Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 28, 2017 | Nov. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | EXPRESS, INC. | |
Entity Central Index Key | 1,483,510 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 28, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 78,808,226 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 28, 2017 | Jan. 28, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 198,294 | $ 207,373 |
Receivables, net | 16,023 | 15,787 |
Inventories | 342,696 | 241,424 |
Prepaid minimum rent | 30,831 | 31,626 |
Other | 29,366 | 17,923 |
Total current assets | 617,210 | 514,133 |
PROPERTY AND EQUIPMENT | 1,039,197 | 1,029,176 |
Less: accumulated depreciation | (617,958) | (577,890) |
Property and equipment, net | 421,239 | 451,286 |
TRADENAME/DOMAIN NAMES/TRADEMARKS | 197,618 | 197,618 |
DEFERRED TAX ASSETS | 7,749 | 7,926 |
OTHER ASSETS | 13,161 | 14,226 |
Total assets | 1,256,977 | 1,185,189 |
CURRENT LIABILITIES: | ||
Accounts payable | 229,339 | 172,668 |
Deferred revenue | 21,579 | 29,428 |
Accrued expenses | 117,775 | 80,301 |
Total current liabilities | 368,693 | 282,397 |
DEFERRED LEASE CREDITS | 140,350 | 146,328 |
OTHER LONG-TERM LIABILITIES | 108,970 | 120,777 |
Total liabilities | 618,013 | 549,502 |
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; 92,637 shares and 92,063 shares issued at October 28, 2017 and January 28, 2017, respectively, and 78,805 shares and 78,422 shares outstanding at October 28, 2017 and January 28, 2017, respectively | 926 | 921 |
Additional paid-in capital | 196,201 | 185,097 |
Accumulated other comprehensive loss | 0 | (3,803) |
Retained earnings | 680,653 | 690,715 |
Treasury stock – at average cost; 13,832 shares and 13,641 shares at October 28, 2017 and January 28, 2017, respectively | (238,816) | (237,243) |
Total stockholders’ equity | 638,964 | 635,687 |
Total liabilities and stockholders’ equity | $ 1,256,977 | $ 1,185,189 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Oct. 28, 2017 | Jan. 28, 2017 |
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 | 92,637,000 | 92,063,000 |
Common stock, shares outstanding | 78,805,000 | 78,422,000 |
Treasury stock, shares | 13,832,000 | 13,641,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Income Statement [Abstract] | ||||
NET SALES | $ 498,651 | $ 506,090 | $ 1,444,216 | $ 1,513,766 |
COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS | 349,850 | 354,373 | 1,036,947 | 1,043,382 |
Gross profit | 148,801 | 151,717 | 407,269 | 470,384 |
OPERATING EXPENSES: | ||||
Selling, general, and administrative expenses | 137,721 | 136,633 | 399,529 | 405,547 |
Restructuring costs | 258 | 0 | 22,869 | 0 |
Other operating (income) expense, net | (341) | (17) | (664) | 28 |
Total operating expenses | 137,638 | 136,616 | 421,734 | 405,575 |
OPERATING INCOME/(LOSS) | 11,163 | 15,101 | (14,465) | 64,809 |
INTEREST EXPENSE, NET | 577 | 567 | 2,070 | 12,845 |
OTHER LOSS/(INCOME), NET | 0 | 90 | (537) | (404) |
INCOME/(LOSS) BEFORE INCOME TAXES | 10,586 | 14,444 | (15,998) | 52,368 |
INCOME TAX EXPENSE/(BENEFIT) | 4,316 | 2,827 | (5,935) | 17,725 |
NET INCOME/(LOSS) | 6,270 | 11,617 | (10,063) | 34,643 |
OTHER COMPREHENSIVE INCOME: | ||||
Foreign currency translation (loss)/gain | 0 | (367) | (402) | 615 |
Amount reclassified to earnings | 0 | 0 | 4,205 | 0 |
Other Comprehensive (Loss) Income | 0 | (367) | 3,803 | 615 |
COMPREHENSIVE INCOME/(LOSS) | $ 6,270 | $ 11,250 | $ (6,260) | $ 35,258 |
EARNINGS PER SHARE: | ||||
Basic (usd per share) | $ 0.08 | $ 0.15 | $ (0.13) | $ 0.44 |
Diluted (usd per share) | $ 0.08 | $ 0.15 | $ (0.13) | $ 0.44 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
Basic (in shares) | 78,805 | 78,401 | 78,679 | 78,754 |
Diluted (in shares) | 78,890 | 78,595 | 78,679 | 79,151 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss)/income | $ (10,063,000) | $ 34,643,000 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation and amortization | 67,852,000 | 58,960,000 |
Loss on disposal of property and equipment | 1,323,000 | 907,000 |
Impairment charge | 5,479,000 | 829,000 |
Amortization of lease financing obligation discount | 0 | 11,354,000 |
Loss on deconsolidation of Canada | 10,672,000 | 0 |
Share-based compensation | 11,110,000 | 10,783,000 |
Deferred taxes | 1,210,000 | (385,000) |
Landlord allowance amortization | (9,779,000) | (8,345,000) |
Other non-cash adjustments | (500,000) | 0 |
Changes in operating assets and liabilities: | ||
Receivables, net | (660,000) | 5,883,000 |
Inventories | (105,379,000) | (86,468,000) |
Accounts payable, deferred revenue, and accrued expenses | 61,797,000 | 28,749,000 |
Other assets and liabilities | 14,612,000 | 2,954,000 |
Net cash provided by operating activities | 47,674,000 | 59,864,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (42,207,000) | (80,900,000) |
Decrease in cash and cash equivalents resulting from deconsolidation of Canada | (9,232,000) | 0 |
Purchase of intangible assets | 0 | (21,000) |
Investment in equity interests | 0 | (10,133,000) |
Net cash used in investing activities | (51,439,000) | (91,054,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on lease financing obligations | (1,262,000) | (1,186,000) |
Repayments of financing arrangements | (2,040,000) | 0 |
Proceeds from exercise of stock options | 0 | 2,735,000 |
Repurchase of common stock under share repurchase program | 0 | (51,538,000) |
Repurchase of common stock for tax withholding obligations | (1,574,000) | (4,498,000) |
Net cash used in financing activities | (4,876,000) | (54,487,000) |
EFFECT OF EXCHANGE RATE ON CASH | (438,000) | 629,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (9,079,000) | (85,048,000) |
CASH AND CASH EQUIVALENTS, Beginning of period | 207,373,000 | 186,903,000 |
CASH AND CASH EQUIVALENTS, End of period | $ 198,294,000 | $ 101,855,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Oct. 28, 2017 | |
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 retailer of women's and men's apparel and accessories, 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. As of October 28, 2017 , Express operated 499 primarily mall-based retail stores in the United States and Puerto Rico as well as 141 factory outlet stores. Additionally, as of October 28, 2017 , the Company earned revenue from 17 franchise stores in Latin America. These franchise stores are operated by franchisees pursuant to franchise agreements. Under the franchise agreements, the franchisees operate stand-alone Express stores that sell Express-branded apparel and accessories purchased directly from the Company. On May 4, 2017, Express announced its intention to exit the Canadian market and Express Fashion Apparel Canada Inc. and one of its wholly-owned subsidiaries filed for protection in Canada under the Companies' Creditors Arrangement Act (CCAA) with the Ontario Superior Court of Justice in Toronto. As of May 4, 2017, Canadian retail operations were deconsolidated from the Company's financial statements. Canadian financial results prior to May 4, 2017 are included in the Company's consolidated financial statements. See Note 12 for additional information. 