Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
3-May-14 | 30-May-14 | 30-May-14 | |
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 | '--01-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 3-May-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 82,932,103 | 7,733,177 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Net sales | $598,947 | $601,362 |
Cost of sales | -410,942 | -418,365 |
Operating expenses | -126,754 | -128,711 |
Operating profit | 61,251 | 54,286 |
Interest Expense | -69 | -217 |
Interest income | 1,027 | 557 |
Interest income, net | 958 | 340 |
Income before income taxes | 62,209 | 54,626 |
Income tax provision | -23,570 | -20,111 |
Net income | 38,639 | 34,515 |
Other Comprehensive Income (Loss), Net of Tax | $38,639 | $34,515 |
Basic and diluted earnings (loss) per share [Abstract]: | ' | ' |
Basic earnings per share | $0.43 | $0.38 |
Diluted earnings per share | $0.42 | $0.38 |
Shares used in per share calculations [Abstract]: | ' | ' |
Basic shares | 90,824 | 90,114 |
Diluted shares | 92,107 | 91,556 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Assets [Abstract]: | ' | ' | ' |
Cash and equivalents | $132,900 | $112,021 | $82,405 |
Short-term investments | 179,877 | 224,098 | 213,210 |
Accounts receivable, net | 22,762 | 26,593 | 19,680 |
Accounts receivable from related parties | 14 | 53 | 6 |
Inventories | 419,983 | 397,768 | 395,310 |
Prepaid expenses and other current assets | 44,404 | 34,072 | 36,147 |
Prepaid rent to related parties | 973 | 29 | 1,032 |
Deferred income taxes | 20,394 | 18,130 | 51,884 |
Total current assets | 821,307 | 812,764 | 799,674 |
Property and equipment, net | 327,560 | 318,620 | 303,854 |
Long-term investments | 235,411 | 243,188 | 134,127 |
Goodwill | 25,899 | 25,899 | 25,899 |
Deferred income taxes | 11,598 | 11,587 | 13,393 |
Prepaid Expense, Noncurrent | 686 | 514 | 0 |
Other assets | 8,884 | 8,672 | 7,827 |
Total assets | 1,431,345 | 1,421,244 | 1,284,774 |
Liabilities and Shareholders' equity [Abstract]: | ' | ' | ' |
Accounts payable | 148,491 | 167,949 | 133,197 |
Accounts payable to related parties | 1,670 | 756 | 1,549 |
Accrued expenses | 120,483 | 115,697 | 129,418 |
Total current liabilities | 270,644 | 284,402 | 264,164 |
Non-current liabilities | 137,413 | 138,298 | 127,234 |
Commitments and contingencies | 0 | 0 | 0 |
Shareholdersb equity [Abstract]: | ' | ' | ' |
Additional Paid in Capital, Common Stock | 893,778 | 890,698 | 875,621 |
Preferred Shares, no par value; 100,000 authorized; no shares issued or outstanding | 0 | 0 | 0 |
Treasury Stock, Value | -1,600 | -1,600 | 0 |
Retained earnings | 156,103 | 134,439 | 51,506 |
Basis difference related to acquisition of commonly controlled entity | -24,993 | -24,993 | -24,993 |
Accumulated other comprehensive loss | 0 | 0 | -8,758 |
Total shareholdersb equity | 1,023,288 | 998,544 | 893,376 |
Total liabilities and shareholdersb equity | 1,431,345 | 1,421,244 | 1,284,774 |
Additional Paid-in Capital [Member] | ' | ' | ' |
Shareholdersb equity [Abstract]: | ' | ' | ' |
Total shareholdersb equity | $893,778 | $890,698 | $875,621 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Shareholders' equity [Abstract]: | ' | ' | ' |
Common Shares, outstanding (in shares) | 90,959 | 90,766 | 90,284 |
Preferred Shares, par value (in dollars per share) | $0 | $0 | $0 |
Preferred Shares, authorized (in shares) | 100,000 | 100,000 | 100,000 |
Preferred Shares, issued (in shares) | 0 | 0 | 0 |
Preferred Shares, outstanding (in shares) | 0 | 0 | 0 |
Class A Common Shares | ' | ' | ' |
Shareholders' equity [Abstract]: | ' | ' | ' |
Common Shares, par value (in dollars per share) | $0 | $0 | $0 |
Common Shares, authorized (in shares) | 250,000 | 250,000 | 170,000 |
Common Shares, issued (in shares) | 83,264 | 83,071 | 72,666 |
Common Shares, outstanding (in shares) | 83,226 | 83,033 | 72,666 |
Class B Common Shares | ' | ' | ' |
Shareholders' equity [Abstract]: | ' | ' | ' |
Common Shares, par value (in dollars per share) | $0 | $0 | $0 |
Common Shares, authorized (in shares) | 100,000 | 100,000 | 100,000 |
Common Shares, issued (in shares) | 7,733 | 7,733 | 17,618 |
Common Shares, outstanding (in shares) | 7,733 | 7,733 | 17,618 |
Treasury Stock [Member] | ' | ' | ' |
Shareholders' equity [Abstract]: | ' | ' | ' |
Common Shares, outstanding (in shares) | 38 | 38 | 0 |
Treasury Stock, Shares | 38 | 38 | 0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Class A Common Shares | Class B Common Shares | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings | Basis difference related to acquisition of commonly controlled entity | Accumulated other comprehensive loss |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Feb. 02, 2013 | $858,579 | ' | ' | $0 | $872,026 | $16,991 | ($21,680) | ($8,758) |
Balance (in shares) at Feb. 02, 2013 | ' | 72,564 | 17,460 | 0 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 34,515 | ' | ' | ' | 0 | 34,515 | 0 | 0 |
Stock-based compensation expense, before related tax effects | 2,345 | ' | ' | ' | 2,345 | ' | ' | ' |
Stock units granted | 37 | ' | ' | ' | 37 | ' | ' | ' |
Stock units granted (in shares) | ' | 2 | ' | ' | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes | 1,913 | ' | ' | ' | 1,913 | ' | ' | ' |
Exercise of stock options, net of settlement of taxes (in shares) | ' | 184 | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -1,537 | ' | ' | ' | -1,537 | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 74 | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to stock-based compensation | 837 | ' | ' | ' | 837 | ' | ' | ' |
Tax Effect of Basis Difference Related to Acquisition of Common Control Entity | -3,313 | ' | ' | ' | ' | ' | -3,313 | ' |
Exchange of Class A Common Shares for Class B Common Shares | ' | -606 | ' | ' | ' | ' | ' | ' |
Exchange of Class A for Class B shares | ' | ' | 606 | ' | ' | ' | ' | ' |
Value of stock transferred from Class A Common Shares to Class B Common Shares. | 0 | ' | ' | ' | 0 | ' | ' | ' |
Exchange of Class B Shares for Class A Shares (in shares) | ' | 448 | ' | ' | ' | ' | ' | ' |
Exchange of Class B for Class A (in shares) | ' | ' | -448 | ' | ' | ' | ' | ' |
Value of stock transferred from Class B Common Shares to Class A Common Shares. | 0 | ' | ' | ' | 0 | ' | ' | ' |
Exchange of Class A Common Shares for Class B Common Shares | ' | ' | ' | ' | ' | ' | ' | 0 |
Balance at May. 04, 2013 | 893,376 | ' | ' | 0 | 875,621 | 51,506 | -24,993 | -8,758 |
Balance (in shares) at May. 04, 2013 | 90,284 | 72,666 | 17,618 | 0 | ' | ' | ' | ' |
Balance at Feb. 01, 2014 | 998,544 | ' | ' | -1,600 | 890,698 | 134,439 | -24,993 | 0 |
Balance (in shares) at Feb. 01, 2014 | 90,766 | 83,033 | 7,733 | 38 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 38,639 | ' | ' | ' | 0 | 38,639 | 0 | 0 |
Stock-based compensation expense, before related tax effects | 2,848 | ' | ' | ' | 2,848 | ' | ' | ' |
Stock units granted | 40 | ' | ' | ' | 40 | ' | ' | ' |
Stock units granted (in shares) | ' | 3 | ' | ' | ' | ' | ' | ' |
Exercise of stock options, net of settlement of taxes | 660 | ' | ' | ' | 660 | ' | ' | ' |
Exercise of stock options, net of settlement of taxes (in shares) | ' | 126 | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes | -1,352 | ' | ' | ' | -1,352 | ' | ' | ' |
Vesting of restricted stock units, net of settlement of taxes (in shares) | ' | 64 | ' | ' | ' | ' | ' | ' |
