Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 18, 2016 | Aug. 01, 2015 | |
Class of Stock [Line Items] | |||
Entity Registrant Name | DSW Inc. | ||
Entity Central Index Key | 1,319,947 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,412,226,836 | ||
Class A Common Shares | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 74,185,264 | ||
Class B Common Shares | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,732,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net sales | $ 2,620,248 | $ 2,496,092 | $ 2,368,668 |
Cost of sales | (1,851,879) | (1,741,071) | (1,629,381) |
Operating expenses | (554,818) | (512,536) | (497,863) |
Operating profit | 213,551 | 242,485 | 241,424 |
Interest Expense | (168) | (108) | (474) |
Interest income | 3,630 | 3,229 | 2,911 |
Interest income, net | 3,462 | 3,121 | 2,437 |
Nonoperating Income (Expense) | 3,178 | 0 | 0 |
Income from continuing operations before income taxes and income from Town Shoes | 220,191 | 245,606 | 243,861 |
Income tax provision | (83,806) | (96,392) | (92,559) |
(Loss) income from Town Shoes | (351) | 3,813 | 0 |
Income from continuing operations | 136,034 | 153,027 | 151,302 |
Income from discontinued operations, net of tax | 0 | 272 | 0 |
Net income | $ 136,034 | $ 153,299 | $ 151,302 |
Basic and diluted earnings (loss) per share [Abstract]: | |||
Basic earnings per share from continuing operations | $ 1.55 | $ 1.71 | $ 1.67 |
Diluted earnings per share from continuing operations | 1.54 | 1.69 | 1.65 |
Basic earnings per share from discontinued operations | 0 | 0 | 0 |
Diluted earnings per share from discontinued operations | 0 | 0 | 0 |
Basic earnings per share | 1.55 | 1.71 | 1.67 |
Diluted earnings per share | $ 1.54 | $ 1.69 | $ 1.65 |
Shares used in per share calculations [Abstract]: | |||
Basic shares | 87,561 | 89,499 | 90,472 |
Diluted shares | 88,501 | 90,612 | 91,901 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net income | $ 136,034 | $ 153,299 | $ 151,302 |
Other comprehensive (loss) income, net of tax [Abstract]: | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (14,076) | (6,454) | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 8,758 |
Unrealized net loss on available-for-sale securities (net of taxes of $15, $0 and $0, respectively) | (173) | 0 | 0 |
Total other comprehensive (loss) income, net of income taxes | (14,249) | (6,454) | 8,758 |
Total comprehensive income | $ 121,785 | $ 146,845 | $ 160,060 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | $ 0 | $ 5,289 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 15 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
ASSETS [Abstract]: | ||
Cash and equivalents | $ 32,495 | $ 59,171 |
Short-term investments | 226,027 | 171,201 |
Accounts receivable, net | 15,437 | 24,400 |
Accounts receivable from related parties | 27 | 7 |
Inventories | 484,236 | 450,836 |
Prepaid expenses and other current assets | 37,444 | 43,108 |
Prepaid expenses to related parties | 2 | 0 |
Total current assets | 795,668 | 748,723 |
Property and equipment, net | 374,241 | 337,903 |
Long-term investments | 71,953 | 216,756 |
Goodwill | 25,899 | 25,899 |
Deferred income taxes | 21,815 | 31,079 |
Prepaid expenses to related parties, non-current | 875 | 794 |
Equity Method Investments | 21,188 | 25,887 |
Notes Receivable, Related Parties, Noncurrent | 44,170 | 43,304 |
Other assets | 13,300 | 7,898 |
Total assets | 1,369,109 | 1,438,243 |
LIABILITIES AND SHAREHOLDERS’ EQUITY [Abstract]: | ||
Accounts payable | 214,893 | 169,518 |
Accounts payable to related parties | 733 | 1,092 |
Accrued Liabilities, Current | 107,800 | 113,180 |
Total current liabilities | 323,426 | 283,790 |
Non-current liabilities | 140,759 | 143,333 |
Commitments and contingencies | 0 | 0 |
Shareholders’ equity [Abstract]: | ||
Common Shares | 930,011 | 908,679 |
Preferred shares, no par value; 100,000 authorized; no shares issued or outstanding | 0 | 0 |
Treasury Stock, Value | (266,531) | (86,938) |
Retained earnings | 287,140 | 220,826 |
Basis difference related to acquisition of commonly controlled entity | (24,993) | (24,993) |
Accumulated other comprehensive loss | (20,703) | (6,454) |
Total shareholders’ equity | 904,924 | 1,011,120 |
Total liabilities and shareholders’ equity | $ 1,369,109 | $ 1,438,243 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
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 | 250,000 |
Common Shares, issued (in shares) | 84,396 | 83,702 |
Common Shares, outstanding (in shares) | 74,185 | 80,666 |
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 | 7,733 |
Common Shares, outstanding (in shares) | 7,733 | 7,733 |
Treasury Shares | ||
Shareholders' equity [Abstract]: | ||
Common Shares, outstanding (in shares) | 10,211 | 3,036 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Other Additional Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Shares | Class A Common Shares | Class B Common Shares | Treasury Shares |
Balance at Feb. 02, 2013 | $ 858,579 | $ (21,680) | $ (8,758) | $ 872,026 | $ 16,991 | $ 0 | |||
Balance (in shares) at Feb. 02, 2013 | 72,564 | 17,460 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 151,302 | 151,302 | |||||||
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 | ||||||||
Stock units granted | 1,151 | 1,151 | |||||||
Stock units granted (in shares) | 34 | ||||||||
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 | ||||||||
Payments for Repurchase of Common Stock | (1,600) | (1,600) | |||||||
Stock Repurchased During Period, Shares | (38) | ||||||||
Treasury Stock, Shares, Acquired | 38 | ||||||||
Excess tax benefits related to stock exercises | 6,236 | 6,236 | |||||||
Common Control Asset Purchase | (3,313) | (3,313) | |||||||
Exchange of Class B Common Shares for Class A Common Shares | 0 | ||||||||
Exchange of Class B Common Shares for Class A Common Shares (in shares) | 2,600 | ||||||||
Exchange of Class B for Class A (in shares) | (2,600) | ||||||||
Exchange of Class A Common Shares for Class B Common Shares | (606) | 606 | |||||||
Class A Common Share Adjustment to Reflect Stock Split Impact on Voting Control (in shares) | 7,733 | (7,733) | |||||||
Dividends paid | (33,854) | (33,854) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (177) | (177) | |||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 8,935 | 8,935 | |||||||
Unrealized net loss on available-for-sale securities (net of taxes of $15, $0 and $0, respectively) | 0 | ||||||||
Balance at Feb. 01, 2014 | 998,544 | (24,993) | 0 | 890,698 | 134,439 | (1,600) | |||
Balance (in shares) at Feb. 01, 2014 | 83,033 | 7,733 | 38 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 153,299 | 153,299 | |||||||
DSW stock-based compensation expense, before related tax effects | 9,248 | 9,248 | |||||||
Exercise of DSW stock options, net of settlement of taxes | 5,120 | 5,120 | |||||||
Exercise of DSW stock options, net of settlement of taxes (in shares) | 505 | ||||||||
Stock units granted | 1,247 | 1,247 | |||||||
Stock units granted (in shares) | 52 | ||||||||
Vesting of restricted stock units, net of settlement of taxes | (1,649) | (1,649) | |||||||
Vesting of restricted stock units, net of settlement of taxes (in shares) | 74 | ||||||||
Payments for Repurchase of Common Stock | (85,338) | (85,338) | |||||||
Stock Repurchased During Period, Shares | (2,998) | ||||||||
Treasury Stock, Shares, Acquired | 2,998 | ||||||||
Excess tax benefits related to stock exercises | 4,015 | 4,015 | |||||||
Dividends paid | (66,912) | (66,912) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (6,454) | (6,454) | |||||||
Unrealized net loss on available-for-sale securities (net of taxes of $15, $0 and $0, respectively) | 0 | ||||||||
Balance at Jan. 31, 2015 | 1,011,120 | (24,993) | (6,454) | 908,679 | 220,826 | $ (86,938) | |||
Balance (in shares) at Jan. 31, 2015 | 3,036 | 80,666 | 7,733 | 3,036 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 136,034 | 136,034 | |||||||
DSW stock-based compensation expense, before related tax effects | 12,464 | 12,464 | |||||||
Exercise of DSW stock options, net of settlement of taxes | 7,504 | 7,504 | |||||||
Exercise of DSW stock options, net of settlement of taxes (in shares) | 540 | ||||||||
Stock units granted | 1,037 | 1,037 | |||||||
Stock units granted (in shares) | 40 | ||||||||
Vesting of restricted stock units, net of settlement of taxes | (2,396) | (2,396) | |||||||
Vesting of restricted stock units, net of settlement of taxes (in shares) | 114 | ||||||||
Payments for Repurchase of Common Stock | $ (179,593) | $ (179,593) | |||||||
Stock Repurchased During Period, Shares | (7,200) | (7,175) | |||||||
Treasury Stock, Shares, Acquired | 7,175 | ||||||||
Excess tax benefits related to stock exercises | $ 2,723 | 2,723 | |||||||
Dividends paid | (69,720) | (69,720) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (14,076) | (14,076) | |||||||
Unrealized net loss on available-for-sale securities (net of taxes of $15, $0 and $0, respectively) | (173) | (173) | |||||||
Balance at Jan. 30, 2016 | $ 904,924 | $ (24,993) | $ (20,703) | $ 930,011 | $ 287,140 | $ (266,531) | |||
Balance (in shares) at Jan. 30, 2016 | 74,185 | 7,733 | 10,211 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.800 | $ 0.750 | $ 0.375 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | $ 0 | $ 5,289 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 15 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 136,034 | $ 153,299 | $ 151,302 |
Income from discontinued operations, net of tax | 0 | (272) | 0 |
Income from continuing operations | 136,034 | 153,027 | 151,302 |
Adjustments to reconcile net income to net cash and equivalents provided by operating activities from continuing operations: | |||
Depreciation and amortization | 73,577 | 68,243 | 64,237 |
Stock-based compensation expense | 13,501 | 10,495 | 9,342 |
Deferred income taxes | 9,265 | (1,361) | 41,834 |
Loss (income) from Town Shoes | 351 | (3,813) | 0 |
Loss on disposal of long-lived assets | 844 | 1,149 | 1,902 |
Impairment of long-lived assets | 962 | 5,095 | 809 |
Excess tax benefits related to stock-based compensation | (2,723) | (4,015) | (6,236) |
Foreign Currency Transaction Gain (Loss), before Tax | (3,267) | 0 | 0 |
Amortization of investment discounts and premiums | 5,456 | 9,525 | 10,357 |
Settlement of pension plan | 0 | 0 | 14,224 |
Change in working capital, other assets and liabilities: | |||
Accounts receivable, net | 8,943 | 2,239 | 138 |
Inventories | (33,400) | (53,068) | (3,974) |
Prepaid expenses and other current assets | 1,782 | (3,959) | (7,831) |
Accounts payable | 38,031 | 7,083 | 15,957 |
Accrued expenses | (3,644) | 908 | 3,766 |
Other | (3,061) | 5,490 | 5,548 |
Net cash and equivalents provided by operating activities from continuing operations | 242,651 | 197,038 | 301,375 |
Cash flows used in investing activities: | |||
Cash paid for property and equipment | (103,939) | (98,126) | (86,412) |
Purchases of available-for-sale investments | (279,735) | (43,687) | (34,720) |
Purchases of held-to-maturity investments | 0 | (132,765) | (379,438) |
Sales of available-for-sale investments | 353,344 | 48,590 | 36,950 |
Maturities of held-to-maturity investments | 0 | 197,666 | 228,358 |
Increase (Decrease) in Restricted Cash | 3,798 | (5,328) | (6,147) |
Payments to Acquire Equity Method Investments | 184 | (25,236) | 0 |
Purchase of note receivable | (4,764) | (46,596) | 0 |
Net cash and equivalents used in investing activities from continuing operations | (31,112) | (105,482) | (241,409) |
Cash flows used in financing activities: | |||
Proceeds from exercise of stock options | 7,504 | 5,120 | 6,251 |
Cash paid for income taxes for shares withheld | (2,396) | (1,649) | (3,157) |
Debt issuance costs | 0 | 0 | (268) |
Payments for Repurchase of Common Stock | (179,593) | (85,338) | (1,600) |
Dividends paid | (69,720) | (66,912) | (33,854) |
Excess tax benefits related to stock-based compensation | 2,723 | 4,015 | 6,236 |
Net cash and equivalents used in financing activities from continuing operations | (241,482) | (144,764) | (26,392) |
Cash flows from (used in) discontinued operations: | |||
Operating activities | 0 | 358 | (2,650) |
Net increase (decrease) in cash and equivalents from discontinued operations | 0 | 358 | (2,650) |
Effect of Exchange Rate on Cash and Cash Equivalents | 3,267 | 0 | 0 |
Net (decrease) increase in cash and equivalents from continuing operations | (29,943) | (53,208) | 33,574 |
Cash and equivalents, beginning of period | 59,171 | 112,021 | 81,097 |
Cash and equivalents, end of period | 32,495 | 59,171 | 112,021 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for income taxes | 72,851 | 91,727 | 55,031 |
Proceeds from construction and tenant allowances | 23,506 | 18,512 | 21,138 |
Non-cash operating, investing and financing activities: | |||
Balance of accounts payable and accrued expenses due to property and equipment purchases | $ 13,150 | $ 5,178 | $ 5,642 |
Business Operations
Business Operations | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS OPERATIONS AND BASIS OF PRESENTATION | BUSINESS OPERATIONS Business Operations- DSW Inc. and its wholly owned subsidiaries are herein referred to collectively as DSW Inc. or the “Company”. DSW refers to the DSW segment, which includes DSW stores and dsw.com. DSW 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 Inc. has two reportable segments: the DSW segment and the Affiliated Business Group ("ABG") segment. DSW offers a wide assortment of brand name dress, casual and athletic footwear and accessories for women, men and children. As of January 30, 2016 , DSW operated a total of 468 stores located in 42 states, the District of Columbia and Puerto Rico, and dsw.com. During fiscal 2015 , 2014 and 2013 , DSW opened 40 , 37 and 30 new DSW stores, respectively, and during fiscal 2015 , closed 3 DSW stores. DSW separates its merchandise into four primary categories: women's footwear; men's footwear; athletic footwear; and accessories and other (which includes kids' footwear). The following table sets forth the approximate percentages of DSW segment sales attributable to each merchandise category for the fiscal years below: Fiscal Category 2015 2014 2013 Women's footwear 59% 61% 62% Men's footwear 18% 18% 17% Athletic footwear 14% 12% 12% Accessories and Other 9% 9% 9% DSW Inc., through its ABG segment, also partners with three other retailers to help build and optimize their footwear businesses. As of January 30, 2016 , ABG supplied merchandise to 276 Stein Mart stores and Steinmart.com, 102 Gordmans stores and Gordmans.com, and one Frugal Fannie’s store. During fiscal 2015 , 2014 and 2013 , ABG added 16 , 27 and 18 new shoe departments, respectively, and ceased operations in 8 , 12 and 6 shoe departments, respectively. Affiliated Business Group segment sales represented 5.7% , 5.8% and 5.8% of total DSW Inc. net sales for fiscal 2015 , 2014 and 2013 , respectively. DSW Inc. also has an equity investment in Town Shoes Limited ("Town Shoes"). Town Shoes is the market leader in branded footwear in Canada. As of January 30, 2016 , Town Shoes operated 185 locations across Canada, primarily under The Shoe Company, Shoe Warehouse, Town Shoes and DSW banners, as well as an e-commerce site. As of January 30, 2016 , there are 13 DSW Designer Shoe Warehouse stores in Canada operated under a licensing agreement. See Note 5 for additional disclosure on the licensing agreement. |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 12 Months Ended |
Jan. 30, 2016 | |
Basis of Presentation [Line Items] | |
Basis of Presentation [Text Block] | BASIS OF PRESENTATION Fiscal Year- DSW Inc.’s fiscal year ends on the Saturday nearest to January 31. The periods presented in these financial statements are the fiscal years ended January 30, 2016 (" fiscal 2015 "), January 31, 2015 (" fiscal 2014 ") and February 1, 2014 (" fiscal 2013 "). Fiscal 2015 , 2014 and 2013 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 ("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 Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in United States Dollars ("USD"), unless otherwise noted. 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 Inc. The Merger was accounted for as a reverse merger with RVI as the accounting acquirer and DSW Inc. (the surviving legal entity) as the accounting acquiree. As this was a transaction between entities under common control under Accounting Standards Codification ("ASC") Topic 805, Business Combinations , the Merger was accounted for as an equity transaction in accordance with ASC Topic 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. Pre-merger financial information presented in the DSW Inc. consolidated financial statements represents consolidated RVI financial information. References to Retail Ventures or RVI refer to the pre-merger entity. |
Investment in Town Shoes Limite
Investment in Town Shoes Limited | 12 Months Ended |
Jan. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | INVESTMENT IN TOWN SHOES LIMITED On May 12, 2014, DSW Inc. acquired a 49.2% interest in Town Shoes for $75.1 million Canadian dollars ("CAD") ( $68.9 million USD) at the purchase date. As of January 30, 2016 , DSW Inc.'s ownership percentage is 46.3% . The dilution of the Company's ownership is due to Town Shoes' employee exercise of stock options. DSW Inc.'s initial stake provides 50% voting control and board representation equal to the co-investor. Additionally, the Town Shoe co-investor holds the option to sell the remaining portion of the company in fiscal 2017 to DSW Inc., and for the subsequent two years. DSW Inc. holds the option to purchase the remaining portion of the company in fiscal 2018, and for the subsequent two years, if the Town Shoe co-investor has not exercised their put option. DSW Inc. purchased $100 million CAD during the first quarter of fiscal 2015 (approximately $79 million USD at purchase date) to take advantage of the strength of the dollar and in anticipation of funding the future purchase of the remaining interest in Town Shoes. The funds are also available to fund other business opportunities or return to U.S. operations, if needed. As this was a cash transaction, the gains or losses related to the purchase of the CAD were recorded in the consolidated statement of operations. During the first quarter of fiscal 2015, the Company recorded $3.3 million in foreign currency exchange gains related to the purchase of CAD within non-operating income. The Company invested the CAD in available-for-sale securities in the second quarter of fiscal 2015. The foreign exchange gain or loss is recorded in the consolidated statement of comprehensive income. As of January 30, 2016 , the foreign currency exchange loss of $10.8 million is recorded within other comprehensive income. Presented below is activity related to DSW Inc.'s portion of Town Shoes included in DSW Inc.'s consolidated balance sheets, consolidated statements of operations and consolidated statements of comprehensive income for the periods presented: Fiscal year 2015 2014 (in thousands) Investment in Town Shoes - beginning of period $ 25,887 $ — Initial investment — 22,339 Acquisition costs (184 ) 2,897 DSW Inc.'s portion of Town Shoes (loss) income (5,250 ) 178 Foreign currency translation adjustments included in "Other comprehensive (loss) income" 934 729 Amortization of purchase price adjustments (199 ) (256 ) Investment in Town Shoes - end of period $ 21,188 $ 25,887 Fiscal year 2015 2014 (in thousands) Note receivable from Town Shoes - beginning of period $ 43,304 $ — Purchase of note receivable — 46,596 Payment-in-kind interest earned 5,098 3,891 Foreign currency translation adjustments included in "Other comprehensive (loss) income" (4,232 ) (7,183 ) Note receivable from Town Shoes - end of period $ 44,170 $ 43,304 The note is an unsecured subordinated note issued on February 14, 2012 that earns payment-in-kind interest at 12% and matures on February 14, 2022. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
