Fresh Market 10-Q 27 Aug 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 26, 2015	Aug. 10, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Fresh Market, Inc.
Entity Central Index Key	1,489,979
Current Fiscal Year End Date	--01-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	tfm
Entity Common Stock, Shares Outstanding		48,605,268
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 26, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 26, 2015	Jan. 25, 2015
Current assets:
Cash and cash equivalents	$ 73,384	$ 48,486
Accounts receivable	10,736	12,442
Inventories	59,003	61,237
Prepaid expenses and other current assets	5,055	4,633
Income tax benefit	4,390	622
Deferred income taxes	8,118	6,957
Total current assets	160,686	134,377
Property and equipment, net	404,911	392,194
Deferred income taxes	5,484	1,452
Other assets	7,452	9,429
Total assets	578,533	537,452
Current liabilities:
Accounts payable	48,106	45,592
Accrued liabilities	75,147	74,641
Total current liabilities	123,253	120,233
Capital and financing lease obligations	32,876	33,337
Closed store reserves	10,377	10,187
Deferred income taxes	0	929
Deferred rent	14,630	13,797
Deferred lease incentives	15,096	14,117
Other liabilities	16,544	16,065
Total noncurrent liabilities	$ 89,523	$ 88,432
Commitments and contingencies
Stockholders’ equity:
Preferred stock – $0.01 par value; 40,000,000 shares authorized, none issued	$ 0	$ 0
Common stock – $0.01 par value; 200,000,000 shares authorized, 48,534,274 and 48,392,201 shares issued and outstanding as of July 26, 2015 and January 25, 2015, respectively	484	483
Additional paid-in capital	126,857	122,526
Retained earnings	238,416	205,778
Total stockholders’ equity	365,757	328,787
Total liabilities and stockholders’ equity	$ 578,533	$ 537,452

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Jul. 26, 2015	Jan. 25, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	48,534,274	48,392,201
Common stock, shares outstanding	48,534,274	48,392,201

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Statement of Comprehensive Income [Abstract]
Sales	$ 442,095	$ 422,227	$ 904,136	$ 853,229
Cost of goods sold (exclusive of depreciation shown separately)	293,098	278,512	594,581	561,348
Gross profit	148,997	143,715	309,555	291,881
Operating expenses:
Selling, general and administrative expenses	103,610	99,404	208,737	198,267
Impairments and store closure costs	67	9,909	14,261	16,609
Depreciation	16,818	15,276	32,922	30,302
Income from operations	28,502	19,126	53,635	46,703
Interest expense	992	1,124	1,968	2,221
Income before provision for income taxes	27,510	18,002	51,667	44,482
Tax provision	10,038	6,612	19,029	16,521
Net income and comprehensive income	$ 17,472	$ 11,390	$ 32,638	$ 27,961
Net income per share:
Basic and diluted (in dollars per share)	$ 0.36	$ 0.24	$ 0.67	$ 0.58
Weighted-average common shares outstanding:
Basic (in shares)	48,526,755	48,282,994	48,484,425	48,274,868
Diluted (in shares)	48,656,474	48,441,288	48,636,420	48,429,497
Comprehensive income:
Net income and comprehensive income	$ 17,472	$ 11,390	$ 32,638	$ 27,961

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Non-Employee Directors	Executives	Common Stock	Common StockNon-Employee Directors	Common StockExecutives	Additional Paid-in Capital	Additional Paid-in CapitalNon-Employee Directors	Additional Paid-in CapitalExecutives	Retained Earnings	Retained EarningsNon-Employee Directors	Retained EarningsExecutives
Balance at Jan. 26, 2014	$ 256,265			$ 483			$ 113,029			$ 142,753
Balance (in shares) at Jan. 26, 2014				48,260,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share-based awards	1,938			$ 0			1,938			0
Exercise of share-based awards (in shares)				88,108
Issuance of common stock pursuant to restricted stock units	0			$ 0			0			0
Issuance of common stock pursuant to restricted stock units (in shares)				22,729
Issuance of common stock pursuant to employee stock purchase plan	170			$ 0			170			0
Issuance of common stock pursuant to employee stock purchase plan (in shares)				5,056
Vesting of restricted stock awards		$ 0	$ 0		$ 0	$ 0		$ 0	$ 0		$ 0	$ 0
Vesting of restricted stock awards (in shares)					11,374	4,130
Withholding tax on restricted stock unit vesting	(468)			$ 0			(468)			0
Share-based compensation	7,533			0			7,533			0
Tax benefit related to exercise of share-based awards	324			0			324			0
Net income	63,025			0			0			63,025
Balance at Jan. 25, 2015	328,787			$ 483			122,526			205,778
Balance (in shares) at Jan. 25, 2015				48,392,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of share-based awards	2,549			$ 1			2,548			0
Exercise of share-based awards (in shares)				109,948
Issuance of common stock pursuant to restricted stock units	0			$ 0			0			0
Issuance of common stock pursuant to restricted stock units (in shares)				16,786
Issuance of common stock pursuant to employee stock purchase plan	78			$ 0			78			0
Issuance of common stock pursuant to employee stock purchase plan (in shares)				2,283
Vesting of restricted stock awards	0		$ 0	$ 0		$ 0	0		$ 0	0		$ 0
Vesting of restricted stock awards (in shares)				11,218		1,838
Withholding tax on restricted stock unit vesting	(993)			$ 0			(993)			0
Share-based compensation	2,608			0			2,608			0
Tax benefit related to exercise of share-based awards	90			0			90			0
Net income	32,638			0			0			32,638
Balance at Jul. 26, 2015	$ 365,757			$ 484			$ 126,857			$ 238,416
Balance (in shares) at Jul. 26, 2015				48,534,274