Excess tax benefits related to stock-based compensation | 884 | ' | ' | ' | 884 | ' | ' | ' |
Dividends paid | -16,975 | ' | ' | ' | ' | -16,975 | ' | ' |
Balance at May. 03, 2014 | $1,023,288 | ' | ' | ($1,600) | $893,778 | $156,103 | ($24,993) | $0 |
Balance (in shares) at May. 03, 2014 | 90,959 | 83,226 | 7,733 | 38 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Dividends paid (in dollars per share) | $0.19 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Cash flows from operating activities: | ' | ' |
Net income | $38,639 | $34,515 |
Adjustments to reconcile net income (loss) to net cash and equivalents provided by operating activities from continuing operations: | ' | ' |
Depreciation and amortization | 16,346 | 16,300 |
Share-based compensation expense | 2,888 | 2,382 |
Deferred income taxes | -2,275 | 7,999 |
Loss on disposal of long-lived assets | 232 | 304 |
Amortization of investment discounts and premiums | 2,752 | 2,036 |
Excess tax benefits related to stock option exercises | -884 | -837 |
Change in working capital, other assets and liabilities: | ' | ' |
Accounts receivable, net | 3,870 | 7,098 |
Inventories | -22,215 | -1,516 |
Prepaid expenses and other current assets | -11,161 | -16,542 |
Accounts payable | -17,374 | -17,451 |
Accrued expenses | 5,000 | 8,071 |
Other | -1,282 | -45 |
Net cash and equivalents provided by operating activities | 14,536 | 42,314 |
Cash flows from investing activities: | ' | ' |
Cash paid for property and equipment | -25,833 | -21,639 |
Purchases of available-for-sale investments | -4,805 | 0 |
Purchases of held-to-maturity investments | -22,426 | -84,883 |
Maturities and sales of available-for-sale investments | 26,855 | 22,635 |
Maturities of held-to-maturity investments | 49,622 | 41,668 |
Increase (Decrease) in Restricted Cash | -287 | 0 |
Net cash and equivalents provided by (used in) investing activities | 23,126 | -42,219 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 660 | 1,913 |
Payments Related to Tax Withholding for Share-based Compensation | -1,352 | -1,537 |
Dividends paid | -16,975 | 0 |
Excess tax benefits related to stock-based compensation | 884 | 837 |
Net cash and equivalents (used in) provided by financing activities | -16,783 | 1,213 |
Net increase in cash and equivalents | 20,879 | 1,308 |
Cash and equivalents, beginning of period | 112,021 | 81,097 |
Cash and equivalents, end of period | 132,900 | 82,405 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for income taxes | 15,347 | 7,753 |
Proceeds from construction and tenant allowances | 5,482 | 9,400 |
Non-cash operating, investing and financing activities: | ' | ' |
Balance of accounts payable and accrued expenses due to property and equipment purchases | $5,143 | $5,621 |
Business_Operations
Business Operations | 3 Months Ended |
3-May-14 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Operations and Basis of Presentation | ' |
BUSINESS OPERATIONS AND BASIS OF PRESENTATION | |
Business Operations- DSW and its wholly owned subsidiaries are herein referred to collectively as DSW or the “Company”. DSW’s Class A Common Shares are listed on the New York Stock Exchange under the ticker symbol “DSW”. DSW Class B Common Shares are not listed on a stock exchange but are exchangeable for Class A Common Shares at the election of the shareholder. | |
DSW has two reportable segments: the DSW segment, which includes the DSW stores and dsw.com sales channels, and the Affiliated Business Group ("ABG") segment. DSW offers a wide assortment of brand name dress, casual and athletic footwear and accessories for women and men. As of May 3, 2014, DSW operated a total of 408 DSW stores located in 42 states, the District of Columbia and Puerto Rico, and dsw.com. During the three months ended May 3, 2014, DSW opened 14 new DSW stores. | |
DSW also operates shoe departments for three retailers in its ABG segment. As of May 3, 2014, DSW supplied merchandise to 262 Stein Mart stores and the Stein Mart e-commerce website, 95 Gordmans stores, and one Frugal Fannie’s store. During the three months ended May 3, 2014, DSW added 7 new shoe departments and ceased operations in 5 shoe departments. | |
In April 2014, ABG announced that it will conceptualize, design and operate Yellow Box retail stores, which will offer core fashion sandals, flats, dress shoes, boots and exclusive products. ABG plans to open Yellow Box stores in premier shopping destinations throughout the United States, with the initial phase commencing with three to five store openings in 2014. | |
On May 12, 2014, DSW announced the closing of its initial acquisition of Town Shoes Limited ("Town Shoes"), the largest footwear and accessories retailer in Canada, for CAD$75.5 million (USD$68.7 million) in cash. DSW Inc. acquired a 49.2% interest in Town Shoes from certain clients of Alberta Investment Management Corporation and other minority shareholders. DSW Inc.'s initial stake provides 50% voting control and board representation equal to the primary remaining shareholder, Callisto Capital (see Note 15 for additional discussion). Town Shoes is the market leader in branded footwear in Canada, with sales of CAD$291 million in its fiscal year ending January 2014. Town Shoes operates 182 locations across Canada primarily under The Shoe Company, Shoe Warehouse and Town Shoes banners. | |
Basis of Presentation- The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with DSW’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27, 2014 (the “2013 Annual Report”). In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the condensed consolidated financial position, results of operations and cash flows for the periods presented. The condensed consolidated financial statements include the accounts of DSW and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
3-May-14 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
A description of the Company's significant accounting policies is included in the Company's 2013 Annual Report. | |
Co-Branded Credit Card- On April 30, 2014, DSW began to issue co-branded credit cards under a seven year agreement with an issuing bank, which allows members to earn points even faster through purchases at DSW stores and anywhere that Visa is accepted. DSW provides marketing support for the co-branded credit card program. The issuing bank is the sole owner of the credit card accounts. | |
The revenue under this agreement will be recorded in net sales. DSW received an upfront signing bonus from the issuing bank, which is recognized on a straight-line basis over the expected life of the relationship. DSW will receive ongoing payments from the issuing bank for new accounts activated as well as payments for usage of the cards, which will be recognized over the life of the relationship on a cumulative catch-up basis. | |
Consistent with the current accounting for the customer loyalty program, the cost associated with rewards points and certificates is accrued as the points are earned by the cardholder and is recorded in cost of sales. Administrative costs related to the co-branded credit card program, including payroll, store expenses, marketing expenses, depreciation and other direct costs, are recorded in operating expenses. | |
