Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Dec. 02, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GMAN | ' |
Entity Registrant Name | 'Gordmans Stores, Inc. | ' |
Entity Central Index Key | '0001490636 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,420,444 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $151,333 | $143,072 | $419,536 | $405,232 |
License fees from leased departments | 2,157 | 1,917 | 5,846 | 5,474 |
Cost of sales | -86,452 | -80,716 | -240,133 | -224,249 |
Gross profit | 67,038 | 64,273 | 185,249 | 186,457 |
Selling, general and administrative expenses | -64,560 | -57,763 | -175,833 | -161,147 |
Income from operations | 2,478 | 6,510 | 9,416 | 25,310 |
Interest expense, net | -892 | -118 | -1,130 | -366 |
Income before taxes | 1,586 | 6,392 | 8,286 | 24,944 |
Income tax expense | -487 | -2,397 | -3,005 | -9,354 |
Net income | $1,099 | $3,995 | $5,281 | $15,590 |
Basic earnings per share | $0.06 | $0.21 | $0.27 | $0.81 |
Diluted earnings per share | $0.06 | $0.21 | $0.27 | $0.80 |
Basic weighted average shares outstanding | 19,307,499 | 19,188,340 | 19,268,957 | 19,139,880 |
Diluted weighted average shares outstanding | 19,385,032 | 19,437,988 | 19,337,684 | 19,387,080 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $9,307 | $40,824 |
Accounts receivable | 2,512 | 2,049 |
Landlord receivable | 5,796 | 8,787 |
Income taxes receivable | 5,157 | 1,300 |
Merchandise inventories | 149,265 | 78,006 |
Deferred income taxes | 2,819 | 2,617 |
Prepaid expenses and other current assets | 9,727 | 6,552 |
Total current assets | 184,583 | 140,135 |
PROPERTY AND EQUIPMENT, net | 66,069 | 45,966 |
INTANGIBLE ASSETS, net | 1,927 | 1,992 |
OTHER ASSETS, net | 5,477 | 3,033 |
TOTAL ASSETS | 258,056 | 191,126 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 89,516 | 34,211 |
Accrued expenses | 32,190 | 22,789 |
Current portion of long-term debt | 15,972 | 189 |
Total current liabilities | 137,678 | 57,189 |
NONCURRENT LIABILITIES: | ' | ' |
Long-term debt, less current portion | 44,719 | ' |
Deferred rent | 26,752 | 21,997 |
Deferred income taxes | 9,680 | 9,236 |
Other liabilities | 419 | 316 |
Total noncurrent liabilities | 81,570 | 31,549 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of November 2, 2013 and February 2, 2013 | ' | ' |
Common stock - $0.001 par value, 50,000,000 shares authorized, 19,824,856 issued and 19,420,444 outstanding as of November 2, 2013, 19,804,102 issued and 19,404,322 outstanding as of February 2, 2013 | 19 | 19 |
Additional paid-in capital | 53,530 | 52,461 |
Retained earnings (accumulated deficit) | -14,741 | 49,908 |
Total stockholders' equity | 38,808 | 102,388 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $258,056 | $191,126 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 19,824,856 | 19,804,102 |
Common Stock, shares outstanding | 19,420,444 | 19,404,322 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
In Thousands, except Share data | ||||
BALANCE at Jan. 28, 2012 | $77,723 | $19 | $51,327 | $26,377 |
BALANCE, shares at Jan. 28, 2012 | ' | 19,315,664 | ' | ' |
Share-based compensation expense | 711 | ' | 711 | ' |
Issuance of common stock pursuant to secondary offering, net of transaction costs | 178 | ' | 178 | ' |
Issuance of common stock pursuant to secondary offering, net of transaction costs, shares | ' | 40,000 | ' | ' |
Issuance of restricted stock | ' | ' | ' | ' |
Issuance of restricted stock, shares | ' | 73,600 | ' | ' |
Net income | 15,590 | ' | ' | 15,590 |
BALANCE at Oct. 27, 2012 | 94,202 | 19 | 52,216 | 41,967 |
BALANCE, shares at Oct. 27, 2012 | ' | 19,429,264 | ' | ' |
BALANCE at Feb. 02, 2013 | 102,388 | 19 | 52,461 | 49,908 |
BALANCE, shares at Feb. 02, 2013 | 19,404,322 | 19,404,322 | ' | ' |
Share-based compensation expense | 985 | ' | 985 | ' |
Issuance of restricted stock | ' | ' | ' | ' |
Issuance of restricted stock, shares | ' | 8,400 | ' | ' |
Repurchase of common stock | -52 | ' | -52 | ' |
Repurchase of common stock, shares | ' | -4,632 | ' | ' |
Exercise of stock options | 136 | ' | 136 | ' |
Exercise of stock options, shares | ' | 12,354 | ' | ' |
Dividend declared ($3.60 per share) | -69,930 | ' | ' | -69,930 |
Net income | 5,281 | ' | ' | 5,281 |
BALANCE at Nov. 02, 2013 | $38,808 | $19 | $53,530 | ($14,741) |
BALANCE, shares at Nov. 02, 2013 | 19,420,444 | 19,420,444 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Dividend declared, per share | $3.60 | ' |
Issuance of common stock, transaction costs | ' | $457 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $5,281 | $15,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 7,118 | 4,833 |
Loss on disposal of property and equipment | ' | 46 |
Amortization of deferred financing fees | 280 | 239 |
Deferred income taxes | 242 | 721 |
Share-based compensation expense | 985 | 711 |
Net changes in operating assets and liabilities: | ' | ' |
Accounts, landlord and income taxes receivable | -1,329 | 1,875 |
Merchandise inventories | -71,259 | -65,816 |
Prepaid expenses and other current assets | -3,175 | 1,443 |
Other assets | -714 | -436 |
Accounts payable | 55,305 | 49,689 |
Deferred rent | 4,755 | 4,824 |
Accrued expenses and other liabilities | 7,177 | 1,516 |
Net cash provided by operating activities | 4,666 | 15,235 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -41,467 | -32,873 |
Proceeds from sale-leaseback transactions | 16,390 | 14,379 |
Proceeds from insurance settlement | ' | 423 |
Net cash used in investing activities | -25,077 | -18,071 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Dividends paid | -69,682 | ' |
Borrowings on revolving line of credit | 23,941 | ' |
Repayments on revolving line of credit | -8,250 | ' |
Proceeds from senior term loan | 45,000 | ' |
Repurchase of common stock | -52 | ' |
Debt issuance costs | -2,010 | ' |
Payment of long-term debt | -189 | -543 |
Proceeds from the exercise of stock options | 136 | ' |
Proceeds from issuance of common stock pursuant to secondary offering, net of transaction costs of $457 | ' | 178 |
Net cash used in financing activities | -11,106 | -365 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -31,517 | -3,201 |
CASH AND CASH EQUIVALENTS, Beginning of period | 40,824 | 35,413 |
CASH AND CASH EQUIVALENTS, End of period | $9,307 | $32,212 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 27, 2012 |
Statement Of Cash Flows [Abstract] | ' |
Issuance of common stock, transaction costs | $457 |
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation – The condensed consolidated financial statements include the accounts of Gordmans Stores, Inc. (the “Company”) and its subsidiaries, Gordmans Intermediate Holding Corp., Gordmans, Inc., Gordmans Management Company, Inc., Gordmans Distribution Company, Inc. and Gordmans LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of February 2, 2013 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. | |