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 26, 2015	Jul. 27, 2014
Operating activities
Net income	$ 32,638	$ 27,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,016	30,406
Loss on disposals of property and equipment	5,606	1,791
Share-based compensation	2,608	3,703
Excess tax (benefit) shortfall from share-based compensation	(90)	157
Deferred income taxes	(6,122)	(16,280)
Change in assets and liabilities:
Accounts receivable	1,706	1,222
Inventories	2,234	(831)
Prepaid expenses and other assets	1,464	(1,488)
Income tax benefit	(3,768)	837
Accounts payable	2,514	(2,021)
Closed store reserves	4,115	16,302
Accrued and other liabilities	1,485	6,454
Net cash provided by operating activities	77,406	68,213
Investing activities
Purchases of property and equipment	(54,343)	(40,363)
Proceeds from sale of property and equipment	692	92
Net cash used in investing activities	(53,651)	(40,271)
Financing activities
Borrowings on revolving credit facility	0	118,133
Payments made on revolving credit facility	0	(139,833)
Payments made for debt issuance costs	0	(441)
Payments made on capital and financing lease obligations	(580)	(292)
Proceeds from issuance of common stock pursuant to employee stock purchase plan	78	95
Excess tax benefit (shortfall) from share-based compensation	90	(157)
Payments made on withholding tax for restricted stock vesting	(993)	(155)
Proceeds from exercise of share-based compensation awards	2,548	162
Net cash provided by (used in) financing activities	1,143	(22,488)
Net increase in cash and cash equivalents	24,898	5,454
Cash and cash equivalents at beginning of period	48,486	11,745
Cash and cash equivalents at end of period	73,384	17,199
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	1,855	2,147
Cash paid during the period for taxes	28,955	32,304
Non-cash investing and financing activities:
Property and equipment acquired through capital and financing lease obligations	$ 51	$ 5,896

