Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 02, 2019 | Mar. 19, 2019 | Aug. 04, 2018 | |
Class of Stock [Line Items] | |||
Entity Registrant Name | Designer Brands Inc. | ||
Entity Central Index Key | 0001319947 | ||
Current Fiscal Year End Date | --02-02 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 2, 2019 | ||
Document Fiscal Year Focus | 2018 | ||
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 | $ 1,905,022,792 | ||
Class A Common Shares | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 70,699,624 | ||
Class B Common Shares | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,732,786 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Revenues | $ 3,183,738 | $ 2,810,720 | $ 2,718,299 |
Operating expenses | (826,042) | (622,546) | (605,016) |
Impairment charges | (60,760) | (89,440) | 0 |
Change in fair value of contingent consideration liability | 0 | 32,747 | 20,151 |
Operating profit | 59,005 | 125,058 | 199,977 |
Interest expense | (2,433) | (488) | (238) |
Interest income | 3,721 | 3,277 | 2,379 |
Interest income, net | 1,288 | 2,789 | 2,141 |
Non-operating income (expenses), net | (49,616) | (1,885) | 338 |
Income before income taxes and income (loss) from equity investment in TSL | 10,677 | 125,962 | 202,456 |
Income tax provision | (29,833) | (59,567) | (78,778) |
Net income (loss) | $ (20,466) | $ 67,452 | $ 124,419 |
Basic and diluted earnings (loss) per share [Abstract]: | |||
Basic earnings (loss) per share | $ (0.26) | $ 0.84 | $ 1.53 |
Diluted earnings (loss) per share | $ (0.26) | $ 0.84 | $ 1.51 |
Shares used in per share calculations [Abstract]: | |||
Basic shares | 80,026 | 80,160 | 81,536 |
Diluted shares | 80,026 | 80,687 | 82,135 |
Product | |||
Revenues | $ 3,174,420 | $ 2,805,555 | $ 2,713,355 |
Cost of sales | (2,239,229) | (2,006,423) | (1,933,457) |
Franchise and Other | |||
Revenues | 9,318 | 5,165 | 4,944 |
ABG-Camuto, LLC | |||
Income from equity investment | 1,298 | 0 | 0 |
Town Shoes | |||
Income from equity investment | $ (1,310) | $ 1,057 | $ 741 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Net income (loss) | $ (20,466) | $ 67,452 | $ 124,419 |
Other comprehensive income (loss), net of income taxes: | |||
Foreign currency translation gain (loss) | (7,013) | 3,681 | 6,831 |
Unrealized net gain (loss) on debt securities | 192 | (1,095) | 127 |
Reclassification adjustment for net losses (gains) realized in net income (loss) | 14,189 | 1,281 | (196) |
Total other comprehensive income, net of income taxes | 7,368 | 3,867 | 6,762 |
Total comprehensive income (loss) | $ (13,098) | $ 71,319 | $ 131,181 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
ASSETS [Abstract]: | ||
Cash and cash equivalents | $ 99,369 | $ 175,932 |
Investments | 69,718 | 124,605 |
Accounts receivable, net | 68,870 | 19,236 |
Inventories | 645,317 | 501,903 |
Prepaid expenses and other current assets | 71,945 | 49,197 |
Total current assets | 955,219 | 870,873 |
Property and equipment, net | 409,576 | 355,199 |
Goodwill | 89,513 | 25,899 |
Intangible assets | 46,129 | 135 |
Deferred tax assets | 30,283 | 27,711 |
Equity investments | 58,125 | 6,096 |
Notes receivable from TSL | 0 | 115,895 |
Other assets | 31,739 | 19,709 |
Total assets | 1,620,584 | 1,421,517 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 261,625 | 179,308 |
Accrued expenses | 201,535 | 148,226 |
Total current liabilities | 463,160 | 327,534 |
Long-term Debt | 160,000 | 0 |
Non-current liabilities | 165,047 | 138,732 |
Total liabilities | 788,207 | 466,266 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares paid in-capital, no par value | 978,794 | 961,245 |
Treasury shares, at cost | (373,436) | (325,906) |
Retained earnings | 254,718 | 354,979 |
Basis difference related to acquisition of commonly controlled entity | (24,993) | (24,993) |
Accumulated other comprehensive loss | (2,706) | (10,074) |
Total shareholders' equity | 832,377 | 955,251 |
Total liabilities and shareholders' equity | $ 1,620,584 | $ 1,421,517 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Treasury shares | Retained earnings | Basis difference related to acquisition of commonly controlled entity | Accumulated other comprehensive loss | Class A Common Shares | Class B Common Shares | Treasury shares | Common shares paid in capital |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 4,864 | $ 4,864 | |||||||
Common Shares, outstanding (in shares) | 74,185 | 7,733 | 10,211 | ||||||
Balance at Jan. 30, 2016 | 904,924 | $ (266,531) | 287,140 | $ (24,993) | $ (20,703) | $ 930,011 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 124,419 | 124,419 | |||||||
Stock-based compensation expense | 12,687 | 12,687 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 642 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 3,693 | 3,693 | |||||||
Treasury Stock, Shares, Acquired | 2,380 | ||||||||
Stock Repurchased During Period, Shares | (2,380) | ||||||||
Payments for Repurchase of Common Stock | (50,000) | (50,000) | |||||||
Excess tax benefits related to stock exercises | (40) | (40) | |||||||
Dividends paid | (65,073) | (65,073) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 6,762 | 6,762 | |||||||
Balance at Jan. 28, 2017 | 942,236 | (316,531) | 351,350 | (24,993) | (13,941) | 946,351 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Shares, outstanding (in shares) | 72,447 | 7,733 | 12,591 | ||||||
Net income (loss) | 67,452 | 67,452 | |||||||
Stock-based compensation expense | 14,704 | 14,704 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 347 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 190 | 190 | |||||||
Treasury Stock, Shares, Acquired | 500 | ||||||||
Stock Repurchased During Period, Shares | (500) | ||||||||
Payments for Repurchase of Common Stock | (9,375) | (9,375) | |||||||
Dividends paid | (63,823) | (63,823) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 3,867 | 3,867 | |||||||
Balance at Feb. 03, 2018 | 955,251 | (325,906) | 354,979 | (24,993) | (10,074) | 961,245 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Shares, outstanding (in shares) | 72,294 | 7,733 | 13,091 | ||||||
Net income (loss) | (20,466) | (20,466) | |||||||
Stock-based compensation expense | 17,393 | 17,393 | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 196 | 196 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 378 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ (40) | (40) | |||||||
Treasury Stock, Shares, Acquired | 2,000 | ||||||||
Stock Repurchased During Period, Shares | (2,000) | (2,000) | |||||||
Payments for Repurchase of Common Stock | $ (47,530) | (47,530) | |||||||
Dividends paid | (79,795) | (79,795) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 7,368 | 7,368 | |||||||
Balance at Feb. 02, 2019 | $ 832,377 | $ (373,436) | $ 254,718 | $ (24,993) | $ (2,706) | $ 978,794 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Shares, outstanding (in shares) | 70,672 | 7,733 | 15,091 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1 | $ 0.80 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ (20,466) | $ 67,452 | $ 124,419 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 79,048 | 80,861 | 82,824 |
Stock-based compensation expense | 17,393 | 14,704 | 12,687 |
Deferred income taxes | (11,748) | (12,804) | 6,861 |
Loss on previously held equity investment in TSL and notes receivable from TSL | 33,988 | 0 | 0 |
Lease exit non-cash charges | 7,237 | 0 | 0 |
Impairment charges | 60,760 | 89,440 | 0 |
Change in fair value of contingent consideration liability | 0 | (32,747) | (20,151) |
Loss on foreign currency reclassified from accumulated other comprehensive loss | 13,963 | 1,281 | 0 |
Other | (3,445) | (775) | 1,828 |
Change in operating assets and liabilities: | |||
Accounts receivable | 36,151 | (230) | (2,206) |
Inventories | (4,162) | (1,908) | 14,411 |
Prepaid expenses and other current assets | (12,310) | (15,895) | 4,138 |
Accounts payable | (38,059) | (8,855) | (30,572) |
Accrued expenses | 16,984 | 10,492 | 18,667 |
Net cash provided by operating activities | 175,334 | 191,016 | 212,906 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (65,355) | (56,282) | (87,580) |
Purchases of available-for-sale investments | (16,735) | (133,153) | (95,905) |
Sales of available-for-sale investments | 71,136 | 187,866 | 220,744 |
Additional borrowings by TSL | (15,989) | (57,396) | (4,795) |
Repayments of borrowings by TSL | 1,160 | 0 | 0 |
Equity investment in ABG-Camuto | (56,827) | 0 | 0 |
Business acquisitions, net of cash acquired | (199,403) | 0 | (59,776) |
Net cash used in investing activities | (282,013) | (58,965) | (27,312) |
Cash flows from financing activities: | |||
Proceeds from Long-term Lines of Credit | 160,000 | 0 | 0 |
Cash paid for treasury shares | (47,530) | (9,375) | (50,000) |
Dividends paid | (79,795) | (63,823) | (65,073) |
Other | (2,711) | 1,769 | 4,618 |
Net cash provided by (used in) financing activities | 29,964 | (71,429) | (110,455) |
Effect of exchange rate changes on cash balances | 1,351 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (75,364) | 60,622 | 75,139 |
Cash, cash equivalents, and restricted cash, beginning of period | 175,932 | 115,310 | 40,171 |
Cash, cash equivalents, and restricted cash, end of period | 100,568 | 175,932 | 115,310 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 41,695 | 77,208 | 56,529 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 864 | 0 | 0 |
Non-cash investing and financing activities: | |||
Property and equipment purchases not yet paid | 13,537 | 9,778 | 8,882 |
Ebuys contingent purchase price | $ 0 | $ 0 | $ 53,355 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Business Operations- On March 19, 2019 , DSW Inc. changed its name to Designer Brands Inc. References to "DSW" refer to the DSW Designer Shoe Warehouse banner unless otherwise stated. The Company is a leading North American footwear and accessories designer, producer and retailer. On November 5, 2018 , we completed the acquisition of Camuto LLC, dba Camuto Group ("Camuto Group"), a footwear design and brand development organization, from Camuto Group LLC (the "Sellers"). The Camuto Group acquisition provides us a global production, sourcing and design infrastructure, including operations in Brazil and China, a new state-of-the-art distribution center in New Jersey, footwear licenses of brands, including Jessica Simpson and Lucky Brand, and branded e-commerce sites. Additionally, in partnership with Authentic Brands Group LLC, a global brand management and marketing company, we formed ABG-Camuto, LLC ("ABG-Camuto"), a joint venture in which we have a 40% interest. This joint venture acquired several intellectual property rights from the Sellers, including Vince Camuto, Louise et Cie, Sole Society, CC Corso Como, Enzo Angiolini and others, and will focus on licensing and developing new category extensions to support the global growth of these brands. We have entered into a licensing agreement with ABG-Camuto whereby we pay royalties on our net sales from the brands owned by ABG-Camuto. On May 10, 2018 , we acquired the remaining interest in Town Shoes Limited ("TSL") that we did not previously own. Beginning with our second quarter of fiscal 2018, TSL ceased being accounted for under the equity method of accounting and was accounted for as a consolidated wholly-owned subsidiary. TSL is a retailer of branded footwear in Canada, primarily under The Shoe Company, Shoe Warehouse, and DSW Designer Shoe Warehouse banners, as well as related e-commerce sites. Subsequent to the acquisition, and as a result of our strategic review, we decided to exit TSL's Town Shoes banner and all 38 locations were closed by the end of fiscal 2018. Our Affiliated Business Group ("ABG") partners with other retailers to help build and optimize their in-store and online footwear businesses by leveraging our sourcing network to produce a merchandise assortment that meets their needs. ABG currently provides services to Stein Mart stores, Steinmart.com, and a Frugal Fannie's store through ongoing supply arrangements. During fiscal 2017, Gordmans (a previous ABG partner) filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code and announced a plan to close its stores. Stage Stores, Inc. acquired 58 Gordmans' stores and we provided services for these stores through the end of fiscal 2017 to support their transition. On March 4, 2016 , we acquired Ebuys, Inc. ("Ebuys"), an off-price footwear and accessories retailer operating in digital marketplaces. Due to recurring operating losses incurred by Ebuys since its acquisition, as well as increased competitive pressures in the digital marketplace, during fiscal 2017, we decided to exit the business and ended all operations in the first quarter of fiscal 2018. On August 2, 2016 , we signed an agreement with the Apparel Group as an exclusive franchise partner in the Gulf Coast region of the Middle East. During the fourth quarter of fiscal 2018, we provided our termination notice to the Apparel Group in accordance with the terms of the agreement. As a result of the acquisition activity during fiscal 2018, we now present three reportable segments: the U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment. The U.S. Retail segment, which was previously presented as the DSW segment, includes stores operated in the U.S. under the DSW Designer Shoe Warehouse banner and its related e-commerce site. The Canada Retail segment, which is the result of the TSL acquisition, includes stores operated in Canada under The Shoe Company, Shoe Warehouse, DSW Designer Shoe Warehouse banners and related e-commerce sites. The Brand Portfolio segment, which is the result of the Camuto Group acquisition, includes sales from wholesale, First Cost, and direct-to-consumer e-commerce sites. Our other operating segments, ABG and Ebuys, are below the quantitative and qualitative thresholds for reportable segments and are aggregated into Other for segment reporting purposes. Fiscal Year- Our fiscal year ends on the Saturday nearest to January 31. References to a fiscal year refer to the calendar year in which the fiscal year begins. This reporting schedule is followed by many national retail companies and typically results in a 52 -week fiscal year, but occasionally will contain an additional week resulting in a 53 -week fiscal year. The periods presented in these financial statements and selected financial data each consisted of 52 weeks, except for fiscal 2017, which consisted of 53 weeks. Variable Interest Entities- We have certain joint ventures ("JVs") where each joint venture licenses brands and contracts with Camuto Group to provide design, buying and sourcing services. Under the JVs, Camuto Group is responsible for managing all aspects of the brands and the JVs pay royalties, commissions, or consulting fees to the other parties. We are responsible for providing all funding to support the working capital needs of the JVs. As a result, we have determined that we are the primary beneficiary of the JVs and consolidate the JVs within our financial statements. Assets and liabilities of the JVs in the aggregate are immaterial. Principles of Consolidation- The consolidated financial statements include the accounts of Designer Brands Inc. and its subsidiaries, including the JVs. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in USD, unless otherwise noted. Use of Estimates- The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Significant estimates are required as a part of sales returns allowances, customer allowances and discounts, depreciation and amortization, valuation of inventories, gift card breakage income, deferred revenue associated with loyalty programs, impairments of long-lived assets, intangibles and goodwill, legal reserves, foreign tax contingent liabilities, accrual for lease obligations, income taxes, self-insurance reserves, and valuations used to account for acquisitions. 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. Revenue Recognition- Sales from the U.S. Retail and Canada Retail segments are recognized upon customer receipt of merchandise, net of estimated returns and exclude sales tax. Customers can purchase products from one of our stores, online or from our mobile application. For products shipped directly to our customers, we recognize the sale upon the estimated customer receipt date based on historical delivery transit times. Revenue from shipping and handling is recorded in net sales while the related costs are included in cost of sales. For products shipped directly to our customers from our suppliers (referred to as “drop ship”), we record gross sales upon delivery based on the price paid by the customers as we have determined that we are the principal party responsible for the sale transaction. Sales from the Brand Portfolio segment are recognized upon transfer of control. Generally, our wholesale customers arrange their own transportation of merchandise and control is transferred at the time of shipment. Sales are recorded at the transaction price, excluding sales tax, net of estimated reserves for customer returns, allowances and discounts. Direct-to-consumer sales are also recognized upon shipment of merchandise, net of estimated returns and exclude sales tax. ABG supplies footwear to other retailers under supply arrangements. We maintain ownership of the merchandise we supply under these arrangements, including risk of loss, returns, shrink up to a certain percentage and loss of inventory value, until customer receipt. Furthermore, we are responsible for the footwear assortment, inventory fulfillment, and pricing at all locations and online. As a result, sales are recognized upon receipt by the end customer, net of estimated returns and exclude sales tax. The affiliated retailers provide the sales associates and retail space. We pay a percentage of net sales as rent, which is included in cost of sales as occupancy expense. Gift Cards- Amounts received from the sale of gift cards are recorded as a liability and are recognized as sales when the cards are redeemed for merchandise. Based on historical information, the likelihood of a gift card remaining unredeemed (referred to as “breakage”) can be reasonably estimated at the time of gift card issuance. Breakage income is recognized over the estimated average redemption period of redeemed gift cards. Loyalty Programs- We offer a loyalty program to our customers in the U.S. and a loyalty program to our customers in Canada. Members under both programs earn points based on their level of spending, as well as for various other activities. Upon reaching a specified point threshold, members receive reward certificates that may be redeemed for purchases made within the stated expiration date. We record a reduction of net sales when points are awarded based on an allocation of the initial customer purchase and the stand-alone value of the points earned. We maintain a deferred liability for the outstanding points and certificates based on historical conversion and redemption rates. The deferred liability is reduced and sales are recognized when certificates are redeemed or when points and certificates expire. Commission Income- The Brand Portfolio segment earns commission income for serving retailers as the design and buying agent for products under private labels (referred to as "First Cost"). We recognize commission income at the point in time when the customer's freight forwarder takes control of the related merchandise, and is included in commission, franchise and other revenue in the consolidated statements of operations. Franchise Revenue- Franchise revenue consists of royalties and other fees paid by franchisees, as well as merchandise sales to franchisees, and is included in commission, franchise and other revenue in the consolidated statements of operations. Royalties are earned based upon a percentage of reported franchise sales and are recognized on a monthly basis when earned. Merchandise sales and any related shipping charges are recognized as franchise revenue upon receipt of goods by the franchisee. Other Revenue- Other revenue consists of rental income on owned properties and is included in commission, franchise and other revenue in the consolidated statements of operations. Cost of Sales- Cost of sales from the U.S. Retail and Canada Retail segments is recognized net of estimated returns. In addition to the cost of merchandise sold, which includes freight and the impact of markdowns, shrinkage and other inventory valuation adjustments, we include in cost of sales expenses associated with distribution and fulfillment and store occupancy. 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. Store occupancy expenses include rent, utilities, repairs, maintenance, insurance, janitorial costs, and occupancy-related taxes, but excludes depreciation. Cost of sales from the Brand Portfolio segment is recognized net of estimated returns. In addition to the cost of merchandise sold, which includes freight and the impact of inventory valuation adjustments, we include in cost of sales royalty expense for licensed brands. Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, store depreciation, new store costs, distribution costs associated with the Brand Portfolio segment, the Brand Portfolio segment's First Cost operations, ABG operations, franchise costs and related operations, and corporate expenses. Corporate expenses include expenses related to buying, information technology, depreciation and amortization expense for corporate assets, marketing, legal, finance, outside professional services, customer service center expenses, and payroll-related costs for associates. Stock-Based Compensation- We recognize compensation expense for awards of stock options, restricted stock units ("RSUs"), and director stock units, based on the fair value on the grant date and on a straight-line basis over the requisite service period for the awards that vest. Stock-based compensation is included in operating expenses in the consolidated statements of operations. New Store Opening Costs- Costs associated with the opening of new stores are expensed as incurred. During fiscal 2018 , 2017 and 2016 , new store opening costs, primarily pre-opening rent and marketing expenses, were $2.8 million , $2.6 million and $5.9 million , respectively. Marketing Expense- The cost of advertising is generally expensed when the advertising first takes place or when mailed. During fiscal 2018 , 2017 and 2016 , marketing costs were $121.4 million , $83.8 million and $76.7 million , respectively. Non-Operating Income (Expenses), Net- Non-operating income (expenses), net includes gains and losses from foreign currency revaluation, realized gains and losses related to our investment portfolio, and fair value adjustments of pre-existing assets as a result of the acquisition of the remaining interest in TSL. Income Taxes- We account for income taxes under the asset and liability method. We 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 we do business. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating loss and tax credit carryforwards, as measured using enacted tax rates expected to be in effect in the periods where temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable. We review and update our tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been adequately resolved. Additionally, uncertain positions may be remeasured as warranted by changes in facts or law. Accounting for uncertain tax positions requires estimating the amount, timing and likelihood of ultimate settlement. Although we believe that these estimates are reasonable, actual results could differ from these estimates. Cash, Cash Equivalents, and Restricted Cash - Cash and cash equivalents represent cash, money market funds and credit card receivables that generally settle within three days. Restricted cash represents cash that is restricted as to withdrawal or usage and consisted of a mandatory cash deposit for certain outstanding letters of credit. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) February 2, 2019 February 3, 2018 January 28, 2017 Cash and cash equivalents $ 99,369 $ 175,932 $ 110,657 Restricted cash, included in prepaid expenses and other current assets 1,199 — 4,653 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 100,568 $ 175,932 $ 115,310 Investments - We determine the balance sheet classification of investments at the time of purchase and evaluate the classification at each balance sheet date. All income generated from these investments is recorded as interest income. We hold investment securities in bonds and term notes that are classified as available-for-sale, which is based on our intention of the use of the investments. The unrealized holding gains or losses for the available-for-sale securities are reported in other comprehensive income. We account for our purchases and sales of investments on the trade date of the investment. We account for investments using the equity method of accounting when we exercise significant influence over the investment. If we do not exercise significant influence, we account for the investment using the cost method of accounting. Cost method investments are included in other assets on the consolidated balance sheets. We evaluate our investments for impairment and whether impairment is other-than-temporary at each balance sheet date. Accounts Receivable - Accounts receivable are classified as current assets because the average collection period is generally shorter than one year. We monitor our exposure for credit losses based upon specific accounts receivable balances and record related allowances for doubtful accounts where a risk of default has been identified. We utilize an unrelated third-party provider for credit and collection services for receivables from the sale of wholesale products to certain retailers. This third-party provider guarantees payment for the majority of the serviced receivables. Inventories- All of our inventory is made up of finished goods. The U.S. Retail segment inventory is accounted for using the retail inventory method and is stated at the lower of cost or market. 