860 | -785 | ' | -88,600 |
Total deferred tax assets, net of valuation allowance | 58,176 | ' | ' | ' | 100,963 | ' | ' | ' | 58,176 | 100,963 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | -24,214 | ' | ' | ' | -21,567 | ' | ' | ' | -24,214 | -21,567 | ' | ' |
Prepaid expenses | -957 | ' | ' | ' | -924 | ' | ' | ' | -957 | -924 | ' | ' |
Other | -3,288 | ' | ' | ' | -1,632 | ' | ' | ' | -3,288 | -1,632 | ' | -87,400 |
Total deferred tax liabilities | -28,459 | ' | ' | ' | -24,123 | ' | ' | ' | -28,459 | -24,123 | ' | ' |
Total b net deferred tax asset | $29,717 | ' | ' | ' | $76,840 | ' | ' | ' | $29,717 | $76,840 | ' | ' |
Income_Taxes_Income_Tax_Contin
Income Taxes Income Tax Contingencies (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $1,800,000 | $1,300,000 | $1,200,000 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | 1,253,000 | 2,315,000 | 2,899,000 |
Settlements during the year | 1,184,000 | 400,000 | 374,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | -69,000 | -345,000 | -870,000 |
Reductions for tax positions taken in prior years: | -530,000 | -755,000 | -86,000 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 362,000 | 2,000 |
Unrecognized Tax Benefits, Ending Balance | 1,838,000 | 1,253,000 | 2,315,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $200,000 | $300,000 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $572,267 | $632,976 | $562,063 | $601,362 | $594,254 | $592,734 | $512,218 | $558,572 | $2,368,668 | $2,257,778 | $2,024,329 |
Cost of sales | -412,289 | -420,106 | -378,621 | -418,365 | -422,540 | -392,563 | -351,973 | -365,982 | -1,629,381 | -1,533,058 | -1,370,382 |
Operating expenses | -115,113 | -124,614 | -129,461 | -128,711 | -126,022 | -121,734 | -112,118 | -121,923 | -497,899 | -481,797 | -448,583 |
Change in fair value of derivative instruments | ' | ' | ' | ' | 0 | 0 | -779 | -5,342 | 0 | -6,121 | -53,914 |
Operating profit | 44,865 | 88,256 | 53,981 | 54,286 | 45,692 | 78,437 | 47,348 | 65,325 | 241,388 | 236,802 | 151,450 |
Interest Income (Expense), Net | 762 | 1,036 | 481 | 340 | 273 | 2,575 | 496 | 467 | 2,619 | 3,811 | -9,181 |
Income from continuing operations before income taxes | 45,627 | 89,292 | 54,462 | 54,626 | 45,965 | 81,012 | 47,844 | 65,792 | 244,007 | 240,613 | 142,269 |
Income Tax Expense (Benefit) | -17,521 | -34,331 | -20,742 | -20,111 | -18,819 | -30,897 | -18,526 | -27,185 | -92,705 | -95,427 | 58,069 |
Income from continuing operations | ' | ' | ' | ' | 27,146 | 50,115 | 29,318 | 38,607 | 151,302 | 145,186 | 200,338 |
Total income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | 0 | 0 | 0 | 1,253 | ' | 1,253 | -4,855 |
Net income | $28,106 | $54,961 | $33,720 | $34,515 | $27,146 | $50,115 | $29,318 | $39,860 | $151,302 | $146,439 | $195,483 |
Diluted earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share from continuing operations, net of noncontrolling interests | ' | ' | ' | ' | $0.30 | $0.55 | $0.32 | $0.43 | $1.65 | $1.60 | $2.34 |
Diluted earnings (loss) per share from discontinued operations | ' | ' | ' | ' | $0 | $0 | $0 | $0.01 | $0 | $0.01 | ($0.07) |
Diluted earnings per share, net of noncontrolling interests | $0.30 | $0.60 | $0.37 | $0.38 | $0.30 | $0.55 | $0.32 | $0.45 | $1.65 | $1.62 | $2.27 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Dividends Payable, Date to be Paid | 15-Apr-14 |
Dividends Payable, Date Declared | 18-Mar-14 |
Common Stock, Dividends, Per Share, Declared | $0.19 |
Dividends Payable, Date of Record | 4-Apr-14 |