FHC (FRAN) 10-Q 10 Sep 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Aug. 02, 2014	Aug. 31, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'Francesca's Holdings CORP	'
Entity Central Index Key	'0001399935	'
Current Fiscal Year End Date	'--01-31	'
Entity Filer Category	'Large Accelerated Filer	'
Trading Symbol	'FRAN	'
Entity Common Stock, Shares Outstanding	'	42,297,832
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	2-Aug-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Unaudited_Consolidated_Balance

Unaudited Consolidated Balance Sheets (USD $)	Aug. 02, 2014	Feb. 01, 2014	Aug. 03, 2013
In Thousands, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$24,861	$37,498	$39,550
Accounts receivable	9,905	8,984	6,549
Inventories	30,191	24,614	25,590
Deferred income taxes	4,726	4,565	3,750
Prepaid expenses and other current assets	6,965	6,764	5,011
Total current assets	76,648	82,425	80,450
Property and equipment, net	71,217	64,131	56,268
Deferred income taxes	4,562	2,335	3,741
Other assets, net	1,538	1,654	2,132
TOTAL ASSETS	153,965	150,545	142,591
Current liabilities:	'	'	'
Accounts payable	11,380	10,207	5,867
Accrued liabilities	9,088	9,823	8,496
Total current liabilities	20,468	20,030	14,363
Landlord incentives and deferred rent	33,097	27,448	27,475
Long-term debt	5,000	25,000	0
Total liabilities	58,565	72,478	41,838
Commitments and contingencies	'	'	'
Stockholders’ equity:	'	'	'
Common stock - $.01 par value, 80.0 million shares authorized; 45.5 million, 45.2 million and 44.1 million shares issued at August 2, 2014, February 1, 2014 and August 3, 2013, respectively.	455	452	441
Additional paid-in capital	104,925	101,192	88,299
Retained earnings	50,163	31,296	12,013
Treasury stock, at cost - 3.2 million, 2.9 million and 0 shares held at August 2, 2014, February 1, 2014 and August 3, 2013, respectively.	-60,143	-54,873	0
Total stockholders’ equity	95,400	78,067	100,753
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$153,965	$150,545	$142,591

Unaudited_Consolidated_Balance1

Unaudited Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 02, 2014	Feb. 01, 2014	Aug. 03, 2013
In Millions, except Per Share data, unless otherwise specified
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01
Common stock, shares authorized	80	80	80
Common stock, shares issued	45.5	45.2	44.1
Treasury stock, shares	3.2	2.9	0

Unaudited_Consolidated_Stateme

Unaudited Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Aug. 03, 2013
Net sales	$97,319	$89,566	$182,743	$168,554
Cost of goods sold and occupancy costs	52,004	41,810	95,596	79,426
Gross profit	45,315	47,756	87,147	89,128
Selling, general and administrative expenses	28,653	23,683	56,465	47,034
Income from operations	16,662	24,073	30,682	42,094
Interest expense	-169	-117	-390	-233
Other income	56	121	159	204
Income before income tax expense	16,549	24,077	30,451	42,065
Income tax expense	6,242	9,458	11,584	16,509
Net income	$10,307	$14,619	$18,867	$25,556
Basic earnings per common share (in dollars per share)	$0.24	$0.33	$0.45	$0.58
Diluted earnings per common share (in dollars per share)	$0.24	$0.33	$0.45	$0.57
Weighted average shares outstanding:	'	'	'	'
Basic shares (in shares)	42,252	44,050	42,220	43,995
Diluted shares (in shares)	42,367	44,905	42,364	44,894

Unaudited_Consolidated_Stateme1

Unaudited Consolidated Statement of Changes in Stockholders' Equity (USD $)	Total	Shares Outstanding (in shares)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, at cost
In Thousands	USD ($)		USD ($)	USD ($)	USD ($)	USD ($)
Balance at Feb. 01, 2014	$78,067	'	$452	$101,192	$31,296	($54,873)
Balance (in shares) at Feb. 01, 2014	'	42,349	'	'	'	'
Net income	18,867	'	0	0	18,867	0
Stock-based compensation	1,629	'	0	1,629	0	0
Stock options exercised and related tax benefit	2,107	'	3	2,104	0	0
Stock options exercised and related tax benefit (in shares)	'	232	'	'	'	'
Repurchases of common stock	-5,270	'	0	0	0	-5,270
Repurchases of common stock (in shares)	-285	-285	'	'	'	'
Balance at Aug. 02, 2014	$95,400	'	$455	$104,925	$50,163	($60,143)
Balance (in shares) at Aug. 02, 2014	'	42,296	'	'	'	'