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 basis of inventories reflected on the balance sheet is decreased by charges to cost of sales at the time the retail value of the inventory is lowered by markdowns. As a result, earnings are negatively impacted as the merchandise is marked down prior to sale. The Canada Retail segment and the Brand Portfolio segment inventory is accounted for using the weighted average cost method and is stated at the lower of cost or net realizable value. We monitor aged inventory for obsolete and slow moving inventory that may need to be liquidated in the future at amounts below cost. Reductions to inventory values establish a new cost basis. Favorable changes in facts or circumstances do not result in an increase in the newly established cost basis. We perform physical inventory counts or cycle counts on all inventory on hand throughout the year and adjust the recorded balance to reflect the results. We record estimated shrinkage between physical inventory counts based on historical experience and recent results. Inherent in the calculation of inventories are certain significant judgments and estimates, including setting the original merchandise retail value, markdowns, shrinkage, and liquidation values. The ultimate amount realized from the sale of inventory and write offs from counts could differ from management estimates. Concentration of Risks- Financial instruments, which principally subject us to concentration of credit risk, consist of cash and cash equivalents and investments. We invest excess cash when available through financial institutions in money market accounts and investment securities. At times, such amounts invested through banks may be in excess of Federal Deposit Insurance Corporation insurance limits, and we mitigate the risk by utilizing multiple banks. We are also subject to concentration of vendor risk within the U.S. Retail and Canada Retail segments. During fiscal 2018 , three key vendors together supplied approximately 20% of our retail merchandise. 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. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to the subjectivity associated with the inputs to fair value measurements as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Quoted prices for similar assets or liabilities in active markets or inputs that are observable. • Level 3 - Unobservable inputs in which little or no market activity exists. We measure available-for-sale investments at fair value on a recurring basis. These investments are measured using a market-based approach using inputs such as prices of similar assets in active markets (categorized as Level 2). The carrying value of cash and cash equivalents, accounts receivables and accounts payables approximated their fair values due to their short-term nature. 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 net book value of property or equipment sold or retired is removed from the asset and related accumulated depreciation accounts with any resulting net gain or loss included in results of operations. The estimated useful lives by class of asset are as follows: Useful Lives Buildings 39 years Building and leasehold improvements 3 to 20 years or the lease term if shorter Furniture, fixtures and equipment 3 to 10 years Software 5 to 10 years Internal Use Software Costs- Costs related to software developed or obtained for internal use are expensed as incurred until the application development stage has been reached. Once the application development stage has been reached, certain qualifying costs are capitalized until the software is ready for its intended use. If a cloud computing arrangement includes a software license, the software license element of the arrangement is accounted for in a manner consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the arrangement is accounted for as a service contract. Impairment of Long-Lived Assets- We periodically evaluate the carrying amount of our long-lived assets, primarily property and equipment and definite-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 (categorized as Level 3 under the fair value hierarchy). The reviews are conducted at the lowest identifiable level. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value. During fiscal 2018, we recorded impairment charges of $19.0 million , including $13.9 million for an abandoned corporate internal-use software that was under development and $5.1 million primarily for leasehold improvements related to under-performing stores ( $1.5 million and $3.6 million for the U.S. Retail and Canada Retail segments, respectively). As a result of recurring operating losses incurred by Ebuys since its acquisition, which led to our decision to exit the business, during fiscal 2017, we recorded impairment charges of $31.9 million for intangible assets and $3.8 million for property and equipment, which resulted in writing off all of Ebuys' long-lived assets. Goodwill- We evaluate goodwill for impairment annually during our fourth quarter, or more frequently if an event occurs or circumstances change that would indicate that impairment may exist. When evaluating goodwill for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying value of the reporting unit exceeds its fair value, we will calculate the estimated fair value of the reporting unit. Fair value is typically calculated using a discounted cash flow analysis. For certain reporting units, where deemed appropriate, we may also utilize a market approach for estimating fair value. Goodwill impairment charges are calculated as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill. On May 10, 2018 , as discussed in more detail in Note 2 , Acquisitions and Equity Method Investments , we acquired the remaining interest in TSL, which resulted in recording $43.0 million of goodwill. Based on the fair value of TSL using a discounted cash flow model (categorized as Level 3 under the fair value hierarchy), we determined that the value of the acquired net assets exceeded its fair value. As a result, during fiscal 2018 , we recorded a goodwill impairment charge that resulted in impairing all of Canada Retail segment’s goodwill. During fiscal 2017 , due to recurring operating losses incurred by Ebuys since its acquisition, which led to our decision to exit the business, we recorded a goodwill impairment charge of $53.8 million , which resulted in writing off all of Ebuys' goodwill. Self-Insurance Reserves- We record 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 self-insurance reserves are calculated utilizing claims development estimates based on historical experience and other factors. We have purchased stop loss insurance to limit our 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. Accounting for Leases- Many of our real estate operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, we recognize the related rental expense on a straight-line basis over the noncancelable terms of the lease. We record the difference between the amounts charged to expense and the rent paid as deferred rent and begin amortizing such deferred rent upon the delivery of the lease location by the lessor. In addition, we receive 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. Deferred rent and construction and tenant allowances are included in non-current liabilities on the consolidated balance sheets. Accrual for Lease Obligations- We record a reserve when a leased space is abandoned due to closure or relocation. Using a credit-adjusted risk-free rate to present value the liability, we estimate future lease obligations based on remaining lease payments, estimated or actual sublease income, and any other relevant factors. On a quarterly basis, we reassess the reserve based on current market conditions. Foreign Currency Translation and Transactions- Prior to our acquisition of the remaining interest in TSL, our equity investment in TSL and notes receivable from TSL, along with certain investments, were denominated in CAD and translated into USD at exchange rates in effect at the balance sheet date. Each quarter, the income or loss from TSL was recorded in USD at the average exchange rate for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss. As a result of the acquisition, we reclassified a net loss of $12.2 million of foreign currency translation related to the previously held balances from accumulated other comprehensive loss to non-operating income (expenses), net. Beginning with the second quarter of fiscal 2018, TSL became a wholly-owned subsidiary with CAD as their functional currency. Assets and liabilities of the Canadian business are translated into USD at exchange rates in effect at the balance sheet date or historical rates as appropriate. Each quarter, amounts included in our consolidated statements of operations from the Canadian business are translated at the average exchange rate for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss. Transaction gains and losses are included in the consolidated statements of operations. Deferred Compensation Plans - We provide deferred compensation plans, including defined contribution plans to eligible employees and a non-qualified deferred compensation plan for certain executives and members of the Board of Directors. Participants may elect to defer and contribute a portion of their eligible compensation to the plans up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. During fiscal 2018 , 2017 and 2016 , we recognized costs associated with matching contributions of $5.2 million , $4.4 million and $4.2 million , respectively. Prior Period Reclassifications - Certain prior period reclassifications were made to conform to the current period presentation. Accounts receivable from related parties was reclassified to accounts receivable, net, and accounts payable to related parties was reclassified to accounts payable. Recent Accounting Pronouncements- In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which will change how we account for leases. For most leases, a liability will be recorded on the balance sheet based on the present value of future lease obligations with a corresponding right-of-use asset. Primarily for those leases currently classified by us as operating leases, we will recognize a single lease cost on a straight-line basis based on the combined amortization of the lease obligation and the right-of-use asset. Other leases will be required to be accounted for as financing arrangements similar to current accounting for capital leases. The standard is effective for us in the first quarter of fiscal 2019. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements , that provided a practical expedient that removed the requirement to restate prior period financial statements upon adoption of the standard, which we plan to elect. The standard also provides a practical expedient, by class of underlying assets, to not separate non-lease components from the associated lease component. We have elected this practical expedient for all real estate leases. At transition, we also elected the package of practical expedients, which allows us to carry forward the historical lease classification and not reassess whether any expired or existing contracts are or contain leases. We did not elect the use of hindsight to determine the term of our leases at transition. We are progressing with our implementation plan, with remaining tasks primarily relating to updating our processes and controls and determining the related tax effects. We estimate approximately $1.0 billion of lease assets and $1.2 billion of lease liabilities, with an adjustment of $6.2 million to retained earnings for transition impairments related to previously impaired leased locations, to our opening balance sheet for fiscal 2019. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal - Use Software , which aligns the requirements for capitalizing implementation costs incurred in a |
Acquisitions and Equity Method
Acquisitions and Equity Method Investments | 12 Months Ended |
Feb. 02, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
ACQUISITIONS AND EQUITY METHOD INVESTMENTS | ACQUISITIONS AND EQUITY METHOD INVESTMENTS Equity Investment in TSL- In fiscal 2014, we acquired a 49.2% interest in TSL for $75.1 million CAD ( $68.9 million USD), which included an unsecured subordinated note from TSL that earned payment-in-kind interest at 12% . Our ownership stake provided 50% voting control and board representation equal to the co-investor. The co-investor held a put option to sell the remaining interest in TSL to us and we held a call option to purchase the remaining interest in TSL. Activity related to our equity investment in TSL was as follows: (in thousands) Fiscal 2018 Fiscal 2017 Equity investment in TSL - beginning of period $ 6,096 $ 15,830 Share of TSL's income (loss) (3,553 ) (5,095 ) Foreign currency translation adjustments, included in other comprehensive income (loss) (92 ) (4,271 ) Amortization of purchase price adjustments (50 ) (368 ) Fair value adjustment for step acquisition (2,401 ) — Equity investment in TSL - end of period $ — $ 6,096 Activity related to our notes receivable from TSL was as follows: (in thousands) Fiscal 2018 Fiscal 2017 Notes receivable from TSL - beginning of period $ 115,895 $ 53,121 Payment-in-kind interest earned 1,800 6,520 TSL revolver interest earned 493 — Foreign currency translation adjustments, included in other comprehensive income (loss) (3,756 ) 3,384 Management service fee 294 1,162 Additional TSL loan 9,469 51,708 Repayments (1,160 ) — Fair value adjustment for step acquisition (31,587 ) — Contribution to step acquisition purchase price (91,448 ) — Notes receivable from TSL - end of period $ — $ 115,895 Payment-in-kind interest earned was paid annually and was subsequently returned to TSL as additional amounts borrowed under the terms of the related note. Effective February 2, 2018 , we entered into a secured loan agreement with TSL that allowed TSL to borrow up to $100 million CAD at a variable interest rate, as defined in the agreement, paid monthly. Prior to our acquisition of the remaining interest in TSL, we provided certain information technology and management services under a management agreement, we licensed the use of our tradename and trademark, DSW Designer Shoe Warehouse, to TSL for a royalty fee based on a percentage of net sales from its Canadian DSW stores, and had various other transactions. All transactions in the aggregate and amounts due from TSL were immaterial for the periods presented. Step Acquisition of TSL- On May 10, 2018 , we acquired the remaining interest in TSL for $36.2 million CAD ( $28.2 million USD), net of acquired cash of $8.5 million CAD ( $6.6 million USD), by exercising our call option. This was accounted for as a step acquisition whereby we remeasured to fair value our previously held assets, which included our equity investment in TSL and notes and accounts receivable from TSL, and included these assets in the determination of the purchase price. During fiscal 2018, as a result of the remeasurement, we recorded a loss of $34.0 million to non-operating income (expenses), net, in the consolidated statements of operations. Also during fiscal 2018, we reclassified a net loss of $12.2 million of foreign currency translation adjustments related to the previously held balances from accumulated other comprehensive loss to non-operating income (expenses), net. The final purchase price and the allocation of the total consideration to the fair values of the assets and liabilities acquired consisted of the following (in USD): (in thousands) Preliminary Purchase Price and Allocation as of May 10, 2018 Adjustments Final Purchase Price and Allocation as of February 2, 2019 Purchase price: Cash consideration, net of cash acquired $ 28,152 $ — $ 28,152 Replacement stock-based awards attributable to pre-acquisition services 196 — 196 Fair value of pre-existing assets 92,242 — 92,242 $ 120,590 $ — $ 120,590 Fair value of assets and liabilities acquired: Inventories $ 58,822 $ 7,250 $ 66,072 Other current assets 3,608 79 3,687 Property and equipment 41,601 (593 ) 41,008 Goodwill 37,044 5,978 43,022 Intangible assets 20,689 — 20,689 Accounts payable and other liabilities (33,248 ) 52 (33,196 ) Non-current liabilities (7,926 ) (12,766 ) (20,692 ) $ 120,590 $ — $ 120,590 The fair value of previously held assets was determined immediately before the business combination, primarily by considering the income valuation approach (discounted cash flow) and the market valuation approach (precedent comparable transactions). Additionally, other information such as current market, industry and macroeconomic conditions were utilized to assist in developing these fair value measurements. The fair value of intangible assets includes $15.7 million for tradenames, $3.6 million for favorable leasehold interests, which are amortized over the remaining lease term, and $1.4 million for customer relationships associated with the Canada loyalty program, which are amortized over three years . The fair value of unfavorable leasehold interests, included in non-current liabilities, was $7.6 million and are amortized over the remaining lease term. The fair value for tradenames was determined using the relief from royalty method of the income approach, the fair value for leasehold interests was determined based on the market valuation approach, and the fair value for customer relationships related to the loyalty program was determined using the replacement cost method. The fair values for property and equipment were determined using the cost and market approaches. The fair value of inventories, which is made up of finished goods, was determined based on market assumptions for realizing a reasonable profit after selling costs. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. With this being a step acquisition, the purchase price included the fair value of our previously held assets, which considered the valuation of the TSL enterprise. This valuation identified that the resulting goodwill was not supportable as the value of the acquired net assets exceeded the enterprise fair value. As a result, during fiscal 2018 , we recorded a goodwill impairment charge, net of adjustments as a result of recording adjustments to the preliminary purchase allocations, which resulted in impairing all of the Canada Retail segment’s goodwill. A portion of the goodwill is not expected to be deductible for income tax purposes. During fiscal 2018 , our consolidated statements of operations included revenue and net losses for TSL of $220.3 million and $48.9 million , respectively, which included the pre-tax losses from the wind down of operations for the Town Shoes banner, the goodwill impairment charge of $41.8 million , long-lived asset impairment charges of $3.6 million and lease exit charges of $15.5 million . We incurred $3.1 million of acquisition-related costs as a result of the step acquisition (not included in the TSL net loss disclosed in the previous sentence), which were included in operating expenses in the consolidated statements of operations. Acquisition of Camuto Group- On November 5, 2018 , we completed the acquisition of Camuto Group for $171.3 million , net of acquired cash of $9.7 million . The purchase price of the acquisition, along with the acquired equity investment in ABG-Camuto (discussed below), was funded with available cash and borrowings on the revolving line of credit of $160.0 million . The preliminary purchase price and the allocation of the total consideration to the fair values of the assets and liabilities acquired consisted of the following: (in thousands) Preliminary Purchase Price and Allocation as of November 5, 2018 Purchase price: Cash consideration, net of cash acquired $ 171,251 Fair value of assets and liabilities acquired: Accounts receivable $ 83,939 Inventories 74,499 Other current assets 7,197 Property and equipment 43,906 Goodwill 63,614 Intangible asset 27,000 Other assets 13,351 Accounts payable and other liabilities (122,811 ) Non-current liabilities (19,444 ) $ 171,251 The fair value of the intangible asset relates to customer relationships, which is amortized over a useful life of 10 years , and is based on the excess earnings method under the income approach. The fair value measurement is based on significant unobservable inputs, including discounted future cash flows and customer attrition rates. The fair values for property and equipment were determined using the cost and market approaches. The fair value of inventories, which is made up of finished goods, was determined based on market assumptions for realizing a reasonable profit after selling costs. The inventory valuation step-up was recognized to cost of goods sold during the fourth quarter of fiscal 2018 based on assumed inventory turns. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired, and was primarily attributable to an assembled workforce and acquiring an established design and sourcing process, which provides us the opportunity to expand our exclusive products offering at a lower cost in our retail segments. Goodwill is expected to be deductible for income tax purposes. Non-current liabilities includes $12.7 million of estimated unpaid foreign payroll and other taxes. We recorded an offsetting indemnification asset to other assets, which we expect to collect under the terms of the securities purchase agreement with the Sellers. See Note 16 , Commitments and Contingencies, for additional information. The purchase price is subject to adjustments primarily based upon a working capital provision as provided by the purchase agreement. The allocation of the purchase price is based on certain preliminary valuations and analysis that have not been completed as of the date of this filing. Any subsequent changes in the estimated fair values assumed upon the finalization of more detailed analysis within the measurement period will change the allocation of the purchase price and will be adjusted during the period in which the amounts are determined. In addition, we have not completed the allocation of goodwill to our U.S. Retail and Brand Portfolio segments or the reporting units within the Brand Portfolio segment. During fiscal 2018, our consolidated statements of operations included revenue and net losses for Camuto Group of $89.6 million and $16.2 million , respectively. We incurred $22.2 million of acquisition-related costs as a result of the acquisition (not included in the Camuto Group net loss disclosed in the previous sentence), which were included in operating expenses in the consolidated statements of operations. Equity Investment in ABG-Camuto- On November 5, 2018 , we acquired a 40% interest in the newly formed ABG-Camuto joint venture for $56.8 million in partnership with Authentic Brands Group LLC. Also on November 5, 2018 , ABG-Camuto acquired several intellectual property rights from the Sellers and entered into a licensing agreement with us, which will earn royalties from the net sales of Camuto Group under the brands acquired. Activity related to our equity investment in ABG-Camuto was as follows: (in thousands) Fiscal 2018 Balance at beginning of period $ — Initial investment in ABG-Camuto 56,827 Share of net earnings 1,298 Balance at end of period $ 58,125 Combined Results- The following table provides the supplemental unaudited pro forma total revenue and net income of the combined entity had the acquisition dates of TSL and Camuto Group and the investment in ABG-Camuto been the first day of our fiscal 2017: (in thousands) Fiscal 2018 Fiscal 2017 Total revenue $ 3,562,498 $ 3,487,314 Net income $ 71,257 $ 15,676 The amounts in the supplemental pro forma results apply our accounting policies, eliminate intercompany transactions, assume the acquisition-related transaction costs were incurred in fiscal 2017, and reflect adjustments for additional expenses that would have been charged assuming borrowings on the revolving line of credit of $160.0 million and the same fair value adjustments to inventory, property and equipment, and acquired intangibles had been applied on the first day of our fiscal 2017. Related to the TSL acquisition, the supplemental pro forma results also exclude the loss related to the remeasurement of previously held assets, the net loss of foreign currency translation related to the previously held balances from accumulated other comprehensive loss, and the goodwill impairment charge. Because the ABG-Camuto investment was integral to the Camuto Group acquisition, the supplemental pro forma results include royalty expenses that would be due to ABG-Camuto using the guaranteed minimum royalties per the license agreement and the related earnings from our equity investment in ABG-Camuto had the transactions occurred on the first day of our fiscal 2017. Accordingly, these supplemental pro forma results have been prepared for comparative purposes only and are not intended to be indicative of results of operations that would have occurred had the acquisitions actually occurred in the prior year period or indicative of the results of operations for any future period. |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Feb. 02, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Adoption of ASU 2014-09, Revenue from Contracts with Customers - During the first quarter of fiscal 2018, we adopted the new accounting standard for revenue recognition, ASU 2014-09 and the related amendments, using the full retrospective method where each prior period presented is restated. We recorded an increase to retained earnings as of January 31, 2016 (opening balance for fiscal 2016) of $4.9 million . The adoption of ASU 2014-09 had the following impacts: • Income from the breakage of gift cards is classified within net sales and recognized proportionately over the expected redemption period, which was previously recognized as a reduction to operating expenses when the redemption of the gift card was deemed remote. • The loyalty program is being treated as deferred revenue, which was previously treated using the incremental cost method and recognized to cost of sales. • We changed other classifications between net sales, franchise and other revenue, cost of sales and operating expenses for various revenue-related transactions. • We present our estimated returns allowance on a gross basis with returns liability recorded to accrued expenses and an asset for recovery to prepaid expenses and other current assets, which were previously presented on a net basis in accrued expenses. As a result of adopting ASU 2014-09, we adjusted our consolidated statements of operations (including total comprehensive income (loss)) on a retrospective basis as follows: Fiscal 2017 Fiscal 2016 (in thousands, except per share amounts) As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Net sales $ 2,799,794 5,761 $ 2,805,555 $ 2,711,444 1,911 $ 2,713,355 Commission, franchise and other revenue $ — 5,165 $ 5,165 $ — 4,944 $ 4,944 Total revenue $ — 2,810,720 $ 2,810,720 $ — 2,718,299 $ 2,718,299 Cost of sales $ (2,010,418 ) 3,995 $ (2,006,423 ) $ (1,939,611 ) 6,154 $ (1,933,457 ) Operating expenses $ (607,723 ) (14,823 ) $ (622,546 ) $ (591,816 ) (13,200 ) $ (605,016 ) Operating profit $ 124,960 98 $ 125,058 $ 200,168 (191 ) $ 199,977 Income before income taxes and income from equity investment in TSL $ 125,864 98 $ 125,962 $ 202,647 (191 ) $ 202,456 Income tax provision $ (59,617 ) 50 $ (59,567 ) $ (78,853 ) 75 $ (78,778 ) Net income $ 67,304 148 $ 67,452 $ 124,535 (116 ) $ 124,419 Total comprehensive income $ 71,171 148 $ 71,319 $ 131,297 (116 ) $ 131,181 Diluted earnings per share $ 0.83 0.01 $ 0.84 $ 1.52 (0.01 ) $ 1.51 As a result of adopting ASU 2014-09, we adjusted our consolidated balance sheets on a retrospective basis as follows: February 3, 2018 (in thousands) As Reported Adjustments As Adjusted ASSETS Prepaid expenses and other current assets $ 41,333 7,864 $ 49,197 Total current assets $ 863,009 7,864 $ 870,873 Deferred tax assets $ 27,671 40 $ 27,711 Total assets $ 1,413,613 7,904 $ 1,421,517 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses $ 145,218 3,008 $ 148,226 Total current liabilities $ 324,526 3,008 $ 327,534 Total liabilities $ 463,258 3,008 $ 466,266 Retained earnings $ 350,083 4,896 $ 354,979 Total shareholders' equity $ 950,355 4,896 $ 955,251 Total liabilities and shareholders' equity $ 1,413,613 7,904 $ 1,421,517 As a result of adopting ASU 2014-09, we adjusted our consolidated statements of cash flows on a retrospective basis as follows: Fiscal 2017 Fiscal 2016 (in thousands) As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Cash flows from operating activities: Net income $ 67,304 148 $ 67,452 $ 124,535 (116 ) $ 124,419 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes $ (12,787 ) (17 ) $ (12,804 ) $ 6,881 (20 ) $ 6,861 Prepaid expenses and other current assets $ (16,418 ) 523 $ (15,895 ) $ 3,884 254 $ 4,138 Accrued expenses $ 11,146 (654 ) $ 10,492 $ 18,785 (118 ) $ 18,667 Disaggregation of Revenue- The following table presents our revenue disaggregated by operating segments: Fiscal (in thousands) 2018 2017 2016 Net sales: U.S. Retail segment $ 2,738,989 $ 2,577,711 $ 2,479,902 Canada Retail segment 220,325 — — Brand Portfolio segment 86,138 — — Other: ABG 123,335 140,887 149,586 Ebuys 5,633 86,957 83,867 Total Other 128,968 227,844 233,453 Total net sales 3,174,420 2,805,555 2,713,355 Commission, franchise and other revenue 9,318 5,165 4,944 Total revenue $ 3,183,738 $ 2,810,720 $ 2,718,299 The U.S. Retail and Brand Portfolio segments and Other net sales recognized are primarily based on sales to customers in the U.S. and Canada Retail segment net sales recognized are based on sales to customers in Canada. Revenue realized from geographic markets outside of the U.S. and Canada have collectively been immaterial. The following table presents total revenue by product and service category: Fiscal (in thousands) 2018 2017 2016 Net sales: U.S. Retail segment: Women's footwear $ 1,866,121 $ 1,771,058 $ 1,710,825 Men's footwear 561,722 556,772 546,657 Accessories, kids and other 311,146 249,881 222,420 2,738,989 2,577,711 2,479,902 Canada Retail segment: Women's footwear 123,323 — — Men's footwear 57,567 — — Accessories, kids and other 39,435 — — 220,325 — — Brand Portfolio segment: Wholesale 76,429 — — Direct-to-consumer 9,709 — — 86,138 — — Other - ABG and Ebuys 128,968 227,844 233,453 Total net sales 3,174,420 2,805,555 2,713,355 Commission, franchise and other revenue 9,318 5,165 4,944 Total revenue $ 3,183,738 $ 2,810,720 $ 2,718,299 The above tables exclude intersegment revenues in fiscal 2018 of $10.2 million , which were eliminated in consolidation. Deferred Revenue Liabilities- We record deferred revenue liabilities, included in accrued expenses on the consolidated balance sheets, for remaining obligations we have to our customers. The following table presents the changes and total balances for gift cards and our loyalty programs: Fiscal (in thousands) 2018 2017 2016 Gift cards: Beginning of period $ 32,792 $ 30,829 $ 29,172 Gift cards redeemed and breakage recognized to net sales (90,569 ) (91,778 ) (83,266 ) Gift cards issued 92,775 93,741 84,923 End of period $ 34,998 $ 32,792 $ 30,829 Loyalty programs: Beginning of period $ 21,282 $ 19,889 $ 20,604 Loyalty certificates redeemed and expired and other adjustments recognized to net sales (41,210 ) (30,935 ) (31,325 ) Deferred revenue for loyalty points issued 36,079 32,328 30,610 End of period $ 16,151 $ 21,282 $ 19,889 Customer Allowances- We reduce sales by the amount of actual and remaining expected customer allowances, discounts and returns, and cost of sales by the amount of merchandise we expect to recover. Customer allowances are provided to our wholesale customers for margin assistance, co-op advertising support, and various other deductions. We estimate the reserves needed for margin assistance by reviewing inventory levels held by retailers, expected markdowns, gross margins realized, and other performance indicators. Product returns and other customer deductions are estimated based on anticipated future returns using historical experience and trends. Co-op advertising allowances are estimated based on arrangements with customers. Customer allowance reserves are included in accrued expenses on the consolidated balance sheets. The following table presents the changes and total balances for sales reserves: Fiscal (in thousands) 2018 2017 2016 Sales returns reserve: Beginning of period $ 14,130 $ 14,149 $ 13,369 Net sales reduced for estimated returns 402,274 353,156 322,139 Actual returns during the period (398,661 ) (353,175 ) (321,359 ) End of period $ 17,743 $ 14,130 $ 14,149 Customer allowances and discounts reserve: Beginning of period $ — $ — $ — Assumed liability in acquisitions 15,434 — — Net sales reduced for estimated allowances and discounts 10,669 — — Actual allowances and discounts during the period (13,009 ) — — End of period $ 13,094 $ — $ — As of February 2, 2019 and February 3, 2018 , the asset for recovery of merchandise returns was $10.1 million and $7.9 million , respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheets. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 02, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Schottenstein Affiliates As of February 2, 2019 , the Schottenstein Affiliates, entities owned or controlled by Jay L. Schottenstein, the executive chairman of our Board of Directors, and members of his family, beneficially owned approximately 14% of the Company's outstanding common shares, representing approximately 49% of the combined voting power. As of February 2, 2019 , the Schottenstein Affiliates beneficially owned 3.8 million Class A common shares and 7.7 million Class B common shares. We had the following related party transactions with Schottenstein Affiliates: Leases- We lease our fulfillment center and certain store locations owned by Schottenstein Affiliates. See Note 15 , Leases , for rent expense and future minimum lease payment requirements associated with the Schottenstein Affiliates. Other Purchases and Services - During fiscal 2018 , 2017 and 2016 , we had other purchases and services from Schottenstein Affiliates of $6.5 million , $4.6 million and $2.3 million , respectively. Due to Related Parties- As of February 2, 2019 and February 3, 2018 , we had amounts due to related parties of $1.0 million and $0.9 million , respectively, included in accounts payable on the consolidated balance sheets. ABG-Camuto We have a 40% interest in ABG-Camuto. ABG-Camuto entered into a licensing agreement with us whereby we pay royalties on the net sales of the brands owned by ABG-Camuto. During the fourth quarter of fiscal 2018 , we recorded $2.4 million of royalty expense payable to ABG-Camuto. As of February 2, 2019 , we had $2.4 million payable to ABG-Camuto. See Note 16 , Commitments and Contingencies , for future guaranteed minimum royalty payment requirements to ABG-Camuto. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Feb. 02, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is based on net income (loss) and the weighted average of Class A and Class B common shares outstanding. Diluted earnings (loss) per share reflects the potential dilution of common shares adjusted for outstanding stock options, 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 earnings (loss) per share: Fiscal (in thousands) 2018 2017 2016 Weighted average shares outstanding - Basic shares 80,026 80,160 81,536 Dilutive effect of stock-based compensation awards — 527 599 Weighted average shares outstanding - Diluted shares 80,026 80,687 82,135 For fiscal 2018 , 2017 and 2016 , the number of potential shares that were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive was 3.2 million , 4.3 million and 3.1 million , respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Feb. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The DSW Inc. 2014 Long-Term Incentive Plan (the "Plan") provides for the issuance of stock-based compensation awards for eligible recipients. The Plan replaced the DSW Inc. 2005 Equity Incentive Plan but did not affect awards granted under that plan, some of which remain outstanding. Eligible recipients include key employees as well as directors. The maximum number of shares of Class A common shares underlying awards which may be issued over the term of the Plan cannot exceed 8.5 million shares. As of February 2, 2019 , 4.0 million shares of Class A common shares remain available for future grants under the Plan. Stock-based compensation expense consisted of the following: Fiscal (in thousands) 2018 2017 2016 Stock options $ 4,900 $ 6,420 $ 5,788 Restricted and director stock units 12,493 8,284 6,899 $ 17,393 $ 14,704 $ 12,687 Stock Options- Stock options are granted with an exercise price per share equal to the fair market value of our common stock on the grant date. Stock options generally vest 20% per year on a cumulative basis and remain exercisable for a period of 10 years from the date of grant. Stock-based compensation expense is recognized only for those awards that are expected to vest, with forfeitures estimated based on our historical experience and future expectations. As of February 2, 2019 , the total compensation cost related to unvested options not yet recognized was approximately $7.4 million , with a weighted average expense recognition period remaining of 1.6 years . The following table summarizes the activity for outstanding stock options for fiscal 2018 : (in thousands, except per share amounts and years) Shares Subject to Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding - beginning of period 4,333 $ 23.84 Exercised (188 ) $ 12.49 Forfeited (144 ) $ 24.25 Outstanding - end of period 4,001 $ 24.36 6.3 years $ 17,590 Vested and expected to vest - end of period 3,768 $ 24.39 6.2 years $ 16,547 Exercisable - end of period 2,219 $ 25.16 5.2 years $ 9,077 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 2018 , 2017 and 2016 was $2.1 million , $2.0 million and $3.6 million , respectively. The total fair value of options that vested during fiscal 2018 , 2017 and 2016 was $0.8 million , $0.6 million and $2.7 million , respectively. Stock Units- Grants of time-based RSUs generally cliff vest over three years and performance-based RSUs generally cliff vest over three years based upon the achievement of pre-established goals as of the end of the first year of the term. Stock units receive dividend equivalents in the form of additional stock units, which are subject to the same restrictions and forfeiture provisions as the original award. The grant date fair value of stock units is based on the closing market price of the Class A common shares on the date of the grant. The following table summarizes the activity for unvested stock units for fiscal 2018 : Time-Based RSUs Performance-Based RSUs (shares in thousands) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding - beginning of period 436 $ 23.43 457 $ 23.69 Granted 750 $ 22.71 268 $ 22.22 Vested (112 ) $ 16.66 (122 ) $ 28.76 Forfeited (85 ) $ 21.48 (7 ) $ 21.96 Outstanding - end of period 989 $ 22.45 596 $ 21.87 The total fair value of time-based RSUs that vested during fiscal 2018 , 2017 and 2016 was $1.7 million , $2.9 million and $3.7 million , respectively. As of February 2, 2019 , the total compensation cost related to unvested time-based RSUs not yet recognized was $13.9 million , with a weighted average expense recognition period remaining of 1.9 years . The total fair value of performance-based RSUs that vested during fiscal 2018 , 2017 and 2016 was $3.2 million , $1.8 million and $1.4 million , respectively. As of February 2, 2019 , the total compensation cost related to unvested performance-based RSUs not yet recognized was approximately $4.9 million , with a weighted average expense recognition period remaining of 1.8 years . We issue stock units to directors who are not employees. Stock units are automatically granted to each director on the date of each annual meeting of shareholders based on the closing market price of the Class A common shares. In addition, each director eligible to receive compensation for board service may elect to have the cash portion of such compensation paid in the form of stock units. Stock units granted to directors vest immediately and directors are given the option to settle their units 30 days after the grant date, at a specified date more than 30 days following the grant date, or upon completion of service. Stock units granted to directors not yet settled, which are not subject to forfeiture, are considered to be outstanding for the purposes of computing basic earnings (loss) per share. As of February 2, 2019 , we had 0.4 million director stock units not yet settled. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 02, 2019 | |
Shareholders' Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Shares- Our Class A common shares will remain listed for trading on the NYSE under the ticker symbol "DSW" until it changes to "DBI" in April 2019. There is currently no public market for the Company's Class B common shares, but the Class B common shares can be exchanged for the Company's Class A common shares at the election of the holder on a share for share basis. Holders of Class A common shares are entitled to one vote per share and holders of Class B common shares are entitled to eight votes per share on matters submitted to shareholders for approval. The following table provides additional information for our common shares: February 2, 2019 February 3, 2018 (in thousands) Class A Class B Class A Class B Authorized shares 250,000 100,000 250,000 100,000 Issued shares 85,763 7,733 85,385 7,733 Outstanding shares 70,672 7,733 72,294 7,733 Treasury shares 15,091 — 13,091 — We have authorized 100.0 million shares of no par value preferred shares with no shares issued for any of the periods presented. Dividends- On March 19, 2019 , the Board of Directors declared a quarterly cash dividend payment of $0.25 per share for both Class A and Class B common shares. The dividend will be paid on April 12, 2019 to shareholders of record at the close of business on April 1, 2019 . Share Repurchases - On August 17, 2017 , the Board of Directors authorized the repurchase of an additional $500 million of Class A common shares under our share repurchase program, which was added to the $33.5 million remaining from the previous authorization. During fiscal 2018 , we repurchased 2.0 million Class A common shares at a cost of $47.5 million , with $476.6 million of Class A common shares that remain authorized under the program as of February 2, 2019 . The share repurchase program may be suspended, modified or discontinued at any time, and we have no obligation to repurchase any amount of our common shares under the program. Shares will be repurchased in the open market at times and in amounts considered appropriate based on price and market conditions. Basis Difference Related to Acquisition of Commonly Controlled Entity- The basis difference related to acquisition of commonly controlled entity balance, as shown on our consolidated balance sheets, relates to a legal entity acquisition in fiscal 2012 from certain Schottenstein affiliates. The legal entity owned property that was previously leased by us. As this was a transaction between entities under common control, there was no adjustment to the historical cost carrying amounts of assets transferred to the Company. The difference between the historical cost carrying amounts and the consideration transferred was reflected as an equity transaction. Accumulated Other Comprehensive Loss- Changes for the balances of each component of accumulated other comprehensive loss were as follows (all amounts are net of tax): (in thousands) Foreign currency translation Available-for-sale securities Total Balance, January 30, 2016 $ (20,530 ) $ (173 ) $ (20,703 ) Other comprehensive income before reclassifications 6,831 127 6,958 Amounts reclassified to non-operating expenses, net — (196 ) (196 ) Other comprehensive income (loss) 6,831 (69 ) 6,762 Balance, January 28, 2017 (13,699 ) (242 ) (13,941 ) Other comprehensive income (loss) before reclassifications 3,681 (1,095 ) 2,586 Amounts reclassified to non-operating expenses, net 740 541 1,281 Other comprehensive income (loss) 4,421 (554 ) 3,867 Balance, February 3, 2018 (9,278 ) (796 ) (10,074 ) Other comprehensive income (loss) before reclassifications (7,013 ) 192 (6,821 ) Amounts reclassified to non-operating expenses, net 13,963 226 14,189 Other comprehensive income 6,950 418 7,368 Balance, February 2, 2019 $ (2,328 ) $ (378 ) $ (2,706 ) |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Feb. 02, 2019 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable, net, consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Customer accounts receivables: Serviced by third-party provider with guaranteed payment $ 47,599 $ — Serviced by third-party provider without guaranteed payment 280 — Serviced in-house 9,892 5,529 Construction and tenant allowance receivables due from landlords 4,034 6,477 Accounts receivable due from related parties — 1,704 Other receivables 8,004 5,526 Accounts receivable 69,809 19,236 Allowance for doubtful accounts (939 ) — Accounts receivable, net $ 68,870 $ 19,236 The following presents the activity in our balance in the allowance for doubtful accounts: (in thousands) Fiscal 2018 Allowance for doubtful accounts - beginning of period $ — Provision for bad debts (939 ) Allowance for doubtful accounts - end of period $ (939 ) |
Investments
Investments | 12 Months Ended |
Feb. 02, 2019 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investments in available-for-sale securities consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Carrying value of investments $ 70,195 $ 125,349 Unrealized gains included in accumulated other comprehensive loss 44 23 Unrealized losses included in accumulated other comprehensive loss (521 ) (767 ) Fair value $ 69,718 $ 124,605 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Land $ 1,110 $ 1,110 Buildings 12,485 12,485 Building and leasehold improvements 437,116 404,852 Furniture, fixtures and equipment 487,494 423,597 Software 161,226 137,917 Construction in progress (1) 38,646 39,201 Total property and equipment 1,138,077 1,019,162 Accumulated depreciation and amortization (728,501 ) (663,963 ) Property and equipment, net $ 409,576 $ 355,199 (1) Construction in progress is comprised primarily of the construction of leasehold improvements and furniture and fixtures related to unopened stores and internal-use software under development. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill- Activity related to our goodwill was as follows: February 2, 2019 February 3, 2018 (in thousands) Goodwill Accumulated Impairments Net Goodwill Accumulated Impairments Net Beginning of period by segment: U.S. Retail $ 25,899 $ — $ 25,899 $ 25,899 $ — $ 25,899 Other - Ebuys 53,790 (53,790 ) — 53,790 — 53,790 79,689 (53,790 ) 25,899 79,689 — 79,689 Activity during the period by segment: Canada Retail: Acquired TSL goodwill 43,022 — 43,022 — — — Impairment charges — (41,845 ) (41,845 ) — — — Currency translation adjustment (974 ) (203 ) (1,177 ) — — — Brand Portfolio: Acquired Camuto Group goodwill 63,614 — 63,614 — — — Other: Impairment charges — — — — (53,790 ) (53,790 ) Eliminated Ebuys goodwill (53,790 ) 53,790 — — — — 51,872 11,742 63,614 — (53,790 ) (53,790 ) End of period by segment: U.S. Retail 25,899 — 25,899 25,899 — 25,899 Canada Retail 42,048 (42,048 ) — — — — Brand Portfolio 63,614 — 63,614 — — — Other - Ebuys — — — 53,790 (53,790 ) — $ 131,561 $ (42,048 ) $ 89,513 $ 79,689 $ (53,790 ) $ 25,899 Intangible Assets- Intangible assets consisted of the following: (in thousands) Cost Accumulated Amortization Net February 2, 2019 Definite-lived: Customer relationships $ 28,375 $ (1,010 ) $ 27,365 Favorable leasehold interests 3,513 (295 ) 3,218 Indefinite-lived trademarks and tradenames 15,546 — 15,546 $ 47,434 $ (1,305 ) $ 46,129 February 3, 2018 Definite-lived: Online retailer and customer relationships $ 3,767 $ (3,767 ) $ — Tradenames 1,260 (1,260 ) — Non-compete agreements 1,800 (1,800 ) — Indefinite-lived trademarks and tradenames 135 — 135 $ 6,962 $ (6,827 ) $ 135 The customer relationships are amortized by the straight-line method over three years associated with the Canada loyalty program and 10 years for Brand Portfolio customer relationships. Favorable leasehold interests are amortized over the remaining lease term. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Gift cards and merchandise credits $ 34,998 $ 32,792 Accrued compensation and related expenses 53,577 25,082 Accrued taxes 16,491 20,757 Loyalty programs deferred revenue 16,151 21,282 Sales returns 17,743 14,130 Customer allowances and discounts 13,094 — Other (1) 49,481 34,183 $ 201,535 $ 148,226 (1) Other is comprised of various other accrued expenses that we expect will settle within one year of the applicable period. |
Non-Current Liabilities
Non-Current Liabilities | 12 Months Ended |
Feb. 02, 2019 | |
Other Liabilities Disclosure [Abstract] | |
NON-CURRENT LIABILITIES | NON-CURRENT LIABILITIES Non-current liabilities consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Construction and tenant allowances $ 71,634 $ 80,725 Deferred rent 35,934 37,116 Accrual for lease obligations 16,483 6,511 Foreign tax contingent liabilities 13,429 — Unfavorable leasehold interests 5,779 — Deferred tax liabilities 3,260 — Other (1) 18,528 14,380 $ 165,047 $ 138,732 (1) Other is comprised of various other accrued expenses that we expect will settle beyond one year from the end of the applicable period. The accrual for lease obligations includes an office space we lease that expires in 2024 . We sublease the entire office space to an unrelated third party at an annual rent that is lower than our total annual lease obligation. The sublease was renewed for a two -year term in June 2017 , which can be terminated by the tenant at any time with 60 days ' notice. As a result of our decision to exit the Ebuys business, which is included in our Other segment, during fiscal 2018 , we exited a leased office space that expires in 2020 and a fulfillment center that expires in 2023 and recorded a lease exit charge of $6.3 million . Also during fiscal 2018 , as a result of our decision to exit the Town Shoes banner, which is included in our Canada Retail segment, we closed or re-branded all Town Shoes banner stores and recorded lease exit charges of $15.5 million . The lease exit charges were recorded to operating expenses in the consolidated statements of operations with a related addition to the accrual for lease obligations that included the reserves for these leases based on the remaining lease payments and estimated sublease income. We incurred $19.5 million of charges related to the exit of the Town Shoes banner, which included lease exit charges, severance, and inventory write-downs. We assumed lease obligations as part of the acquisition of the Camuto Group. The following table presents the changes and total balances for the accrual for lease obligations: Fiscal (in thousands) 2018 2017 Beginning of period $ 6,511 $ 7,283 Assumed liability in acquisitions 6,792 — Additions 23,507 — Lease obligation payments, net of sublease income (20,496 ) 416 Adjustments 169 (1,188 ) End of period $ 16,483 $ 6,511 |
Debt
Debt | 12 Months Ended |
Feb. 02, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Credit Facility - On August 25, 2017 , we entered into a senior unsecured revolving credit agreement (the "Credit Facility") with a maturity date of August 25, 2022 that replaced our previous secured revolving credit agreement and letter of credit agreement. On October 10, 2018 , the Credit Facility was amended to include the acquisition of Camuto Group as a permitted acquisition and, following the acquisition, to utilize an accordion feature that provided for an increase to the revolving line of credit. On November 5, 2018 , following the acquisition of Camuto Group, the amended Credit Facility was increased with no change to the sub-limits. As of February 2, 2019 , the Credit Facility provided a revolving line of credit up to $400 million , with sub-limits for the issuance of up to $50 million in letters of credit, swing loan advances of up to $15 million , and the issuance of up to $75 million in foreign currency revolving loans and letters of credit. The Credit Facility may be used to provide funds for working capital, capital expenditures, share repurchases, other expenditures, and permitted acquisitions as defined by the Credit Facility. Our Credit Facility allows the payments of dividends by us or our subsidiaries, provided that immediately before and after a dividend payment there is no event of default, as defined in our Credit Facility. Loans issued under the revolving line of credit bear interest, at our option, at a base rate or an alternate base rate as defined in the Credit Facility plus a margin based on our leverage ratio, with an interest rate of 4.0% as of February 2, 2019 . Any loans issued in CAD bear interest at the alternate base rate plus a margin based on our leverage ratio. Interest on letters of credit issued under the Credit Facility is variable based on our leverage ratio and the type of letters of credit, with an interest rate of 1.5% as of February 2, 2019 . Commitment fees are based on the average unused portion of the Credit Facility at a variable rate based on our leverage ratio. As of February 2, 2019 , we had $160.0 million outstanding borrowings under the Credit Facility and $4.5 million in letters of credit issued, resulting in $235.5 million available for borrowings. Interest expense related to the Credit Facility includes interest on borrowings and letters of credit, commitment fees and the amortization of debt issuance costs. Debt Covenants- The Credit Facility contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of a leverage ratio not to exceed 3.25:1 and a fixed charge coverage ratio not to be less than 1.75:1 . As a result of the acquisition of Camuto Group, we have elected to increase the leverage ratio whereby we must maintain a leverage ratio not to exceed 3.50 :1 as of the end of the fourth quarter of fiscal 2018 and for the subsequent three quarters. A violation of any of the covenants could result in a default under the Credit Facility that would permit the lenders to restrict our ability to further access the Credit Facility for loans and letters of credit and require the immediate repayment of any outstanding loans under the Credit Facility. As of February 2, 2019 , we were in compliance with all financial covenants. |
