Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | 30-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | EXPRESS, INC. | |
Entity Central Index Key | 1483510 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 84,642,958 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $127,698 | $346,159 |
Receivables, net | 18,221 | 23,272 |
Inventories | 265,908 | 241,063 |
Prepaid minimum rent | 29,492 | 29,465 |
Other | 15,194 | 14,277 |
Total current assets | 456,513 | 654,236 |
PROPERTY AND EQUIPMENT | 864,305 | 840,340 |
Less: accumulated depreciation | -450,269 | -432,733 |
Property and equipment, net | 414,036 | 407,607 |
TRADENAME/DOMAIN NAME | 197,562 | 197,562 |
DEFERRED TAX ASSETS | 12,348 | 12,371 |
OTHER ASSETS | 2,289 | 6,374 |
Total assets | 1,082,748 | 1,278,150 |
CURRENT LIABILITIES: | ||
Accounts payable | 157,737 | 153,745 |
Deferred revenue | 24,482 | 28,575 |
Accrued expenses | 95,296 | 105,139 |
Total current liabilities | 277,515 | 287,459 |
LONG-TERM DEBT | 0 | 199,527 |
DEFERRED LEASE CREDITS | 129,259 | 128,450 |
OTHER LONG-TERM LIABILITIES | 104,907 | 106,375 |
Total liabilities | 511,681 | 721,811 |
COMMITMENTS AND CONTINGENCIES (Note 10) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 500,000 shares authorized; 90,870 shares and 90,400 shares issued at May 2, 2015 and January 31, 2015, respectively, and 84,586 shares and 84,298 shares outstanding at May 2, 2015 and January 31, 2015, respectively | 908 | 904 |
Additional paid-in capital | 153,643 | 149,789 |
Accumulated other comprehensive loss | -2,336 | -3,057 |
Retained earnings | 529,847 | 516,785 |
Treasury stock – at average cost; 6,284 shares and 6,102 shares at May 2, 2015 and January 31, 2015, respectively | -110,995 | -108,082 |
Total stockholders’ equity | 571,067 | 556,339 |
Total liabilities and stockholders’ equity | $1,082,748 | $1,278,150 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | 2-May-15 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 90,870,000 | 90,400,000 |
Common stock, shares outstanding | 84,586,000 | 84,298,000 |
Treasury stock, shares | 6,284,000 | 6,102,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
NET SALES | $502,378 | $460,652 |
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS | 335,934 | 323,279 |
Gross profit | 166,444 | 137,373 |
OPERATING EXPENSES: | ||
Selling, general, and administrative expenses | 133,176 | 122,860 |
Other operating income, net | -680 | -478 |
Total operating expenses | 132,496 | 122,382 |
OPERATING INCOME | 33,948 | 14,991 |
INTEREST EXPENSE, NET | 12,313 | 5,897 |
OTHER INCOME, NET | -349 | -25 |
INCOME BEFORE INCOME TAXES | 21,984 | 9,119 |
INCOME TAX EXPENSE | 8,922 | 4,036 |
NET INCOME | 13,062 | 5,083 |
OTHER COMPREHENSIVE INCOME: | ||
Foreign currency translation gain | 721 | 382 |
COMPREHENSIVE INCOME | $13,783 | $5,465 |
EARNINGS PER SHARE: | ||
Basic (usd per share) | $0.15 | $0.06 |
Diluted (usd per share) | $0.15 | $0.06 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic (in shares) | 84,443 | 84,005 |
Diluted (in shares) | 84,978 | 84,424 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $13,062 | $5,083 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 18,809 | 19,494 |
Loss on disposal of property and equipment | 304 | 65 |
Impairment charge | 0 | 785 |
Excess tax benefit from share-based compensation | -116 | 0 |
Share-based compensation | 3,851 | 6,336 |
Non-cash loss on extinguishment of debt | 5,255 | 0 |
Deferred taxes | 22 | 0 |
Landlord allowance amortization | -2,742 | -3,047 |
Payment of original issue discount | -2,812 | 0 |
Changes in operating assets and liabilities: | ||
Receivables, net | 5,066 | -2,923 |
Inventories | -24,696 | -22,453 |
Accounts payable, deferred revenue, and accrued expenses | -13,122 | -33,371 |
Other assets and liabilities | 2,487 | -1,156 |
Net cash provided by (used in) operating activities | 5,368 | -31,187 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -23,148 | -26,937 |
Net cash used in investing activities | -23,148 | -26,937 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of long-term debt | -198,038 | 0 |
Payments on lease financing obligations | -383 | -402 |
Excess tax benefit from share-based compensation | 116 | 0 |
Repurchase of shares for tax withholding obligations under the 2010 Plan | -2,912 | -3,274 |
Net cash used in financing activities | -201,217 | -3,676 |
EFFECT OF EXCHANGE RATE ON CASH | 536 | 124 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -218,461 | -61,676 |
CASH AND CASH EQUIVALENTS, Beginning of period | 346,159 | 311,884 |
CASH AND CASH EQUIVALENTS, End of period | $127,698 | $250,208 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended |
2-May-15 | |
Description of Business and Basis of Presentation [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation |
Business Description | |
Express, Inc., together with its subsidiaries ("Express" or the "Company"), is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer. Express merchandise is sold through retail and factory outlet stores and the Company's e-commerce website, www.express.com, as well as its mobile app for iOS. As of May 2, 2015, Express operated 579 primarily mall-based retail stores in the United States, Canada, and Puerto Rico as well as 47 factory outlet stores. Additionally, the Company earned revenue from 34 franchise stores in the Middle East, Latin America, and South Africa. These franchise stores are operated by franchisees pursuant to franchise agreements. Under the franchise agreements, the franchisees operate stores that sell Express-branded apparel and accessories purchased directly from the Company. | |
Fiscal Year | |
The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years are referred to by the calendar year in which the fiscal year commences. References herein to "2015" and "2014" represent the 52-week periods ended January 30, 2016 and January 31, 2015, respectively. All references herein to “the first quarter of 2015” and “the first quarter of 2014” represent the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. | |
