FHC (FRAN) 10-Q 6 Dec 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Oct. 28, 2017	Nov. 15, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 28, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	Francesca's Holdings CORP
Entity Central Index Key	1,399,935
Current Fiscal Year End Date	--02-03
Entity Filer Category	Accelerated Filer
Trading Symbol	FRAN
Entity Common Stock, Shares Outstanding		36,179,570

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Current assets:
Cash and cash equivalents	$ 19,020	$ 53,202	$ 24,725
Accounts receivable	18,150	5,605	8,218
Inventories	38,824	23,958	42,774
Deferred income taxes	0	8,487	5,709
Prepaid expenses and other current assets	10,179	8,823	7,745
Total current assets	86,173	100,075	89,171
Property and equipment, net	85,710	80,484	82,992
Deferred income taxes	15,577	6,978	4,425
Other assets, net	3,794	2,056	1,370
TOTAL ASSETS	191,254	189,593	177,958
Current liabilities:
Accounts payable	28,239	9,205	16,550
Accrued liabilities	12,848	25,761	16,629
Total current liabilities	41,087	34,966	33,179
Landlord incentives and deferred rent	38,327	38,092	38,821
Total liabilities	79,414	73,058	72,000
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.01 par value, 80.0 million shares authorized; 46.4 million, 46.1 million and 46.1 million shares issued at October 28, 2017, January 28, 2017 and October 29, 2016, respectively.	464	461	461
Additional paid-in capital	111,065	109,008	107,908
Retained earnings	155,319	143,557	128,922
Treasury stock, at cost - 10.2 million, 8.5 million and 8.3 million shares at October 28, 2017, January 28, 2017 and October 29, 2016, respectively.	(155,008)	(136,491)	(131,333)
Total stockholders’ equity	111,840	116,535	105,958
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 191,254	$ 189,593	$ 177,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Oct. 28, 2017	Jan. 28, 2017	Oct. 29, 2016
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
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	46.4	46.1	46.1
Treasury stock, shares	10.2	8.5	8.3

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Net sales	$ 105,791	$ 119,470	$ 333,187	$ 340,843
Cost of goods sold and occupancy costs	63,931	61,843	187,249	180,149
Gross profit	41,860	57,627	145,938	160,694
Selling, general and administrative expenses	41,405	41,872	126,338	116,353
Income from operations	455	15,755	19,600	44,341
Interest expense	(109)	(131)	(332)	(353)
Other income	88	79	278	118
Income before income tax expense	434	15,703	19,546	44,106
Income tax expense	195	6,009	7,711	16,740
Net income	$ 239	$ 9,694	$ 11,835	$ 27,366
Basic earnings per common share	$ 0.01	$ 0.26	$ 0.33	$ 0.7
Diluted earnings per common share	$ 0.01	$ 0.26	$ 0.32	$ 0.7
Weighted average shares outstanding:
Basic shares	35,884	37,552	36,387	38,831
Diluted shares	35,959	37,675	36,525	38,945

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Oct. 28, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, at cost
Balance at Jan. 28, 2017	$ 116,535		$ 461	$ 109,008	$ 143,557	$ (136,491)
Balance (in shares) at Jan. 28, 2017		37,541
Net income	11,835				11,835
Stock-based compensation	2,082			2,082
Restricted stocks issued, net of forfeitures	0		3	(3)
Restricted stocks issued, net of forfeitures (in shares)		264
Shares withheld related to net settlement of equity awards	(142)		0	(142)
Shares withheld related to net settlement of equity awards (in shares)		(12)
Cumulative effect adjustment on adoption of Accounting Standards Update 2016-09	47			120	(73)
Repurchases of common stock	$ (18,517)			0		(18,517)
Repurchases of common stock (in shares)	(1,614)	(1,614)
Balance at Oct. 28, 2017	$ 111,840		$ 464	$ 111,065	$ 155,319	$ (155,008)
Balance (in shares) at Oct. 28, 2017		36,179