Unaudited_Consolidated_Stateme2

Unaudited Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Aug. 03, 2013
Cash Flows From Operating Activities:	'	'
Net income	$18,867	$25,556
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation expense	6,244	4,774
Stock-based compensation expense	1,629	1,953
Excess tax benefit from stock-based compensation	-775	-2,828
Inventory write-off	2,731	0
Loss on sale of assets	121	136
Amortization of debt issuance costs	122	147
Deferred income taxes	-2,388	-1,628
Changes in operating assets and liabilities:	'	'
Accounts receivable	-146	-4,045
Inventories	-8,308	-6,541
Prepaid expenses and other assets	-208	-968
Accounts payable	1,480	-2,491
Accrued liabilities	-735	657
Landlord incentive and deferred rent	5,649	5,383
Net cash provided by operating activities	24,283	20,105
Cash Flows Used in Investing Activities:	'	'
Purchase of property and equipment	-13,759	-11,622
Proceeds from sale of assets	2	3
Net cash used in investing activities	-13,757	-11,619
Cash Flows Provided by (Used in) Financing Activities:	'	'
Repayments of borrowings under the revolving credit facility	-20,000	0
Repurchases of common stock	-5,270	0
Proceeds from the exercise of stock options	1,332	639
Taxes paid related to net settlement of equity awards	0	-2,280
Excess tax benefit from stock-based compensation	775	2,828
Net cash provided by (used in) financing activities	-23,163	1,187
Net increase (decrease) in cash and cash equivalents	-12,637	9,673
Cash and cash equivalents, beginning of year	37,498	29,877
Cash and cash equivalents, end of period	24,861	39,550
Supplemental Disclosures of Cash Flow Information:	'	'
Cash paid for income taxes	9,413	17,647
Interest paid	$288	$81

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 02, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	1	Summary of Significant Accounting Policies
	Nature of Business
	Francesca’s Holdings Corporation is a holding company incorporated in  2007 under the laws of the State of Delaware whose business operations are conducted through its subsidiaries.  Unless the context otherwise requires, the “Company,” refers to Francesca’s Holdings Corporation and its consolidated subsidiaries. The Company operates a national chain of retail boutiques designed and merchandised to feel like independently owned, upscale boutiques and provide its customers with an inviting, intimate and fun shopping experience. The Company offers a diverse and balanced mix of apparel, jewelry, accessories and gifts at attractive prices. At August 2, 2014, the Company operated  526 boutiques, which are located in 47 states throughout the United States and the District of Columbia, and its direct-to-consumer website.
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations, changes in equity, and cash flows at the dates and for the periods presented. The financial information as of February 1, 2014 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended February 1, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2014.
	These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes as of and for the fiscal year ended February 1, 2014 included in the Company’s Annual Report on Form 10-K.
	Due to seasonal variations in the retail industry, interim results are not necessarily indicative of results that may be expected for any other interim period or for a full year.
	Principles of Consolidation
	The accompanying unaudited consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
	Fiscal Year
	The Company maintains its accounts on a 52- or 53-week year ending on the Saturday closest to January 31st. Fiscal years 2014 and 2013 each include 52 weeks of operations. The fiscal quarters ended August 2, 2014 and August 3, 2013 refer to the thirteen-week periods ended as of those dates. The year-to-date periods ended August 2, 2014 and August 3, 2013 refer to the twenty-six week periods ended as of those dates.
	Management Estimates and Assumptions
	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 the reported amounts of revenues, net of estimated sales return, and expenses during the reporting periods. Actual results could differ materially from those estimates.
	Recent Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board ( “FASB” ) issued Accounting Standards Update ( “ASU” ) No. 2014-15, “Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements or disclosures.
	In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This pronouncement was issued to improve the financial reporting of revenue and improves comparability of the top line in financial statements globally and is effective for reporting periods beginning on or after December 15, 2016. The Company is in the process of assessing the provisions of this new guidance and has not determined whether the adoption will have a material impact on our consolidated financial statements.

