Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Nov. 30, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Francesca's Holdings CORP | |
Entity Central Index Key | 1,399,935 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,657,350 | |
Trading Symbol | FRAN | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 42,015 | $ 39,071 | $ 22,830 |
Accounts receivable | 8,683 | 12,279 | 9,214 |
Inventories | 43,885 | 23,801 | 35,428 |
Deferred income taxes | 5,737 | 4,858 | 4,797 |
Prepaid expenses and other current assets | 6,023 | 5,890 | 5,699 |
Total current assets | 106,343 | 85,899 | 77,968 |
Property and equipment, net | 79,017 | 74,095 | 70,646 |
Deferred income taxes | 6,659 | 3,642 | 6,573 |
Other assets, net | 1,656 | 1,909 | 2,776 |
TOTAL ASSETS | 193,675 | 165,545 | 157,963 |
Current liabilities: | |||
Accounts payable | 15,933 | 11,550 | 13,074 |
Accrued liabilities | 14,817 | 11,904 | 8,610 |
Total current liabilities | 30,750 | 23,454 | 21,684 |
Landlord incentives and deferred rent | 37,540 | 32,877 | 33,299 |
Total liabilities | $ 68,290 | $ 56,331 | $ 54,983 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock - $.01 par value, 80.0 million shares authorized; 45.5 million shares issued at each October 31, 2015, January 31, 2015 and November 1, 2014, respectively. | $ 455 | $ 455 | $ 455 |
Additional paid-in capital | 106,722 | 105,498 | 105,235 |
Retained earnings | 86,900 | 63,404 | 57,433 |
Treasury stock, at cost - 3.8 million, 3.2 million and 3.2 million shares held at October 31, 2015, January 31, 2015 and November 1, 2014, respectively. | (68,692) | (60,143) | (60,143) |
Total stockholders’ equity | 125,385 | 109,214 | 102,980 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 193,675 | $ 165,545 | $ 157,963 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Oct. 31, 2015 | Jan. 31, 2015 | Nov. 01, 2014 |
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 | 45.5 | 45.5 |
Treasury stock, shares | 3.8 | 3.2 | 3.2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net sales | $ 103,728 | $ 87,110 | $ 304,772 | $ 269,853 |
Cost of goods sold and occupancy costs | 55,362 | 45,925 | 161,205 | 141,521 |
Gross profit | 48,366 | 41,185 | 143,567 | 128,332 |
Selling, general and administrative expenses | 37,286 | 29,810 | 105,422 | 86,275 |
Income from operations | 11,080 | 11,375 | 38,145 | 42,057 |
Interest expense | (122) | (117) | (344) | (507) |
Other income (expense) | 29 | 42 | (91) | 201 |
Income before income tax expense | 10,987 | 11,300 | 37,710 | 41,751 |
Income tax expense | 4,036 | 4,030 | 14,214 | 15,614 |
Net income | $ 6,951 | $ 7,270 | $ 23,496 | $ 26,137 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.55 | $ 0.62 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.55 | $ 0.62 |
Weighted average shares outstanding: | ||||
Basic shares (in shares) | 42,148 | 42,298 | 42,262 | 42,246 |
Diluted shares (in shares) | 42,246 | 42,389 | 42,365 | 42,373 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Oct. 31, 2015 - USD ($) $ in Thousands | Total | Common Stock Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Treasury Stock, at cost |
Balance at Jan. 31, 2015 | $ 109,214 | $ 455 | $ 105,498 | $ 63,404 | $ (60,143) | |
Balance (in shares) at Jan. 31, 2015 | 42,298,000 | |||||
Net income | 23,496 | 0 | 0 | 23,496 | 0 | |
Stock-based compensation | 2,416 | 0 | 2,416 | 0 | 0 | |
Stock options exercised | 206 | 0 | 206 | 0 | 0 | |
Stock options exercised (in shares) | 46,000 | |||||
Tax effect of stock-based compensation | (1,398) | 0 | (1,398) | 0 | 0 | |
Repurchases of common stock | $ (8,549) | 0 | 0 | 0 | (8,549) | |
Repurchases of common stock (in shares) | (666,000) | (666,000) | ||||
Balance at Oct. 31, 2015 | $ 125,385 | $ 455 | $ 106,722 | $ 86,900 | $ (68,692) | |
Balance (in shares) at Oct. 31, 2015 | 41,678,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Cash Flows Provided By Operating Activities: | ||
Net income | $ 23,496 | $ 26,137 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,361 | 9,848 |
Stock-based compensation expense | 2,416 | 2,488 |
Excess tax benefit from stock-based compensation | (81) | (226) |
Loss on sale of assets | 360 | 191 |
Deferred income taxes | (5,374) | (4,470) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,677 | (4) |
Inventories | (20,084) | (10,814) |
Prepaid expenses and other assets | (66) | (240) |
Accounts payable | 6,086 | 3,268 |
Accrued liabilities | 2,913 | (1,213) |
Landlord incentive and deferred rent | 4,663 | 5,851 |
Net cash provided by operating activities | 30,367 | 30,816 |
Cash Flows Used in Investing Activities: | ||
Purchase of property and equipment | (19,850) | (16,785) |
Proceeds from sale of assets | 12 | 13 |
Net cash used in investing activities | (19,838) | (16,772) |