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016
Cash Flows Provided by Operating Activities:
Net income	$ 11,835	$ 27,366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,749	14,415
Stock-based compensation expense	2,082	18
Excess tax benefit from stock-based compensation	0	(2)
Loss on disposal of assets	565	265
Deferred income taxes	(65)	(81)
Impairment charges	100	66
Changes in operating assets and liabilities:
Accounts receivable	(12,272)	1,364
Inventories	(14,866)	(11,233)
Prepaid expenses and other assets	(3,529)	(1,294)
Accounts payable	16,987	2,015
Accrued liabilities	(12,913)	301
Landlord incentives and deferred rent	235	2,269
Net cash provided by operating activities	3,908	35,469
Cash Flows Used in Investing Activities:
Purchases of property and equipment	(19,121)	(18,666)
Other	0	8
Net cash used in investing activities	(19,121)	(18,658)
Cash Flows Used in Financing Activities:
Repurchases of common stock	(18,827)	(48,715)
Taxes paid related to net share settlement of equity awards	(142)	0
Proceeds from the exercise of stock options	0	403
Excess tax benefit from stock-based compensation	0	2
Net cash used in financing activities	(18,969)	(48,310)
Net decrease in cash and cash equivalents	(34,182)	(31,499)
Cash and cash equivalents, beginning of year	53,202	56,224
Cash and cash equivalents, end of period	19,020	24,725
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes	23,806	13,014
Interest paid	$ 144	$ 143

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Oct. 28, 2017
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 714 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 28, 2017 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended January 28, 2017 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2017. 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 28, 2017 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 31st. Fiscal year 2017 includes 53 weeks of operations while fiscal year 2016 includes 52 weeks of operations. The fiscal quarters ended October 28, 2017 and October 29, 2016 refer to the thirteen-week periods ended as of those dates. The year-to-date periods ended October 28, 2017 and October 29, 2016 refer to the thirty-nine week periods ended as of those dates. 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. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Arrangements”, which amends Accounting Standards Codification (“ASC”) Topic 718, Stock Compensation. The new guidance intends to simplify several aspects of the accounting for share-based payments, including income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification on the statement of cash flows. The Company adopted the applicable provisions of this guidance beginning on January 29, 2017 on a prospective basis or, in the case of recognizing forfeitures as they occur, using the modified retrospective transition method. Accordingly, prior period financial statements were not adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes – Balance Sheet Classification of Deferred Taxes.” The new guidance simplifies the presentation of deferred income taxes by permitting classification of all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. The Company adopted this guidance beginning on January 29, 2017 on a prospective basis, resulting in the classification of all deferred tax assets and liabilities as non-current. Prior period financial statements were not adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued 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 Company adopted this guidance on January 29, 2017 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU 2016-04 “Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products.” The new guidance allows a company to derecognize amounts related to expected breakage to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. ASU 2016-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The amended standard may be adopted on either a modified retrospective or a retrospective basis. The Company is evaluating the impact of adopting the new guidance on the consolidated financial statements in conjunction with its evaluation of ASU 2014-09 discussed below. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The new guidance, among other things, requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. ASU 2016-02 will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all public business entities upon issuance. While the Company is still evaluating the impact of this new guidance on its consolidated financial statements, it expects that the adoption of this guidance will not have a material impact on its results of operations, however, will result in a significant increase in total assets and total liabilities on the Company’s balance sheet given that the Company has a significant number of leases. In May 2014 the FASB issued ASU 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 and services. 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. Since the original issuance of ASU 2014-09, the FASB has issued several amendments and updates to this guidance. This guidance may be adopted on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company is finalizing its evaluation of the impact of adopting the new guidance on the consolidated financial statements. This evaluation includes reviewing current accounting policies, processes, and arrangements to identify potential differences that could arise from the application of the guidance. Based on the Company’s assessment to date, the adoption of this guidance will have the following impact: (a) estimated cost of returns will be recorded as a current asset rather than netted with the allowance for sales returns; (b) gift card breakage income will be estimated based on a historical redemption rate and recognized over the historical redemption period rather than when redemption is considered remote; and (c) ecommerce revenue will be recognized upon shipment rather than upon delivery. The Company will adopt this guidance on a modified retrospective basis on February 4, 2018. The Company expects that the adoption of this guidance will not have a material impact on its consolidated financial statements.