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 26, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of The Fresh Market, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto in the Company’s Annual Report on Form 10-K for the fiscal year ended January 25, 2015 . In the opinion of management, these unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods indicated. Interim results are not necessarily indicative of results that may be expected for a full fiscal year or future interim periods. In certain instances, there are changes in the presentation of the consolidated financial statements to conform to the current year presentation. The Company’s wholly-owned subsidiaries are consolidated and all intercompany accounts and transactions are eliminated upon consolidation. The Company reports its results of operations on a 52- or 53-week fiscal year ending on the last Sunday in January. Each fiscal quarter consists of 13 weeks, with an additional week included in the fourth quarter for a 53-week fiscal year. The current fiscal year ending January 31, 2016 is a 53-week fiscal year and the fiscal year ended January 25, 2015 was a 52-week fiscal year. The Company has determined that it has only one reportable segment. The Company’s revenues come from the sale of items at its specialty food stores. The Company’s primary focus is on perishable food categories, which include meat, seafood, produce, deli, bakery, floral, sushi and prepared foods. Non-perishable categories consist of traditional grocery, frozen and dairy products as well as bulk, coffee, candy, and beer and wine. The following is a summary of the percentage for the sales of perishable and non-perishable items: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Perishable 67.5% 67.1% 66.5% 66.0% Non-perishable 32.5% 32.9% 33.5% 34.0% Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11 (Topic 330), Inventory: Simplifying the Measurement of Inventory. The amendments require an entity to measure in scope inventory at the lower of cost and net realizable value. The amendments do not apply to inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. ASU No. 2015-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-05 (Subtopic 350-40), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU No. 2015-05 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any impact on its consolidated financial statements and related disclosures. 1. Summary of Significant Accounting Policies (continued) In April 2015, the FASB issued ASU No. 2015-03 (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers , which amended the existing accounting standards for revenue recognition. ASU No. 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers Deferral of the Effective Date , which defers the effective date of the new revenue recognition standard by one year; as a result, public entities would apply the new revenue standard to annual reporting periods beginning after December 31, 2017 and interim periods therein. Early adoption is permitted for all entities only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 26, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt The Company had no outstanding borrowings as of July 26, 2015 or January 25, 2015 . On June 12, 2014, the Company entered into an unsecured revolving credit agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and the several lenders party thereto (the “Credit Agreement”), which refinanced and replaced the Company’s prior senior unsecured revolving credit facility. The Credit Agreement matures June 12, 2019 and is available to provide support for working capital, capital expenditures and other general corporate purposes, including permitted acquisitions and issuance of letters of credit. While the Company currently has no material domestic subsidiaries, other entities will guarantee its obligations under the Credit Agreement if and when they become material domestic subsidiaries of the Company during the term of the Credit Agreement. The Credit Agreement provides for total borrowings of up to $175,000 . Under the terms of the Credit Agreement, the Company is entitled to request an increase in the size of the facility by an amount not exceeding $100,000 in the aggregate. If the existing lenders elect not to provide the full amount of a requested increase, or in lieu of accepting offers from existing lenders to increase their commitments, the Company may designate one or more other lenders to become a party to the Credit Agreement, subject to the approval of the Administrative Agent. The Credit Agreement includes a letter of credit sublimit of $60,000 , of which $25,393 was outstanding at July 26, 2015 and $25,434 was outstanding at January 25, 2015 . The beneficiaries of these letters of credit are primarily the Company’s workers’ compensation and general liability insurance carriers. The Credit Agreement also includes a swing line sublimit of $15,000 . At the Company’s option, revolving loans under the Credit Agreement bear interest at (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin that ranges from 0.90% to 2.00%, (ii) the Eurodollar rate plus an applicable margin that ranges from 0.90% to 2.00%, or (iii) the base rate plus an applicable margin that ranges from 0% to 1.00%, where the base rate is defined as the greatest of: (a) the federal funds rate plus 0.50%, (b) Bank of America’s prime rate, and (c) the Eurodollar rate plus 1.00% . The commitment fee calculated on the unused portions of the Credit Agreement ranges from 0.125% to 0.250% per annum. The Credit Agreement contains a number of affirmative and restrictive covenants, including limitations on the Company’s ability to grant liens, incur additional debt, pay dividends, redeem its common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 26, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, requires fair value measurements to be classified and disclosed in one of the following pricing categories: • Level 1 - Quoted prices in active markets for identical assets or liabilities as of the reporting date. • Level 2 - Observable inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3 - Unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and other accrued expenses approximate fair value because of their short maturity. Nonrecurring Fair Value Measurements The Company recorded $5,138 of lease obligation costs as a nonrecurring fair value measurement in connection with its store closures during the twenty-six weeks ended July 26, 2015 . These lease obligation costs are included in the “Accrued Liabilities” and “Closed store reserves” line items on the accompanying Consolidated Balance Sheets. The lease obligations were estimated based on the present value of the minimum lease payments less an estimate of sublease income, which is a Level 2 fair value measurement. The Company wrote-down the carrying value of certain fixed assets to its estimated proceeds, which is a Level 2 fair value measurement, in connection with the store closure and exit activities during the twenty-six weeks ended July 26, 2015 . The write-down of $5,595 is included in the “Impairments and store closure costs” line item on the accompanying Consolidated Statements of Comprehensive Income. The Company recorded these nonrecurring fair value measurements in the first quarter of fiscal 2015, and it did not record any other nonrecurring fair value measurements during the twenty-six weeks ended July 26, 2015 .

