Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 18, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'VSI | ' |
Entity Registrant Name | 'Vitamin Shoppe, Inc. | ' |
Entity Central Index Key | '0001360530 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,410,524 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $54,201 | $81,168 |
Inventories | 168,836 | 137,693 |
Prepaid expenses and other current assets | 35,590 | 22,476 |
Total current assets | 258,627 | 241,337 |
Property and equipment, net of accumulated depreciation and amortization of $200,342 and $182,173 in 2013 and 2012, respectively | 116,013 | 95,401 |
Goodwill | 210,633 | 177,248 |
Other intangibles, net | 71,257 | 69,116 |
Other assets | 4,166 | 3,183 |
Total assets | 660,696 | 586,285 |
Current liabilities: | ' | ' |
Accounts payable | 32,370 | 22,445 |
Accrued expenses and other current liabilities | 58,422 | 65,439 |
Total current liabilities | 90,792 | 87,884 |
Deferred income taxes | 19,180 | 13,011 |
Deferred rent | 35,167 | 30,150 |
Other long-term liabilities | 3,148 | 7,822 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued and outstanding at September 28, 2013 and December 29, 2012 | ' | ' |
Common stock, $0.01 par value; 400,000,000 shares authorized, 30,411,137 shares issued and 30,404,821 shares outstanding at September 28, 2013, and 30,170,627 shares issued and outstanding at December 29, 2012 | 304 | 302 |
Additional paid-in capital | 297,564 | 287,574 |
Treasury stock, at cost; 6,316 shares at September 28, 2013 and no shares at December 29, 2012 | -280 | ' |
Accumulated other comprehensive (loss) income | -47 | 1 |
Retained earnings | 214,868 | 159,541 |
Total stockholders' equity | 512,409 | 447,418 |
Total liabilities and stockholders' equity | $660,696 | $586,285 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated depreciation and amortization, property and equipment | $200,342 | $182,173 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 30,411,137 | 30,170,627 |
Common stock, shares outstanding | 30,404,821 | 30,170,627 |
Treasury stock, shares | 6,316 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $272,472 | $238,994 | $831,042 | $732,026 |
Cost of goods sold | 179,419 | 156,494 | 539,090 | 475,435 |
Gross profit | 93,053 | 82,500 | 291,952 | 256,591 |
Selling, general and administrative expenses | 66,951 | 57,732 | 200,585 | 173,690 |
Income from operations | 26,102 | 24,768 | 91,367 | 82,901 |
Interest expense, net | 164 | 161 | 375 | 535 |
Income before provision for income taxes | 25,938 | 24,607 | 90,992 | 82,366 |
Provision for income taxes | 9,670 | 8,316 | 35,665 | 31,219 |
Net income | $16,268 | $16,291 | $55,327 | $51,147 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 30,011,914 | 29,646,287 | 29,967,212 | 29,333,828 |
Diluted | 30,535,129 | 30,244,053 | 30,504,210 | 29,993,403 |
Net income per common share | ' | ' | ' | ' |
Basic | $0.54 | $0.55 | $1.85 | $1.74 |
Diluted | $0.53 | $0.54 | $1.81 | $1.71 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $16,268 | $16,291 | $55,327 | $51,147 |
Other comprehensive loss: | ' | ' | ' | ' |
Foreign currency translation adjustments | -9 | ' | -48 | ' |
Other comprehensive loss | -9 | ' | -48 | ' |
Comprehensive income | $16,259 | $16,291 | $55,279 | $51,147 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $55,327 | $51,147 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of fixed and intangible assets | 20,012 | 16,539 |
Impairment charge on fixed assets | ' | 730 |
Gain on insurance recoveries | -1,079 | ' |
Loss on disposal of fixed assets | ' | 583 |
Amortization of deferred financing fees | 66 | 231 |
Deferred income taxes | 594 | 2,118 |
Deferred rent | 839 | 405 |
Equity compensation expense | 6,829 | 4,692 |
Proceeds from insurance recoveries | 757 | ' |
Tax benefits on exercises of stock options | -810 | -12,131 |
Changes in operating assets and liabilities: | ' | ' |
Inventories | -18,337 | -9,327 |
Prepaid expenses and other current assets | -12,059 | -4,443 |
Other assets | -789 | -507 |
Accounts payable | 5,689 | 3,505 |
Accrued expenses and other current liabilities | -8,175 | 8,314 |
Other long-term liabilities | 4,357 | -907 |
Net cash provided by operating activities | 53,221 | 60,949 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -32,353 | -18,625 |
Acquisition of Super Supplements, Inc. | -50,542 | ' |
Trademarks and other intangible assets | -386 | ' |
Proceeds from insurance recoveries | 322 | ' |
Net cash used in investing activities | -82,959 | -18,625 |
Cash flows from financing activities: | ' | ' |
Payments of capital lease obligations | -66 | -1,013 |
Proceeds from exercises of common stock options | 1,716 | 11,137 |
Issuance of shares under employee stock purchase plan | 637 | 721 |
Purchase of treasury stock | -280 | ' |
Tax benefits on exercises of stock options | 810 | 12,131 |
Net cash provided by financing activities | 2,817 | 22,976 |
Effect of exchange rate changes on cash and cash equivalents | -46 | ' |
Net (decrease) increase in cash and cash equivalents | -26,967 | 65,300 |
Cash and cash equivalents beginning of period | 81,168 | 10,754 |
Cash and cash equivalents end of period | 54,201 | 76,054 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 269 | 272 |
Income taxes paid | 44,190 | 22,338 |
Supplemental disclosures of non-cash investing activities: | ' | ' |
Liability for purchases of property and equipment | 5,942 | 4,390 |
Assets acquired under capital lease | ' | $264 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 28, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
Vitamin Shoppe, Inc. (“VSI”), is incorporated in the State of Delaware, and through its wholly-owned subsidiary, Vitamin Shoppe Industries Inc. (“Subsidiary” or “Industries”) and Industries’ wholly-owned subsidiaries, VS Direct Inc. (“Direct”), Vitamin Shoppe Mariner, Inc. (“Mariner”), Vitamin Shoppe Global, Inc. (“Global”) and Vitapath Canada Limited (“VCL”, and, together with Industries, Direct, Mariner, Global and VSI, the “Company”), is a leading multi-channel specialty retailer and direct marketer of nutritional products. Sales of both national brands and proprietary brands of vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies and other health and beauty aids are made through VSI-owned retail stores, the internet and mail order catalogs to customers located primarily in the United States. VSI operates from its headquarters in North Bergen, New Jersey. | ||
The condensed consolidated financial statements as of September 28, 2013 and for the three and nine months ended September 28, 2013 and September 29, 2012, are unaudited. The condensed consolidated balance sheet as of December 29, 2012 was derived from our audited financial statements. All intercompany transactions and balances have been eliminated in consolidation. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The interim financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with GAAP. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 29, 2012, as filed with the Securities and Exchange Commission on February 26, 2013. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. | ||
The Company’s fiscal year ends on the last Saturday in December. As used herein, the term “Fiscal Year” or “Fiscal” refers to a 52-week period, ending on the last Saturday in December. Fiscal 2013 is a 52-week period ending December 28, 2013 and Fiscal 2012 was a 52-week period ended December 29, 2012. The results for the three and nine months ended September 28, 2013 and September 29, 2012, are each based on 13-week and 39-week periods, respectively. | ||