Earnings per Share

Earnings per Share	9 Months Ended
	Oct. 28, 2017
Earnings Per Share [Abstract]
Earnings per Share	2. 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 treasury stock method. Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, October 29, October 28, October 29, (in thousands, except per share data) Numerator: Net income $ 239 $ 9,694 $ 11,835 $ 27,366 Denominator: Weighted-average common shares outstanding - basic 35,884 37,552 36,387 38,831 Restricted stocks and stock options 75 123 138 114 Weighted-average common shares outstanding - diluted 35,959 37,675 36,525 38,945 Per common share: Basic earnings per common share $ 0.01 $ 0.26 $ 0.33 $ 0.70 Diluted earnings per common share $ 0.01 $ 0.26 $ 0.32 $ 0.70 Potentially issuable shares under the Company’s stock-based compensation plans amounting to approximately 0.5 0.4 0.3 0.4 0.3

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 28, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements 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.

Gift Cards and Gift Card Breaka

Gift Cards and Gift Card Breakage	9 Months Ended
	Oct. 28, 2017
Change in Accounting Estimate [Abstract]
Gift Cards and Gift Card Breakage	4. Gift Cards and Gift Card Breakage During the thirteen weeks ended October 28, 2017, the Company changed the estimated period over which redemption of gift cards is considered to be remote to more closely align with recent Company experience. As a result of this change in estimate, the Company recognized $ 1.5

Income Taxes

Income Taxes	9 Months Ended
	Oct. 28, 2017
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The provision for income taxes is based on the Company’s current estimate of the annual effective tax rate. The effective income tax rates for the thirteen and thirty-nine weeks ended October 28, 2017 were 45.0 39.5 38.3 38.0

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Oct. 28, 2017
Debt Disclosure [Abstract]
Revolving Credit Facility	6. 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 28, 2017, 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 28, 2017, 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, subject to certain exceptions, by 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. 28, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	7. 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 recognized a net reversal of stock-based compensation totaling $0.3 million in the thirteen weeks ended October 28, 2017 and $ 2.1 0.9 0.1 Restricted Stock Awards During the thirty-nine weeks ended October 28, 2017, the Company granted 0.3 65 35 0.4 The number of PSAs that may ultimately vest will equal 0 150 Forfeited Awards In May 2016, Mr. Michael Barnes resigned from his positions as Chairman, President and Chief Executive Officer of the Company. As a result of such resignation, 1.3

Share Repurchases

Share Repurchases	9 Months Ended
	Oct. 28, 2017
Stockholders' Equity Note [Abstract]
Share Repurchases	8. Share Repurchases On September 3, 2013, the Company’s Board of Directors authorized a $ 100.0 On March 15, 2016, the Company’s Board of Directors authorized an additional $ 100.0 Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, October 29, October 28, October 29, (in thousands, except per share data) Number of shares repurchased 491 263 1,614 3,506 Total cost of shares repurchased $ 3,500 $ 4,194 $ 18,517 $ 48,017 Average price per share (including brokers’ commission) $ 7.13 $ 15.94 $ 11.48 $ 13.70 At October 28, 2017, there was $ 45.2