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 " 2017 " and " 2016 " represent the 53-week period ended February 3, 2018 and the 52-week period ended January 28, 2017 . All references herein to "the third quarter of 2017 " and "the third quarter of 2016 " represent the thirteen weeks ended October 28, 2017 and October 29, 2016 , 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 and therefore 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 2017 . Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended January 28, 2017 , included in the Company's Annual Report on Form 10-K, filed with the SEC on March 24, 2017 . 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 unaudited Consolidated Financial Statements and the reported amounts of revenue and expense during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the unaudited Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and 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 to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017 with early application permitted for annual and interim reporting periods beginning after December 15, 2016. The Company will adopt ASU 2014-09 in the first quarter of fiscal 2018 and expects to use the full retrospective method. While the Company continues to evaluate the impact that adopting this standard will have on its consolidated financial statements, it currently expects that the adoption will primarily impact the accounting for points earned under the Company's customer loyalty program and the timing of revenue recognition for e-commerce sales. Neither of these changes is expected to have a material effect on the Company's financial position; however there are enhanced disclosure requirements under this standard. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 requires entities to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. Under ASU 2016-02, a lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on its balance sheet. The new standard is effective for annual and interim periods beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method with early adoption permitted. The Company continues to evaluate the impact that adopting ASU 2016-02 will have on its consolidated financial statements, but the most significant impact will be to increase assets and liabilities on the consolidated balance sheet by the present value of the Company's leasing obligations, which are primarily related to store leases, as well as additional disclosures required. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 28, 2017 | |
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 President and Chief Executive Officer and its 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 Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) (in thousands) Apparel $ 439,068 $ 446,999 $ 1,269,079 $ 1,327,090 Accessories and other 50,955 51,301 148,626 157,963 Other revenue 8,628 7,790 26,511 28,713 Total net sales $ 498,651 $ 506,090 $ 1,444,216 $ 1,513,766 Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) (in thousands) Stores $ 371,847 $ 401,963 $ 1,112,002 $ 1,241,669 E-commerce 118,176 96,337 305,703 243,384 Other revenue 8,628 7,790 26,511 28,713 Total net sales $ 498,651 $ 506,090 $ 1,444,216 $ 1,513,766 Other revenue consists primarily of sell-off revenue related to mark-out-of-stock inventory sales to third parties, 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 and thirty-nine weeks ended October 28, 2017 and October 29, 2016 , 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 | 9 Months Ended |
Oct. 28, 2017 | |
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 Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) Weighted-average shares - basic 78,805 78,401 78,679 78,754 Dilutive effect of stock options and restricted stock units 85 194 — 397 Weighted-average shares - diluted 78,890 78,595 78,679 79,151 Equity awards representing 4.2 million and 4.6 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended October 28, 2017 , respectively, as the inclusion of these awards would have been anti-dilutive. Equity awards representing 3.6 million and 4.0 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended October 29, 2016 , respectively, as the inclusion of these awards would have been anti-dilutive. Additionally, for the thirteen and thirty-nine weeks ended October 28, 2017 , 1.4 million shares were 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 October 28, 2017 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 28, 2017 | |
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, recorded in cash and cash equivalents on the unaudited Consolidated Balance Sheet, measured at fair value on a recurring basis as of October 28, 2017 and January 28, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall. October 28, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 116,914 $ — $ — Commercial paper — 59,916 — $ 116,914 $ 59,916 $ — January 28, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 177,551 $ — $ — Cash and cash equivalents include investments in money market funds, commercial paper with a maturity at the time of purchase of less than 90 days, payments due from banks for third-party credit and debit card transactions for up to five days of sales, cash on hand, and deposits with financial institutions. The money market funds are valued based on quoted market prices in active markets. The commercial paper is valued based on other observable inputs for those securities based on information provided by independent third party entity. The carrying amounts reflected on the unaudited Consolidated Balance Sheets for the remaining cash and cash equivalents, receivables, prepaid expenses, and payables as of October 28, 2017 and January 28, 2017 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 October 28, 2017 the Company did no t recognize any impairment charges. During the thirty-nine weeks ended October 28, 2017 , the Company recognized impairment charges of approximately $5.5 million related to its 17 Canadian stores, all of which are now closed and fully impaired. These charges are included in restructuring costs on the unaudited Consolidated Statements of Income. See Note 12 for additional discussion regarding the exit from Canada. During the thirteen and thirty-nine weeks ended October 29, 2016 , the Company recognized impairment charges of $0.8 million related to two Canadian stores. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Oct. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table provides the significant components of intangible assets: October 28, 2017 Cost Accumulated Amortization Ending Net Balance (in thousands) Tradename/domain names/trademarks $ 197,618 $ — $ 197,618 Licensing arrangements 425 257 168 $ 198,043 $ 257 $ 197,786 January 28, 2017 Cost Accumulated Amortization Ending Net Balance (in thousands) Tradename/domain names/trademarks $ 197,618 $ — $ 197,618 Licensing arrangements 425 221 204 $ 198,043 $ 221 $ 197,822 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 28, 2017 | |