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. Merchandise can be demanded from a store, dsw.com or m.dsw.com. The demand can be fulfilled from a store, the dsw.com fulfillment center or drop shipped from a supplier's warehouse. If the product is shipped to a customer from a store, the dsw.com fulfillment center or a supplier's warehouse, DSW Inc. defers revenue for a period of time representing a lag for shipments to be received by the customer. Revenue from shipping and handling is recorded 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. The Company's policy is to recognize income from breakage of gift cards when the likelihood of redemption of the gift card is remote. As of January 30, 2016 , ABG supplies footwear, under supply arrangements, to three other retailers. DSW Inc. follows ASC Topic 605, Revenue Recognition, in recognizing revenue for its affiliated business processes, specifically the principal/agent guidance in ASC Topic 605-45. Sales for these affiliated businesses are net of returns through period end and exclude sales tax, and are included in net sales. Pursuant to the supply agreements between the Company and the ABG retailers (Stein Mart, Frugal Fannie's and Gordmans), the Company is the exclusive supplier of shoes, both in-store and online, at the ABG retailers. The Company assumes the risks and rewards of ownership for product at all in-store locations and online, including risk of loss for delivery, returns, shrink up to a certain percentage, and loss of inventory value. Furthermore, the Company is responsible for the footwear assortment, inventory fulfillment, and pricing at all locations and online. As the principal, the Company owns the merchandise and the fixtures, records sales of merchandise, net of returns and excluding sales tax at the point of sale to the end customer. As the agent, the retailers provide the sales associates and retail space. The Company pays a percentage of net sales as rent, which is included in cost of sales as occupancy expense. Cost of Sales- In addition to the cost of merchandise, which includes markdowns and shrinkage, the Company 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 costs, rent, depreciation, insurance, utilities, maintenance and other operating costs associated with the operations of the distribution and fulfillment centers. 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 the Company by its landlords. Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, ABG operations, store depreciation and amortization, new store advertising and other new store costs 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- The Company 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 vest in accordance with ASC Topic 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 statement of operations. The company grants performance-based restricted stock units and restricted stock units. 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. In fiscal 2014, the Company granted Stock Appreciation Rights ("SARs") to a non-employee. Under ASC Topic 505-50, Equity-Based Payments to Non-Employees, share-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued. On April 16, 2015, DSW Inc. provided notice of termination of the agreement with the non-employee resulting in an acceleration of the vesting of the SARs as outlined in the agreement. DSW Inc. will value the SARs at fair value until the expiration or exercise date. The SARs remain exercisable until June 2016. The SARs are classified as share-based liabilities as the instruments are required to be settled in cash. The instruments are not included in diluted shares for the purposes of calculating earnings per share. 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 $8.6 million , $8.7 million and $7.9 million for fiscal 2015 , 2014 and 2013 , 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 $70.1 million , $59.9 million and $56.2 million in fiscal 2015 , 2014 and 2013 , 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 2015 , 2014 and 2013 was $16.3 million , $17.3 million and $14.1 million , respectively. Rental income was $4.3 million , $4.5 million and $5.1 million for fiscal 2015, 2014 and 2013, respectively. Income Taxes- Income taxes are accounted for using the asset and liability method. The Company 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 the Company 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 the 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. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries where such earnings are considered to be permanently reinvested for the foreseeable future. In accordance with ASC Topic 740, Income Taxes , interest and penalties related to unrecognized income tax benefits may either be classified as income tax expense or another appropriate expense classification in the consolidated statement of operations. Previously, the Company had elected to classify interest expense or income related to income tax liabilities, when applicable, as part of interest expense or income in its consolidated statement of operations rather than as part of income tax expense. The Company classified income tax penalties as part of operating expenses in its statement of operations. Beginning in the first quarter of fiscal 2015, the Company elected to reflect interest and penalties from income taxes through the income tax provision in its statement of operations. The policy is consistent with the policies elected by many of the Company’s peers and thus improves the comparability of the Company’s financial statements. The new policy is more consistent with the way in which the Company manages the settlement of uncertain income tax positions as one overall amount inclusive of interest and penalties. The Company also believes that interest and penalties related to unrecognized income tax benefits are costs of managing taxes payable and thus, it will provide more meaningful information to investors by including only interest expense from debt financing activities within interest expense. This change in accounting policy was completed in accordance with ASC Topic 250, Accounting Changes and Error Corrections . Accordingly, the change in accounting policy has been applied retrospectively by adjusting the statement of operations for the prior periods presented. The change to historical periods was limited to classifications within the consolidated statements of operations and has no effect on net income or earnings per share. Three months ended Fiscal year ended January 31, 2015 January 31, 2015 As previously reported Effect of change As adjusted As previously reported Effect of change As adjusted (in thousands) Operating expenses $ (128,681 ) $ 201 $ (128,480 ) $ (512,889 ) $ 353 $ (512,536 ) Interest income, net 602 132 734 2,795 326 3,121 Income tax provision (19,527 ) (333 ) (19,860 ) (95,713 ) (679 ) (96,392 ) Three months ended Fiscal year ended February 1, 2014 February 1, 2014 As previously reported Effect of change As adjusted As previously reported Effect of change As adjusted (in thousands) Operating expenses $ (115,113 ) $ — $ (115,113 ) $ (497,899 ) $ 36 $ (497,863 ) Interest income, net 762 42 804 2,619 (182 ) 2,437 Income tax provision (17,521 ) (42 ) (17,563 ) (92,705 ) 146 (92,559 ) In November 2015, the FASB released Accounting Standards Update ("ASU") 2015-17, which requires entities to present deferred tax assets and deferred tax liabilities as non-current on the classified balance sheet. The ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods. In addition, entities are permitted to apply the amendments either prospectively or retrospectively. The Company elected to early adopt the standard in the fourth quarter of 2015 and applied the amendments retrospectively to maintain comparability of its balance sheet and related ratios. The change in accounting standard has been applied retrospectively by adjusting the balance sheet for the prior period presented. As of January 31, 2015 As previously reported Effect of change As adjusted (in thousands) Current deferred income taxes $ 19,747 $ (19,747 ) $ — Total current assets 768,470 (19,747 ) 748,723 Non-current deferred income taxes 11,332 19,747 31,079 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. Any changes in the carrying value of assets with residual interest in the discontinued business are classified within continuing operations. See Note 16 for a discussion of discontinued operations. 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 stock options, restricted stock units and performance-based restricted stock units. 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 and digital payment processors for credit card transactions totaled $16.0 million and $16.2 million as of January 30, 2016 and January 31, 2015 , respectively. The carrying amounts of cash and equivalents approximate fair value. The Company 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. The Company reclassifies book overdrafts, if any, to accounts payable. Restricted Cash- Restricted cash represents cash that is restricted as to withdrawal or usage. The carrying amount of restricted cash approximates 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 - The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All income generated from these investments is recorded as interest income. The company evaluates its investments for impairment and whether impairment is other-than-temporary at each balance sheet date. See Note 8 for additional discussion of investments. Accounts and Notes 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 Inc.'s affiliated business partners. For accounts receivable, the carrying amount approximates fair value because of the relatively short average collection period. The shareholder note receivable for Town Shoes is valued based upon current interest rates offered on similar instruments . The note receivable is classified as long-term as it matures in 2022. Concentration of Credit Risk- Financial instruments, which principally subject the Company to concentration of credit risk, consist of cash and equivalents and investments. The Company 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 FDIC insurance limits, and the Company mitigates the risk by utilizing multiple banks. Concentration of Vendor Risk- During fiscal 2015 , 2014 and 2013 , three key vendors supplied approximately 18% , 18% and 19% of merchandise, 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, the Company 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- The Company 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. For the fiscal years ended January 30, 2016 and January 31, 2015 , the ending balance was $0.3 million and $0.1 million , respectively. 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. The Company 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. Store physical inventory counts are taken on an annual basis and have supported 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- The Company 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. The Company expensed $1.0 million and $5.1 million in fiscal 2015 and 2014, respectively, for assets where the recorded value could not be supported by projected future cash flows. The impairment charges in fiscal 2015 and 2014 were recorded in the DSW segment and the ABG segment. 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 fair value 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 or a significant and sustained decline in 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 Inc. The Company has never recorded a goodwill impairment. As of January 30, 2016 and January 31, 2015 , the balance of goodwill related to DSW was $25.9 million . For fiscal 2015, the Company tested goodwill for impairment as of November 1, 2015. In the past, the Company has tested goodwill for impairment as of the end of the current fiscal year. Per the Securities Exchange Commission ("SEC"), if a registrant determines that a change in the goodwill impairment testing date does not represent a material change to its method of applying an accounting principle, the staff will no longer request a preferability letter to be obtained and filed, provided that such change is prominently disclosed in the registrant’s financial statements. As this change in testing date does not represent a material change, no preferability letter is required. Cost Method Investments- The Company accounts for equity investments using the equity method of accounting when it exercises significant influence over the investment. If the Company does not exercise significant influence, the Company accounts for the investment using the cost method of accounting. As of January 30, 2016 , DSW Inc.'s cost method investment is included in other assets on the consolidated balance sheet. Equity Method Investment in Town Shoes - DSW Inc. accounts for its investment in Town Shoes, where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, DSW Inc. recognizes its share of Town Shoes' net income or loss. The difference between the purchase price and the Company's interest in Town Shoes' underlying net equity is comprised of intangible assets with both definite and indefinite lives. The definite lived assets are favorable and unfavorable leases that are being amortized over the lives of the leases. DSW Inc.’s share of net income or loss of Town Shoes, DSW Inc.'s payment-in-kind interest from the note receivable from Town Shoes and amortization of the definite lived intangible assets are included in (Loss) income from Town Shoes on the consolidated statement of operations and comprehensive income. Related income tax effects are included in the provision for income taxes. The investment and note receivable in Town Shoes are required to be tested for impairment if there is determined to be an other than temporary loss in value. Self-Insurance Reserves- The Company 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. The Company 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 $4.2 million and $4.0 million as of January 30, 2016 and January 31, 2015 , respectively. Customer Loyalty Program- The Company maintains a customer loyalty program for DSW 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. The Company accrues the anticipated redemptions of the discount earned at the time of the initial purchase. To estimate these costs, the Company makes assumptions related to customer purchase levels and redemption rates based on historical experience. Legal Proceedings and Claims- The Company is involved in various legal proceedings that are incidental to the conduct of its business. The Company estimates the range of liability related to pending litigation where the amount of the range of loss can be estimated. The Company 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, the Company records an estimate of the amount of the liability related to the claim. See Note 16 for a discussion of legal proceedings. Deferred Rent- Many of the Company’s operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, the Company recognizes the related rental expense on a straight-line basis over the noncancelable terms of the lease. The Company 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- The Company 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- The Company 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, the Company estimates future lease obligations based on remaining lease payments, estimated or actual sublease payments and any other relevant factors. On a quarterly basis, the Company 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. Fiscal 2015 includes foreign currency translation adjustments, as well as unrealized net losses on available-for-sale securities. Non-Operating Income- Non-operating income includes remeasurement effects of foreign currency, as well as realized capital gains and losses related to the Company's investment portfolio. Co-Branded Credit Card- On April 30, 2014, the Company began to offer co-branded credit cards under a seven-year agreement with an issuing bank, which allows members to earn points through purchases at DSW 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 is recorded in net sales. The Company received an upfront signing bonus from the issuing bank, which is recognized on a straight-line basis over the life of the relationship. The Company receives 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, costs associated with rewards points and certificates are accrued as the points are earned by the cardholder and are 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 funding the future purchase of the remaining interest in Town Shoes, the Company purchased $100 million CAD, which equated to approximately $79 million USD at the purchase date. Gains or losses resulting from foreign currency transactions are included in operating expenses in the consolidated statement of operations, whereas translation adjustments are reported as an element of other comprehensive income. The note receivable and the payment-in-kind interest from Town Shoes are denominated in CAD. The functional and reporting currency of Town Shoes is CAD. As USD is the functional currency of the entity that holds the investment in and note receivable from Town Shoes, the Company is required to remeasure these balances into USD balances. Each quarter, the income or loss from Town Shoes is recorded in USD at the average exchange rate for the period. The note receivable from Town Shoes is remeasured in USD at the exchange rate prevailing at the balance sheet date. As the Company has designated the note receivable from Town Shoes as an investment of a long-term investment nature, the Company records the translation gains and losses arising from changes in exchange rates in comprehensive income. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board ("IASB") released ASU 2014-09 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 December 15, 2017, including interim reporting periods. The Company has completed an assessment identifying areas of impact for the business, including the Company's loyalty program and co-branded credit card. We are currently assessing and evaluating these results and developing an implementation plan, as well as evaluating the transition methods for adoption of the standard. In April 2015, the FASB and the IASB released ASU 2015-03, simplifying the presentation of debt issuance costs. Under the new standard, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. There is currently no impact to the Company; however, the Company will monitor the new standard and determine if it is likely to be impacted in the future. In April 2015, the FASB released ASU 2015-05 to provide guidance to customers concerning whether a cloud computing arrangement includes a software license. Under this new standard, 1) if a cloud computing arrangement includes a software license, the software license element of the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses, or 2) if the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. The Company will adopt the new standard when it takes effect in the first quarter of 2016 and apply the new guidance prospectively. In January 2016, the FASB released ASU 2016-01, which 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, 2) simplifies the impairment assessment of equity investments without readily determinable fai |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Schottenstein Affiliates- As of January 30, 2016 , the Schottenstein Affiliates, entities owned by or controlled by Jay L. Schottenstein, the executive chairman of the DSW Inc. Board of Directors, and members of his family, beneficially owned approximately 19% of outstanding DSW Inc. Common Shares, representing approximately 51% of the combined voting power of outstanding DSW Inc. Common Shares. As of January 30, 2016 , the Schottenstein Affiliates beneficially owned 7.6 million Class A Common Shares and 7.7 million Class B Common Shares. The Company leases its fulfillment center and 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. Related party balances are disclosed on the consolidated balance sheets. Corporate Office Headquarters and Distribution Center Acquisition - In fiscal 2012, DSW Inc. acquired 810 AC LLC, an Ohio limited liability company, from certain Schottenstein affiliates, which owned property that was previously leased by DSW Inc. for its corporate office headquarters, its distribution center and a trailer parking lot. DSW Inc. leases certain portions of the properties. DSW Inc. paid to sellers $72 million in cash, subject to credits and adjustments, for 810 AC LLC. As this was a transaction between entities under common control, as provided by ASC Topic 805, Business Combinations, there was no adjustment to the historical cost carrying amounts of assets transferred to DSW Inc. The difference between the historical cost carrying amounts and the consideration of $72 million transferred was an equity transaction. DSW Inc. also reduced the cost basis of the assets by the balance of tenant allowances and deferred rent recorded related to the properties. Other - Purchases and services from related parties were $1.1 million , $0.9 million and $0.9 million in fiscal 2015 , 2014 and 2013 , respectively. In fiscal 2013, reimbursements of $1.8 million were paid to a Schottenstein Affiliate in connection with DSW Inc.'s test sale of luxury merchandise, which were then primarily paid to unrelated vendors. License Agreement with Town Shoes- DSW Shoe Warehouse, Inc., a wholly-owned subsidiary of DSW Inc., licenses use of its trade name and trademark, DSW Designer Shoe Warehouse, to its equity investee, Town Shoes, for a sales-based royalty. The license is exclusive and non-transferable for use in Canada. Town Shoes pays DSW Inc. a percentage of net sales from its Canadian DSW stores on a monthly basis. The Canadian DSW stores operate in a manner similar to DSW stores in the United States and are required to maintain the standards and specifications that DSW uses to operate its own stores. DSW Inc. classifies the royalty fee as net sales. |