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 28, 2017
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 2028 Fiscal year Amount (in thousands) Remainder of 2017 $ 11,994 2018 47,809 2019 45,382 2020 39,931 2021 33,108 Thereafter 93,546 $ 271,770 Legal Proceedings The Company, from time to time, is subject to various claims and legal proceedings, including employment claims, wage and hour claims, intellectual property claims, contractual and commercial disputes and other matters that arise in the ordinary course of business. While the outcome of any such claim cannot be predicted with certainty, the Company does not believe that the outcome of these matters will have a material adverse effect on the Company’s business, results of operations or financial condition.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 28, 2017
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 28, 2017 was derived from the Company’s audited consolidated financial statements and notes thereto as of and for the fiscal year ended January 28, 2017 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2017. 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 28, 2017 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 31st. Fiscal year 2017 includes 53 weeks of operations while fiscal year 2016 includes 52 weeks of operations. The fiscal quarters ended October 28, 2017 and October 29, 2016 refer to the thirteen-week periods ended as of those dates. The year-to-date periods ended October 28, 2017 and October 29, 2016 refer to the thirty-nine 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 returns, and expenses during the reporting periods. Actual results could differ materially from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Arrangements”, which amends Accounting Standards Codification (“ASC”) Topic 718, Stock Compensation. The new guidance intends to simplify several aspects of the accounting for share-based payments, including income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification on the statement of cash flows. The Company adopted the applicable provisions of this guidance beginning on January 29, 2017 on a prospective basis or, in the case of recognizing forfeitures as they occur, using the modified retrospective transition method. Accordingly, prior period financial statements were not adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes – Balance Sheet Classification of Deferred Taxes.” The new guidance simplifies the presentation of deferred income taxes by permitting classification of all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. The Company adopted this guidance beginning on January 29, 2017 on a prospective basis, resulting in the classification of all deferred tax assets and liabilities as non-current. Prior period financial statements were not adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued 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 Company adopted this guidance on January 29, 2017 on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU 2016-04 “Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products.” The new guidance allows a company to derecognize amounts related to expected breakage to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. ASU 2016-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The amended standard may be adopted on either a modified retrospective or a retrospective basis. The Company is evaluating the impact of adopting the new guidance on the consolidated financial statements in conjunction with its evaluation of ASU 2014-09 discussed below. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The new guidance, among other things, requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. ASU 2016-02 will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all public business entities upon issuance. While the Company is still evaluating the impact of this new guidance on its consolidated financial statements, it expects that the adoption of this guidance will not have a material impact on its results of operations, however, will result in a significant increase in total assets and total liabilities on the Company’s balance sheet given that the Company has a significant number of leases. In May 2014 the FASB issued ASU 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 and services. 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. Since the original issuance of ASU 2014-09, the FASB has issued several amendments and updates to this guidance. This guidance may be adopted on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company is finalizing its evaluation of the impact of adopting the new guidance on the consolidated financial statements. This evaluation includes reviewing current accounting policies, processes, and arrangements to identify potential differences that could arise from the application of the guidance. Based on the Company’s assessment to date, the adoption of this guidance will have the following impact: (a) estimated cost of returns will be recorded as a current asset rather than netted with the allowance for sales returns; (b) gift card breakage income will be estimated based on a historical redemption rate and recognized over the historical redemption period rather than when redemption is considered remote; and (c) ecommerce revenue will be recognized upon shipment rather than upon delivery. The Company will adopt this guidance on a modified retrospective basis on February 4, 2018. The Company expects that the adoption of this guidance will not have a material impact on its 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 treasury stock method.
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).

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Oct. 28, 2017
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 the 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 28, October 29, October 28, October 29, (in thousands, except per share data) Numerator: Net income $ 239 $ 9,694 $ 11,835 $ 27,366 Denominator: Weighted-average common shares outstanding - basic 35,884 37,552 36,387 38,831 Restricted stocks and stock options 75 123 138 114 Weighted-average common shares outstanding - diluted 35,959 37,675 36,525 38,945 Per common share: Basic earnings per common share $ 0.01 $ 0.26 $ 0.33 $ 0.70 Diluted earnings per common share $ 0.01 $ 0.26 $ 0.32 $ 0.70

Share Repurchases (Tables)

Share Repurchases (Tables)	9 Months Ended
	Oct. 28, 2017
Stockholders' Equity Note [Abstract]
Schedule of Shares Repurchased	The following table summarizes the Company’s repurchase activity for the periods presented. The cost of repurchased shares is presented as treasury stock in the unaudited consolidated balance sheets. Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, October 29, October 28, October 29, (in thousands, except per share data) Number of shares repurchased 491 263 1,614 3,506 Total cost of shares repurchased $ 3,500 $ 4,194 $ 18,517 $ 48,017 Average price per share (including brokers’ commission) $ 7.13 $ 15.94 $ 11.48 $ 13.70

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Oct. 28, 2017
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 28, 2017, are as follows: Fiscal year Amount (in thousands) Remainder of 2017 $ 11,994 2018 47,809 2019 45,382 2020 39,931 2021 33,108 Thereafter 93,546 $ 271,770

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016
Year of Incorporation	2,007
State of Incorporation	Delaware
Number of Boutiques in Operation	714
Number of States in which Entity Operates	47
Fiscal Year [Member]
Length of Fiscal Period	371 days	364 days
Third Quarter [Member]
Length of Fiscal Period	91 days	91 days
Year-to-Date [Member]
Length of Fiscal Period	273 days	273 days
Minimum [Member]
Length of Fiscal Period	364 days
Maximum [Member]
Length of Fiscal Period	371 days