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 information. Accordingly, they do not include all of the information or footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for 2015. Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended January 31, 2015, included in the Company's Annual Report on Form 10-K, filed with the SEC on March 27, 2015. | |
Principles of Consolidation | |
The unaudited Consolidated Financial Statements include the accounts of Express, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |
Use of Estimates in the Preparation of Financial Statements | |
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 at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
2-May-15 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting | Segment Reporting | |||||||
The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer and Chief Operating Officer are the Chief Operating Decision Maker and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores, e-commerce operations, and franchise operations. | ||||||||
The following is information regarding the Company's major product categories and sales channels: | ||||||||
Thirteen Weeks Ended | ||||||||
May 2, 2015 | May 3, 2014 | |||||||
(in thousands) | ||||||||
Apparel | $ | 443,465 | $ | 402,884 | ||||
Accessories and other | 49,245 | 49,805 | ||||||
Other revenue | 9,668 | 7,963 | ||||||
Total net sales | $ | 502,378 | $ | 460,652 | ||||
Thirteen Weeks Ended | ||||||||
May 2, 2015 | May 3, 2014 | |||||||
(in thousands) | ||||||||
Stores | $ | 415,074 | $ | 383,658 | ||||
E-commerce | 77,636 | 69,031 | ||||||
Other revenue | 9,668 | 7,963 | ||||||
Total net sales | $ | 502,378 | $ | 460,652 | ||||
Other revenue consists primarily of shipping and handling revenue related to e-commerce activity and revenue from franchise agreements. | ||||||||
Revenue and long-lived assets relating to the Company's international operations for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, were not material for any period presented and, therefore, are not reported separately from domestic revenue or long-lived assets. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
2-May-15 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share | Earnings Per Share | |||||
The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: | ||||||
Thirteen Weeks Ended | ||||||
2-May-15 | 3-May-14 | |||||
(in thousands) | ||||||
Weighted-average shares - basic | 84,443 | 84,005 | ||||
Dilutive effect of stock options, restricted stock units, and restricted stock | 535 | 419 | ||||
Weighted-average shares - diluted | 84,978 | 84,424 | ||||
Equity awards representing 4.4 million and 3.8 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 2, 2015 and thirteen weeks ended May 3, 2014, respectively, as the inclusion of these awards would have been anti-dilutive. | ||||||
Additionally, for the thirteen weeks ended May 2, 2015, there were 0.9 million shares excluded from the computation of diluted weighted average shares because the number of shares that will ultimately be issued is contingent on the Company's performance compared to pre-established performance goals which have not been achieved as of May 2, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Fair Value Measurements | 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. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. | ||||||||||
Level 1-Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||
Level 2-Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||
Level 3-Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | ||||||||||
Financial Assets | ||||||||||
The following table presents the Company's financial assets measured at fair value on a recurring basis as of May 2, 2015 and January 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||
May 2, 2015 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 2,796 | $ | — | $ | — | ||||
January 31, 2015 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 166,602 | $ | — | $ | — | ||||
The carrying amounts reflected on the unaudited Consolidated Balance Sheets for cash, cash equivalents, receivables, prepaid expenses, and payables as of May 2, 2015 and January 31, 2015 approximated their fair values. | ||||||||||
Non-Financial Assets | ||||||||||
The Company's non-financial assets, which include fixtures, equipment, improvements, and intangible assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur indicating the carrying value of these assets may not be recoverable, or annually in the case of indefinite lived intangibles, an impairment test is required. The impairment test requires the Company to estimate the fair value of the assets and compare this to the carrying value of the assets. If the fair value of the asset is less than the carrying value, then an impairment charge is recognized and the non-financial assets are recorded at fair value. The Company estimates the fair value using a discounted cash flow model. Factors used in the evaluation include, but are not limited to, management's plans for future operations, recent operating results, and projected cash flows. During the thirteen weeks ended May 2, 2015, the Company did not recognize any impairment charges. During the thirteen weeks ended May 3, 2014, the Company recognized impairment charges of approximately $0.8 million. related to four stores. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Intangible Assets | Intangible Assets | |||||||||||
The following table provides the significant components of intangible assets: | ||||||||||||
May 2, 2015 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain names/trademarks | 1,418 | — | 1,418 | |||||||||
Licensing arrangements | 1,425 | 193 | 1,232 | |||||||||
$ | 198,987 | $ | 193 | $ | 198,794 | |||||||
January 31, 2015 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain names/trademarks | 1,418 | — | 1,418 | |||||||||
Net favorable lease obligations/licensing arrangements | 21,175 | 19,906 | 1,269 | |||||||||
$ | 218,737 | $ | 19,906 | $ | 198,831 | |||||||