Impairments and Store Closure C

Impairments and Store Closure Costs	6 Months Ended
	Jul. 26, 2015
Restructuring and Related Activities [Abstract]
Impairments and Store Closure Costs	Impairments and Store Closure Costs Store Closure Costs During the first quarter of fiscal year 2015, the Company exited the California market and recorded charges primarily consisting of certain lease obligations, write-down and loss on disposal of fixed assets, and severance costs associated with its California locations. The Company expects to incur approximately $15,500 in store closure and exit costs in fiscal year 2015 related to exiting these locations. Changes in market and economic conditions could cause the Company to change its assumptions and may require adjustments to the reserves. During the twenty-six weeks ended July 26, 2015 , the Company incurred $14,815 of expenses associated with closed stores, with $14,261 recorded to the “Impairments and store closure costs” line item and $554 for the liquidation of inventory and other costs associated with the store closure activities recorded to other line items on the accompanying Consolidated Statements of Comprehensive Income. The $14,261 recorded to the “Impairments and store closure costs” line item consisted of: (i) $13,910 in connection with closure and exit activities for closed locations; and (ii) ongoing expenses for closed locations. The Company closed four stores in the first quarter of fiscal year 2014 and recorded charges primarily consisting of certain lease obligations, severance costs, and write-down and loss on disposal of fixed assets. During the twenty-six weeks ended July 27, 2014 , the Company incurred $17,027 of expenses associated with closed stores, with $16,609 recorded to the “Impairments and store closure costs” line item and $418 for the liquidation of inventory and other costs associated with the store closure activities recorded to other line items on the accompanying Consolidated Statements of Comprehensive Income. The $16,609 recorded to the “Impairments and store closure costs” line item consisted of: (i) $16,371 in connection with closure and exit activities for closed locations; and (ii) ongoing expenses for closed locations. During the thirteen weeks ended July 26, 2015 , the net activity recognized for impairments and store closure costs was not significant and primarily related to ongoing expenses for closed locations. During the thirteen weeks ended July 27, 2014 , the Company recognized $9,909 of expenses associated with closed stores, primarily consisting of certain lease obligations, severance costs, and write-down and loss on disposal of fixed assets for the four stores closed during the first quarter of fiscal 2014. The $9,909 recorded to the “Impairments and store closure costs” line item consisted of: (i) $9,770 in connection with closure and exit activities for closed locations; and (ii) ongoing expenses for closed locations. 4. Impairments and Store Closure Costs (continued) Impairments and store closure costs for the thirteen and twenty-six weeks ended July 26, 2015 and July 27, 2014 were as follows: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Lease obligation and related costs $ 106 $ 9,422 7,548 13,341 Write-down and loss on disposal of fixed assets (49 ) (43 ) 5,595 1,754 Employee and severance costs — 17 788 767 Other charges 10 513 330 747 $ 67 $ 9,909 $ 14,261 $ 16,609 Closed Store Reserves Closed store reserves include amounts for occupancy costs related to closed stores, which represent the present value of the remaining non-cancelable lease payments required under operating leases for the closed stores, less an estimate of subtenant income. During the twenty-six weeks ended July 26, 2015 and the fifty-two weeks ended January 25, 2015 , the Company recorded net reserves for occupancy costs. Closed store reserves of $5,037 and $1,112 are included in the “Accrued liabilities” line item and $10,377 and $10,187 are included in the “Closed store reserves” line item on the accompanying Consolidated Balance Sheets at July 26, 2015 and January 25, 2015 , respectively. Activity for the closed store reserves for the twenty-six weeks ended July 26, 2015 and for the fifty-two weeks ended January 25, 2015 was as follows: For the Twenty-Six Weeks Ended For the Fifty-Two Weeks Ended July 26, January 25, Beginning balance $ 11,299 $ 1,812 Additions and adjustments 5,227 14,498 Payments (1,112 ) (5,011 ) Ending balance $ 15,414 $ 11,299

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jul. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	Share-based Compensation The Company grants share-based awards under The Fresh Market, Inc. 2010 Omnibus Incentive Compensation Plan. As of July 26, 2015 , approximately 1,700,000 shares of the Company’s common stock were available for share-based awards. 5. Share-based Compensation (continued) Share-based compensation expense is recorded in the “Selling, general and administrative expenses” line item on the accompanying Consolidated Statements of Comprehensive Income. Total share-based compensation for the thirteen and twenty-six weeks ended July 26, 2015 and July 27, 2014 was comprised of the following: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Stock options $ 560 $ 900 $ 1,224 $ 1,807 Restricted stock units, employees 471 407 1,066 849 Restricted stock units, non-employee directors 105 — 105 — Executive restricted stock awards 206 316 414 634 Restricted stock awards, non-employee directors 48 105 138 210 Performance share units (430 ) 131 (339 ) 175 Other share-based awards — 8 — 28 $ 960 $ 1,867 $ 2,608 $ 3,703 During the thirteen weeks ended July 26, 2015 , the Company recognized a net benefit of $430 in connection with performance share units. A cumulative adjustment was made to the performance share units because the Company determined that the minimum level of achievement to meet the performance goal is not probable, and, as a result, all expense recognized through July 26, 2015 was reversed. The following table summarizes option activity under The Fresh Market, Inc. 2010 Omnibus Incentive Compensation Plan (in thousands) for the twenty-six weeks ended July 26, 2015 : Balance at January 25, 2015 888 Granted 176 Exercised (110 ) Expired (2 ) Forfeited (10 ) Balance at July 26, 2015 942 Total remaining unearned compensation costs $ 4,010 Weighted-average remaining service period 2.7 years 5. Share-based Compensation (continued) The following table summarizes the activity for the twenty-six weeks ended July 26, 2015 for the Company’s existing restricted stock unit programs and restricted stock award programs (in thousands): Restricted Stock Units, Employees Restricted Stock Units, Non-Employee Directors Executive Restricted Stock Awards Restricted Stock Awards, Non-Employee Directors Balance at January 25, 2015 97 — 56 11 Granted 97 22 — — Vested (26 ) — (3 ) (11 ) Forfeited (3 ) — — — Balance at July 26, 2015 165 22 53 — Total remaining unearned compensation costs $ 4,751 $ 608 $ 717 $ — Weighted-average remaining service period 3.1 years 0.9 years 1.1 years 0.0 years