Earnings_per_Share

Earnings per Share	6 Months Ended
	Aug. 02, 2014
Earnings Per Share [Abstract]	'
Earnings per Share	'
	2	Earnings Per Share
	Basic earnings per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of stock options and restricted stock grants using the more dilutive of the treasury stock method or the two-class method.
	The following table summarizes the potential dilution that could occur if options to acquire common stock were exercised or if restricted stock grants were fully vested and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted earnings per share:
			Thirteen Weeks Ended				Twenty Six Weeks Ended
			August 2,		August 3,		August 2,		August 3,
			2014		2013		2014		2013
			(in thousands, except per share data)
	Numerator:
	Net income		$	10,307	$	14,619	$	18,867	$	25,556
	Denominator:
	Weighted-average common shares outstanding - basic			42,252		44,050		42,220		43,995
	Options and other dilutive securities			115		855		144		899
	Weighted-average common shares outstanding - diluted			42,367		44,905		42,364		44,894
	Per common share:
	Basic earnings per common share		$	0.24	$	0.33	$	0.45	$	0.58
	Diluted earnings per common share		$	0.24	$	0.33	$	0.45	$	0.57
	Potentially issuable shares under the Company’s stock-based compensation plans amounting to 0.9 million shares in each of the thirteen and twenty six weeks ended August 2, 2014 and 0.8 million shares in each of the thirteen and twenty six weeks ended August 3, 2013 were excluded in the computation of diluted earnings per share due to their anti-dilutive effect.

Inventory

Inventory	6 Months Ended
	Aug. 02, 2014
Inventory Disclosure [Abstract]	'
Inventory	'
	3	Inventory
	To accelerate the flow of new merchandise into its boutiques, the Company disposed of certain slow-moving inventory during the second quarter of fiscal year 2014 at a net cost of $2.9 million.

Fair_value_of_Financial_Instru

Fair value of Financial Instruments	6 Months Ended
	Aug. 02, 2014
Fair Value Disclosures [Abstract]	'
Fair value of Financial Instruments	'
	4	Fair Value of Financial Instruments
	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. The carrying amount reflected in the consolidated balance sheets of financial assets and liabilities, which includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximated their fair values due to the short term nature of these financial assets and liabilities. The carrying value of the Company’s debt approximates its fair value primarily due to the variable component of interest on debt.

Income_Taxes

Income Taxes	6 Months Ended
	Aug. 02, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	5	Income Taxes
	The provision for income taxes is based on the current estimate of the annual effective tax rate. The effective income tax rates for the thirteen and twenty six weeks ended August 2, 2014 were 37.7% and 38.0%, respectively. The effective tax rates for both the thirteen and twenty six weeks ended August 3, 2013 was 39.3%. The difference between our effective tax rate and federal statutory rate primarily relates to state income taxes.

Revolving_Credit_Facility

Revolving Credit Facility	6 Months Ended
	Aug. 02, 2014
Debt Disclosure [Abstract]	'
Revolving Credit Facility	'
	6	Revolving Credit Facility
	On August 30, 2013, Francesca’s Collections, Inc. (“Francesca’s Collections” or the “Borrower”), as borrower, and its parent company, Francesca’s LLC, a wholly owned subsidiary of the Company, entered into a Second Amended and Restated Credit Agreement with Royal Bank of Canada, as Administrative Agent and Collateral Agent, and the lenders party thereto. The credit facility provides capacity of $75.0 million (including up to $10.0 million for letters of credit) and matures on August 30, 2018.  The facility also contains an option permitting the Borrower, subject to certain requirements and conditions, to arrange with the lenders for additional incremental commitments up to an aggregate of $25.0 million, subject to reductions in the event the Borrower has certain indebtedness outstanding.  At August 2, 2014, $5.0 million was outstanding under the credit facility and no letters of credit were outstanding. See Note 10, “Subsequent Event” for additional information.
	The credit facility contains customary events of default and requires the Borrower to comply with certain financial covenants. As of August 2, 2014, the Borrower was in compliance with all covenants under the credit facility. The credit facility restricts the amount of dividends the Borrower can pay; provided that the Borrower is permitted to pay dividends to the extent it has available capacity in its available investment basket (as defined in the Second Amended and Restated Credit Agreement), no default or event of default is continuing, certain procedural requirements have been satisfied and the Borrower is in pro forma compliance with a maximum secured leverage ratio. At August 2, 2014, the Borrower would have met the conditions for paying dividends out of the available investment basket. All obligations under the credit facility are secured by substantially all the assets of the Borrower and any subsidiary guarantor, if any. All obligations under the facility are unconditionally guaranteed by, subject to certain exceptions, by Francesca’s LLC and each of the Borrower’s existing and future direct and indirect wholly-owned domestic subsidiaries.