Earnings per Share and Sharehol
Earnings per Share and Shareholders' Equity | 12 Months Ended |
Jan. 30, 2016 | |
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 stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") calculated using the treasury stock method. 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 2015 2014 2013 (in thousands) Weighted average shares outstanding 87,561 89,499 90,472 Assumed exercise of dilutive stock options 683 910 1,202 Assumed exercise of dilutive RSUs and PSUs 257 203 227 Number of shares for computation of diluted earnings per share 88,501 90,612 91,901 Options, RSUs and PSUs- For fiscal 2015 , 2014 and 2013 , the number of potential shares that were not included in the computation of dilutive earnings per share because the effect would be anti-dilutive was approximately 1.9 million , 1.1 million and 0.8 million , respectively. Shareholders' Equity- On November 2, 2015, the Board of Directors approved an additional $200 million share repurchase program. 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. Shares will be repurchased in the open market at times and in amounts considered appropriate by the Company based on price and market conditions. During fiscal 2015 , the Company repurchased 7.2 million Class A Common Shares at a cost of $179.6 million . Through the life of the programs, the Company has repurchased a total of 10.2 million Class A Common Shares at a cost of $266.5 million . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The DSW Inc. 2014 Long-Term Incentive Plan ("the 2014 Plan") provides for the issuance of equity awards to purchase up to 8.5 million DSW Common Shares. The Company began issuing shares under the 2014 Plan after the DSW Inc. 2005 Equity Incentive Plan expired in the second quarter of fiscal 2015. The 2014 Plan covers stock options, RSUs, PSUs, director stock units ("DSUs") and Stock Appreciation Rights ("SARs"). Eligible recipients include key employees of DSW Inc. and affiliates, as well as directors. Options generally vest 20% per year on a cumulative basis. Options granted under the 2014 Plan generally remain exercisable for a period of 10 years from the date of grant. Stock-Based Compensation Expense- The following table summarizes stock-based compensation expense for the periods presented: Fiscal 2015 2014 2013 (in thousands) Stock Options $ 5,532 $ 5,827 $ 5,891 Restricted Stock Units 2,953 2,097 1,797 Performance-Based Restricted Stock Units 3,979 1,324 503 Director Stock Units 1,037 1,247 1,151 Total $ 13,501 $ 10,495 $ 9,342 Stock Options- The majority of the 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 for the expected term of the options at the grant date. Expected volatility is based on the historical volatility of the DSW Inc. Common Shares. The expected term of options granted is derived from historical data on DSW Inc.'s stock option exercises. The dividend yield assumption is based on DSW Inc.'s expectation of future dividend payouts. Forfeitures of options are estimated at the grant date based on historical rates of DSW Inc.’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 options granted in each of the periods presented: Fiscal Assumptions: 2015 2014 2013 Risk-free interest rate 1.4% 1.8% 0.7% Annual volatility of DSW Common Shares 37.9% 44.5% 53.4% Expected option term 5.1 years 5.4 years 4.7 years Dividend yield 2.1% 2.3% 1.3% Other Data: Weighted average grant date fair value $8.87 $11.82 $12.85 As of January 30, 2016 , the total compensation cost related to unvested options not yet recognized was approximately $14.5 million , with a weighted average expense recognition period remaining of 2.2 years . For the periods presented, the following tables summarize 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 2015 2014 2013 Shares WAEP Shares WAEP Shares WAEP Outstanding beginning of year 3,156 $ 20.91 3,347 $ 17.62 3,694 $ 14.50 Granted 1,395 $ 32.47 502 $ 34.49 492 $ 31.75 Exercised (539 ) $ 13.83 (505 ) $ 10.22 (748 ) $ 10.99 Forfeited (163 ) $ 33.34 (188 ) $ 27.32 (91 ) $ 21.79 Outstanding end of year 3,849 $ 25.56 3,156 $ 20.91 3,347 $ 17.62 Options exercisable end of year 2,007 $ 20.35 1,682 $ 15.16 1,430 $ 13.08 As of January 30, 2016 Shares WAEP Weighted Average Remaining Contract Life Aggregate Intrinsic Value Options exercisable 2,007 $ 20.35 3.3 years $ 12,905 Options expected to vest 1,639 $ 31.26 8.7 years 612 Options vested and expected to vest 3,646 $ 25.25 5.7 years $ 13,517 Year of Grant Range of Exercise Prices Weighted Average Remaining Contract Life Options Outstanding Options Exercisable Min Max Options Outstanding WAEP Aggregate Intrinsic Value (1) Options Exercisable WAEP Aggregate Intrinsic Value (1) 2006 - expire 2016 $ 12.93 $ 14.50 0.6 years 92 $ 12.98 $ 1,019 93 $ 12.98 $ 1,020 2007 - expire 2017 $ 18.57 $ 19.94 1.2 years 297 $ 19.84 1,241 297 $ 19.84 1,241 2008 - expire 2018 $ 6.01 $ 9.15 2.2 years 165 $ 6.20 2,941 165 $ 6.20 2,941 2009 - expire 2019 $ 4.65 $ 7.00 3.2 years 136 $ 4.79 2,607 136 $ 4.79 2,607 2010 - expire 2020 $ 12.34 $ 12.38 4.2 years 330 $ 12.37 3,843 330 $ 12.37 3,843 2011 - expire 2021 $ 17.43 $ 22.71 5.1 years 253 $ 17.44 1,662 191 $ 17.44 1,253 2012 - expire 2022 $ 26.66 $ 27.18 4.7 years 466 $ 26.67 — 331 $ 26.66 — 2013 - expire 2023 $ 31.68 $ 31.68 5.1 years 361 $ 31.68 — 219 $ 31.68 — 2014 - expire 2024 $ 29.74 $ 37.88 6.9 years 433 $ 34.53 — 151 $ 35.41 — 2015 - expire 2025 $ 23.21 $ 37.50 8.9 years 1,316 $ 32.17 298 94 $ 37.50 — Total $ 4.65 $ 37.88 5.9 years 3,849 $ 25.56 $ 13,611 2,007 $ 20.35 $ 12,905 (1) The aggregate intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at year end. A zero value reflects an exercise price above the closing market price of DSW Class A Common Shares for fiscal 2015. 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 2015 , 2014 and 2013 was $8.9 million , $11.9 million and $20.9 million , respectively. The total fair value of options that vested during fiscal 2015 , 2014 and 2013 was $3.7 million , $2.5 million and $3.8 million , respectively. Restricted Stock Units ("RSUs")- Beginning in fiscal 2013, RSUs granted generally cliff vest over three years, and prior to fiscal 2013, RSUs granted cliff vest over four years. RSUs receive dividend equivalents in the form of additional RSUs, which are subject to the same restrictions and forfeiture provisions as the original award. The grant date fair value of RSUs is based on the closing market price of DSW Class A Common Shares on the date of the grant. 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 2015 , 2014 and 2013 was $3.5 million , $3.7 million and $4.0 million , respectively. The total fair value of RSUs that vested during fiscal 2015 , 2014 and 2013 was $2.0 million , $1.4 million and $0.7 million , respectively. As of January 30, 2016 , the total compensation cost related to nonvested RSUs not yet recognized was approximately $7.0 million with a weighted average expense recognition period remaining of 1.7 years . The exercise price for all RSUs is zero . For the periods presented, the following tables summarize RSU activity, weighted average grant date fair value (“GDFV”) and aggregate intrinsic value (units and intrinsic value in thousands): Fiscal 2015 2014 2013 Units GDFV Units GDFV Units GDFV Outstanding at beginning of year 320 $ 29.21 377 $ 23.41 436 $ 15.39 Granted 199 $ 30.54 103 $ 34.53 92 $ 35.50 Vested (115 ) $ 21.32 (114 ) $ 14.11 (136 ) $ 5.51 Forfeited (32 ) $ 32.99 (46 ) $ 29.55 (15 ) $ 29.46 Outstanding at end of year 372 $ 31.83 320 $ 29.21 377 $ 23.41 Weighted Average Aggregate Remaining Intrinsic As of January 30, 2016 Units GDFV Contract Life Value RSUs expected to vest 307 $ 31.78 1.3 years $ 7,373 Performance-Based Restricted Stock Units ("PSUs")- The Company began granting PSUs in fiscal 2013. These awards cliff vest at the end of a three-year period based upon 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. The total intrinsic value of PSUs that vested during fiscal 2015 was $1.8 million . The total fair value of PSUs that vested during fiscal 2015 was $1.7 million . As of January 30, 2016 , the total compensation cost related to nonvested PSUs not yet recognized was approximately $4.0 million with a weighted average expense recognition period remaining of 2.1 years . The weighted average exercise price for all PSUs is zero . For the periods presented, the following tables summarize PSU activity, GDFV and aggregate intrinsic value (units and intrinsic value in thousands): Fiscal 2015 2014 2013 Units GDFV Units GDFV Units GDFV Outstanding beginning of year 173 $ 33.50 69 $ 31.76 — $ — Granted 208 $ 33.30 111 $ 34.52 69 $ 31.76 Vested (75 ) $ 22.80 — $ — — $ — Forfeited (13 ) $ 35.16 (7 ) $ 32.74 — $ — Outstanding end of year 293 $ 28.70 173 $ 33.50 69 $ 31.76 Weighted Average Aggregate Remaining Intrinsic As of January 30, 2016 Units GDFV Contract Life Value PSUs expected to vest 253 $ 28.70 1.2 years $ 6,080 Director Stock Units - The Company issues stock units to directors who are not employees. Stock units are automatically granted to each non-employee director on the date of each annual meeting of shareholders based on the closing market price of DSW Class A Common Shares. 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 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 director stock unit activity (units in thousands): Fiscal 2015 2014 2013 Outstanding beginning of year 360 330 316 Granted 40 52 34 Exercised (95 ) (22 ) (20 ) Outstanding end of year 305 360 330 Executive Equity Modification- On November 3, 2015, DSW announced that the Chief Executive Officer of the Company would retire, effective December 31, 2015. In connection with the retirement, DSW entered into a Retirement and Consulting Agreement, which stated that the executive will receive accelerated vesting of outstanding RSUs, PSUs and stock options. Per ASC Topic 718, Stock Compensation , this acceleration caused a change in the terms or conditions of the share-based payment award and was thus considered a modification. Per ASC Topic 718-10-35-3, a modification of the terms or conditions of an equity award shall be treated as an exchange of the original award for a new award. The effects of a modification should be measured as follows: (a) incremental compensation cost shall be measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, (b) total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied, and (c) a change in compensation cost for an equity award measured at intrinsic value shall be measured by comparing the intrinsic value of the modified award, if any, with the intrinsic value of the original award, if any, immediately before the modification. The modification resulted in a benefit of less than $0.1 million . Stock Appreciation Rights ("SARs")- The 2014 Plan also covers the issuance of SARs. DSW Inc. entered into a SARs agreement with a non-employee on June 16, 2014, wherein DSW Inc. granted a total of 0.5 million SARs in two equal tranches with respect to DSW Class A Common Shares. On April 16, 2015, DSW Inc. provided notice of termination of the agreement with the non-employee resulting in an acceleration of the vesting of the SARs, as outlined in the agreement, and the SARs remain exercisable until June 2016. DSW Inc. will value the SARs at fair value until the expiration or exercise date. During fiscal 2015 and 2014, DSW recorded a benefit of $1.1 million and expense of $1.7 million , respectively. As of January 30, 2016 and January 31, 2015 , the net liability was $0.6 million and $1.7 million , respectively. The fair value of the SARs was estimated using the Black-Scholes pricing model with the following assumptions for the periods presented: Assumptions: As of January 30, 2016 As of January 31, 2015 Risk-free interest rate 0.4% 0.6% Expected volatility of DSW Common Shares 33.0% 24.9% Expected term 0.4 years 2.3 years Expected dividend yield 2.5% 2.3% |
Investments
Investments | 12 Months Ended |
Jan. 30, 2016 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS During the first quarter of fiscal 2015, the Company liquidated investments classified as held-to-maturity. Held-to-maturity investments were primarily corporate bonds, municipal bonds and municipal term notes and were held at amortized cost, which approximated fair value. As a result of the sale of held-to-maturity investments, the Company transferred its entire portfolio to the available-for-sale classification at fair value at the date of transfer. The Company determined that this transfer was a change in investment strategy. For the available-for-sale bonds and term notes, the carrying value, plus any unrealized gains or losses, equals the fair value. The unrealized holding gains or losses for the available-for-sale securities are reported in other comprehensive income. The Company accounts for its purchases and sales of investments on the trade date of the investment. When the Company had a held-to-maturity portfolio, the short-term or long-term classification of the investment was based on its maturity. The classification of available-for-sale securities is based on management's intention of the use of the investments. The Company will use a portion of these investments for its acquisition of Ebuys, Inc. (see Note 20 for additional discussion on the acquisition of Ebuys, Inc.). The following table discloses the major categories of the Company’s investments as of the dates presented: Short-term investments Long-term investments January 30, 2016 January 31, 2015 January 30, 2016 January 31, 2015 (in thousands) Available-for-sale securities: Carrying value $ 225,985 $ 17,147 $ 72,153 — Unrealized gains included in accumulated other comprehensive income 477 — 22 — Unrealized losses included in accumulated other comprehensive loss (435 ) — (222 ) — Held-to-maturity securities: Amortized cost — 154,054 — $ 216,756 Total investments $ 226,027 $ 171,201 $ 71,953 $ 216,756 Gross holding gains on held-to-maturity securities — $ 117 — $ 371 Gross holding losses on held-to-maturity securities — (50 ) — (317 ) Fair value of securities $ 226,027 $ 171,268 $ 71,953 $ 216,810 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 30, 2016 | |
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 dates presented: January 30, 2016 January 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in thousands) Financial Assets: Cash and equivalents $ 32,495 $ 32,495 — — $ 59,171 $ 59,171 — — Short-term investments (a) 226,027 2,127 $ 223,900 — 171,268 — $ 171,268 — Long-term investments (a) 71,953 181 71,772 — 216,810 — 216,810 — Cost method investment (b) 6,000 — — $ 6,000 — — — — Note receivable from Town Shoes (c) 33,311 — 33,311 — 43,304 — 43,304 — Total Financial Assets $ 369,786 $ 34,803 $ 328,983 $ 6,000 $ 490,553 $ 59,171 $ 431,382 — Financial Liabilities: Stock appreciation rights (d) $ 561 — $ 561 — — — — — Total Financial Liabilities $ 561 — $ 561 — — — — — (a) Short-term and long-term investments are valued using a market-based approach using level 2 inputs such as prices of similar assets in active markets. (b) DSW Inc.'s cost method investment is valued using level 3 inputs. The fair value approximates the carrying value. (c) The Company estimated the fair value of the note receivable based upon current interest rates offered on similar instruments. The reduction in fair value is based on the change in comparable rates on similar instruments. Based on the Company’s intention and ability to hold the note until maturity or the exercise of the put/call option (see Note 3), the carrying value is not other-than-temporarily impaired. (d) Stock appreciation rights are valued using the Black-Scholes model. The following table presents activity related to level 3 fair value measurement for DSW Inc.'s cost method investment for the period presented: Fiscal year ended January 30, 2016 (in thousands) Carrying value, beginning of period $ — Activity related to cost method investment 6,000 Carrying value, end of period $ 6,000 Non-Financial Assets- The Company 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. In fiscal 2015 and 2014, the Company recognized impairment losses on leasehold improvements used in stores. The impairment losses were included in the DSW and ABG segments. The Company determined that the carrying value exceeded the expected future cash flows and recorded an impairment after determining fair value based on the discounted future cash flow analysis using a discount rate determined by management based on historical performance and expectations of future performance. 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 January 30, 2016 Fiscal Level 1 Level 2 Level 3 Fair Value as of the Impairment Date 2015 2014 (in thousands) (in thousands) Assets held and used — — — — $ 962 $ 5,095 After the impairment losses were recorded, the remaining fair value of assets was zero. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations and Warrant Liabilities | DEBT OBLIGATIONS $100 Million Secured Credit Facility - On August 2, 2013 , the Company 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 the prior credit facility, dated June 30, 2010 . The Credit Facility has a term of five years that will expire on July 31, 2018 . During fiscal 2015, the Company requested that the Lender increase the revolving credit commitment from $50 million to $100 million (see amendment to the original Credit Facility, effective January 11, 2016, in the Index to Exhibits). The Credit Facility may be further increased by up to $50 million upon request subject to lender acceptance, financial condition and compliance with covenants. The Credit Facility is secured by a lien on substantially all of DSW Inc.'s personal property assets and its subsidiaries with certain exclusions and may be used to provide funds for general corporate purposes, to provide for 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 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 management and the operation of DSW Inc.'s business. These covenants, among other things, limit or restrict DSW Inc.'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 Inc. meet the minimum cash and 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. The Company paid $103.9 million in cash for capital expenditures in fiscal 2015 . As of January 30, 2016 and January 31, 2015 , the Company had no outstanding borrowings under the Credit Facility with availability of $100 million and $50 million , respectively. Total interest expense related to the Credit Facility includes fees, such as commitment and line of credit fees. Interest expense related to the Credit Facility for fiscal 2015 and 2014 was less than $0.1 million . Interest expense related to the Credit Facility for fiscal 2013 was $0.3 million . $50 Million Letter of Credit Agreement- Also on August 2, 2013 , the Company 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 the Company's management and the operation of the Company's business. These covenants, among other things, limit or restrict the Company'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 January 30, 2016 and January 31, 2015 , the Company had $7.1 million and $9.3 million , respectively, in outstanding letters of credit under the Letter of Credit Agreement, and $7.7 million and $11.5 million , respectively, 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. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 30, 2016 | |
