Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Apr. 01, 2015 | Aug. 02, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GMAN | ||
Entity Registrant Name | Gordmans Stores, Inc. | ||
Entity Central Index Key | 1490636 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 19,576,623 | ||
Entity Public Float | $34 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $634,620 | $619,559 | $607,692 |
License fees from leased departments | 8,608 | 7,828 | 7,361 |
Cost of sales | -378,883 | -365,463 | -350,212 |
Gross profit | 264,345 | 261,924 | 264,841 |
Selling, general and administrative expenses | -265,276 | -247,131 | -226,710 |
Income / (loss) from operations | -931 | 14,793 | 38,131 |
Interest expense, net | -4,998 | -2,482 | -481 |
Income / (loss) before taxes | -5,929 | 12,311 | 37,650 |
Income tax (expense) / benefit | 2,453 | -4,298 | -14,119 |
Net income / (loss) | ($3,476) | $8,013 | $23,531 |
Basic earnings / (loss) per share | ($0.18) | $0.42 | $1.23 |
Diluted earnings / (loss) per share | ($0.18) | $0.41 | $1.21 |
Basic weighted average shares outstanding | 19,360,478 | 19,288,623 | 19,165,260 |
Diluted weighted average shares outstanding | 19,360,478 | 19,345,308 | 19,405,218 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $7,634 | $5,759 |
Accounts receivable | 3,930 | 2,755 |
Landlord receivable | 1,559 | 4,716 |
Income taxes receivable | 8,525 | 3,809 |
Merchandise inventories | 94,470 | 94,711 |
Deferred income taxes | 2,895 | 2,815 |
Prepaid expenses and other current assets | 8,535 | 8,361 |
Total current assets | 127,548 | 122,926 |
PROPERTY AND EQUIPMENT, net | 91,601 | 76,393 |
INTANGIBLE ASSETS, net | 1,820 | 1,906 |
OTHER ASSETS, net | 5,908 | 5,762 |
TOTAL ASSETS | 226,877 | 206,987 |
CURRENT LIABILITIES: | ||
Accounts payable | 64,349 | 42,561 |
Accrued expenses | 31,353 | 28,748 |
Current portion of long-term debt | 12,463 | 7,813 |
Total current liabilities | 108,165 | 79,122 |
NONCURRENT LIABILITIES: | ||
Long-term debt, less current portion | 28,827 | 44,437 |
Deferred rent | 35,381 | 31,591 |
Deferred income taxes | 15,636 | 9,553 |
Other liabilities | 381 | 479 |
Total noncurrent liabilities | 80,225 | 86,060 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of January 31, 2015 and February 1, 2014, respectively | ||
Common stock - $0.001 par value, 50,000,000 shares authorized, 19,985,256 issued and 19,576,623 outstanding as of January 31, 2015, 19,824,856 issued and 19,420,444 outstanding as of February 1, 2014 | 20 | 19 |
Additional paid-in capital | 53,870 | 53,795 |
Accumulated deficit | -15,403 | -12,009 |
Total stockholders' equity | 38,487 | 41,805 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $226,877 | $206,987 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
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 | 19,985,256 | 19,824,856 |
Common stock, shares outstanding | 19,576,623 | 19,420,444 |
Consolidated_Statements_of_Sto
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 | 956 | 956 | ||
Issuance of common stock pursuant to public offering, net of transaction costs | 178 | 178 | ||
Issuance of common stock pursuant to public offering, net of transaction costs, shares | 40,000 | |||
Issuance of restricted stock, net of forfeitures, shares | 48,658 | |||
Net income / (loss) | 23,531 | 23,531 | ||
BALANCE at Feb. 02, 2013 | 102,388 | 19 | 52,461 | 49,908 |
BALANCE, shares at Feb. 02, 2013 | 19,404,322 | |||
Share-based compensation expense | 1,250 | 1,250 | ||
Issuance of restricted stock, net of forfeitures, 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 | -69,930 | -69,930 | ||
Net income / (loss) | 8,013 | 8,013 | ||
BALANCE at Feb. 01, 2014 | 41,805 | 19 | 53,795 | -12,009 |
BALANCE, shares at Feb. 01, 2014 | 19,420,444 | 19,420,444 | ||
Share-based compensation expense | 362 | 362 | ||
Deferred tax asset shortfall related to share-based compensation expense | -272 | -272 | ||
Issuance of restricted stock, net of forfeitures | 1 | 1 | ||
Issuance of restricted stock, net of forfeitures, shares | 160,400 | |||
Repurchase of common stock | -15 | -15 | ||
Repurchase of common stock, shares | -4,221 | |||
Forfeiture of dividends payable on unvested restricted stock | 82 | 82 | ||
Net income / (loss) | -3,476 | -3,476 | ||
BALANCE at Jan. 31, 2015 | $38,487 | $20 | $53,870 | ($15,403) |
BALANCE, shares at Jan. 31, 2015 | 19,576,623 | 19,576,623 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 30-May-12 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock, transaction cost | $500 | $457 | |
Dividend declared, per share | $3.60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income / (loss) | ($3,476) | $8,013 | $23,531 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 13,698 | 9,841 | 6,978 |
Amortization of deferred financing fees | 620 | 499 | 319 |
Loss on retirement/sale of property and equipment | 435 | 48 | |
Deferred income taxes | 6,003 | 119 | 2,979 |
Deferred tax asset shortfall related to share-based compensation | -272 | ||
Share-based compensation expense | 362 | 1,250 | 956 |
Net changes in operating assets and liabilities: | |||
Accounts, landlord and income taxes receivable | -2,734 | 856 | 2,395 |
Merchandise inventories | 241 | -16,705 | -12,671 |
Prepaid expenses and other current assets | 83 | -1,809 | -1,313 |
Other assets | -52 | -1,206 | -806 |
Accounts payable | 21,788 | 8,350 | -1,823 |
Deferred rent | 3,790 | 9,594 | 7,083 |
Accrued expenses and other liabilities | 4,694 | 2,013 | -1,171 |
Net cash provided by / (used in) operating activities | 45,180 | 20,815 | 26,505 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | -42,862 | -60,133 | -34,237 |
Proceeds from sale-leaseback transactions | 12,064 | 23,812 | 13,197 |
Cash received on sale of property and equipment | 73 | ||
Proceeds from insurance settlement | 39 | 423 | |