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 40.8% and 19.6% for the thirteen weeks ended October 28, 2017 and October 29, 2016 , respectively. The Company’s effective tax rate was 37.1% and 33.8% for the thirty-nine weeks ended October 28, 2017 and October 29, 2016, respectively. The effective tax rate for the thirty-nine weeks ended October 28, 2017 reflects $3.4 million of discrete tax benefit related to the exit from Canada. This consisted of a $7.3 million tax benefit related to the write-off of Express’ excess tax basis in its investment in Canada, a $2.3 million tax expense primarily related to an increase in the valuation allowance as a result of asset impairment, and $1.6 million of discrete tax expense related to the cumulative translation loss reclassified to earnings as part of the Canadian exit which is more fully described in Note 12. This net benefit was partially offset by discrete charges of $2.5 million related to a tax shortfall for share-based compensation during the thirty-nine weeks ended October 28, 2017 and $1.2 million for a valuation allowance that was recorded against the deferred tax asset for deferred compensation. The total deferred tax asset for deferred compensation of $11.4 million , less the estimated valuation allowance of $1.2 million , will be realized upon payout of amounts to participants in the Company's non-qualified supplemental retirement plan (the “Non-Qualified Plan”) that was terminated in the first quarter of 2017. See Note 13 for additional information regarding the termination. The effective tax rates for the thirteen and thirty-nine weeks ended October 29, 2016 include a net discrete tax benefit of $2.9 million . This tax benefit is the result of a $7.1 million tax benefit attributable to the release of a reserve for uncertain tax positions as a result of the expiration of the associated statute of limitations, partially offset by an increase in tax expense of $4.2 million related to the expiration of certain unexercised stock options previously held by the former Chairman of the Company’s Board of Directors. |
Lease Financing Obligations
Lease Financing Obligations | 9 Months Ended |
Oct. 28, 2017 | |
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 terms of the lease arrangements for which the Company is considered the owner are expected to expire in 2023 and 2029. The net book value of landlord funded construction, replacement cost of pre-existing property, and capitalized interest in property and equipment on the unaudited Consolidated Balance Sheets was $61.1 million and $63.8 million , as of October 28, 2017 and January 28, 2017 , respectively. There was also $67.1 million and $68.2 million of lease financing obligations as of October 28, 2017 and January 28, 2017 , respectively, in other long-term liabilities on the unaudited Consolidated Balance Sheets. 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 buildings 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. In February 2016, the Company amended its lease arrangement with the landlord of the Times Square Flagship store. The amendment provided the landlord with the option to cancel the lease upon sufficient notice through December 31, 2016. The option was never exercised and therefore expired on December 31, 2016. In conjunction with amending the lease, the Company recognized an $11.4 million put option liability and a related offset as a discount on the lease financing obligation. The discount was amortized over the shortest period under which the landlord was able to exercise this option ( 60 days). This resulted in the full amortization of the $11.4 million discount during the first quarter of 2016. The amortization of the discount was recorded as interest expense. As of October 28, 2017 , the put option was $8.5 million of which $7.7 million is included within other long-term liabilities on the Consolidated Balance Sheets. This amount will be amortized through interest expense over the remaining lease term. |
Debt
Debt | 9 Months Ended |
Oct. 28, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company's financing activities are as follows: Revolving Credit Facility On May 20, 2015, Express Holding, LLC, a wholly-owned subsidiary of the Company ("Express Holding"), and its subsidiaries entered into an Amended and Restated $250.0 million secured Asset-Based Credit Facility ("Revolving Credit Facility"). The expiration date of the facility is May 20, 2020. As of October 28, 2017 , there were no borrowings outstanding and approximately $246.7 million was available for borrowing 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's 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, prepayment of other debt, distributions, dividends, the repurchase of capital stock, transactions with affiliates, the ability to change the nature of its business or fiscal year, and permitted business activities. 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, among other assets, substantially all working capital assets including cash, accounts receivable, and inventory, of Express Holding and its domestic subsidiaries. Letters of Credit The Company may enter into stand-by letters of credit ("stand-by LCs") on an as-needed basis to secure payment obligations for merchandise purchases and other general and administrative expenses. As of October 28, 2017 and January 28, 2017 , outstanding stand-by LCs totaled $3.3 million and $3.2 million , respectively. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 28, 2017 | |
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 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 Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) Restricted stock units $ 3,249 $ 2,701 $ 9,455 $ 8,701 Stock options 401 502 1,655 2,082 Total share-based compensation $ 3,650 $ 3,203 $ 11,110 $ 10,783 The stock compensation related income tax benefit recognized by the Company during the thirteen and thirty-nine weeks ended October 28, 2017 was negligible and $2.1 million , respectively. The stock compensation related income tax benefit recognized by the Company during the thirteen and thirty-nine weeks ended October 29, 2016 was $0.1 million and $6.0 million , respectively. Stock Options During the thirty-nine weeks ended October 28, 2017 , the Company granted stock options under the Company's Amended and Restated 2010 Incentive Compensation Plan (the "2010 Plan"). Stock options granted in 2017 under the 2010 Plan vest 25% per year over four years or upon reaching retirement eligibility, defined as providing ten years of service and being at least 55 years of age. These options have a ten year contractual life. The expense for stock options is recognized using the straight-line attribution method. The Company's activity with respect to stock options during the thirty-nine weeks ended October 28, 2017 was as follows: Number of Shares Grant Date Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) Outstanding, January 28, 2017 2,329 $ 18.18 Granted 493 $ 9.42 Exercised — $ — Forfeited or expired (220 ) $ 18.35 Outstanding, October 28, 2017 2,602 $ 16.51 5.8 $ — Expected to vest at October 28, 2017 751 $ 13.10 8.8 $ — Exercisable at October 28, 2017 1,808 $ 18.04 4.5 $ — The following table provides additional information regarding the Company's stock options: Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 (in thousands, except per share amounts) Weighted average grant date fair value of options granted (per share) $ 4.39 $ 9.50 Total intrinsic value of options exercised $ — $ 547 As of October 28, 2017 , there was approximately $2.8 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of approximately 1.8 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: Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 Risk-free interest rate (1) 2.27 % 1.60 % Price volatility (2) 45.53 % 43.15 % Expected term (years) (3) 6.10 6.54 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) Primarily based on the historical volatility of the Company's common stock over a period consistent with the expected term of the stock options. (3) Calculated using the midpoint scenario, which combines historical exercise data with hypothetical exercise data for outstanding options. The Company believes this data currently represents the best estimate of the expected term of granted employee stock options. (4) The Company does not currently plan on paying regular dividends. Restricted Stock Units During the thirty-nine weeks ended October 28, 2017 , the Company granted restricted stock units ("RSUs") under the 2010 Plan, including 0.8 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 granted during the thirty-nine weeks ended October 28, 2017 that are earned based on the achievement of performance criteria will vest on April 15, 2020. RSUs without performance conditions vest ratably over four years. The Company's activity with respect to RSUs, including awards with performance conditions, for the thirty-nine weeks ended October 28, 2017 was as follows: Number of Shares Grant Date Weighted Average Fair Value Per Share (in thousands, except per share amounts) Unvested, January 28, 2017 1,683 $ 17.64 Granted (1) 2,122 $ 9.22 Performance Shares Adjustment (2) (25 ) $ — Vested (574 ) $ 17.26 Forfeited (161 ) $ 12.85 Unvested, October 28, 2017 3,045 $ 12.11 (1) Approximately 0.8 million RSUs with three -year performance conditions were granted in the first quarter of 2017. One hundred percent of these RSUs are currently included as granted in the table above. The number of performance-based RSUs that are ultimately earned may vary from 0% to 200% of target depending on the achievement of predefined financial performance targets. (2) Relates to a change in estimate of RSUs with performance conditions granted in 2015. Currently, 80% of the number of shares granted in 2015 are expected to vest based on estimates against predefined financial performance targets. The total fair value of RSUs that vested during the thirty-nine weeks ended October 28, 2017 was $9.9 million . As of October 28, 2017 , there was approximately $24.4 million of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.9 years. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In a complaint filed on January 31, 2017 in the Superior Court for the State of California for the County of Orange, certain subsidiaries of the Company were named as defendants in a representative action alleging violations of California state wage and hour statutes and other labor standards. The lawsuit seeks unspecified monetary damages and attorneys' fees. The Company is vigorously defending these claims. At this time, the Company is not able to predict the outcome of this lawsuit or the amount of any loss that may arise from it and has therefore not recorded any reserve related to this matter. In November 2017, the Company received notice that an employee intends to pursue a representative action against the Company for alleged violations of California state wage and hour statutes and other labor standards. The Company will vigorously defend these claims. At this time, the Company is not able to predict the outcome of this matter or the amount of any loss that may arise from it and has therefore not recorded any reserve related to this matter. The Company is subject to various other 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. |
Investment in Equity Interests
Investment in Equity Interests | 9 Months Ended |
Oct. 28, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Equity Interests | Investment in Equity Interests In the second quarter of 2016, the Company made a $10.1 million investment in Homage, LLC, a privately held retail company based in Columbus, Ohio. The non-controlling investment in the entity is being accounted for under the equity method. Under the terms of the agreement governing the investment, the Company's investment was increased by $0.5 million during the second quarter of 2017 as the result of an accrual of a non-cash preferred yield. The total $10.6 million investment is included in other assets on the unaudited Consolidated Balance Sheets. |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Oct. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs In April of 2017, Express made the decision to close all 17 of its retail stores in Canada and discontinue all operations through its Canadian subsidiary, Express Fashion Apparel Canada Inc. ("Express Canada"). In connection with the plan to close all of its Canadian stores, on May 4, 2017, certain of Express, Inc.’s Canadian subsidiaries filed an application with the Ontario Superior Court of Justice (Commercial List) in Toronto (the "Court") seeking protection for Express, Inc.’s Canadian subsidiaries under the Companies’ Creditors Arrangement Act in Canada (the "Filing") and the appointment of a monitor to oversee the liquidation and wind-down process. Express Canada began conducting store closing liquidation sales in the middle of May and closed all of its Canadian stores in June of 2017. On September 27, 2017, a Joint Plan of Compromise and Arrangement (the “Plan”) which sets forth the amounts to be distributed to creditors and others in connection with the liquidation of Express Canada was sanctioned and approved by the Court and the creditors of Express Canada. The Plan is in the process of being implemented. Asset Impairment As a result of the decision to close the Canadian stores, Express determined that it was more likely than not that the fixed assets associated with the Canadian stores would be sold or otherwise disposed of prior to the end of their useful lives and therefore evaluated these assets for impairment in the first quarter of 2017. As a result of this evaluation, the Company recognized an impairment charge of $5.5 million on the fixed assets in the first quarter of 2017. Exit Costs As of May 4, 2017, the date of the Filing, the Company no longer had a controlling interest in the Canadian subsidiaries and therefore it deconsolidated the Canadian operations from the Company's consolidated financial statements as of such date. In addition to the impairment charges noted above, during the first quarter of 2017 the Company also incurred $0.8 million in restructuring costs for professional fees. During the second quarter of 2017 the Company recorded additional restructuring costs of $16.3 million . Also in the second quarter the Company recorded a lower of cost or market adjustment in the amount of $1.3 million in cost of goods sold on the unaudited Consolidated Statements of Income related to inventory on hand specifically related to Canada. During the third quarter of 2017, the Company recorded additional restructuring costs of $0.3 million . See Note 6 for the income tax impact of the discontinuation of Canadian operations. The following provides additional detail regarding the restructuring costs incurred to date as well as a roll-forward of the amounts accrued: Accrual as of April 29, 2017 Second Quarter Expense Second Quarter Amounts Paid Accrual as of July 29, 2017 Third Quarter Expense Third Quarter Amounts Paid Accrual as of October 28, 2017 (in thousands) Professional fees $ 463 $ 268 $ (603 ) $ 128 $ 58 $ (135 ) $ 51 Write-off of investment in Express Canada — 6,467 — — — — — Lease related accruals — 5,400 — 5,400 85 (4,285 ) 1,200 Cumulative translation loss reclassed to earnings — 4,205 — — — — — Other expenses — — — — 115 — — $ 463 $ 16,340 $ (603 ) $ 5,528 $ 258 $ (4,420 ) $ 1,251 In addition, in the second quarter the Company incurred a cash loss in the amount of $9.2 million . This amount reflected the cash and cash equivalents balance held by Express Canada at the time of deconsolidation and is a component of the write-off of the investment in Express Canada. The Company does not expect to incur significant additional restructuring costs and expects to make the majority of the remaining cash payments within the next 12 months. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Oct. 28, 2017 | |