The Company's tradename, internet domain names, and trademarks have indefinite lives. Licensing arrangements are amortized over a period of ten years and are included in other assets on the unaudited Consolidated Balance Sheets. Amortization expense was minimal for the thirteen weeks ended May 2, 2015, and $0.2 million during the thirteen weeks ended May 3, 2014. The net favorable lease assets were fully amortized as of January 31, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The provision for income taxes is based on a current estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. The Company's effective income tax rate may fluctuate from quarter to quarter as a result of a variety of factors, including changes in the Company's assessment of certain tax contingencies, valuation allowances, changes in tax law, outcomes of administrative audits, the impact of discrete items, and the mix of earnings. | |
The Company's effective tax rate was 40.6% and 44.3% for the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively. The decrease in the effective tax rate for the thirteen weeks ended May 2, 2015 was primarily related to the impact of nondeductible stock compensation expense relative to total pre-tax income. |
Lease_Financing_Obligations
Lease Financing Obligations | 3 Months Ended |
2-May-15 | |
Leases [Abstract] | |
Lease Financing Obligations | Lease Financing Obligations |
In certain lease arrangements, the Company is involved in the construction of the building. To the extent the Company is involved in the construction of structural improvements or takes construction risk prior to commencement of a lease, it is deemed the owner of the project for accounting purposes. Therefore, the Company records an asset in Property and Equipment on the unaudited Consolidated Balance Sheets, including any capitalized interest costs, and related liabilities in accrued interest and lease financing obligations in Other Long-Term Liabilities on the unaudited Consolidated Balance Sheets, for the replacement cost of the Company's portion of the pre-existing building plus the amount of construction costs incurred by the landlord as of the balance sheet date. | |
The initial lease terms of the lease arrangements for which the Company is considered the owner are expected to expire in 2023 and 2030. As of May 2, 2015 and January 31, 2015, there was $70.1 million and $71.0 million, respectively, of landlord funded construction, replacement cost of pre-existing property, and capitalized interest in Property and Equipment on the unaudited Consolidated Balance Sheets. There was also $70.6 million and $70.9 million of lease financing obligations as of May 2, 2015 and January 31, 2015, respectively, in Other Long-Term Liabilities on the unaudited Consolidated Balance Sheets. Transactions involving the initial recording of these assets and liabilities are classified as non-cash items for purposes of the unaudited Consolidated Statements of Cash Flows. | |
Rent expense relating to the land is recognized on a straight-line basis over the lease term. The Company does not report rent expense for the portion of the rent payment determined to be related to the lease obligations which are owned for accounting purposes. Rather, this portion of the rent payment under the lease is recognized as interest expense and a reduction of the lease financing obligations. |
Debt
Debt | 3 Months Ended |
2-May-15 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
Borrowings outstanding consisted of the following: | |
Senior Notes | |
On March 5, 2010, Express, LLC and Express Finance Corp. ("Express Finance"), wholly-owned subsidiaries of the Company, co-issued, in a private placement, $250.0 million of 8 3/4% Senior Notes due in 2018 (the "Senior Notes") at an offering price of 98.6% of the face value. As of January 31, 2015, there were $200.9 million of Senior Notes outstanding. | |
On March 1, 2015, all of the outstanding notes in the amount of $200.9 million were fully redeemed at 102.19% of the principal amount, with total payments equal to $205.3 million, plus accrued and unpaid interest to, but not including, the redemption date. | |
Revolving Credit Facility | |
On July 29, 2011, Express Holding, LLC, a wholly-owned subsidiary ("Express Holding"), and its subsidiaries entered into an Amended and Restated $200.0 million secured Asset-Based Credit Facility ("Revolving Credit Facility"). As of May 2, 2015, there were no borrowings outstanding and approximately $197.5 million available under the Revolving Credit Facility. | |
The Revolving Credit Facility requires Express Holding and its subsidiaries to maintain a fixed charge coverage ratio of at least 1.0:1.0 if excess availability plus eligible cash collateral is less than 10% of the borrowing base. In addition, the Revolving Credit Facility contains customary covenants and restrictions on Express Holding and its subsidiaries' activities, including, but not limited to, limitations on the incurrence of additional indebtedness; liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions, and prepayment of other debt; distributions, dividends, and the repurchase of capital stock; transactions with affiliates; and the ability to change the nature of its business or its fiscal year. All obligations under the Revolving Credit Facility are guaranteed by Express Holding and its domestic subsidiaries (that are not borrowers) and secured by a lien on substantially all of the assets of Express Holding and its domestic subsidiaries. | |
On May 20, 2015, the Company amended and restated its existing Revolving Credit Facility. The amendment increased the borrowing capacity under the facility from $200 million to $250 million and extended the expiration date of the facility to May 20, 2020. Under the amendment, all obligations under the Revolving Credit Facility are secured by a lien on, among other assets, substantially all working capital assets including cash, accounts receivable, and inventory of Express Holding and its domestic subsidiaries. | |
Loss on Extinguishment | |