Stockbased_Compensation

Stock-based Compensation	6 Months Ended
	Aug. 02, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	7	Stock-based Compensation
	The Company’s employees participate in various stock-based compensation plans, including stock options and restricted stock awards.
	Stock-based compensation cost is measured at the grant date fair value and is recognized as an expense on a straight-line basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company estimates forfeitures for grants that are not expected to vest. The stock-based compensation cost recognized in the thirteen and twenty six weeks ended August 2, 2014 totaled $0.8 million and $1.6 million, respectively. The stock-based compensation cost recognized in the thirteen and twenty six weeks ended August 3, 2013 totaled $1.0 million and $2.0 million, respectively,
	Stock Options
	During the twenty six weeks ended August 2, 2014 and August 3, 2013, the intrinsic value of stock options exercised totaled $2.8 million and $7.7 million, respectively, while stock options were granted at a weighted average grant date fair value of $8.03 and $15.55, respectively.
	As of August 2, 2014 there was approximately $6.4 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized over a weighted-average period of 3 years.
	Restricted Stock Awards
	On April 11, 2014, the Company awarded a total of 158,450 service and performance-based restricted stock awards to certain executives and other key employees. These awards entitle the grantee to receive up to a maximum of 1.5 shares of the Company’s common stock per service-based and performance-based restricted stock award if the Company achieves specified annual performance goals set at the beginning of each of the fiscal years 2014, 2015 and 2016. The grantee may earn a portion of the award based on the annual performance during each individual year but must remain continuously employed with the Company for the entire three year vesting period to receive such awards. The specified performance goals include the achievement of certain levels of earnings per share and net sales growth. The fair value of the restricted stock awards is based on the closing price of the Company’s common stock on the award date, which was $17.04 per share for those awards related to the fiscal 2014 performance period. Compensation expense is recognized when it is probable that specified performance goals will be achieved. Such compensation is recognized from the award date over the remaining vesting period. As of August 2, 2014, no compensation expense has been recognized related to these awards.