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: January 30, 2016 January 31, 2015 (in thousands) Land $ 1,110 $ 1,110 Furniture, fixtures and equipment 506,347 437,745 Buildings, building and leasehold improvements 385,861 353,283 Total property and equipment $ 893,318 $ 792,138 Accumulated depreciation and amortization (519,077 ) (454,235 ) Property and equipment, net $ 374,241 $ 337,903 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 30, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: January 30, 2016 January 31, 2015 (in thousands) Gift cards and merchandise credits $ 43,446 $ 40,313 Compensation 8,042 11,317 Taxes 17,004 16,798 Customer loyalty program 10,084 14,788 Other (1) 29,224 29,964 Total accrued expenses $ 107,800 $ 113,180 (1) Other is comprised of deferred revenue, guarantees, sales return allowance, stock appreciation rights (as of January 30, 2016 ), advertising expenses, professional fees, rent and other various accrued expenses. |
Non-Current Liabilities
Non-Current Liabilities | 12 Months Ended |
Jan. 30, 2016 | |
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: January 30, 2016 January 31, 2015 (in thousands) Construction and tenant allowances $ 86,777 $ 85,244 Deferred rent 37,650 38,021 Other (1) 16,332 20,068 Total non-current liabilities $ 140,759 $ 143,333 (1) Other is comprised of a reserve for a lease of an office facility assumed in the merger with Retail Ventures, Inc. ("RVI"), income tax reserves and deferred compensation. During the first quarter of fiscal 2015, the Company adjusted its assumptions related to the reserve for a lease of an office facility for future real estate taxes, sublease rental payments and executory costs. As of January 30, 2016 , the accrual related to the office facility was $8.3 million . |
Leases
Leases | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company 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, the Company 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, the Company pays contingent rent based on sales for the shoe departments it operates through ABG. As of January 30, 2016 and January 31, 2015 , the Company had no capital leases of real estate. As of January 30, 2016 , the Company leased or had other agreements with entities affiliated with Schottenstein Affiliates for 17 store locations and its fulfillment center for a total annual minimum rent for fiscal 2015 of $8.1 million . On December 6, 2014, the lease of a portion of the Company's corporate office headquarters to a Schottenstein Affiliate was terminated. Related party rental income for fiscal 2014 and fiscal 2013 was $0.1 million and $0.2 million , respectively. There was no related party rental income in fiscal 2015. The following table presents future minimum lease payments required under the aforementioned leases, excluding real estate taxes, insurance and maintenance costs, as of January 30, 2016 : Total Unrelated Party Related Party Fiscal years (in thousands) 2016 $ 188,578 $ 179,742 $ 8,836 2017 182,429 174,075 8,354 2018 163,858 159,366 4,492 2019 146,238 142,236 4,002 2020 133,881 130,613 3,268 Future years thereafter 392,141 387,927 4,214 Total minimum lease payments (1) $ 1,207,125 $ 1,173,959 $ 33,166 (1) Minimum payments have been reduced by minimum sublease rentals of $4.9 million due in the future under noncancelable subleases. The following table presents the composition of rental expense for the periods presented: Fiscal 2015 2014 2013 (in thousands) Minimum rentals: Unrelated parties $ 162,072 $ 147,771 $ 137,602 Related parties 8,064 9,189 10,486 Contingent rentals: Unrelated parties 30,021 31,499 29,639 Total $ 200,157 $ 188,459 $ 177,727 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jan. 30, 2016 | |
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. In April 2013, the Company 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. The Company contributed a final contribution of $5.0 million to fully fund the plan. In the second quarter of fiscal 2013, the Company 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 period presented: Fiscal 2013 Location on Consolidated Statement of Operations (in thousands) Beginning Balance $ (8,758 ) 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 ) Ending Balance $ — The components of net periodic benefit cost are comprised of the following for the period presented: Fiscal 2013 (in thousands) Interest cost $ 843 Expected return on plan assets (808 ) Loss recognized due to settlements 14,224 Amortization of net loss 494 Net periodic benefit cost $ 14,753 For the period presented, other changes in plan assets and benefit obligations recognized in net periodic cost and other comprehensive (income) loss consist of: Fiscal 2013 (in thousands) Net actuarial loss $ 671 Loss recognized due to settlements (14,224 ) Amortization of net loss (494 ) Total recognized in other comprehensive (income) loss (14,047 ) Net periodic benefit cost 14,753 Total recognized in net periodic benefit cost and other comprehensive income $ 706 Other Benefit Plans 401(k) Plan- The Company sponsors a 401(k) Plan (the "Plan"). Eligible employees may contribute up to 50% 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 six months and 500 hours of service as defined under the terms of the 401(k) Plan, the Company matches employee deferrals, 100% on the first 3% of eligible compensation deferred and 50% on the next 2% of eligible compensation deferred. Additionally, the Company may contribute a discretionary profit sharing amount to the Plan each year, but has not for the past three fiscal years. The Company incurred costs associated with the Plan of $3.8 million , $3.2 million and $3.1 million for fiscal 2015 , 2014 and 2013 , respectively. Deferred Compensation Plan- The Company 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 January 30, 2016 and January 31, 2015 , the plan liability was $2.2 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings- The Company 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 results of operations or financial condition. As additional information becomes available, the Company will assess the potential liability related to its pending litigation and revise the estimates as needed. Merger with Retail Ventures, Inc. ("the Merger")- As of the effective time of the Merger, a subsidiary of DSW Inc. assumed the obligations under RVI’s guarantees related to discontinued operations. DSW Inc. 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. In the first quarter of 2015, the Company recorded a $2.0 million benefit from the final distribution from the bankruptcy debtor's estates related to the Filene's Basement's bankruptcy in 2011 within operating expenses on the consolidated statement of operations. Filene’s Basement- Following the Merger, a subsidiary of DSW Inc., 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. The remaining guarantee 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 brought a lawsuit against Merger Sub in the Supreme Court of the State of New York seeking payment under the guarantee of the lease (the lease is scheduled to expire in 2024). On February 27, 2015, the parties jointly entered into a Stipulation and Settlement Agreement that provides for the settlement and release of the guaranty litigation and certain claims arising from the Filene's/Syms bankruptcy. The settlement approximated the accrual. Contractual Obligations- As of January 30, 2016 , the Company 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. The Company’s obligations under these commitments were $5.2 million as of January 30, 2016 . In addition, the Company has entered into various noncancelable purchase and service agreements. The obligations under these agreements were $28.6 million as of January 30, 2016 . The Company has also signed lease agreements for 33 new store locations, expected to be opened in fiscal 2016 and 2017, with total annual rent of approximately $9.5 million . In connection with the new lease agreements, the Company will receive a total of $13.8 million of construction and tenant allowance reimbursements for expenditures at these locations. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The reportable segments are the DSW segment, which includes DSW stores and dsw.com, and the ABG segment. The Company 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 January 30, 2016 and January 31, 2015 is recorded in the DSW segment. In order to reconcile to the consolidated financial statements , the Company includes Other, which consists of assets, liabilities and expenses of the former RVI (see Note 2), the investment in Town Shoes (see Note 3), cash and assets of DSW's Canadian subsidiary. DSW segment ABG segment Other Total (in thousands) As of and for the fiscal year ended January 30,2016 Net sales $ 2,470,107 $ 150,141 — $ 2,620,248 Gross profit 740,402 27,967 — 768,369 Capital expenditures 110,839 852 — 111,691 Total assets 1,126,179 105,259 $ 137,671 1,369,109 As of and for the fiscal year ended January 31, 2015 Net sales $ 2,352,464 $ 143,628 — $ 2,496,092 Gross profit 726,630 28,391 — 755,021 Capital expenditures 90,215 3,099 — 93,314 Total assets 1,263,577 104,897 $ 69,769 1,438,243 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income Tax Provision- The following table presents the composition of the provision for income taxes for continuing operations for the periods presented: Fiscal year ended January 30, 2016 January 31, 2015 February 1, 2014 Current: (in thousands) Federal $ 64,416 $ 80,205 $ 36,407 Foreign 941 716 22 State and local 9,186 16,832 14,671 Total current tax expense 74,543 97,753 51,100 Deferred: Federal 8,035 (1,616 ) 42,557 Foreign 817 — — State and local 411 255 (1,098 ) Total deferred tax expense 9,263 (1,361 ) 41,459 Income tax provision $ 83,806 $ 96,392 $ 92,559 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 year ended January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Income tax expense at federal statutory rate $ 76,944 $ 87,297 $ 85,402 State and local taxes-net 7,847 8,808 8,532 Foreign 1,031 (405 ) (16 ) Other (2,016 ) 692 (1,359 ) Income tax provision $ 83,806 $ 96,392 $ 92,559 January 30, 2016 January 31, 2015 (in thousands) Deferred tax assets: State net operating loss and tax credits $ 571 $ 701 Inventory 7,961 7,562 Construction and tenant allowances 3,454 6,074 Stock-based compensation 10,799 9,624 Benefit from uncertain tax positions 85 100 Guarantees 4 1,185 Accrued expenses 2,495 1,890 Accrued rewards 4,016 5,918 Accrued rent 15,063 15,395 Other 14,312 14,317 Total deferred tax assets, gross of valuation allowance 58,760 62,766 Less: valuation allowance (1,250 ) (1,246 ) Total deferred tax assets, net of valuation allowance 57,510 61,520 Deferred tax liabilities: Property and equipment (32,215 ) (27,236 ) Prepaid expenses (1,024 ) (1,113 ) Other (2,456 ) (2,092 ) Total deferred tax liabilities (35,695 ) (30,441 ) Total – net deferred tax asset $ 21,815 $ 31,079 The federal net operating loss and state net operating loss and tax credits were fully utilized in 2013. The Company 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 January 30, 2016 is related to a capital loss carryforward, federal and state income tax credits and state income tax refunds. The valuation allowance as of January 31, 2015 was related to a capital loss carryforward and state income tax credits. As of January 30, 2016 , U.S. taxes have not been provided on unremitted earnings of subsidiaries operating outside of the United States. These earnings, which are considered to be invested indefinitely, would become subject to income tax if the Company elects to distribute these foreign earnings in the future. Determination of the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. Uncertain Tax Positions- As of January 30, 2016 , January 31, 2015 and February 1, 2014 , unrecognized tax benefits of $3.9 million , $3.4 million and $1.8 million , respectively, of the total unrecognized tax benefits would affect the 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: January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Beginning balance $ 3,386 $ 1,838 $ 1,253 Additions for tax positions taken in the current year 1,511 1,621 1,184 Reductions for tax positions taken in prior years: Changes in judgment — — (69 ) Lapses of applicable statutes of limitations (644 ) — (530 ) Settlements during the year (365 ) (73 ) — Ending balance $ 3,888 $ 3,386 $ 1,838 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 the Company's financial position, results of operations or cash flows. As of January 30, 2016 and January 31, 2015 , $0.6 million and $0.5 million , respectively, was accrued for the payment of interest and penalties. DSW Inc. is no longer subject to U.S federal income tax examination and state income tax examinations for years prior to 2011. DSW Inc. 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 |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) In the Company’s opinion, the unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of 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 unaudited quarterly financial information for the periods presented: Thirteen weeks ended May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 (in thousands, except per share data) Net sales $ 655,486 $ 627,206 $ 665,520 $ 672,036 Cost of sales (442,428 ) (435,904 ) (466,554 ) (506,993 ) Operating expenses (139,486 ) (131,721 ) (135,637 ) (147,974 ) Operating profit 73,572 59,581 63,329 17,069 Interest income, net 920 752 952 838 Non-operating income (expense) 3,312 (7 ) (107 ) (20 ) Income from continuing operations before income taxes and (loss) income from Town Shoes 77,804 60,326 64,174 17,887 Income tax provision (29,096 ) (22,486 ) (25,575 ) (6,649 ) (Loss) income from Town Shoes (1,342 ) (230 ) 696 525 Net income $ 47,366 $ 37,610 $ 39,295 $ 11,763 Diluted earnings per share (1) : $ 0.53 $ 0.42 $ 0.44 $ 0.14 Thirteen weeks ended May 3, 2014 August 2, 2014 November 1, 2014 January 31, 2015 (in thousands, except per share data) Net sales $ 598,947 $ 587,096 $ 669,872 $ 640,177 Cost of sales (410,942 ) (415,192 ) (451,315 ) (463,622 ) Operating expenses (126,754 ) (118,582 ) (138,720 ) (128,480 ) Operating profit 61,251 53,322 79,837 48,075 Interest income, net 991 659 737 734 Income from continuing operations before income taxes and income from Town Shoes 62,242 53,981 80,574 48,809 Income tax provision (23,603 ) (20,860 ) (32,069 ) (19,860 ) Income from Town Shoes — 849 1,049 1,915 Income from continuing operations 38,639 33,970 49,554 30,864 Income (loss) from discontinued operations, net of tax — 358 — (86 ) Net income $ 38,639 $ 34,328 $ 49,554 $ 30,778 Diluted earnings per share (1) : $ 0.42 $ 0.38 $ 0.55 $ 0.34 (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 |
Jan. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Dividends - On March 15, 2016 , DSW Inc.'s Board of Directors declared a quarterly cash dividend payment of $0.20 per share. The dividend will be paid on April 15, 2016 to shareholders of record at the close of business on April 1, 2016 . Acquisition- On February, 15, 2016, DSW Shoe Warehouse, Inc., a wholly owned subsidiary of DSW Inc., entered into a Stock Purchase Agreement to acquire Ebuys, Inc. (“Ebuys”), an online close-out footwear and accessories retailer for $62.5 million , less adjustments for working capital. Ebuys sells products to customers located in North America, Europe, Australia and Asia. The transaction supports DSW Inc.'s efforts to grow its market share within footwear and accessories domestically and internationally. Ebuys may also receive future payments contingent on its performance. The provisional fair value of this contingent consideration is estimated to be $55 million , subject to final closing adjustments. DSW Inc. estimated the fair value of the contingent consideration using a risk-weighted discounted cash flow model. At each future reporting date, DSW Inc. will remeasure the contingent consideration liabilities at fair value until the contingencies are resolved in 2020. Ebuys will be a wholly owned subsidiary of DSW Shoe Warehouse, Inc. and will maintain its team and facilities. The transaction closed on March 4, 2016. The allocation of the purchase price was not complete as of the time that financial statements were ready for issuance. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year- DSW Inc.’s fiscal year ends on the Saturday nearest to January 31. The periods presented in these financial statements are the fiscal years ended January 30, 2016 (" fiscal 2015 "), January 31, 2015 (" fiscal 2014 ") and February 1, 2014 (" fiscal 2013 "). Fiscal 2015 , 2014 and 2013 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, Policy [Policy Text Block] | Use of Estimates- The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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 | Principles of Consolidation- The consolidated financial statements include the accounts of DSW Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in United States Dollars ("USD"), unless otherwise noted. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
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. Merchandise can be demanded from a store, dsw.com or m.dsw.com. The demand can be fulfilled from a store, the dsw.com fulfillment center or drop shipped from a supplier's warehouse. If the product is shipped to a customer from a store, the dsw.com fulfillment center or a supplier's warehouse, DSW Inc. defers revenue for a period of time representing a lag for shipments to be received by the customer. |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | As of January 30, 2016 , ABG supplies footwear, under supply arrangements, to three other retailers. DSW Inc. follows ASC Topic 605, Revenue Recognition, in recognizing revenue for its affiliated business processes, specifically the principal/agent guidance in ASC Topic 605-45. Sales for these affiliated businesses are net of returns through period end and exclude sales tax, and are included in net sales. Pursuant to the supply agreements between the Company and the ABG retailers (Stein Mart, Frugal Fannie's and Gordmans), the Company is the exclusive supplier of shoes, both in-store and online, at the ABG retailers. The Company assumes the risks and rewards of ownership for product at all in-store locations and online, including risk of loss for delivery, returns, shrink up to a certain percentage, and loss of inventory value. Furthermore, the Company is responsible for the footwear assortment, inventory fulfillment, and pricing at all locations and online. As the principal, the Company owns the merchandise and the fixtures, records sales of merchandise, net of returns and excluding sales tax at the point of sale to the end customer. As the agent, the retailers provide the sales associates and retail space. The Company pays a percentage of net sales as rent, which is included in cost of sales as occupancy expense. |