Net cash provided by / (used in) investing activities | -30,686 | -36,321 | -20,617 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | -71 | -69,682 | |
Borrowings on revolving line of credit | 211,350 | 61,973 | |
Repayments on revolving line of credit | -207,566 | -54,723 | |
Payment of long-term debt | -15,603 | -189 | -655 |
Proceeds from senior term loan | 45,000 | ||
Debt issuance costs | -714 | -2,022 | |
Repurchase of common stock | -15 | -52 | |
Proceeds from the exercise of stock options | 136 | ||
Proceeds from issuance of common stock pursuant to public offering, net of transaction costs of $457 | 178 | ||
Net cash used in financing activities | -12,619 | -19,559 | -477 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,875 | -35,065 | 5,411 |
CASH AND CASH EQUIVALENTS, Beginning of period | 5,759 | 40,824 | 35,413 |
CASH AND CASH EQUIVALENTS, End of period | $7,634 | $5,759 | $40,824 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 30-May-12 | Feb. 02, 2013 |
Statement of Cash Flows [Abstract] | ||
Issuance of common stock, transaction costs | $500 | $457 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary Of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business – Gordmans Stores, Inc. (the “Company”) operated 97 everyday value price department stores under the trade name “Gordmans” located in 21 states as of January 31, 2015. Gordmans offers a wide assortment of name brand clothing and footwear for men, women and children, accessories (including fragrances) and home fashions for up to 60% off department store regular prices every day in a fun, easy-to-shop environment. | |||||||||||||
Basis of Presentation – The consolidated financial statements include the accounts of Gordmans Stores, Inc. and its 100% owned 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. | |||||||||||||
Reporting Year – The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. All references in these financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal years 2014 and 2013 represent the fifty-two week years ended January 31, 2015 and February 1, 2014, respectively, and fiscal year 2012 represents the fifty-three week year ended February 2, 2013. | |||||||||||||
Revenue Recognition – Revenue is recognized at the point-of-sale when payment is received and the guest takes possession of the merchandise, net of estimated returns and allowances and exclusive of sales tax. License fees from leased departments represent a percentage of total footwear and maternity sales due to the licensing of the footwear and maternity businesses to third parties. Footwear and maternity sales under these licensing arrangements are not included in net sales, but the license fees received from leased departments are included separately on the statement of operations. Layaway sales are deferred until the sale has been paid in full. Sales of gift cards are deferred until they are redeemed for the purchase of the Company’s merchandise. A current liability for unredeemed gift cards is recorded at the time the cards are purchased. The gift card and certificate liability, recorded in “Accrued Expenses” on the consolidated balance sheets, was $3.7 million and $3.5 million at January 31, 2015 and February 1, 2014, respectively. Gift card breakage is recorded as revenue when the likelihood of redemption, based on historical redemption patterns, becomes remote, which has been determined to be three years from the date of issuance. Total gift card breakage was $0.2 million during each of fiscal years 2014, 2013 and 2012, respectively. The Company records deferred revenue on its consolidated balance sheets for merchandise credits issued which are related to guest returns and recognizes this revenue upon the redemption of the merchandise credits. The Company reserves for estimated merchandise returns primarily based on historical experience and other assumptions believed to be reasonable. The accrued liability for reserve for sales returns was $0.2 million at both January 31, 2015 and February 1, 2014, respectively. | |||||||||||||
Cash Equivalents – The Company considers all highly liquid assets (investments in money market mutual funds, U.S. Treasuries, U.S. Agency securities and commercial paper) with an original maturity of three months or less and credit card and debit card receivables from banks, which settle within one to five business days, to be cash equivalents. | |||||||||||||
Accounts Receivable – Accounts receivable primarily consists of non-trade accounts receivable recorded at net realizable value. The Company maintains an allowance for uncollectible accounts that is estimated based on aging and historical experience. The allowance for uncollectible accounts was $0.1 million and $0.2 million at January 31, 2015 and February 1, 2014, respectively. | |||||||||||||
Landlord Receivable – For certain of the Company’s store operating lease agreements, the Company incurs and pays for the construction invoices directly for both the structural improvements and/or non-structural improvements (i.e. leasehold improvements and furniture, fixtures and equipment) of a new store location or existing store remodel and is reimbursed by the landlord. When the Company bills the landlord for reimbursement, a landlord receivable is recorded pursuant to the lease agreement which provides for a legal right to receive construction reimbursements from the landlord for tenant improvement allowances either periodically during the construction period or at the completion of construction. Of the total landlord receivable balance, $1.1 million and $2.2 million at January 31, 2015 and February 1, 2014, respectively, relate to amounts due from landlords for construction-related reimbursements on structural improvements (sale-leaseback transactions). | |||||||||||||