Summary of Significant Accounting Policies – The accounting policies followed by the Company are reflected in the notes to the consolidated financial statements for the fiscal year ended February 2, 2013, included in our fiscal year 2012 Annual Report on Form 10-K, filed with the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended February 2, 2013. Due to the seasonality of our business, the results of operations for any quarter are not necessarily indicative of the operating results for the full fiscal year. In addition, quarterly results of operations can vary based upon the timing and amount of net sales and costs associated with the opening of new stores. |
DESCRIPTION_OF_THE_BUSINESS
DESCRIPTION OF THE BUSINESS | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
DESCRIPTION OF THE BUSINESS | ' | ||||||||||||||||
B. DESCRIPTION OF THE BUSINESS | |||||||||||||||||
Gordmans Stores, Inc. operated 93 everyday value price department stores under the trade name “Gordmans” located in 19 states as of November 2, 2013. Gordmans offers a wide assortment of name brand clothing for all ages, accessories (including fragrances), footwear and home fashions for up to 60% off department and specialty store regular prices every day in a fun, easy-to-shop environment. The Company has one reportable segment. The Company’s operations include activities related to retail stores. The Company opened ten new stores during the thirty-nine weeks ended November 2, 2013 and opened nine new stores during the thirty-nine weeks ended October 27, 2012. | |||||||||||||||||
The following table reflects the percentage of revenues by major merchandising category: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Apparel | 60.1 | % | 59.8 | % | 59.3 | % | 58.6 | % | |||||||||
Home Fashions | 25.5 | 25.1 | 25.3 | 25.2 | |||||||||||||
Accessories (including fragrances) | 14.4 | 15.1 | 15.4 | 16.2 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
C. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements | $ | 9,180 | $ | 6,716 | |||||
Furniture, fixtures and equipment | 45,482 | 35,526 | |||||||
Computer software | 16,487 | 15,075 | |||||||
Capitalized leases | 1,740 | 1,740 | |||||||
Construction in progress | 15,627 | 2,331 | |||||||
88,516 | 61,388 | ||||||||
Less accumulated depreciation and amortization | (22,447 | ) | (15,422 | ) | |||||
$ | 66,069 | $ | 45,966 | ||||||
DEBT_OBLIGATIONS
DEBT OBLIGATIONS | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
DEBT OBLIGATIONS | ' | ||||||||
D. DEBT OBLIGATIONS | |||||||||
Revolving Line of Credit Facility – The Company has an $80.0 million revolving line of credit facility dated February 20, 2009, as amended effective August 27, 2013, with Wells Fargo Bank, N.A. (successor in merger with Wells Fargo Retail Finance, LLC) and PNC Bank (“WF LOC”). The credit facility expires on August 27, 2018. The amendment to the WF LOC amends certain terms of the revolving line of credit facility, including an increase in the maximum available borrowings from $60.0 million to $80.0 million, a 0.25% reduction in the interest rate for base rate advances and LIBOR rate advances both during seasonal and non-seasonal periods, a decrease in the unused line fee from 0.375% to 0.25%, and the removal of the limitation on annual capital expenditures. The WF LOC allows the Company to increase the maximum available borrowings under the facility to $100.0 million. Deferred financing fees of $0.2 million related to the amendment of the WF LOC were capitalized and are included in other assets, net and are being amortized on a straight line basis over the remaining term of the revolving line of credit facility. The Company had $15.7 million of borrowings outstanding under the WF LOC as of November 2, 2013, which are included in the current portion of long-term debt at November 2, 2013 as the Company intends to repay the outstanding borrowings within the next twelve months. The Company had no borrowings outstanding under the WF LOC as of February 2, 2013 or October 27, 2012. | |||||||||
Borrowings under this facility bear interest at various rates based on the excess availability and time of year, with two rate options at the discretion of management as follows: (1) For base rate advances, borrowings bear interest at the prime rate plus 0.75% during the non-seasonal period and the prime rate plus 1.50% during the seasonal period. When excess availability is $40.0 million or greater, borrowings for base rate advances bear interest at the prime rate plus 0.50% during the non-seasonal period and the prime rate plus 1.25% during the seasonal period; (2) For LIBOR rate advances, borrowings bear interest at the LIBOR rate plus 1.75% during the non-seasonal period and the LIBOR rate plus 2.50% during the seasonal period. When excess availability is $40.0 million or greater, borrowings for LIBOR rate advances bear interest at the LIBOR rate plus 1.50% during the non-seasonal period and the LIBOR rate plus 2.25% during the seasonal period. Borrowings available under the WF LOC may not exceed the borrowing base (consisting of specified percentages of credit card receivables and eligible inventory, less applicable reserves). The Company must maintain minimum excess availability equal to at least 10% of the borrowing base, or $8.0 million. The Company had $63.6 million and $51.0 million available to borrow at November 2, 2013 and February 2, 2013, respectively. Borrowings under this facility bore an interest rate of 3.75% under the base rate option at November 2, 2013 and would have borne an interest rate of 4.00% under the base rate option at February 2, 2013. The Company had outstanding letters of credit included in the borrowing base totaling approximately $0.7 million and $0.2 million as of November 2, 2013 and February 2, 2013, respectively. | |||||||||
An unused line fee is payable quarterly in an amount equal to 0.25% of the sum of the average daily unused revolving commitment plus the average daily unused letter of credit commitment. A customary fee is also payable to the administrative agent under the facility on an annual basis. | |||||||||
Borrowings are secured by the Company’s inventory, accounts receivable and all other personal property, except as specifically excluded in the agreement. | |||||||||