Foreign Currency Translation and Remeasurement- In anticipation of the purchase of an equity interest in Town Shoes, DSW purchased CAD$75 million prior to the end of the quarter, which equated to approximately $69 million at period end. As DSW's functional currency is USD, the purchase of CAD resulted in an immaterial foreign currency exchange gain. Gains or losses resulting from foreign currency transactions are included in operating expense, whereas related translation adjustments will be reported as an element of other comprehensive income, both of which are included in the condensed consolidated statements of operations and comprehensive income. | |
Recent Accounting Pronouncements- In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which a company expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures and provide more comprehensive guidance for transactions such as service revenue and contract modifications. The standard will take effect for public companies for annual reporting periods beginning after Dec. 15, 2016, including interim reporting periods. DSW is currently in process of evaluating the impact of the new standard on its financial statements and disclosures. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
3-May-14 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Schottenstein Affiliates- As of May 3, 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, 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 May 3, 2014, the Schottenstein Affiliates beneficially owned 7.7 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 payable to affiliates principally result from commercial transactions or affiliate transactions and normally settle in the form of cash in 30 to 60 days. Related party balances are disclosed on the condensed consolidated balance sheets. |
Earnings_per_Share_and_Shareho
Earnings per Share and Shareholders' Equity | 3 Months Ended | |||||
3-May-14 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Earnings per Share and Shareholders' Equity | ' | |||||
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | ||||||
Earnings per Share- Basic earnings per share is based on net income and a simple weighted-average of common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding DSW stock options, restricted stock units ("RSU") and performance-based restricted stock units ("PSU") calculated using the treasury stock method. The following table is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: | ||||||
Three months ended | ||||||
May 3, 2014 | May 4, 2013 | |||||
(in thousands) | ||||||
Basic shares | 90,824 | 90,114 | ||||
Assumed exercise of dilutive DSW stock options | 1,062 | 1,212 | ||||
Assumed exercise of dilutive DSW RSUs and PSUs | 221 | 230 | ||||
Diluted shares | 92,107 | 91,556 | ||||
Options, RSUs and PSUs- For the three months ended May 3, 2014 and May 4, 2013, the amount of potential common shares that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 0.9 million and 0.8 million, respectively. | ||||||
Shareholders' Equity- On May 29, 2013, DSW announced that its Board of Directors had authorized the Company to extend the share repurchase program of up to $100 million of DSW Common Shares. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common shares under the program. DSW did not make any repurchases under this program during the three months ended May 3, 2014 and May 4, 2013. | ||||||
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. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||
3-May-14 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-based Compensation | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
The DSW 2005 Equity Incentive Plan ("the DSW Plan") provides for the issuance of equity awards to purchase up to 11.2 million DSW Common Shares. 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-Based Compensation Expense- The following table summarizes DSW's stock-based compensation expense: | ||||||||
Three months ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(in thousands) | ||||||||
Stock Options | $ | 1,915 | $ | 1,779 | ||||
Restricted Stock Units | 730 | 507 | ||||||
Performance-Based Restricted Stock Units | 203 | 59 | ||||||
Director Stock Units | 40 | 37 | ||||||
Total | $ | 2,888 | $ | 2,382 | ||||
Stock Options- The following table summarizes DSW’s stock option activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 3,347 | |||||||
Granted | 398 | |||||||
Exercised | (126 | ) | ||||||
Forfeited | (77 | ) | ||||||
Outstanding, end of period | 3,542 | |||||||
Exercisable, end of period | 2,061 | |||||||
As of May 3, 2014, the total compensation cost related to nonvested DSW stock options not yet recognized was approximately $16.3 million with a weighted-average expense recognition period remaining of 2.2 years. The following table illustrates the weighted-average assumptions used in the Black-Scholes pricing model for DSW options granted in each of the periods presented: | ||||||||
Three months ended | ||||||||
Assumptions: | May 3, 2014 | May 4, 2013 | ||||||
Risk-free interest rate | 1.90% | 0.70% | ||||||
Expected volatility of DSW common stock | 45.80% | 53.50% | ||||||
Expected option term | 5.4 years | 4.7 years | ||||||
Expected dividend yield | 2.30% | 1.20% | ||||||
Other Data: | ||||||||
Weighted Average Grant Date Fair Value | $12.50 | $12.85 | ||||||
Restricted Stock Units ("RSU")- The following table summarizes DSW’s RSU activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 381 | |||||||
Granted | 77 | |||||||
Vested | (100 | ) | ||||||
Forfeited | (15 | ) | ||||||
Outstanding, end of period | 343 | |||||||
As of May 3, 2014, the total compensation cost related to nonvested RSUs not yet recognized was approximately $6.6 million with a weighted average expense recognition period remaining of 2.3 years. | ||||||||
Performance-Based Restricted Stock Units ("PSU")- The following table summarizes DSW’s PSU activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 69 | |||||||
Granted | 85 | |||||||
Vested | — | |||||||
Forfeited | (5 | ) | ||||||
Outstanding, end of period | 149 | |||||||
As of May 3, 2014, the total compensation cost related to nonvested PSUs not yet recognized was approximately $4.3 million with a weighted average expense recognition period remaining of 2.5 years . | ||||||||
Director Stock Units- DSW issues stock units to directors who are not employees of DSW. The following table summarizes DSW’s director stock unit activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 330 | |||||||
Granted | 3 | |||||||
Exercised | (1 | ) | ||||||
Outstanding, end of period | 332 | |||||||
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
The majority of DSW’s available-for-sale investments were primarily municipal bonds with renewal dates of every 7 days. Held-to-maturity investments are primarily corporate bonds, municipal bonds and municipal term notes and are held at amortized cost, which approximates fair value. Long-term investments have maturities longer than one year but shorter than three years and are classified as held-to-maturity. The following table discloses the major categories of DSW’s investments as of the periods presented: | ||||||||||||||||||||||||
Short-term investments | Long-term investments | |||||||||||||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||||||||||
Available-for-sale: | (in thousands) | |||||||||||||||||||||||
Bonds | — | $ | 22,050 | $ | 1,645 | — | — | — | ||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Term notes and bonds | $ | 179,877 | 202,048 | 211,565 | $ | 235,411 | $ | 243,188 | $ | 134,127 | ||||||||||||||