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 26, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The computation of basic earnings per share is based on the number of weighted-average common shares outstanding during the period. The computation of diluted earnings per share includes the dilutive effect of common stock equivalents consisting of incremental common shares deemed outstanding from the assumed exercise of stock options and vesting of restricted stock units and restricted stock awards. The Company excluded the dilutive effect of its performance share awards and performance share units since the related performance conditions had not been satisfied for the thirteen and twenty-six weeks ended July 26, 2015 and July 27, 2014 . A reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations follows (in thousands, except share and per share amounts): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Net income available to common stockholders (numerator for basic and diluted earnings per share) $ 17,472 $ 11,390 $ 32,638 $ 27,961 Weighted-average common shares outstanding (denominator for basic earnings per share) 48,526,755 48,282,994 48,484,425 48,274,868 Potential common shares outstanding: Incremental shares from share-based awards 129,719 158,294 151,995 154,629 Weighted-average common shares outstanding and potential additional common shares outstanding (denominator for diluted earnings per share) 48,656,474 48,441,288 48,636,420 48,429,497 Basic and diluted earnings per share $ 0.36 $ 0.24 $ 0.67 $ 0.58 6. Earnings per Share (continued) For the thirteen weeks ended July 26, 2015 and July 27, 2014 , there were approximately 764,000 and 674,000 shares, respectively, excluded from the computation of diluted weighted-average common shares outstanding because such shares were antidilutive. For the twenty-six weeks ended July 26, 2015 and July 27, 2014 , there were approximately 724,000 and 598,000 shares, respectively, excluded from the computation of diluted weighted-average common shares outstanding because such shares were antidilutive.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	6 Months Ended
	Jul. 26, 2015
Supplementary Balance Sheet Info [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The following table reflects supplementary balance sheet information for the Company’s property and equipment, net at July 26, 2015 and January 25, 2015 : July 26, 2015 January 25, 2015 Buildings $ 65,725 $ 65,658 Store fixtures and equipment 388,823 364,711 Leasehold improvements 265,536 242,966 Office furniture, fixtures and equipment 14,753 13,692 Automobiles 1,048 1,315 Construction in progress 24,035 31,341 Total property and equipment 759,920 719,683 Accumulated depreciation (355,009 ) (327,489 ) Total property and equipment, net $ 404,911 $ 392,194 The following table reflects supplementary balance sheet information for the Company’s accrued liabilities at July 26, 2015 and January 25, 2015 : July 26, 2015 January 25, 2015 Accrued compensation and benefits $ 31,701 $ 31,698 Accrued occupancy cost 8,881 8,569 Other accrued taxes 5,132 4,619 Accrued construction and maintenance costs 8,657 11,030 Closed store reserves 5,037 1,112 Other accrued liabilities 15,739 17,613 Total accrued liabilities $ 75,147 $ 74,641

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 26, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company is involved in various legal proceedings in the ordinary course of business, including, but not limited to, claims, disputes, litigation, and investigations relating to labor and employment, contracts, product liability, leasing and construction, and other commercial and regulatory matters. In the opinion of management, the resolution of currently pending matters, other than those described or referred to below, will not have a material adverse effect on the Company’s financial condition or results of operations. However, because of the nature and inherent uncertainties of litigation, the Company cannot predict with certainty the ultimate resolution of these actions and, should the outcome of these actions be unfavorable, the Company’s business, financial position, results of operations or cash flows could be materially and adversely affected. 8. Commitments and Contingencies (continued) The Company reviews the status of its legal proceedings and records a provision for a liability when it is considered probable that both a liability has been incurred and the amount of the loss can be reasonably estimated. This review is updated periodically as additional information becomes available. If either or both of the criteria are not met, the Company reassesses whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a loss may be incurred, the Company discloses the estimate of the amount of the loss or range of losses, that the amount is not material, or that an estimate of loss cannot be made. The Company expenses its legal fees as incurred. In assessing potential loss contingencies, the Company considers a number of factors, including those listed in FASB ASC No. 450-20, Contingencies - Loss Contingencies , regarding assessing the probability of a loss and assessing whether a loss is reasonably estimable. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of litigation are difficult to predict and the Company’s view of these matters may change as the litigation and events unfold over time. An unfavorable outcome in any legal matter, if material, could have a material adverse effect on the Company’s results of operations in the period in which the unfavorable outcome occurs and potentially in future periods. The Company is party to a lawsuit that was filed on July 17, 2013 against it in U.S. District Court in Connecticut alleging that the manner in which the Company implemented and applied the fluctuating workweek method for calculating overtime due to the Company’s department managers violated the federal Fair Labor Standards Act. The complaint purports to state a collective action on behalf of a class of department managers in stores in states in which the Company used the fluctuating workweek method of compensation. The Company believes that the plaintiff’s claims are without merit and intends to vigorously defend itself in this proceeding. The Company cannot at this time predict the outcome of this litigation or estimate the range of its potential exposure. The Company has not recorded any reserves or contingencies related to this legal matter.