Share_Repurchases

Share Repurchases	6 Months Ended
	Aug. 02, 2014
Share Repurchases [Abstract]	'
Share Repurchases	'
	8	Share Repurchases
	On September 3, 2013, the Company’s Board of Directors authorized a $100.0 million share repurchase program commencing on the same date.  This authorization has no expiration date.  Under the repurchase program, purchases can be made from time to time in the open market, in privately negotiated transactions, under Rule 10b5-1 plans or through other available means.  The specific timing and amount of the repurchases is dependent on market conditions, securities law limitations and other factors.  There were no share repurchases during the thirteen weeks ended August 2, 2013. During the twenty six weeks ended August 2, 2014, the Company repurchased  285,000 shares of its common stock at a cost of approximately $5.3 million or an average price (including brokers’ commission) of $18.49 per share.  The cost of repurchased shares is presented as treasury stock in the unaudited consolidated balance sheets.  As of August 2, 2014, the remaining balance available for future share repurchase was approximately $39.9 million.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 02, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	9	Commitments and Contingencies
	Operating Leases
	The Company leases boutique space and office space under operating leases expiring in various years through the fiscal year ending 2025. Certain of the leases provide that the Company may cancel the lease, with penalties as defined in the lease, if the Company’s boutique sales at that location fall below an established level. Certain leases provide for additional rent payments to be made when sales exceed a base amount. Certain operating leases provide for renewal options for periods from three to five years at their fair rental value at the time of renewal.
	Minimum future rental payments under non-cancellable operating leases as of August 2, 2014, are as follows:
	Fiscal year		Amount
			(In thousands)
	Remainder of 2014		$	16,376
	2015			33,948
	2016			33,309
	2017			32,278
	2018			30,054
	Thereafter			86,450
			$	232,415
	Legal Proceedings
	On September 27, 2013 and November 4, 2013, two purported class action lawsuits entitled Ortuzar v. Francesca’s Holdings Corp., et al. and West Palm Beach Police Pension Fund v. Francesca’s Holdings Corp., et al. were filed in the United States District Court for the Southern District of New York against the Company and certain of its current and former directors and officers for alleged violations of the federal securities laws arising from statements in certain public disclosures regarding the Company’s current and future business and financial condition. On December 19, 2013, the Court consolidated the actions and appointed Arkansas Teacher Retirement System as lead plaintiff. On March 14, 2014, lead plaintiff filed a consolidated class action complaint purportedly on behalf of shareholders that purchased or acquired the Company’s publicly traded common stock between July 22, 2011 and September 3, 2013 against the Company and certain of its current and former directors and officers. The consolidated complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a) (2), and 15 of the Securities Act of 1933 for allegedly false and misleading statements in the Company’s public disclosures concerning, among other things, the Company’s relationship with certain vendors. The lawsuit seeks damages in an unspecified amount. On May 13, 2014 defendants moved to dismiss the consolidated complaint. That motion was fully briefed as of August 13, 2014. The Company believes that the allegations contained in the consolidated complaint are without merit and intends to vigorously defend itself against all claims asserted therein.
	On December 11, 2013, a purported shareholder derivative action entitled Daniell v. De Merritt, et al. was filed on behalf of the Company in the District Court of Harris County, Texas, naming certain of the Company’s current and former officers and directors as defendants and naming the Company as a nominal defendant. The complaint alleged breaches of fiduciary duty including the dissemination of false and misleading statements, failure to maintain internal controls, and insider selling and misappropriation of information, unjust enrichment, abuse of control, and gross mismanagement. This derivative action sought damages in an unspecified amount, an order directing the Company “to reform and improve” corporate governance and internal controls, restitution and disgorgement from the defendants, and costs and attorneys’ fees. On January 30, 2014, the Company and defendants moved to dismiss the complaint, on May 9, 2014, plaintiff filed an amended petition alleging the same causes of action, and on May 16, 2014, plaintiff filed a notice of nonsuit seeking an order dismissing his claims without prejudice. On May 28, 2014, plaintiff filed a substantially similar complaint alleging the same causes in the Delaware Court of Chancery. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time and, as such, the Company has not recorded an accrual for any possible loss.
	On July 8, 2014, a purported shareholder derivative action entitled Murphy v. Davis, et al. was filed on behalf of the Company in the Delaware Court of Chancery, naming certain of the Company’s current and former officers and directors as defendants and naming the Company as a nominal defendant. The Murphy complaint alleges claims of breaches of fiduciary duty, waste, and unjust enrichment. The Murphy complaint seeks damages in an unspecified amount, an order directing the Company “to reform and improve” corporate governance and internal controls, equitable and/or injunctive relief, restitution and disgorgement from the defendants, and costs and attorneys’ fees. The Company, Defendants, the Daniell plaintiff, and the Murphy plaintiff have agreed, subject to Court approval, to the consolidation of the Daniell and Murphy cases and the filing of a consolidated complaint.
	The Company, from time to time, is subject to various claims and legal proceedings arising in the ordinary course of business.  While the outcome of any such claim cannot be predicted with certainty, in the opinion of management, the outcome of these matters is unlikely to have a material adverse effect on the Company’s business, results of operations or financial condition.