Total investments | $ | 179,877 | $ | 224,098 | $ | 213,210 | $ | 235,411 | $ | 243,188 | $ | 134,127 | ||||||||||||
As of May 3, 2014, February 1, 2014 and May 4, 2013, short-term investments had gross holding gains of $0.1 million, $0.2 million and $0.2 million, respectively, and gross holding losses of $0.1 million, $0.1 million and $0.2 million, respectively. As of May 3, 2014, February 1, 2014 and May 4, 2013, long-term investments had gross holding gains of $0.6 million, $0.6 million and $0.2 million, respectively, and gross holding losses of $0.3 million, $0.4 million and $0.3 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Therefore, fair value is a market-based measurement based on assumptions of the market participants. As a basis for these assumptions, DSW classifies its fair value measurements under the following fair value hierarchy: | ||||||||||||||||||||||||||||||||||||
• | Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that are publicly accessible. Active markets have frequent transactions with enough volume to provide ongoing pricing information. | |||||||||||||||||||||||||||||||||||
• | Level 2 inputs are other than level 1 inputs that are directly or indirectly observable. These can include unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical assets or liabilities in inactive markets or other observable inputs. | |||||||||||||||||||||||||||||||||||
• | Level 3 inputs are unobservable inputs. | |||||||||||||||||||||||||||||||||||
Financial Assets- The following table presents financial assets at fair value as of the periods presented: | ||||||||||||||||||||||||||||||||||||
As of May 3, 2014 | As of February 1, 2014 | As of May 4, 2013 | ||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||
Financial assets: | (in thousands) | |||||||||||||||||||||||||||||||||||
Cash and equivalents (a) | $ | 132,900 | $ | 132,900 | — | $ | 112,021 | $ | 112,021 | — | $ | 82,405 | $ | 82,405 | — | |||||||||||||||||||||
Short-term investments (b) | 179,928 | — | $ | 179,928 | 224,167 | — | $ | 224,167 | 213,195 | — | $ | 213,195 | ||||||||||||||||||||||||
Long-term investments (b) | 235,717 | — | 235,717 | 243,373 | — | 243,373 | 134,024 | — | 134,024 | |||||||||||||||||||||||||||
Total financial assets | $ | 548,545 | $ | 132,900 | $ | 415,645 | $ | 579,561 | $ | 112,021 | $ | 467,540 | $ | 429,624 | $ | 82,405 | $ | 347,219 | ||||||||||||||||||
There are no assets valued using level 3 inputs for the periods presented. | ||||||||||||||||||||||||||||||||||||
(a) Cash and equivalents primarily represent cash deposits and investments in money market funds held with financial institutions, as well as credit card receivables that generally settle within three days. The carrying amount approximates fair value because of the relatively short average maturity of the instruments. | ||||||||||||||||||||||||||||||||||||
(b) Available-for-sale and held-to maturity investments are valued using a market-based approach using level 2 inputs such as prices of similar assets in active markets. | ||||||||||||||||||||||||||||||||||||
Non-Financial Assets- DSW periodically evaluates the carrying amount of its long-lived assets, primarily property and equipment, and finite lived intangible assets when events and circumstances warrant such a review to ascertain if any assets have been impaired. There were no significant non-recurring fair value measurements recorded for the three months ended May 3, 2014 or May 4, 2013. |
Debt_Obligations
Debt Obligations | 3 Months Ended |
3-May-14 | |
Debt Disclosure [Abstract] | ' |
Debt Obligations and Warrant Liabilities | ' |
DEBT OBLIGATIONS | |
DSW $50 million Secured Credit Facility- On August 2, 2013, DSW entered into a $50 million secured revolving credit agreement (the "Credit Facility"), which has a term of 5 years and 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, together with the Letter of Credit Agreement (defined below), amended and restated DSW's prior credit facility, dated June 30, 2010. 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. 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 $25.8 million for capital expenditures for the three months ended May 3, 2014. | |
As of May 3, 2014, February 1, 2014 and May 4, 2013, DSW had no outstanding borrowings under the facilities, had availability under the facilities of $49.5 million, $49.4 million and $89.4 million, respectively, and had outstanding letters of credit under the credit facilities of $0.5 million, $0.6 million and $10.6 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. | |
As of May 3, 2014 and February 1, 2014, DSW had $4.5 million and $5.6 million, respectively, in outstanding letters of credit and $6.4 million and $6.1 million in restricted cash on deposit under the Letter of Credit Agreement. The restricted cash balance is recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. |
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and equipment, net | ' | ||||||||||||
PROPERTY AND EQUIPMENT, NET | |||||||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Land | $ | 1,110 | $ | 1,110 | $ | 1,110 | |||||||
Furniture, fixtures and equipment | 402,861 | 387,913 | 354,398 | ||||||||||
Buildings, building and leasehold improvements | 334,501 | 325,340 | 299,235 | ||||||||||
Total property and equipment | 738,472 | 714,363 | 654,743 | ||||||||||
Accumulated depreciation and amortization | (410,912 | ) | (395,743 | ) | (350,889 | ) | |||||||
Property and equipment, net | $ | 327,560 | $ | 318,620 | $ | 303,854 | |||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Payables and Accruals [Abstract] | ' | ||||||||||||
Accrued Expenses | ' | ||||||||||||
ACCRUED EXPENSES | |||||||||||||
The balance sheet caption "Accrued expenses" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Gift cards and merchandise credits | $ | 33,909 | $ | 37,651 | $ | 30,339 | |||||||
Compensation | 13,963 | 18,043 | 16,308 | ||||||||||
Taxes | 20,450 | 13,581 | 21,782 | ||||||||||
Customer loyalty program | 16,579 | 19,547 | 19,816 | ||||||||||
Other | 35,582 | 26,875 | 41,173 | ||||||||||
Total accrued expenses | $ | 120,483 | $ | 115,697 | $ | 129,418 | |||||||
NonCurrent_Liabilities
Non-Current Liabilities | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||
Other Non-Current Liabilities | ' | ||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Construction and tenant allowances | $ | 80,763 | $ | 84,464 | $ | 73,917 | |||||||
Deferred rent | 38,404 | 37,985 | 37,241 | ||||||||||
Other | 18,246 | 15,849 | 16,076 | ||||||||||
Total non-current liabilities | $ | 137,413 | $ | 138,298 | $ | 127,234 | |||||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||
3-May-14 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
The Company sells products through three channels: DSW stores, dsw.com and ABG. The reportable segments are the DSW segment, which includes the DSW stores and dsw.com sales channels, and the ABG segment. DSW has identified such segments based on internal management reporting and responsibilities and measures segment profit as gross profit, which is defined as net sales less cost of sales. All operations are located in the United States and its territories. The goodwill balance of $25.9 million as of May 3, 2014, February 1, 2014 and May 4, 2013 is recorded in the DSW segment related to the DSW stores. In order to reconcile to the condensed consolidated financial statements, DSW includes Other, which consists of assets, liabilities and expenses that are not attributable to the reportable segments, primarily related to assets and liabilities of the former Retail Ventures, Inc. operations. | ||||||||||||||||