Merchandise Inventories – Merchandise inventories are stated at the lower of cost or market determined on a first-in, first-out (FIFO) basis using the conventional retail inventory method. Under the retail inventory method, the cost value of inventory and gross margins are determined by calculating a cost-to-retail ratio and applying it to the retail value of inventory. This method involves management estimates with regard to such things as markdowns and inventory shrinkage. A significant factor involves the recording and timing of permanent markdowns. Under the retail method, permanent markdowns are reflected in inventory valuation when the price of an item is reduced. An inventory shrinkage rate is estimated for interim periods, but is based on a full physical inventory near the fiscal year end. An inventory obsolescence reserve is estimated based on historical experience and the age of the inventory. Inventory reserve for obsolescence was $0.8 million and $0.9 million as of January 31, 2015 and February 1, 2014, respectively. All inventories are in one class and are classified as finished goods. Inventories in possession of the Company’s carrier are included in merchandise inventories as legal title and risk of loss has passed. | |||||||||||||
Property and Equipment – Property and equipment are recorded at cost and are depreciated for financial reporting purposes using the straight-line method over their estimated useful lives. Leasehold improvements are depreciated over the lesser of their related lease terms or useful life, generally one to ten years. For leases with renewal periods at the Company’s option, the Company uses the original lease term, excluding renewal option periods to determine the estimated useful lives. Furniture, fixtures and equipment are depreciated over a period of three to ten years. Computer software is depreciated over a period of three to ten years. Costs related to internal-use software and modifications or upgrades to internal-use software to the extent they increase functionality, are capitalized and are depreciated over a period of three to ten years. Equipment recorded under capital leases is amortized using the straight-line method over the shorter of the related lease term or useful life of the asset, generally three to five years. | |||||||||||||
The Company has determined it is the accounting owner of certain leased store locations during the construction period of such assets pursuant to sale-leaseback accounting. In certain of the Company’s operating lease agreements for leased store locations, the Company is responsible for funding the construction of the structural store assets and the landlord reimburses the Company pursuant to the underlying lease agreement. The landlord maintains title of the real property, or structural assets, during the construction phase of a new store location or existing store remodel. During the construction period, the Company serves as the agent for the construction project and is obligated to fund cost overruns or may benefit if the cost of construction is less than the tenant improvement allowance. When construction payments are made by the Company, a fixed asset is recorded in construction-in-progress within property and equipment. The Company bears substantially all construction period risk for these new store construction projects and existing store remodels and the Company pays for the construction costs pursuant to a contractual arrangement that includes the right of reimbursement from the landlord. Accordingly, the Company reports the costs of construction as a purchase of property and equipment in “Purchase of property and equipment” and the reimbursements from landlords for structural assets as “Proceeds from sale-leaseback transactions” under cash flows from investing activities in the consolidated statements of cash flows. When construction is complete, the Company records a sale-leaseback transaction which represents the title transfer of the structural assets that are sold back to the landlord pursuant to sale-leaseback accounting. No gain or loss associated with the sale of such assets is recognized as the Company receives reimbursement from the landlord for the construction costs and leases are structured as operating leases. The sale-leaseback transaction is disclosed in “Supplemental Cash Flow Information” as a non-cash investing and financing activity. Such sale-leaseback transactions do not involve any future commitments, obligations, provisions or circumstances that require or result in the Company’s continuing involvement and the Company is no longer deemed the accounting owner of the landlord-owned assets once the store construction is completed and the sale-leaseback transaction is recorded. | |||||||||||||
Long-Lived Assets – The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. If such a review indicates that the carrying amounts of long-lived assets are not recoverable, the Company reduces the carrying amounts of such assets to their fair values. No impairment of long-lived assets was recorded during fiscal years 2014, 2013 and 2012. | |||||||||||||
Intangible Assets – Intangible assets with indefinite lives are not amortized. Instead, indefinite-lived intangible assets are subject to periodic (at least annual) tests for impairment. At January 31, 2015 and February 1, 2014, the Company completed the impairment test and determined that no impairment existed. | |||||||||||||
Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. No impairment was recorded during the fiscal years 2014, 2013 or 2012. Finite-lived intangible assets were fully amortized at the end of fiscal 2014. | |||||||||||||