Postemployment Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Certain eligible employees participate in a Non-Qualified Plan sponsored by the Company. In the first quarter of 2017, the Company elected to terminate the Non-Qualified Plan effective March 31, 2017. Outstanding participant balances are expected to be distributed via lump sum after a 12-month waiting period per IRS regulations regarding distributions from supplemental nonqualified plans. Interest will continue to accrue on outstanding balances until such distributions are made. As a result of this decision, the liability associated with this plan was reclassified from other long-term liabilities to accrued expenses in 2017. The balance was $25.5 million as of October 28, 2017 . The Company continues to sponsor a qualified defined contribution retirement plan for eligible employees. |
Private Label Credit Card
Private Label Credit Card | 9 Months Ended |
Oct. 28, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Private Label Credit Card | Private Label Credit Card On August 28, 2017, the Company amended its existing Private Label Credit Card Program Agreement (the “Amendment”) with Comenity Bank (the “Bank”) to extend the term of the arrangement through December 31, 2024 (as amended, the “Agreement”). Pursuant to the Agreement, Bank continues to have the exclusive right to provide private label credit cards to Company’s customers. In connection with the Amendment, the Bank has agreed to pay the Company (1) a $20.0 million dollar refundable payment which the Company will recognize upon receipt as deferred revenue within other long-term in the consolidated balance sheet and recognize into income on a straight-line basis commencing in January of 2018 over the term of the Agreement within the other revenue component of net sales, and (2) a total of $7.1 million in non-refundable payments during the remainder of fiscal year 2017 intended to offset certain marketing and other costs related to the private label credit card program. The Company received the $20.0 million payment in the third quarter of 2017. This amount is recorded in other long-term liabilities on the unaudited Consolidated Balance Sheets. The Company also received $2.0 million of the $7.1 million in the third quarter of 2017 and recognized this amount in selling, general, and administrative expenses on the unaudited consolidated statements of income as an offset to costs associated with promoting the card. The Company expects to receive the remaining $5.1 million and recognize the remaining amounts during the fourth quarter of 2017. The Company will recognize any amounts received in excess of marketing and other costs related to the program on a straight-line basis over the term of the Agreement. In addition to these payments, the Company will continue to receive amounts from the Bank during the term of the Agreement based on a percentage of private label credit card sales and is also eligible to receive incentive payments for the achievement of certain performance targets and reimbursement for certain costs. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Oct. 28, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On November 28, 2017, the Company's Board of Directors ("Board") approved a new share repurchase program that authorizes the Company to repurchase up to $150 million of the Company’s outstanding common stock using available cash. The Company may repurchase shares on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of stock repurchases will depend on a variety of factors, including business and market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. |
Description of Business and B21
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 28, 2017 | |
Description of Business and Basis of Presentation [Abstract] | |
Fiscal Year | 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 " 2017 " and " 2016 " represent the 53-week period ended February 3, 2018 and the 52-week period ended January 28, 2017 . All references herein to "the third quarter of 2017 " and "the third quarter of 2016 " represent the thirteen weeks ended October 28, 2017 and October 29, 2016 , respectively. |
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 information and therefore 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 2017 . Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended January 28, 2017 , included in the Company's Annual Report on Form 10-K, filed with the SEC on March 24, 2017 . |
Principles of Consolidation | 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 | 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 unaudited Consolidated Financial Statements and the reported amounts of revenue and expense during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the unaudited Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and 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 to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017 with early application permitted for annual and interim reporting periods beginning after December 15, 2016. The Company will adopt ASU 2014-09 in the first quarter of fiscal 2018 and expects to use the full retrospective method. While the Company continues to evaluate the impact that adopting this standard will have on its consolidated financial statements, it currently expects that the adoption will primarily impact the accounting for points earned under the Company's customer loyalty program and the timing of revenue recognition for e-commerce sales. Neither of these changes is expected to have a material effect on the Company's financial position; however there are enhanced disclosure requirements under this standard. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 requires entities to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. Under ASU 2016-02, a lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on its balance sheet. The new standard is effective for annual and interim periods beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method with early adoption permitted. The Company continues to evaluate the impact that adopting ASU 2016-02 will have on its consolidated financial statements, but the most significant impact will be to increase assets and liabilities on the consolidated balance sheet by the present value of the Company's leasing obligations, which are primarily related to store leases, as well as additional disclosures required. |
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 President and Chief Executive Officer and its 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. |