Subsequent Event

Subsequent Event	6 Months Ended
	Jul. 26, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Stock Repurchase Program In August 2015, the Company’s Board of Directors authorized a $200,000 stock repurchase program. No repurchases have been made under the program through August 27, 2015 .

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 26, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of The Fresh Market, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto in the Company’s Annual Report on Form 10-K for the fiscal year ended January 25, 2015 . In the opinion of management, these unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods indicated. Interim results are not necessarily indicative of results that may be expected for a full fiscal year or future interim periods. In certain instances, there are changes in the presentation of the consolidated financial statements to conform to the current year presentation. The Company’s wholly-owned subsidiaries are consolidated and all intercompany accounts and transactions are eliminated upon consolidation.
Fiscal Year	The Company reports its results of operations on a 52- or 53-week fiscal year ending on the last Sunday in January. Each fiscal quarter consists of 13 weeks, with an additional week included in the fourth quarter for a 53-week fiscal year. The current fiscal year ending January 31, 2016 is a 53-week fiscal year and the fiscal year ended January 25, 2015 was a 52-week fiscal year.
Reporting Segments	The Company has determined that it has only one reportable segment. The Company’s revenues come from the sale of items at its specialty food stores. The Company’s primary focus is on perishable food categories, which include meat, seafood, produce, deli, bakery, floral, sushi and prepared foods. Non-perishable categories consist of traditional grocery, frozen and dairy products as well as bulk, coffee, candy, and beer and wine.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11 (Topic 330), Inventory: Simplifying the Measurement of Inventory. The amendments require an entity to measure in scope inventory at the lower of cost and net realizable value. The amendments do not apply to inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. ASU No. 2015-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-05 (Subtopic 350-40), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU No. 2015-05 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any impact on its consolidated financial statements and related disclosures. 1. Summary of Significant Accounting Policies (continued) In April 2015, the FASB issued ASU No. 2015-03 (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers , which amended the existing accounting standards for revenue recognition. ASU No. 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers Deferral of the Effective Date , which defers the effective date of the new revenue recognition standard by one year; as a result, public entities would apply the new revenue standard to annual reporting periods beginning after December 31, 2017 and interim periods therein. Early adoption is permitted for all entities only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of evaluating the effect this guidance will have on its consolidated financial statements and related disclosures.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 26, 2015
Accounting Policies [Abstract]
Schedule of Segment Reporting Information, by Segment	The following is a summary of the percentage for the sales of perishable and non-perishable items: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Perishable 67.5% 67.1% 66.5% 66.0% Non-perishable 32.5% 32.9% 33.5% 34.0%

Impairments and Store Closure18

Impairments and Store Closure Costs (Tables)	6 Months Ended
	Jul. 26, 2015
Restructuring and Related Activities [Abstract]
Store Closure Costs	Impairments and store closure costs for the thirteen and twenty-six weeks ended July 26, 2015 and July 27, 2014 were as follows: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Lease obligation and related costs $ 106 $ 9,422 7,548 13,341 Write-down and loss on disposal of fixed assets (49 ) (43 ) 5,595 1,754 Employee and severance costs — 17 788 767 Other charges 10 513 330 747 $ 67 $ 9,909 $ 14,261 $ 16,609
Schedule of Closed Store Reserve	Activity for the closed store reserves for the twenty-six weeks ended July 26, 2015 and for the fifty-two weeks ended January 25, 2015 was as follows: For the Twenty-Six Weeks Ended For the Fifty-Two Weeks Ended July 26, January 25, Beginning balance $ 11,299 $ 1,812 Additions and adjustments 5,227 14,498 Payments (1,112 ) (5,011 ) Ending balance $ 15,414 $ 11,299

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jul. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	Total share-based compensation for the thirteen and twenty-six weeks ended July 26, 2015 and July 27, 2014 was comprised of the following: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Stock options $ 560 $ 900 $ 1,224 $ 1,807 Restricted stock units, employees 471 407 1,066 849 Restricted stock units, non-employee directors 105 — 105 — Executive restricted stock awards 206 316 414 634 Restricted stock awards, non-employee directors 48 105 138 210 Performance share units (430 ) 131 (339 ) 175 Other share-based awards — 8 — 28 $ 960 $ 1,867 $ 2,608 $ 3,703
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes option activity under The Fresh Market, Inc. 2010 Omnibus Incentive Compensation Plan (in thousands) for the twenty-six weeks ended July 26, 2015 : Balance at January 25, 2015 888 Granted 176 Exercised (110 ) Expired (2 ) Forfeited (10 ) Balance at July 26, 2015 942 Total remaining unearned compensation costs $ 4,010 Weighted-average remaining service period 2.7 years
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity for the twenty-six weeks ended July 26, 2015 for the Company’s existing restricted stock unit programs and restricted stock award programs (in thousands): Restricted Stock Units, Employees Restricted Stock Units, Non-Employee Directors Executive Restricted Stock Awards Restricted Stock Awards, Non-Employee Directors Balance at January 25, 2015 97 — 56 11 Granted 97 22 — — Vested (26 ) — (3 ) (11 ) Forfeited (3 ) — — — Balance at July 26, 2015 165 22 53 — Total remaining unearned compensation costs $ 4,751 $ 608 $ 717 $ — Weighted-average remaining service period 3.1 years 0.9 years 1.1 years 0.0 years