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation Table) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Numerator:
Net income	$ 239	$ 9,694	$ 11,835	$ 27,366
Denominator:
Weighted-average common shares outstanding - basic (in shares)	35,884	37,552	36,387	38,831
Restricted stocks and stock options (in shares)	75	123	138	114
Weighted-average common shares outstanding - diluted (in shares)	35,959	37,675	36,525	38,945
Per common share:
Basic earnings per common share (in dollars per share)	$ 0.01	$ 0.26	$ 0.33	$ 0.7
Diluted earnings per common share (in dollars per share)	$ 0.01	$ 0.26	$ 0.32	$ 0.7

Earnings per Share (Details Tex

Earnings per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding	0.5	0.3	0.4	0.3
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities Excluded from Computation of Diluted Weighted Average Common Stock Outstanding	0.4	0.3	0.4	0.3

Gift Cards and Gift Card Brea23

Gift Cards and Gift Card Breakage (Details Textual) $ in Millions	3 Months Ended
	Oct. 28, 2017USD ($)
Change In Estimated Redemption Period For Prepaid Stored Value Card [Member] | Net Sales [Member]
Change in Accounting Estimate [Line Items]
Prepaid Stored Value Products Breakage Income	$ 1.5

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Effective Income Tax Rate	45.00%	38.30%	39.50%	38.00%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details Textual) $ in Millions	9 Months Ended
	Oct. 28, 2017USD ($)
Revolving Credit Facility Details
Initiation Date	Aug. 30, 2013
Maximum Borrowing Capacity	$ 75
Line Of Credit Availability For Letters Of Credit	$ 10
Maturity Date	Aug. 30, 2018
Line Of Credit Facility Optional Additional Borrowing Capacity	$ 25
Amount Outstanding under the Revolving Credit Facility	$ 0

Stock-based Compensation (Detai

Stock-based Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2016	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Stock-based Compensation Disclosures
Stock-based compensation expense		$ (0.3)	$ 0.9	$ 2.1	$ 0.1
Management [Member]
Stock-based Compensation Disclosures
Restricted stock granted (shares)				0.3
Chief Executive Officer [Member]
Stock-based Compensation Disclosures
Stock-based compensation expense					$ (2.6)
Share Based Compensation Arrangement By Share Based Payment Award Stockbased Awards Forfeited	1.3
Restricted Stock [Member] | Management [Member]
Stock-based Compensation Disclosures
Vesting Term				3 years
Percent of shares awarded				35.00%
Performance Shares [Member] | Management [Member]
Stock-based Compensation Disclosures
Stock-based compensation expense		$ (0.9)
Vesting Term				3 years
Restricted stock granted (shares)					0.4
Percent of shares awarded				65.00%
Performance Shares [Member] | Management [Member] | Minimum [Member]
Stock-based Compensation Disclosures
Percent of Target Shares that May Vest					0.00%
Performance Shares [Member] | Management [Member] | Maximum [Member]
Stock-based Compensation Disclosures
Percent of Target Shares that May Vest					150.00%

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Oct. 29, 2016	Oct. 28, 2017	Oct. 29, 2016
Treasury Stock Disclosure [Line Items]
Number of shares repurchased	491	263	1,614	3,506
Total cost of shares repurchased	$ 3,500	$ 4,194	$ 18,517	$ 48,017
Average price per share (including brokers’ commission)	$ 7.13	$ 15.94	$ 11.48	$ 13.7

Share Repurchases (Details Text

Share Repurchases (Details Textual) - USD ($) $ in Millions	Oct. 28, 2017	Apr. 30, 2016	Mar. 15, 2016	Sep. 03, 2013
Previous Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Amount Authorized Under the Stock Repurchase Program				$ 100
Remaining amount for future repurchases		$ 0
New Repurchase Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Amount Authorized Under the Stock Repurchase Program			$ 100
Remaining amount for future repurchases	$ 45.2

Commitments and Contingencies29

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Oct. 28, 2017USD ($)
Operating Leased Assets [Line Items]
Remainder of 2017	$ 11,994
2,018	47,809
2,019	45,382
2,020	39,931
2,021	33,108
Thereafter	93,546
Total	$ 271,770

Commitments and Contingencies30

Commitments and Contingencies (Details Textual)	9 Months Ended
	Oct. 28, 2017
Operating Leased Assets [Line Items]
Lease Expiration Year	2,028
Minimum [Member]
Operating Leased Assets [Line Items]
Lease renewal term option	3 years
Maximum [Member]
Operating Leased Assets [Line Items]
Lease renewal term option	5 years