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. |
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. |
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 as compensation expense, net of forfeitures, over the requisite service period. Restricted Stock Units During the thirty-nine weeks ended October 28, 2017 , the Company granted restricted stock units ("RSUs") under the 2010 Plan, including 0.8 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 granted during the thirty-nine weeks ended October 28, 2017 that are earned based on the achievement of performance criteria will vest on April 15, 2020. RSUs without performance conditions vest ratably over four 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. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) (in thousands) Apparel $ 439,068 $ 446,999 $ 1,269,079 $ 1,327,090 Accessories and other 50,955 51,301 148,626 157,963 Other revenue 8,628 7,790 26,511 28,713 Total net sales $ 498,651 $ 506,090 $ 1,444,216 $ 1,513,766 Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) (in thousands) Stores $ 371,847 $ 401,963 $ 1,112,002 $ 1,241,669 E-commerce 118,176 96,337 305,703 243,384 Other revenue 8,628 7,790 26,511 28,713 Total net sales $ 498,651 $ 506,090 $ 1,444,216 $ 1,513,766 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
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 Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) Weighted-average shares - basic 78,805 78,401 78,679 78,754 Dilutive effect of stock options and restricted stock units 85 194 — 397 Weighted-average shares - diluted 78,890 78,595 78,679 79,151 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's financial assets, recorded in cash and cash equivalents on the unaudited Consolidated Balance Sheet, measured at fair value on a recurring basis as of October 28, 2017 and January 28, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall. October 28, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 116,914 $ — $ — Commercial paper — 59,916 — $ 116,914 $ 59,916 $ — January 28, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 177,551 $ — $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table provides the significant components of intangible assets: October 28, 2017 Cost Accumulated Amortization Ending Net Balance (in thousands) Tradename/domain names/trademarks $ 197,618 $ — $ 197,618 Licensing arrangements 425 257 168 $ 198,043 $ 257 $ 197,786 January 28, 2017 Cost Accumulated Amortization Ending Net Balance (in thousands) Tradename/domain names/trademarks $ 197,618 $ — $ 197,618 Licensing arrangements 425 221 204 $ 198,043 $ 221 $ 197,822 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Shared-based Compensation Expense | The following summarizes share-based compensation expense: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 October 28, 2017 October 29, 2016 (in thousands) Restricted stock units $ 3,249 $ 2,701 $ 9,455 $ 8,701 Stock options 401 502 1,655 2,082 Total share-based compensation $ 3,650 $ 3,203 $ 11,110 $ 10,783 |
Schedule of Activity related to Stock Options | The Company's activity with respect to stock options during the thirty-nine weeks ended October 28, 2017 was as follows: Number of Shares Grant Date Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) Outstanding, January 28, 2017 2,329 $ 18.18 Granted 493 $ 9.42 Exercised — $ — Forfeited or expired (220 ) $ 18.35 Outstanding, October 28, 2017 2,602 $ 16.51 5.8 $ — Expected to vest at October 28, 2017 751 $ 13.10 8.8 $ — Exercisable at October 28, 2017 1,808 $ 18.04 4.5 $ — |
Supplemental Options Options Information | The following table provides additional information regarding the Company's stock options: Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 (in thousands, except per share amounts) Weighted average grant date fair value of options granted (per share) $ 4.39 $ 9.50 Total intrinsic value of options exercised $ — $ 547 |
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: Thirty-Nine Weeks Ended October 28, 2017 October 29, 2016 Risk-free interest rate (1) 2.27 % 1.60 % Price volatility (2) 45.53 % 43.15 % Expected term (years) (3) 6.10 6.54 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) Primarily based on the historical volatility of the Company's common stock over a period consistent with the expected term of the stock options. (3) Calculated using the midpoint scenario, which combines historical exercise data with hypothetical exercise data for outstanding options. The Company believes this data currently represents the best estimate of the expected term of granted employee stock options. (4) The Company does not currently plan on paying regular dividends. |
Schedule Activity related to Restricted Stock Units, Including Awards with Performance Conditions | The Company's activity with respect to RSUs, including awards with performance conditions, for the thirty-nine weeks ended October 28, 2017 was as follows: Number of Shares Grant Date Weighted Average Fair Value Per Share (in thousands, except per share amounts) Unvested, January 28, 2017 1,683 $ 17.64 Granted (1) 2,122 $ 9.22 Performance Shares Adjustment (2) (25 ) $ — Vested (574 ) $ 17.26 Forfeited (161 ) $ 12.85 Unvested, October 28, 2017 3,045 $ 12.11 (1) Approximately 0.8 million RSUs with three -year performance conditions were granted in the first quarter of 2017. One hundred percent of these RSUs are currently included as granted in the table above. The number of performance-based RSUs that are ultimately earned may vary from 0% to 200% of target depending on the achievement of predefined financial performance targets. (2) Relates to a change in estimate of RSUs with performance conditions granted in 2015. Currently, 80% of the number of shares granted in 2015 are expected to vest based on estimates against predefined financial performance targets. |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Oct. 28, 2017 | |
Restructuring and Related Activities [Abstract] | |
Rollforward of Amounts Accrued for Restructuring | The following provides additional detail regarding the restructuring costs incurred to date as well as a roll-forward of the amounts accrued: Accrual as of April 29, 2017 Second Quarter Expense Second Quarter Amounts Paid Accrual as of July 29, 2017 Third Quarter Expense Third Quarter Amounts Paid Accrual as of October 28, 2017 (in thousands) Professional fees $ 463 $ 268 $ (603 ) $ 128 $ 58 $ (135 ) $ 51 Write-off of investment in Express Canada — 6,467 — — — — — Lease related accruals — 5,400 — 5,400 85 (4,285 ) 1,200 Cumulative translation loss reclassed to earnings — 4,205 — — — — — Other expenses — — — — 115 — — $ 463 $ 16,340 $ (603 ) $ 5,528 $ 258 $ (4,420 ) $ 1,251 |
Description of Business and B28
Description of Business and Basis of Presentation (Details) | May 04, 2017subsidiaries | Oct. 28, 2017stores |
Description of Business and Basis of Presentation [Line Items] | ||
Number of stores under franchise agreements | 17 | |
Number of subsidiaries under the companies creditors arrangement act | subsidiaries | 1 | |
Retail [Member] | ||
Description of Business and Basis of Presentation [Line Items] | ||
Number of stores | 499 | |
Outlet [Member] | ||
Description of Business and Basis of Presentation [Line Items] | ||
Number of stores | 141 | |