Among other provisions, the loan, guaranty and security agreement relating to the Company’s revolving line of credit facility contains customary affirmative and negative covenants, including a negative covenant that restricts the level and form of indebtedness entered into by the Company or its wholly owned subsidiaries. Exceptions to this covenant include borrowings under the $45.0 million Loan, Guaranty and Security Agreement by and among the Borrower, each of the other credit parties signatory thereto, and lenders party thereto and Cerberus Business Finance, LLC, as the administrative agent for the lenders (the “senior term loan”), and indebtedness not to exceed $11,000,000 in any fiscal year and $30,000,000 in the aggregate to finance the acquisition, construction or installation of equipment or fixtures at the Company’s retail store locations, distribution centers or corporate office. The revolving line of credit facility also includes a negative covenant that restricts dividends and other upstream distributions by the Company and its subsidiaries to the extent the Company does not meet minimum excess availability thresholds. Exceptions to this covenant include dividends or other upstream distributions: (i) by subsidiaries of Gordmans, Inc. to Gordmans, Inc. and its other subsidiaries, (ii) that consist of repurchases of stock of employees in an amount not to exceed $500,000 in any fiscal year, (iii) that consist of the payment of taxes on behalf of any employee, officer or director of the Company for vested restricted stock of the Company owned by such employee, officer or director, (iv) to the Company to pay federal, state and local income taxes and franchise taxes solely arising out of the consolidated operations of the Company and its subsidiaries and (v) to the Company to pay certain reasonable directors’ fees and out-of-pocket expenses, reasonable and customary indemnities to directors, officers and employees and other expenses in connection with ordinary corporate governance, overhead, legal and accounting and maintenance. The loan, guaranty and security agreement also includes a negative covenant that restricts subsidiaries of the Company from making any loans to the Company. As of November 2, 2013, the Company was in compliance with all of its debt covenants. | |||||||||
Senior Term Loan – On August 26, 2013, the Company declared a special cash dividend of $3.60 per share, or $69.9 million, of which $69.7 million was paid in the third quarter of fiscal 2013 and $0.2 million will be paid as non-vested restricted stock eligible to receive the dividend becomes vested. To finance a portion of the special cash dividend, Gordmans, Inc. (the “Borrower”), a wholly owned subsidiary of the Company, entered into a $45.0 million senior term loan on August 27, 2013. The senior term loan has a maturity date of August 27, 2018, with payments of $0.3 million due on a quarterly basis beginning in October 2014 and payments of $0.4 million due on a quarterly basis beginning in January 2016 through the maturity date, with the remaining principal due on the maturity date. The Company may repay at any time all or a portion of the outstanding principal amount, subject to a prepayment premium equal to 2% in the first year and 1% in the second year (there is no prepayment premium after the second year). The senior term loan carries an interest rate equal to the prime rate plus 5.25% with a floor of 3.25% or the LIBOR rate plus 7.0% with a floor of 1.5%, as selected by the Company. The interest rate at November 2, 2013 was 8.5%. Deferred financing fees of $1.8 million related to the senior term loan were capitalized and are included in other assets, net and are being amortized over the five year term of the senior term loan using the effective interest method. | |||||||||
The senior term loan is secured on a second lien basis by the Company’s inventory, accounts receivable and all other personal property, except as specifically excluded in the agreement. | |||||||||
The senior term loan contains customary affirmative and negative covenants, including a negative covenant that restricts the level and form of indebtedness entered into by the Company or its wholly owned subsidiaries. Exceptions to this covenant include indebtedness not to exceed $7,500,000 at any time to finance the acquisition of fixed assets, including capital lease obligations, borrowings under the revolving line of credit facility and other indebtedness not to exceed $15,000,000 in any fiscal year and $30,000,000 in the aggregate to finance the acquisition, construction or installation of equipment or fixtures at the Company’s retail store locations, distribution centers or corporate office. The senior term loan also includes a negative covenant that restricts dividends and other upstream distributions by the Company and its subsidiaries. The exceptions to this covenant are substantially similar to the exceptions under the revolving line of credit facility. The senior term loan also contains financial covenants requiring the Company to maintain compliance with a minimum fixed charge coverage ratio and a maximum leverage ratio, as well as limitations on the annual amount of capital expenditures. As of November 2, 2013, the Company was in compliance with all of its debt covenants. | |||||||||
Long-term Debt – Long-term debt consists of the following: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
Revolving line of credit facility | $ | 15,691 | $ | — | |||||
Senior term loan | 45,000 | — | |||||||
Capital lease obligations | — | 189 | |||||||
Total long-term debt | 60,691 | 189 | |||||||
Less current portion of long-term debt | (15,972 | ) | (189 | ) | |||||
Long-term debt, less current portion | $ | 44,719 | $ | — | |||||
At November 2, 2013, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||
Remainder of 2013 | $ | — | |||||||
2014 | 562 | ||||||||
2015 | 1,266 | ||||||||
2016 | 1,688 | ||||||||
2017 | 1,688 | ||||||||
After 2017 | 55,487 | ||||||||
Total long-term debt | $ | 60,691 | |||||||
Financial Instruments – Based on the borrowing rates currently available to the Company for debt with similar terms and the variable interest rate of the senior term loan, which has not changed since the agreement was signed in August 2013, the fair value of the senior term loan approximates its carrying amount of $45.0 million at November 2, 2013. Fair value approximates the carrying value of balances outstanding on the revolving line of credit facility due to both the short-term nature of these borrowings and the variable interest rates of this agreement. For all other financial instruments including cash and cash equivalents, receivables, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the short maturity of those instruments. | |||||||||
LEASES
LEASES | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Leases [Abstract] | ' | ||||
LEASES | ' | ||||
E. LEASES | |||||
The Company has entered into short and long term operating lease agreements. These leases relate to retail store locations, the distribution centers and the corporate headquarters. The leases expire on various dates through the year 2029 with most of the leases containing renewal options. Leases for retail store locations typically have base lease terms of 10 years with one or more renewal periods, usually for five years. Certain retail store leases contain provisions for additional rent based on varying percentages of net sales. | |||||