On February 14, 2013, the Company acquired substantially all of the assets and assumed certain liabilities of Super Supplements, Inc., a specialty retailer of vitamins, minerals, specialty supplements and sports nutrition, including 31 retail locations in Washington, Oregon and Idaho, a distribution center in Seattle, Washington and an e-commerce business. The total purchase price was approximately $50 million in cash and the assumption of certain liabilities. Refer to Note 3. Acquisition for additional information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||||||
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 disclosures of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Advertising Costs—The costs of advertising for online marketing arrangements, magazines, television and radio are expensed the first time the advertising takes place. Costs associated with the production and distribution of the Company’s catalogs are expensed as incurred. Advertising expense was $3.5 million and $3.6 million for the three months ended September 28, 2013 and September 29, 2012, respectively, and $12.9 million and $11.5 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. | |||||||||||||||||
Net Income Per Share—The Company’s basic net income per share excludes the dilutive effect of stock options, unvested restricted shares and unvested restricted share units. It is based upon the weighted average number of common shares outstanding during the period divided into net income. | |||||||||||||||||
Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, unvested restricted shares and unvested restricted share units are included as potential dilutive securities for the periods applicable, using the treasury stock method to the extent dilutive. | |||||||||||||||||
The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 16,268 | $ | 16,291 | $ | 55,327 | $ | 51,147 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common shares outstanding | 30,011,914 | 29,646,287 | 29,967,212 | 29,333,828 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 377,152 | 497,501 | 406,476 | 575,794 | |||||||||||||
Restricted shares | 141,600 | 97,598 | 127,288 | 82,227 | |||||||||||||
Restricted share units | 4,463 | 2,667 | 3,234 | 1,554 | |||||||||||||
Diluted weighted average common shares outstanding | 30,535,129 | 30,244,053 | 30,504,210 | 29,993,403 | |||||||||||||
Basic net income per common share | $ | 0.54 | $ | 0.55 | $ | 1.85 | $ | 1.74 | |||||||||
Diluted net income per common share | $ | 0.53 | $ | 0.54 | $ | 1.81 | $ | 1.71 | |||||||||
Stock options and restricted shares for the three months ended September 28, 2013 and September 29, 2012 in the amount of 27,188 shares and 15,165 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. Stock options and restricted shares for the nine months ended September 28, 2013 and September 29, 2012 in the amount of 27,646 shares and 50,180 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. | |||||||||||||||||
Recent Accounting Pronouncements—The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition, or cash flows, based on current information. |
Acquisition
Acquisition | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
3 | Acquisition | ||||
On February 14, 2013, the Company acquired substantially all of the assets and assumed certain liabilities of Super Supplements, Inc., a specialty retailer of vitamins, minerals, specialty supplements and sports nutrition, including 31 retail locations in Washington, Oregon and Idaho, a distribution center in Seattle, Washington and an e-commerce business. The total purchase price was approximately $50 million in cash and the assumption of certain liabilities, subject to certain conditions including a net working capital adjustment. The acquisition was financed by existing cash on the Company’s balance sheet. The results of operations of the acquired business are included in the Company’s results from the acquisition date. | |||||
The acquisition resulted in goodwill primarily related to growth opportunities. The Company expensed acquisition and integration costs of $0.9 million and $3.9 million during the three and nine months ended September 28, 2013, respectively, which are included in the condensed consolidated statement of income within selling, general and administrative expenses. | |||||
The purchase price of the acquisition has been allocated to the net tangible and intangible assets acquired, with the remainder recorded as goodwill on the basis of estimated fair values. The goodwill was allocated to the Company’s retail segment. The allocation is as follows (in thousands): | |||||
Total consideration transferred | $ | 50,542 | |||
Less: net identifiable assets acquired: | |||||
Current assets | 13,876 | ||||
Non-current assets | 7,027 | ||||
Intangible assets | 2,400 | ||||
Current liabilities | (5,350 | ) | |||
Long-term liabilities | (796 | ) | |||
Total net identifiable assets acquired | $ | 17,157 | |||
Goodwill | $ | 33,385 | |||
In the second fiscal quarter of 2013, the Company recorded $0.9 million as a reduction to working capital and an increase to goodwill to reflect the fair value of inventory. In the third quarter of 2013, the Company paid $0.2 million of additional consideration for this acquisition as a result of a net working capital adjustment. | |||||
Intangible assets consist of a tradename of $2.4 million which is being amortized over the estimated useful life of 3 years. Long-term liabilities include unfavorable leases for certain retail locations of $0.8 million. The unfavorable lease liabilities are being amortized to rent expense over their respective lease terms, ranging from 2 to 9 years. Amortization expense for the unfavorable leases over the next five years is approximately $0.2 million per year for the first through third years and approximately $0.1 million per year for the fourth and fifth year. The goodwill of $33.4 million is expected to be amortized for tax purposes. | |||||
From February 15, 2013 through September 28, 2013 the acquired business generated net sales of $48.0 million and net income of $1.7 million, excluding acquisition and integration costs. Pro forma results are not presented as the acquisition was not significant to the operating results for the three and nine months ended September 28, 2013 and Fiscal 2012. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
4 | Goodwill and Intangible Assets | ||||||||||||||||||||||||
The following table discloses the carrying value of all intangible assets (in thousands): | |||||||||||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
Goodwill | $ | 210,633 | $ | — | $ | 210,633 | $ | 177,248 | $ | — | $ | 177,248 | |||||||||||||
Tradenames - Indefinite-lived | 68,405 | — | 68,405 | 68,405 | — | 68,405 | |||||||||||||||||||
Tradenames - Definite-lived | 3,300 | 561 | 2,739 | 514 | 10 | 504 | |||||||||||||||||||
Intangibles related to asset purchase | 2,950 | 2,837 | 113 | 3,000 | 2,793 | 207 | |||||||||||||||||||
$ | 285,288 | $ | 3,398 | $ | 281,890 | $ | 249,167 | $ | 2,803 | $ | 246,364 | ||||||||||||||
The useful lives of the Company’s definite-lived intangible assets are between 3 to 15 years. The expected amortization expense on definite-lived intangible assets on the Company’s consolidated balance sheet at September 28, 2013, is as follows (in thousands): | |||||||||||||||||||||||||
Remainder of Fiscal 2013 | $ | 253 | |||||||||||||||||||||||
Fiscal 2014 | 971 | ||||||||||||||||||||||||
Fiscal 2015 | 889 | ||||||||||||||||||||||||
Fiscal 2016 | 189 | ||||||||||||||||||||||||
Fiscal 2017 | 89 | ||||||||||||||||||||||||
Thereafter | 461 | ||||||||||||||||||||||||
$ | 2,852 | ||||||||||||||||||||||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
5 | Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
September 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred sales | $ | 17,768 | $ | 20,912 | |||||
Accrued salaries and related expenses | 9,379 | 14,985 | |||||||
Sales tax payable and related expenses | 7,018 | 5,642 | |||||||
Accrued fixed asset additions | 5,799 | 4,624 | |||||||
Other accrued expenses | 18,458 | 19,276 | |||||||