DSW segment | ABG segment | Other | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended May 3, 2014 | ||||||||||||||||
Net sales | $ | 558,866 | $ | 40,081 | — | $ | 598,947 | |||||||||
Gross profit | 178,251 | 9,754 | — | 188,005 | ||||||||||||
Capital expenditures | 25,180 | 223 | — | 25,403 | ||||||||||||
Three months ended May 4, 2013 | ||||||||||||||||
Net sales | $ | 562,924 | $ | 38,438 | — | $ | 601,362 | |||||||||
Gross profit | 173,937 | 9,060 | — | 182,997 | ||||||||||||
Capital expenditures | 19,631 | 170 | — | 19,801 | ||||||||||||
Total Assets | ||||||||||||||||
As of May 3, 2014 | $ | 1,344,090 | $ | 86,861 | $ | 394 | $ | 1,431,345 | ||||||||
As of February 1, 2014 | 1,340,629 | 80,221 | 394 | 1,421,244 | ||||||||||||
As of May 4, 2013 | 1,185,447 | 98,917 | 410 | 1,284,774 | ||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
3-May-14 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax, Policy [Policy Text Block] | ' |
INCOME TAXES | |
The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the three months ended May 3, 2014 and May 4, 2013, the effective tax rate of 37.9% and 36.8%, respectively, reflects the impact of federal, state and local taxes. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
3-May-14 | |
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. | |
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. | |
As of the effective time of the Merger, a subsidiary of DSW assumed the obligations under RVI’s guarantees related to the discontinued operations of Filene's Basement and Value City Department Stores. DSW may become subject to various risks related to guarantees and in certain circumstances may be responsible for certain other liabilities related to these discontinued operations. DSW records its best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss, DSW records the most likely estimated liability related to the guarantee. Additionally, if the underlying obligations are paid down or otherwise liquidated by the primary obligor, subject to certain statutory requirements, DSW will recognize a reduction of the associated liability. | |
Filene’s Basement- Following the Merger, a subsidiary of DSW, Merger Sub, assumed RVI’s obligations under lease guarantees for certain Filene’s Basement retail store locations for leases assumed by Syms Corp in its purchase of Filene’s Basement in fiscal 2009. As of May 3, 2014, the estimated liability was $3.3 million for the one remaining guarantee, which is described in more detail below: | |
Union Square, NY- RVI guaranteed Filene’s Basement’s obligations for the Union Square location when RVI owned Filene’s Basement, and the landlord at the Union Square location has brought a lawsuit against Merger Sub in the Supreme Court of the State of New York ("the Court") seeking payment under the guarantee. DSW believes that the liability under the guarantee may be limited based on the ultimate disposition of the lease and/or the guarantee may not be enforceable. In April 2012, the landlord advised DSW that it had signed a lease with a tenant and asserted that DSW is responsible for shortfalls and rent while the space was unoccupied. In April 2013, the Court denied the landlord's motion for summary judgment. The landlord appealed the court's denial of summary judgment. Oral arguments for the appeal were held in February 2014. The expected range of loss is from zero to $7.0 million. | |
Contractual Obligations- As of May 3, 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 $1.9 million as of May 3, 2014. In addition, DSW has signed lease agreements for 25 new store locations expected to be opened in fiscal 2014, 2015 and 2016 with total annual rent of $8.2 million. In connection with the new lease | |
agreements, DSW will receive a total of $12.3 million of tenant construction allowance reimbursements for expenditures at these locations. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
3-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Dividends- On May 28, 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 June 30, 2014 to shareholders of record at the close of business on June 20, 2014. | |
Purchase of Interest in Town Shoes - On May 9, 2014, DSW Inc. purchased for cash a 49.2% interest in Town Shoes Limited ("Town Shoes"), the largest footwear and accessories retailer in Canada, for CAD$75.5 million (or approximately USD$68.7 million based on the exchange rate). The interest in Town Shoes is comprised of an equity investment and a shareholder note, which earns payment-in-kind interest at 12%. | |
Town Shoes is the market leader in branded footwear in Canada, with sales of CAD$291 million in its fiscal year ending January 2014. Town operates 182 locations across Canada primarily under The Shoe Company, Shoe Warehouse and Town Shoes banners. Town Shoes was predominantly owned by Alberta Investment Management Corporation (“AIMCo”) on behalf of certain of its clients, and Callisto Capital (“Callisto”), a Canadian private equity firm. DSW Inc. purchased its initial stake from AIMCo and acquired additional shares from other minority shareholders as part of its initial investment. | |
Additionally, DSW Inc. will have the right to purchase the balance of Town Shoes from the remaining shareholders, including Callisto Capital, after four years at a pre-determined EBITDA multiple. Callisto, on behalf of itself and the remaining shareholders, has the right to put the balance of the company to DSW Inc. after three years at a pre-determined EBITDA multiple. DSW Inc.’s initial stake provides 50% voting control and board representation, both of which are equal to that of Callisto. The transaction will be recorded as an equity method investment. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
3-May-14 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' |
Co-Branded Credit Card- On April 30, 2014, DSW began to issue co-branded credit cards under a seven year agreement with an issuing bank, which allows members to earn points even faster through purchases at DSW stores and anywhere that Visa is accepted. DSW provides marketing support for the co-branded credit card program. The issuing bank is the sole owner of the credit card accounts. | |
The revenue under this agreement will be recorded in net sales. DSW received an upfront signing bonus from the issuing bank, which is recognized on a straight-line basis over the expected life of the relationship. DSW will receive ongoing payments from the issuing bank for new accounts activated as well as payments for usage of the cards, which will be recognized over the life of the relationship on a cumulative catch-up basis. | |