Leases
Leases | 12 Months Ended |
Feb. 02, 2019 | |
Leases [Abstract] | |
LEASES | LEASES We lease our stores, fulfillment centers and other facilities under various arrangements with related and unrelated parties. Generally, we are required to pay base rent, real estate taxes, maintenance, insurance and contingent rentals based on sales in excess of specified levels. In addition, we lease certain equipment and vehicles used in our operations. Rent expense shown below for related parties was attributable to lease activity with entities owned by Schottenstein Affiliates. Rent expense, excluding real estate taxes, maintenance and insurance, consisted of the following: Fiscal (in thousands) 2018 2017 2016 Minimum rentals: Unrelated parties $ 204,873 $ 178,353 $ 172,483 Related parties 9,220 9,150 8,091 Contingent rentals to unrelated parties 23,822 27,804 30,172 $ 237,915 $ 215,307 $ 210,746 Operating lease obligations include real estate leases, including leased locations that were abandoned, and non-real estate leases. As of February 2, 2019 , the following future minimum lease payment requirements excludes contingent rental payments, maintenance, insurance, real estate taxes, and the amortization of deferred rent and construction and tenant allowances: (in thousands) Unrelated Parties Related Parties Total Fiscal 2019 $ 233,237 $ 9,425 $ 242,662 Fiscal 2020 227,001 9,364 236,365 Fiscal 2021 204,803 8,697 213,500 Fiscal 2022 170,030 6,518 176,548 Fiscal 2023 131,594 1,874 133,468 Future fiscal years thereafter 298,437 5,596 304,033 $ 1,265,102 $ 41,474 $ 1,306,576 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingent Consideration Liability- The contingent consideration liability resulted from the acquisition of Ebuys and was based on a defined earnings performance measure. The contingent consideration liability was measured at fair value with any differences between the final acquisition-date fair value and revised estimated fair value, as remeasured each reporting period, being recognized as an adjustment to income from operations. During fiscal 2017, as a result of recurring operating losses incurred by Ebuys since its acquisition, which led to our decision to exit the business, we eliminated the contingent consideration liability. Activity for the contingent consideration liability for fiscal 2017 was as follows: (in thousands) Fiscal 2017 Contingent consideration liability - beginning of period $ 33,204 Accretion in value 3,589 Fair value adjustments (36,336 ) Other adjustments (457 ) Contingent consideration liability - end of period $ — Legal Proceedings- We are involved in various legal proceedings that are incidental to the conduct of our business. Although it is not possible to predict with certainty the eventual outcome of any litigation, we believe the amount of any potential liability with respect to current legal proceedings will not be material to the results of operations or financial condition. As additional information becomes available, we will assess any potential liability related to pending litigation and revise the estimates as needed. Foreign Tax Contingencies- During the due diligence procedures performed related to the acquisition of Camuto Group, we identified probable contingent liabilities associated with unpaid foreign payroll and other taxes that could also result in assessed penalties and interest. We have developed an initial estimate of the range of outcomes related to these obligations of $13.4 million to $30.0 million for obligations we are aware of at this time. As of February 2, 2019 , we recorded a contingent liability of $13.4 million representing the low end of the range and an indemnification asset of $12.7 million representing the estimated amount as of the acquisition date, which we expect to collect under the terms of the securities purchase agreement with the Sellers. We are continuing to assess the exposure, which may result in material changes to these estimates, and we may identify additional contingent liabilities. We believe that the Sellers are obligated to indemnify us for any payments to foreign taxing authorities for the periods up to the acquisition date. Although a portion of the purchase price is held in escrow and another portion is held in a restricted bank account, there can be no assurance that we will successfully collect all amounts that we may be obligated to settle with the foreign taxing authorities. Guarantee- As a result of a previous merger, we provided a guarantee for a lease commitment that is scheduled to expire in 2024 for a location that has been leased to a third party. If the third party does not pay the rent or vacates the premise, we may be required to make full rent payments to the landlord. As of February 2, 2019 , the total future minimum lease payment requirements for this guarantee was approximately $17.0 million . Contractual Obligations- As of February 2, 2019 , we have entered into various noncancelable purchase and service agreements, including construction commitments for capital items to be purchased for projects that were under construction or for which a lease has been signed. In addition, we have license agreements that allow us to use third-party owned brands, including a license agreement with ABG-Camuto (a related party), that have guaranteed minimum royalty payments. As of February 2, 2019 , our noncancelable purchase obligations and future guaranteed minimum royalty payments are as follows: Guaranteed Minimum Royalties (in thousands) Noncancelable Purchase Obligations Unrelated Parties Related Party Total Fiscal 2019 $ 15,278 $ 16,634 $ 17,350 $ 33,984 Fiscal 2020 4,356 18,021 17,350 35,371 Fiscal 2021 — 18,438 17,350 35,788 Fiscal 2022 — 13,859 17,350 31,209 Fiscal 2023 — 13,859 17,350 31,209 Future fiscal years thereafter — 46,545 91,500 138,045 $ 19,634 $ 127,356 $ 178,250 $ 305,606 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the U.S. Tax Reform was enacted in the U.S., which significantly changed how the U.S. taxes corporations. The U.S. Tax Reform reduced the federal statutory tax rate from 35% to 21% and requires complex computations to be performed that were not previously required in U.S. tax law. The U.S. Treasury Department, the U.S. Internal Revenue Service, and other standard-setting bodies could interpret or issue guidance on how provisions of the U.S. Tax Reform will be applied or otherwise administered that is different from our interpretation. During fiscal 2017 , we recognized $10.1 million of additional net tax expense based on our initial assessment of implementing the U.S. Tax Reform. During the fourth quarter of fiscal 2018 , we have completed our determination of the accounting implications of the U.S. Tax Reform and recognized $2.1 million of additional net tax expense as a result of implementing the U.S. Tax Reform. Income, including income (loss) from equity investment in TSL, before income taxes consisted of the following: Fiscal (in thousands) 2018 2017 2016 Domestic income $ 123,172 $ 131,131 $ 205,812 Foreign losses, including income (loss) from equity investment in TSL (113,805 ) (4,112 ) (2,615 ) Income, including income (loss) from equity investment in TSL, before income taxes $ 9,367 $ 127,019 $ 203,197 Income tax provision consisted of the following: Fiscal (in thousands) 2018 2017 2016 Current: Federal $ 29,073 $ 60,041 $ 61,510 Foreign 188 901 954 State and local 12,268 11,382 9,181 Total current tax expense 41,529 72,324 71,645 Deferred: Federal (2,234 ) (10,431 ) 4,889 Foreign (9,273 ) 927 674 State and local (189 ) (3,253 ) 1,570 Total deferred tax expense (11,696 ) (12,757 ) 7,133 Income tax provision $ 29,833 $ 59,567 $ 78,778 The following presents a reconciliation of the income tax provision based on the U.S. federal statutory tax rate to the total tax provision (the U.S. federal statutory tax rate used below for fiscal 2017 excludes the impact of the revised rate due to the U.S. Tax Reform as that change is reflected in the net impact of implementing the U.S. Tax Reform): Fiscal (in thousands) 2018 2017 2016 Income tax provision at federal statutory rate $ 1,966 $ 44,457 $ 71,119 State and local taxes, net of federal benefit 5,688 3,896 7,207 Foreign tax rate differential (3,270 ) 922 802 Foreign impairment charges 11,196 — — Valuation allowance 8,157 834 763 Non-deductible compensation 2,219 54 32 Uncertain tax positions 2,611 1,245 865 Net impact of implementing the U.S. Tax Reform 2,144 10,079 — Other (878 ) (1,920 ) (2,010 ) Income tax provision $ 29,833 $ 59,567 $ 78,778 For fiscal 2018, the impact of taxation of the foreign operations on our total effective income tax rate was primarily related to significant current year Canadian pre-tax losses for which no benefit is being recognized. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows: (in thousands) February 2, 2019 February 3, 2018 Deferred tax assets: State bonus depreciation $ 3,233 $ 3,171 Inventory 11,131 6,557 Construction and tenant allowances 3,048 1,311 Stock-based compensation 9,081 9,402 Gift cards 2,763 539 Accrued expenses 3,389 2,184 Accrued rewards 3,356 5,657 Accrued rent 13,441 11,284 Change in fair value of contingent consideration — 9,108 Foreign net operating losses 13,627 — Acquisition-related transaction costs 2,832 — Other 4,540 4,886 70,441 54,099 Less: valuation allowance (14,097 ) (2,736 ) Total deferred tax assets, net of valuation allowance 56,344 51,363 Deferred tax liabilities: Property and equipment (23,423 ) (21,800 ) Intangible assets (3,287 ) — Prepaid expenses and other (2,611 ) (1,852 ) (29,321 ) (23,652 ) Net deferred tax assets $ 27,023 $ 27,711 Deferred income taxes are reported within the consolidated balance sheets as follows: (in thousands) February 2, 2019 February 3, 2018 Deferred tax assets $ 30,283 $ 27,711 Deferred tax liabilities included in non-current liabilities (3,260 ) — Net deferred tax assets as shown above $ 27,023 $ 27,711 We establish 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. As of February 2, 2019 , the valuation allowance is primarily related to foreign net operating losses, which, if not utilized, a portion of the carryovers will begin to expire in fiscal 2034. The following presents the changes in valuation allowance: Fiscal (in thousands) 2018 2017 2016 Valuation allowance - beginning of period $ 2,736 $ 1,972 $ 1,250 Additions charged to income tax provision 8,157 834 763 Additions related to acquisitions 6,124 — — Allowances taken or written off (2,920 ) (70 ) (41 ) Valuation allowance - end of period $ 14,097 $ 2,736 $ 1,972 The U.S. Tax Reform included a mandatory one-time tax on accumulated earnings of foreign subsidiaries, and as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been previously accrued have now been subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, we intend to continue to invest all of these earnings, as well as our capital in these subsidiaries, indefinitely outside of the U.S. and we do not expect to incur any significant, additional taxes related to such amounts. Changes in gross unrecognized tax benefits were as follows: Fiscal (in thousands) 2018 2017 2016 Unrecognized tax benefits - beginning of period $ 7,925 $ 6,773 $ 5,767 Additions for tax positions taken in the current year 4,105 1,835 2,513 Reductions for tax positions taken in prior years: Lapses of applicable statutes of limitations — (233 ) (475 ) Settlements (422 ) (450 ) (1,032 ) Unrecognized tax benefits - end of period $ 11,608 $ 7,925 $ 6,773 Of the $11.6 million , $7.9 million and $6.8 million of total unrecognized tax benefits at February 2, 2019 , February 3, 2018 and January 28, 2017 , respectively, approximately $10.2 million , $6.7 million and $4.8 million , respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorable affect the effective tax rate in future periods. 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 our financial position, results of operations or cash flows. We recognize interest and penalties related to unrecognized tax benefits as a component of the income tax provision. As of February 2, 2019 , February 3, 2018 and January 28, 2017 , interest and penalties were $1.8 million , $0.9 million and $0.5 million , respectively. We are no longer subject to U.S. federal income tax examinations for years prior to fiscal 2015 and state income tax examinations for years prior to 2013. We have two state income tax returns in the process of examination at this time. We estimate the range of possible changes that may result from any future tax examinations to be insignificant at this time. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Feb. 02, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Our three reportable segments, which are also operating segments, are the U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment. We have determined that the Chief Operating Decision Maker ("CODM") is our Chief Executive Officer and we have identified such segments based on internal management reporting and responsibilities. The performance of each segment is based primarily on net sales and gross profit. As a result, we do not allocate operating expenses to the segments. Total assets by segment are not presented in the table below as the CODM does not evaluate, manage or measure performance of segments using total assets. The following provides certain financial data by segment reconciled to the consolidated financial statements: (in thousands) U.S. Retail Canada Retail Brand Portfolio Other Corporate / Eliminations Total Fiscal 2018 External revenue: Net sales $ 2,738,989 $ 220,325 $ 86,138 $ 128,968 $ — $ 3,174,420 Commission, franchise and other revenue — — 3,498 — 5,820 9,318 Total revenue $ 2,738,989 $ 220,325 $ 89,636 $ 128,968 $ 5,820 $ 3,183,738 Intersegment revenue $ — $ — $ 10,176 $ — $ (10,176 ) $ — Gross profit (1) $ 840,174 $ 55,937 $ 15,026 $ 25,252 $ (1,198 ) $ 935,191 Income from Equity investment in ABG-Camuto $ — $ — $ 1,298 $ — $ — $ 1,298 Cash paid for property and equipment $ 32,544 $ 6,396 $ 447 $ 147 $ 25,821 $ 65,355 Depreciation and amortization $ 49,552 $ 6,951 $ 1,971 $ 604 $ 19,970 $ 79,048 Fiscal 2017 Revenue: Total net sales $ 2,577,711 $ — $ — $ 227,844 $ — $ 2,805,555 Commission, franchise and other revenue — — — — 5,165 5,165 Total revenue $ 2,577,711 $ — $ — $ 227,844 $ 5,165 $ 2,810,720 Gross profit (1) $ 783,399 $ — $ — $ 15,733 $ — $ 799,132 Cash paid for property and equipment $ 28,608 $ — $ — $ 3,483 $ 24,191 $ 56,282 Depreciation and amortization $ 54,917 $ — $ — $ 4,524 $ 21,420 $ 80,861 Fiscal 2016 Revenue: Total net sales $ 2,479,902 $ — $ — $ 233,453 $ — $ 2,713,355 Commission, franchise and other revenue — — — — 4,944 4,944 Total revenue $ 2,479,902 $ — $ — $ 233,453 $ 4,944 $ 2,718,299 Gross profit (1) $ 745,488 $ — $ — $ 34,410 $ — $ 779,898 Cash paid for property and equipment $ 51,076 $ — $ — $ 1,180 $ 35,324 $ 87,580 Depreciation and amortization $ 56,653 $ — $ — $ 4,863 $ 21,308 $ 82,824 (1) Gross profit is defined as net sales, which excludes commission, franchise and other revenue, less cost of sales. As of February 2, 2019 , long-lived assets, consisting of property and equipment, net, included $374.1 million in the U.S. with the remaining $35.5 million in other countries. As of February 3, 2018 , long-lived assets outside of the U.S. were immaterial. No single customer accounts for ten percent or more of consolidated total revenue. However, the Brand Portfolio segment has four customers that make up approximately 60% of its total revenue, excluding intersegment revenue, and the loss of any or all of these customers would have a material adverse effect on the Brand Portfolio segment. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 02, 2019 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables contain selected quarterly consolidated financial data for fiscal 2018 and 2017 that have been prepared on the same basis as the accompanying audited consolidated financial statements and include all adjustments necessary for a fair presentation, in all material respects, of the information set forth therein on a consistent basis: Fiscal 2018 Quarters Ended (1) (in thousands, except per share data) May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Total revenue $ 712,102 $ 795,268 $ 833,003 $ 843,365 Gross profit $ 205,225 $ 254,495 $ 271,083 $ 204,388 Operating profit (loss) $ 38,470 $ 24,469 $ 53,089 $ (57,023 ) Net income (loss) (2) $ 24,297 $ (38,356 ) $ 39,319 $ (45,726 ) Diluted earnings (loss) per share (6) $ 0.30 $ (0.48 ) $ 0.48 $ (0.58 ) Fiscal 2017 Quarters Ended (3) (in thousands, except per share data) April 29, 2017 July 29, 2017 October 28, 2017 February 3, 2018 (5) Total revenue $ 692,038 $ 683,012 $ 710,992 $ 724,678 Gross profit $ 197,085 $ 199,297 $ 208,727 $ 194,023 Operating profit $ 40,652 $ 46,866 $ 3,370 $ 34,170 Net income (4) $ 22,818 $ 28,677 $ 4,005 $ 11,952 Diluted earnings per share (6) $ 0.28 $ 0.36 $ 0.05 $ 0.15 (1) During fiscal 2018 , operating results were impacted by the following pre-tax items for the quarters presented: Fiscal 2018 Quarters Ended (in thousands) May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Lease exit and other termination costs $ 3,994 $ 409 $ 16,301 $ 2,337 Acquisition-related costs and target acquisition costs $ 508 $ 5,104 $ 12,982 $ 9,335 Impairment charges (adjustments) $ — $ 36,240 $ (7,163 ) $ 31,683 Fair value adjustments of TSL's previously held assets $ — $ 33,988 $ — $ — Camuto Group Inventory step-up $ — $ — $ — $ 5,300 Restructuring expenses $ — $ 2,708 $ 563 $ 2,342 Foreign currency transaction losses (gains) $ 1,978 $ 13,318 $ 94 $ (1 ) (2) During the fourth quarter of fiscal 2018, we recognized $2.1 million of additional net tax expense as a result of finalizing the U.S. Tax Reform implementation assessment. (3) During fiscal 2017 , operating results were impacted by the following pre-tax items related to Ebuys for the quarters presented: Fiscal 2017 Quarters Ended (in thousands) April 29, 2017 July 29, 2017 October 28, 2017 February 3, 2018 Impairment charges $ — $ — $ 82,701 $ 6,739 Inventory write-downs $ — $ — $ — $ 9,257 Loss (gain) due to change in fair value of contingent consideration liability $ 1,084 $ 1,168 $ (31,178 ) $ (3,821 ) (4) During the fourth quarter of fiscal 2017, we recognized $10.1 million of additional net tax expense as a result of our initial assessment for implementing the U.S. Tax Reform. (5) The fourth quarter of fiscal 2017 includes an additional week of activity when compared to the previous quarters during fiscal 2017 due to fiscal 2017 consisting of 53 weeks. The additional week added $35.6 million of sales, $15.9 million of gross margin, $7.9 million of operating profit, and $4.9 million of net income, or $0.06 diluted earnings per share. (6) The sum of the quarterly diluted earnings (loss) per share amounts may not equal the fiscal year amount due to rounding and the use of weighted average shares outstanding for each period. |
Significant Accounting Polici_2
Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year- Our fiscal year ends on the Saturday nearest to January 31. References to a fiscal year refer to the calendar year in which the fiscal year begins. This reporting schedule is followed by many national retail companies and typically results in a 52 -week fiscal year, but occasionally will contain an additional week resulting in a 53 -week fiscal year. The periods presented in these financial statements and selected financial data each consisted of 52 weeks, except for fiscal 2017, which consisted of 53 weeks. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities- We have certain joint ventures ("JVs") where each joint venture licenses brands and contracts with Camuto Group to provide design, buying and sourcing services. Under the JVs, Camuto Group is responsible for managing all aspects of the brands and the JVs pay royalties, commissions, or consulting fees to the other parties. We are responsible for providing all funding to support the working capital needs of the JVs. As a result, we have determined that we are the primary beneficiary of the JVs and consolidate the JVs within our financial statements. Assets and liabilities of the JVs in the aggregate are immaterial. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation- The consolidated financial statements include the accounts of Designer Brands Inc. and its subsidiaries, including the JVs. All intercompany accounts and transactions have been eliminated in consolidation. All amounts are in USD, unless otherwise noted. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates- The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Significant estimates are required as a part of sales returns allowances, customer allowances and discounts, depreciation and amortization, valuation of inventories, gift card breakage income, deferred revenue associated with loyalty programs, impairments of long-lived assets, intangibles and goodwill, legal reserves, foreign tax contingent liabilities, accrual for lease obligations, income taxes, self-insurance reserves, and valuations used to account for acquisitions. 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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition- Sales from the U.S. Retail and Canada Retail segments are recognized upon customer receipt of merchandise, net of estimated returns and exclude sales tax. Customers can purchase products from one of our stores, online or from our mobile application. For products shipped directly to our customers, we recognize the sale upon the estimated customer receipt date based on historical delivery transit times. Revenue from shipping and handling is recorded in net sales while the related costs are included in cost of sales. For products shipped directly to our customers from our suppliers (referred to as “drop ship”), we record gross sales upon delivery based on the price paid by the customers as we have determined that we are the principal party responsible for the sale transaction. Sales from the Brand Portfolio segment are recognized upon transfer of control. Generally, our wholesale customers arrange their own transportation of merchandise and control is transferred at the time of shipment. Sales are recorded at the transaction price, excluding sales tax, net of estimated reserves for customer returns, allowances and discounts. Direct-to-consumer sales are also recognized upon shipment of merchandise, net of estimated returns and exclude sales tax. ABG supplies footwear to other retailers under supply arrangements. We maintain ownership of the merchandise we supply under these arrangements, including risk of loss, returns, shrink up to a certain percentage and loss of inventory value, until customer receipt. Furthermore, we are responsible for the footwear assortment, inventory fulfillment, and pricing at all locations and online. As a result, sales are recognized upon receipt by the end customer, net of estimated returns and exclude sales tax. The affiliated retailers provide the sales associates and retail space. We pay a percentage of net sales as rent, which is included in cost of sales as occupancy expense. Gift Cards- Amounts received from the sale of gift cards are recorded as a liability and are recognized as sales when the cards are redeemed for merchandise. Based on historical information, the likelihood of a gift card remaining unredeemed (referred to as “breakage”) can be reasonably estimated at the time of gift card issuance. Breakage income is recognized over the estimated average redemption period of redeemed gift cards. Loyalty Programs- We offer a loyalty program to our customers in the U.S. and a loyalty program to our customers in Canada. Members under both programs earn points based on their level of spending, as well as for various other activities. Upon reaching a specified point threshold, members receive reward certificates that may be redeemed for purchases made within the stated expiration date. We record a reduction of net sales when points are awarded based on an allocation of the initial customer purchase and the stand-alone value of the points earned. We maintain a deferred liability for the outstanding points and certificates based on historical conversion and redemption rates. The deferred liability is reduced and sales are recognized when certificates are redeemed or when points and certificates expire. Commission Income- The Brand Portfolio segment earns commission income for serving retailers as the design and buying agent for products under private labels (referred to as "First Cost"). We recognize commission income at the point in time when the customer's freight forwarder takes control of the related merchandise, and is included in commission, franchise and other revenue in the consolidated statements of operations. Franchise Revenue- Franchise revenue consists of royalties and other fees paid by franchisees, as well as merchandise sales to franchisees, and is included in commission, franchise and other revenue in the consolidated statements of operations. Royalties are earned based upon a percentage of reported franchise sales and are recognized on a monthly basis when earned. Merchandise sales and any related shipping charges are recognized as franchise revenue upon receipt of goods by the franchisee. Other Revenue- Other revenue consists of rental income on owned properties and is included in commission, franchise and other revenue in the consolidated statements of operations. Customer Allowances- We reduce sales by the amount of actual and remaining expected customer allowances, discounts and returns, and cost of sales by the amount of merchandise we expect to recover. Deferred Revenue Liabilities- We record deferred revenue liabilities, included in accrued expenses on the consolidated balance sheets, for remaining obligations we have to our customers. |