$ | 58,422 | $ | 65,439 | ||||||
Credit_Arrangements
Credit Arrangements | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Credit Arrangements | ' | ||||||||||||||||
6 | Credit Arrangements | ||||||||||||||||
As of September 28, 2013 and as of December 29, 2012, the Company had no outstanding debt. | |||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
On September 25, 2009, the Company entered into a revolving credit facility (the “Revolving Credit Facility”). As of September 28, 2013, the terms of the Revolving Credit Facility, as amended, extend through September, 2015, and allow the Company to borrow up to $70.0 million subject to the terms of the facility. On December 20, 2012, Mariner was added as a borrower to the Revolving Credit Facility. The availability under the Revolving Credit Facility is subject to a borrowing base calculated on the value of certain accounts receivable from credit card companies as well as the inventory of Industries, Direct and Mariner. The obligations thereunder are secured by a security interest in substantially all of the assets of VSI, Industries, Direct and Mariner. Under the Revolving Credit Facility, VSI has guaranteed the Company’s obligations, and Industries, Direct and Mariner have each guaranteed the obligations of the other two respective entities. The Revolving Credit Facility provides for affirmative and negative covenants affecting VSI, Industries, Direct and Mariner. The Revolving Credit Facility restricts, among other things, the Company’s ability to incur indebtedness, create or permit liens on the Company’s assets, declare or pay dividends and make certain other restricted payments, consolidate, merge or recapitalize, sell assets, make certain investments, loans or other advances, enter into transactions with affiliates, change the line of business, and restricts the types of hedging activities the Company can enter into. During the nine months ended September 28, 2013 there have been no borrowings under the Revolving Credit Facility. The unused available line of credit under the Revolving Credit Facility at September 28, 2013 was $69.4 million. | |||||||||||||||||
Borrowings under the Revolving Credit Facility would accrue interest, at the Company’s option, at the rate per annum announced from time to time by the agent as its “prime rate,” or at a per annum rate equal to 2.50% above the adjusted Eurodollar rate. | |||||||||||||||||
On October 11, 2013, the terms of the Revolving Credit Facility were amended in order to increase the borrowing capacity, as well as to reduce borrowing costs. Refer to Note 10. Subsequent Event for additional information. | |||||||||||||||||
Interest expense, net for the three and nine months ended September 28, 2013 and September 29, 2012 consists of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Fees on the revolving credit facility and other interest | $ | 145 | $ | 95 | $ | 330 | $ | 304 | |||||||||
Amortization of deferred financing fees | 26 | 66 | 66 | 231 | |||||||||||||
Interest income | (7 | ) | — | (21 | ) | — | |||||||||||
Interest expense, net | $ | 164 | $ | 161 | $ | 375 | $ | 535 | |||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7 | Stock-Based Compensation | ||||||||||||||||
Equity Incentive Plans- The Company has two equity incentive plans that provide stock based compensation to certain directors, officers, consultants and employees of the Company; the 2006 Stock Option Plan (the “2006 Plan”) and the Vitamin Shoppe 2009 Equity Incentive Plan (the “2009 Plan”), under which the Company has granted stock options (includes non-qualified as well as performance based stock options), restricted shares (includes time based as well as performance based restricted shares) and restricted share units. The issuance of up to 7,453,678 shares of common stock is authorized under these plans. As of September 28, 2013, there were 2,641,907 shares available to grant under both plans. The stock options are exercisable at no less than the fair market value of the underlying shares on the date of grant, and restricted shares and restricted share units are issued at a value not less than the fair market value of the common shares on the date of the grant. Generally, stock options awarded shall become vested in four equal increments on each of the first, second, third and fourth anniversaries of the date on which such equity grants were awarded. Equity awards of restricted shares generally shall become vested between two and four years subsequent to the date on which such equity grants were awarded. However, regarding performance based stock options and performance based restricted shares, vesting is dependent not only on the passage of time, but also on the attainment of certain internal performance metrics. The vesting requirements for performance based stock options and performance based restricted shares permit a catch-up of vesting at the end of the vesting period. Restricted share units generally shall become vested one year subsequent to the date on which such equity grants were awarded. The stock options generally have a maximum term of 10 years. The following table summarizes stock options for the 2006 and 2009 Plans as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Average | Contractual | Intrinsic Value | |||||||||||||||
Number of Options | Exercise Price | Life (years) | (in thousands) | ||||||||||||||
Outstanding at December 29, 2012 | 1,146,385 | $ | 19.8 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (81,275 | ) | $ | 21.12 | |||||||||||||
Canceled/forfeited | (17,531 | ) | $ | 29.56 | |||||||||||||
Outstanding at September 28, 2013 | 1,047,579 | $ | 19.54 | 4.19 | $ | 25,221 | |||||||||||
Vested or expected to vest at September 28, 2013 | 995,410 | $ | 19.54 | 4.19 | |||||||||||||
Vested and exercisable at September 28, 2013 | 871,780 | $ | 17.42 | 3.73 | $ | 22,761 | |||||||||||
The total intrinsic value of options exercised during the nine months ended September 28, 2013 and September 29, 2012, was $2.1 million and $34.1 million, respectively. The cash received from options exercised during the nine months ended September 28, 2013 and September 29, 2012 was $1.7 million and $11.1 million, respectively. | |||||||||||||||||
The following table summarizes restricted shares for the 2009 Plan as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Weighted | |||||||||||||||||
Number of Unvested | Average Grant | ||||||||||||||||
Restricted Shares | Date Fair Value | ||||||||||||||||
Unvested at December 29, 2012 | 275,355 | $ | 38.51 | ||||||||||||||
Granted | 156,415 | $ | 48.68 | ||||||||||||||
Vested | (24,706 | ) | $ | 18.66 | |||||||||||||
Canceled/forfeited | (16,355 | ) | $ | 41.7 | |||||||||||||
Unvested at September 28, 2013 | 390,709 | $ | 43.7 | ||||||||||||||
The following table summarizes restricted share units for the 2009 Plan as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Share | Average Grant | ||||||||||||||||
Units | Date Fair Value | ||||||||||||||||
Unvested at December 29, 2012 | 5,265 | $ | 42.73 | ||||||||||||||
Granted | 6,414 | $ | 56.08 | ||||||||||||||
Vested | (5,004 | ) | $ | 41.96 | |||||||||||||
Canceled/forfeited | — | — | |||||||||||||||