Deferred Financing Fees – Deferred financing fees related to a senior term loan are recorded in “Other assets, net” on the consolidated balance sheets and amortized using the effective interest method over the term of the related financing agreement. Deferred financing fees related to the revolving line of credit facility are recorded in “Other assets, net” on the consolidated balance sheets and amortized using the straight-line method over the term of the related financing agreement. Deferred financing fees of $2.4 million and $2.3 million were included in “Other assets, net” at January 31, 2015 and February 1, 2014, respectively. The amortization of deferred financing fees is included in “Interest expense, net” in the consolidated statements of operations. | |||||||||||||
Operating Leases – The Company leases retail stores, its distribution centers and corporate headquarters under operating leases. Most retail store lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. For purposes of recognizing incentives and recognizing rent expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins the pre-opening merchandising process, approximately seven weeks prior to opening the store to the public. | |||||||||||||
Tenant improvement assets, as well as the corresponding tenant improvement allowances, are recorded when the amount of new store construction covered by the tenant improvement allowance exceeds the amount attributable to the landlord’s owned asset, generally the building shell. Tenant improvement assets, which generally represent non-structural improvements (i.e. furniture, fixtures and equipment) for which the Company receives reimbursement from the landlord, are depreciated over the initial life of the lease, prior to any lease extensions. For tenant improvement assets, as well as rent holidays, the Company records a corresponding deferred rent liability in “Deferred Rent” on the consolidated balance sheets and amortizes the deferred rent over the initial term of the lease as a reduction to rent expense on the consolidated statements of operations. | |||||||||||||
The Company’s store leases generally contain escalating rent payments over the initial term of the lease, however the Company accounts for the lease expense on a straight-line basis over that period. The straight-line rent expense is calculated at the inception of the lease, which entails recording a monthly liability for the difference between rent paid to the landlord and straight-line rent expense as calculated at the beginning of the lease, excluding renewal options. Over the life of the lease, this deferred rent liability is amortized as rent paid to the landlord eventually exceeds the calculated straight-line amount. | |||||||||||||
Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “Accrued Expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. | |||||||||||||
Loyalty Program – The Company maintains a guest loyalty program, gRewards, in which guests earn points toward certificates for qualifying purchases. Rewards for guests were previously restricted to holders of the Company’s private label credit card. In the second quarter of fiscal 2013, the Company launched its guest loyalty program which is available to all guests, and guests who are enrolled in both the guest loyalty program and hold a private label credit card earn more reward points. Upon reaching specified point values, guests are issued a reward, which they can redeem for purchases in the stores. Rewards earned must be redeemed within 60 days from the date of issuance. The Company accrues for the expected costs related to the redemption of reward certificates. To calculate this liability, the Company estimates gross margin rates and makes assumptions related to card holder redemption rates, which are both based on historical experience. The liability for the loyalty program, included in “Accrued Expenses” on the consolidated balance sheets, was $0.7 million and $0.1 million at January 31, 2015 and February 1, 2014, respectively, and any changes in the liability are recorded in “Cost of Sales” on the consolidated statements of operations. | |||||||||||||
Self-Insurance – The Company is self-insured for certain losses related to health, dental, workers’ compensation and general liability insurance, although the Company maintains stop-loss coverage with third-party insurers to limit liability exposure. Self-insurance exposure is limited for health claims up to $0.2 million per individual per year with no lifetime claim limit, is limited on workers’ compensation claims up to $0.3 million per individual claim and is limited on general liability claims up to $25 thousand per claim. The liabilities are based upon estimates which are reviewed regularly for adequacy based on the most current information available, including historical claim payments, expected trends and industry factors and other assumptions. The Company has estimated self-insurance claims liabilities of $1.2 million and $0.9 million at January 31, 2015 and February 1, 2014, respectively. | |||||||||||||
Share-Based Compensation – The Company recognized all share-based payments to associates in the consolidated statements of operations based on the grant date fair value of the award for those awards that are expected to vest. Forfeitures of awards are estimated at the time of grant and revised appropriately in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation expense is recognized in “Selling, general and administrative expenses” in the consolidated statements of operations using the straight-line amortization method over the requisite service period which is the vesting period. The Company utilizes the Black-Scholes option valuation model to calculate the valuation of each stock option. Expected volatility is based on historical volatility of the common stock for a peer group of other companies within the retail industry, as the Company’s shares have not been publicly traded for a significant period of time. Beginning in fiscal 2011, for stock option grants, the expected term of the options represents the period of time until exercise or termination and 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 expected term of stock options issued in and prior to fiscal 2010 is based on the historical experience of similar awards. The risk free rate is based on the U.S. Treasury rate at the time of the grants for instruments of a comparable life. | |||||||||||||