In connection with the redemption of the Senior Notes in the first quarter of 2015, the Company recognized a $9.7 million loss on extinguishment of debt, which was recorded as interest expense in the unaudited Consolidated Statements of Income and Comprehensive Income. Of this loss on extinguishment, the redemption premium represented approximately $4.4 million. The remaining loss on extinguishment was attributable to the unamortized debt issuance costs and unamortized debt discount write-offs totaling $5.3 million. The unamortized debt issuance costs and unamortized debt discount write-offs are presented as a non-cash adjustment to reconcile net income to net cash provided by operating activities within the unaudited Consolidated Statements of Cash Flows. | |
Letters of Credit | |
The Company may enter into various trade letters of credit ("trade LCs") in favor of certain vendors to secure merchandise. These trade LCs are issued for a defined period of time, for specific shipments, and generally expire three weeks after the merchandise shipment date. As of May 2, 2015 and January 31, 2015, there were no outstanding trade LCs. Additionally, the Company enters into stand-by letters of credit ("stand-by LCs") on an as-needed basis to secure merchandise and fund other general and administrative costs. As of May 2, 2015 and January 31, 2015, outstanding stand-by LCs totaled $2.5 million. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||
The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income as compensation expense, net of forfeitures, over the requisite service period. | |||||||||||||
Share-Based Compensation Plans | |||||||||||||
The following summarizes share-based compensation expense: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
2-May-15 | 3-May-14 | ||||||||||||
(in thousands) | |||||||||||||
Restricted stock units and restricted stock | $ | 2,607 | $ | 2,903 | |||||||||
Stock options | 1,244 | 3,433 | |||||||||||
Total share-based compensation | $ | 3,851 | $ | 6,336 | |||||||||
The stock compensation related income tax benefit recognized by the Company during the thirteen weeks ended May 2, 2015 and May 3, 2014 was $2.7 million and $3.2 million, respectively. | |||||||||||||
Stock Options | |||||||||||||
During the thirteen weeks ended May 2, 2015, the Company granted stock options under the Amended and Restated Express, Inc. 2010 Incentive Compensation Plan (the "2010 Plan"). The fair value of the stock options is determined using the Black-Scholes-Merton option-pricing model as described later in this note. Stock options granted in 2015 under the 2010 Plan vest 25% per year over four years or upon reaching retirement eligibility, defined as providing 10 years of service and being at least 55 years old. These options have a ten year contractual life. Options granted to the Chief Executive Officer in prior years vest ratably over three years. The expense for stock options is recognized using the straight-line attribution method. | |||||||||||||
The Company's activity with respect to stock options during the thirteen weeks ended May 2, 2015 was as follows: | |||||||||||||
Number of | Grant Date | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||
Shares | Weighted Average | ||||||||||||
Exercise Price Per Share | |||||||||||||
(in thousands, except per share amounts and years) | |||||||||||||
Outstanding, January 31, 2015 | 3,470 | $ | 18.45 | ||||||||||
Granted | 240 | $ | 16.28 | ||||||||||
Exercised | — | $ | — | ||||||||||
Forfeited or expired | (50 | ) | $ | 18.42 | |||||||||
Outstanding, May 2, 2015 | 3,660 | $ | 18.31 | 6.7 | $ | 752 | |||||||
Expected to vest at May 2, 2015 | 840 | $ | 17.24 | 8.7 | $ | 465 | |||||||
Exercisable at May 2, 2015 | 2,776 | $ | 18.66 | 6.1 | $ | 266 | |||||||
The following provides additional information regarding the Company's stock options: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average grant date fair value of options granted (per share) | $ | 7.76 | $ | 8.57 | |||||||||
Total intrinsic value of options exercised | $ | — | $ | — | |||||||||
As of May 2, 2015, there was approximately $5.5 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of approximately 1.6 years. | |||||||||||||
The Company uses the Black-Scholes-Merton option-pricing model to value stock options granted to employees. The Company's determination of the fair value of stock options is affected by the Company's stock price as well as a number of subjective and complex assumptions. These assumptions include the risk-free interest rate, the Company's expected stock price volatility over the term of the award, expected term of the award, and dividend yield. | |||||||||||||
The fair value of stock options was estimated at the grant date using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions: | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||
Risk-free interest rate (1) | 1.59 | % | 1.9 | % | |||||||||
Price volatility (2) | 47.9 | % | 54.7 | % | |||||||||
Expected term (years) (3) | 6.25 | 6.25 | |||||||||||
Dividend yield (4) | — | — | |||||||||||
-1 | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | ||||||||||||
-2 | For the first two years following the initial public offering of the Company's common stock, this was based on the historical volatility of selected comparable companies over a period consistent with the expected term of the stock options because the Company had a limited history of being publicly traded. Comparable companies were selected primarily based on industry, stage of life cycle, and size. Beginning in May 2012, the Company began using its own volatility as an additional input in the determination of expected volatility. | ||||||||||||
-3 | Calculated utilizing the “simplified” methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | ||||||||||||
-4 | The Company does not currently plan on paying regular dividends. | ||||||||||||
Restricted Stock Units and Restricted Stock | |||||||||||||
During the thirteen weeks ended May 2, 2015, the Company granted restricted stock units (“RSUs”) under the 2010 Plan, including 0.4 million RSUs with performance conditions. The fair value of RSUs is determined based on the Company's closing stock price on the day prior to the grant date in accordance with the 2010 Plan. The expense for RSUs without performance conditions is recognized using the straight-line attribution method. The expense for RSUs with performance conditions is recognized using the graded vesting method based on the expected achievement of the performance conditions. The RSUs with performance conditions are also subject to time-based vesting. All of the RSUs that are earned based on the achievement of performance criteria will vest on April 15, 2018. RSUs without performance conditions vest ratably over four years. | |||||||||||||