Consistent with the current accounting for the customer loyalty program, the cost associated with rewards points and certificates is accrued as the points are earned by the cardholder and is recorded in cost of sales. Administrative costs related to the co-branded credit card program, including payroll, store expenses, marketing expenses, depreciation and other direct costs, are recorded in operating expenses | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation and Remeasurement- In anticipation of the purchase of an equity interest in Town Shoes, DSW purchased CAD$75 million prior to the end of the quarter, which equated to approximately $69 million at period end. As DSW's functional currency is USD, the purchase of CAD resulted in an immaterial foreign currency exchange gain. Gains or losses resulting from foreign currency transactions are included in operating expense, whereas related translation adjustments will be reported as an element of other comprehensive income, both of which are included in the condensed consolidated statements of operations and comprehensive income. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements- In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which a company expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures and provide more comprehensive guidance for transactions such as service revenue and contract modifications. The standard will take effect for public companies for annual reporting periods beginning after Dec. 15, 2016, including interim reporting periods. DSW is currently in process of evaluating the impact of the new standard on its financial statements and disclosures. |
Earnings_per_Share_and_Shareho1
Earnings per Share and Shareholders' Equity (Tables) | 3 Months Ended | |||||
3-May-14 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Reconciliation of the Number of Shares Used in the Calculation of Diluted Earnings per Share | ' | |||||
The following table is a reconciliation of the number of shares used in the calculation of diluted earnings per share computations for the periods presented: | ||||||
Three months ended | ||||||
May 3, 2014 | May 4, 2013 | |||||
(in thousands) | ||||||
Basic shares | 90,824 | 90,114 | ||||
Assumed exercise of dilutive DSW stock options | 1,062 | 1,212 | ||||
Assumed exercise of dilutive DSW RSUs and PSUs | 221 | 230 | ||||
Diluted shares | 92,107 | 91,556 | ||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Schedule of Share-based Compensation Expense [Line Items] | ' | |||||||
Schedule of Share-based Compensation Expense [Table Text Block] | ' | |||||||
The following table summarizes DSW's stock-based compensation expense: | ||||||||
Three months ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
(in thousands) | ||||||||
Stock Options | $ | 1,915 | $ | 1,779 | ||||
Restricted Stock Units | 730 | 507 | ||||||
Performance-Based Restricted Stock Units | 203 | 59 | ||||||
Director Stock Units | 40 | 37 | ||||||
Total | $ | 2,888 | $ | 2,382 | ||||
Stock Option Plan Activity | ' | |||||||
The following table summarizes DSW’s stock option activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 3,347 | |||||||
Granted | 398 | |||||||
Exercised | (126 | ) | ||||||
Forfeited | (77 | ) | ||||||
Outstanding, end of period | 3,542 | |||||||
Exercisable, end of period | 2,061 | |||||||
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: | ||||||||
Three months ended | ||||||||
Assumptions: | May 3, 2014 | May 4, 2013 | ||||||
Risk-free interest rate | 1.90% | 0.70% | ||||||
Expected volatility of DSW common stock | 45.80% | 53.50% | ||||||
Expected option term | 5.4 years | 4.7 years | ||||||
Expected dividend yield | 2.30% | 1.20% | ||||||
Other Data: | ||||||||
Weighted Average Grant Date Fair Value | $12.50 | $12.85 | ||||||
Restricted Stock Unit Activity | ' | |||||||
The following table summarizes DSW’s RSU activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 381 | |||||||
Granted | 77 | |||||||
Vested | (100 | ) | ||||||
Forfeited | (15 | ) | ||||||
Outstanding, end of period | 343 | |||||||
Performance-based Units Activity [Table Text Block] | ' | |||||||
The following table summarizes DSW’s PSU activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 69 | |||||||
Granted | 85 | |||||||
Vested | — | |||||||
Forfeited | (5 | ) | ||||||
Outstanding, end of period | 149 | |||||||
Director Stock Unit Activity | ' | |||||||
The following table summarizes DSW’s director stock unit activity: | ||||||||
Three months ended | ||||||||
May 3, 2014 | ||||||||
(in thousands) | ||||||||
Outstanding, beginning of period | 330 | |||||||
Granted | 3 | |||||||
Exercised | (1 | ) | ||||||
Outstanding, end of period | 332 | |||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||||||||||
Available-for-sale: | (in thousands) | |||||||||||||||||||||||
Bonds | — | $ | 22,050 | $ | 1,645 | — | — | — | ||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Term notes and bonds | $ | 179,877 | 202,048 | 211,565 | $ | 235,411 | $ | 243,188 | $ | 134,127 | ||||||||||||||
Total investments | $ | 179,877 | $ | 224,098 | $ | 213,210 | $ | 235,411 | $ | 243,188 | $ | 134,127 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||||||||
The following table presents financial assets at fair value as of the periods presented: | ||||||||||||||||||||||||||||||||||||
As of May 3, 2014 | As of February 1, 2014 | As of May 4, 2013 | ||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||
Financial assets: | (in thousands) | |||||||||||||||||||||||||||||||||||
Cash and equivalents (a) | $ | 132,900 | $ | 132,900 | — | $ | 112,021 | $ | 112,021 | — | $ | 82,405 | $ | 82,405 | — | |||||||||||||||||||||
Short-term investments (b) | 179,928 | — | $ | 179,928 | 224,167 | — | $ | 224,167 | 213,195 | — | $ | 213,195 | ||||||||||||||||||||||||
Long-term investments (b) | 235,717 | — | 235,717 | 243,373 | — | 243,373 | 134,024 | — | 134,024 | |||||||||||||||||||||||||||
Total financial assets | $ | 548,545 | $ | 132,900 | $ | 415,645 | $ | 579,561 | $ | 112,021 | $ | 467,540 | $ | 429,624 | $ | 82,405 | $ | 347,219 | ||||||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
The balance sheet caption "Property and equipment, net" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Land | $ | 1,110 | $ | 1,110 | $ | 1,110 | |||||||
Furniture, fixtures and equipment | 402,861 | 387,913 | 354,398 | ||||||||||
Buildings, building and leasehold improvements | 334,501 | 325,340 | 299,235 | ||||||||||
Total property and equipment | 738,472 | 714,363 | 654,743 | ||||||||||
Accumulated depreciation and amortization | (410,912 | ) | (395,743 | ) | (350,889 | ) | |||||||
Property and equipment, net | $ | 327,560 | $ | 318,620 | $ | 303,854 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Payables and Accruals [Abstract] | ' | ||||||||||||
Accrued Expenses | ' | ||||||||||||
The balance sheet caption "Accrued expenses" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Gift cards and merchandise credits | $ | 33,909 | $ | 37,651 | $ | 30,339 | |||||||
Compensation | 13,963 | 18,043 | 16,308 | ||||||||||
Taxes | 20,450 | 13,581 | 21,782 | ||||||||||
Customer loyalty program | 16,579 | 19,547 | 19,816 | ||||||||||
Other | 35,582 | 26,875 | 41,173 | ||||||||||
Total accrued expenses | $ | 120,483 | $ | 115,697 | $ | 129,418 | |||||||
NonCurrent_LiabilitiesTables
Non-Current Liabilities(Tables) | 3 Months Ended | ||||||||||||
3-May-14 | |||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||
Other Non-current Liabilities | ' | ||||||||||||
The balance sheet caption "Non-current liabilities" was comprised of the following for the periods presented: | |||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | |||||||||||
(in thousands) | |||||||||||||
Construction and tenant allowances | $ | 80,763 | $ | 84,464 | $ | 73,917 | |||||||
Deferred rent | 38,404 | 37,985 | 37,241 | ||||||||||
Other | 18,246 | 15,849 | 16,076 | ||||||||||
Total non-current liabilities | $ | 137,413 | $ | 138,298 | $ | 127,234 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||