Future minimum lease payments under operating leases as of November 2, 2013 are as follows: | |||||
Remainder of 2013 | $ | 12,104 | |||
2014 | 50,462 | ||||
2015 | 48,718 | ||||
2016 | 41,304 | ||||
2017 | 37,467 | ||||
After 2017 | 168,163 | ||||
Total minimum lease payments | $ | 358,218 | |||
SHARE_BASED_COMPENSATION
SHARE BASED COMPENSATION | 9 Months Ended | ||||||||||||||
Nov. 02, 2013 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||
SHARE BASED COMPENSATION | ' | ||||||||||||||
F. SHARE BASED COMPENSATION | |||||||||||||||
The Gordmans Stores, Inc. 2010 Omnibus Incentive Compensation Plan (the “2010 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other share-based awards. Directors, officers and other associates of the Company and its subsidiaries, as well as others performing consulting or advisory services, are eligible for grants under the 2010 Plan. An aggregate of 2,573,086 shares of the Company’s common stock are available under the 2010 Plan, subject to adjustments for stock splits and other actions affecting the Company’s common stock. The exercise price of an option granted under the 2010 Plan will not be less than 100% of the fair value of a share of the Company’s common stock on the date of grant, provided the exercise price of an incentive stock option granted to a person holding greater than 10% of the Company’s voting power may not be less than 110% of such fair value on such date. The term of each option may not exceed ten years or, in the case of an incentive stock option granted to a ten percent stockholder, five years. Under the 2010 Plan, in the event of a dividend or other distribution other than regular cash dividends, recapitalization, or other transactions or events affecting the Company’s common stock, the Company must equitably adjust the number of shares of common stock subject to outstanding stock options and restricted stock and must adjust the exercise price of any outstanding stock options. | |||||||||||||||
On August 26, 2013, the Company declared a special cash dividend of $69.9 million, or $3.60 per share, of which $69.7 million was paid during the thirty-nine weeks ended November 2, 2013. The remaining $0.2 million will be paid as the non-vested restricted stock eligible to receive the dividend becomes vested. Pursuant to the anti-dilution provisions of the 2010 Plan, the Company modified the exercise price of all outstanding stock options on the dividend date by reducing the exercise price of each non-qualified stock option by the dividend per share of $3.60 and the incentive stock options by $2.82 per share. In addition, pursuant to the 2010 Plan, the Company granted 77,195 shares of additional incentive stock options on September 24, 2013 to the existing holders of the incentive stock options to maintain the same intrinsic value of the awards both before and after the dividend payment, with the additional incentive stock options adopting the same vesting schedule as the original incentive stock options awarded. The Company compared the fair value of the original stock options immediately before the modifications to the fair value of the modified stock options immediately after the modifications to the awards and, as a result, no additional share-based compensation expense is required to be recognized over the remaining vesting periods of the stock options. There were no modifications to the restricted stock awards outstanding on the dividend date. | |||||||||||||||
There were 483,790 shares of common stock available for future grants under the 2010 Plan at November 2, 2013. | |||||||||||||||
A summary of restricted stock activity during the thirty-nine weeks ended November 2, 2013 is set forth in the table below: | |||||||||||||||
Number | Weighted Average | ||||||||||||||
of | Grant Date | ||||||||||||||
Shares | Fair Value | ||||||||||||||
Non-vested, February 2, 2013 | 168,262 | $ | 8.58 | ||||||||||||
Granted | 8,400 | 12.81 | |||||||||||||
Repurchased | (4,632 | ) | 11.24 | ||||||||||||
Vested | (102,972 | ) | 4.08 | ||||||||||||
Non-vested, November 2, 2013 | 69,058 | $ | 15.63 | ||||||||||||
Restricted stock vests at varying rates of 25% per year over four years or 20% per year over five years as applicable. Unrecognized compensation expense on the restricted stock was $1.0 million at November 2, 2013, which is expected to be recognized over a period of 1.8 years. The total fair value of shares vested during the thirty-nine weeks ended November 2, 2013 was $1.4 million. The Company repurchased 4,632 shares from participants on September 30, 2013 pursuant to the restricted stock agreements at a fair value of $11.24 per share, which is reflected as a financing cash outflow in the consolidated statement of cash flows for the thirty-nine weeks ended November 2, 2013. There was no excess tax benefit related to the restricted stock repurchased from participants. | |||||||||||||||
A summary of stock option activity during the thirty-nine weeks ended November 2, 2013 is set forth in the table below and reflects the exercise price reductions noted above for all stock options resulting from the special cash dividend paid in September 2013: | |||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||
of Stock | Average | Average | Intrinsic | ||||||||||||
Options | Exercise Price | Remaining | Value (1) | ||||||||||||
Contractual | (thousands) | ||||||||||||||
Term | |||||||||||||||
Outstanding, February 2, 2013 | 947,592 | $ | 12.07 | ||||||||||||
Granted | 127,895 | 8.67 | |||||||||||||
Exercised | (12,354 | ) | 11 | ||||||||||||
Forfeited | (55,740 | ) | 13.5 | ||||||||||||
Outstanding, November 2, 2013 | 1,007,393 | 11.6 | 7.9 years | $ | — | ||||||||||
Exercisable, November 2, 2013 | 377,660 | 10.84 | 7.4 | — | |||||||||||
Vested or expected to vest at November 2, 2013 | 984,818 | 11.58 | 7.8 | — | |||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of November 2, 2013 and the option strike price. The stock price at November 2, 2013 was $9.90, which was below the weighted average exercise price for options outstanding, exercisable and vested or expected to vest at November 2, 2013. | ||||||||||||||
The Company received $0.1 million of proceeds from the exercise of stock options during the thirty-nine weeks ended November 2, 2013, which is reflected as a financing cash inflow in the condensed consolidated statement of cash flows for the thirty-nine weeks ended November 2, 2013. The aggregate intrinsic value of stock options exercised during the thirty-nine weeks ended November 2, 2013 was $35 thousand. | |||||||||||||||