Unvested at September 28, 2013 | 6,675 | $ | 56.13 | ||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of awards and is recognized as expense over the vesting period, net of anticipated forfeitures. With the exception of restricted shares and restricted share units, determining the fair value of stock-based awards at the grant date requires considerable judgment, including estimating expected volatility, expected term and risk-free rate. The expected volatility is derived from the average volatility of similar actively traded companies over our expected holdings periods, as well as the Company’s own volatility, which is weighted to adjust for the shorter trading history. Generally, the expected holding period of non performance based options is calculated using the simplified method using the vesting term of 4 years and the contractual term of 10 years, resulting in a holding period of 6.25 years. Certain limited grants have contractual terms of 7.5 years, and/or shorter vesting periods and as such have calculated holding periods of 4 to 5 years. The Company’s performance based stock option grants vest annually over four years depending on a particular year’s attainment of certain internal financial performance metrics. For accounting purposes, performance based stock option grants are measured, and expense is calculated and recorded, subsequent to the determination that the achievement of the pre-established performance targets are probable, over the relevant service period. The target metrics underlying the vesting of performance based stock option grants are established each year. Accordingly, the holding period for performance based stock option grants is calculated using the vesting term of 1 year and the remainder of the contractual term of 10 years, depending on which year of the four year grant is currently vesting; e.g. 25% of the grant vesting in year two of the grant would have a holding period calculated using 1 year and the remaining 9 years of the contractual term. The simplified method was chosen as a means to determine the Company’s holding period as prior to November 2009 there was no historical option exercise experience due to the Company being privately held. As of September 28, 2013, there continues to be insufficient information for purposes of determining a Company specific holding period. The risk-free interest rate is derived from the average yields of zero-coupon U.S. Treasury Strips for the expected holding period of each of the Company’s stock option grants. Compensation expense resulting from the granting of restricted shares and restricted share units is based on the grant date fair value of those common shares and is recognized generally over the two to four year vesting period for restricted shares and over the one year vesting period for restricted share units. | |||||||||||||||||
The weighted-average fair value of previously granted performance based stock options during the three and nine months ended September 28, 2013, was $12.44 and $23.76, respectively. The weighted-average fair value of previously granted performance based stock options during the three and nine months ended September 29, 2012, was $23.71 and $23.20, respectively. These valuations represent the fair value of subsequent annual tranches of performance based stock option grants. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Weighted average expected volatility | 34 | % | 43.2 | % | 39 | % | 44.6 | % | |||||||||
Weighted average risk-free interest rate | 1.5 | % | 0.9 | % | 0.6 | % | 1 | % | |||||||||
Expected holding period | 4.50 years | 5.00 - 6.25 years | 4.00 - 4.93 years | 4.50 - 6.25 years | |||||||||||||
Treasury Stock- As part of the Company’s stock plans, the Company makes required tax payments on behalf of employees as their restricted shares vest. Beginning in the second quarter of fiscal 2013, the Company withholds the number of vested shares having a value on the date of vesting equal to the tax obligation. The shares withheld are recorded as treasury shares. During the nine months ended September 28, 2013, the Company purchased 6,316 shares in settlement of employees’ tax obligations for a total of $0.3 million. The Company accounts for treasury stock using the cost method. | |||||||||||||||||
Employee Stock Purchase Plan- Pursuant to the Vitamin Shoppe 2010 Employee Stock Purchase Plan (the “ESPP”), shares of common stock are issued at the end of each calendar quarter (the “Participation Period”) subject to employee participation in the plan. Under the ESPP, participating employees are allowed to purchase shares at 85% of the lower of the market price of the Company’s common stock at either the first or last trading day of the Participation Period. Compensation expense related to the ESPP is based on the estimated fair value of the discount and purchase price offered on the estimated shares to be purchased under the ESPP. During the nine months ended September 28, 2013 and September 29, 2012, 15,184 shares and 18,897 shares, respectively, of the Company’s common stock were purchased under the ESPP. As of September 28, 2013, there was approximately $0.2 million of employee payroll deductions available under the ESPP for purchasing common shares on the September 30, 2013 purchase date. | |||||||||||||||||
Compensation expense attributable to stock-based compensation for the three and nine months ended September 28, 2013 was approximately $2.5 million and $6.8 million, respectively, and for the three and nine months ended September 29, 2012 was approximately $1.8 million and $4.7 million, respectively. As of September 28, 2013, the remaining unrecognized stock-based compensation expense for non-vested stock options, restricted shares and restricted share units to be expensed in future periods is $12.3 million, and the related weighted-average period over which it is expected to be recognized is 1.7 years. There were 871,780 and 175,799 vested and non-vested outstanding options, respectively, at September 28, 2013. There were 390,709 unvested restricted shares and 6,675 unvested restricted share units at September 28, 2013. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate since the inception of stock option granting. The estimated value of future forfeitures for stock options, restricted shares and restricted share units as of September 28, 2013 is approximately $0.7 million. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended | |
Sep. 28, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Legal Proceedings | ' | |
8 | Legal Proceedings | |
The Company is party to various lawsuits arising from time to time in the normal course of business, many of which are covered by insurance. As of September 28, 2013, the Company was not party to any material legal proceedings. Although the impact of the final resolution of these matters on the Company’s financial condition, results of operations or cash flows is not known, management does not believe that the resolution of these lawsuits will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. |
Segment_Data
Segment Data | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Data | ' | ||||||||||||||||
9 | Segment Data | ||||||||||||||||
The Company currently operates two business segments, retail and direct. The operating segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The Company’s management evaluates segment operating results based on several indicators. The primary key performance indicators are sales and operating income for each segment. The table below represents key financial information for each of the Company’s business segments, retail and direct, as well as corporate costs. The retail segment includes the Company’s retail stores. The retail segment generates revenue primarily through the sale of third-party branded and proprietary branded vitamins, minerals, herbs, supplements, sports nutrition and other health and wellness products through Vitamin Shoppe, Super Supplements and Vitapath retail stores throughout the United States and in Canada. The direct segment generates revenue through the sale of third-party branded and proprietary branded vitamins, minerals, herbs, supplements, sports nutrition and other health and wellness products primarily through the Company’s websites and catalog. A catalog is mailed periodically to customers in the Company’s Healthy Awards Program database, and the Company’s websites at www.vitaminshoppe.com and www.supersup.com offer customers online access to a full assortment of approximately 26,000 SKUs. Corporate costs represent the Company’s administrative expenses which include, but are not limited to: human resources, legal, retail management, direct management, finance, information technology, depreciation and amortization, and various other corporate level activity related expenses. There are no inter-segment sales transactions. | |||||||||||||||||