The Company's activity with respect to RSUs and restricted stock, including awards with performance conditions, for the thirteen weeks ended May 2, 2015 was as follows: | |||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Weighted Average | ||||||||||||
Fair Value Per Share | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Unvested, January 31, 2015 | 1,435 | $ | 17.75 | ||||||||||
Granted* | 1,165 | $ | 16.28 | ||||||||||
Vested | (440 | ) | $ | 18.61 | |||||||||
Forfeited | (57 | ) | $ | 17.56 | |||||||||
Unvested, May 2, 2015 | 2,103 | $ | 16.76 | ||||||||||
*There were approximately 0.5 million RSUs with three-year performance conditions included in this amount. This is based on current estimates against predefined financial performance targets ranging from 0% to 125%. | |||||||||||||
The total fair value/intrinsic value of RSUs and restricted stock that vested during the thirteen weeks ended May 2, 2015 was $8.2 million. As of May 2, 2015, there was approximately $27.0 million of total unrecognized compensation expense related to unvested RSUs and restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.2 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
2-May-15 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
From time to time the Company is subject to various claims and contingencies arising out of the normal course of business. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company's results of operations, financial condition, or cash flows. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
2-May-15 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity |
Share Repurchase Programs | |
On May 28, 2014, the Company's Board of Directors (the "Board") authorized the repurchase of up to $100.0 million of the Company's common stock (the "2014 Repurchase Program"). Any repurchases under the 2014 Repurchase Program will be funded using available cash and are expected to be made during the 18 month period following the authorization. There have been no purchases made under the 2014 Repurchase Program. | |
Stockholder Rights Plan | |
On June 12, 2014, the Board adopted a Stockholder Rights Plan (the “Rights Plan”). Under the Rights Plan, one right was distributed for each share of common stock outstanding at the close of business on June 23, 2014 and one right will be issued for each new share of common stock issued thereafter. If any person or group acquires 10% or more of the Company’s outstanding common stock without the approval of the Board, there would be a triggering event entitling a registered holder to purchase from the Company one one-hundredth of a share of Participating Preferred Stock, par value $0.01 per share, for $70.00 subject to adjustment. Existing 10% or greater stockholders are grandfathered to the extent of their June 12, 2014 ownership levels. The Rights Plan is set to expire one year after it was adopted, on June 12, 2015, unless it is ratified by a majority vote of the Company’s stockholders on or prior to such date (in which case the Rights Plan will expire on June 12, 2017) or unless earlier redeemed or terminated by the Company, as provided in the Rights Plan. The rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
2-May-15 | |
Description of Business and Basis of Presentation [Abstract] | |
Use of Estimates in the Preparation of Financial Statements, Policy | Use of Estimates in the Preparation of Financial Statements |
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 at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. | |
Segment Reporting, Policy | The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer and Chief Operating Officer are the Chief Operating Decision Maker and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores, e-commerce operations, and franchise operations. |
Share-based Compensation, Option and Incentive Plans Policy | The Company uses the Black-Scholes-Merton option-pricing model to value stock options granted to employees. The Company's determination of the fair value of stock options is affected by the Company's stock price as well as a number of subjective and complex assumptions. These assumptions include the risk-free interest rate, the Company's expected stock price volatility over the term of the award, expected term of the award, and dividend yield. |
Restricted Stock Units and Restricted Stock | |
During the thirteen weeks ended May 2, 2015, the Company granted restricted stock units (“RSUs”) under the 2010 Plan, including 0.4 million RSUs with performance conditions. The fair value of RSUs is determined based on the Company's closing stock price on the day prior to the grant date in accordance with the 2010 Plan. The expense for RSUs without performance conditions is recognized using the straight-line attribution method. The expense for RSUs with performance conditions is recognized using the graded vesting method based on the expected achievement of the performance conditions. The RSUs with performance conditions are also subject to time-based vesting. All of the RSUs that are earned based on the achievement of performance criteria will vest on April 15, 2018. RSUs without performance conditions vest ratably over four years. | |
The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income as compensation expense, net of forfeitures, over the requisite service period. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Revenue from External Customers by Channel | The following is information regarding the Company's major product categories and sales channels: | |||||||
Thirteen Weeks Ended | ||||||||
May 2, 2015 | May 3, 2014 | |||||||
(in thousands) | ||||||||
Apparel | $ | 443,465 | $ | 402,884 | ||||
Accessories and other | 49,245 | 49,805 | ||||||
Other revenue | 9,668 | 7,963 | ||||||
Total net sales | $ | 502,378 | $ | 460,652 | ||||