3-May-14 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
DSW segment | ABG segment | Other | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Three months ended May 3, 2014 | ||||||||||||||||
Net sales | $ | 558,866 | $ | 40,081 | — | $ | 598,947 | |||||||||
Gross profit | 178,251 | 9,754 | — | 188,005 | ||||||||||||
Capital expenditures | 25,180 | 223 | — | 25,403 | ||||||||||||
Three months ended May 4, 2013 | ||||||||||||||||
Net sales | $ | 562,924 | $ | 38,438 | — | $ | 601,362 | |||||||||
Gross profit | 173,937 | 9,060 | — | 182,997 | ||||||||||||
Capital expenditures | 19,631 | 170 | — | 19,801 | ||||||||||||
Total Assets | ||||||||||||||||
As of May 3, 2014 | $ | 1,344,090 | $ | 86,861 | $ | 394 | $ | 1,431,345 | ||||||||
As of February 1, 2014 | 1,340,629 | 80,221 | 394 | 1,421,244 | ||||||||||||
As of May 4, 2013 | 1,185,447 | 98,917 | 410 | 1,284,774 | ||||||||||||
Business_Operations_Store_Data
Business Operations Store Data (Details) | 3 Months Ended |
3-May-14 | |
Schedule of Stores Supplied With Merchandise [Line Items] | ' |
Number of Reportable Segments | 2 |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 182 |
Number of retailers operated as leased departments | 3 |
Number of new leased departments added | 7 |
Number of leased departments ceased | 5 |
DSW Segment [Abstract] | ' |
Number of States in which Entity Operates | 42 |
Number of Stores | 408 |
Number of new stores opened | 14 |
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 | 95 |
Frugal Fannie's Stores [Member] | ' |
Affiliated Business Group [Abstract] | ' |
Number of stores supplied by the entity | 1 |
Business_Operations_Town_Shoe_
Business Operations Town Shoe Acquisition (Details) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | 3-May-14 | 9-May-14 | 9-May-14 |
CAD | Town Shoes [Member] | Town Shoes [Member] | ||
USD ($) | CAD | |||
Town Shoe Acquisition [Line Items] | ' | ' | ' | ' |
Town Shoe Acquisition, Purchase Price for Ownership Interest (CAD) | ' | ' | ' | 75.5 |
Town Shoe Acquisition, Purchase Price for Ownership Interest (USD) | ' | ' | 68.7 | ' |
Town Shoe Acquisition, Ownership Interest Acquired | ' | ' | 49.20% | 49.20% |
Town Shoe Acquisition, Voting Control Interest Acquired | ' | ' | 50.00% | 50.00% |
Revenue, Net (CAD) | 291 | ' | ' | ' |
Number of stores supplied by the entity | ' | 182 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 3-May-14 |
In Millions, unless otherwise specified | |
Schottenstein Affiliates [Abstract] | ' |
Related party transaction Outstanding common shares owned (in hundredths) | 17.00% |
Related party transaction Combined voting power of outstanding common shares (in hundredths) | 48.00% |
Class A Common Shares | ' |
Schottenstein Affiliates [Abstract] | ' |
Related Party Transaction, Number of shares owned by related party (in shares) | 7.7 |
Class B Common Shares | ' |
Schottenstein Affiliates [Abstract] | ' |
Related Party Transaction, Number of shares owned by related party (in shares) | 7.7 |
Earnings_per_Share_and_Shareho2
Earnings per Share and Shareholders' Equity Calculation of Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Reconciliation of the number of shares used in the calculation of diluted earnings (loss) per share [Abstract] | ' | ' |
Basic shares | 90,824 | 90,114 |
Assumed exercise of dilutive DSW stock options | 1,062 | 1,212 |
Assumed exercise of dilutive DSW RSUs and PSUs | 221 | 230 |
Diluted shares | 92,107 | 91,556 |
Shareholders' equity [Abstract]: | ' | ' |
Amount authorized under the share repurchase program | $100 | ' |
Earnings_per_Share_and_Shareho3
Earnings per Share and Shareholders' Equity Anti-Dilutive Securities (Details) (Options, RSUs and PSUs [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Options, RSUs and PSUs [Member] | ' | ' |
Diluted earnings per share [Abstract] | ' | ' |
Securities outstanding not included in computation of diluted earnings per share | 0.9 | 0.8 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
DSW Stock-Based Compensation Plans [Abstract] | ' | ' |
Number of shares authorized (in shares) | 11,200,000 | ' |
Annual vesting percentage (in hundredths) | 20.00% | ' |
Additional Disclosures [Abstract] | ' | ' |
Share-based compensation expense | $2,888,000 | $2,382,000 |
Stock Options [Member] | ' | ' |
Stock Option Activity [Roll Forward] | ' | ' |
Outstanding, beginning of period (in shares) | 3,347,000 | ' |
Granted | 398,000 | ' |
Exercised | -126,000 | ' |
Forfeited | -77,000 | ' |
Outstanding, end of period (in shares) | 3,542,000 | ' |
Exercisable, end of period (in shares) | 2,061,000 | ' |
Additional Disclosures [Abstract] | ' | ' |
Compensation cost not yet recognized related to nonvested awards | 16,300,000 | ' |
Weighted average expense recognition period (in years) | '2 years 2 months | ' |
Weighted average grant date fair value (in dollars per share) | $12.50 | $12.85 |
Share-based compensation expense | 1,915,000 | 1,779,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Risk-free interest rate | 1.90% | 0.70% |
Expected volatility of DSW common stock | 45.80% | 53.50% |
Expected option term | '5 years 5 months | '4 years 8 months |
Expected dividend yield | 2.30% | 1.20% |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 6,600,000 | ' |
Weighted average expense recognition period (in years) | '2 years 3 months | ' |
Share-based compensation expense | 730,000 | 507,000 |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 381,000 | ' |
Granted (in units) | 77,000 | ' |
Vested (in units) | -100,000 | ' |
Forfeited (in units) | -15,000 | ' |
Outstanding, end of period (in units) | 343,000 | ' |
Performance Shares [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 4,300,000 | ' |
Weighted average expense recognition period (in years) | '2 years 6 months | ' |
Share-based compensation expense | 203,000 | 59,000 |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 69,000 | ' |
Granted (in units) | 85,000 | ' |
Vested (in units) | 0 | ' |
Forfeited (in units) | -5,000 | ' |
Outstanding, end of period (in units) | 149,000 | ' |
Director Stock Units [Member] | ' | ' |
Additional Disclosures [Abstract] | ' | ' |
Share-based compensation expense | $40,000 | $37,000 |
Equity instruments other than options [Roll forward] | ' | ' |
Outstanding, beginning of period (in units) | 330,000 | ' |
Granted (in units) | 3,000 | ' |
Non-Option Equity Instruments, Exercised | -1,000 | ' |
Outstanding, end of period (in units) | 332,000 | ' |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | ||
3-May-14 | Feb. 01, 2014 | 4-May-13 | |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' | ' |
Short-term investments | $179,877,000 | $224,098,000 | $213,210,000 |
Long-term investments | 235,411,000 | 243,188,000 | 134,127,000 |
Investment disclosure [Abstract] | ' | ' | ' |
Gross unrealized gains on short-term investments | 100,000 | 200,000 | 200,000 |
Current Held to Maturity Securities Unrecognized Holding Loss | 100,000 | 100,000 | 200,000 |
Gross unrealized gains from long-term held-to-maturity investments | 600,000 | 600,000 | 200,000 |
Gross unrealized losses on long-term held-to-maturity investments | 300,000 | 400,000 | 300,000 |
Bonds | Available-for-sale Securities [Member] | ' | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' | ' |
Short-term investments | 0 | 22,050,000 | 1,645,000 |
Long-term investments | 0 | 0 | 0 |