The Company’s segments are designed to allocate resources internally and provide a framework to determine management responsibility. The accounting policies of the segments are consistent with those described in Note 2. Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2012. The Company has allocated $165.3 million and $45.3 million of its recorded goodwill to the retail and direct segments, respectively. The Company does not have identifiable assets separated by segment. | |||||||||||||||||
The following table contains key financial information of the Company’s business segments (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Retail | $ | 243,909 | $ | 214,083 | $ | 743,188 | $ | 655,233 | |||||||||
Direct | 28,563 | 24,911 | 87,854 | 76,793 | |||||||||||||
Net sales | $ | 272,472 | $ | 238,994 | $ | 831,042 | $ | 732,026 | |||||||||
Income from operations: | |||||||||||||||||
Retail | $ | 47,386 | $ | 42,548 | $ | 153,615 | $ | 136,224 | |||||||||
Direct | 5,425 | 4,990 | 16,537 | 15,358 | |||||||||||||
Corporate costs (1) | (26,709 | ) | (22,770 | ) | (78,785 | ) | (68,681 | ) | |||||||||
Income from operations | $ | 26,102 | $ | 24,768 | $ | 91,367 | $ | 82,901 | |||||||||
-1 | Corporate costs include depreciation and amortization expenses of $7.0 million and $5.7 million for the three months ended September 28, 2013 and September 29, 2012, respectively and $20.0 million and $16.5 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. Corporate costs also include expenses related to the acquisition and integration of Super Supplements of $0.9 million and $3.9 million for the three and nine months ended September 28, 2013, respectively. Corporate costs were partially offset by insurance recoveries from Super Storm Sandy of $1.1 million for the nine months ended September 28, 2013. |
Subsequent_Event
Subsequent Event | 9 Months Ended | |
Sep. 28, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
10 | Subsequent Event | |
On October 11, 2013, the Company entered into a second amendment to its Revolving Credit Facility loan agreement. The terms of this second amendment to the Revolving Credit Facility loan agreement allow the Company to borrow up to $90.0 million, subject to the terms of the facility, with a Company option to increase the facility to $150.0 million. Borrowings under the amended Revolving Credit Facility accrue interest, at the Company’s option, at the rate per annum based on an “alternative base rate” plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%. The maturity date of the Revolving Credit Facility has been extended to October 11, 2018. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
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 disclosures of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Advertising Costs | ' | ||||||||||||||||
Advertising Costs—The costs of advertising for online marketing arrangements, magazines, television and radio are expensed the first time the advertising takes place. Costs associated with the production and distribution of the Company’s catalogs are expensed as incurred. Advertising expense was $3.5 million and $3.6 million for the three months ended September 28, 2013 and September 29, 2012, respectively, and $12.9 million and $11.5 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. | |||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Net Income Per Share—The Company’s basic net income per share excludes the dilutive effect of stock options, unvested restricted shares and unvested restricted share units. It is based upon the weighted average number of common shares outstanding during the period divided into net income. | |||||||||||||||||
Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, unvested restricted shares and unvested restricted share units are included as potential dilutive securities for the periods applicable, using the treasury stock method to the extent dilutive. | |||||||||||||||||
The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 16,268 | $ | 16,291 | $ | 55,327 | $ | 51,147 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common shares outstanding | 30,011,914 | 29,646,287 | 29,967,212 | 29,333,828 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 377,152 | 497,501 | 406,476 | 575,794 | |||||||||||||
Restricted shares | 141,600 | 97,598 | 127,288 | 82,227 | |||||||||||||
Restricted share units | 4,463 | 2,667 | 3,234 | 1,554 | |||||||||||||
Diluted weighted average common shares outstanding | 30,535,129 | 30,244,053 | 30,504,210 | 29,993,403 | |||||||||||||
Basic net income per common share | $ | 0.54 | $ | 0.55 | $ | 1.85 | $ | 1.74 | |||||||||
Diluted net income per common share | $ | 0.53 | $ | 0.54 | $ | 1.81 | $ | 1.71 | |||||||||
Stock options and restricted shares for the three months ended September 28, 2013 and September 29, 2012 in the amount of 27,188 shares and 15,165 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. Stock options and restricted shares for the nine months ended September 28, 2013 and September 29, 2012 in the amount of 27,646 shares and 50,180 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. | |||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements—The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition, or cash flows, based on current information. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Calculation of Basic and Diluted Net Income Per Common Share | ' | ||||||||||||||||
The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 16,268 | $ | 16,291 | $ | 55,327 | $ | 51,147 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common shares outstanding | 30,011,914 | 29,646,287 | 29,967,212 | 29,333,828 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 377,152 | 497,501 | 406,476 | 575,794 | |||||||||||||
Restricted shares | 141,600 | 97,598 | 127,288 | 82,227 | |||||||||||||
Restricted share units | 4,463 | 2,667 | 3,234 | 1,554 | |||||||||||||
Diluted weighted average common shares outstanding | 30,535,129 | 30,244,053 | 30,504,210 | 29,993,403 | |||||||||||||
Basic net income per common share | $ | 0.54 | $ | 0.55 | $ | 1.85 | $ | 1.74 | |||||||||
Diluted net income per common share | $ | 0.53 | $ | 0.54 | $ | 1.81 | $ | 1.71 | |||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired | ' | ||||
The allocation is as follows (in thousands): | |||||
Total consideration transferred | $ | 50,542 | |||
Less: net identifiable assets acquired: | |||||
Current assets | 13,876 | ||||
Non-current assets | 7,027 | ||||
Intangible assets | 2,400 | ||||
Current liabilities | (5,350 | ) | |||
Long-term liabilities | (796 | ) | |||
Total net identifiable assets acquired | $ | 17,157 | |||
Goodwill | $ | 33,385 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||||||
The following table discloses the carrying value of all intangible assets (in thousands): | |||||||||||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
Goodwill | $ | 210,633 | $ | — | $ | 210,633 | $ | 177,248 | $ | — | $ | 177,248 | |||||||||||||
Tradenames - Indefinite-lived | 68,405 | — | 68,405 | 68,405 | — | 68,405 | |||||||||||||||||||
Tradenames - Definite-lived | 3,300 | 561 | 2,739 | 514 | 10 | 504 | |||||||||||||||||||
Intangibles related to asset purchase | 2,950 | 2,837 | 113 | 3,000 | 2,793 | 207 | |||||||||||||||||||
$ | 285,288 | $ | 3,398 | $ | 281,890 | $ | 249,167 | $ | 2,803 | $ | 246,364 | ||||||||||||||
Expected Amortization Expense on Defined-Lived Intangible Assets | ' | ||||||||||||||||||||||||
The expected amortization expense on definite-lived intangible assets on the Company’s consolidated balance sheet at September 28, 2013, is as follows (in thousands): | |||||||||||||||||||||||||