Cash Flows Used in Financing Activities: | ||
Repurchases of common stock | (7,872) | (5,270) |
Proceeds from the exercise of stock options | 206 | 1,332 |
Excess tax benefit from stock-based compensation | 81 | 226 |
Repayments of borrowings under the revolving credit facility | 0 | (25,000) |
Net cash used in financing activities | (7,585) | (28,712) |
Net increase (decrease) in cash and cash equivalents | 2,944 | (14,668) |
Cash and cash equivalents, beginning of year | 39,071 | 37,498 |
Cash and cash equivalents, end of period | 42,015 | 22,830 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for income taxes | 14,909 | 17,716 |
Interest paid | $ 142 | $ 340 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2015 | |
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 Delaware 619 47 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 January 31, 2015 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended January 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2015. 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 January 31, 2015 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. The accompanying unaudited consolidated financial statements include the accounts of the Company and all its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company maintains its accounts on a 52- or 53-week year ending on the Saturday closest to January 31 st Certain prior year amounts in the consolidated statements of cash flows have been reclassified to facilitate comparability with the current year’s presentation. These reclassifications do not materially impact the consolidated financial statements for the prior periods presented. 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 returns, and expenses during the reporting periods. Actual results could differ materially from those estimates. In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This pronouncement requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning on or after December 15, 2017, including interim periods within that fiscal year, with early adoption permitted for interim and annual 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 | 9 Months Ended |
Oct. 31, 2015 | |
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. Thirteen Weeks Ended Thirty Nine Weeks Ended October 31, November 1, October 31, November 1, (in thousands, except per share data) Numerator: Net income $ 6,951 $ 7,270 $ 23,496 $ 26,137 Denominator: Weighted-average common shares outstanding - basic 42,148 42,298 42,262 42,246 Options and other dilutive securities 98 91 103 127 Weighted-average common shares outstanding - diluted 42,246 42,389 42,365 42,373 Per common share: Basic earnings per common share $ 0.16 $ 0.17 $ 0.55 $ 0.62 Diluted earnings per common share $ 0.16 $ 0.17 $ 0.55 $ 0.62 Potentially issuable shares under the Company’s stock-based compensation plans amounting to 0.4 0.8 1.1 0.1 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 4. 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 thirty nine weeks ended October 31, 2015 were 36.7 37.7 35.7 37.4 |
Revolving Credit Facility
Revolving Credit Facility | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Revolving Credit Facility On August 30, 2013 75.0 10.0 August 30, 2018 25.0 The credit facility contains customary events of default and requires the Borrower to comply with certain financial covenants. As of October 31, 2015, 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 October 31, 2015, 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, Francesca’s LLC and each of the Borrower’s existing and future direct and indirect wholly-owned domestic subsidiaries. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 6. 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 thirty nine weeks ended October 31, 2015 totaled $ 0.8 2.4 0.9 2.5 Stock Options During the thirty nine weeks ended October 31, 2015 and November 1, 2014, the Company granted 81,460 77,584 8.44 8.03 As of October 31, 2015 there was approximately $ 7.2 3 Restricted Stock Awards In March 2015, the Company established performance goals for fiscal year 2015 applicable to 114,679 the third anniversary of the date on which the award was originally approved by the Compensation Committee of the Board of Directors. 0.2 0.3 0 |
Share Repurchases