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 26, 2015
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	A reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations follows (in thousands, except share and per share amounts): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 26, July 27, July 26, July 27, Net income available to common stockholders (numerator for basic and diluted earnings per share) $ 17,472 $ 11,390 $ 32,638 $ 27,961 Weighted-average common shares outstanding (denominator for basic earnings per share) 48,526,755 48,282,994 48,484,425 48,274,868 Potential common shares outstanding: Incremental shares from share-based awards 129,719 158,294 151,995 154,629 Weighted-average common shares outstanding and potential additional common shares outstanding (denominator for diluted earnings per share) 48,656,474 48,441,288 48,636,420 48,429,497 Basic and diluted earnings per share $ 0.36 $ 0.24 $ 0.67 $ 0.58

Supplementary Balance Sheet I21

Supplementary Balance Sheet Information (Tables)	6 Months Ended
	Jul. 26, 2015
Supplementary Balance Sheet Info [Abstract]
Property, Plant and Equipment	The following table reflects supplementary balance sheet information for the Company’s property and equipment, net at July 26, 2015 and January 25, 2015 : July 26, 2015 January 25, 2015 Buildings $ 65,725 $ 65,658 Store fixtures and equipment 388,823 364,711 Leasehold improvements 265,536 242,966 Office furniture, fixtures and equipment 14,753 13,692 Automobiles 1,048 1,315 Construction in progress 24,035 31,341 Total property and equipment 759,920 719,683 Accumulated depreciation (355,009 ) (327,489 ) Total property and equipment, net $ 404,911 $ 392,194
Schedule of Accrued Liabilities	The following table reflects supplementary balance sheet information for the Company’s accrued liabilities at July 26, 2015 and January 25, 2015 : July 26, 2015 January 25, 2015 Accrued compensation and benefits $ 31,701 $ 31,698 Accrued occupancy cost 8,881 8,569 Other accrued taxes 5,132 4,619 Accrued construction and maintenance costs 8,657 11,030 Closed store reserves 5,037 1,112 Other accrued liabilities 15,739 17,613 Total accrued liabilities $ 75,147 $ 74,641

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details) - segment	3 Months Ended		6 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Accounting Policies [Abstract]
Number of reportable segments	1
Perishable
Segment Reporting Information [Line Items]
Percentage of sales	67.50%	67.10%	66.50%	66.00%
Non-perishable
Segment Reporting Information [Line Items]
Percentage of sales	32.50%	32.90%	33.50%	34.00%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jan. 25, 2015
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 175,000,000		$ 175,000,000
Additional borrowing capacity	100,000,000
Letter of credit, amount outstanding	15,000,000
Credit facility, interest rate description			(i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin that ranges from 0.90% to 2.00%, (ii) the Eurodollar rate plus an applicable margin that ranges from 0.90% to 2.00%, or (iii) the base rate plus an applicable margin that ranges from 0% to 1.00%, where the base rate is defined as the greatest of: (a) the federal funds rate plus 0.50%, (b) Bank of America’s prime rate, and (c) the Eurodollar rate plus 1.00%
Standby Letters of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	60,000,000
Letter of credit, amount outstanding	$ 25,393,000		$ 25,434,000
Minimum
Debt Instrument [Line Items]
Credit facility, commitment fee percentage		0.125%
Maximum
Debt Instrument [Line Items]
Credit facility, commitment fee percentage		0.25%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Eurodollar
Debt Instrument [Line Items]
Basis spread on base rate	1.00%
Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on base rate	0.50%

Fair Value Measurements Lease o

Fair Value Measurements Lease obligation costs (Details) $ in Thousands	6 Months Ended
	Jul. 26, 2015USD ($)
Income Statement [Abstract]
Business Exit Costs	$ 5,138
Impairment of Long-Lived Assets to be Disposed of	$ 5,595

Impairments and Store Closure25

Impairments and Store Closure Costs - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 26, 2015USD ($)	Jul. 27, 2014USD ($)	Apr. 27, 2014stores	Jul. 26, 2015USD ($)	Jul. 27, 2014USD ($)	Jan. 25, 2015USD ($)	Jan. 26, 2014USD ($)
Restructuring Cost and Reserve [Line Items]
Expected asset impairment charges				$ 15,500
Store closure costs		$ 9,909		14,815	$ 17,027
Impairments and store closure costs	$ 67	9,909		14,261	16,609
Inventory write-down				554	418
Closed Store Charges		$ 9,770		13,910	$ 16,371
Number of stores closed | stores			4
Restructuring Reserve	15,414			15,414		$ 11,299	$ 1,812
Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	5,037			5,037		1,112
Closed Stores Reserves
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 10,377			$ 10,377		$ 10,187