Remainder of Fiscal 2013 | $ | 253 | |||||||||||||||||||||||
Fiscal 2014 | 971 | ||||||||||||||||||||||||
Fiscal 2015 | 889 | ||||||||||||||||||||||||
Fiscal 2016 | 189 | ||||||||||||||||||||||||
Fiscal 2017 | 89 | ||||||||||||||||||||||||
Thereafter | 461 | ||||||||||||||||||||||||
$ | 2,852 | ||||||||||||||||||||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
September 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred sales | $ | 17,768 | $ | 20,912 | |||||
Accrued salaries and related expenses | 9,379 | 14,985 | |||||||
Sales tax payable and related expenses | 7,018 | 5,642 | |||||||
Accrued fixed asset additions | 5,799 | 4,624 | |||||||
Other accrued expenses | 18,458 | 19,276 | |||||||
$ | 58,422 | $ | 65,439 | ||||||
Credit_Arrangements_Tables
Credit Arrangements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Interest Expense, Net | ' | ||||||||||||||||
Interest expense, net for the three and nine months ended September 28, 2013 and September 29, 2012 consists of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Fees on the revolving credit facility and other interest | $ | 145 | $ | 95 | $ | 330 | $ | 304 | |||||||||
Amortization of deferred financing fees | 26 | 66 | 66 | 231 | |||||||||||||
Interest income | (7 | ) | — | (21 | ) | — | |||||||||||
Interest expense, net | $ | 164 | $ | 161 | $ | 375 | $ | 535 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Summary of Stock Options | ' | ||||||||||||||||
The following table summarizes stock options for the 2006 and 2009 Plans as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Average | Contractual | Intrinsic Value | |||||||||||||||
Number of Options | Exercise Price | Life (years) | (in thousands) | ||||||||||||||
Outstanding at December 29, 2012 | 1,146,385 | $ | 19.8 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (81,275 | ) | $ | 21.12 | |||||||||||||
Canceled/forfeited | (17,531 | ) | $ | 29.56 | |||||||||||||
Outstanding at September 28, 2013 | 1,047,579 | $ | 19.54 | 4.19 | $ | 25,221 | |||||||||||
Vested or expected to vest at September 28, 2013 | 995,410 | $ | 19.54 | 4.19 | |||||||||||||
Vested and exercisable at September 28, 2013 | 871,780 | $ | 17.42 | 3.73 | $ | 22,761 | |||||||||||
Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model | ' | ||||||||||||||||
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Weighted average expected volatility | 34 | % | 43.2 | % | 39 | % | 44.6 | % | |||||||||
Weighted average risk-free interest rate | 1.5 | % | 0.9 | % | 0.6 | % | 1 | % | |||||||||
Expected holding period | 4.50 years | 5.00 - 6.25 years | 4.00 - 4.93 years | 4.50 - 6.25 years | |||||||||||||
Restricted Shares [Member] | ' | ||||||||||||||||
Summary of Restricted Shares | ' | ||||||||||||||||
The following table summarizes restricted shares for the 2009 Plan as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Weighted | |||||||||||||||||
Number of Unvested | Average Grant | ||||||||||||||||
Restricted Shares | Date Fair Value | ||||||||||||||||
Unvested at December 29, 2012 | 275,355 | $ | 38.51 | ||||||||||||||
Granted | 156,415 | $ | 48.68 | ||||||||||||||
Vested | (24,706 | ) | $ | 18.66 | |||||||||||||
Canceled/forfeited | (16,355 | ) | $ | 41.7 | |||||||||||||
Unvested at September 28, 2013 | 390,709 | $ | 43.7 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||||||
Summary of Restricted Shares | ' | ||||||||||||||||
The following table summarizes restricted share units for the 2009 Plan as of September 28, 2013 and changes during the nine month period then ended: | |||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Share | Average Grant | ||||||||||||||||
Units | Date Fair Value | ||||||||||||||||
Unvested at December 29, 2012 | 5,265 | $ | 42.73 | ||||||||||||||
Granted | 6,414 | $ | 56.08 | ||||||||||||||
Vested | (5,004 | ) | $ | 41.96 | |||||||||||||
Canceled/forfeited | — | — | |||||||||||||||
Unvested at September 28, 2013 | 6,675 | $ | 56.13 | ||||||||||||||
Segment_Data_Tables
Segment Data (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Table of Key Financial Information of Company's Business Segments | ' | ||||||||||||||||
The following table contains key financial information of the Company’s business segments (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales: | |||||||||||||||||
Retail | $ | 243,909 | $ | 214,083 | $ | 743,188 | $ | 655,233 | |||||||||
Direct | 28,563 | 24,911 | 87,854 | 76,793 | |||||||||||||
Net sales | $ | 272,472 | $ | 238,994 | $ | 831,042 | $ | 732,026 | |||||||||
Income from operations: | |||||||||||||||||
Retail | $ | 47,386 | $ | 42,548 | $ | 153,615 | $ | 136,224 | |||||||||
Direct | 5,425 | 4,990 | 16,537 | 15,358 | |||||||||||||
Corporate costs (1) | (26,709 | ) | (22,770 | ) | (78,785 | ) | (68,681 | ) | |||||||||
Income from operations | $ | 26,102 | $ | 24,768 | $ | 91,367 | $ | 82,901 | |||||||||
-1 | Corporate costs include depreciation and amortization expenses of $7.0 million and $5.7 million for the three months ended September 28, 2013 and September 29, 2012, respectively and $20.0 million and $16.5 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. Corporate costs also include expenses related to the acquisition and integration of Super Supplements of $0.9 million and $3.9 million for the three and nine months ended September 28, 2013, respectively. Corporate costs were partially offset by insurance recoveries from Super Storm Sandy of $1.1 million for the nine months ended September 28, 2013. |
Basis_of_Presentation_Detail
Basis of Presentation (Detail) (Super Supplements Inc [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 14, 2013 | Sep. 28, 2013 |
Retail_Locations | ||
Basis Of Presentation [Line Items] | ' | ' |
Number of retail locations in Washington, Oregon and Idaho | 31 | ' |
Purchase price, cash paid | $50 | $0.20 |
Seattle Washington [Member] | ' | ' |
Basis Of Presentation [Line Items] | ' | ' |
Number of distribution centers | 1 | ' |
Washington [Member] | ' | ' |
Basis Of Presentation [Line Items] | ' | ' |
Number of e-commerce business | 1 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Advertising expense | $3.50 | $3.60 | $12.90 | $11.50 |
Stock Options [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Anti-dilutive stock options and restricted shares excluded from computation of earnings per share | 27,188 | 15,165 | 27,646 | 50,180 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $16,268 | $16,291 | $55,327 | $51,147 |
Basic weighted average common shares outstanding | 30,011,914 | 29,646,287 | 29,967,212 | 29,333,828 |
Diluted weighted average common shares outstanding | 30,535,129 | 30,244,053 | 30,504,210 | 29,993,403 |
Basic net income per common share | $0.54 | $0.55 | $1.85 | $1.74 |
Diluted net income per common share | $0.53 | $0.54 | $1.81 | $1.71 |
Stock Options [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive securities | 377,152 | 497,501 | 406,476 | 575,794 |
Restricted Shares [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive securities | 141,600 | 97,598 | 127,288 | 82,227 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive securities | 4,463 | 2,667 | 3,234 | 1,554 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Feb. 14, 2013 | Dec. 29, 2012 | Feb. 14, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Super Supplements Inc [Member] | Super Supplements Inc [Member] | Super Supplements Inc [Member] | Super Supplements Inc [Member] | Super Supplements Inc [Member] | Minimum [Member] | Maximum [Member] | Tradename [Member] | ||||||
Retail_Locations | Seattle Washington [Member] | Washington [Member] | |||||||||||
Distributors | Business | ||||||||||||
Business Combination Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail locations in Washington, Oregon and Idaho | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' |