Shipping and Handling Cost, Policy [Policy Text Block] | Revenue from shipping and handling is recorded in net sales while the related costs are included in cost of sales. For products shipped directly to our customers from our suppliers (referred to as “drop ship”), we record gross sales upon delivery based on the price paid by the customers as we have determined that we are the principal party responsible for the sale transaction. |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | ABG supplies footwear to other retailers under supply arrangements. We maintain ownership of the merchandise we supply under these arrangements, including risk of loss, returns, shrink up to a certain percentage and loss of inventory value, until customer receipt. Furthermore, we are responsible for the footwear assortment, inventory fulfillment, and pricing at all locations and online. As a result, sales are recognized upon receipt by the end customer, net of estimated returns and exclude sales tax. The affiliated retailers provide the sales associates and retail space. We pay a percentage of net sales as rent, which is included in cost of sales as occupancy expense. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Gift Cards- Amounts received from the sale of gift cards are recorded as a liability and are recognized as sales when the cards are redeemed for merchandise. Based on historical information, the likelihood of a gift card remaining unredeemed (referred to as “breakage”) can be reasonably estimated at the time of gift card issuance. Breakage income is recognized over the estimated average redemption period of redeemed gift cards. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Loyalty Programs- We offer a loyalty program to our customers in the U.S. and a loyalty program to our customers in Canada. Members under both programs earn points based on their level of spending, as well as for various other activities. Upon reaching a specified point threshold, members receive reward certificates that may be redeemed for purchases made within the stated expiration date. We record a reduction of net sales when points are awarded based on an allocation of the initial customer purchase and the stand-alone value of the points earned. We maintain a deferred liability for the outstanding points and certificates based on historical conversion and redemption rates. The deferred liability is reduced and sales are recognized when certificates are redeemed or when points and certificates expire. |
Commissions, Policy [Policy Text Block] | Commission Income- The Brand Portfolio segment earns commission income for serving retailers as the design and buying agent for products under private labels (referred to as "First Cost"). We recognize commission income at the point in time when the customer's freight forwarder takes control of the related merchandise, and is included in commission, franchise and other revenue in the consolidated statements of operations. |
Revenue Recognition, Services, Franchise Fees [Policy Text Block] | Franchise Revenue- Franchise revenue consists of royalties and other fees paid by franchisees, as well as merchandise sales to franchisees, and is included in commission, franchise and other revenue in the consolidated statements of operations. Royalties are earned based upon a percentage of reported franchise sales and are recognized on a monthly basis when earned. Merchandise sales and any related shipping charges are recognized as franchise revenue upon receipt of goods by the franchisee. |
Other Operating Income and Expense [Text Block] | Other Revenue- Other revenue consists of rental income on owned properties and is included in commission, franchise and other revenue in the consolidated statements of operations. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales- Cost of sales from the U.S. Retail and Canada Retail segments is recognized net of estimated returns. In addition to the cost of merchandise sold, which includes freight and the impact of markdowns, shrinkage and other inventory valuation adjustments, we include in cost of sales expenses associated with distribution and fulfillment and store occupancy. 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. Store occupancy expenses include rent, utilities, repairs, maintenance, insurance, janitorial costs, and occupancy-related taxes, but excludes depreciation. Cost of sales from the Brand Portfolio segment is recognized net of estimated returns. In addition to the cost of merchandise sold, which includes freight and the impact of inventory valuation adjustments, we include in cost of sales royalty expense for licensed brands. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Operating Expenses- Operating expenses include expenses related to store management and store payroll costs, advertising, store depreciation, new store costs, distribution costs associated with the Brand Portfolio segment, the Brand Portfolio segment's First Cost operations, ABG operations, franchise costs and related operations, and corporate expenses. Corporate expenses include expenses related to buying, information technology, depreciation and amortization expense for corporate assets, marketing, legal, finance, outside professional services, customer service center expenses, and payroll-related costs for associates. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation- We recognize compensation expense for awards of stock options, restricted stock units ("RSUs"), and director stock units, based on the fair value on the grant date and on a straight-line basis over the requisite service period for the awards that vest. Stock-based compensation is included in operating expenses in the consolidated statements of operations. |
Start-up Activities, Cost Policy [Policy Text Block] | New Store Opening Costs- Costs associated with the opening of new stores are expensed as incurred. |
Advertising Costs, Policy [Policy Text Block] | Marketing Expense- The cost of advertising is generally expensed when the advertising first takes place or when mailed. |
Other Nonoperating Income and Expense [Text Block] | Non-Operating Income (Expenses), Net- Non-operating income (expenses), net includes gains and losses from foreign currency revaluation, realized gains and losses related to our investment portfolio, and fair value adjustments of pre-existing assets as a result of the acquisition of the remaining interest in TSL. |
Income Tax, Policy [Policy Text Block] | Income Taxes- We account for income taxes under the asset and liability method. We 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 we do business. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating loss and tax credit carryforwards, as measured using enacted tax rates expected to be in effect in the periods where temporary differences are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable. We review and update our tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been adequately resolved. Additionally, uncertain positions may be remeasured as warranted by changes in facts or law. Accounting for uncertain tax positions requires estimating the amount, timing and likelihood of ultimate settlement. Although we believe that these estimates are reasonable, actual results could differ from these estimates. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash - Cash and cash equivalents represent cash, money market funds and credit card receivables that generally settle within three days. Restricted cash represents cash that is restricted as to withdrawal or usage and consisted of a mandatory cash deposit for certain outstanding letters of credit. |
Investment, Policy [Policy Text Block] | Investments - We determine the balance sheet classification of investments at the time of purchase and evaluate the classification at each balance sheet date. All income generated from these investments is recorded as interest income. We hold investment securities in bonds and term notes that are classified as available-for-sale, which is based on our intention of the use of the investments. The unrealized holding gains or losses for the available-for-sale securities are reported in other comprehensive income. We account for our purchases and sales of investments on the trade date of the investment. We account for investments using the equity method of accounting when we exercise significant influence over the investment. If we do not exercise significant influence, we account for the investment using the cost method of accounting. Cost method investments are included in other assets on the consolidated balance sheets. We evaluate our investments for impairment and whether impairment is other-than-temporary at each balance sheet date. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable - Accounts receivable are classified as current assets because the average collection period is generally shorter than one year. We monitor our exposure for credit losses based upon specific accounts receivable balances and record related allowances for doubtful accounts where a risk of default has been identified. We utilize an unrelated third-party provider for credit and collection services for receivables from the sale of wholesale products to certain retailers. This third-party provider guarantees payment for the majority of the serviced receivables. |
Inventory, Policy [Policy Text Block] | Inventories- All of our inventory is made up of finished goods. The U.S. Retail segment inventory is accounted for using the retail inventory method and is stated at the lower of cost or market. 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 basis of inventories reflected on the balance sheet is decreased by charges to cost of sales at the time the retail value of the inventory is lowered by markdowns. As a result, earnings are negatively impacted as the merchandise is marked down prior to sale. The Canada Retail segment and the Brand Portfolio segment inventory is accounted for using the weighted average cost method and is stated at the lower of cost or net realizable value. We monitor aged inventory for obsolete and slow moving inventory that may need to be liquidated in the future at amounts below cost. Reductions to inventory values establish a new cost basis. Favorable changes in facts or circumstances do not result in an increase in the newly established cost basis. We perform physical inventory counts or cycle counts on all inventory on hand throughout the year and adjust the recorded balance to reflect the results. We record estimated shrinkage between physical inventory counts based on historical experience and recent results. Inherent in the calculation of inventories are certain significant judgments and estimates, including setting the original merchandise retail value, markdowns, shrinkage, and liquidation values. The ultimate amount realized from the sale of inventory and write offs from counts could differ from management estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risks- Financial instruments, which principally subject us to concentration of credit risk, consist of cash and cash equivalents and investments. We invest excess cash when available through financial institutions in money market accounts and investment securities. At times, such amounts invested through banks may be in excess of Federal Deposit Insurance Corporation insurance limits, and we mitigate the risk by utilizing multiple banks. We are also subject to concentration of vendor risk within the U.S. Retail and Canada Retail segments. During fiscal 2018 , three key vendors together supplied approximately 20% of our retail merchandise. |
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. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels related to the subjectivity associated with the inputs to fair value measurements as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Quoted prices for similar assets or liabilities in active markets or inputs that are observable. • Level 3 - Unobservable inputs in which little or no market activity exists. We measure available-for-sale investments at fair value on a recurring basis. These investments are measured using a market-based approach using inputs such as prices of similar assets in active markets (categorized as Level 2). The carrying value of cash and cash equivalents, accounts receivables and accounts payables approximated their fair values due to their short-term nature. |
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 net book value of property or equipment sold or retired is removed from the asset and related accumulated depreciation accounts with any resulting net gain or loss included in results of operations. The estimated useful lives by class of asset are as follows: Useful Lives Buildings 39 years Building and leasehold improvements 3 to 20 years or the lease term if shorter Furniture, fixtures and equipment 3 to 10 years Software 5 to 10 years |
Internal Use Software, Policy [Policy Text Block] | Internal Use Software Costs- Costs related to software developed or obtained for internal use are expensed as incurred until the application development stage has been reached. Once the application development stage has been reached, certain qualifying costs are capitalized until the software is ready for its intended use. If a cloud computing arrangement includes a software license, the software license element of the arrangement is accounted for in a manner consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the arrangement is accounted for as a service contract. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets- We periodically evaluate the carrying amount of our long-lived assets, primarily property and equipment and definite-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 (categorized as Level 3 under the fair value hierarchy). The reviews are conducted at the lowest identifiable level. The impairment loss recognized is the excess of the carrying value of the asset or asset group over its fair value. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill- We evaluate goodwill for impairment annually during our fourth quarter, or more frequently if an event occurs or circumstances change that would indicate that impairment may exist. When evaluating goodwill for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying value of the reporting unit exceeds its fair value, we will calculate the estimated fair value of the reporting unit. Fair value is typically calculated using a discounted cash flow analysis. For certain reporting units, where deemed appropriate, we may also utilize a market approach for estimating fair value. Goodwill impairment charges are calculated as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self-Insurance Reserves- We record 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 self-insurance reserves are calculated utilizing claims development estimates based on historical experience and other factors. We have purchased stop loss insurance to limit our 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. |
Deferred Charges, Policy [Policy Text Block] | Accounting for Leases- Many of our real estate operating leases contain predetermined fixed increases of the minimum rentals during the initial lease terms. For these leases, we recognize the related rental expense on a straight-line basis over the noncancelable terms of the lease. We record the difference between the amounts charged to expense and the rent paid as deferred rent and begin amortizing such deferred rent upon the delivery of the lease location by the lessor. In addition, we receive 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. Deferred rent and construction and tenant allowances are included in non-current liabilities on the consolidated balance sheets. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Accrual for Lease Obligations- We record a reserve when a leased space is abandoned due to closure or relocation. Using a credit-adjusted risk-free rate to present value the liability, we estimate future lease obligations based on remaining lease payments, estimated or actual sublease income, and any other relevant factors. On a quarterly basis, we reassess the reserve based on current market conditions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions- Prior to our acquisition of the remaining interest in TSL, our equity investment in TSL and notes receivable from TSL, along with certain investments, were denominated in CAD and translated into USD at exchange rates in effect at the balance sheet date. Each quarter, the income or loss from TSL was recorded in USD at the average exchange rate for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss. As a result of the acquisition, we reclassified a net loss of $12.2 million of foreign currency translation related to the previously held balances from accumulated other comprehensive loss to non-operating income (expenses), net. Beginning with the second quarter of fiscal 2018, TSL became a wholly-owned subsidiary with CAD as their functional currency. Assets and liabilities of the Canadian business are translated into USD at exchange rates in effect at the balance sheet date or historical rates as appropriate. Each quarter, amounts included in our consolidated statements of operations from the Canadian business are translated at the average exchange rate for the period. The cumulative translation adjustments resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive loss. Transaction gains and losses are included in the consolidated statements of operations. |
Compensation and Employee Benefit Plans [Text Block] | Deferred Compensation Plans - We provide deferred compensation plans, including defined contribution plans to eligible employees and a non-qualified deferred compensation plan for certain executives and members of the Board of Directors. Participants may elect to defer and contribute a portion of their eligible compensation to the plans up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. |
Reclassification, Policy [Policy Text Block] | Prior Period Reclassifications - Certain prior period reclassifications were made to conform to the current period presentation. Accounts receivable from related parties was reclassified to accounts receivable, net, and accounts payable to related parties was reclassified to accounts payable. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements- In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which will change how we account for leases. For most leases, a liability will be recorded on the balance sheet based on the present value of future lease obligations with a corresponding right-of-use asset. Primarily for those leases currently classified by us as operating leases, we will recognize a single lease cost on a straight-line basis based on the combined amortization of the lease obligation and the right-of-use asset. Other leases will be required to be accounted for as financing arrangements similar to current accounting for capital leases. The standard is effective for us in the first quarter of fiscal 2019. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements , that provided a practical expedient that removed the requirement to restate prior period financial statements upon adoption of the standard, which we plan to elect. The standard also provides a practical expedient, by class of underlying assets, to not separate non-lease components from the associated lease component. We have elected this practical expedient for all real estate leases. At transition, we also elected the package of practical expedients, which allows us to carry forward the historical lease classification and not reassess whether any expired or existing contracts are or contain leases. We did not elect the use of hindsight to determine the term of our leases at transition. We are progressing with our implementation plan, with remaining tasks primarily relating to updating our processes and controls and determining the related tax effects. We estimate approximately $1.0 billion of lease assets and $1.2 billion of lease liabilities, with an adjustment of $6.2 million to retained earnings for transition impairments related to previously impaired leased locations, to our opening balance sheet for fiscal 2019. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal - Use Software , which aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or acquire internal-use software. This update is effective for us in the first quarter of fiscal 2020 and early adoption is permitted. We plan to adopt this guidance using a prospective approach at the beginning of the first quarter of fiscal 2019. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of ASU 2014-09, Revenue from Contracts with Customers - During the first quarter of fiscal 2018, we adopted the new accounting standard for revenue recognition, ASU 2014-09 and the related amendments, using the full retrospective method where each prior period presented is restated. We recorded an increase to retained earnings as of January 31, 2016 (opening balance for fiscal 2016) of $4.9 million . The adoption of ASU 2014-09 had the following impacts: • Income from the breakage of gift cards is classified within net sales and recognized proportionately over the expected redemption period, which was previously recognized as a reduction to operating expenses when the redemption of the gift card was deemed remote. • The loyalty program is being treated as deferred revenue, which was previously treated using the incremental cost method and recognized to cost of sales. • We changed other classifications between net sales, franchise and other revenue, cost of sales and operating expenses for various revenue-related transactions. • We present our estimated returns allowance on a gross basis with returns liability recorded to accrued expenses and an asset for recovery to prepaid expenses and other current assets, which were previously presented on a net basis in accrued expenses. |
Earnings Per Share, Policy [Policy Text Block] | Basic earnings (loss) per share is based on net income (loss) and the weighted average of Class A and Class B common shares outstanding. Diluted earnings (loss) per share reflects the potential dilution of common shares adjusted for outstanding stock options, RSUs, and performance-based restricted stock units ("PSUs") calculated using the treasury stock method. |
Stockholders' Equity, Policy [Policy Text Block] | Shares- Our Class A common shares will remain listed for trading on the NYSE under the ticker symbol "DSW" until it changes to "DBI" in April 2019. There is currently no public market for the Company's Class B common shares, but the Class B common shares can be exchanged for the Company's Class A common shares at the election of the holder on a share for share basis. Holders of Class A common shares are entitled to one vote per share and holders of Class B common shares are entitled to eight votes per share on matters submitted to shareholders for approval. |
Repurchase and Resale Agreements Policy [Policy Text Block] | Share Repurchases - On August 17, 2017 , the Board of Directors authorized the repurchase of an additional $500 million of Class A common shares under our share repurchase program, which was added to the $33.5 million remaining from the previous authorization. During fiscal 2018 , we repurchased 2.0 million Class A common shares at a cost of $47.5 million , with $476.6 million of Class A common shares that remain authorized under the program as of February 2, 2019 . The share repurchase program may be suspended, modified or discontinued at any time, and we have no obligation to repurchase any amount of our common shares under the program. Shares will be repurchased in the open market at times and in amounts considered appropriate based on price and market conditions. |
Segment Reporting, Policy [Policy Text Block] | Our three reportable segments, which are also operating segments, are the U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment. We have determined that the Chief Operating Decision Maker ("CODM") is our Chief Executive Officer and we have identified such segments based on internal management reporting and responsibilities. The performance of each segment is based primarily on net sales and gross profit. As a result, we do not allocate operating expenses to the segments. Total assets by segment are not presented in the table below as the CODM does not evaluate, manage or measure performance of segments using total assets. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) February 2, 2019 February 3, 2018 January 28, 2017 Cash and cash equivalents $ 99,369 $ 175,932 $ 110,657 Restricted cash, included in prepaid expenses and other current assets 1,199 — 4,653 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 100,568 $ 175,932 $ 115,310 |
Estimated Useful Lives PPE [Table Text Block] | The estimated useful lives by class of asset are as follows: Useful Lives Buildings 39 years Building and leasehold improvements 3 to 20 years or the lease term if shorter Furniture, fixtures and equipment 3 to 10 years Software 5 to 10 years |
Acquisitions and Equity Metho_2
Acquisitions and Equity Method Investments (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable, net, consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Customer accounts receivables: Serviced by third-party provider with guaranteed payment $ 47,599 $ — Serviced by third-party provider without guaranteed payment 280 — Serviced in-house 9,892 5,529 Construction and tenant allowance receivables due from landlords 4,034 6,477 Accounts receivable due from related parties — 1,704 Other receivables 8,004 5,526 Accounts receivable 69,809 19,236 Allowance for doubtful accounts (939 ) — Accounts receivable, net $ 68,870 $ 19,236 The following presents the activity in our balance in the allowance for doubtful accounts: (in thousands) Fiscal 2018 Allowance for doubtful accounts - beginning of period $ — Provision for bad debts (939 ) Allowance for doubtful accounts - end of period $ (939 ) |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides the supplemental unaudited pro forma total revenue and net income of the combined entity had the acquisition dates of TSL and Camuto Group and the investment in ABG-Camuto been the first day of our fiscal 2017: (in thousands) Fiscal 2018 Fiscal 2017 Total revenue $ 3,562,498 $ 3,487,314 Net income $ 71,257 $ 15,676 |