Impairments and Store Closure26

Impairments and Store Closure Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Jan. 25, 2015
Restructuring and Related Activities [Abstract]
Lease obligation costs and related costs	$ 106	$ 9,422	$ 7,548	$ 13,341
Loss on disposal of assets	(49)	(43)	5,595	1,754
Employee and severance costs	0	17	788	767
Other charges	10	513	330	747
Store closure and exit costs	67	$ 9,909	14,261	16,609
Closed Store Reserves [Roll Forward]
Beginning balance			11,299	$ 1,812	$ 1,812
Additions and adjustments			5,227		14,498
Payments			(1,112)		(5,011)
Ending balance	$ 15,414		$ 15,414		$ 11,299

Share-based Compensation Expens

Share-based Compensation Expense by Award (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 960	$ 1,867	$ 2,608	$ 3,703
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	560	900	1,224	1,807
Restricted stock units | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	471	407	1,066	849
Restricted stock units | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	105	0	105	0
Restricted stock awards | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	206	316	414	634
Restricted stock awards | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	48	105	138	210
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	(430)	131	(339)	175
Other share-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 0	$ 8	$ 0	$ 28

Share-based Compensation - Stoc

Share-based Compensation - Stock Option Activity (Details) - Omnibus Incentive Compensation Plan 2010 - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 26, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	1,700
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at January 25, 2015	888
Granted	176
Exercised	(110)
Expired	(2)
Forfeited	(10)
Balance at July 26, 2015	942
Total remaining unearned compensation costs	$ 4,010
Weighted-average remaining service period	2 years 8 months 12 days

Share-based Compensation - Rest

Share-based Compensation - Restricted Award Activity (Details) - Jul. 26, 2015 - USD ($) shares in Thousands, $ in Thousands	Total
Restricted stock units | Employee
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 25, 2015	97
Granted	97
Vested	(26)
Forfeited	(3)
Balance at July 26, 2015	165
Total remaining unearned compensation costs	$ 4,751
Weighted-average remaining service period	3 years 1 month 6 days
Restricted stock units | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 25, 2015	0
Granted	22
Vested	0
Forfeited	0
Balance at July 26, 2015	22
Total remaining unearned compensation costs	$ 608
Weighted-average remaining service period	10 months 24 days
Executive restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 25, 2015	56
Granted	0
Vested	(3)
Forfeited	0
Balance at July 26, 2015	53
Total remaining unearned compensation costs	$ 717
Weighted-average remaining service period	1 year 1 month 6 days
Restricted stock awards | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 25, 2015	11
Granted	0
Vested	(11)
Forfeited	0
Balance at July 26, 2015	0
Total remaining unearned compensation costs	$ 0
Weighted-average remaining service period

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Jan. 25, 2015
Earnings Per Share [Abstract]
Net income available to common stockholders (numerator for basic and diluted earnings per share)	$ 17,472	$ 11,390	$ 32,638	$ 27,961	$ 63,025
Weighted-average common shares outstanding (denominator for basic earnings per share) (in shares)	48,526,755	48,282,994	48,484,425	48,274,868
Potential common shares outstanding:
Incremental shares from share-based awards (in shares)	129,719	158,294	151,995	154,629
Weighted-average common shares outstanding and potential additional common shares outstanding (denominator for diluted earnings per share) (in shares)	48,656,474	48,441,288	48,636,420	48,429,497
Basic and diluted (in dollars per share)	$ 0.36	$ 0.24	$ 0.67	$ 0.58

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	764	674	724	598

Supplementary Balance Sheet I32

Supplementary Balance Sheet Information Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jul. 26, 2015	Jan. 25, 2015
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 759,920	$ 719,683
Accumulated depreciation	(355,009)	(327,489)
Total property and equipment, net	404,911	392,194
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment	65,725	65,658
Store fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	388,823	364,711
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	265,536	242,966
Office furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	14,753	13,692
Automobiles
Property, Plant and Equipment [Line Items]
Total property and equipment	1,048	1,315
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 24,035	$ 31,341

Supplementary Balance Sheet I33

Supplementary Balance Sheet Information Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 26, 2015	Jan. 25, 2015
Supplementary Balance Sheet Info [Abstract]
Accrued compensation benefits	$ 31,701	$ 31,698
Accrued occupancy cost	8,881	8,569
Other accrued taxes	5,132	4,619
Accrued construction and maintenance cost	8,657	11,030
Closed store reserves	5,037	1,112
Other accrued liabilities	15,739	17,613
Accrued liabilities	$ 75,147	$ 74,641

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Share Repurchase Program, August 2015 - USD ($)	1 Months Ended
	Aug. 28, 2015	Aug. 01, 2015
Subsequent Event [Line Items]
Stock repurchase, amount authorized		$ 200,000,000
Repurchased shares during period	$ 0