Share Repurchases | 9 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Share Repurchases | 7. Share Repurchases On September 3, 2013, the Company’s Board of Directors authorized a $ 100.0 666,000 8.5 12.83 repurchased 5.3 18.49 31.4 Subsequent to October 31, 2015 through December 7, 2015, the Company repurchased 358,000 5.0 13.92 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. 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 2027 three five Fiscal year Amount (In thousands) Remainder of 2015 $ 9,779 2016 39,420 2017 38,880 2018 37,377 2019 34,668 Thereafter 94,646 $ 254,770 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. On December 19, 2013, the Court consolidated these actions. On March 14, 2014, lead plaintiff filed a consolidated class action complaint. The consolidated complaint asserted 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. On May 13, 2014 the defendants moved to dismiss the consolidated complaint. By Order and Judgment entered April 1, 2015, the Court granted defendants’ motion to dismiss and dismissed the consolidated complaint in its entirety with prejudice and closed the case. On April 29, 2015, the lead plaintiff filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit of the Court’s judgment dismissing the consolidated complaint. On June 12, 2015, the U.S. Court of Appeals for the Second Circuit granted the parties’ stipulation of voluntary dismissal, which withdrew the appeal with prejudice. On each of May 28, 2014 and July 8, 2014, a purported shareholder derivative action entitled Daniell v. De Merritt, et al. and Murphy v. Davis, et al., respectively, purportedly on behalf of the Company, was filed in the Delaware Court of Chancery, naming certain of the Company’s current and former officers, directors, and shareholders as defendants and naming the Company as a nominal defendant. On September 3, 2014, the Court of Chancery consolidated the Daniell and Murphy cases. Plaintiffs filed a consolidated amended complaint on September 23, 2014 alleging claims of breach of fiduciary duty and unjust enrichment. The consolidated amended complaint sought 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. On October 23, 2014, defendants filed a motion to dismiss the consolidated amended complaint, which was fully briefed. On June 12, 2015, the plaintiff voluntary dismissed the action with prejudice as to the named plaintiffs, and the Court entered an order dismissing the action with each party bearing its own fees and costs. 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. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
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 January 31, 2015 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended January 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2015. 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 January 31, 2015 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 intercompany 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 31 st |
Reclassifications | Reclassifications Certain prior year amounts in the consolidated statements of cash flows have been reclassified to facilitate comparability with the current year’s presentation. These reclassifications do not materially impact the consolidated financial statements for the prior periods presented. |
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 returns, and expenses during the reporting periods. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In May 2014 the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This pronouncement requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning on or after December 15, 2017, including interim periods within that fiscal year, with early adoption permitted for interim and annual 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 the treasury stock method or the two-class method. |
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 thirty nine weeks ended October 31, 2015 totaled $0.8 million and $2.4 million, respectively. The stock-based compensation cost recognized in the thirteen and thirty nine weeks ended November 1, 2014 totaled $0.9 million and $2.5 million, respectively. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
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 Thirty Nine Weeks Ended October 31, November 1, October 31, November 1, (in thousands, except per share data) Numerator: Net income $ 6,951 $ 7,270 $ 23,496 $ 26,137 Denominator: Weighted-average common shares outstanding - basic 42,148 42,298 42,262 42,246 Options and other dilutive securities 98 91 103 127 Weighted-average common shares outstanding - diluted 42,246 42,389 42,365 42,373 Per common share: Basic earnings per common share $ 0.16 $ 0.17 $ 0.55 $ 0.62 Diluted earnings per common share $ 0.16 $ 0.17 $ 0.55 $ 0.62 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015, are as follows: Fiscal year Amount (In thousands) Remainder of 2015 $ 9,779 2016 39,420 2017 38,880 2018 37,377 2019 34,668 Thereafter 94,646 $ 254,770 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Year of Incorporation | 2,007 | |
State of Incorporation | Delaware | |
Number of Boutiques in Operation | 619 | |
Number of States in which Entity Operates | 47 | |