ABG-Camuto, LLC | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | Activity related to our equity investment in ABG-Camuto was as follows: (in thousands) Fiscal 2018 Balance at beginning of period $ — Initial investment in ABG-Camuto 56,827 Share of net earnings 1,298 Balance at end of period $ 58,125 |
Town Shoes | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | Activity related to our equity investment in TSL was as follows: (in thousands) Fiscal 2018 Fiscal 2017 Equity investment in TSL - beginning of period $ 6,096 $ 15,830 Share of TSL's income (loss) (3,553 ) (5,095 ) Foreign currency translation adjustments, included in other comprehensive income (loss) (92 ) (4,271 ) Amortization of purchase price adjustments (50 ) (368 ) Fair value adjustment for step acquisition (2,401 ) — Equity investment in TSL - end of period $ — $ 6,096 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Activity related to our notes receivable from TSL was as follows: (in thousands) Fiscal 2018 Fiscal 2017 Notes receivable from TSL - beginning of period $ 115,895 $ 53,121 Payment-in-kind interest earned 1,800 6,520 TSL revolver interest earned 493 — Foreign currency translation adjustments, included in other comprehensive income (loss) (3,756 ) 3,384 Management service fee 294 1,162 Additional TSL loan 9,469 51,708 Repayments (1,160 ) — Fair value adjustment for step acquisition (31,587 ) — Contribution to step acquisition purchase price (91,448 ) — Notes receivable from TSL - end of period $ — $ 115,895 |
Town Shoes | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The final purchase price and the allocation of the total consideration to the fair values of the assets and liabilities acquired consisted of the following (in USD): (in thousands) Preliminary Purchase Price and Allocation as of May 10, 2018 Adjustments Final Purchase Price and Allocation as of February 2, 2019 Purchase price: Cash consideration, net of cash acquired $ 28,152 $ — $ 28,152 Replacement stock-based awards attributable to pre-acquisition services 196 — 196 Fair value of pre-existing assets 92,242 — 92,242 $ 120,590 $ — $ 120,590 Fair value of assets and liabilities acquired: Inventories $ 58,822 $ 7,250 $ 66,072 Other current assets 3,608 79 3,687 Property and equipment 41,601 (593 ) 41,008 Goodwill 37,044 5,978 43,022 Intangible assets 20,689 — 20,689 Accounts payable and other liabilities (33,248 ) 52 (33,196 ) Non-current liabilities (7,926 ) (12,766 ) (20,692 ) $ 120,590 $ — $ 120,590 |
Camuto LLC | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary purchase price and the allocation of the total consideration to the fair values of the assets and liabilities acquired consisted of the following: (in thousands) Preliminary Purchase Price and Allocation as of November 5, 2018 Purchase price: Cash consideration, net of cash acquired $ 171,251 Fair value of assets and liabilities acquired: Accounts receivable $ 83,939 Inventories 74,499 Other current assets 7,197 Property and equipment 43,906 Goodwill 63,614 Intangible asset 27,000 Other assets 13,351 Accounts payable and other liabilities (122,811 ) Non-current liabilities (19,444 ) $ 171,251 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Revenue From Contract With Customer [Line Items] | ||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As a result of adopting ASU 2014-09, we adjusted our consolidated statements of operations (including total comprehensive income (loss)) on a retrospective basis as follows: Fiscal 2017 Fiscal 2016 (in thousands, except per share amounts) As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Net sales $ 2,799,794 5,761 $ 2,805,555 $ 2,711,444 1,911 $ 2,713,355 Commission, franchise and other revenue $ — 5,165 $ 5,165 $ — 4,944 $ 4,944 Total revenue $ — 2,810,720 $ 2,810,720 $ — 2,718,299 $ 2,718,299 Cost of sales $ (2,010,418 ) 3,995 $ (2,006,423 ) $ (1,939,611 ) 6,154 $ (1,933,457 ) Operating expenses $ (607,723 ) (14,823 ) $ (622,546 ) $ (591,816 ) (13,200 ) $ (605,016 ) Operating profit $ 124,960 98 $ 125,058 $ 200,168 (191 ) $ 199,977 Income before income taxes and income from equity investment in TSL $ 125,864 98 $ 125,962 $ 202,647 (191 ) $ 202,456 Income tax provision $ (59,617 ) 50 $ (59,567 ) $ (78,853 ) 75 $ (78,778 ) Net income $ 67,304 148 $ 67,452 $ 124,535 (116 ) $ 124,419 Total comprehensive income $ 71,171 148 $ 71,319 $ 131,297 (116 ) $ 131,181 Diluted earnings per share $ 0.83 0.01 $ 0.84 $ 1.52 (0.01 ) $ 1.51 As a result of adopting ASU 2014-09, we adjusted our consolidated balance sheets on a retrospective basis as follows: February 3, 2018 (in thousands) As Reported Adjustments As Adjusted ASSETS Prepaid expenses and other current assets $ 41,333 7,864 $ 49,197 Total current assets $ 863,009 7,864 $ 870,873 Deferred tax assets $ 27,671 40 $ 27,711 Total assets $ 1,413,613 7,904 $ 1,421,517 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses $ 145,218 3,008 $ 148,226 Total current liabilities $ 324,526 3,008 $ 327,534 Total liabilities $ 463,258 3,008 $ 466,266 Retained earnings $ 350,083 4,896 $ 354,979 Total shareholders' equity $ 950,355 4,896 $ 955,251 Total liabilities and shareholders' equity $ 1,413,613 7,904 $ 1,421,517 As a result of adopting ASU 2014-09, we adjusted our consolidated statements of cash flows on a retrospective basis as follows: Fiscal 2017 Fiscal 2016 (in thousands) As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Cash flows from operating activities: Net income $ 67,304 148 $ 67,452 $ 124,535 (116 ) $ 124,419 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes $ (12,787 ) (17 ) $ (12,804 ) $ 6,881 (20 ) $ 6,861 Prepaid expenses and other current assets $ (16,418 ) 523 $ (15,895 ) $ 3,884 254 $ 4,138 Accrued expenses $ 11,146 (654 ) $ 10,492 $ 18,785 (118 ) $ 18,667 | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents the changes and total balances for sales reserves: Fiscal (in thousands) 2018 2017 2016 Sales returns reserve: Beginning of period $ 14,130 $ 14,149 $ 13,369 Net sales reduced for estimated returns 402,274 353,156 322,139 Actual returns during the period (398,661 ) (353,175 ) (321,359 ) End of period $ 17,743 $ 14,130 $ 14,149 Customer allowances and discounts reserve: Beginning of period $ — $ — $ — Assumed liability in acquisitions 15,434 — — Net sales reduced for estimated allowances and discounts 10,669 — — Actual allowances and discounts during the period (13,009 ) — — End of period $ 13,094 $ — $ — The following table presents the changes and total balances for gift cards and our loyalty programs: Fiscal (in thousands) 2018 2017 2016 Gift cards: Beginning of period $ 32,792 $ 30,829 $ 29,172 Gift cards redeemed and breakage recognized to net sales (90,569 ) (91,778 ) (83,266 ) Gift cards issued 92,775 93,741 84,923 End of period $ 34,998 $ 32,792 $ 30,829 Loyalty programs: Beginning of period $ 21,282 $ 19,889 $ 20,604 Loyalty certificates redeemed and expired and other adjustments recognized to net sales (41,210 ) (30,935 ) (31,325 ) Deferred revenue for loyalty points issued 36,079 32,328 30,610 End of period $ 16,151 $ 21,282 $ 19,889 | |
Operating Segments | ||
Revenue From Contract With Customer [Line Items] | ||
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue disaggregated by operating segments: Fiscal (in thousands) 2018 2017 2016 Net sales: U.S. Retail segment $ 2,738,989 $ 2,577,711 $ 2,479,902 Canada Retail segment 220,325 — — Brand Portfolio segment 86,138 — — Other: ABG 123,335 140,887 149,586 Ebuys 5,633 86,957 83,867 Total Other 128,968 227,844 233,453 Total net sales 3,174,420 2,805,555 2,713,355 Commission, franchise and other revenue 9,318 5,165 4,944 Total revenue $ 3,183,738 $ 2,810,720 $ 2,718,299 | |
Merchandise Category [Member] | ||
Revenue From Contract With Customer [Line Items] | ||
Disaggregation of Revenue [Table Text Block] | The following table presents total revenue by product and service category: Fiscal (in thousands) 2018 2017 2016 Net sales: U.S. Retail segment: Women's footwear $ 1,866,121 $ 1,771,058 $ 1,710,825 Men's footwear 561,722 556,772 546,657 Accessories, kids and other 311,146 249,881 222,420 2,738,989 2,577,711 2,479,902 Canada Retail segment: Women's footwear 123,323 — — Men's footwear 57,567 — — Accessories, kids and other 39,435 — — 220,325 — — Brand Portfolio segment: Wholesale 76,429 — — Direct-to-consumer 9,709 — — 86,138 — — Other - ABG and Ebuys 128,968 227,844 233,453 Total net sales 3,174,420 2,805,555 2,713,355 Commission, franchise and other revenue 9,318 5,165 4,944 Total revenue $ 3,183,738 $ 2,810,720 $ 2,718,299 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
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 earnings (loss) per share: Fiscal (in thousands) 2018 2017 2016 Weighted average shares outstanding - Basic shares 80,026 80,160 81,536 Dilutive effect of stock-based compensation awards — 527 599 Weighted average shares outstanding - Diluted shares 80,026 80,687 82,135 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
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] | Stock-based compensation expense consisted of the following: Fiscal (in thousands) 2018 2017 2016 Stock options $ 4,900 $ 6,420 $ 5,788 Restricted and director stock units 12,493 8,284 6,899 $ 17,393 $ 14,704 $ 12,687 |
Stock Option Plan Activity | The following table summarizes the activity for outstanding stock options for fiscal 2018 : (in thousands, except per share amounts and years) Shares Subject to Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding - beginning of period 4,333 $ 23.84 Exercised (188 ) $ 12.49 Forfeited (144 ) $ 24.25 Outstanding - end of period 4,001 $ 24.36 6.3 years $ 17,590 Vested and expected to vest - end of period 3,768 $ 24.39 6.2 years $ 16,547 Exercisable - end of period 2,219 $ 25.16 5.2 years $ 9,077 |
Restricted Stock Unit Activity | The following table summarizes the activity for unvested stock units for fiscal 2018 : Time-Based RSUs Performance-Based RSUs (shares in thousands) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding - beginning of period 436 $ 23.43 457 $ 23.69 Granted 750 $ 22.71 268 $ 22.22 Vested (112 ) $ 16.66 (122 ) $ 28.76 Forfeited (85 ) $ 21.48 (7 ) $ 21.96 Outstanding - end of period 989 $ 22.45 596 $ 21.87 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Shareholders' Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following table provides additional information for our common shares: February 2, 2019 February 3, 2018 (in thousands) Class A Class B Class A Class B Authorized shares 250,000 100,000 250,000 100,000 Issued shares 85,763 7,733 85,385 7,733 Outstanding shares 70,672 7,733 72,294 7,733 Treasury shares 15,091 — 13,091 — |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes for the balances of each component of accumulated other comprehensive loss were as follows (all amounts are net of tax): (in thousands) Foreign currency translation Available-for-sale securities Total Balance, January 30, 2016 $ (20,530 ) $ (173 ) $ (20,703 ) Other comprehensive income before reclassifications 6,831 127 6,958 Amounts reclassified to non-operating expenses, net — (196 ) (196 ) Other comprehensive income (loss) 6,831 (69 ) 6,762 Balance, January 28, 2017 (13,699 ) (242 ) (13,941 ) Other comprehensive income (loss) before reclassifications 3,681 (1,095 ) 2,586 Amounts reclassified to non-operating expenses, net 740 541 1,281 Other comprehensive income (loss) 4,421 (554 ) 3,867 Balance, February 3, 2018 (9,278 ) (796 ) (10,074 ) Other comprehensive income (loss) before reclassifications (7,013 ) 192 (6,821 ) Amounts reclassified to non-operating expenses, net 13,963 226 14,189 Other comprehensive income 6,950 418 7,368 Balance, February 2, 2019 $ (2,328 ) $ (378 ) $ (2,706 ) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable, net, consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Customer accounts receivables: Serviced by third-party provider with guaranteed payment $ 47,599 $ — Serviced by third-party provider without guaranteed payment 280 — Serviced in-house 9,892 5,529 Construction and tenant allowance receivables due from landlords 4,034 6,477 Accounts receivable due from related parties — 1,704 Other receivables 8,004 5,526 Accounts receivable 69,809 19,236 Allowance for doubtful accounts (939 ) — Accounts receivable, net $ 68,870 $ 19,236 The following presents the activity in our balance in the allowance for doubtful accounts: (in thousands) Fiscal 2018 Allowance for doubtful accounts - beginning of period $ — Provision for bad debts (939 ) Allowance for doubtful accounts - end of period $ (939 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Investments [Abstract] | |
Marketable Securities [Table Text Block] | Investments in available-for-sale securities consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Carrying value of investments $ 70,195 $ 125,349 Unrealized gains included in accumulated other comprehensive loss 44 23 Unrealized losses included in accumulated other comprehensive loss (521 ) (767 ) Fair value $ 69,718 $ 124,605 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Land $ 1,110 $ 1,110 Buildings 12,485 12,485 Building and leasehold improvements 437,116 404,852 Furniture, fixtures and equipment 487,494 423,597 Software 161,226 137,917 Construction in progress (1) 38,646 39,201 Total property and equipment 1,138,077 1,019,162 Accumulated depreciation and amortization (728,501 ) (663,963 ) Property and equipment, net $ 409,576 $ 355,199 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Activity related to our goodwill was as follows: February 2, 2019 February 3, 2018 (in thousands) Goodwill Accumulated Impairments Net Goodwill Accumulated Impairments Net Beginning of period by segment: U.S. Retail $ 25,899 $ — $ 25,899 $ 25,899 $ — $ 25,899 Other - Ebuys 53,790 (53,790 ) — 53,790 — 53,790 79,689 (53,790 ) 25,899 79,689 — 79,689 Activity during the period by segment: Canada Retail: Acquired TSL goodwill 43,022 — 43,022 — — — Impairment charges — (41,845 ) (41,845 ) — — — Currency translation adjustment (974 ) (203 ) (1,177 ) — — — Brand Portfolio: Acquired Camuto Group goodwill 63,614 — 63,614 — — — Other: Impairment charges — — — — (53,790 ) (53,790 ) Eliminated Ebuys goodwill (53,790 ) 53,790 — — — — 51,872 11,742 63,614 — (53,790 ) (53,790 ) End of period by segment: U.S. Retail 25,899 — 25,899 25,899 — 25,899 Canada Retail 42,048 (42,048 ) — — — — Brand Portfolio 63,614 — 63,614 — — — Other - Ebuys — — — 53,790 (53,790 ) — $ 131,561 $ (42,048 ) $ 89,513 $ 79,689 $ (53,790 ) $ 25,899 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consisted of the following: (in thousands) Cost Accumulated Amortization Net February 2, 2019 Definite-lived: Customer relationships $ 28,375 $ (1,010 ) $ 27,365 Favorable leasehold interests 3,513 (295 ) 3,218 Indefinite-lived trademarks and tradenames 15,546 — 15,546 $ 47,434 $ (1,305 ) $ 46,129 February 3, 2018 Definite-lived: Online retailer and customer relationships $ 3,767 $ (3,767 ) $ — Tradenames 1,260 (1,260 ) — Non-compete agreements 1,800 (1,800 ) — Indefinite-lived trademarks and tradenames 135 — 135 $ 6,962 $ (6,827 ) $ 135 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Gift cards and merchandise credits $ 34,998 $ 32,792 Accrued compensation and related expenses 53,577 25,082 Accrued taxes 16,491 20,757 Loyalty programs deferred revenue 16,151 21,282 Sales returns 17,743 14,130 Customer allowances and discounts 13,094 — Other (1) 49,481 34,183 $ 201,535 $ 148,226 |
Non-Current Liabilities (Tables
Non-Current Liabilities (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-current Liabilities | Non-current liabilities consisted of the following: (in thousands) February 2, 2019 February 3, 2018 Construction and tenant allowances $ 71,634 $ 80,725 Deferred rent 35,934 37,116 Accrual for lease obligations 16,483 6,511 Foreign tax contingent liabilities 13,429 — Unfavorable leasehold interests 5,779 — Deferred tax liabilities 3,260 — Other (1) 18,528 14,380 $ 165,047 $ 138,732 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents the changes and total balances for the accrual for lease obligations: Fiscal (in thousands) 2018 2017 Beginning of period $ 6,511 $ 7,283 Assumed liability in acquisitions 6,792 — Additions 23,507 — Lease obligation payments, net of sublease income (20,496 ) 416 Adjustments 169 (1,188 ) End of period $ 16,483 $ 6,511 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Leases [Abstract] | |
Schedule of Rent Expense [Table Text Block] | Rent expense, excluding real estate taxes, maintenance and insurance, consisted of the following: Fiscal (in thousands) 2018 2017 2016 Minimum rentals: Unrelated parties $ 204,873 $ 178,353 $ 172,483 Related parties 9,220 9,150 8,091 Contingent rentals to unrelated parties 23,822 27,804 30,172 $ 237,915 $ 215,307 $ 210,746 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of February 2, 2019 , the following future minimum lease payment requirements excludes contingent rental payments, maintenance, insurance, real estate taxes, and the amortization of deferred rent and construction and tenant allowances: (in thousands) Unrelated Parties Related Parties Total Fiscal 2019 $ 233,237 $ 9,425 $ 242,662 Fiscal 2020 227,001 9,364 236,365 Fiscal 2021 204,803 8,697 213,500 Fiscal 2022 170,030 6,518 176,548 Fiscal 2023 131,594 1,874 133,468 Future fiscal years thereafter 298,437 5,596 304,033 $ 1,265,102 $ 41,474 $ 1,306,576 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Long-term Purchase Commitment [Line Items] | ||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Activity for the contingent consideration liability for fiscal 2017 was as follows: (in thousands) Fiscal 2017 Contingent consideration liability - beginning of period $ 33,204 Accretion in value 3,589 Fair value adjustments (36,336 ) Other adjustments (457 ) Contingent consideration liability - end of period $ — | |
Long-term Purchase Commitment [Table Text Block] | As of February 2, 2019 , our noncancelable purchase obligations and future guaranteed minimum royalty payments are as follows: Guaranteed Minimum Royalties (in thousands) Noncancelable Purchase Obligations Unrelated Parties Related Party Total Fiscal 2019 $ 15,278 $ 16,634 $ 17,350 $ 33,984 Fiscal 2020 4,356 18,021 17,350 35,371 Fiscal 2021 — 18,438 17,350 35,788 Fiscal 2022 — 13,859 17,350 31,209 Fiscal 2023 — 13,859 17,350 31,209 Future fiscal years thereafter — 46,545 91,500 138,045 $ 19,634 $ 127,356 $ 178,250 $ 305,606 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income, including income (loss) from equity investment in TSL, before income taxes consisted of the following: Fiscal (in thousands) 2018 2017 2016 Domestic income $ 123,172 $ 131,131 $ 205,812 Foreign losses, including income (loss) from equity investment in TSL (113,805 ) (4,112 ) (2,615 ) Income, including income (loss) from equity investment in TSL, before income taxes $ 9,367 $ 127,019 $ 203,197 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax provision consisted of the following: Fiscal (in thousands) 2018 2017 2016 Current: Federal $ 29,073 $ 60,041 $ 61,510 Foreign 188 901 954 State and local 12,268 11,382 9,181 Total current tax expense 41,529 72,324 71,645 Deferred: Federal (2,234 ) (10,431 ) 4,889 Foreign (9,273 ) 927 674 State and local (189 ) (3,253 ) 1,570 Total deferred tax expense (11,696 ) (12,757 ) 7,133 Income tax provision $ 29,833 $ 59,567 $ 78,778 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following presents a reconciliation of the income tax provision based on the U.S. federal statutory tax rate to the total tax provision (the U.S. federal statutory tax rate used below for fiscal 2017 excludes the impact of the revised rate due to the U.S. Tax Reform as that change is reflected in the net impact of implementing the U.S. Tax Reform): Fiscal (in thousands) 2018 2017 2016 Income tax provision at federal statutory rate $ 1,966 $ 44,457 $ 71,119 State and local taxes, net of federal benefit 5,688 3,896 7,207 Foreign tax rate differential (3,270 ) 922 802 Foreign impairment charges 11,196 — — Valuation allowance 8,157 834 763 Non-deductible compensation 2,219 54 32 Uncertain tax positions 2,611 1,245 865 Net impact of implementing the U.S. Tax Reform 2,144 10,079 — Other (878 ) (1,920 ) (2,010 ) Income tax provision $ 29,833 $ 59,567 $ 78,778 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes are reported within the consolidated balance sheets as follows: (in thousands) February 2, 2019 February 3, 2018 Deferred tax assets $ 30,283 $ 27,711 Deferred tax liabilities included in non-current liabilities (3,260 ) — Net deferred tax assets as shown above $ 27,023 $ 27,711 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows: (in thousands) February 2, 2019 February 3, 2018 Deferred tax assets: State bonus depreciation $ 3,233 $ 3,171 Inventory 11,131 6,557 Construction and tenant allowances 3,048 1,311 Stock-based compensation 9,081 9,402 Gift cards 2,763 539 Accrued expenses 3,389 2,184 Accrued rewards 3,356 5,657 Accrued rent 13,441 11,284 Change in fair value of contingent consideration — 9,108 Foreign net operating losses 13,627 — Acquisition-related transaction costs 2,832 — Other 4,540 4,886 70,441 54,099 Less: valuation allowance (14,097 ) (2,736 ) Total deferred tax assets, net of valuation allowance 56,344 51,363 Deferred tax liabilities: Property and equipment (23,423 ) (21,800 ) Intangible assets (3,287 ) — Prepaid expenses and other (2,611 ) (1,852 ) (29,321 ) (23,652 ) Net deferred tax assets $ 27,023 $ 27,711 |
Summary of Valuation Allowance [Table Text Block] | The following presents the changes in valuation allowance: Fiscal (in thousands) 2018 2017 2016 Valuation allowance - beginning of period $ 2,736 $ 1,972 $ 1,250 Additions charged to income tax provision 8,157 834 763 Additions related to acquisitions 6,124 — — Allowances taken or written off (2,920 ) (70 ) (41 ) Valuation allowance - end of period $ 14,097 $ 2,736 $ 1,972 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Changes in gross unrecognized tax benefits were as follows: Fiscal (in thousands) 2018 2017 2016 Unrecognized tax benefits - beginning of period $ 7,925 $ 6,773 $ 5,767 Additions for tax positions taken in the current year 4,105 1,835 2,513 Reductions for tax positions taken in prior years: Lapses of applicable statutes of limitations — (233 ) (475 ) Settlements (422 ) (450 ) (1,032 ) Unrecognized tax benefits - end of period $ 11,608 $ 7,925 $ 6,773 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Feb. 02, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The following provides certain financial data by segment reconciled to the consolidated financial statements: (in thousands) U.S. Retail Canada Retail Brand Portfolio Other Corporate / Eliminations Total Fiscal 2018 External revenue: Net sales $ 2,738,989 $ 220,325 $ 86,138 $ 128,968 $ — $ 3,174,420 Commission, franchise and other revenue — — 3,498 — 5,820 9,318 Total revenue $ 2,738,989 $ 220,325 $ 89,636 $ 128,968 $ 5,820 $ 3,183,738 Intersegment revenue $ — $ — $ 10,176 $ — $ (10,176 ) $ — Gross profit (1) $ 840,174 $ 55,937 $ 15,026 $ 25,252 $ (1,198 ) $ 935,191 Income from Equity investment in ABG-Camuto $ — $ — $ 1,298 $ — $ — $ 1,298 Cash paid for property and equipment $ 32,544 $ 6,396 $ 447 $ 147 $ 25,821 $ 65,355 Depreciation and amortization $ 49,552 $ 6,951 $ 1,971 $ 604 $ 19,970 $ 79,048 Fiscal 2017 Revenue: Total net sales $ 2,577,711 $ — $ — $ 227,844 $ — $ 2,805,555 Commission, franchise and other revenue — — — — 5,165 5,165 Total revenue $ 2,577,711 $ — $ — $ 227,844 $ 5,165 $ 2,810,720 Gross profit (1) $ 783,399 $ — $ — $ 15,733 $ — $ 799,132 Cash paid for property and equipment $ 28,608 $ — $ — $ 3,483 $ 24,191 $ 56,282 Depreciation and amortization $ 54,917 $ — $ — $ 4,524 $ 21,420 $ 80,861 Fiscal 2016 Revenue: Total net sales $ 2,479,902 $ — $ — $ 233,453 $ — $ 2,713,355 Commission, franchise and other revenue — — — — 4,944 4,944 Total revenue $ 2,479,902 $ — $ — $ 233,453 $ 4,944 $ 2,718,299 Gross profit (1) $ 745,488 $ — $ — $ 34,410 $ — $ 779,898 Cash paid for property and equipment $ 51,076 $ — $ — $ 1,180 $ 35,324 $ 87,580 Depreciation and amortization $ 56,653 $ — $ — $ 4,863 $ 21,308 $ 82,824 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Quarterly Financial Data [Abstract] | ||
Schedule of Quarterly Financial Information [Table Text Block] | The following tables contain selected quarterly consolidated financial data for fiscal 2018 and 2017 that have been prepared on the same basis as the accompanying audited consolidated financial statements and include all adjustments necessary for a fair presentation, in all material respects, of the information set forth therein on a consistent basis: Fiscal 2018 Quarters Ended (1) (in thousands, except per share data) May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Total revenue $ 712,102 $ 795,268 $ 833,003 $ 843,365 Gross profit $ 205,225 $ 254,495 $ 271,083 $ 204,388 Operating profit (loss) $ 38,470 $ 24,469 $ 53,089 $ (57,023 ) Net income (loss) (2) $ 24,297 $ (38,356 ) $ 39,319 $ (45,726 ) Diluted earnings (loss) per share (6) $ 0.30 $ (0.48 ) $ 0.48 $ (0.58 ) | Fiscal 2017 Quarters Ended (3) (in thousands, except per share data) April 29, 2017 July 29, 2017 October 28, 2017 February 3, 2018 (5) Total revenue $ 692,038 $ 683,012 $ 710,992 $ 724,678 Gross profit $ 197,085 $ 199,297 $ 208,727 $ 194,023 Operating profit $ 40,652 $ 46,866 $ 3,370 $ 34,170 Net income (4) $ 22,818 $ 28,677 $ 4,005 $ 11,952 Diluted earnings per share (6) $ 0.28 $ 0.36 $ 0.05 $ 0.15 |
Restructuring and Related Costs [Table Text Block] | During fiscal 2018 , operating results were impacted by the following pre-tax items for the quarters presented: Fiscal 2018 Quarters Ended (in thousands) May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Lease exit and other termination costs $ 3,994 $ 409 $ 16,301 $ 2,337 Acquisition-related costs and target acquisition costs $ 508 $ 5,104 $ 12,982 $ 9,335 Impairment charges (adjustments) $ — $ 36,240 $ (7,163 ) $ 31,683 Fair value adjustments of TSL's previously held assets $ — $ 33,988 $ — $ — Camuto Group Inventory step-up $ — $ — $ — $ 5,300 Restructuring expenses $ — $ 2,708 $ 563 $ 2,342 Foreign currency transaction losses (gains) $ 1,978 $ 13,318 $ 94 $ (1 ) | During fiscal 2017 , operating results were impacted by the following pre-tax items related to Ebuys for the quarters presented: Fiscal 2017 Quarters Ended (in thousands) April 29, 2017 July 29, 2017 October 28, 2017 February 3, 2018 Impairment charges $ — $ — $ 82,701 $ 6,739 Inventory write-downs $ — $ — $ — $ 9,257 Loss (gain) due to change in fair value of contingent consideration liability $ 1,084 $ 1,168 $ (31,178 ) $ (3,821 ) |
Significant Accounting Polici_4