The Company uses the Black-Scholes option valuation model to estimate fair value of the options. This model requires an estimate of the volatility of the Company’s share price; however, because the Company’s shares or options were not publicly traded for a significant period of time, the Company determined that it was not practical to estimate the expected volatility of its share price. Thus, the Company accounted for equity share options based on a value calculated using the historical volatility of an appropriate industry sector index instead of the expected volatility of the entity’s share price. The historical volatility was calculated using comparisons to peers in the Company’s market sector, which was chosen due to the proximity of size and industry to the Company over the expected term of the option. | |||||||||||||||
In determining the expense to be recorded for options, the significant assumptions utilized in applying the Black-Scholes option valuation model are the risk-free interest rate, expected term, dividend yield and expected volatility. The risk-free interest rate is the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term approximating the expected term used as the assumption in the model. The expected term of the option awards is estimated using the simplified method, or the average of the vesting period and the original contractual term, as it is not practical for the Company to use its historical experience to estimate the expected term because the Company’s shares have not been publicly traded for a significant period of time. | |||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the thirty-nine weeks ended November 2, 2013 are illustrated in the following table: | |||||||||||||||
39 Weeks | |||||||||||||||
Ended | |||||||||||||||
November 2, | |||||||||||||||
2013 | |||||||||||||||
Risk-free interest rate | 1.25% - 2.00% | ||||||||||||||
Dividend yield | 2.00% | ||||||||||||||
Expected volatility | 35.0% - 36.0% | ||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||
Weighted average fair value of options granted | $3.90 | ||||||||||||||
Stock options have ten-year contractual terms and vest at varying rates of either 20% per year over five years or 25% per year over four years as applicable. None of the stock options outstanding at November 2, 2013 were subject to performance or market-based vesting conditions. As of November 2, 2013, the unrecognized compensation expense on stock options was $2.4 million, which is expected to be recognized over a weighted average period of 2.7 years. | |||||||||||||||
For the thirteen week periods ended November 2, 2013 and October 27, 2012, share-based compensation expense was $0.3 million and $0.3 million, respectively. Share-based compensation expense for the thirty-nine week periods ended November 2, 2013 and October 27, 2012 was $1.0 million and $0.7 million, respectively. Share-based compensation expense is recorded in selling, general and administrative expenses in the condensed consolidated statements of operations. | |||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
G. EARNINGS PER SHARE | |||||||||||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings per share: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted average shares outstanding | 19,307,499 | 19,188,340 | 19,268,957 | 19,139,880 | |||||||||||||
Dilutive effect of non-vested stock and stock options | 77,533 | 249,648 | 68,727 | 247,200 | |||||||||||||
Diluted weighted average shares outstanding | 19,385,032 | 19,437,988 | 19,337,684 | 19,387,080 | |||||||||||||
The anti-dilutive effect of 235,884 and 236,080 stock options and non-vested stock has been excluded from diluted weighted average shares outstanding for the thirteen and thirty-nine weeks ended November 2, 2013, respectively. There were 112,048 and 84,337 anti-dilutive stock options excluded from diluted weighted average shares outstanding for the thirteen and thirty-nine weeks ended October 27, 2012, respectively. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ||||||||||||||||
H. SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||
The following table sets forth non-cash investing activities and other cash flow information: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Non-cash investing activities: | |||||||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 4,141 | $ | 1,927 | $ | 4,141 | $ | 1,927 | |||||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 3,897 | 8,229 | 8,544 | 14,379 | |||||||||||||
Other cash flow information: | |||||||||||||||||
Cash paid for interest, net | 772 | 40 | 908 | 127 | |||||||||||||
Cash paid for income taxes, net | — | 3,776 | 6,623 | 8,569 | |||||||||||||
Sales of property and equipment pursuant to sale-leaseback accounting represents the amount of structural assets sold to the landlord at the completion of construction for which the Company was deemed the owner during the construction period, pursuant to sale-leaseback accounting, and for which no cash was received upon transfer of ownership. |
DESCRIPTION_OF_THE_BUSINESS_Ta
DESCRIPTION OF THE BUSINESS (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Percentage of Revenues by Major Merchandising Category | ' | ||||||||||||||||
The following table reflects the percentage of revenues by major merchandising category: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Apparel | 60.1 | % | 59.8 | % | 59.3 | % | 58.6 | % | |||||||||
Home Fashions | 25.5 | 25.1 | 25.3 | 25.2 | |||||||||||||
Accessories (including fragrances) | 14.4 | 15.1 | 15.4 | 16.2 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consist of the following: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements | $ | 9,180 | $ | 6,716 | |||||
Furniture, fixtures and equipment | 45,482 | 35,526 | |||||||
Computer software | 16,487 | 15,075 | |||||||
Capitalized leases | 1,740 | 1,740 | |||||||
Construction in progress | 15,627 | 2,331 | |||||||
88,516 | 61,388 | ||||||||
Less accumulated depreciation and amortization | (22,447 | ) | (15,422 | ) | |||||
$ | 66,069 | $ | 45,966 | ||||||
DEBT_OBLIGATIONS_Tables
DEBT OBLIGATIONS (Tables) | 9 Months Ended | ||||||||
Nov. 02, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term Debt – Long-term debt consists of the following: | |||||||||
November 2, | February 2, | ||||||||
2013 | 2013 | ||||||||
Revolving line of credit facility | $ | 15,691 | $ | — | |||||
Senior term loan | 45,000 | — | |||||||
Capital lease obligations | — | 189 | |||||||
Total long-term debt | 60,691 | 189 | |||||||
Less current portion of long-term debt | (15,972 | ) | (189 | ) | |||||
Long-term debt, less current portion | $ | 44,719 | $ | — | |||||
Annual Maturities of Long-term Debt | ' | ||||||||
At November 2, 2013, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||
Remainder of 2013 | $ | — | |||||||
2014 | 562 | ||||||||
2015 | 1,266 | ||||||||
2016 | 1,688 | ||||||||
2017 | 1,688 | ||||||||
After 2017 | 55,487 | ||||||||
Total long-term debt | $ | 60,691 | |||||||
LEASES_Tables
LEASES (Tables) | 9 Months Ended | ||||
Nov. 02, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Lease Payments Under Operating Leases | ' | ||||