Cost of Sales – Cost of sales includes the direct cost of purchased merchandise, inventory shrinkage, inventory write-downs and inbound freight to our distribution center. | |||||||||||||
Selling, General and Administrative Expenses – Selling, general and administrative expenses include payroll and other expenses related to operations at the Company’s corporate office, store expenses, occupancy costs, certain distribution and warehousing costs (aggregating to $27.8 million, $23.2 million and $21.6 million for fiscal years 2014, 2013 and 2012, respectively), depreciation and amortization, store pre-opening and closing costs and advertising expense. | |||||||||||||
Pre-opening Expenses – Expenses associated with the opening of new stores, the relocation of stores and the closing of existing stores (two existing stores were closed and one was relocated in fiscal year 2014), as well as the opening of the second distribution center which occurred in fiscal year 2014, are expensed as incurred. Pre-opening and closing costs were $3.6 million, $3.9 million and $3.7 million for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Expenses – Advertising expenses are expensed as incurred and were $18.1 million, $18.4 million and $17.6 million for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
Income Taxes – Income taxes are accounted for under an asset and liability approach that includes the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. The provision for income taxes represents income taxes paid, taxes current payable or receivable plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for income tax purposes, and (b) federal and state tax credits and state net operating loss carryforwards. | |||||||||||||
A valuation allowance is provided to reduce deferred tax assets to the amount that is more likely than not to be realized when management cannot conclude that it is more likely than not that a tax benefit will be realized. In determining the need for a valuation allowance, the Company considers many factors, including taxable income in carry-back periods, historical and forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and tax planning strategies. | |||||||||||||
Uncertain tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | |||||||||||||
The evaluation of uncertain tax positions requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating their tax positions and tax benefits. Interest expense and penalties, if any, are accrued on the unrecognized tax benefits and reflected in “Interest expense, net” and “Selling, general and administrative expenses”, respectively. | |||||||||||||
Earnings Per Share – Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period, which includes vested restricted stock. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period and incremental shares that may be issued in future periods related to outstanding stock awards, including non-vested restricted stock, if dilutive. When calculating incremental shares related to outstanding stock awards, the Company applies the treasury stock method. The treasury stock method assumes that proceeds, consisting of the amount the employee must pay on exercise, compensation cost attributed to future services and not yet recognized, and excess tax benefits that would be credited to additional paid-in capital on exercise of the stock options, are used to repurchase outstanding shares at the average market price for the period. The treasury stock method is applied only to share grants for which the effect is dilutive. | |||||||||||||
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, the fair value of the senior term loan approximates its carrying amount as the interest rate has not changed since the agreement was amended in November 2014. Fair value approximates the carrying value for balances outstanding on the revolving line of credit facility with Wells Fargo Bank, N.A. (successor in merger with Wells Fargo Retail Finance, LLC) and PNC Bank, due to the variable interest rates of these arrangements and the short-term nature of these borrowings. Based on the borrowing rates currently available to the Company for debt with similar terms, the fair value of long-term debt at January 31, 2015 and February 1, 2014 approximates its carrying amount of $41.3 million and $52.3 million at January 31, 2015 and February 1, 2014, respectively. 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. | |||||||||||||
Concentration of Credit Risk – Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and receivables. The Company places cash in highly rated financial institutions, in money market accounts and other highly liquid investments, and these amounts are sometimes in excess of the insured amount. Cash equivalents in excess of insured amounts were $5.5 million and $3.9 million at January 31, 2015 and February 1, 2014, respectively. Concentrations of credit risk on receivables are limited due to the nature of the receivable balances. | |||||||||||||
Use of Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may cause actual results to differ from reported amounts. | |||||||||||||
Comprehensive Income – There are no comprehensive income components applicable which cause comprehensive income to differ from net income for all periods presented in the consolidated financial statements. | |||||||||||||
Segment Reporting – The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that its Chief Executive Officer is the Chief Operating Decision Maker. The Company has one reportable segment. The Company’s operations include activities related to 97 retail stores throughout 21 states at January 31, 2015. | |||||||||||||