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Feb. 02, 2019USD ($)store | Feb. 02, 2019USD ($)segmentstore | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Feb. 03, 2019USD ($) | Nov. 05, 2018 | May 10, 2018USD ($) | Jan. 31, 2016USD ($) | Jan. 30, 2016USD ($) | |
Entity Information [Line Items] | |||||||||
Number of Reportable Segments | segment | 3 | ||||||||
Pre-Opening Costs | $ 2,800 | $ 2,600 | $ 5,900 | ||||||
Marketing Expense | 121,400 | 83,800 | 76,700 | ||||||
Cash and cash equivalents | $ 99,369 | 99,369 | 175,932 | 110,657 | |||||
Restricted Cash and Cash Equivalents | 1,199 | 1,199 | 0 | 4,653 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 100,568 | $ 100,568 | 175,932 | 115,310 | $ 40,171 | ||||
Concentration Risk, Percentage | 19.52% | ||||||||
Impairment of Long-Lived Assets Held-for-use | 5,100 | $ 19,000 | 3,800 | ||||||
Capitalized Computer Software, Impairments | 13,900 | ||||||||
Asset Impairment Charges | 31,900 | ||||||||
Goodwill | $ 89,513 | 89,513 | 25,899 | 79,689 | |||||
Goodwill, Impairment Loss | 42,048 | 53,790 | 0 | ||||||
Defined Contribution Plan, Cost | $ 5,200 | $ 4,400 | $ 4,200 | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 6,200 | $ 4,900 | $ (4,864) | ||||||
Building | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 39 years | ||||||||
Minimum | Building and Building Improvements | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Minimum | Furniture and Fixtures | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Minimum | Software and Software Development Costs | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||
Maximum | Building and Building Improvements | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||
Maximum | Furniture and Fixtures | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||
Maximum | Software and Software Development Costs | |||||||||
Entity Information [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||
ABG-Camuto, LLC | |||||||||
Entity Information [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 40.00% | ||||||||
Gordmans Stores | |||||||||
Entity Information [Line Items] | |||||||||
Number of affiliated retailer stores acquired by new affiliated retailer | store | 58 | 58 | |||||||
U.S. Retail Segment | |||||||||
Entity Information [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,500 | ||||||||
Canada Retail Segment | |||||||||
Entity Information [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 3,600 | ||||||||
Goodwill, Impairment Loss | $ 41,845 | ||||||||
Town Shoes | |||||||||
Entity Information [Line Items] | |||||||||
Number of Stores | store | 38 | 38 | |||||||
Town Shoes | |||||||||
Entity Information [Line Items] | |||||||||
Goodwill | $ 43,022 | $ 43,022 | $ 37,044 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (12,200) | ||||||||
Scenario, Forecast | |||||||||
Entity Information [Line Items] | |||||||||
Operating Lease, Right-of-Use Asset | 1,000,000 | ||||||||
Operating Lease, Liability | $ 1,200,000 |
Acquisitions and Equity Metho_3
Acquisitions and Equity Method Investments - Narrative (Details) $ in Thousands, $ in Millions | Nov. 05, 2018USD ($) | Nov. 05, 2018CAD ($) | May 10, 2018USD ($) | May 10, 2018CAD ($) | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Aug. 04, 2018USD ($) | May 05, 2018USD ($) | Feb. 03, 2018USD ($) | Oct. 28, 2017USD ($) | Jul. 29, 2017USD ($) | Apr. 29, 2017USD ($) | Feb. 02, 2019USD ($) | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2015CAD ($) | Feb. 03, 2018CAD ($) | May 09, 2014 |
Business Acquisition [Line Items] | |||||||||||||||||||
Secured Loan Capacity Provided to Related Party | $ 100 | ||||||||||||||||||
Equity investment in ABG-Camuto | $ 56,827 | $ 0 | $ 0 | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 199,403 | 0 | 59,776 | ||||||||||||||||
Foreign currency translation gain (loss) | (7,013) | 3,681 | 6,831 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 12,700 | 12,700 | |||||||||||||||||
Off-market Lease, Unfavorable | (5,779) | $ 0 | (5,779) | 0 | |||||||||||||||
Revenues | 843,365 | $ 833,003 | $ 795,268 | $ 712,102 | 724,678 | $ 710,992 | $ 683,012 | $ 692,038 | 3,183,738 | 2,810,720 | 2,718,299 | ||||||||
Net income (loss) | (45,726) | 39,319 | (38,356) | 24,297 | $ 11,952 | $ 4,005 | $ 28,677 | $ 22,818 | (20,466) | 67,452 | 124,419 | ||||||||
Impairment charges | 31,683 | (7,163) | 36,240 | 0 | 60,760 | 89,440 | 0 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 5,100 | 19,000 | 3,800 | ||||||||||||||||
Lease exit non-cash charges | 2,337 | 16,301 | 409 | 3,994 | 7,237 | 0 | 0 | ||||||||||||
Business Combination, Acquisition Related Costs | 9,335 | $ 12,982 | $ 5,104 | $ 508 | |||||||||||||||
Camuto LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 171,300 | ||||||||||||||||||
Cash Acquired from Acquisition | $ 9.7 | ||||||||||||||||||
Proceeds from Unsecured Lines of Credit | $ 160,000 | ||||||||||||||||||
Town Shoes | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 3,600 | 3,600 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 28,200 | $ 36.2 | |||||||||||||||||
Cash Acquired from Acquisition | $ 6,600 | $ 8.5 | |||||||||||||||||
Foreign currency translation gain (loss) | (34,000) | ||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (12,200) | ||||||||||||||||||
Impairment charges | 41,800 | ||||||||||||||||||
ABG-Camuto, LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 40.00% | 40.00% | |||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 56,800 | ||||||||||||||||||
Town Shoes | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.20% | 49.20% | |||||||||||||||||
Equity investment in ABG-Camuto | $ 68,900 | $ 75.1 | |||||||||||||||||
Shareholder Note, Interest Rate | 12.00% | 12.00% | |||||||||||||||||
Tradename | Town Shoes | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Trade Names, Gross | 15,700 | 15,700 | |||||||||||||||||
Customer Relationships | Town Shoes | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Trade Names, Gross | 1,400 | $ 1,400 | |||||||||||||||||
Canada Retail Segment | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years | ||||||||||||||||||
Revenues | $ 220,325 | 0 | 0 | ||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 3,600 | ||||||||||||||||||
Canada Retail Segment | Operating Expense | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | 3,100 | ||||||||||||||||||
Canada Retail Segment | Town Shoes | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net income (loss) | $ 48,900 | ||||||||||||||||||
Camuto LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||||||||||||||||
Revenues | $ 89,636 | 0 | 0 | ||||||||||||||||
Camuto LLC | Operating Expense | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Acquisition Related Costs | 22,200 | ||||||||||||||||||
Other Noncurrent Liabilities | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Off-market Lease, Unfavorable | $ (7,600) | (7,600) | |||||||||||||||||
Contract Termination | Canada Retail Segment | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Lease exit non-cash charges | 15,500 | ||||||||||||||||||
Product | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | 3,174,420 | 2,805,555 | 2,713,355 | ||||||||||||||||
Product | Canada Retail Segment | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | 220,325 | 0 | 0 | ||||||||||||||||
Product | Canada Retail Segment | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | 220,325 | 0 | 0 | ||||||||||||||||
Product | Canada Retail Segment | Camuto LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net income (loss) | 16,200 | ||||||||||||||||||
Product | Camuto LLC | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 86,138 | $ 0 | $ 0 |
Acquisitions and Equity Metho_4
Acquisitions and Equity Method Investments - Activity Related to Equity Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Goodwill [Roll Forward] | ||
Equity investment in TSL - beginning of period | $ 6,096 | |
Foreign currency translation adjustments, included in other comprehensive income (loss) | (3,756) | $ 3,384 |
Equity investment in TSL - end of period | 58,125 | 6,096 |
Town Shoes | ||
Goodwill [Roll Forward] | ||
Equity investment in TSL - beginning of period | 6,096 | 15,830 |
Share of TSL's income (loss) | (3,553) | (5,095) |
Foreign currency translation adjustments, included in other comprehensive income (loss) | (92) | (4,271) |
Amortization of purchase price adjustments | (50) | (368) |
Equity investment in TSL - end of period | 0 | 6,096 |
Equity Method Investments | ||
Goodwill [Roll Forward] | ||
Fair value adjustment for step acquisition | $ (2,401) | $ 0 |
Acquisitions and Equity Metho_5
Acquisitions and Equity Method Investments - Activity Related to Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill [Roll Forward] | |||
Notes receivable from TSL - beginning of period | $ 115,895 | $ 53,121 | |
Payment-in-kind interest earned | 1,800 | ||
Interest Expense, Related Party | 6,520 | ||
TSL revolver interest earned | 493 | ||
Foreign currency translation adjustments, included in other comprehensive income (loss) | (3,756) | 3,384 | |
Additional TSL loan | 9,469 | 51,708 | |
Repayments of borrowings by TSL | (1,160) | 0 | $ 0 |
Contribution to step acquisition purchase price | (91,448) | ||
Notes receivable from TSL - end of period | 0 | 115,895 | $ 53,121 |
Management Service | |||
Goodwill [Roll Forward] | |||
Management service fee | 294 | $ 1,162 | |
Notes Receivable | |||
Goodwill [Roll Forward] | |||
Fair value adjustment for step acquisition | $ (31,587) |
Acquisitions and Equity Metho_6
Acquisitions and Equity Method Investments - Purchase Price and Allocation of Total Consideration to Fair Value (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | May 10, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 196 | ||||
Contribution to step acquisition purchase price | 91,448 | ||||
Goodwill | $ 89,513 | 89,513 | $ 25,899 | $ 79,689 | |
Town Shoes | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 28,152 | $ 28,152 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 196 | 196 | |||
Fair value adjustment for step acquisition | 92,242 | 92,242 | |||
Contribution to step acquisition purchase price | 120,590 | 120,590 | |||
Inventories | 66,072 | 58,822 | 66,072 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 7,250 | ||||
Other current assets | 3,687 | 3,608 | 3,687 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets, Other | 79 | ||||
Property and equipment | 41,008 | 41,601 | 41,008 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (593) | ||||
Goodwill | 43,022 | 37,044 | 43,022 | ||
Goodwill, Purchase Accounting Adjustments | 5,978 | ||||
Intangible asset | 20,689 | 20,689 | 20,689 | ||
Accounts payable and other liabilities | (33,196) | (33,248) | (33,196) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable And Accrued Expenses | 52 | ||||
Non-current liabilities | (20,692) | (7,926) | (20,692) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (12,766) | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 120,590 | $ 120,590 | $ 120,590 |
Acquisitions and Equity Metho_7
Acquisitions and Equity Method Investments - Preliminary Purchase Price and Allocation of Total Consideration to Fair Value (Details) - USD ($) $ in Thousands | Nov. 05, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 89,513 | $ 25,899 | $ 79,689 | |
Camuto LLC | ||||
Business Acquisition [Line Items] | ||||
Cash consideration, net of cash acquired | $ 171,251 | |||
Accounts receivable | 83,939 | |||
Inventories | 74,499 | |||
Other current assets | 7,197 | |||
Property and equipment | 43,906 | |||
Goodwill | 63,614 | |||
Intangible asset | 27,000 | |||
Other assets | 13,351 | |||
Accounts payable and other liabilities | (122,811) | |||
Non-current liabilities | (19,444) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 171,251 |
Acquisitions and Equity Metho_8
Acquisitions and Equity Method Investments - Activity Related to Equity Investment in ABG-Camuto (Details) $ in Thousands | 12 Months Ended |
Feb. 02, 2019USD ($) | |
Goodwill [Roll Forward] | |
Equity investment in TSL - beginning of period | $ 6,096 |
Equity investment in TSL - end of period | 58,125 |
ABG-Camuto, LLC | |
Goodwill [Roll Forward] | |
Equity investment in TSL - beginning of period | 0 |
Initial investment in ABG-Camuto | 56,827 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 1,298 |
Equity investment in TSL - end of period | $ 58,125 |
Acquisitions and Equity Metho_9
Acquisitions and Equity Method Investments - Schedule of Combined Results (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Business Combinations [Abstract] | ||
Total revenue | $ 3,562,498 | $ 3,487,314 |
Net income | $ 71,257 | $ 15,676 |
Revenue (Details)
Revenue (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Feb. 03, 2019 | Jan. 31, 2016 | Jan. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 6,200 | $ 4,900 | $ (4,864) | |||||||||||
Revenues | $ 843,365 | $ 833,003 | $ 795,268 | $ 712,102 | $ 724,678 | $ 710,992 | $ 683,012 | $ 692,038 | $ 3,183,738 | $ 2,810,720 | $ 2,718,299 | |||
Operating expenses | (826,042) | (622,546) | (605,016) | |||||||||||
Operating profit | (57,023) | 53,089 | 24,469 | 38,470 | 34,170 | 3,370 | 46,866 | 40,652 | 59,005 | 125,058 | 199,977 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 10,677 | 125,962 | 202,456 | |||||||||||
Income tax provision | (29,833) | (59,567) | (78,778) | |||||||||||
Net income (loss) | $ (45,726) | $ 39,319 | $ (38,356) | $ 24,297 | $ 11,952 | $ 4,005 | $ 28,677 | $ 22,818 | (20,466) | 67,452 | 124,419 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (13,098) | $ 71,319 | $ 131,181 | |||||||||||
Diluted earnings (loss) per share | $ (0.58) | $ 0.48 | $ (0.48) | $ 0.30 | $ 0.15 | $ 0.05 | $ 0.36 | $ 0.28 | $ (0.26) | $ 0.84 | $ 1.51 | |||
Assets | $ 1,620,584 | $ 1,421,517 | $ 1,620,584 | $ 1,421,517 | ||||||||||
Prepaid Expense and Other Assets, Current | 71,945 | 49,197 | 71,945 | 49,197 | ||||||||||
Assets, Current | 955,219 | 870,873 | 955,219 | 870,873 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 30,283 | 27,711 | 30,283 | 27,711 | ||||||||||
Liabilities and Equity | 1,620,584 | 1,421,517 | 1,620,584 | 1,421,517 | ||||||||||
Accrued expenses | 201,535 | 148,226 | 201,535 | 148,226 | ||||||||||
Liabilities, Current | 463,160 | 327,534 | 463,160 | 327,534 | ||||||||||
Total liabilities | 788,207 | 466,266 | 788,207 | 466,266 | ||||||||||
Retained earnings | 254,718 | 354,979 | 254,718 | 354,979 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 832,377 | 955,251 | 832,377 | 955,251 | $ 942,236 | 904,924 | ||||||||
Deferred income taxes | (11,748) | (12,804) | 6,861 | |||||||||||
Increase (Decrease) in Prepaid Expense and Other Assets | (12,310) | (15,895) | 4,138 | |||||||||||
Accrued expenses | 16,984 | 10,492 | 18,667 | |||||||||||
Gift cards and merchandise credits | 34,998 | 32,792 | 34,998 | 32,792 | 30,829 | 29,172 | ||||||||
Loyalty programs deferred revenue | 16,151 | 21,282 | 16,151 | 21,282 | 19,889 | $ 20,604 | ||||||||
Contract with Customer, Asset, Gross | 10,100 | 7,900 | 10,100 | 7,900 | ||||||||||
Sales returns reserve: | ||||||||||||||
Beginning of period | $ 0 | 0 | ||||||||||||
End of period | 13,094 | 0 | 13,094 | 0 | ||||||||||
Customer allowances and discounts reserve: | ||||||||||||||
Beginning of period | 0 | 0 | ||||||||||||
End of period | 939 | 0 | 939 | 0 | ||||||||||
Certificates Redeemed | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Increase (Decrease) in Customer Loyalty Program Liability | (41,210) | (30,935) | (31,325) | |||||||||||
Points Issued | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Increase (Decrease) in Customer Loyalty Program Liability | 36,079 | 32,328 | 30,610 | |||||||||||
Gift Cards Redeemed | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Increase (Decrease) in Gift Card Liability | (90,569) | (91,778) | (83,266) | |||||||||||
Gift Cards Issued | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Increase (Decrease) in Gift Card Liability | 92,775 | 93,741 | 84,923 | |||||||||||
Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 3,174,420 | 2,805,555 | 2,713,355 | |||||||||||
Cost of sales | (2,239,229) | (2,006,423) | (1,933,457) | |||||||||||
Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 9,318 | 5,165 | 4,944 | |||||||||||
Corporate and Other/Elims | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 10,176 | |||||||||||||
U.S. Retail Segment | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 2,738,989 | 2,577,711 | 2,479,902 | |||||||||||
U.S. Retail Segment | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 2,738,989 | 2,577,711 | 2,479,902 | |||||||||||
U.S. Retail Segment | Women's Footwear | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 1,866,121 | 1,771,058 | 1,710,825 | |||||||||||
U.S. Retail Segment | Men's Footwear | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 561,722 | 556,772 | 546,657 | |||||||||||
U.S. Retail Segment | Accessories and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 311,146 | 249,881 | 222,420 | |||||||||||
Canada Retail Segment | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 220,325 | 0 | 0 | |||||||||||
Camuto LLC | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 89,636 | 0 | 0 | |||||||||||
Camuto LLC | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 86,138 | 0 | 0 | |||||||||||
Camuto LLC | Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 3,498 | 0 | 0 | |||||||||||
Canada Retail Segment | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 220,325 | 0 | 0 | |||||||||||
Canada Retail Segment | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 220,325 | 0 | 0 | |||||||||||
Canada Retail Segment | Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||
Canada Retail Segment | Women's Footwear | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 123,323 | 0 | 0 | |||||||||||
Canada Retail Segment | Men's Footwear | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 57,567 | 0 | 0 | |||||||||||
Canada Retail Segment | Accessories and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 39,435 | 0 | 0 | |||||||||||
Wholesale/Branded Products | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 86,138 | 0 | 0 | |||||||||||
Wholesale/Branded Products | Wholesale | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 76,429 | 0 | 0 | |||||||||||
Wholesale/Branded Products | Direct-to-Consumer | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 9,709 | 0 | 0 | |||||||||||
ABG | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 123,335 | 140,887 | 149,586 | |||||||||||
Ebuys | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 5,633 | 86,957 | 83,867 | |||||||||||
Total Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 128,968 | 227,844 | 233,453 | |||||||||||
Total Other | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 128,968 | 227,844 | 233,453 | |||||||||||
Total Other | Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||
As Reported | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Operating expenses | (607,723) | (591,816) | ||||||||||||
Operating profit | 124,960 | 200,168 | ||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 125,864 | 202,647 | ||||||||||||
Income tax provision | (59,617) | (78,853) | ||||||||||||
Net income (loss) | 67,304 | 124,535 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 71,171 | $ 131,297 | ||||||||||||
Diluted earnings (loss) per share | $ 0.83 | $ 1.52 | ||||||||||||
Assets | 1,413,613 | $ 1,413,613 | ||||||||||||
Prepaid Expense and Other Assets, Current | 41,333 | 41,333 | ||||||||||||
Assets, Current | 863,009 | 863,009 | ||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 27,671 | 27,671 | ||||||||||||
Liabilities and Equity | 1,413,613 | 1,413,613 | ||||||||||||
Accrued expenses | 145,218 | 145,218 | ||||||||||||
Liabilities, Current | 324,526 | 324,526 | ||||||||||||
Total liabilities | 463,258 | 463,258 | ||||||||||||
Retained earnings | 350,083 | 350,083 | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 950,355 | 950,355 | ||||||||||||
Deferred income taxes | (12,787) | $ 6,881 | ||||||||||||
Increase (Decrease) in Prepaid Expense and Other Assets | (16,418) | 3,884 | ||||||||||||
Accrued expenses | (11,146) | (18,785) | ||||||||||||
As Reported | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 2,799,794 | 2,711,444 | ||||||||||||
Cost of sales | (2,010,418) | (1,939,611) | ||||||||||||
As Reported | Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Adjustments | ASU 2014-09 | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 2,810,720 | 2,718,299 | ||||||||||||
Operating expenses | (14,823) | (13,200) | ||||||||||||
Operating profit | 98 | (191) | ||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 98 | (191) | ||||||||||||
Income tax provision | 50 | 75 | ||||||||||||
Net income (loss) | 148 | (116) | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 148 | $ (116) | ||||||||||||
Diluted earnings (loss) per share | $ 0.01 | $ (0.01) | ||||||||||||
Assets | 7,904 | $ 7,904 | ||||||||||||
Prepaid Expense and Other Assets, Current | 7,864 | 7,864 | ||||||||||||
Assets, Current | 7,864 | 7,864 | ||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 40 | 40 | ||||||||||||
Liabilities and Equity | 7,904 | 7,904 | ||||||||||||
Accrued expenses | 3,008 | 3,008 | ||||||||||||
Liabilities, Current | 3,008 | 3,008 | ||||||||||||
Total liabilities | 3,008 | 3,008 | ||||||||||||
Retained earnings | 4,896 | 4,896 | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,896 | 4,896 | ||||||||||||
Deferred income taxes | (17) | $ (20) | ||||||||||||
Increase (Decrease) in Prepaid Expense and Other Assets | 523 | 254 | ||||||||||||
Accrued expenses | (654) | (118) | ||||||||||||
Adjustments | ASU 2014-09 | Product | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 5,761 | 1,911 | ||||||||||||
Cost of sales | 3,995 | 6,154 | ||||||||||||
Adjustments | ASU 2014-09 | Franchise and Other | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Revenues | 5,165 | 4,944 | ||||||||||||
Sales Returns Reserve | ||||||||||||||
Sales returns reserve: | ||||||||||||||
Beginning of period | 14,130 | $ 14,149 | 14,130 | 14,149 | 13,369 | |||||||||
Net sales reduced for estimated returns | 402,274 | 353,156 | 322,139 | |||||||||||
Actual returns during the period | (398,661) | (353,175) | (321,359) | |||||||||||
End of period | 17,743 | 14,130 | 17,743 | 14,130 | 14,149 | |||||||||
Customer Allowances And Discount Reserve | ||||||||||||||
Customer allowances and discounts reserve: | ||||||||||||||
Beginning of period | $ 0 | $ 0 | 0 | 0 | 0 | |||||||||
Assumed liability in acquisitions | 15,434 | 0 | 0 | |||||||||||
Net sales reduced for estimated allowances and discounts | 10,669 | 0 | 0 | |||||||||||
Actual allowances and discounts during the period | (13,009) | 0 | 0 | |||||||||||
End of period | $ 13,094 | $ 0 | $ 13,094 | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Nov. 05, 2018 | |
Schottenstein Affiliates [Abstract] | ||||
Outstanding common shares owned (in hundredths) | 14.00% | |||
Combined voting power of outstanding common shares (in hundredths) | 49.00% | |||
Number of Class A Common Shares owned by Schottenstein Affiliates (in shares) | 3.8 | |||
Number of Class B Common Shares owned by Schottenstein Affiliates (in shares) | 7.7 | |||
Other Related Party Transactions [Abstract] | ||||
Due to Related Parties, Current | $ 1 | $ 0.9 | ||
Management Service | ||||
Other Related Party Transactions [Abstract] | ||||
Due to Related Parties, Current | 2.4 | |||
Royalty Expense | 2.4 | |||
Schottenstein Affiliates | ||||
Other Related Party Transactions [Abstract] | ||||
Related Party Transaction, Purchases from Related Party | $ 6.5 | $ 4.6 | $ 2.3 | |
ABG-Camuto, LLC | ||||
Other Related Party Transactions [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 40.00% |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||
Basic shares | 80,026 | 80,160 | 81,536 |
Dilutive effect of stock-based compensation awards | 0 | 527 | 599 |
Diluted shares | 80,026 | 80,687 | 82,135 |
Earnings per Share - Anti-Dilut
Earnings per Share - Anti-Dilutive Securities (Details) - shares shares in Millions | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.2 | 4.3 | 3.1 |
Stock-based Compensation - Opti
Stock-based Compensation - Options (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
DSW Stock-Based Compensation Plans [Abstract] | |||
Number of shares authorized (in shares) | 8,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,000 | ||
Allocated Share-based Compensation Expense | $ 17,393,000 | $ 14,704,000 | $ 12,687,000 |
Stock Options [Member] | |||
DSW Stock-Based Compensation Plans [Abstract] | |||
Allocated Share-based Compensation Expense | 4,900,000 | $ 6,420,000 | 5,788,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 50 days | ||
Stock options activity [Roll forward] | |||
Outstanding, beginning of period (in shares) | 4,333 | ||
Exercised | (188) | ||
Forfeited | (144) | ||
Outstanding, end of period (in shares) | 4,001 | 4,333 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 3,768 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,219 | ||
Options, Outstanding, Weighted Average Exercise Price | $ 23.84 | ||
Options, Outstanding, Weighted Average Exercise Price | 24.36 | $ 23.84 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 12.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 24.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 24.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 25.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 3 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 17,590 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 16,547 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 9,077,000 | ||
Options, Exercises in Period, Total Intrinsic Value | 2,100,000 | $ 2,000,000 | 3,600,000 |
Options, Vested in Period, Fair Value | $ 800,000 | $ 600,000 | $ 2,700,000 |
Stock-based Compensation - Rest
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 | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 17,393 | $ 14,704 | $ 12,687 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 4,900 | 6,420 | 5,788 |
Equity instruments other than options [Roll forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,400 | ||
Weighted average expense recognition period (in years) | 1 year 6 months 50 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 12,493 | $ 8,284 | 6,899 |
Equity instruments other than options [Roll forward] | |||
Outstanding, beginning of period (in units) | 436 | ||
Granted (in units) | 750 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (112) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (85) | ||