Shipping and Handling Cost | Revenue from shipping and handling is recorded 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. The Company's policy is to recognize income from breakage of gift cards when the likelihood of redemption of the gift card is remote. |
Cost of Sales | Cost of Sales- In addition to the cost of merchandise, which includes markdowns and shrinkage, the Company 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 costs, rent, depreciation, insurance, utilities, maintenance and other operating costs associated with the operations of the distribution and fulfillment centers. 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 the Company by its landlords. |
Operating Expenses | Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, ABG operations, store depreciation and amortization, new store advertising and other new store costs 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- The Company 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 vest in accordance with ASC Topic 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 statement of operations. The company grants performance-based restricted stock units and restricted stock units. 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. |
Stock Appreciation Rights [Policy Text Block] | In fiscal 2014, the Company granted Stock Appreciation Rights ("SARs") to a non-employee. Under ASC Topic 505-50, Equity-Based Payments to Non-Employees, share-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued. On April 16, 2015, DSW Inc. provided notice of termination of the agreement with the non-employee resulting in an acceleration of the vesting of the SARs as outlined in the agreement. DSW Inc. will value the SARs at fair value until the expiration or exercise date. The SARs remain exercisable until June 2016. The SARs are classified as share-based liabilities as the instruments are required to be settled in cash. The instruments are not included in diluted shares for the purposes of calculating earnings per share. |
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. The Company 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 the Company 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 the 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. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries where such earnings are considered to be permanently reinvested for the foreseeable future. |
Reclassification, Policy [Policy Text Block] | In accordance with ASC Topic 740, Income Taxes , interest and penalties related to unrecognized income tax benefits may either be classified as income tax expense or another appropriate expense classification in the consolidated statement of operations. Previously, the Company had elected to classify interest expense or income related to income tax liabilities, when applicable, as part of interest expense or income in its consolidated statement of operations rather than as part of income tax expense. The Company classified income tax penalties as part of operating expenses in its statement of operations. Beginning in the first quarter of fiscal 2015, the Company elected to reflect interest and penalties from income taxes through the income tax provision in its statement of operations. The policy is consistent with the policies elected by many of the Company’s peers and thus improves the comparability of the Company’s financial statements. The new policy is more consistent with the way in which the Company manages the settlement of uncertain income tax positions as one overall amount inclusive of interest and penalties. The Company also believes that interest and penalties related to unrecognized income tax benefits are costs of managing taxes payable and thus, it will provide more meaningful information to investors by including only interest expense from debt financing activities within interest expense. This change in accounting policy was completed in accordance with ASC Topic 250, Accounting Changes and Error Corrections . Accordingly, the change in accounting policy has been applied retrospectively by adjusting the statement of operations for the prior periods presented. The change to historical periods was limited to classifications within the consolidated statements of operations and has no effect on net income or earnings per share. |
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. Any changes in the carrying value of assets with residual interest in the discontinued business are classified within continuing operations. See Note 16 for a discussion of discontinued operations. |
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 adjusted for outstanding stock options, restricted stock units and performance-based restricted stock units. |
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 and digital payment processors for credit card transactions totaled $16.0 million and $16.2 million as of January 30, 2016 and January 31, 2015 , respectively. The carrying amounts of cash and equivalents approximate fair value. The Company 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. The Company 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 amount of restricted cash approximates 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 - The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All income generated from these investments is recorded as interest income. The company 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 and Notes 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 Inc.'s affiliated business partners. For accounts receivable, the carrying amount approximates fair value because of the relatively short average collection period. The shareholder note receivable for Town Shoes is valued based upon current interest rates offered on similar instruments . The note receivable is classified as long-term as it matures in 2022. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk- Financial instruments, which principally subject the Company to concentration of credit risk, consist of cash and equivalents and investments. The Company 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 FDIC insurance limits, and the Company mitigates the risk by utilizing multiple banks. |
Concentration Risk, Vendor Risk, Policy [Policy Text Block] | Concentration of Vendor Risk- During fiscal 2015 , 2014 and 2013 , three key vendors supplied approximately 18% , 18% and 19% of merchandise, 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, the Company 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- The Company 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. The Company 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. Store physical inventory counts are taken on an annual basis and have supported 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- The Company 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. The Company expensed $1.0 million and $5.1 million in fiscal 2015 and 2014, respectively, for assets where the recorded value could not be supported by projected future cash flows. The impairment charges in fiscal 2015 and 2014 were recorded in the DSW segment |
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 fair value 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 or a significant and sustained decline in 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 Inc. The Company has never recorded a goodwill impairment. As of January 30, 2016 and January 31, 2015 , the balance of goodwill related to DSW was $25.9 million . For fiscal 2015, the Company tested goodwill for impairment as of November 1, 2015. In the past, the Company has tested goodwill for impairment as of the end of the current fiscal year. Per the Securities Exchange Commission ("SEC"), if a registrant determines that a change in the goodwill impairment testing date does not represent a material change to its method of applying an accounting principle, the staff will no longer request a preferability letter to be obtained and filed, provided that such change is prominently disclosed in the registrant’s financial statements. As this change in testing date does not represent a material change, no preferability letter is required. |
Cost Method Investments, Policy [Policy Text Block] | Cost Method Investments- The Company accounts for equity investments using the equity method of accounting when it exercises significant influence over the investment. If the Company does not exercise significant influence, the Company accounts for the investment using the cost method of accounting. As of January 30, 2016 , DSW Inc.'s cost method investment is included in other assets on the consolidated balance sheet. |
Equity Method Investments, Policy [Policy Text Block] | Equity Method Investment in Town Shoes - DSW Inc. accounts for its investment in Town Shoes, where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, DSW Inc. recognizes its share of Town Shoes' net income or loss. The difference between the purchase price and the Company's interest in Town Shoes' underlying net equity is comprised of intangible assets with both definite and indefinite lives. The definite lived assets are favorable and unfavorable leases that are being amortized over the lives of the leases. DSW Inc.’s share of net income or loss of Town Shoes, DSW Inc.'s payment-in-kind interest from the note receivable from Town Shoes and amortization of the definite lived intangible assets are included in (Loss) income from Town Shoes on the consolidated statement of operations and comprehensive income. Related income tax effects are included in the provision for income taxes. The investment and note receivable in Town Shoes are required to be tested for impairment if there is determined to be an other than temporary loss in value. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self-Insurance Reserves- The Company 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. The Company 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- The Company maintains a customer loyalty program for DSW 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. The Company accrues the anticipated redemptions of the discount earned at the time of the initial purchase. To estimate these costs, the Company makes assumptions related to customer purchase levels and redemption rates based on historical experience. |
Commitments and Contingencies | Legal Proceedings and Claims- The Company is involved in various legal proceedings that are incidental to the conduct of its business. The Company estimates the range of liability related to pending litigation where the amount of the range of loss can be estimated. The Company 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, the Company records an estimate of the amount of the liability related to the claim. |
Deferred Rent | Deferred Rent- Many of the Company’s operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, the Company recognizes the related rental expense on a straight-line basis over the noncancelable terms of the lease. The Company 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- The Company 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- The Company 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, the Company estimates future lease obligations based on remaining lease payments, estimated or actual sublease payments and any other relevant factors. On a quarterly basis, the Company 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. Fiscal 2015 includes foreign currency translation adjustments |
Other Nonoperating Income and Expense [Text Block] | Non-Operating Income- Non-operating income includes remeasurement effects of foreign currency, as well as realized capital gains and losses related to the Company's investment portfolio. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Co-Branded Credit Card- On April 30, 2014, the Company began to offer co-branded credit cards under a seven-year agreement with an issuing bank, which allows members to earn points through purchases at DSW 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 is recorded in net sales. The Company received an upfront signing bonus from the issuing bank, which is recognized on a straight-line basis over the life of the relationship. The Company receives 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, costs associated with rewards points and certificates are accrued as the points are earned by the cardholder and are 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 funding the future purchase of the remaining interest in Town Shoes, the Company purchased $100 million CAD, which equated to approximately $79 million USD at the purchase date. Gains or losses resulting from foreign currency transactions are included in operating expenses in the consolidated statement of operations, whereas translation adjustments are reported as an element of other comprehensive income. The note receivable and the payment-in-kind interest from Town Shoes are denominated in CAD. The functional and reporting currency of Town Shoes is CAD. As USD is the functional currency of the entity that holds the investment in and note receivable from Town Shoes, the Company is required to remeasure these balances into USD balances. Each quarter, the income or loss from Town Shoes is recorded in USD at the average exchange rate for the period. The note receivable from Town Shoes is remeasured in USD at the exchange rate prevailing at the balance sheet date. As the Company has designated the note receivable from Town Shoes as an investment of a long-term investment nature, the Company records the translation gains and losses arising from changes in exchange rates in comprehensive income. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board ("IASB") released ASU 2014-09 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 December 15, 2017, including interim reporting periods. The Company has completed an assessment identifying areas of impact for the business, including the Company's loyalty program and co-branded credit card. We are currently assessing and evaluating these results and developing an implementation plan, as well as evaluating the transition methods for adoption of the standard. In April 2015, the FASB and the IASB released ASU 2015-03, simplifying the presentation of debt issuance costs. Under the new standard, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. There is currently no impact to the Company; however, the Company will monitor the new standard and determine if it is likely to be impacted in the future. In April 2015, the FASB released ASU 2015-05 to provide guidance to customers concerning whether a cloud computing arrangement includes a software license. Under this new standard, 1) if a cloud computing arrangement includes a software license, the software license element of the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses, or 2) if the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2015, including interim reporting periods. The Company will adopt the new standard when it takes effect in the first quarter of 2016 and apply the new guidance prospectively. In January 2016, the FASB released ASU 2016-01, which 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, 3) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities, 4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, 5) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, 6) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, 7) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements, and 8) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In February 2016, the FASB released ASU 2016-02, which will increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet. The standard will take effect for public companies for annual reporting periods beginning after December 15, 2018, including interim reporting periods. Early application will be permitted for all entities upon issuance of the final standard. In addition, the FASB has decided to require a lessee to apply a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements (the date of initial application). The modified retrospective approach would not require any transition accounting for leases that expired before the date of initial application. The FASB decided to not permit a full retrospective transition approach. The Company is currently evaluating the impact of the standard on its financial statements and disclosures. In November 2015, the FASB released Accounting Standards Update ("ASU") 2015-17, which requires entities to present deferred tax assets and deferred tax liabilities as non-current on the classified balance sheet. The ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods. In addition, entities are permitted to apply the amendments either prospectively or retrospectively. The Company elected to early adopt the standard in the fourth quarter of 2015 and applied the amendments retrospectively to maintain comparability of its balance sheet and related ratios. The change in accounting standard has been applied retrospectively by adjusting the balance sheet for the prior period presented. |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
share-based goods, modification of terms [Policy Text Block] | Per ASC Topic 718-10-35-3, a modification of the terms or conditions of an equity award shall be treated as an exchange of the original award for a new award. The effects of a modification should be measured as follows: (a) incremental compensation cost shall be measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, (b) total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied, and (c) a change in compensation cost for an equity award measured at intrinsic value shall be measured by comparing the intrinsic value of the modified award, if any, with the intrinsic value of the original award, if any, immediately before the modification. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | The reportable segments are the DSW segment, which includes DSW stores and dsw.com, and the ABG segment. The Company 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. |
Business Operations (Tables)
Business Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of sales attributable to each merchandise category [Table Text Block] | The following table sets forth the approximate percentages of DSW segment sales attributable to each merchandise category for the fiscal years below: Fiscal Category 2015 2014 2013 Women's footwear 59% 61% 62% Men's footwear 18% 18% 17% Athletic footwear 14% 12% 12% Accessories and Other 9% 9% 9% |
Investment in Town Shoes Limi35