Future minimum lease payments under operating leases as of November 2, 2013 are as follows: | |||||
Remainder of 2013 | $ | 12,104 | |||
2014 | 50,462 | ||||
2015 | 48,718 | ||||
2016 | 41,304 | ||||
2017 | 37,467 | ||||
After 2017 | 168,163 | ||||
Total minimum lease payments | $ | 358,218 | |||
SHARE_BASED_COMPENSATION_Table
SHARE BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||
Nov. 02, 2013 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||
A summary of restricted stock activity during the thirty-nine weeks ended November 2, 2013 is set forth in the table below: | |||||||||||||||
Number | Weighted Average | ||||||||||||||
of | Grant Date | ||||||||||||||
Shares | Fair Value | ||||||||||||||
Non-vested, February 2, 2013 | 168,262 | $ | 8.58 | ||||||||||||
Granted | 8,400 | 12.81 | |||||||||||||
Repurchased | (4,632 | ) | 11.24 | ||||||||||||
Vested | (102,972 | ) | 4.08 | ||||||||||||
Non-vested, November 2, 2013 | 69,058 | $ | 15.63 | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||
A summary of stock option activity during the thirty-nine weeks ended November 2, 2013 is set forth in the table below and reflects the exercise price reductions noted above for all stock options resulting from the special cash dividend paid in September 2013: | |||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||
of Stock | Average | Average | Intrinsic | ||||||||||||
Options | Exercise Price | Remaining | Value (1) | ||||||||||||
Contractual | (thousands) | ||||||||||||||
Term | |||||||||||||||
Outstanding, February 2, 2013 | 947,592 | $ | 12.07 | ||||||||||||
Granted | 127,895 | 8.67 | |||||||||||||
Exercised | (12,354 | ) | 11 | ||||||||||||
Forfeited | (55,740 | ) | 13.5 | ||||||||||||
Outstanding, November 2, 2013 | 1,007,393 | 11.6 | 7.9 years | $ | — | ||||||||||
Exercisable, November 2, 2013 | 377,660 | 10.84 | 7.4 | — | |||||||||||
Vested or expected to vest at November 2, 2013 | 984,818 | 11.58 | 7.8 | — | |||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of November 2, 2013 and the option strike price. The stock price at November 2, 2013 was $9.90, which was below the weighted average exercise price for options outstanding, exercisable and vested or expected to vest at November 2, 2013. | ||||||||||||||
Weighted Average Assumptions Used in Applying the Black-Scholes Valuation Model for Option Grants | ' | ||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the thirty-nine weeks ended November 2, 2013 are illustrated in the following table: | |||||||||||||||
39 Weeks | |||||||||||||||
Ended | |||||||||||||||
November 2, | |||||||||||||||
2013 | |||||||||||||||
Risk-free interest rate | 1.25% - 2.00% | ||||||||||||||
Dividend yield | 2.00% | ||||||||||||||
Expected volatility | 35.0% - 36.0% | ||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||
Weighted average fair value of options granted | $3.90 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Outstanding Shares Utilized in Computation of Earnings Per Share | ' | ||||||||||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings per share: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted average shares outstanding | 19,307,499 | 19,188,340 | 19,268,957 | 19,139,880 | |||||||||||||
Dilutive effect of non-vested stock and stock options | 77,533 | 249,648 | 68,727 | 247,200 | |||||||||||||
Diluted weighted average shares outstanding | 19,385,032 | 19,437,988 | 19,337,684 | 19,387,080 | |||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||||||
The following table sets forth non-cash investing activities and other cash flow information: | |||||||||||||||||
13 Weeks | 13 Weeks | 39 Weeks | 39 Weeks | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Non-cash investing activities: | |||||||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 4,141 | $ | 1,927 | $ | 4,141 | $ | 1,927 | |||||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 3,897 | 8,229 | 8,544 | 14,379 | |||||||||||||
Other cash flow information: | |||||||||||||||||
Cash paid for interest, net | 772 | 40 | 908 | 127 | |||||||||||||
Cash paid for income taxes, net | — | 3,776 | 6,623 | 8,569 |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Store | Store | |
Segment | ||
State | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Number of everyday value price department stores | 93 | ' |
Number of states in which department stores are located | 19 | ' |
Number of reportable segments | 1 | ' |
Number of new stores opened during the period | 10 | 9 |
Description_of_Business_Percen
Description of Business - Percentage of Revenues by Major Merchandising Category (Detail) (Revenues [Member]) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Apparel [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 60.10% | 59.80% | 59.30% | 58.60% |
Home Fashions [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 25.50% | 25.10% | 25.30% | 25.20% |
Accessories (including fragrances) [Member] | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Percentage of revenues | 14.40% | 15.10% | 15.40% | 16.20% |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipments (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $88,516 | $61,388 |
Less accumulated depreciation and amortization | -22,447 | -15,422 |
Property and equipment, Net | 66,069 | 45,966 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 9,180 | 6,716 |
Furniture, fixtures and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 45,482 | 35,526 |
Computer software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 16,487 | 15,075 |
Capitalized leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 1,740 | 1,740 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $15,627 | $2,331 |
Debt_Obligations_Revolving_Lin
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) (Revolving Credit Facility [Member], USD $) | 9 Months Ended | |||
Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Revolving line of credit facility, maximum borrowing capacity | $80,000,000 | $60,000,000 | ' | ' |
Basis spread on variable rate | 0.25% | ' | ' | ' |
Unused line fee | 0.25% | ' | ' | ' |
Deferred financing fees | 200,000 | ' | ' | ' |
Origination date of revolving line of credit facility | 20-Feb-09 | ' | ' | ' |
Amendment date of revolving line of credit facility | 27-Aug-13 | ' | ' | ' |
Revolving line of credit facility, expiration date | 27-Aug-18 | ' | ' | ' |
Borrowings outstanding under revolving line of credit facility | 15,700,000 | ' | 0 | 0 |
Availability under revolving line of credit facility | 63,600,000 | ' | 51,000,000 | ' |
Line of credit facility, interest rate | 3.75% | ' | 4.00% | ' |
Outstanding letters of credit included in the borrowing base | 700,000 | ' | 200,000 | ' |
Minimum percent of excess availability of borrowing to be maintained | 10.00% | ' | ' | ' |