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) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($)segment | Oct. 29, 2016USD ($) | |
Revenue from External Customers [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Net sales | $ 498,651 | $ 506,090 | $ 1,444,216 | $ 1,513,766 |
Apparel [Member] | ||||
Revenue from External Customers [Line Items] | ||||
Net sales | 439,068 | 446,999 | 1,269,079 | 1,327,090 |
Accessories and other [Member] | ||||
Revenue from External Customers [Line Items] | ||||
Net sales | 50,955 | 51,301 | 148,626 | 157,963 |
Other Revenue [Member] | ||||
Revenue from External Customers [Line Items] | ||||
Net sales | 8,628 | 7,790 | 26,511 | 28,713 |
Stores [Member] | ||||
Revenue from External Customers [Line Items] | ||||
Net sales | 371,847 | 401,963 | 1,112,002 | 1,241,669 |
E-commerce [Member] | ||||
Revenue from External Customers [Line Items] | ||||
Net sales | $ 118,176 | $ 96,337 | $ 305,703 | $ 243,384 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares - basic | 78,805 | 78,401 | 78,679 | 78,754 |
Dilutive effect of stock options and restricted stock units | 85 | 194 | 0 | 397 |
Weighted-average shares - diluted | 78,890 | 78,595 | 78,679 | 79,151 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of earnings per share | 4,200 | 3,600 | 4,600 | 4,000 |
Performance-based Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from computation of earnings per share | 1,400 | 1,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017USD ($) | Apr. 29, 2017USD ($) | Oct. 29, 2016USD ($)stores | Oct. 28, 2017USD ($)stores | Oct. 29, 2016USD ($)stores | Jan. 28, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment charge | $ 0 | $ 5,500,000 | $ 800,000 | $ 5,479,000 | $ 829,000 | |
Number of stores impaired during the period | stores | 2 | 17 | 2 | |||
Recurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 116,914,000 | $ 116,914,000 | ||||
Recurring [Member] | Level 1 [Member] | Money market funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 116,914,000 | 116,914,000 | $ 177,551,000 | |||
Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 0 | 0 | ||||
Recurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 59,916,000 | 59,916,000 | ||||
Recurring [Member] | Level 2 [Member] | Money market funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 0 | 0 | 0 | |||
Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 59,916,000 | 59,916,000 | ||||
Recurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 0 | 0 | ||||
Recurring [Member] | Level 3 [Member] | Money market funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | 0 | 0 | $ 0 | |||
Recurring [Member] | Level 3 [Member] | Commercial paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Financial assets | $ 0 | $ 0 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2017 | Jan. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 257 | $ 221 |
Indefinite-lived Intangible Assets [Line Items] | ||
Cost | 197,618 | 197,618 |
Cost | 198,043 | 198,043 |
Ending Net Balance | 197,786 | 197,822 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Cost | 197,618 | |
Licensing arrangements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 425 | 425 |
Accumulated Amortization | 257 | 221 |
Ending Net Balance | $ 168 | $ 204 |
Finite-lived intangible assets, useful life (in years) | 10 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Valuation Allowance [Line Items] | ||||
Effective income tax rate (as a percent) | 40.80% | 19.60% | 37.10% | 33.80% |
Discrete tax expense (benefit) - exit from Canada | $ (3.4) | |||
Discrete tax expense (benefit) - write-off of excess tax basis | (7.3) | |||
Discrete tax expense (benefit) - valuation allowance of asset impairment | 2.3 | |||
Discrete tax expense (benefit) - cumulative translation loss | 1.6 | |||
Discrete tax expense, share-based compensation | 2.5 | |||
Deferred tax asset, deferred compensation | $ 11.4 | 11.4 | ||
Discrete tax expense (benefit) | $ (2.9) | $ (2.9) | ||
Discrete tax expense (benefit) - release of reserve for uncertain tax positions | (7.1) | (7.1) | ||
Discrete tax expense (benefit) - expiration of unexercised stock options | $ 4.2 | $ 4.2 | ||
Deferred tax asset for deferred compensation [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance | $ 1.2 | $ 1.2 |
Lease Financing Obligations (De
Lease Financing Obligations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2016 | Apr. 30, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | Jan. 28, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Landlord funded construction, replacement cost of pre-existing property, and capitalized interest | $ 61,100 | $ 63,800 | |||
Lease financing obligations | 67,100 | $ 68,200 | |||
Put option | $ 11,400 | 8,500 | |||
Period to exercise lease option (in days) | 60 days | ||||
Amortization of lease financing obligation discount | $ 11,400 | 0 | $ 11,354 | ||
Other Noncurrent Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Put option | $ 7,700 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - Line of Credit [Member] | 9 Months Ended | |
Oct. 28, 2017USD ($) | May 20, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 250,000,000 | |
Amount outstanding | $ 0 | |
Remaining borrowing capacity | $ 246,700,000 | |
Fixed charge ratio, numerator | 1 | |
Fixed charge ratio, denominator | 1 | |
Percent of borrowing base in fixed charge coverage ratio restriction (as a percent) | 10.00% |
Debt - Letters of Credit (Detai
Debt - Letters of Credit (Details) - USD ($) $ in Millions | Oct. 28, 2017 | Jan. 28, 2017 |
Letter of Credit [Member] | Stand-by LCs [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 3.3 | $ 3.2 |
Share-Based Compensation - Cost
Share-Based Compensation - Cost by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 3,650 | $ 3,203 | $ 11,110 | $ 10,783 |
Tax benefit from share-based compensation expense | 100 | 2,100 | 6,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 3,249 | 2,701 | 9,455 | 8,701 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 401 | $ 502 | $ 1,655 | $ 2,082 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) | 9 Months Ended |
Oct. 28, 2017 | |
Vesting Details [Line Items] | |
Contractual term (in years) | 5 years 9 months 18 days |
Stock Options [Member] | |
Vesting Details [Line Items] | |
Award vesting (as a percent) | 25.00% |
Award vesting period (in years) | 4 years |
Requisite service period for retirement eligibility (in years) | 10 years |
Minimum age of individual for retirement eligibility (in years) | 55 years |
Contractual term (in years) | 10 years |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Options Activity and Supplemental Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Number of Shares | ||
Stock Options Outstanding at beginning of period (in shares) | 2,329 | |
Stock Options Granted (in shares) | 493 | |
Stock Options Exercised (in shares) | 0 | |
Stock Options Forfeited or expired (in shares) | (220) | |
Stock Options Outstanding at end of period (in shares) | 2,602 | |
Stock Options Expected to Vest at end of period (in shares) | 751 | |
Stock Options Exercisable at end of period (in shares) | 1,808 | |
Grant Date Weighted Average Exercise Price Per Share | ||
Grant Date Weighted Average Exercise Price of Options Outstanding at beginning of period (usd per share) | $ 18.18 | |
Grant Date Weighted Average Exercise Price of Options Granted (usd per share) | 9.42 | |