Subsequent_Event

Subsequent Event	6 Months Ended
	Aug. 02, 2014
Subsequent Events [Abstract]	'
Subsequent Event	'
	10	Subsequent Event
	Subsequent to quarter-end, the Borrower paid the outstanding balance on its revolving credit facility totaling $5.0 million. As of September 10, 2014, there was no outstanding amount under the revolving credit facility.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 02, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations, changes in equity, and cash flows at the dates and for the periods presented. The financial information as of February 1, 2014 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended February 1, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2014.
	These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes as of and for the fiscal year ended February 1, 2014 included in the Company’s Annual Report on Form 10-K.
	Due to seasonal variations in the retail industry, interim results are not necessarily indicative of results that may be expected for any other interim period or for a full year.
Principles of Consolidation	'
	Principles of Consolidation
	The accompanying unaudited consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
Fiscal Year	'
	Fiscal Year
	The Company maintains its accounts on a 52- or 53-week year ending on the Saturday closest to January 31st. Fiscal years 2014 and 2013 each include 52 weeks of operations. The fiscal quarters ended August 2, 2014 and August 3, 2013 refer to the thirteen-week periods ended as of those dates. The year-to-date periods ended August 2, 2014 and August 3, 2013 refer to the twenty-six week periods ended as of those dates.
Management Estimates and Assumptions	'
	Management Estimates and Assumptions
	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 the reported amounts of revenues, net of estimated sales return, and expenses during the reporting periods. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board ( “FASB” ) issued Accounting Standards Update ( “ASU” ) No. 2014-15, “Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements or disclosures.
	In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This pronouncement was issued to improve the financial reporting of revenue and improves comparability of the top line in financial statements globally and is effective for reporting periods beginning on or after December 15, 2016. The Company is in the process of assessing the provisions of this new guidance and has not determined whether the adoption will have a material impact on our consolidated financial statements.
Earnings Per Share	'
	Earnings Per Share
	Basic earnings per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of stock options and restricted stock grants using the more dilutive of treasury stock method or the two-class method.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	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. The carrying amount reflected in the consolidated balance sheets of financial assets and liabilities, which includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximated their fair values due to the short term nature of these financial assets and liabilities. The carrying value of the Company’s debt approximates its fair value primarily due to the variable component of interest on debt.
Stock-based Compensation	'
	Stock-based Compensation
	Stock-based compensation cost is measured at the grant date fair value and is recognized as an expense on a straight-line basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company estimates forfeitures for grants that are not expected to vest. The stock-based compensation cost recognized in the thirteen and twenty six weeks ended August 2, 2014 totaled $0.8 million and $1.6 million, respectively. The stock-based compensation cost recognized in the thirteen and twenty six weeks ended August 3, 2013 totaled $1.0 million and $2.0 million, respectively,

Earnings_per_Share_Tables

Earnings per Share (Tables)	6 Months Ended
	Aug. 02, 2014
Earnings Per Share [Abstract]	'
Earnings per share	'
	The following table summarizes the potential dilution that could occur if options to acquire common stock were exercised or if restricted stock grants were fully vested and reconciles the weighted-average common shares outstanding used in the computation of basic and diluted earnings per share:
		Thirteen Weeks Ended				Twenty Six Weeks Ended
		August 2,		August 3,		August 2,		August 3,
		2014		2013		2014		2013
		(in thousands, except per share data)
	Numerator:
	Net income	$	10,307	$	14,619	$	18,867	$	25,556
	Denominator:
	Weighted-average common shares outstanding - basic		42,252		44,050		42,220		43,995
	Options and other dilutive securities		115		855		144		899
	Weighted-average common shares outstanding - diluted		42,367		44,905		42,364		44,894
	Per common share:
	Basic earnings per common share	$	0.24	$	0.33	$	0.45	$	0.58
	Diluted earnings per common share	$	0.24	$	0.33	$	0.45	$	0.57

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	6 Months Ended
	Aug. 02, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases	'
	Minimum future rental payments under non-cancellable operating leases as of August 2, 2014, are as follows:
	Fiscal year	Amount
		(In thousands)
	Remainder of 2014	$	16,376
	2015		33,948
	2016		33,309
	2017		32,278
	2018		30,054
	Thereafter		86,450
		$	232,415

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Aug. 02, 2014
	States
	Boutiques
Company Information and Summary of Significant Accounting Policies [Line Items]	'
Year of Incorporation	'2007
Entity Incorporation, State Country Name	'Delaware
Number of Boutiques in Operation	526
Number of States in which Entity Operates	47

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Aug. 03, 2013
Numerator:	'	'	'	'
Net income	$10,307	$14,619	$18,867	$25,556
Denominator:	'	'	'	'
Weighted-average common shares outstanding - basic (in shares)	42,252	44,050	42,220	43,995
Options and other dilutive securities (in shares)	115	855	144	899
Weighted-average common shares outstanding - diluted (in shares)	42,367	44,905	42,364	44,894
Per common share:	'	'	'	'
Basic earnings per common share (in dollars per share)	$0.24	$0.33	$0.45	$0.58
Diluted earnings per common share (in dollars per share)	$0.24	$0.33	$0.45	$0.57