Number of distribution centers | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of e-commerce business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Additional consideration paid for acquisition | ' | ' | ' | ' | ' | $50,000,000 | $200,000 | ' | ' | ' | ' | ' | ' |
Acquisition and integration costs | 900,000 | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase to goodwill | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' |
Intangible assets trade name and favorable lease | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 |
Estimated useful life period of tradename | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Long-term liabilities includes unfavorable leases | 800,000 | 800,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfavorable lease amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '9 years | ' |
Intangible assets amortization expense for first year | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization expense for second year | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization expense for third year | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization expense for fourth year | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization expense for fifth year | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 210,633,000 | 210,633,000 | 210,633,000 | 33,385,000 | 177,248,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Purchase_Price_of_
Acquisition - Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired (Detail) (USD $) | Sep. 28, 2013 | Feb. 14, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | ' | ' | ' |
Total consideration transferred | ' | $50,542 | ' |
Less: net identifiable assets acquired: | ' | ' | ' |
Current assets | ' | 13,876 | ' |
Non-current assets | ' | 7,027 | ' |
Intangible assets | ' | 2,400 | ' |
Current liabilities | ' | -5,350 | ' |
Long-term liabilities | ' | -796 | ' |
Total net identifiable assets acquired | ' | 17,157 | ' |
Goodwill | $210,633 | $33,385 | $177,248 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Sep. 28, 2013 | Feb. 14, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible Assets, Goodwill, Gross Carrying Amount | $210,633 | ' | $177,248 |
Intangible Assets, Goodwill, Accumulated Amortization | ' | ' | ' |
Intangible Assets, Goodwill, Net | 210,633 | 33,385 | 177,248 |
Intangible Assets, Gross (including Goodwill) | 285,288 | ' | 249,167 |
Intangible Assets, Definite-Lived, Accumulated Amortization | 3,398 | ' | 2,803 |
Goodwill and Intangible Assets, Net | 281,890 | ' | 246,364 |
Intangible Assets, Definite-Lived, Net | 2,852 | ' | ' |
Intangible Assets, Net | 71,257 | ' | 69,116 |
Tradename [Member] | ' | ' | ' |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible Assets, Tradenames-Indefinite-Lived, Carrying Amount | 68,405 | ' | 68,405 |
Intangible Assets, Definite-Lived, Gross Carrying Amount | 3,300 | ' | 514 |
Intangible Assets, Definite-Lived, Accumulated Amortization | 561 | ' | 10 |
Intangible Assets, Definite-Lived, Net | 2,739 | ' | 504 |
Intangibles related to asset purchase [Member] | ' | ' | ' |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible Assets, Definite-Lived, Gross Carrying Amount | 2,950 | ' | 3,000 |
Intangible Assets, Definite-Lived, Accumulated Amortization | 2,837 | ' | 2,793 |
Intangible Assets, Net | $113 | ' | $207 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) | 9 Months Ended |
Sep. 28, 2013 | |
Minimum [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Useful lives of definite-lived intangible assets, years | '3 years |
Maximum [Member] | ' |
Goodwill And Intangible Assets [Line Items] | ' |
Useful lives of definite-lived intangible assets, years | '15 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Expected Amortization Expense on Defined-Lived Intangible Assets (Detail) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
Remainder of Fiscal 2013 | $253 |
Fiscal 2014 | 971 |
Fiscal 2015 | 889 |
Fiscal 2016 | 189 |
Fiscal 2017 | 89 |
Thereafter | 461 |
Finite-Lived Intangible Assets, Amortization Expense | $2,852 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Deferred sales | $17,768 | $20,912 |
Accrued salaries and related expenses | 9,379 | 14,985 |
Sales tax payable and related expenses | 7,018 | 5,642 |
Accrued fixed asset additions | 5,799 | 4,624 |
Other accrued expenses | 18,458 | 19,276 |
Accrued expenses and other current liabilities | $58,422 | $65,439 |
Credit_Arrangements_Additional
Credit Arrangements - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Revolving Credit Facility and Fees [Member] | ' |
Debt Instrument [Line Items] | ' |
Revolving credit facility, maximum borrowing capacity | $70 |
Revolving credit facility, extended expiration date | 30-Sep-15 |
Revolving credit facility, unused available credit | 69.4 |
Revolving credit facility, per annum rate | 2.50% |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Borrowings under revolving credit facility | $0 |
Credit_Arrangements_Interest_E
Credit Arrangements - Interest Expense, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Interest Expense [Line Items] | ' | ' | ' | ' |
Amortization of deferred financing fees | $26 | $66 | $66 | $231 |
Interest income | -7 | ' | -21 | ' |
Interest expense, net | 164 | 161 | 375 | 535 |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Interest Expense [Line Items] | ' | ' | ' | ' |
Fees on the revolving credit facility and other interest | $145 | $95 | $330 | $304 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of equity incentive plan | ' | ' | 2 | ' | ' |
Stock option awarded become vested increments | ' | ' | 'Generally, stock options awarded shall become vested in four equal increments on each of the first, second, third and fourth anniversaries of the date on which such equity grants were awarded. | ' | ' |
Intrinsic value of options exercised | ' | ' | $2.10 | $34.10 | ' |
Cash received from options exercised | ' | ' | 1.7 | 11.1 | ' |
Contractual term of options, years | ' | ' | '3 years 8 months 23 days | ' | ' |
Holding period | '4 years 6 months | ' | ' | ' | ' |
Percentage of grant and vest | ' | ' | 25.00% | ' | ' |
Grant contractual term | ' | ' | '9 years | ' | ' |
Recognition period for non-vested stock options, restricted shares and restricted shares units | ' | ' | '1 year 8 months 12 days | ' | ' |
Weighted-average grant date fair value for grants | $12.44 | $23.71 | $23.76 | $23.20 | ' |
Stock purchased during period, shares | ' | ' | 6,316 | ' | ' |
Stock purchased during period, value | ' | ' | 0.3 | ' | ' |
Purchase of common stock under ESPP | ' | ' | 15,184 | 18,897 | ' |
Employee payroll deductions available under the ESPP | ' | ' | 0.2 | ' | ' |
Compensation expense attributable to stock-based compensation | 2.5 | 1.8 | 6.8 | 4.7 | ' |
Unrecognized stock-based compensation expense for non-vested stock options, restricted shares and restricted shares units | 12.3 | ' | 12.3 | ' | ' |
Number of vested options | 995,410 | ' | 995,410 | ' | ' |
Number of unvested shares | 390,709 | ' | 390,709 | ' | 275,355 |
Estimated value of future forfeitures for equity grants | $0.70 | ' | $0.70 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Holding period | ' | '5 years | '4 years | '4 years 6 months | ' |
Recognition period for non-vested stock options, restricted shares and restricted shares units | ' | ' | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '10 years | ' | ' |
Holding period | ' | '6 years 3 months | '4 years 11 months 5 days | '6 years 3 months | ' |
Recognition period for non-vested stock options, restricted shares and restricted shares units | ' | ' | '4 years | ' | ' |
Restricted Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of unvested shares | 390,709 | ' | 390,709 | ' | ' |
Restricted Shares [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '2 years | ' | ' |