The following information reflects the percentage of revenues by major product category as a percentage of net sales: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Apparel | 56.8 | % | 56.1 | % | 55.2 | % | |||||||
Home Fashions | 27.7 | 27.9 | 28 | ||||||||||
Accessories (including fragrances) | 15.5 | 16 | 16.8 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Public Offering – On May 8, 2012, the Company’s shelf registration statement on Form S-3 (File No. 333-180605) was declared effective, pursuant to which the Company may offer up to 200,000 shares of its own common stock and Sun Gordmans, LP and H.I.G. Sun Partners, Inc. (the “selling stockholders”) can sell up to 13,345,943 of their shares of the Company’s common stock. On May 25, 2012, the Company issued 40,000 shares of its common stock and the selling stockholders sold 3,460,061 of their shares of the Company’s common stock. The public offering closed on May 30, 2012. Proceeds from the offering to the Company in fiscal 2012 of approximately $0.6 million were primarily used to pay approximately $0.5 million of expenses related to the offering. | |||||||||||||
Recently Issued Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”), in conjunction with the International Accounting Standards Board (“IASB”), issued Accounting Standards Update No. 2014-09, Revenue from Contracts With Customers, which creates a new topic in the FASB Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts With Customers (“ASC 606”). This converged revenue recognition standard supersedes and replaces nearly all existing revenue recognition guidance under generally accepted accounting principles with a principle-based revenue recognition framework. This standard establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, includes new and more detailed guidance on particular topics and expands and improves disclosures about revenue. This guidance is effective for annual reporting periods beginning on or after December 15, 2016, including interim periods therein, or the beginning of the fiscal year ending February 3, 2018 for the Company. The Company is currently evaluating the impact of this guidance on the Company’s revenue recognition policies and practices, operations or financial statements. | |||||||||||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance amends previous guidance related to the criteria for reporting a disposal as a discontinued operation by elevating the threshold for qualification for discontinued operations treatment to a disposal that represents a strategic shift that has a major effect on an organization’s operations or financial results. This guidance also requires expanded disclosures for transactions that qualify as a discontinued operation and requires disclosure of individually significant components that are disposed of or held for sale but do not qualify for discontinued operations reporting. This guidance is effective prospectively for all disposals or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted, or the beginning of the fiscal year ending January 30, 2016 for the Company. The Company does not expect this guidance to significantly impact the Company’s operations or financial statements. | |||||||||||||
Recently Proposed Accounting Pronouncements – In an exposure draft issued in 2013, the FASB, together with the IASB, has proposed a comprehensive set of changes in generally accepted accounting principles (“GAAP”) for leases. This proposed change in its current exposure draft form would create a new accounting model for both lessees and lessors and eliminates the concept of operating leases. The lease accounting model contemplated by the proposed standard is a “right of use” model that assumes that each lease creates an asset (the lessee’s right to use the leased asset) and a liability (the future rental payment obligations) which should be reflected on a lessee’s balance sheet to fairly represent the lease transaction and the lessee’s related financial obligations. Currently, the leases for the Company’s stores are accounted for as operating leases, with no related assets and liabilities on the Company’s balance sheet. The proposed standard also contains two different approaches for amortizing the right of use asset, with the straight-line approach used on assets which include the Company’s store leases. The straight-line approach in the proposed standard is similar to how the Company currently amortizes rental payments for its store leases over the lease term in the consolidated statements of operations. No date has been determined for the issuance of the final standard. The proposed accounting standard, as currently drafted, could have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Supplemental Cash Flow Information – The following table sets forth non-cash investing and financing activities and other cash flow information: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Non-cash investing and financing activities: | |||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 3,877 | $ | 5,923 | $ | 2,062 | |||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 7,100 | 10,352 | 14,825 | ||||||||||
Dividends declared but not yet paid | — | 248 | — | ||||||||||
Dividends payable forfeited on unvested restricted stock | 82 | — | — | ||||||||||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | — | — | ||||||||||
Other cash flow information: | |||||||||||||
Cash paid for interest | 4,373 | 1,991 | 161 | ||||||||||
Cash paid (received) for income taxes, net | (3,505 | ) | 6,672 | 9,634 | |||||||||
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. |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Prepaid Expenses and Other Current Assets | B. PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Prepaid rent – real estate | $ | 4,572 | $ | 3,929 | |||||