Earnings_per_Share_Details_Tex

Earnings per Share (Details Textual)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Aug. 03, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.9	0.8	0.9	0.8

Inventory_Details_Textual

Inventory (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Aug. 02, 2014
Inventory [Line Items]	'
Cost of Disposed Inventory	$2.90

Income_Taxes_Details_Textual

Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Aug. 03, 2013
Income Tax Disclosure [Line Items]	'	'	'	'
Effective Income Tax Rate	37.70%	39.30%	38.00%	39.30%

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details Textual) (Revolving Credit Facility [Member], USD $)	6 Months Ended
In Millions, unless otherwise specified	Aug. 02, 2014
Revolving Credit Facility [Member]	'
Revolving Credit Facility Details	'
Revolving Credit Facility, Initiation Date	30-Aug-13
Revolving Credit Facility Maximum Borrowing Capacity	$75
Availability for Letters of Credit Under the Revolving Credit Facility	10
Revolving Credit Facility, Expiration Date	30-Aug-18
Available Option to Increase the Borrowing Capacity Under the Revolving Credit Faciltiy	25
Amount Outstanding under the Revolving Credit Facility	$5
Covenant Compliance	'As of August 2, 2014, the Borrower was in compliance with all covenants under the credit facility.

Stockbased_Compensation_Detail

Stock-based Compensation (Details Textual) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Aug. 03, 2013
Stock-based Compensation Disclosures	'	'	'	'
Stock-based Compensation	$0.80	$1	$1.60	$2
Employee Stock Option [Member]	'	'	'	'
Stock-based Compensation Disclosures	'	'	'	'
Weighted Average Grant Date Fair Value of Options Granted During the Period (in dollars per share)	'	'	$8.03	$15.55
Aggregate Intrinsic Value of Options Exercised	'	'	2.8	7.7
Unrecognized Compensation Cost Related to Stock Options	6.4	'	6.4	'
Weighted Average Period Over Which Unrecognized Compensation Costs Related to Non-vested Awards will be Recognized (in years)	'	'	'3 years	'
Restricted Stock [Member]	'	'	'	'
Stock-based Compensation Disclosures	'	'	'	'
Restricted Stocks Granted During the Period (in shares)	'	'	158,450	'
Maximum Shares to be Received if the Performance Goals are Achieved	'	'	1.5	'
Weighted Average Fair Value of Restricted Stocks Granted During the Period (in dollars per share)	'	'	$17.04	'
Stock-based Compensation	'	'	$0	'

Share_Repurchases_Details_Text

Share Repurchases (Details Textual) (USD $)	3 Months Ended	6 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Aug. 02, 2014	Aug. 02, 2014	Sep. 03, 2013
Treasury Stock Disclosure [Line Items]	'	'	'
Amount Authorized Under the Stock Repurchase Program	'	'	$100,000,000
Number of Treasury Stock Acquired	0	285	'
Cost of Treasury Stocks Acquired	'	5,270,000	'
Average Cost Per Share of Treasury Stock Acquired	'	$18.49	'
Remaining Authorized Amount Under the Stock Repurchase Program	$39,900,000	$39,900,000	'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Aug. 02, 2014
In Thousands, unless otherwise specified
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]	'
Remainder of 2014	$16,376
2015	33,948
2016	33,309
2017	32,278
2018	30,054
Thereafter	86,450
Total	$232,415

Subsequent_Event_Details_Textu

Subsequent Event (Details Textual) (USD $)	6 Months Ended			1 Months Ended
	Aug. 02, 2014	Aug. 03, 2013	Aug. 02, 2014	Sep. 10, 2014
			Revolving Credit Facility [Member]	Subsequent Event [Member]
				Revolving Credit Facility [Member]
Subsequent Event [Line Items]	'	'	'	'
Repayment of borrowing under the revolving credit facility	$20,000,000	$0	'	$5,000,000
Outstanding Amount Under the Revolving Credit Facility	'	'	$5,000,000	$0