Restricted Shares [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '4 years | ' | ' |
Performance based options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '1 year | ' | ' |
Contractual term of options, years | ' | ' | '10 years | ' | ' |
Non performance based options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '4 years | ' | ' |
Contractual term of options, years | ' | ' | '10 years | ' | ' |
Holding period | ' | ' | '6 years 3 months | ' | ' |
Limited grants [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Contractual term of options, years | ' | ' | '7 years 6 months | ' | ' |
Limited grants [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Holding period | ' | ' | '4 years | ' | ' |
Limited grants [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Holding period | ' | ' | '5 years | ' | ' |
Performance based grants [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '4 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting term of awards | ' | ' | '1 year | ' | ' |
Number of unvested shares | 6,675 | ' | 6,675 | ' | 5,265 |
2006 and 2009 Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | 7,453,678 | ' | 7,453,678 | ' | ' |
Shares available to grant under both plans | 2,641,907 | ' | 2,641,907 | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Percentage of the lower market price of shares at which participating ESPP employees can purchase | ' | ' | 85.00% | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of vested options | 871,780 | ' | 871,780 | ' | ' |
Number of non-vested options | 175,799 | ' | 175,799 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest [Abstract] | ' |
Outstanding at December 29, 2012, Number of Options | 1,146,385 |
Granted, Number of Options | ' |
Exercised, Number of Options | -81,275 |
Cancelled/forfeited, Number of Options | -17,531 |
Outstanding at September 28, 2013, Number of Options | 1,047,579 |
Vested or expected to vest at September 28, 2013, Number of Options | 995,410 |
Vested and exercisable at September 28, 2013, Number of Options | 871,780 |
Outstanding at December 29, 2012, Weighted Average Exercise Price | $19.80 |
Granted, Weighted Average Exercise Price | ' |
Exercised, Weighted Average Exercise Price | $21.12 |
Cancelled/forfeited, Weighted Average Exercise Price | $29.56 |
Outstanding at September 28, 2013, Weighted Average Exercise Price | $19.54 |
Vested or expected to vest at September 28, 2013, Weighted Average Exercise Price | $19.54 |
Vested and exercisable at September 28, 2013, Weighted Average Exercise Price | $17.42 |
Outstanding at September 28, 2013, Weighted Average Remaining Contractual Life (years) | '4 years 2 months 9 days |
Vested or expected to vest at September 28, 2013, Weighted Average Remaining Contractual Life (years) | '4 years 2 months 9 days |
Vested and exercisable at September 28, 2013, Weighted Average Remaining Contractual Life (years) | '3 years 8 months 23 days |
Outstanding at September 28, 2013, Aggregate Intrinsic Value | $25,221 |
Vested or expected to vest at September 28, 2013, Aggregate Intrinsic Value | ' |
Vested and exercisable at September 28, 2013, Aggregate Intrinsic Value | $22,761 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Shares (Detail) (USD $) | 9 Months Ended |
Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at December 29, 2012, Number of Unvested Restricted Shares | 275,355 |
Granted, Number of Unvested Restricted Shares | 156,415 |
Vested, Number of Unvested Restricted Shares | -24,706 |
Canceled/forfeited, Number of Unvested Restricted Shares | -16,355 |
Unvested at September 28, 2013, Number of Unvested Restricted Shares | 390,709 |
Unvested at December 29, 2012, Weighted Average Grant Date Fair Value | $38.51 |
Granted, Weighted Average Grant Date Fair Value | $48.68 |
Vested, Weighted Average Grant Date Fair Value | $18.66 |
Canceled/forfeited, Weighted Average Grant Date Fair Value | $41.70 |
Unvested at September 28, 2013, Weighted Average Grant Date Fair Value | $43.70 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at December 29, 2012, Number of Unvested Restricted Shares | 5,265 |
Granted, Number of Unvested Restricted Shares | 6,414 |
Vested, Number of Unvested Restricted Shares | -5,004 |
Canceled/forfeited, Number of Unvested Restricted Shares | ' |
Unvested at September 28, 2013, Number of Unvested Restricted Shares | 6,675 |
Unvested at December 29, 2012, Weighted Average Grant Date Fair Value | $42.73 |
Granted, Weighted Average Grant Date Fair Value | $56.08 |
Vested, Weighted Average Grant Date Fair Value | $41.96 |
Canceled/forfeited, Weighted Average Grant Date Fair Value | ' |
Unvested at September 28, 2013, Weighted Average Grant Date Fair Value | $56.13 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average expected volatility | 34.00% | 43.20% | 39.00% | 44.60% |
Weighted average risk-free interest rate | 1.50% | 0.90% | 0.60% | 1.00% |
Expected holding period | '4 years 6 months | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected holding period | ' | '5 years | '4 years | '4 years 6 months |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected holding period | ' | '6 years 3 months | '4 years 11 months 5 days | '6 years 3 months |
Segment_Data_Additional_Inform
Segment Data - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Feb. 14, 2013 | Dec. 29, 2012 |
Stock_Unit | |||
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of business segments | 2 | ' | ' |
Number of SKUs available for online access | 26,000 | ' | ' |
Goodwill | $210,633 | $33,385 | $177,248 |
Retail [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 165,300 | ' | ' |
Direct [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | $45,300 | ' | ' |
Segment_Data_Table_of_Key_Fina
Segment Data - Table of Key Financial Information of Company's Business Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $272,472 | $238,994 | $831,042 | $732,026 |
Income from operations | 26,102 | 24,768 | 91,367 | 82,901 |
Corporate costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | -26,709 | -22,770 | -78,785 | -68,681 |
Operating Segments [Member] | Retail [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 243,909 | 214,083 | 743,188 | 655,233 |
Income from operations | 47,386 | 42,548 | 153,615 | 136,224 |
Operating Segments [Member] | Direct [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 28,563 | 24,911 | 87,854 | 76,793 |
Income from operations | $5,425 | $4,990 | $16,537 | $15,358 |
Segment_Data_Table_of_Key_Fina1
Segment Data - Table of Key Financial Information of Company's Business Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Insurance recoveries | ' | ' | $1,079,000 | ' |
Acquisition and integration | 900,000 | ' | 3,900,000 | ' |
Corporate costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 7,000,000 | 5,700,000 | 20,000,000 | 16,500,000 |
Insurance recoveries | ' | ' | 1,100,000 | ' |
Acquisition and integration | $900,000 | ' | $3,900,000 | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Revolving Credit Facility [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 11, 2013 |
Subsequent Event [Line Items] | ' |
Borrowing capacity | $90 |
Increase in credit facility | $150 |
Credit facility interest rate description | 'At the rate per annum based on an "alternative base rate" plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%. |
Maturity date of credit facility | 11-Oct-18 |
Minimum [Member] | Alternative base rate [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit facility interest rate | 0.25% |
Minimum [Member] | Adjusted Eurodollar rate [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit facility interest rate | 1.25% |
Maximum [Member] | Alternative base rate [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit facility interest rate | 0.50% |
Maximum [Member] | Adjusted Eurodollar rate [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit facility interest rate | 1.50% |