Minimum amount of excess availability of borrowing to be maintained | 8,000,000 | ' | ' | ' |
Senior term loan amount | 45,000,000 | ' | ' | ' |
Indebtedness, annual limit | 11,000,000 | ' | ' | ' |
Aggregate Indebtedness, limit | 30,000,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Unused line fee | 0.25% | ' | ' | ' |
Threshold amount of excess availability in order to determine interest rate | 40,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Unused line fee | 0.38% | ' | ' | ' |
Repurchases of stock of employees | 500,000 | ' | ' | ' |
Wells Fargo Bank [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Revolving line of credit facility, maximum borrowing capacity | $100,000,000 | ' | ' | ' |
Non Seasonal Period [Member] | Base Rate Advances [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 0.75% | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is less than $40.0 million and during the non-seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' | ' |
Non Seasonal Period [Member] | Base Rate Advances [Member] | Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 0.50% | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is $40.0 million or greater, and during the non-seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' | ' |
Non Seasonal Period [Member] | LIBOR Rate [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 1.75% | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is less than $40.0 million and during the non-seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' | ' |
Non Seasonal Period [Member] | LIBOR Rate [Member] | Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 1.50% | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is $40.0 million or greater, and during the non-seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' | ' |
Seasonal Period [Member] | Base Rate Advances [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 1.50% | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is less than $40.0 million and during the seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' | ' |
Seasonal Period [Member] | Base Rate Advances [Member] | Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 1.25% | ' | ' | ' |
Description of variable rate basis | 'For base rate advances, when excess availability is $40.0 million or greater, and during the seasonal period, borrowings bear interest at the prime rate plus a % defined in the agreement | ' | ' | ' |
Seasonal Period [Member] | LIBOR Rate [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 2.50% | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is less than $40.0 million and during the seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' | ' |
Seasonal Period [Member] | LIBOR Rate [Member] | Minimum [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | 2.25% | ' | ' | ' |
Description of variable rate basis | 'For LIBOR rate advances, when excess availability is $40.0 million or greater, and during the seasonal period, borrowings bear interest at the LIBOR rate plus a % defined in the agreement | ' | ' | ' |
Debt_Obligations_Senior_Term_L
Debt Obligations - Senior Term Loan - Additional Information (Detail) (USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Senior Term Loan [Line Items] | ' |
Dividend declared per share of common stock | $3.60 |
Dividend declaration date | 26-Aug-13 |
Dividends declared | $69,930,000 |
Dividend paid | 69,682,000 |
Senior term loan maturity date | 27-Aug-18 |
Frequency of payments | 'Quarterly |
Restricted Stock [Member] | ' |
Senior Term Loan [Line Items] | ' |
Dividend unpaid | 200,000 |
October 2014 Through October 2015 [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan date of first required payment | 1-Oct-14 |
Senior term loan periodic payments | 300,000 |
January 2016 Through August 27, 2018 [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan date of first required payment | 1-Jan-16 |
Senior term loan periodic payments | 400,000 |
First Year [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan , prepayment premium | 2.00% |
Senior Loans [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan amount | 45,000,000 |
Senior term loan, interest rate | 8.50% |
Deferred financing fees | 1,800,000 |
Term of the senior term loan | '5 years |
Indebtedness, limit | 15,000,000 |
Aggregate Indebtedness, limit | 30,000,000 |
Senior Loans [Member] | Second Year [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan , prepayment premium | 1.00% |
Senior Loans [Member] | Thereafter [Member] | ' |
Senior Term Loan [Line Items] | ' |
Senior term loan , prepayment premium | 0.00% |
Senior Loans [Member] | LIBOR Rate [Member] | ' |
Senior Term Loan [Line Items] | ' |
Debt instrument interest rate percentage | 7.00% |
Debt instrument floor rate percentage | 1.50% |
Senior Loans [Member] | Prime Rate [Member] | ' |
Senior Term Loan [Line Items] | ' |
Debt instrument interest rate percentage | 5.25% |
Debt instrument floor rate percentage | 3.25% |
Senior Loans [Member] | Maximum [Member] | ' |
Senior Term Loan [Line Items] | ' |
Indebtedness, limit | $7,500,000 |
Debt_Obligations_LongTerm_Debt
Debt Obligations - Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $60,691 | $189 |
Less current portion of long-term debt | -15,972 | -189 |
Long-term debt, less current portion | 44,719 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Carrying Amount | 15,691 | ' |
Senior Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Carrying Amount | 45,000 | ' |
Capital Lease [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Carrying Amount | ' | $189 |
Debt_Obligations_Annual_Maturi
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Long Term Debt By Maturity [Abstract] | ' |
Remainder of 2013 | ' |
2014 | 562 |
2015 | 1,266 |
2016 | 1,688 |
2017 | 1,688 |
After 2017 | 55,487 |
Total long-term debt | $60,691 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (Retail Site [Member]) | 9 Months Ended |
Nov. 02, 2013 | |
Retail Site [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Leases expiration date | 31-Dec-29 |
Base lease term | '10 years |
Lease renewal period | '5 years |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments Under Operating Leases (Detail) (USD $) | Nov. 02, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Operating Leases, Remainder of 2013 | $12,104 |
Operating Leases, 2014 | 50,462 |
Operating Leases, 2015 | 48,718 |
Operating Leases, 2016 | 41,304 |
Operating Leases, 2017 | 37,467 |
Operating Leases, After 2017 | 168,163 |
Operating Leases, Total minimum lease payments | $358,218 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Dividend declared per share | ' | ' | $3.60 | ' |
Dividends declared | ' | ' | $69,930,000 | ' |
Dividend paid | ' | ' | 69,682,000 | ' |
Stock price | $9.90 | ' | $9.90 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Additional incentive stock options granted | ' | ' | 127,895 | ' |