Term notes and bonds | Held-to-maturity Securities [Member] | ' | ' | ' |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ' | ' | ' |
Short-term investments | 179,877,000 | 202,048,000 | 211,565,000 |
Long-term investments | $235,411,000 | $243,188,000 | $134,127,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
Assets: | ' | ' | ' |
Cash and equivalents | $132,900,000 | $112,021,000 | $82,405,000 |
Short-term investments(b) | 179,928,000 | 224,167,000 | 213,195,000 |
Long-term investments(c) | 235,717,000 | 243,373,000 | 134,024,000 |
Total assets | 548,545,000 | 579,561,000 | 429,624,000 |
Level 1 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and equivalents | 132,900,000 | 112,021,000 | 82,405,000 |
Short-term investments(b) | 0 | 0 | 0 |
Long-term investments(c) | 0 | 0 | 0 |
Total assets | 132,900,000 | 112,021,000 | 82,405,000 |
Level 2 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 |
Short-term investments(b) | 179,928,000 | 224,167,000 | 213,195,000 |
Long-term investments(c) | 235,717,000 | 243,373,000 | 134,024,000 |
Total assets | $415,645,000 | $467,540,000 | $347,219,000 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 3 Months Ended | ||
3-May-14 | 4-May-13 | Feb. 01, 2014 | |
Credit Facility [Abstract] | ' | ' | ' |
Initiation date | 2-Aug-13 | ' | ' |
Prior Line of Credit Facility, Initiation Date | 30-Jun-10 | ' | ' |
Line of Credit Facility, Expiration Date | 31-Jul-18 | ' | ' |
Line of Credit Facility, Length of Term | '5 years 0 months | ' | ' |
Line of Credit Facility, Covenant Terms | 'The Credit Facility contains restrictive covenants relating to DSW's management and the operation of DSW's business. These covenants, among other things, limit or restrict DSW's ability to grant liens on its assets, limit its ability to incur additional indebtedness, limit its ability to enter into transactions with affiliates and limit its ability to merge or consolidate with another entity. | ' | ' |
Cash and short term investment requirement | $125,000,000 | ' | ' |
Limitation of capital expenditures | 200,000,000 | ' | ' |
Payments to Acquire Property, Plant, and Equipment | 25,833,000 | 21,639,000 | ' |
Credit Facility, available capacity | 49,500,000 | 89,400,000 | 49,400,000 |
Credit Facility, amount outstanding | 500,000 | 10,600,000 | 600,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | $100,000,000 | ' | ' |
Letter_of_Credit_Agreement_Det
Letter of Credit Agreement (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | Feb. 01, 2014 |
Letter of Credit [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $4.50 | $5.60 |
Letters of Credit Outstanding, Cash Held on Deposit | 6.4 | 6.1 |
Letter of Credit Agreement, initiation date | 2-Aug-13 | ' |
Letter of Credit Agreement, Maximum Borrowing Capacity | $50 | ' |
Letter of Credit Agreement, expiration date | 2-Aug-18 | ' |
Letter of Credit Agreement, cash collateral account requirement | 103.00% | ' |
Letter of Credit Agreement, cash collateral account (foreign currency) | 105.00% | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Property and equipment [Abstract]: | ' | ' | ' |
Land | $1,110 | $1,110 | $1,110 |
Furniture, fixtures and equipment | 402,861 | 387,913 | 354,398 |
Buildings, building and leasehold improvements | 334,501 | 325,340 | 299,235 |
Total property and equipment | 738,472 | 714,363 | 654,743 |
Accumulated depreciation and amortization | -410,912 | -395,743 | -350,889 |
Property and equipment, net | $327,560 | $318,620 | $303,854 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Payables and Accruals [Line Items] | ' | ' | ' |
Gift cards and merchandise credits | $33,909 | $37,651 | $30,339 |
Compensation | 13,963 | 18,043 | 16,308 |
Taxes | 20,450 | 13,581 | 21,782 |
Customer loyalty program | 16,579 | 19,547 | 19,816 |
Other | 35,582 | 26,875 | 41,173 |
Total accrued expenses | $120,483 | $115,697 | $129,418 |
NonCurrent_Liabilities_Details
Non-Current Liabilities (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Non-current liabilities [Line Items] | ' | ' | ' |
Construction and tenant allowances | $80,763 | $84,464 | $73,917 |
Deferred rent | 38,404 | 37,985 | 37,241 |
Other | 18,246 | 15,849 | 16,076 |
Total non-current liabilities | $137,413 | $138,298 | $127,234 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 | Feb. 01, 2014 |
Segment information [Abstract] | ' | ' | ' |
Net sales | $598,947 | $601,362 | ' |
Gross profit | 188,005 | 182,997 | ' |
Capital Expenditures | 25,403 | 19,801 | ' |
Total assets | 1,431,345 | 1,284,774 | 1,421,244 |
Goodwill | 25,899 | 25,899 | 25,899 |
Number of Reportable Segments | 2 | ' | ' |
Affiliated Business Group segment [Member] | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' |
Net sales | 40,081 | 38,438 | ' |
Gross profit | 9,754 | 9,060 | ' |
Capital Expenditures | 223 | 170 | ' |
Total assets | 86,861 | 98,917 | 80,221 |
Other [Member] | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' |
Net sales | 0 | 0 | ' |
Gross profit | 0 | 0 | ' |
Capital Expenditures | 0 | 0 | ' |
Total assets | 394 | 410 | 394 |
DSW [Member] | ' | ' | ' |
Segment information [Abstract] | ' | ' | ' |
Net sales | 558,866 | 562,924 | ' |
Gross profit | 178,251 | 173,937 | ' |
Capital Expenditures | 25,180 | 19,631 | ' |
Total assets | $1,344,090 | $1,185,447 | $1,340,629 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
Effective Income Tax Rate, Continuing Operations | 37.90% | 36.80% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 28, 2012 | 3-May-14 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | 0.435 | ' |
Contractual Obligations [Abstract] | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | $1.90 |
New store locations for which lease agreements signed, number | ' | 25 |
Operating Leases, future minimum payments due, current, new stores | ' | 8.2 |
Incentive to Lessee | ' | $12.30 |
Commitments_and_Contingencies_1
Commitments and Contingencies Guarantees Related to Discontinued Operations (Details) (USD $) | 12 Months Ended | |
Jan. 28, 2012 | 3-May-14 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Stockholders Equity Reverse Stock Split Conversion Ratio | 0.435 | ' |
Estimated guarantee liability | ' | $3,300,000 |
Union Square, NY [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Guarantee Obligations Minimum Exposure | ' | 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | $7,000,000 |
Subsequent_Events_Dividend_Dec
Subsequent Events Dividend Declaration (Details) (USD $) | 3 Months Ended |
3-May-14 | |
Dividend Declaration [Abstract] | ' |
Common Stock, Dividends, Per Share, Declared | $0.19 |
Dividends Payable, Date to be Paid | 30-Jun-14 |
Dividends Payable, Date of Record | 20-Jun-14 |
Subsequent_Events_Town_Shoe_Ac
Subsequent Events Town Shoe Acquisition (Details) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | 3-May-14 | 9-May-14 | 9-May-14 |
CAD | Town Shoes [Member] | Town Shoes [Member] | ||
USD ($) | CAD | |||
Town Shoe Acquisition [Line Items] | ' | ' | ' | ' |
Revenue, Net (CAD) | 291 | ' | ' | ' |
Number of stores supplied by the entity | ' | 182 | ' | ' |
Town Shoe Acquisition, Ownership Interest Acquired | ' | ' | 49.20% | 49.20% |
Town Shoe Acquisition, Voting Control Interest Acquired | ' | ' | 50.00% | 50.00% |
Town Shoe Acquisition, Purchase Price for Ownership Interest (CAD) | ' | ' | ' | 75.5 |
Town Shoe Acquisition, Purchase Price for Ownership Interest (USD) | ' | ' | $68.70 | ' |
Shareholder Note, Interest Rate | ' | ' | 12.00% | 12.00% |