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) | 18.35 | |
Grant Date Weighted Average Exercise Price of Options Outstanding at end of period (usd per share) | 16.51 | |
Grant Date Weighted Average Exercise Price of Options Expected to Vest at end of period (usd per share) | 13.10 | |
Grant Date Weighted Average Exercise Price of Options Exercisable at end of period (usd per share) | $ 18.04 | |
Weighted-Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life of Options Outstanding (in years) | 5 years 9 months 18 days | |
Weighted Average Remaining Contractual Life of Options Expected to Vest at end of period (in years) | 8 years 9 months 18 days | |
Weighted Average Remaining Contractual Life of Options Exercisable at end of period (in years) | 4 years 6 months | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value of Options Outstanding at end of period | $ 0 | |
Aggregate Intrinsic Value of Options Expected to Vest at end of period | 0 | |
Aggregate Intrinsic Value of Options Exercisable at end of period | $ 0 | |
Company's Stock Options | ||
Weighted average grant date fair value of options granted (usd per share) | $ 4.39 | $ 9.50 |
Total intrinsic value of options exercised | $ 0 | $ 547 |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Compensation Expense and Period for Recognition (Details) $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 2.8 |
Period for recognition (in years) | 1 year 9 months |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 24.4 |
Period for recognition (in years) | 1 year 11 months |
Share-Based Compensation - Valu
Share-Based Compensation - Valuation Assumptions used for Fair Value of Stock Options (Details) - Stock Option [Member] | 9 Months Ended | |
Oct. 28, 2017 | Oct. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate (as a percent) | 2.27% | 1.60% |
Price volatility (as a percent) | 45.53% | 43.15% |
Expected term | 6 years 1 month 6 days | 6 years 6 months 15 days |
Dividend yield | 0.00% | 0.00% |
Share-Based Compensation - Sc42
Share-Based Compensation - Schedule of Restricted Stock Units, Including Awards with Performance Conditions (Details) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Oct. 28, 2017USD ($)$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 4 years |
Number of Shares | |
Unvested at beginning of period (in shares) | 1,683 |
Granted (in shares) | 2,122 |
Performance Shares Adjustment (in shares) | (25) |
Vested (in shares) | (574) |
Forfeited (in shares) | (161) |
Unvested at end of period (in shares) | 3,045 |
Grant Date Weighted Average Fair Value Per Share | |
Grant date weighted average fair value at beginning of period (usd per share) | $ / shares | $ 17.64 |
Grant date weighted average fair value, granted (usd per share) | $ / shares | 9.22 |
Grant date weighted average fair value, change in performance shares adjustment (usd per share) | $ / shares | 0 |
Grant date weighted average fair value, vested (usd per share) | $ / shares | 17.26 |
Grant date weighted average fair value, forfeited (usd per share) | $ / shares | 12.85 |
Grant date weighted average fair value at end of period (usd per share) | $ / shares | $ 12.11 |
Fair value of options vested | $ | $ 9.9 |
Performance-based Restricted Stock Units [Member] | |
Number of Shares | |
Granted (in shares) | 800 |
Grant Date Weighted Average Fair Value Per Share | |
Performance condition period (in years) | 3 years |
Grants in period, included in company's quarter activity (as a percent) | 100.00% |
Percentage of number share granted in 2015 which are expected to vested | 80.00% |
Performance-based Restricted Stock Units [Member] | Minimum [Member] | |
Grant Date Weighted Average Fair Value Per Share | |
Target percentage of performance-based restricted stock units which can be earned | 0.00% |
Performance-based Restricted Stock Units [Member] | Maximum [Member] | |
Grant Date Weighted Average Fair Value Per Share | |
Target percentage of performance-based restricted stock units which can be earned | 200.00% |
2010 Plan [Member] | Performance-based Restricted Stock Units [Member] | |
Number of Shares | |
Granted (in shares) | 800 |
Investment in Equity Interests
Investment in Equity Interests - Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 29, 2017 | Oct. 28, 2017 | Jul. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Equity method investment | $ 10.6 | $ 10.1 | |
Increase in equity method investment during period | $ 0.5 |
Restructuring Costs (Details)
Restructuring Costs (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 29, 2017stores | Oct. 28, 2017USD ($) | Jul. 29, 2017USD ($) | Apr. 29, 2017USD ($) | Oct. 29, 2016USD ($) | Oct. 28, 2017USD ($) | Oct. 29, 2016USD ($) | |
Restructuring and Related Activities [Abstract] | |||||||
Number of stores closed | stores | 17 | ||||||
Impairment charge | $ 0 | $ 5,500,000 | $ 800,000 | $ 5,479,000 | $ 829,000 | ||
Restructuring costs | $ 258,000 | $ 16,340,000 | $ 800,000 | $ 0 | 22,869,000 | 0 | |
Lower of cost or market adjustment related to Canada inventory | 1,300,000 | ||||||
Cash loss | $ 9,200,000 | $ 9,232,000 | $ 0 | ||||
Remaining restructuring costs, term | 12 months |
Restructuring Costs - Incurred
Restructuring Costs - Incurred and Accrued (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Oct. 29, 2016 | Oct. 28, 2017 | Oct. 29, 2016 | |
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 5,528 | $ 463 | ||||
Expense | 258 | 16,340 | $ 800 | $ 0 | $ 22,869 | $ 0 |
Amounts Paid | (4,420) | (603) | ||||
Ending balance | 1,251 | 5,528 | 463 | 1,251 | ||
Professional fees [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 128 | 463 | ||||
Expense | 58 | 268 | ||||
Amounts Paid | (135) | (603) | ||||
Ending balance | 51 | 128 | 463 | 51 | ||
Write-off of investment [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 0 | 0 | ||||
Expense | 0 | 6,467 | ||||
Amounts Paid | 0 | 0 | ||||
Ending balance | 0 | 0 | 0 | 0 | ||
Lease related accruals [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 5,400 | 0 | ||||
Expense | 85 | 5,400 | ||||
Amounts Paid | (4,285) | 0 | ||||
Ending balance | 1,200 | 5,400 | 0 | 1,200 | ||
Cumulative translation loss [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 0 | 0 | ||||
Expense | 0 | 4,205 | ||||
Amounts Paid | 0 | 0 | ||||
Ending balance | 0 | 0 | 0 | 0 | ||
Other expenses [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 0 | 0 | ||||
Expense | 115 | 0 | ||||
Amounts Paid | 0 | 0 | ||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Benefits (Details)
Retirement Benefits (Details) $ in Millions | Oct. 28, 2017USD ($) |
Postemployment Benefits [Abstract] | |
Retirement liability | $ 25.5 |
Private Label Credit Card (Deta
Private Label Credit Card (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | |||
Feb. 03, 2018 | Oct. 28, 2017 | Dec. 31, 2017 | Jan. 31, 2018 | Jan. 28, 2017 | |
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue | $ 21,579 | $ 29,428 | |||
Non-refundable payments | 2,000 | ||||
Increase in deferred revenue | $ 20,000 | ||||
Scenario, Forecast [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue | $ 20,000 | ||||
Non-refundable payments | $ 5,100 | $ 7,100 |
Subsequent Event (Details)
Subsequent Event (Details) | Nov. 28, 2017USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 150,000,000 |