Fiscal Year [Member] | ||
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Length of Fiscal Period | 364 days | 364 years |
Year-to-Date [Member] | ||
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Length of Fiscal Period | 273 days | 273 days |
Third Quarter [Member] | ||
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Length of Fiscal Period | 91 days | 91 days |
Minimum [Member] | Fiscal Year [Member] | ||
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Length of Fiscal Period | 364 days | |
Maximum [Member] | Fiscal Year [Member] | ||
Company Information and Summary of Significant Accounting Policies [Line Items] | ||
Length of Fiscal Period | 371 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Numerator: | ||||
Net income | $ 6,951 | $ 7,270 | $ 23,496 | $ 26,137 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 42,148 | 42,298 | 42,262 | 42,246 |
Options and other dilutive securities (in shares) | 98 | 91 | 103 | 127 |
Weighted-average common shares outstanding - diluted (in shares) | 42,246 | 42,389 | 42,365 | 42,373 |
Per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.55 | $ 0.62 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.55 | $ 0.62 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Stock Compensation Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding | 0.4 | 0.8 | 0.4 | 0.8 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding | 1.1 | 0.1 | 1.1 | 0.1 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate | 36.70% | 35.70% | 37.70% | 37.40% |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details Textual) $ in Millions | 9 Months Ended |
Oct. 31, 2015USD ($) | |
Revolving Credit Facility Details | |
Initiation Date | Aug. 30, 2013 |
Maximum Borrowing Capacity | $ 75 |
Availability for Letters of Credit Under the Revolving Credit Facility | $ 10 |
Maturity Date | Aug. 30, 2018 |
Available Option to Increase the Borrowing Capacity Under the Revolving Credit Facility | $ 25 |
Letters of Credit Outstanding, Amount | 0 |
Amount Outstanding under the Revolving Credit Facility | $ 0 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Stock-based Compensation Disclosures | ||||
Stock-based Compensation | $ 0.8 | $ 0.9 | $ 2.4 | $ 2.5 |
Performance Shares [Member] | ||||
Stock-based Compensation Disclosures | ||||
Stock-based Compensation | 0.2 | $ 0 | $ 0.3 | $ 0 |
Performance-based Restricted Stocks Granted During the Period | 114,679 | |||
Requisite vesting period | 3 years | |||
Performance Shares [Member] | Minimum [Member] | ||||
Stock-based Compensation Disclosures | ||||
Percent of Target Shares that May Vest | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Stock-based Compensation Disclosures | ||||
Percent of Target Shares that May Vest | 150.00% | |||
Employee Stock Option [Member] | ||||
Stock-based Compensation Disclosures | ||||
Unrecognized Compensation Cost Related to Stock Options | $ 7.2 | $ 7.2 | ||
Weighted Average Period Over Which Unrecognized Compensation Costs Related to Non-vested Awards will be Recognized (in years) | 3 years | |||
Number of Options Granted During The Period | 81,460 | 77,584 | ||
Weighted Average Grant Date Fair Value of Options Granted During the Period | $ 8.44 | $ 8.03 |
Share Repurchases (Details Text
Share Repurchases (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 07, 2015 | Oct. 31, 2015 | Oct. 31, 2015 | Nov. 01, 2014 | Sep. 03, 2013 | |
Treasury Stock Disclosure [Line Items] | |||||
Amount Authorized Under the Stock Repurchase Program | $ 100,000 | ||||
Average Cost Per Share of Treasury Stock Acquired | $ 12.83 | $ 12.83 | $ 18.49 | ||
Remaining Authorized Amount Under the Stock Repurchase Program | $ 31,400 | $ 31,400 | |||
Treasury Stock, Shares, Acquired | 666,000 | 666,000 | 285,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 8,500 | $ 8,549 | $ 5,300 | ||
Repurchases Subsequent to Quarter-end Through Dec. 7, 2015 | |||||
Treasury Stock Disclosure [Line Items] | |||||
Average Cost Per Share of Treasury Stock Acquired | $ 13.92 | ||||
Treasury Stock, Shares, Acquired | 358,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 5,000 |
Commitments and Contingencies25
Commitments and Contingencies (Details) $ in Thousands | Oct. 31, 2015USD ($) |
Future Minimum Payments [Abstract] | |
Remainder of 2015 | $ 9,779 |
2,016 | 39,420 |
2,017 | 38,880 |
2,018 | 37,377 |
2,019 | 34,668 |
Thereafter | 94,646 |
Total | $ 254,770 |
Commitments and Contingencies26
Commitments and Contingencies (Details Textual) | 9 Months Ended |
Oct. 31, 2015 | |
Leases, Operating [Abstract] | |
Lease Expiration Year | 2,027 |
Minimum [Member] | |
Leases, Operating [Abstract] | |
Lease renewal term option | 3 years |
Maximum [Member] | |
Leases, Operating [Abstract] | |
Lease renewal term option | 5 years |