Investment in Town Shoes Limited (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | Presented below is activity related to DSW Inc.'s portion of Town Shoes included in DSW Inc.'s consolidated balance sheets, consolidated statements of operations and consolidated statements of comprehensive income for the periods presented: Fiscal year 2015 2014 (in thousands) Investment in Town Shoes - beginning of period $ 25,887 $ — Initial investment — 22,339 Acquisition costs (184 ) 2,897 DSW Inc.'s portion of Town Shoes (loss) income (5,250 ) 178 Foreign currency translation adjustments included in "Other comprehensive (loss) income" 934 729 Amortization of purchase price adjustments (199 ) (256 ) Investment in Town Shoes - end of period $ 21,188 $ 25,887 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Fiscal year 2015 2014 (in thousands) Note receivable from Town Shoes - beginning of period $ 43,304 $ — Purchase of note receivable — 46,596 Payment-in-kind interest earned 5,098 3,891 Foreign currency translation adjustments included in "Other comprehensive (loss) income" (4,232 ) (7,183 ) Note receivable from Town Shoes - end of period $ 44,170 $ 43,304 |
Significant Accounting Polici36
Significant Accounting Policies (Tables) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | |||
Accounting Changes [Text Block] | The change to historical periods was limited to classifications within the consolidated statements of operations and has no effect on net income or earnings per share. Three months ended Fiscal year ended January 31, 2015 January 31, 2015 As previously reported Effect of change As adjusted As previously reported Effect of change As adjusted (in thousands) Operating expenses $ (128,681 ) $ 201 $ (128,480 ) $ (512,889 ) $ 353 $ (512,536 ) Interest income, net 602 132 734 2,795 326 3,121 Income tax provision (19,527 ) (333 ) (19,860 ) (95,713 ) (679 ) (96,392 ) | Three months ended Fiscal year ended February 1, 2014 February 1, 2014 As previously reported Effect of change As adjusted As previously reported Effect of change As adjusted (in thousands) Operating expenses $ (115,113 ) $ — $ (115,113 ) $ (497,899 ) $ 36 $ (497,863 ) Interest income, net 762 42 804 2,619 (182 ) 2,437 Income tax provision (17,521 ) (42 ) (17,563 ) (92,705 ) 146 (92,559 ) | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | The change in accounting standard has been applied retrospectively by adjusting the balance sheet for the prior period presented. As of January 31, 2015 As previously reported Effect of change As adjusted (in thousands) Current deferred income taxes $ 19,747 $ (19,747 ) $ — Total current assets 768,470 (19,747 ) 748,723 Non-current deferred income taxes 11,332 19,747 31,079 | ||
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 |
Earnings per Share and Shareh37
Earnings per Share and Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | 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 2015 2014 2013 (in thousands) Weighted average shares outstanding 87,561 89,499 90,472 Assumed exercise of dilutive stock options 683 910 1,202 Assumed exercise of dilutive RSUs and PSUs 257 203 227 Number of shares for computation of diluted earnings per share 88,501 90,612 91,901 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes stock-based compensation expense for the periods presented: Fiscal 2015 2014 2013 (in thousands) Stock Options $ 5,532 $ 5,827 $ 5,891 Restricted Stock Units 2,953 2,097 1,797 Performance-Based Restricted Stock Units 3,979 1,324 503 Director Stock Units 1,037 1,247 1,151 Total $ 13,501 $ 10,495 $ 9,342 |
Weighted-average Assumptions Used for Options Granted | The following table illustrates the weighted-average assumptions used in the Black-Scholes pricing model for options granted in each of the periods presented: Fiscal Assumptions: 2015 2014 2013 Risk-free interest rate 1.4% 1.8% 0.7% Annual volatility of DSW Common Shares 37.9% 44.5% 53.4% Expected option term 5.1 years 5.4 years 4.7 years Dividend yield 2.1% 2.3% 1.3% Other Data: Weighted average grant date fair value $8.87 $11.82 $12.85 |
Stock Option Plan Activity | For the periods presented, the following tables summarize 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 2015 2014 2013 Shares WAEP Shares WAEP Shares WAEP Outstanding beginning of year 3,156 $ 20.91 3,347 $ 17.62 3,694 $ 14.50 Granted 1,395 $ 32.47 502 $ 34.49 492 $ 31.75 Exercised (539 ) $ 13.83 (505 ) $ 10.22 (748 ) $ 10.99 Forfeited (163 ) $ 33.34 (188 ) $ 27.32 (91 ) $ 21.79 Outstanding end of year 3,849 $ 25.56 3,156 $ 20.91 3,347 $ 17.62 Options exercisable end of year 2,007 $ 20.35 1,682 $ 15.16 1,430 $ 13.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | As of January 30, 2016 Shares WAEP Weighted Average Remaining Contract Life Aggregate Intrinsic Value Options exercisable 2,007 $ 20.35 3.3 years $ 12,905 Options expected to vest 1,639 $ 31.26 8.7 years 612 Options vested and expected to vest 3,646 $ 25.25 5.7 years $ 13,517 |
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 (1) Options Exercisable WAEP Aggregate Intrinsic Value (1) 2006 - expire 2016 $ 12.93 $ 14.50 0.6 years 92 $ 12.98 $ 1,019 93 $ 12.98 $ 1,020 2007 - expire 2017 $ 18.57 $ 19.94 1.2 years 297 $ 19.84 1,241 297 $ 19.84 1,241 2008 - expire 2018 $ 6.01 $ 9.15 2.2 years 165 $ 6.20 2,941 165 $ 6.20 2,941 2009 - expire 2019 $ 4.65 $ 7.00 3.2 years 136 $ 4.79 2,607 136 $ 4.79 2,607 2010 - expire 2020 $ 12.34 $ 12.38 4.2 years 330 $ 12.37 3,843 330 $ 12.37 3,843 2011 - expire 2021 $ 17.43 $ 22.71 5.1 years 253 $ 17.44 1,662 191 $ 17.44 1,253 2012 - expire 2022 $ 26.66 $ 27.18 4.7 years 466 $ 26.67 — 331 $ 26.66 — 2013 - expire 2023 $ 31.68 $ 31.68 5.1 years 361 $ 31.68 — 219 $ 31.68 — 2014 - expire 2024 $ 29.74 $ 37.88 6.9 years 433 $ 34.53 — 151 $ 35.41 — 2015 - expire 2025 $ 23.21 $ 37.50 8.9 years 1,316 $ 32.17 298 94 $ 37.50 — Total $ 4.65 $ 37.88 5.9 years 3,849 $ 25.56 $ 13,611 2,007 $ 20.35 $ 12,905 |
Restricted Stock Unit Activity | For the periods presented, the following tables summarize RSU activity, weighted average grant date fair value (“GDFV”) and aggregate intrinsic value (units and intrinsic value in thousands): Fiscal 2015 2014 2013 Units GDFV Units GDFV Units GDFV Outstanding at beginning of year 320 $ 29.21 377 $ 23.41 436 $ 15.39 Granted 199 $ 30.54 103 $ 34.53 92 $ 35.50 Vested (115 ) $ 21.32 (114 ) $ 14.11 (136 ) $ 5.51 Forfeited (32 ) $ 32.99 (46 ) $ 29.55 (15 ) $ 29.46 Outstanding at end of year 372 $ 31.83 320 $ 29.21 377 $ 23.41 |
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 January 30, 2016 Units GDFV Contract Life Value RSUs expected to vest 307 $ 31.78 1.3 years $ 7,373 |
Performance Based Restricted Stock Units Activity [Table Text Block] | For the periods presented, the following tables summarize PSU activity, GDFV and aggregate intrinsic value (units and intrinsic value in thousands): Fiscal 2015 2014 2013 Units GDFV Units GDFV Units GDFV Outstanding beginning of year 173 $ 33.50 69 $ 31.76 — $ — Granted 208 $ 33.30 111 $ 34.52 69 $ 31.76 Vested (75 ) $ 22.80 — $ — — $ — Forfeited (13 ) $ 35.16 (7 ) $ 32.74 — $ — Outstanding end of year 293 $ 28.70 173 $ 33.50 69 $ 31.76 |
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 January 30, 2016 Units GDFV Contract Life Value PSUs expected to vest 253 $ 28.70 1.2 years $ 6,080 |
Director Stock Unit Activity | The following table summarizes director stock unit activity (units in thousands): Fiscal 2015 2014 2013 Outstanding beginning of year 360 330 316 Granted 40 52 34 Exercised (95 ) (22 ) (20 ) Outstanding end of year 305 360 330 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | The fair value of the SARs was estimated using the Black-Scholes pricing model with the following assumptions for the periods presented: Assumptions: As of January 30, 2016 As of January 31, 2015 Risk-free interest rate 0.4% 0.6% Expected volatility of DSW Common Shares 33.0% 24.9% Expected term 0.4 years 2.3 years Expected dividend yield 2.5% 2.3% |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Investments [Abstract] | |
Investments | The following table discloses the major categories of the Company’s investments as of the dates presented: Short-term investments Long-term investments January 30, 2016 January 31, 2015 January 30, 2016 January 31, 2015 (in thousands) Available-for-sale securities: Carrying value $ 225,985 $ 17,147 $ 72,153 — Unrealized gains included in accumulated other comprehensive income 477 — 22 — Unrealized losses included in accumulated other comprehensive loss (435 ) — (222 ) — Held-to-maturity securities: Amortized cost — 154,054 — $ 216,756 Total investments $ 226,027 $ 171,201 $ 71,953 $ 216,756 Gross holding gains on held-to-maturity securities — $ 117 — $ 371 Gross holding losses on held-to-maturity securities — (50 ) — (317 ) Fair value of securities $ 226,027 $ 171,268 $ 71,953 $ 216,810 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents financial assets and liabilities at fair value as of the dates presented: January 30, 2016 January 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (in thousands) Financial Assets: Cash and equivalents $ 32,495 $ 32,495 — — $ 59,171 $ 59,171 — — Short-term investments (a) 226,027 2,127 $ 223,900 — 171,268 — $ 171,268 — Long-term investments (a) 71,953 181 71,772 — 216,810 — 216,810 — Cost method investment (b) 6,000 — — $ 6,000 — — — — Note receivable from Town Shoes (c) 33,311 — 33,311 — 43,304 — 43,304 — Total Financial Assets $ 369,786 $ 34,803 $ 328,983 $ 6,000 $ 490,553 $ 59,171 $ 431,382 — Financial Liabilities: Stock appreciation rights (d) $ 561 — $ 561 — — — — — Total Financial Liabilities $ 561 — $ 561 — — — — — |
Schedule of Cost Method Investments [Table Text Block] | The following table presents activity related to level 3 fair value measurement for DSW Inc.'s cost method investment for the period presented: Fiscal year ended January 30, 2016 (in thousands) Carrying value, beginning of period $ — Activity related to cost method investment 6,000 Carrying value, end of period $ 6,000 |
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 January 30, 2016 Fiscal Level 1 Level 2 Level 3 Fair Value as of the Impairment Date 2015 2014 (in thousands) (in thousands) Assets held and used — — — — $ 962 $ 5,095 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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: January 30, 2016 January 31, 2015 (in thousands) Land $ 1,110 $ 1,110 Furniture, fixtures and equipment 506,347 437,745 Buildings, building and leasehold improvements 385,861 353,283 Total property and equipment $ 893,318 $ 792,138 Accumulated depreciation and amortization (519,077 ) (454,235 ) Property and equipment, net $ 374,241 $ 337,903 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | The balance sheet caption "Accrued expenses" was comprised of the following as of the periods presented: January 30, 2016 January 31, 2015 (in thousands) Gift cards and merchandise credits $ 43,446 $ 40,313 Compensation 8,042 11,317 Taxes 17,004 16,798 Customer loyalty program 10,084 14,788 Other (1) 29,224 29,964 Total accrued expenses $ 107,800 $ 113,180 |
Non-Current Liabilities(Tables)
Non-Current Liabilities(Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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: January 30, 2016 January 31, 2015 (in thousands) Construction and tenant allowances $ 86,777 $ 85,244 Deferred rent 37,650 38,021 Other (1) 16,332 20,068 Total non-current liabilities $ 140,759 $ 143,333 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
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 January 30, 2016 : Total Unrelated Party Related Party Fiscal years (in thousands) 2016 $ 188,578 $ 179,742 $ 8,836 2017 182,429 174,075 8,354 2018 163,858 159,366 4,492 2019 146,238 142,236 4,002 2020 133,881 130,613 3,268 Future years thereafter 392,141 387,927 4,214 Total minimum lease payments (1) $ 1,207,125 $ 1,173,959 $ 33,166 |
Schedule of Rent Expense [Table Text Block] | The following table presents the composition of rental expense for the periods presented: Fiscal 2015 2014 2013 (in thousands) Minimum rentals: Unrelated parties $ 162,072 $ 147,771 $ 137,602 Related parties 8,064 9,189 10,486 Contingent rentals: Unrelated parties 30,021 31,499 29,639 Total $ 200,157 $ 188,459 $ 177,727 |
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 period presented: Fiscal 2013 Location on Consolidated Statement of Operations (in thousands) Beginning Balance $ (8,758 ) 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 ) Ending Balance $ — |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are comprised of the following for the period presented: Fiscal 2013 (in thousands) Interest cost $ 843 Expected return on plan assets (808 ) Loss recognized due to settlements 14,224 Amortization of net loss 494 Net periodic benefit cost $ 14,753 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | For the period presented, other changes in plan assets and benefit obligations recognized in net periodic cost and other comprehensive (income) loss consist of: Fiscal 2013 (in thousands) Net actuarial loss $ 671 Loss recognized due to settlements (14,224 ) Amortization of net loss (494 ) Total recognized in other comprehensive (income) loss (14,047 ) Net periodic benefit cost 14,753 Total recognized in net periodic benefit cost and other comprehensive income $ 706 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | DSW segment ABG segment Other Total (in thousands) As of and for the fiscal year ended January 30,2016 Net sales $ 2,470,107 $ 150,141 — $ 2,620,248 Gross profit 740,402 27,967 — 768,369 Capital expenditures 110,839 852 — 111,691 Total assets 1,126,179 105,259 $ 137,671 1,369,109 As of and for the fiscal year ended January 31, 2015 Net sales $ 2,352,464 $ 143,628 — $ 2,496,092 Gross profit 726,630 28,391 — 755,021 Capital expenditures 90,215 3,099 — 93,314 Total assets 1,263,577 104,897 $ 69,769 1,438,243 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table presents the composition of the provision for income taxes for continuing operations for the periods presented: Fiscal year ended January 30, 2016 January 31, 2015 February 1, 2014 Current: (in thousands) Federal $ 64,416 $ 80,205 $ 36,407 Foreign 941 716 22 State and local 9,186 16,832 14,671 Total current tax expense 74,543 97,753 51,100 Deferred: Federal 8,035 (1,616 ) 42,557 Foreign 817 — — State and local 411 255 (1,098 ) Total deferred tax expense 9,263 (1,361 ) 41,459 Income tax provision $ 83,806 $ 96,392 $ 92,559 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table presents a reconciliation of the expected income taxes for continuing operations based upon the statutory federal income tax rate: Fiscal year ended January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Income tax expense at federal statutory rate $ 76,944 $ 87,297 $ 85,402 State and local taxes-net 7,847 8,808 8,532 Foreign 1,031 (405 ) (16 ) Other (2,016 ) 692 (1,359 ) Income tax provision $ 83,806 $ 96,392 $ 92,559 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 30, 2016 January 31, 2015 (in thousands) Deferred tax assets: State net operating loss and tax credits $ 571 $ 701 Inventory 7,961 7,562 Construction and tenant allowances 3,454 6,074 Stock-based compensation 10,799 9,624 Benefit from uncertain tax positions 85 100 Guarantees 4 1,185 Accrued expenses 2,495 1,890 Accrued rewards 4,016 5,918 Accrued rent 15,063 15,395 Other 14,312 14,317 Total deferred tax assets, gross of valuation allowance 58,760 62,766 Less: valuation allowance (1,250 ) (1,246 ) Total deferred tax assets, net of valuation allowance 57,510 61,520 Deferred tax liabilities: Property and equipment (32,215 ) (27,236 ) Prepaid expenses (1,024 ) (1,113 ) Other (2,456 ) (2,092 ) Total deferred tax liabilities (35,695 ) (30,441 ) Total – net deferred tax asset $ 21,815 $ 31,079 |
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: January 30, 2016 January 31, 2015 February 1, 2014 (in thousands) Beginning balance $ 3,386 $ 1,838 $ 1,253 Additions for tax positions taken in the current year 1,511 1,621 1,184 Reductions for tax positions taken in prior years: Changes in judgment — — (69 ) Lapses of applicable statutes of limitations (644 ) — (530 ) Settlements during the year (365 ) (73 ) — Ending balance $ 3,888 $ 3,386 $ 1,838 |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following tables present unaudited quarterly financial information for the periods presented: Thirteen weeks ended May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 (in thousands, except per share data) Net sales $ 655,486 $ 627,206 $ 665,520 $ 672,036 Cost of sales (442,428 ) (435,904 ) (466,554 ) (506,993 ) Operating expenses (139,486 ) (131,721 ) (135,637 ) (147,974 ) Operating profit 73,572 59,581 63,329 17,069 Interest income, net 920 752 952 838 Non-operating income (expense) 3,312 (7 ) (107 ) (20 ) Income from continuing operations before income taxes and (loss) income from Town Shoes 77,804 60,326 64,174 17,887 Income tax provision (29,096 ) (22,486 ) (25,575 ) (6,649 ) (Loss) income from Town Shoes (1,342 ) (230 ) 696 525 Net income $ 47,366 $ 37,610 $ 39,295 $ 11,763 Diluted earnings per share (1) : $ 0.53 $ 0.42 $ 0.44 $ 0.14 Thirteen weeks ended May 3, 2014 August 2, 2014 November 1, 2014 January 31, 2015 (in thousands, except per share data) Net sales $ 598,947 $ 587,096 $ 669,872 $ 640,177 Cost of sales (410,942 ) (415,192 ) (451,315 ) (463,622 ) Operating expenses (126,754 ) (118,582 ) (138,720 ) (128,480 ) Operating profit 61,251 53,322 79,837 48,075 Interest income, net 991 659 737 734 Income from continuing operations before income taxes and income from Town Shoes 62,242 53,981 80,574 48,809 Income tax provision (23,603 ) (20,860 ) (32,069 ) (19,860 ) Income from Town Shoes — 849 1,049 1,915 Income from continuing operations 38,639 33,970 49,554 30,864 Income (loss) from discontinued operations, net of tax — 358 — (86 ) Net income $ 38,639 $ 34,328 $ 49,554 $ 30,778 Diluted earnings per share (1) : $ 0.42 $ 0.38 $ 0.55 $ 0.34 |
Business Operations Store Data
Business Operations Store Data (Details) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schedule of Stores Supplied With Merchandise [Line Items] | |||
Number of Reportable Segments | 2 | ||
DSW Segment [Abstract] | |||
Number of Stores | 468 | ||
Number of States in which Entity Operates | 42 | ||
Number of new stores opened | 40 | 37 | 30 |
Number of stores closed | 3 | ||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 3 | ||
Number of new leased departments added | 16 | 27 | 18 |
Number of leased departments ceased | 8 | 12 | 6 |
Affiliated Business Group segment [Member] | |||
Affiliated Business Group [Abstract] | |||
Concentration Risk, Percentage | 5.70% | 5.80% | 5.80% |
Stein Mart Stores [Member] | |||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 276 | ||
Gordmans Stores [Member] | |||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 102 | ||
Frugal Fannie's Stores [Member] | |||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 1 | ||
Town [Member] | |||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 185 | ||
Town DSW [Member] | |||
Affiliated Business Group [Abstract] | |||
Number of stores supplied by the entity | 13 |
Business Operations Sales by Ca
Business Operations Sales by Category (Details) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Percentage of revenue by merchandise category [Abstract] | |||
Number of stores supplied by the entity | 3 | ||
Womens' [Member] | |||
Percentage of revenue by merchandise category [Abstract] | |||
Concentration Risk, Percentage | 59.00% | 61.00% | 62.00% |
Men's [Member] | |||
Percentage of revenue by merchandise category [Abstract] | |||
Concentration Risk, Percentage | 18.00% | 18.00% | 17.00% |
Athletic [Member] | |||
Percentage of revenue by merchandise category [Abstract] | |||
Concentration Risk, Percentage | 14.00% | 12.00% | 12.00% |
Accessories and Other [Member] | |||
Percentage of revenue by merchandise category [Abstract] | |||
Concentration Risk, Percentage | 9.00% | 9.00% | 9.00% |
Investment in Town Shoes Limi51
Investment in Town Shoes Limited (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | May. 09, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Town Shoe Acquisition, Ownership Interest Acquired | 46.30% | 46.30% | 49.20% | |||||
Town Shoe Acquisition, Purchase Price for Ownership Interest (CAD) | $ 75,100 | |||||||
Town Shoe Acquisition, Purchase Price for Ownership Interest (USD) | $ 68,900 | |||||||