Thirteen Weeks Ended | ||||||||
May 2, 2015 | May 3, 2014 | |||||||
(in thousands) | ||||||||
Stores | $ | 415,074 | $ | 383,658 | ||||
E-commerce | 77,636 | 69,031 | ||||||
Other revenue | 9,668 | 7,963 | ||||||
Total net sales | $ | 502,378 | $ | 460,652 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
2-May-15 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: | |||||
Thirteen Weeks Ended | ||||||
2-May-15 | 3-May-14 | |||||
(in thousands) | ||||||
Weighted-average shares - basic | 84,443 | 84,005 | ||||
Dilutive effect of stock options, restricted stock units, and restricted stock | 535 | 419 | ||||
Weighted-average shares - diluted | 84,978 | 84,424 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||
2-May-15 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's financial assets measured at fair value on a recurring basis as of May 2, 2015 and January 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall. | |||||||||
May 2, 2015 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 2,796 | $ | — | $ | — | ||||
January 31, 2015 | ||||||||||
Level 1 | Level 2 | Level 3 | ||||||||
(in thousands) | ||||||||||
U.S. treasury securities money market funds | $ | 166,602 | $ | — | $ | — | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Intangible Assets | The following table provides the significant components of intangible assets: | |||||||||||
May 2, 2015 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain names/trademarks | 1,418 | — | 1,418 | |||||||||
Licensing arrangements | 1,425 | 193 | 1,232 | |||||||||
$ | 198,987 | $ | 193 | $ | 198,794 | |||||||
January 31, 2015 | ||||||||||||
Cost | Accumulated | Ending Net Balance | ||||||||||
Amortization | ||||||||||||
(in thousands) | ||||||||||||
Tradename | $ | 196,144 | $ | — | $ | 196,144 | ||||||
Internet domain names/trademarks | 1,418 | — | 1,418 | |||||||||
Net favorable lease obligations/licensing arrangements | 21,175 | 19,906 | 1,269 | |||||||||
$ | 218,737 | $ | 19,906 | $ | 198,831 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Schedule of Shared-based Compensation Expense | The following summarizes share-based compensation expense: | ||||||||||||
Thirteen Weeks Ended | |||||||||||||
2-May-15 | 3-May-14 | ||||||||||||
(in thousands) | |||||||||||||
Restricted stock units and restricted stock | $ | 2,607 | $ | 2,903 | |||||||||
Stock options | 1,244 | 3,433 | |||||||||||
Total share-based compensation | $ | 3,851 | $ | 6,336 | |||||||||
Schedule of Share-based Compensation, Activity | The Company's activity with respect to stock options during the thirteen weeks ended May 2, 2015 was as follows: | ||||||||||||
Number of | Grant Date | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||
Shares | Weighted Average | ||||||||||||
Exercise Price Per Share | |||||||||||||
(in thousands, except per share amounts and years) | |||||||||||||
Outstanding, January 31, 2015 | 3,470 | $ | 18.45 | ||||||||||
Granted | 240 | $ | 16.28 | ||||||||||
Exercised | — | $ | — | ||||||||||
Forfeited or expired | (50 | ) | $ | 18.42 | |||||||||
Outstanding, May 2, 2015 | 3,660 | $ | 18.31 | 6.7 | $ | 752 | |||||||
Expected to vest at May 2, 2015 | 840 | $ | 17.24 | 8.7 | $ | 465 | |||||||
Exercisable at May 2, 2015 | 2,776 | $ | 18.66 | 6.1 | $ | 266 | |||||||
Supplemental Options Data | The following provides additional information regarding the Company's stock options: | ||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average grant date fair value of options granted (per share) | $ | 7.76 | $ | 8.57 | |||||||||
Total intrinsic value of options exercised | $ | — | $ | — | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated at the grant date using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions: | ||||||||||||
Thirteen Weeks Ended | |||||||||||||
May 2, 2015 | May 3, 2014 | ||||||||||||
Risk-free interest rate (1) | 1.59 | % | 1.9 | % | |||||||||
Price volatility (2) | 47.9 | % | 54.7 | % | |||||||||
Expected term (years) (3) | 6.25 | 6.25 | |||||||||||
Dividend yield (4) | — | — | |||||||||||
-1 | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | ||||||||||||
-2 | For the first two years following the initial public offering of the Company's common stock, this was based on the historical volatility of selected comparable companies over a period consistent with the expected term of the stock options because the Company had a limited history of being publicly traded. Comparable companies were selected primarily based on industry, stage of life cycle, and size. Beginning in May 2012, the Company began using its own volatility as an additional input in the determination of expected volatility. | ||||||||||||
-3 | Calculated utilizing the “simplified” methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | ||||||||||||
-4 | The Company does not currently plan on paying regular dividends. | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The Company's activity with respect to RSUs and restricted stock, including awards with performance conditions, for the thirteen weeks ended May 2, 2015 was as follows: | ||||||||||||
Number of | Grant Date | ||||||||||||
Shares | Weighted Average | ||||||||||||
Fair Value Per Share | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Unvested, January 31, 2015 | 1,435 | $ | 17.75 | ||||||||||
Granted* | 1,165 | $ | 16.28 | ||||||||||
Vested | (440 | ) | $ | 18.61 | |||||||||
Forfeited | (57 | ) | $ | 17.56 | |||||||||
Unvested, May 2, 2015 | 2,103 | $ | 16.76 | ||||||||||
*There were approximately 0.5 million RSUs with three-year performance conditions included in this amount. This is based on current estimates against predefined financial performance targets ranging from 0% to 125% |
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation (Details) | 3 Months Ended |
2-May-15 | |
Description of Business and Basis of Presentation [Line Items] | |
Stores under franchise agreements | 34 |
Retail [Member] | |
Description of Business and Basis of Presentation [Line Items] | |
Number of stores | 579 |
Outlet [Member] | |
Description of Business and Basis of Presentation [Line Items] | |
Number of stores | 47 |
Minimum [Member] | |