Other prepaid expenses and current assets | 3,963 | 4,432 | |||||||
$ | 8,535 | $ | 8,361 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | C. PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consist of the following: | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $12,098 | $ | 9,317 | ||||||
Furniture, fixtures and equipment | 81,199 | 47,876 | |||||||
Computer software | 24,496 | 17,398 | |||||||
Capitalized leases | 2,402 | 1,740 | |||||||
Construction in progress | 7,731 | 25,209 | |||||||
127,926 | 101,540 | ||||||||
Less accumulated depreciation and amortization | (36,325 | ) | (25,147 | ) | |||||
$91,601 | $ | 76,393 | |||||||
Depreciation and amortization expense on property and equipment was $13.6 million, $9.8 million and $6.9 million for fiscal years 2014, 2013 and 2012, respectively, and is included in “Selling, general and administrative expenses” in the consolidated statements of operations. Accumulated amortization on capital leases was $1.7 million and $1.4 million as of January 31, 2015 and February 1, 2014, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Intangible Assets | D. INTANGIBLE ASSETS | ||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||||||||||
Useful | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Life | Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||
Footwear license fee agreement | 6.3 years | $ | 522 | $ | (522 | ) | $ | 522 | $ | (439 | ) | ||||||||||
Maternity license fee agreement | 2.4 years | 24 | (24 | ) | 24 | (24 | ) | ||||||||||||||
Favorable lease rights, net | 6.0 years | 24 | (24 | ) | 24 | (21 | ) | ||||||||||||||
570 | (570 | ) | 570 | (484 | ) | ||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||
Trade name | 1,820 | N/A | 1,820 | N/A | |||||||||||||||||
Total | $ | 2,390 | $ | (570 | ) | $ | 2,390 | $ | (484 | ) | |||||||||||
Amortization expense on intangible assets was $0.1 million in each of fiscal years 2014, 2013 and 2012, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | E. ACCRUED EXPENSES | ||||||||
Accrued expenses consist of the following: | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Store, distribution center and corporate accruals | $ | 19,274 | $ | 16,893 | |||||
Associate compensation | 3,186 | 3,614 | |||||||
Gift card and certificate liability | 3,743 | 3,462 | |||||||
Accrued real estate taxes | 2,080 | 2,127 | |||||||
Other taxes accrued | 1,851 | 1,719 | |||||||
Self-insurance claims liabilities | 1,165 | 883 | |||||||
Interest | 54 | 50 | |||||||
$ | 31,353 | $ | 28,748 | ||||||
Deferred_Rent
Deferred Rent | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Deferred Rent | F. DEFERRED RENT | ||||||||
The Company records a deferred rent liability to account for tenant improvement allowances and to record rent on a straight-line basis for operating leases. Deferred rent consists of the following: | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Tenant improvement allowances | $ | 25,249 | $ | 23,483 | |||||
Straight-line rent expense | 10,132 | 8,108 | |||||||
$ | 35,381 | $ | 31,591 | ||||||
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Obligations | G. 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 November 14, 2014, 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 November 2014 amendment to the WF LOC amends certain terms of the revolving line of credit facility, including waiving the restriction associated with the $15.0 million prepayment of the senior term loan made on November 17, 2014, providing a 0.25% increase in the interest rate for base rate advances and LIBOR rate advances both during seasonal and non-seasonal periods, and introducing a minimum liquidity test, which is measured based on operating performance and a minimum fixed charge coverage ratio. The WF LOC allows the Company to increase the maximum available borrowings under the facility to $100.0 million. Deferred financing fees of $0.1 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 $11.0 million of borrowings outstanding under the WF LOC as of January 31, 2015, which are included in the current portion of long-term debt at January 31, 2015 as the Company intends to repay the outstanding borrowings within the next twelve months. The Company had $7.3 million of borrowings outstanding under the WF LOC as of February 1, 2014. Average borrowings during fiscal years 2014 and 2013 were $9.5 million and $4.0 million, respectively. | |||||||||
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 1.00% during the non-seasonal period and the prime rate plus 1.75% 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 0.75% during the non-seasonal period and the prime rate plus 1.50% during the seasonal period; (2) For LIBOR rate advances, borrowings bear interest at the LIBOR rate plus 2.00% during the non-seasonal period and the LIBOR rate plus 2.75% 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 1.75% during the non-seasonal period and the LIBOR rate plus 2.50% 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 performs a minimum liquidity test on a monthly basis to determine the amount of excess availability the Company must have on that date. Should a fixed charge coverage ratio or level of operating performance as defined in the agreement not be met, minimum excess availability must be equal to or greater than $20.0 million, otherwise, minimum excess availability must be equal to the greater of at least 10% of the borrowing base or $6.0 million. The Company had $44.1 million and $53.8 million available to borrow at January 31, 2015 and February 1, 2014, respectively. Borrowings under this facility bore an interest rate of 3.75% under the base rate option at January 31, 2015 and February 1, 2014. The Company had outstanding letters of credit included in the borrowing base totaling approximately $7.0 million and $0.8 million as of January 31, 2015 and February 1, 2014, 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. Should the Company default on any of its covenants associated with the WF LOC or the senior term loan, Wells Fargo Bank, N.A. may make any outstanding amounts on the WF LOC immediately due and payable. As of January 31, 2015, the Company was in compliance with all of its debt covenants under the loan, guaranty and security agreement. | |||||||||