Weighted average period of recognition of unrecognized compensation expense | ' | ' | '2 years 8 months 12 days | ' |
Proceeds from exercise of stock options | ' | ' | 100,000 | ' |
Aggregate Intrinsic value of stock options exercised | ' | ' | 35,000 | ' |
Unrecognized compensation cost for stock options | 2,400,000 | ' | 2,400,000 | ' |
Stock Options [Member] | Scenario One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | ' | 25.00% | ' |
Vesting period | ' | ' | '4 years | ' |
Stock Options [Member] | Scenario Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | ' | 20.00% | ' |
Vesting period | ' | ' | '5 years | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Dividend unpaid | 200,000 | ' | 200,000 | ' |
Unrecognized compensation expense | 1,000,000 | ' | 1,000,000 | ' |
Weighted average period of recognition of unrecognized compensation expense | ' | ' | '1 year 9 months 18 days | ' |
Total fair value of shares vested | ' | ' | 1,400,000 | ' |
Shares repurchased | ' | ' | 4,632 | ' |
Stock price | $11.24 | ' | $11.24 | ' |
Excess tax benefit | ' | ' | ' | ' |
Restricted Stock [Member] | Scenario One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | ' | 25.00% | ' |
Vesting period | ' | ' | '4 years | ' |
Restricted Stock [Member] | Scenario Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | ' | 20.00% | ' |
Vesting period | ' | ' | '5 years | ' |
Non Qualified Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Dividend declared per share | ' | ' | $3.60 | ' |
2010 Omnibus Incentive Compensation Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Aggregate shares authorized and available for grant | 2,573,086 | ' | 2,573,086 | ' |
Exercise price of stock options granted | ' | ' | 'The exercise price of an option granted under the 2010 Plan will not be less than 100% of the fair value of a share of the Company's common stock on the day of grant, provided the exercise price of an incentive stock option granted to a person holding greater than 10% of the company's voting power may not be less than 110% of such fair value on such date. | ' |
Share based compensation expense | $300,000 | $300,000 | $1,000,000 | $700,000 |
2010 Omnibus Incentive Compensation Plan [Member] | Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum term of each award | ' | ' | '10 years | ' |
2010 Omnibus Incentive Compensation Plan [Member] | Incentive Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum term of each award | ' | ' | '5 years | ' |
2010 Omnibus Incentive Compensation Plan [Member] | 2010 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock available for future grants | 483,790 | ' | 483,790 | ' |
2010 Omnibus Incentive Compensation Plan [Member] | Incentive Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Dividend declared per share | ' | ' | $2.82 | ' |
Additional incentive stock options granted | ' | ' | 77,195 | ' |
Share_Based_Compensation_Summa
Share Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested, February 2, 2013, Number of Shares | 168,262 |
Granted, Number of Shares | 8,400 |
Repurchased, Number of Shares | -4,632 |
Vested, Number of Shares | -102,972 |
Non-vested, November 2, 2013, Number of Shares | 69,058 |
Non-vested, February 2, 2013, Weighted Average Grant Date Fair Value | $8.58 |
Granted, Weighted Average Grant Date Fair Value | $12.81 |
Repurchased, Weighted Average Grant Date Fair Value | $11.24 |
Vested, Weighted Average Grant Date Fair Value | $4.08 |
Non-vested, November 2, 2013, Weighted Average Grant Date Fair Value | $15.63 |
Share_Based_Compensation_Summa1
Share Based Compensation - Summary of Stock Option Activity (Detail) (Stock Options [Member], USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding, February 2, 2013, Number of Stock Options | 947,592 |
Granted, Number of Stock Options | 127,895 |
Exercised, Number of Stock Options | -12,354 |
Forfeited, Number of Stock Options | -55,740 |
Outstanding, November 2, 2013, Number of Stock Options | 1,007,393 |
Exercisable, November 2, 2013, Number of Stock Options | 377,660 |
Vested or expected to vest at November 2, 2013, Number of Stock Options | 984,818 |
Outstanding, February 2, 2013, Weighted Average Exercise Price | $12.07 |
Granted, Weighted Average Exercise Price | $8.67 |
Exercised, Weighted Average Exercise Price | $11 |
Forfeited, Weighted Average Exercise Price | $13.50 |
Outstanding, November 2, 2013, Weighted Average Exercise Price | $11.60 |
Exercisable, November 2, 2013, Weighted Average Exercise Price | $10.84 |
Vested or expected to vest at November 2, 2013, Weighted Average Exercise Price | $11.58 |
Outstanding, November 2, 2013, Weighted Average Remaining Contractual Term (Years) | '7 years 10 months 24 days |
Exercisable, November 2, 2013, Weighted Average Remaining Contractual Term (Years) | '7 years 4 months 24 days |
Vested or expected to vest at November 2, 2013, Weighted Average Remaining Contractual Term (Years) | '7 years 9 months 18 days |
Outstanding, November 2, 2013, Aggregate Intrinsic Value | ' |
Exercisable, November 2, 2013, Aggregate Intrinsic Value | ' |
Vested or expected to vest at November 2, 2013, Aggregate Intrinsic Value | ' |
Share_Based_Compensation_Summa2
Share Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | Nov. 02, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock price | $9.90 |
Share_Based_Compensation_Weigh
Share Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) (USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 2.00% |
Expected life (years) | '6 years 3 months |
Weighted average fair value of options granted | $3.90 |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 1.25% |
Expected volatility | 35.00% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 2.00% |
Expected volatility | 36.00% |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Outstanding Shares Utilized in Computation of Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average shares outstanding | 19,307,499 | 19,188,340 | 19,268,957 | 19,139,880 |
Dilutive effect of non-vested stock and stock options | 77,533 | 249,648 | 68,727 | 247,200 |
Diluted weighted average shares outstanding | 19,385,032 | 19,437,988 | 19,337,684 | 19,387,080 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 235,884 | 112,048 | 236,080 | 84,337 |
Recovered_Sheet1
Supplemental Cash Flow Information - Non-Cash Investing Activities and Other Cash Flow Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Non-cash investing activities: | ' | ' | ' | ' |
Purchases of property and equipment in accrued expenses at the end of the period | $4,141 | $1,927 | $4,141 | $1,927 |
Sales of property and equipment pursuant to sale-leaseback accounting | 3,897 | 8,229 | 8,544 | 14,379 |
Other cash flow information: | ' | ' | ' | ' |
Cash paid for interest, net | 772 | 40 | 908 | 127 |
Cash paid for income taxes, net | ' | $3,776 | $6,623 | $8,569 |