Description of Business and Basis of Presentation [Line Items] | |
Age of target customer | 20 years |
Maximum [Member] | |
Description of Business and Basis of Presentation [Line Items] | |
Age of target customer | 30 years |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
segment | ||
Revenue from External Customers [Line Items] | ||
Number of operating segments | 1 | |
Net sales | $502,378 | $460,652 |
Other Revenue [Member] | ||
Revenue from External Customers [Line Items] | ||
Net sales | 9,668 | 7,963 |
Apparel [Member] | ||
Revenue from External Customers [Line Items] | ||
Net sales | 443,465 | 402,884 |
Accessories [Member] | ||
Revenue from External Customers [Line Items] | ||
Net sales | 49,245 | 49,805 |
Stores [Member] | ||
Revenue from External Customers [Line Items] | ||
Net sales | 415,074 | 383,658 |
E-commerce [Member] | ||
Revenue from External Customers [Line Items] | ||
Net sales | $77,636 | $69,031 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Earnings Per Share [Abstract] | ||
Weighted average shares - basic | 84,443,000 | 84,005,000 |
Dilutive effect of stock options, restricted stock units, and restricted stock | 535,000 | 419,000 |
Weighted average shares - diluted | 84,978,000 | 84,424,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of earnings per share | 900,000 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of earnings per share | 4,400,000 | 3,800,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
stores | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charge | $0 | $785 | |
Number of stores impaired during the period | 4 | ||
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities money market funds | 2,796 | 166,602 | |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities money market funds | 0 | 0 | |
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. treasury securities money market funds | $0 | $0 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | ||
3-May-14 | 2-May-15 | Jan. 31, 2015 | |
Intangible Assets by Major Class [Line Items] | |||
Intangible assets, cost | $198,987,000 | $218,737,000 | |
Accumulated amortization | 193,000 | 19,906,000 | |
Intangible assets, net | 198,794,000 | 198,831,000 | |
Amortization of intangible assets | 200,000 | ||
Tradename [Member] | |||
Intangible Assets by Major Class [Line Items] | |||
Indefinite-lived intangible assets | 196,144,000 | 196,144,000 | |
Internet domain names/trademarks [Member] | |||
Intangible Assets by Major Class [Line Items] | |||
Indefinite-lived intangible assets | 1,418,000 | 1,418,000 | |
Net favorable lease obligations/other [Member] | |||
Intangible Assets by Major Class [Line Items] | |||
Finite-lived intangible assets, cost | 1,425,000 | 21,175,000 | |
Accumulated amortization | 193,000 | 19,906,000 | |
Finite-lived intangible assets, net | $1,232,000 | $1,269,000 | |
Finite-lived intangible assets, useful life | 10 years |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 40.60% | 44.30% |
Lease_Financing_Obligations_De
Lease Financing Obligations (Details) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Millions, unless otherwise specified | ||
Leases [Abstract] | ||
Landlord funded construction, replacement cost of pre-existing property, and capitalized interest | $70.10 | $71 |
Lease financing obligations | $70.60 | $70.90 |
Debt_Senior_Notes_Details
Debt - Senior Notes (Details) (Senior Notes [Member], USD $) | 0 Months Ended | |||
Mar. 01, 2015 | Mar. 01, 2015 | Jan. 31, 2015 | Mar. 05, 2010 | |
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | $250,000,000 | |||
Interest rate | 8.75% | |||
Offering price percentage | 98.60% | |||
Debt outstanding | 200,900,000 | 200,900,000 | 200,900,000 | |
Redemption price percent | 102.19% | |||
Repayments of senior debt | $205,300,000 |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility (Details) (Line of Credit [Member], USD $) | 3 Months Ended | ||
2-May-15 | Jul. 29, 2011 | 20-May-15 | |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $200,000,000 | ||
Amount outstanding | 0 | ||
Remaining borrowing capacity | 197,500,000 | ||
Fixed charge ratio | 1 | ||
Percent of borrowing base in fixed charge coverage ratio restriction | 10.00% | ||
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $250,000,000 |
Debt_Loss_on_Extinguishment_De
Debt - Loss on Extinguishment (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Debt Instrument [Line Items] | ||
Write off of debt issuance costs and unamortized debt discount | $5,255,000 | $0 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Non-cash loss on extinguishment of debt | 9,700,000 | |
Redemption premium | 4,400,000 | |
Write off of debt issuance costs and unamortized debt discount | $5,300,000 |
Debt_Letters_of_Credit_Details
Debt - Letters of Credit (Details) (Letter of Credit [Member], USD $) | 2-May-15 | Jan. 31, 2015 |
Trade LCs [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $0 | $0 |
Stand-by LCs [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $2,500,000 | $2,500,000 |
ShareBased_Compensation_Cost_b
Share-Based Compensation - Cost by Award Type (Details) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | $3,851,000 | $6,336,000 |
Tax benefit from share-based compensation expense | 2,700,000 | 3,200,000 |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | 2,607,000 | 2,903,000 |
Stock Options [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | $1,244,000 | $3,433,000 |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Options (Details) | 3 Months Ended |
2-May-15 | |
Vesting Details [Line Items] | |
Contractual term | 6 years 8 months 12 days |
Stock Options [Member] | |
Vesting Details [Line Items] | |
Award vesting percentage | 25.00% |
Award vesting period | 4 years |
Requisite service period for retirement eligibility | 10 years |
Minimum age of individual for retirement eligibility | 55 years |
Contractual term | 10 years |
Stock Options [Member] | Chief Executive Officer [Member] | |
Vesting Details [Line Items] | |
Award vesting period | 3 years |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Stock Options Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Number of Shares | ||