Town Shoe Acquisition, Voting Control Interest Acquired | 50.00% | |||||||
Foreign Currency Purchase (CAD) | $ 100,000 | |||||||
Foreign Currency Purchase (USD) | 79,000 | |||||||
Nonoperating Income (Expense) | $ (20) | $ (107) | $ (7) | 3,312 | $ 3,178 | $ 0 | $ 0 | |
Foreign Currency Transaction Gain (Loss), Unrealized | 10,800 | |||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Town Shoes - beginning of period | 25,887 | 25,887 | 0 | |||||
Initial investment | 0 | 22,339 | ||||||
Acquisition Costs, Part 2 | (184) | |||||||
Acquisition Costs, Period Cost | 2,897 | |||||||
DSW Inc.'s portion of Town Shoes (loss) income | (5,250) | 178 | ||||||
Foreign currency translation adjustments included in Other comprehensive (loss) income | 934 | 729 | ||||||
Amortization of purchase price adjustments | (199) | (256) | ||||||
Investment in Town Shoes - end of period | 21,188 | 21,188 | 25,887 | 0 | ||||
Note receivable from Town Shoes - beginning of period | $ 43,304 | 43,304 | 0 | |||||
Purchase of note receivable | 0 | 4,764 | 46,596 | 0 | ||||
Payment-in-kind interest earned | 5,098 | 3,891 | ||||||
Foreign currency translation adjustments included in Other comprehensive (loss) income | (4,232) | (7,183) | ||||||
Note receivable from Town Shoes - end of period | $ 44,170 | $ 44,170 | 43,304 | $ 0 | ||||
Shareholder Note, Interest Rate | 12.00% | |||||||
Town [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase of note receivable | $ 46,596 |
Significant Accounting Polici52
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | May. 02, 2015USD ($) | |
Number of stores supplied by the entity | 3 | |||
New Store Costs [Abstract] | ||||
Pre-Opening Costs | $ 8,600 | $ 8,700 | $ 7,900 | |
Marketing Expense [Abstract] | ||||
Marketing Expense | 70,100 | 59,900 | 56,200 | |
Other Income and Expenses [Abstract] | ||||
Other Operating Income | 16,300 | 17,300 | 14,100 | |
Financial Instruments [Abstract] | ||||
Credit and Debit Card Receivables, at Carrying Value | 16,000 | 16,200 | ||
Asset Impairment and Long-lived Assets [Abstract] | ||||
Impairment of Long-Lived Assets Held-for-use | 962 | 5,095 | 809 | |
Self-insurance Reserves [Abstract] | ||||
Self Insurance Reserve | $ 4,200 | 4,000 | ||
Foreign Currency Purchase (CAD) | $ 100,000 | |||
Foreign Currency Purchase (USD) | $ 79,000 | |||
Property, Plant and Equipment, Useful Life | 39 years | |||
Rental Income [Member] | ||||
Other Income and Expenses [Abstract] | ||||
Other Operating Income (Expense), Net | $ 4,300 | $ 4,500 | $ 5,100 | |
Supplier Concentration Risk [Member] | ||||
Concentration of Vendor Risk [Abstract] | ||||
Concentration Risk, Percentage | 18.00% | 18.00% | 19.00% | |
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Self-insurance Reserves [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
Self-insurance Reserves [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Self-insurance Reserves [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Self-insurance Reserves [Abstract] | ||||
Property, Plant and Equipment, Useful Life | 20 years |
Significant Accounting Polici53
Significant Accounting Policies Intangible Assets, Goodwill and Long-lived Assets (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 25,899 | $ 25,899 |
Significant Accounting Polici54
Significant Accounting Policies Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Jan. 30, 2016 | Jan. 31, 2015 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Valuation Allowances and Reserves, Balance | $ 0.3 | $ 0.1 |
Significant Accounting Polici55
Significant Accounting Policies Accounting Changes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Feb. 01, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Interest income, net | $ 838 | $ 952 | $ 752 | $ 920 | $ 734 | $ 737 | $ 659 | $ 991 | $ 3,462 | $ 3,121 | $ 2,437 | |
Income Tax Expense (Benefit) | 6,649 | $ 25,575 | $ 22,486 | $ 29,096 | 19,860 | $ 32,069 | $ 20,860 | $ 23,603 | 83,806 | 96,392 | 92,559 | |
Assets, Current | $ (795,668) | (748,723) | $ (795,668) | (748,723) | ||||||||
Scenario, Previously Reported [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Operating Expenses | (128,681) | $ (115,113) | (512,889) | (497,899) | ||||||||
Interest income, net | 602 | 762 | 2,795 | 2,619 | ||||||||
Income Tax Expense (Benefit) | (19,527) | (17,521) | (95,713) | (92,705) | ||||||||
Deferred Income Taxes and Other Assets, Current | 19,747 | 19,747 | ||||||||||
Assets, Current | 768,470 | 768,470 | ||||||||||
Deferred Income Taxes and Other Assets, Noncurrent | 11,332 | 11,332 | ||||||||||
Restatement Adjustment [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Operating Expenses | (128,480) | (115,113) | (512,536) | (497,863) | ||||||||
Interest income, net | 734 | 804 | 3,121 | 2,437 | ||||||||
Income Tax Expense (Benefit) | (19,860) | (17,563) | (96,392) | (92,559) | ||||||||
Deferred Income Taxes and Other Assets, Current | 0 | 0 | ||||||||||
Assets, Current | 748,723 | 748,723 | ||||||||||
Deferred Income Taxes and Other Assets, Noncurrent | 31,079 | 31,079 | ||||||||||
Unrecognized Tax Benefit on Interest and Penalties [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Operating Expenses | 201 | 0 | 353 | 36 | ||||||||
Interest income, net | 132 | 42 | 326 | (182) | ||||||||
Income Tax Expense (Benefit) | (333) | $ (42) | (679) | $ 146 | ||||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Deferred Income Taxes and Other Assets, Current | (19,747) | (19,747) | ||||||||||
Assets, Current | (19,747) | (19,747) | ||||||||||
Deferred Income Taxes and Other Assets, Noncurrent | $ 19,747 | $ 19,747 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 02, 2013 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Schottenstein Affiliates [Abstract] | ||||
Outstanding common shares owned (in hundredths) | 19.00% | |||
Combined voting power of outstanding common shares (in hundredths) | 51.00% | |||
Number of Class A Common Shares owned by Schottenstein Affiliates (in shares) | 7.6 | |||
Number of Class B Common Shares owned by Schottenstein Affiliates (in shares) | 7.7 | |||
Purchase of Corporate Office and Distribution Center [Abstract] | ||||
Asset acquisition, cash paid | $ (72) | |||
Other Related Party Transactions [Abstract] | ||||
Related Party Transaction, Purchases from Related Party | $ 1.1 | $ 0.9 | $ 0.9 | |
Reimbursements received from related parties | $ 1.8 |
Earnings per Share and Shareh57
Earnings per Share and Shareholders' Equity Calculation of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Reconciliation of the number of shares used in the calculation of diluted earnings (loss) per share [Abstract] | |||
Basic shares | 87,561 | 89,499 | 90,472 |
Assumed exercise of dilutive stock options | 683 | 910 | 1,202 |
Assumed exercise of dilutive RSUs and PSUs | 257 | 203 | 227 |
Diluted shares | 88,501 | 90,612 | 91,901 |
Shareholders' equity [Abstract]: | |||
Amount authorized under the share repurchase program | $ 200,000 | ||
Stock Repurchased During Period, Value | $ (179,593) | $ (85,338) | $ (1,600) |
Stock Repurchased During Period, Shares | 7,200 | ||
Treasury Stock, Value | $ (266,531) | $ (86,938) | |
Class A Common Shares | |||
Shareholders' equity [Abstract]: | |||
Stock Repurchased During Period, Shares | 7,175 | 2,998 | 38 |
Treasury Shares | |||
Shareholders' equity [Abstract]: | |||
Treasury Stock, Shares | 10,200 |
Earnings per Share and Shareh58
Earnings per Share and Shareholders' Equity Anti-Dilutive Securities (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Stock Options and Restricted Stock Units [Member] | |||
Diluted earnings per share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.9 | 1.1 | 0.8 |
Stock-based Compensation Option
Stock-based Compensation Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
DSW Stock-Based Compensation Plans [Abstract] | |||||
Number of shares authorized (in shares) | 8,500 | 8,500 | |||
Annual vesting percentage (in hundredths) | 20.00% | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Share-based compensation expense | $ 13,501 | $ 10,495 | $ 9,342 | ||
Stock options activity [Roll forward] | |||||
Options, Outstanding, Weighted Average Exercise Price | $ 25.56 | $ 25.56 | |||
Exercisable Options, Weighted Average Exercise Price | $ 20.35 | $ 20.35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||
Options exercisable, Aggregate Instrinsic Value | $ 12,905 | $ 12,905 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||||
Share-based Goods and Nonemployee Services Transaction, Modification of Terms, Incremental Compensation Cost | 100 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 13,611 | $ 13,611 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,007 | 2,007 | |||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk-free interest rate | 0.40% | 0.60% | |||
Annual volatility of DSW Common Shares | 32.98% | 24.90% | |||
Expected option term | 5 months | 2 years 4 months | |||
Dividend yield | 2.48% | 2.30% | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Share-based compensation expense | $ 1,100 | 1,700 | |||
Liabilities | $ 600 | $ 1,700 | $ 600 | 1,700 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 500 | 500 | |||
Performance Based Restricted Stock Units (PSUs) [Member] | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Share-based compensation expense | $ 3,979 | $ 1,324 | $ 503 | ||
Stock options activity [Roll forward] | |||||
Outstanding, end of period (in units) | 293 | 173 | 293 | 173 | 69 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||||
Weighted average expense recognition period (in years) | 2 years 1 month | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk-free interest rate | 1.39% | 1.81% | 0.70% | ||
Annual volatility of DSW Common Shares | 37.91% | 44.50% | 53.40% | ||
Expected option term | 5 years 1 month | 5 years 5 months | 4 years 8 months | ||
Dividend yield | 2.13% | 2.30% | 1.30% | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Weighted average grant date fair value (in dollars per share) | $ 8.87 | $ 11.82 | $ 12.85 | ||
Share-based compensation expense | $ 5,532 | $ 5,827 | $ 5,891 | ||
Stock options activity [Roll forward] | |||||
Outstanding, beginning of period (in shares) | 3,156 | 3,347 | 3,694 | ||
Granted | 1,395 | 502 | 492 | ||
Exercised | (539) | (505) | (748) | ||
Forfeited | (163) | (188) | (91) | ||
Outstanding, end of period (in shares) | 3,849 | 3,156 | 3,849 | 3,156 | 3,347 |
Options, Outstanding, Weighted Average Exercise Price | $ 20.91 | $ 17.62 | $ 14.50 | ||
Options, Grants in Period, Weighted Average Exercise Price | 32.47 | 34.49 | 31.75 | ||
Options, Exercises in Period, Weighted Average Exercise Price | 13.83 | 10.22 | 10.99 | ||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 33.34 | 27.32 | 21.79 | ||
Options, Outstanding, Weighted Average Exercise Price | $ 25.56 | $ 20.91 | 25.56 | 20.91 | 17.62 |
Exercisable Options, Weighted Average Exercise Price | $ 20.35 | $ 15.16 | $ 20.35 | $ 15.16 | $ 13.08 |
Options, Additional Disclosures [Abstract] | |||||
Options, Vested in Period, Fair Value | $ 3,700 | $ 2,500 | $ 3,800 | ||
Options, Exercises in Period, Total Intrinsic Value | $ 8,900 | $ 11,900 | $ 20,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||||
Options exercisable end of year | 2,007 | 1,682 | 2,007 | 1,682 | 1,430 |
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 4 months | ||||
Options exercisable, Aggregate Instrinsic Value | $ 12,905 | $ 12,905 | |||
Options expected to vest (in shares) | 1,639 | 1,639 | |||
Options Expected to Vest WAEP | $ 31.26 | $ 31.26 | |||
Options Expected to Vest, Weighted Average Remaining Contractual Term | 8 years 8 months | ||||
Options Expected to Vest, Aggregate Intrinsic Value | $ 612 | $ 612 | |||
Options vested and expected to vest (in shares) | 3,646 | 3,646 | |||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 25.25 | $ 25.25 | |||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 8 months | ||||
Options vested and expected to vest, Aggregate Intrinsic Value | $ 13,517 | $ 13,517 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||||
Compensation cost not yet recognized related to nonvested awards | $ 14,500 | $ 14,500 | |||
Weighted average expense recognition period (in years) | 2 years 1 month 27 days |
Stock-based Compensation Opti60
Stock-based Compensation Options - Range of Exercise Prices (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 30, 2016USD ($)$ / sharesshares | |
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 | $ 37.88 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 11 months 1 day |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 3,849 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 13,611 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 2,007 |
Exercisable Options, Weighted Average Exercise Price | $ 20.35 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 12,905 |
Range 1 [Member] | |
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 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 92 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 12.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,019 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 93 |
Exercisable Options, Weighted Average Exercise Price | $ 12.98 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 1,020 |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Plans, Exercise Price Range, Lower Range Limit | $ 18.57 |
Option Plans, Exercise Price Range, Upper Range Limit | $ 19.94 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 2 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 297 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 19.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,241 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 297 |
Exercisable Options, Weighted Average Exercise Price | $ 19.84 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 1,241 |
Range 3 [Member] | |
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 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 2 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 165 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 2,941 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 165 |
Exercisable Options, Weighted Average Exercise Price | $ 6.20 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 2,941 |
Range 4 [Member] | |
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 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 2 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 136 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 2,607 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 136 |
Exercisable Options, Weighted Average Exercise Price | $ 4.79 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 2,607 |
Range 5 [Member] | |
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 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 2 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 330 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 12.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 3,843 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 330 |
Exercisable Options, Weighted Average Exercise Price | $ 12.37 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 3,843 |
Range 6 [Member] | |
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 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 1 month |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 253 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 17.44 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,662 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 191 |
Exercisable Options, Weighted Average Exercise Price | $ 17.44 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 1,253 |
Range 7 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Plans, Exercise Price Range, Lower Range Limit | $ 26.66 |
Option Plans, Exercise Price Range, Upper Range Limit | $ 27.18 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 8 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 466 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 26.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 331 |
Exercisable Options, Weighted Average Exercise Price | $ 26.66 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 0 |
2013 - expire in 2023 [Member] [Member] | |
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 | $ 31.68 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 1 month |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 361 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 31.68 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 219 |
Exercisable Options, Weighted Average Exercise Price | $ 31.68 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 0 |
2014 - expire 2024 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Plans, Exercise Price Range, Lower Range Limit | $ 29.74 |
Option Plans, Exercise Price Range, Upper Range Limit | $ 37.88 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 11 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 433 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 34.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 151 |
Exercisable Options, Weighted Average Exercise Price | $ 35.41 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 0 |
2015 - expire 2025 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Plans, Exercise Price Range, Lower Range Limit | $ 23.21 |
Option Plans, Exercise Price Range, Upper Range Limit | $ 37.50 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 11 months |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 1,316 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 32.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 298 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 94 |
Exercisable Options, Weighted Average Exercise Price | $ 37.50 |
Options exercisable, Aggregate Instrinsic Value | $ | $ 0 |
Stock-based Compensation Restri
Stock-based Compensation Restricted Stock Units, Performance Based Restricted Stock Units and Director Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based compensation expense | $ 13,501 | $ 10,495 | $ 9,342 |
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 | $ 4,000 | ||
Weighted average expense recognition period (in years) | 2 years 1 month | ||
Equity instruments other than options [Roll forward] | |||
Outstanding, beginning of period (in units) | 173 | 69 | 0 |
Granted (in units) | 208 | 111 | 69 |
Vested (in units) | (75) | 0 | 0 |
Forfeited (in units) | (13) | (7) | 0 |
Outstanding, end of period (in units) | 293 | 173 | 69 |
Outstanding, Weighted Average Grant Date Fair Value | $ 33.50 | $ 31.76 | $ 0 |
Grants in Period, Weighted Average Grant Date Fair Value | 33.30 | 34.52 | 31.76 |
Vested in Period, Weighted Average Grant Date Fair Value | 22.80 | 0 | 0 |
Forfeitures, Weighted Average Grant Date Fair Value | 35.16 | 32.74 | 0 |
Outstanding, Weighted Average Grant Date Fair Value | $ 28.70 | $ 33.50 | $ 31.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based compensation expense | $ 3,979 | $ 1,324 | $ 503 |
Intrinsic value other than options that vested during the period | $ 1,800 | ||
Share Based Compensation by Share Based Payment Award Other Than Option Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 1,700 | ||
Restricted Units Expected to Vest [Abstract] | |||
RSUs expected to vest | 253 | ||
Restricted stock units weighted average grant date fair value | $ 28.70 | ||
Restricted stock units expected to vest Weighted Average Remaining Contract Life | 1 year 2 months | ||
Restricted Stock Units Expected to Vest Aggregate Intrinsic Value | $ 6,080 | ||
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 | $ 7,000 | ||
Weighted average expense recognition period (in years) | 1 year 8 months | ||
Equity instruments other than options [Roll forward] | |||
Outstanding, beginning of period (in units) | 320 | 377 | 436 |