Outstanding, end of period (in units) | 989 | 436 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 22.45 | $ 23.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 22.71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 16.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 21.48 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 1,700 | $ 2,900 | 3,700 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13,900 | ||
Weighted average expense recognition period (in years) | 1 year 9 months 50 days | ||
Performance Shares [Member] | |||
Equity instruments other than options [Roll forward] | |||
Outstanding, beginning of period (in units) | 457 | ||
Granted (in units) | 268 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (122) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (7) | ||
Outstanding, end of period (in units) | 596 | 457 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 21.87 | $ 23.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 22.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 28.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 21.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 3,200 | $ 1,800 | $ 1,400 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,900 | ||
Weighted average expense recognition period (in years) | 1 year 8 months 50 days | ||
Director [Member] | |||
Equity instruments other than options [Roll forward] | |||
Outstanding, end of period (in units) | 400 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Feb. 02, 2019USD ($)pure / shares$ / sharesshares | Feb. 03, 2018USD ($)shares | Jan. 28, 2017USD ($)shares | Jan. 30, 2016shares | |
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 100,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0 | |||
Preferred Stock, Shares Issued | 0 | |||
Dividends Payable, Date Declared | Mar. 19, 2019 | |||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | |||
Dividends Payable, Date to be Paid | Apr. 12, 2019 | |||
Dividends Payable, Date of Record | Apr. 1, 2019 | |||
Stock Repurchase Program, Authorized Amount | $ | $ 500,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 476,600 | 33,500 | ||
Stock Repurchased During Period, Shares | 2,000 | |||
Stock Repurchased During Period, Value | $ | $ 47,530 | $ 9,375 | $ 50,000 | |
Class A Common Shares | ||||
Class of Stock [Line Items] | ||||
Common Stock, Voting Rights, Votes Per Share | 1 | |||
Common Stock, Shares Authorized | 250,000 | 250,000 | ||
Common Stock, Shares, Issued | 85,763 | 85,385 | ||
Common Shares, outstanding (in shares) | 70,672 | 72,294 | 72,447 | 74,185 |
Stock Repurchased During Period, Shares | 2,000 | 500 | 2,380 | |
Class B Common Shares | ||||
Class of Stock [Line Items] | ||||
Common Stock, Voting Rights, Votes Per Share | 8 | |||
Common Stock, Shares Authorized | 100,000 | 100,000 | ||
Common Stock, Shares, Issued | 7,733 | 7,733 | ||
Common Shares, outstanding (in shares) | 7,733 | 7,733 | 7,733 | 7,733 |
Treasury shares | ||||
Class of Stock [Line Items] | ||||
Common Shares, outstanding (in shares) | 15,091 | 13,091 | 12,591 | 10,211 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent | $ (2,706) | $ (10,074) | $ (13,941) | $ (20,703) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6,821) | 2,586 | 6,958 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 14,189 | 1,281 | (196) | |
Other Comprehensive Income (Loss), Net of Tax | 7,368 | 3,867 | 6,762 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent | (2,328) | (9,278) | (13,699) | (20,530) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7,013) | 3,681 | 6,831 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 13,963 | 740 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 6,950 | 4,421 | 6,831 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Attributable to Parent | (378) | (796) | (242) | $ (173) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 192 | (1,095) | 127 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 226 | 541 | (196) | |
Other Comprehensive Income (Loss), Net of Tax | $ 418 | $ (554) | $ (69) |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Receivables [Abstract] | ||
Accounts Receivable, Serviced by Third-Party Provider with Guaranteed Payment | $ 47,599 | $ 0 |
Accounts Receivable, Serviced by Third-Party Provider without Guaranteed Payment | 280 | 0 |
Accounts Receivable, Serviced In-House | 9,892 | 5,529 |
Lease Incentive Receivable | 4,034 | 6,477 |
Accounts Receivable, Related Parties | 0 | 1,704 |
Other Receivables | 8,004 | 5,526 |
Accounts Receivable, Gross, Current | 69,809 | 19,236 |
Allowance for Doubtful Accounts Receivable | (939) | 0 |
Provision for Loss on Contracts | (939) | |
Accounts Receivable, Net, Current | $ 68,870 | $ 19,236 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Investments | $ 69,718 | $ 124,605 |
Available-for-sale Securities [Member] | Carrying value of investments | ||
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Investments | 70,195 | 125,349 |
Short-term Investments [Member] | ||
Schedule of Investments, Reported Amounts, by Category [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain | 44 | 23 |
Available-for-sale Securities, Gross Unrealized Loss | $ (521) | $ (767) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 |
Property and equipment [Abstract]: | ||
Land | $ 1,110 | $ 1,110 |
Buildings and Improvements, Gross | 12,485 | 12,485 |
Leasehold Improvements, Gross | 437,116 | 404,852 |
Furniture, fixtures and equipment | 487,494 | 423,597 |
Capitalized Computer Software, Gross | 161,226 | 137,917 |
Construction in Progress, Gross | 38,646 | 39,201 |
Total property and equipment | 1,138,077 | 1,019,162 |
Accumulated depreciation and amortization | (728,501) | (663,963) |
Property and equipment, net | $ 409,576 | $ 355,199 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Activity Related to Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Goodwill [Line Items] | |||
Goodwill, Gross | $ 131,561 | $ 79,689 | $ 79,689 |
Goodwill, Impairment Loss | (42,048) | (53,790) | 0 |
Goodwill | 89,513 | 25,899 | 79,689 |
Goodwill, Acquired During Period | 0 | ||
Goodwill, Period Increase (Decrease) | 51,872 | ||
Goodwill, Impaired, Accumulated Impairment Loss, Period Increase (Decrease) | 11,742 | (53,790) | |
U.S. Retail Segment | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 25,899 | 25,899 | 25,899 |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Goodwill | 25,899 | 25,899 | 25,899 |
Other segments | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 0 | 53,790 | 53,790 |
Goodwill, Impairment Loss | 0 | (53,790) | 0 |
Goodwill | 0 | 0 | $ 53,790 |
Canada Retail Segment | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 42,048 | ||
Goodwill, Impaired, Accumulated Impairment Loss | (42,048) | ||
Goodwill, Impairment Loss | (41,845) | ||
Goodwill, Acquired During Period | 43,022 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (974) | ||
Goodwill, Impaired, Accumulated Impairment Loss, Foreign Currency Translation Gain (Loss) | (203) | ||
Goodwill, Foreign Currency Translation Gain (Loss), Net | (1,177) | ||
Camuto LLC | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 63,614 | ||
Goodwill | 63,614 | ||
Goodwill, Acquired During Period | 63,614 | ||
Other Segment - Ebuys | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (53,790) | ||
Goodwill, Other Increase (Decrease) | (53,790) | ||
Goodwill, Written off Related to Sale of Business Unit | $ 53,790 | ||
Goodwill, Impaired, Accumulated Impairment Loss, Period Increase (Decrease) | $ (53,790) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2019 | Feb. 03, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ (1,305) | $ (6,827) |
Intangible Assets, Current | 46,129 | 135 |
Indefinite-Lived Trademarks | 15,546 | 135 |
Intangible Assets, Gross (Excluding Goodwill) | 47,434 | 6,962 |
Online retailer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 28,375 | 3,767 |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (1,010) | (3,767) |
Finite-Lived Intangible Assets, Net | 27,365 | 0 |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,513 | 1,260 |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (295) | (1,260) |
Finite-Lived Intangible Assets, Net | 3,218 | 0 |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,800 | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (1,800) | |
Finite-Lived Intangible Assets, Net | 0 | |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Period Increase (Decrease) | $ 0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) | 12 Months Ended |
Feb. 02, 2019 | |
Canada Retail Segment | |
Goodwill [Line Items] | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years |
Camuto LLC | |
Goodwill [Line Items] | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Payables and Accruals [Abstract] | ||||
Gift cards and merchandise credits | $ 34,998 | $ 32,792 | $ 30,829 | $ 29,172 |
Accrued compensation and related expenses | 53,577 | 25,082 | ||
Accrued taxes | 16,491 | 20,757 | ||
Loyalty programs deferred revenue | 16,151 | 21,282 | $ 19,889 | $ 20,604 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 17,743 | 14,130 | ||
Contract with Customer, Asset, Accumulated Allowance for Credit Loss | 13,094 | 0 | ||
Other(1) | 49,481 | 34,183 | ||
Total accrued expenses | $ 201,535 | $ 148,226 |
Non-Current Liabilities (Detail
Non-Current Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Construction and tenant allowances | $ 71,634 | $ 71,634 | $ 80,725 | ||||
Deferred rent | 35,934 | 35,934 | 37,116 | ||||
Restructuring Reserve | 16,483 | 16,483 | 6,511 | $ 7,283 | |||
Loss Contingency Accrual | 13,429 | 13,429 | 0 | ||||
Off-market Lease, Unfavorable | 5,779 | 5,779 | 0 | ||||
Deferred Tax Liabilities, Other | 3,260 | 3,260 | 0 | ||||
Other(1) | 18,528 | 18,528 | 14,380 | ||||
Total non-current liabilities | 165,047 | $ 165,047 | 138,732 | ||||
Sublease Term | 2 years | ||||||
Sublease, Termination Notice Period | 60 days | ||||||
Lease exit non-cash charges | 2,337 | $ 16,301 | $ 409 | $ 3,994 | $ 7,237 | 0 | $ 0 |
Restructuring Reserve [Roll Forward] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||||||
Lease Obligation Payment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, Period Increase (Decrease) | (20,496) | 416 | |||||
Additions [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, Period Increase (Decrease) | 23,507 | 0 | |||||
Adjustments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, Period Increase (Decrease) | 169 | $ (1,188) | |||||
Total Other | Contract Termination | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Lease exit non-cash charges | 6,300 | ||||||
Canada Retail Segment | Contract Termination | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Lease exit non-cash charges | 15,500 | ||||||
Minimum | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Loss Contingency Accrual | 13,400 | 13,400 | |||||
Maximum | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Loss Contingency Accrual | 30,000 | 30,000 | |||||
Maximum | Canada Retail Segment | Contract Termination | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Restructuring Reserve | 19,500 | 19,500 | |||||
Accrued Liabilities | |||||||
Summary Of Noncurrent Liabilities [Line Items] | |||||||
Off-market Lease, Unfavorable | 7,600 | 7,600 | |||||
Restructuring Reserve [Roll Forward] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 6,792 | $ 6,792 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Aug. 25, 2017 | Feb. 02, 2019 |
Credit Facility [Abstract] | ||
Initiation date | Aug. 25, 2017 | |
Expiration date | Aug. 25, 2022 | |
Credit Facility, maximum capacity | $ 400 | |
Letter of Credit Sublimits | 50 | |
Swing Loan Advances | 15 | |
Foreign Currency Revolving Loan | 75 | |
Long-term Line of Credit | 160 | |
Letters of Credit Outstanding, Amount | 4.5 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 235.5 | |
Minimum | ||
Credit Facility [Abstract] | ||
Debt Instrument, coverage ratio | 175.00% | |
Maximum | ||
Credit Facility [Abstract] | ||
Supplementary Leverage Ratio | 325.00% | 350.00% |
Credit Facility | ||
Credit Facility [Abstract] | ||
Line of Credit Facility, Interest Rate at Period End | 4.02% | |
CAD Facility | ||
Credit Facility [Abstract] | ||
Line of Credit Facility, Interest Rate at Period End | 1.50% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 237,915 | $ 215,307 | $ 210,746 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 242,662 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 236,365 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 213,500 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 176,548 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 133,468 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 304,033 | ||
Operating Leases, Future Minimum Payments Due | 1,306,576 | ||
Unrelated Party [Member] | |||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Minimum Rentals | 204,873 | 178,353 | 172,483 |
Operating Leases, Rent Expense, Contingent Rentals | 23,822 | 27,804 | 30,172 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 233,237 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 227,001 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 204,803 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 170,030 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 131,594 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 298,437 | ||
Operating Leases, Future Minimum Payments Due | 1,265,102 | ||
Schottenstein Affiliates [Member] | |||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Minimum Rentals | 9,220 | $ 9,150 | $ 8,091 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9,425 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 9,364 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 8,697 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 6,518 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,874 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 5,596 | ||
Operating Leases, Future Minimum Payments Due | $ 41,474 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 03, 2018 | Feb. 02, 2019 | Jan. 28, 2017 | |
Loss Contingencies [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | $ 33,204 | ||||
Accretion Expense | 3,589 | ||||||
Liabilities, Fair Value Adjustment | (3,821) | $ (31,178) | $ 1,168 | $ 1,084 | (36,336) | ||
Contingent Consideration Other Adjustments | (457) | ||||||
Loss Contingency Accrual | $ 0 | $ 0 | $ 13,429 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 12,700 | ||||||
Guarantees, Fair Value Disclosure | 17,000 | ||||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency Accrual | 13,400 | ||||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency Accrual | $ 30,000 |
Commitments and Contingencies -
Commitments and Contingencies - Long Term Purchase Commitment (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $ 15,278 |
Other Commitment, Due in Next Twelve Months | 33,984 |
Purchase Obligation, Due in Second Year | 4,356 |
Other Commitment, Due in Second Year | 35,371 |
Purchase Obligation, Due in Third Year | 0 |
Other Commitment, Due in Third Year | 35,788 |
Purchase Obligation, Due in Fourth Year | 0 |
Other Commitment, Due in Fourth Year | 31,209 |
Purchase Obligation, Due in Fifth Year | 0 |
Other Commitment, Due in Fifth Year | 31,209 |
Purchase Obligation, Due after Fifth Year | 0 |
Other Commitment, Due after Fifth Year | 138,045 |
Purchase Obligation | 19,634 |
Other Commitment | 305,606 |
Related Party [Member] | |
Long-term Purchase Commitment [Line Items] | |
Other Commitment, Due in Next Twelve Months | 17,350 |
Other Commitment, Due in Second Year | 17,350 |
Other Commitment, Due in Third Year | 17,350 |
Other Commitment, Due in Fourth Year | 17,350 |
Other Commitment, Due in Fifth Year | 17,350 |
Other Commitment, Due after Fifth Year | 91,500 |
Other Commitment | 178,250 |
Unrelated Party [Member] | |
Long-term Purchase Commitment [Line Items] | |
Other Commitment, Due in Next Twelve Months | 16,634 |
Other Commitment, Due in Second Year | 18,021 |
Other Commitment, Due in Third Year | 18,438 |
Other Commitment, Due in Fourth Year | 13,859 |
Other Commitment, Due in Fifth Year | 13,859 |
Other Commitment, Due after Fifth Year | 46,545 |
Other Commitment | $ 127,356 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Income Tax Disclosure [Abstract] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 2,144 | $ 10,100 | $ 10,079 | $ 0 | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 123,172 | 131,131 | 205,812 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (113,805) | (4,112) | (2,615) | ||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 9,367 | 127,019 | 203,197 | ||||
Current: | |||||||
Federal | 29,073 | 60,041 | 61,510 | ||||
Current Foreign Tax Expense (Benefit) | 188 | 901 | 954 | ||||
State and local | 12,268 | 11,382 | 9,181 | ||||
Total current tax expense | 41,529 | 72,324 | 71,645 | ||||
Deferred: | |||||||
Federal | (2,234) | (10,431) | 4,889 | ||||
Deferred Foreign Income Tax Expense (Benefit) | (9,273) | 927 | 674 | ||||
State and local | (189) | (3,253) | 1,570 | ||||
Total deferred tax expense | (11,696) | (12,757) | 7,133 | ||||
Income tax provision | 29,833 | 59,567 | 78,778 | ||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||
Income tax provision at federal statutory rate | 1,966 | 44,457 | 71,119 | ||||
State and local taxes, net of federal benefit | 5,688 | 3,896 | 7,207 | ||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | (3,270) | 922 | 802 | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 11,196 | 0 | 0 | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 8,157 | 834 | 763 | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 2,219 | 54 | 32 | ||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Amount | 2,611 | 1,245 | 865 | ||||
Other | (878) | (1,920) | (2,010) | ||||
Income tax provision | 29,833 | 59,567 | 78,778 | ||||
Deferred tax assets: | |||||||
State bonus depreciation | 3,233 | 3,171 | 3,233 | 3,171 | |||
Inventory | 11,131 | 6,557 | 11,131 | 6,557 | |||
Construction and tenant allowances | 3,048 | 1,311 | 3,048 | 1,311 | |||
Stock-based compensation | 9,081 | 9,402 | 9,081 | 9,402 | |||
Gift cards | 2,763 | 539 | 2,763 | 539 | |||
Accrued expenses | 3,389 | 2,184 | 3,389 | 2,184 | |||
Accrued rewards | 3,356 | 5,657 | 3,356 | 5,657 | |||
Accrued rent | 13,441 | 11,284 | 13,441 | 11,284 | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 0 | 9,108 | 0 | 9,108 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 13,627 | 0 | 13,627 | 0 | |||
Deferred Tax Assets, Tax Deferred Expense, Other | 2,832 | 0 | 2,832 | 0 | |||
Other | 4,540 | 4,886 | 4,540 | 4,886 | |||
Total deferred tax assets, gross of valuation allowance | 70,441 | 54,099 | 70,441 | 54,099 | |||
Less: valuation allowance | (14,097) | (2,736) | (14,097) | (2,736) | (1,972) | $ (1,250) | |
Total deferred tax assets, net of valuation allowance | 56,344 | 51,363 | 56,344 | 51,363 | |||
Deferred tax liabilities: | |||||||
Property and equipment | (23,423) | (21,800) | (23,423) | (21,800) | |||
Deferred Tax Liabilities, Goodwill and Intangible Assets | (3,287) | 0 | (3,287) | 0 | |||
Prepaid expenses and other | (2,611) | (1,852) | (2,611) | (1,852) | |||
Total deferred tax liabilities | (29,321) | (23,652) | (29,321) | (23,652) | |||
Net deferred tax assets | 27,023 | 27,711 | 27,023 | 27,711 | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 30,283 | 27,711 | 30,283 | 27,711 | |||
Deferred Tax Liabilities, Other | $ (3,260) | $ 0 | (3,260) | 0 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Additions Charged to Income Tax Provision | 8,157 | 834 | 763 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Additions Related to Acquisition | 6,124 | 0 | 0 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Allowances Taken or Written-Off | $ (2,920) | $ (70) | $ (41) |
Income Taxes - Income Tax Conti
Income Taxes - Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 10,200 | $ 6,700 | $ 4,800 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 7,925 | 6,773 | 5,767 |
Settlements | 4,105 | 1,835 | 2,513 |
Reductions for tax positions taken in prior years: | 0 | (233) | (475) |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (422) | (450) | (1,032) |
Unrecognized Tax Benefits, Ending Balance | 11,608 | 7,925 | 6,773 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 1,800 | $ 900 | $ 500 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Segment information [Abstract] | |||||||||||
Revenues | $ 843,365 | $ 833,003 | $ 795,268 | $ 712,102 | $ 724,678 | $ 710,992 | $ 683,012 | $ 692,038 | $ 3,183,738 | $ 2,810,720 | $ 2,718,299 |
Gross Profit | 204,388 | $ 271,083 | $ 254,495 | $ 205,225 | 194,023 | $ 208,727 | $ 199,297 | $ 197,085 | 935,191 | 799,132 | 779,898 |
Cash paid for property and equipment | 65,355 | 56,282 | 87,580 | ||||||||
Depreciation and amortization | 79,048 | 80,861 | 82,824 | ||||||||
Property, Plant and Equipment, Net | 409,576 | $ 355,199 | $ 409,576 | 355,199 | |||||||
Concentration Risk, Percentage | 19.52% | ||||||||||
U.S. Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | $ 2,738,989 | 2,577,711 | 2,479,902 | ||||||||
Gross Profit | 840,174 | 783,399 | 745,488 | ||||||||
Cash paid for property and equipment | 32,544 | 28,608 | 51,076 | ||||||||
Depreciation and amortization | 49,552 | 54,917 | 56,653 | ||||||||
Property, Plant and Equipment, Net | 374,100 | 374,100 | |||||||||
Canada Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 220,325 | 0 | 0 | ||||||||
Gross Profit | 55,937 | 0 | 0 | ||||||||
Cash paid for property and equipment | 6,396 | 0 | 0 | ||||||||
Depreciation and amortization | 6,951 | 0 | 0 | ||||||||
Camuto LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 89,636 | 0 | 0 | ||||||||
Gross Profit | 15,026 | 0 | 0 | ||||||||
Cash paid for property and equipment | 447 | 0 | 0 | ||||||||
Depreciation and amortization | 1,971 | 0 | 0 | ||||||||
Total Other | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 128,968 | 227,844 | 233,453 | ||||||||
Gross Profit | 25,252 | 15,733 | 34,410 | ||||||||
Cash paid for property and equipment | 147 | 3,483 | 1,180 | ||||||||
Depreciation and amortization | 604 | 4,524 | 4,863 | ||||||||
Property, Plant and Equipment, Net | $ 35,500 | 35,500 | |||||||||
Corporate Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 5,820 | 5,165 | 4,944 | ||||||||
Gross Profit | (1,198) | ||||||||||
Cash paid for property and equipment | 25,821 | 24,191 | 35,324 | ||||||||
Depreciation and amortization | 19,970 | 21,420 | 21,308 | ||||||||
Corporate and Other/Elims | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 10,176 | ||||||||||
Gross Profit | 0 | 0 | |||||||||
Product | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 3,174,420 | 2,805,555 | 2,713,355 | ||||||||
Product | U.S. Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 2,738,989 | 2,577,711 | 2,479,902 | ||||||||
Product | Canada Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 220,325 | 0 | 0 | ||||||||
Product | Camuto LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 86,138 | 0 | 0 | ||||||||
Product | Total Other | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 128,968 | 227,844 | 233,453 | ||||||||
Product | Corporate Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Franchise and Other | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 9,318 | 5,165 | 4,944 | ||||||||
Franchise and Other | U.S. Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Franchise and Other | Canada Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Franchise and Other | Camuto LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 3,498 | 0 | 0 | ||||||||
Franchise and Other | Total Other | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Franchise and Other | Corporate Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | 5,820 | 5,165 | 4,944 | ||||||||
ABG-Camuto, LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | 1,298 | $ 0 | $ 0 | ||||||||
ABG-Camuto, LLC | U.S. Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | 0 | ||||||||||
ABG-Camuto, LLC | Canada Retail Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | 0 | ||||||||||
ABG-Camuto, LLC | Camuto LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | 1,298 | ||||||||||
ABG-Camuto, LLC | Total Other | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | 0 | ||||||||||
ABG-Camuto, LLC | Corporate Segment | |||||||||||
Segment information [Abstract] | |||||||||||
Income from equity investment | $ 0 | ||||||||||
Sales Revenue, Net | |||||||||||
Segment information [Abstract] | |||||||||||
Concentration Risk, Percentage | 60.00% | ||||||||||
Corporate and Other/Elims | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | $ (10,176) | ||||||||||
Corporate and Other/Elims | Camuto LLC | |||||||||||
Segment information [Abstract] | |||||||||||
Revenues | $ 10,176 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Revenues | $ 843,365 | $ 833,003 | $ 795,268 | $ 712,102 | $ 724,678 | $ 710,992 | $ 683,012 | $ 692,038 | $ 3,183,738 | $ 2,810,720 | $ 2,718,299 |
Gross Profit | 204,388 | 271,083 | 254,495 | 205,225 | 194,023 | 208,727 | 199,297 | 197,085 | 935,191 | 799,132 | 779,898 |
Operating profit | (57,023) | 53,089 | 24,469 | 38,470 | 34,170 | 3,370 | 46,866 | 40,652 | 59,005 | 125,058 | 199,977 |
Net income (loss) | $ (45,726) | $ 39,319 | $ (38,356) | $ 24,297 | $ 11,952 | $ 4,005 | $ 28,677 | $ 22,818 | $ (20,466) | $ 67,452 | $ 124,419 |
Diluted earnings (loss) per share | $ (0.58) | $ 0.48 | $ (0.48) | $ 0.30 | $ 0.15 | $ 0.05 | $ 0.36 | $ 0.28 | $ (0.26) | $ 0.84 | $ 1.51 |
Lease exit non-cash charges | $ 2,337 | $ 16,301 | $ 409 | $ 3,994 | $ 7,237 | $ 0 | $ 0 | ||||
Business Combination, Acquisition Related Costs | 9,335 | 12,982 | 5,104 | 508 | |||||||
Impairment charges | 31,683 | (7,163) | 36,240 | 0 | 60,760 | 89,440 | 0 | ||||
Income (Loss) On Previously Held Equity Investment And Note Receivable From Related Party | 0 | 0 | 33,988 | 0 | (33,988) | 0 | 0 | ||||
Increase (Decrease) in Inventories | 5,300 | 0 | 0 | 0 | |||||||
Restructuring Charges | 2,342 | 563 | 2,708 | 0 | |||||||
Foreign Currency Transaction Gain (Loss), before Tax | (1) | $ 94 | $ 13,318 | $ 1,978 | $ (13,963) | (1,281) | 0 | ||||
Asset Impairment Charges | $ 6,739 | $ 82,701 | $ 0 | $ 0 | |||||||
Inventory Write-down | 9,257 | 0 | 0 | 0 | |||||||
Liabilities, Fair Value Adjustment | (3,821) | $ (31,178) | $ 1,168 | $ 1,084 | (36,336) | ||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 2,144 | 10,100 | $ 10,079 | $ 0 | |||||||
Impact of the 53rd Week | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Revenues | 35,600 | ||||||||||
Gross Profit | 15,900 | ||||||||||
Operating profit | 7,900 | ||||||||||
Net income (loss) | $ 4,900 | ||||||||||
Diluted earnings (loss) per share | $ 0.06 |