Stock Options Outstanding at beginning of period | 3,470 | |
Stock Options Granted | 240 | |
Stock Options Exercised | 0 | |
Stock Options Forfeited or expired | -50 | |
Stock Options Outstanding at end of period | 3,660 | |
Stock Options Expected to Vest at end of period | 840 | |
Stock Options Exercisable at end of period | 2,776 | |
Grant Date Weighted Average Exercise Price Per Share | ||
Grant Date Weighted Average Exercise Price of Options Outstanding at beginning of period (usd per share) | $18.45 | |
Grant Date Weighted Average Exercise Price of Options Granted (usd per share) | $16.28 | |
Grant Date Weighted Average Exercise Price of Options Exercised (usd per share) | $0 | |
Grant Date Weighted Average Exercise Price of Options Forfeited or expired (usd per share) | $18.42 | |
Grant Date Weighted Average Exercise Price of Options Outstanding at end of period (usd per share) | $18.31 | |
Grant Date Weighted Average Exercise Price of Options Expected to Vest at end of period (usd per share) | $17.24 | |
Grant Date Weighted Average Exercise Price of Options Exercisable at end of period (usd per share) | $18.66 | |
Weighted-Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life of Options Outstanding (in years) | 6 years 8 months 12 days | |
Weighted Average Remaining Contractual Life of Options Expected to Vest at end of period (in years) | 8 years 8 months 12 days | |
Weighted Average Remaining Contractual Life of Options Exercisable at end of period (in years) | 6 years 1 month 6 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value of Options Outstanding at end of period | $752 | |
Aggregate Intrinsic Value of Options Expected to Vest at end of period | 465 | |
Aggregate Intrinsic Value of Options Exercisable at end of period | 266 | |
Company's Stock Options | ||
Weighted average grant date fair value of options granted (usd per share) | $7.76 | $8.57 |
Total intrinsic value of options exercised | $0 | $0 |
ShareBased_Compensation_Unreco
Share-Based Compensation - Unrecognized Compensation Expense and Period for Recognition (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 2-May-15 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $5.50 |
Period for recognition | 1 year 7 months 1 day |
Restricted Stock and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $27 |
Period for recognition | 2 years 1 month 25 days |
ShareBased_Compensation_Valuat
Share-Based Compensation - Valuation Assumptions (Details) (Stock Option [Member]) | 3 Months Ended | |||
2-May-15 | 3-May-14 | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.59% | [1] | 1.90% | [1] |
Price volatility | 47.90% | [2] | 54.70% | [2] |
Expected term | 6 years 3 months | [3] | 6 years 3 months | [3] |
Dividend yield | 0.00% | [4] | 0.00% | [4] |
[1] | Represents the yield on U.S. Treasury securities with a term consistent with the expected term of the stock options. | |||
[2] | For the first two years following the initial public offering of the Company's common stock, this was based on the historical volatility of selected comparable companies over a period consistent with the expected term of the stock options because the Company had a limited history of being publicly traded. Comparable companies were selected primarily based on industry, stage of life cycle, and size. Beginning in May 2012, the Company began using its own volatility as an additional input in the determination of expected volatility. | |||
[3] | Calculated utilizing the “simplified†methodology prescribed by Staff Accounting Bulletin No. 107 due to the lack of historical exercise data necessary to provide a reasonable basis upon which to estimate the term. | |||
[4] | The Company does not currently plan on paying regular dividends. |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Restricted Stock and Restricted Stock Units (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | 2-May-15 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Grant Date Weighted Average Fair Value Per Share | ||
Fair value of options vested | $8.20 | |
Performance-based Restricted Stock Units [Member] | ||
Number of Shares | ||
Awards Granted | 500 | |
Grant Date Weighted Average Fair Value Per Share | ||
Performance condition period | 3 years | |
Performance-based Restricted Stock Units [Member] | Minimum [Member] | ||
Grant Date Weighted Average Fair Value Per Share | ||
Target percentage of equity awards earned | 0.00% | |
Performance-based Restricted Stock Units [Member] | Maximum [Member] | ||
Grant Date Weighted Average Fair Value Per Share | ||
Target percentage of equity awards earned | 125.00% | |
RSUs and Restricted Stock [Member] | ||
Number of Shares | ||
Awards Unvested at beginning of period | 1,435 | |
Awards Granted | 1,165 | [1] |
Awards Vested | -440 | |
Awards Forfeited | -57 | |
Awards Unvested at end of period | 2,103 | |
Grant Date Weighted Average Fair Value Per Share | ||
Awards, grant date weighted average fair value at beginning of period (usd per share) | $17.75 | |
Awards, grant date weighted average fair value, shares granted (usd per share) | $16.28 | [1] |
Awards, grant date weighted average fair value, shares vested (usd per share) | $18.61 | |
Awards, grant date weighted average fair value, shares forfeited (usd per share) | $17.56 | |
Awards, grant date weighted average fair value at end of period (usd per share) | $16.76 | |
2010 Plan [Member] | Performance-based Restricted Stock Units [Member] | ||
Number of Shares | ||
Awards Granted | 400 | |
[1] | There were approximately 0.5 million RSUs with three-year performance conditions included in this amount. This is based on current estimates against predefined financial performance targets ranging from 0% to 125% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 28-May-14 | Jun. 12, 2014 |
Class of Warrant or Right [Line Items] | ||||
Amount authorized under share repurchase program | $100,000,000 | |||
Preferred stock, par value (usd per share) | $0.01 | $0.01 | ||
Stockholder Rights Plan [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Percent of outstanding stock acquired | 10.00% | |||
Number of securities called by each warrant | 0.01 | |||
Exercise price | $70 |