Granted (in units) | 199 | 103 | 92 |
Vested (in units) | (115) | (114) | (136) |
Forfeited (in units) | (32) | (46) | (15) |
Outstanding, end of period (in units) | 372 | 320 | 377 |
Outstanding, Weighted Average Grant Date Fair Value | $ 29.21 | $ 23.41 | $ 15.39 |
Grants in Period, Weighted Average Grant Date Fair Value | 30.54 | 34.53 | 35.50 |
Vested in Period, Weighted Average Grant Date Fair Value | 21.32 | 14.11 | 5.51 |
Forfeitures, Weighted Average Grant Date Fair Value | 32.99 | 29.55 | 29.46 |
Outstanding, Weighted Average Grant Date Fair Value | $ 31.83 | $ 29.21 | $ 23.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based compensation expense | $ 2,953 | $ 2,097 | $ 1,797 |
Intrinsic value other than options that vested during the period | 3,500 | 3,700 | 4,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 2,000 | $ 1,400 | $ 700 |
Restricted Units Expected to Vest [Abstract] | |||
RSUs expected to vest | 307 | ||
Restricted stock units weighted average grant date fair value | $ 31.78 | ||
Restricted stock units expected to vest Weighted Average Remaining Contract Life | 1 year 4 months | ||
Restricted Stock Units Expected to Vest Aggregate Intrinsic Value | $ 7,373 | ||
Director Stock Units [Member] | |||
Equity instruments other than options [Roll forward] | |||
Outstanding, beginning of period (in units) | 360 | 330 | 316 |
Granted (in units) | 40 | 52 | 34 |
Non-Option Equity Instruments, Exercised | (95) | (22) | (20) |
Outstanding, end of period (in units) | 305 | 360 | 330 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based compensation expense | $ 1,037 | $ 1,247 | $ 1,151 |
Share Based Compensation by Share Based Payment Award Other Than Option Weighted Average Exercise Price | $ 0 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liabilities | $ 600 | 1,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based compensation expense | $ 1,100 | $ 1,700 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 71,953 | |
Current available for sale Securities Unrecognized Holding Gain | 477 | $ 0 |
Current Available for Sale Securities Unrecognized Holding Loss | (435) | 0 |
Short-term investments | 226,027 | 171,201 |
Long-term investments | 71,953 | 216,756 |
Long-Term Available for Sale Securities Unrecognized Holding Gain | 22 | 0 |
Long-Term Available for Sale Securities Unrecognized Holding Loss | (222) | 0 |
Held-to-maturity Securities, Fair Value | 216,810 | |
Investments, Fair Value Disclosure | 226,027 | 171,268 |
Investment disclosure [Abstract] | ||
Gross unrealized gains on short-term investments | 0 | 117 |
Gross unrealized losses on short-term investments | 0 | (50) |
Gross unrealized gains from long-term held-to-maturity investments | 0 | 371 |
Gross unrealized losses on long-term held-to-maturity investments | 0 | (317) |
Held-to-maturity Securities [Member] | Amortized cost | ||
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Short-term investments | 0 | 154,054 |
Long-term investments | 0 | 216,756 |
Available-for-sale Securities [Member] | Carrying value | ||
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Short-term investments | 225,985 | 17,147 |
Long-term investments | $ 72,153 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Financial Assets: | |||
Cash and equivalents | $ 32,495,000 | $ 59,171,000 | |
Short-term investments(a) | 226,027,000 | 171,268,000 | |
Long-term investments(a) | 71,953,000 | 216,810,000 | |
Cost Method Investments, Fair Value Disclosure | 6,000,000 | 0 | |
Notes Receivable, Fair Value Disclosure | 33,311,000 | 43,304,000 | |
Notes Receivable, Related Parties, Noncurrent | 44,170,000 | 43,304,000 | $ 0 |
Total assets | 369,786,000 | 490,553,000 | |
Other Liabilities, Fair Value Disclosure | 561,000 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 561,000 | 0 | |
Activity related to fair value of assets held and used that realized an impairment loss [Abstract] | |||
Assets held and used | 0 | ||
Impairment of Long-Lived Assets Held-for-use | 962,000 | 5,095,000 | $ 809,000 |
Impairment of Long-Lived Assets to be Disposed of | 5,095,000 | ||
Level 1 [Member] | |||
Financial Assets: | |||
Cash and equivalents | 32,495,000 | 59,171,000 | |
Short-term investments(a) | 2,127,000 | 0 | |
Long-term investments(a) | 181,000 | 0 | |
Cost Method Investments, Fair Value Disclosure | 0 | 0 | |
Notes Receivable, Related Parties, Noncurrent | 0 | 0 | |
Total assets | 34,803,000 | 59,171,000 | |
Other Liabilities, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Level 2 [Member] | |||
Financial Assets: | |||
Cash and equivalents | 0 | 0 | |
Short-term investments(a) | 223,900,000 | 171,268,000 | |
Long-term investments(a) | 71,772,000 | 216,810,000 | |
Cost Method Investments, Fair Value Disclosure | 0 | 0 | |
Notes Receivable, Fair Value Disclosure | 33,311,000 | 43,304,000 | |
Total assets | 328,983,000 | 431,382,000 | |
Other Liabilities, Fair Value Disclosure | 561,000 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 561,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: | |||
Cash and equivalents | 0 | 0 | |
Short-term investments(a) | 0 | 0 | |
Long-term investments(a) | 0 | 0 | |
Cost Method Investments, Fair Value Disclosure | 0 | ||
Notes Receivable, Related Parties, Noncurrent | 0 | 0 | |
Total assets | 6,000,000 | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | $ 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Cost Method Investments, Original Cost | $ 6,000,000 |
Debt Obligations Credit Facilit
Debt Obligations Credit Facility (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Credit Facility [Abstract] | ||||
Initiation date | Aug. 2, 2013 | |||
Prior Line of Credit Facility, Initiation Date | Jun. 30, 2010 | |||
Expiration date | Jul. 31, 2018 | |||
Credit Facility, maximum capacity | $ 100,000 | $ 50,000 | ||
Line of Credit Facility, Additional Borrowing Capacity | $ 50,000 | |||
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 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 management and the operation of DSW Inc.'s business. These covenants, among other things, limit or restrict DSW Inc.'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 | |||
Limitation of Capital Expenditures | 200,000 | |||
Capital expenditures | 103,939 | $ 98,126 | $ 86,412 | |
Debt Related Commitment Fees and Debt Issuance Costs | $ 100 | $ 300 |
Debt Obligations Letter or Cred
Debt Obligations Letter or Credit Agreement (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Debt Instrument [Line Items] | ||
Letter of Credit Facility, Initiation Date | Aug. 2, 2013 | |
Letter of Credit, Expiration Date | Aug. 2, 2018 | |
Letter of Credit, Maximum Borrowing Capacity | $ 50 | |
Collateral Requirement (Domestic) | 103.00% | |
Letter of Credit Agreement, Cash Collateral Requirement (Foreign Currency) | 105.00% | |
Letters of Credit Outstanding, Amount | $ 7.1 | $ 9.3 |
Letters of credit outstanding, cash held on deposit | $ 7.7 | $ 11.5 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Property and equipment [Abstract]: | ||
Land | $ 1,110 | $ 1,110 |
Furniture, fixtures and equipment | 506,347 | 437,745 |
Buildings, building and leasehold improvements | 385,861 | 353,283 |
Total property and equipment | 893,318 | 792,138 |
Accumulated depreciation and amortization | (519,077) | (454,235) |
Property and equipment, net | $ 374,241 | $ 337,903 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Payables and Accruals [Abstract] | ||
Gift cards and merchandise credits | $ 43,446 | $ 40,313 |
Compensation | 8,042 | 11,317 |
Taxes | 17,004 | 16,798 |
Customer loyalty program | 10,084 | 14,788 |
Other1 | 29,224 | 29,964 |
Total accrued expenses | $ 107,800 | $ 113,180 |
Non-Current Liabilities (Detail
Non-Current Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | ||
Construction and tenant allowances | $ 86,777 | $ 85,244 |
Deferred rent | 37,650 | 38,021 |
Other1 | 16,332 | 20,068 |
Total non-current liabilities | 140,759 | $ 143,333 |
Other Asset Impairment Charges | $ 8,300 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of Stores | 468 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Total | $ 200,157 | $ 188,459 | $ 177,727 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 188,578 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 182,429 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 163,858 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 146,238 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 133,881 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 392,141 | ||
Operating Leases, Future Minimum Payments Due | 1,207,125 | ||
Operating Leases, Future Minimum Payments, Sublease Rental Income Reduction | 4,900 | ||
Unrelated Party [Member] | |||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Minimum Rentals | 162,072 | 147,771 | 137,602 |
Operating Leases, Rent Expense, Contingent Rentals | 30,021 | 31,499 | 29,639 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 179,742 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 174,075 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 159,366 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 142,236 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 130,613 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 387,927 | ||
Operating Leases, Future Minimum Payments Due | $ 1,173,959 | ||
Schottenstein Affiliates [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Stores | 17 | ||
Rental Income, Related Party | 100 | 200 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Minimum Rentals | $ 8,064 | $ 9,189 | $ 10,486 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 8,836 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 8,354 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 4,492 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 4,002 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 3,268 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,214 | ||
Operating Leases, Future Minimum Payments Due | $ 33,166 |
Benefit Plans Pension Plan (Det
Benefit Plans Pension Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 8,935 | |||
Schedule of adjustments made to other comprehensive income (loss) [Roll Forward] | ||||
Accumulated Other Comprehensive (Income) Loss, Beginning Balance | $ (8,758) | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | $ 0 | 5,289 | |
Other Comprehensive Income, Other, Net of Tax | (177) | |||
Accumulated Other Comprehensive (Income) Loss, Ending Balance | 0 | |||
Change in plan assets [Roll Forward] | ||||
Interest cost | 843 | |||
Components of net periodic benefit cost [Abstract] | ||||
Interest cost | 843 | |||
Expected return on plan assets | (808) | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 14,224 | |||
Amortization of net loss | 494 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 14,753 | |||
Amounts recognized in net period cost and other comprehensive income loss [Abstract] | ||||
Net actuarial loss | 671 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | (14,224) | |||
Amortization of net loss | (494) | |||
Total recognized in other comprehensive (income) loss | (14,047) | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 14,753 | |||
Total recognized in net periodic benefit cost and other comprehensive income | 706 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Contributions | 5,000 | |||
Pension Expense | 8,900 | |||
Schedule of adjustments made to other comprehensive income (loss) [Roll Forward] | ||||
Settlement of pension | 14,224 | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ (5,289) |
Benefit Plans Other Benefit Pla
Benefit Plans Other Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
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 employee’s completion of six months and 500 hours of service as defined under the terms of the 401(k) Plan, the Company 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 | $ 3.8 | $ 3.2 | $ 3.1 |
Deferred Compensation Liability, Classified, Noncurrent | $ 2.2 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jan. 30, 2016USD ($) |
Contractual Obligations [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 5.2 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ 28.6 |
New store locations for which lease agreements signed, number | 33 |
Operating Leases, future minimum payments due, current, new stores | $ 9.5 |
Incentive to Lessee | $ 13.8 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees and Liabilities related to Discontinued Operations (Details) $ in Millions | 3 Months Ended |
May. 02, 2015USD ($) | |
Loss Contingencies [Line Items] | |
Receipt of cash from bankruptcy claim | $ 2 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Aug. 01, 2015USD ($) | May. 02, 2015USD ($) | Jan. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Aug. 02, 2014USD ($) | May. 03, 2014USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | |
Segment information [Abstract] | |||||||||||
Net sales | $ 672,036 | $ 665,520 | $ 627,206 | $ 655,486 | $ 640,177 | $ 669,872 | $ 587,096 | $ 598,947 | $ 2,620,248 | $ 2,496,092 | $ 2,368,668 |
Total assets | 1,369,109 | 1,438,243 | 1,369,109 | 1,438,243 | |||||||
Goodwill | 25,899 | 25,899 | $ 25,899 | 25,899 | |||||||
Number of Reportable Segments | 2 | ||||||||||
DSW [Member] | |||||||||||
Segment information [Abstract] | |||||||||||
Net sales | $ 2,470,107 | 2,352,464 | 2,230,996 | ||||||||
Gross profit | 740,402 | 726,630 | 710,972 | ||||||||
Capital Expenditures | 110,839 | 90,215 | 83,231 | ||||||||
Total assets | 1,126,179 | 1,263,577 | 1,126,179 | 1,263,577 | |||||||
Affiliated Business Group segment [Member] | |||||||||||
Segment information [Abstract] | |||||||||||
Net sales | 150,141 | 143,628 | 137,672 | ||||||||
Gross profit | 27,967 | 28,391 | 28,315 | ||||||||
Capital Expenditures | 852 | 3,099 | 569 | ||||||||
Total assets | 105,259 | 104,897 | 105,259 | 104,897 | |||||||
Other [Member] | |||||||||||
Segment information [Abstract] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Capital Expenditures | 0 | 0 | 0 | ||||||||
Total assets | 137,671 | 69,769 | 137,671 | 69,769 | |||||||
Operating Segments [Member] | |||||||||||
Segment information [Abstract] | |||||||||||
Net sales | 2,620,248 | 2,496,092 | 2,368,668 | ||||||||
Gross profit | 768,369 | 755,021 | 739,287 | ||||||||
Capital Expenditures | 111,691 | 93,314 | $ 83,800 | ||||||||
Total assets | $ 1,369,109 | $ 1,438,243 | $ 1,369,109 | $ 1,438,243 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Current: | |||||||||||
Federal | $ 64,416 | $ 80,205 | $ 36,407 | ||||||||
Current Foreign Tax Expense (Benefit) | 941 | 716 | 22 | ||||||||
State and local | 9,186 | 16,832 | 14,671 | ||||||||
Total current tax expense | 74,543 | 97,753 | 51,100 | ||||||||
Deferred: | |||||||||||
Federal | 8,035 | (1,616) | 42,557 | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | 817 | 0 | 0 | ||||||||
State and local | 411 | 255 | (1,098) | ||||||||
Total deferred tax expense | 9,263 | (1,361) | 41,459 | ||||||||
Income tax provision | $ 6,649 | $ 25,575 | $ 22,486 | $ 29,096 | $ 19,860 | $ 32,069 | $ 20,860 | $ 23,603 | 83,806 | 96,392 | 92,559 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Income tax expense at federal statutory rate | 76,944 | 87,297 | 85,402 | ||||||||
State and local taxes-net | 7,847 | 8,808 | 8,532 | ||||||||
Foreign | 1,031 | (405) | (16) | ||||||||
Other | (2,016) | 692 | (1,359) | ||||||||
Income tax provision | 6,649 | $ 25,575 | $ 22,486 | $ 29,096 | 19,860 | $ 32,069 | $ 20,860 | $ 23,603 | 83,806 | 96,392 | $ 92,559 |
Deferred Tax Assets, Net, Classification [Abstract] | |||||||||||
Non-current deferred tax assets | 21,815 | 31,079 | 21,815 | 31,079 | |||||||
Deferred tax assets: | |||||||||||
State net operating loss and tax credits | 571 | 701 | 571 | 701 | |||||||
Inventory | 7,961 | 7,562 | 7,961 | 7,562 | |||||||
Construction and tenant allowances | 3,454 | 6,074 | 3,454 | 6,074 | |||||||
Stock-based compensation | 10,799 | 9,624 | 10,799 | 9,624 | |||||||
Benefit from uncertain tax positions | 85 | 100 | 85 | 100 | |||||||
Guarantees | 4 | 1,185 | 4 | 1,185 | |||||||
Accrued expenses | 2,495 | 1,890 | 2,495 | 1,890 | |||||||
Accrued rewards | 4,016 | 5,918 | 4,016 | 5,918 | |||||||
Accrued rent | 15,063 | 15,395 | 15,063 | 15,395 | |||||||
Other | 14,312 | 14,317 | 14,312 | 14,317 | |||||||
Total deferred tax assets, gross of valuation allowance | 58,760 | 62,766 | 58,760 | 62,766 | |||||||
Less: valuation allowance | (1,250) | (1,246) | (1,250) | (1,246) | |||||||
Total deferred tax assets, net of valuation allowance | 57,510 | 61,520 | 57,510 | 61,520 | |||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | (32,215) | (27,236) | (32,215) | (27,236) | |||||||
Prepaid expenses | (1,024) | (1,113) | (1,024) | (1,113) | |||||||
Other | (2,456) | (2,092) | (2,456) | (2,092) | |||||||
Total deferred tax liabilities | (35,695) | (30,441) | (35,695) | (30,441) | |||||||
Total – net deferred tax asset | $ 21,815 | $ 31,079 | $ 21,815 | $ 31,079 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,900 | $ 3,400 | $ 1,800 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 3,386 | 1,838 | 1,253 |
Settlements during the year | 1,511 | 1,621 | 1,184 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | 0 | (69) |
Reductions for tax positions taken in prior years: | (644) | 0 | (530) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (365) | (73) | 0 |
Unrecognized Tax Benefits, Ending Balance | 3,888 | 3,386 | $ 1,838 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 600 | $ 500 |
Quarterly Financial Data (Una77
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 672,036 | $ 665,520 | $ 627,206 | $ 655,486 | $ 640,177 | $ 669,872 | $ 587,096 | $ 598,947 | $ 2,620,248 | $ 2,496,092 | $ 2,368,668 |
Cost of sales | (506,993) | (466,554) | (435,904) | (442,428) | (463,622) | (451,315) | (415,192) | (410,942) | (1,851,879) | (1,741,071) | (1,629,381) |
Operating expenses | (147,974) | (135,637) | (131,721) | (139,486) | (128,480) | (138,720) | (118,582) | (126,754) | (554,818) | (512,536) | (497,863) |
Operating profit | 17,069 | 63,329 | 59,581 | 73,572 | 48,075 | 79,837 | 53,322 | 61,251 | 213,551 | 242,485 | 241,424 |
Interest income, net | 838 | 952 | 752 | 920 | 734 | 737 | 659 | 991 | 3,462 | 3,121 | 2,437 |
Nonoperating Income (Expense) | (20) | (107) | (7) | 3,312 | 3,178 | 0 | 0 | ||||
Income from continuing operations before income taxes and income from Town Shoes | 17,887 | 64,174 | 60,326 | 77,804 | 48,809 | 80,574 | 53,981 | 62,242 | 220,191 | 245,606 | 243,861 |
Income tax provision | (6,649) | (25,575) | (22,486) | (29,096) | (19,860) | (32,069) | (20,860) | (23,603) | (83,806) | (96,392) | (92,559) |
(Loss) income from Town Shoes | 525 | 696 | (230) | (1,342) | 1,915 | 1,049 | 849 | 0 | (351) | 3,813 | 0 |
Income from continuing operations, net of tax | 30,864 | 49,554 | 33,970 | 38,639 | 136,034 | 153,027 | 151,302 | ||||
Income from discontinued operations, net of tax | (86) | 0 | 358 | 0 | 0 | 272 | 0 | ||||
Net income | $ 11,763 | $ 39,295 | $ 37,610 | $ 47,366 | $ 30,778 | $ 49,554 | $ 34,328 | $ 38,639 | $ 136,034 | $ 153,299 | $ 151,302 |
Diluted earnings per share [Abstract] | |||||||||||
Diluted earnings per share from continuing operations | $ 1.54 | $ 1.69 | $ 1.65 | ||||||||
Diluted earnings per share from discontinued operations | 0 | 0 | 0 | ||||||||
Diluted earnings per share | $ 0.14 | $ 0.44 | $ 0.42 | $ 0.53 | $ 0.34 | $ 0.55 | $ 0.38 | $ 0.42 | $ 1.54 | $ 1.69 | $ 1.65 |
Subsequent Event (Details)
Subsequent Event (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Jan. 30, 2016USD ($)$ / shares | |
Subsequent Events [Abstract] | |
Dividends Payable, Date Declared | Mar. 15, 2016 |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.20 |
Dividends Payable, Date to be Paid | Apr. 15, 2016 |
Dividends Payable, Date of Record | Apr. 1, 2016 |
Business Acquisition, Transaction Costs | $ 62.5 |
Business Combination, Contingent Consideration, Asset | $ 55 |