Senior Term Loan – Gordmans, Inc. (the “Borrower”), a wholly owned subsidiary of the Company, entered into a $45.0 million senior term loan on August 27, 2013, as amended effective June 9, 2014 and November 14, 2014, with Cerberus Business Finance, LLC to partially fund the $69.9 million special cash dividend declared in August 2013. The senior term loan has a maturity date of August 27, 2018, with payments of $0.3 million due on a quarterly basis from October 2014 through October 2015 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. On June 9, 2014, the senior term loan was amended to, among other things, revise the fixed charge coverage ratio and leverage ratio covenants for measurement dates occurring in the second quarter of fiscal 2014 through the maturity date and revise the capital expenditures limitation for each fiscal year, introduce a separate liquidity test that could result in a 1% increase in the interest rate depending on operating performance and the fixed charge coverage ratio, and extend the prepayment penalty period. On November 14, 2014, the Company amended the senior term loan to remove the fixed charge coverage ratio covenant, further revise the leverage ratio covenant for measurement dates occurring in the fourth quarter of fiscal 2014 through the maturity date and introduce a minimum liquidity test to require minimum liquidity based on a minimum fixed charge coverage ratio. The Company also made a $15.0 million prepayment on the senior term loan on November 17, 2014. Deferred financing fees of $0.6 million related to the first and second amendments of the senior term loan were capitalized and are included in other assets, net and are being amortized over the remaining term of the senior term loan using the effective interest method. | |||||||||
The Company may repay at any time all or a portion of the outstanding principal amount, subject to a prepayment premium equal to 2% through the first anniversary of the June 9, 2014 amendment date and 1% in the second year after the June 9, 2014 amendment date (there is no prepayment premium after the second anniversary of the June 9, 2014 amendment date). The senior term loan carries an interest rate equal to the prime rate (subject to a floor of 3.25%) plus 5.25% or the LIBOR rate (subject to a floor of 1.5%) plus 7.0%, as selected by the Company. The interest rate at January 31, 2015 was 9.5%, which includes the 1% increase related to the minimum liquidity test. The interest rate at February 1, 2014 was 8.5%. The Company is required to have minimum liquidity based on the fixed charge coverage ratio for the preceding four consecutive fiscal quarters at each measurement date. Should the fixed charge coverage ratio fall below a certain level, the minimum liquidity under the agreement is $30.0 million; otherwise, if the fixed charge coverage ratio is equal to or greater than a certain level, minimum liquidity is $20.0 million. The Company’s liquidity exceeded the minimum amount required at January 31, 2015. | |||||||||
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 contains financial covenants requiring the Company to maintain compliance with a maximum leverage ratio, as well as limitations on the annual amount of capital expenditures. Should the Company default on any of its covenants, the lenders may demand that the outstanding balance of the senior term loan be immediately due and payable, at which point the Company would also be in default of covenants contained in its revolving credit facility. As of January 31, 2015, the Company was in compliance with all of its debt covenants under the senior term loan agreement. | |||||||||
Long-term Debt – Long-term debt consists of the following: | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Revolving line of credit facility | $ | 11,034 | $ | 7,250 | |||||
Senior term loan | 29,437 | 45,000 | |||||||
Capital lease obligations | 819 | — | |||||||
Total long-term debt | 41,290 | 52,250 | |||||||
Less current portion of long-term debt | (12,463 | ) | (7,813 | ) | |||||
Long-term debt, less current portion | $ | 28,827 | $ | 44,437 | |||||
At January 31, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||
2015 | $ | 1,429 | |||||||
2016 | 1,857 | ||||||||
2017 | 1,864 | ||||||||
2018 | 36,014 | ||||||||
2019 | 126 | ||||||||
Total long-term debt | $ | 41,290 | |||||||
During fiscal 2014, the Company entered into two capital lease arrangements to finance the purchase of computer hardware and software. Payments of $7 thousand, including fixed interest at 3.75%, are due monthly through September 2019 and payments of $9 thousand, including fixed interest at 3.75%, are due monthly through September 2019. During 2010, the Company entered into two financing arrangements to purchase software. During fiscal year 2012, the Company paid off the remaining obligation of $0.2 million outstanding at January 28, 2012. Payments of $0.2 million, including fixed interest at 2.6%, were due quarterly through March 2012 and payments of $41 thousand, including fixed interest at 4.9%, were due quarterly through April 2012. |
Leases
Leases | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Leases [Abstract] | |||||||||
Leases | H. 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. Leases for the second distribution center and the new corporate headquarters have base lease terms of 15 years with multiple renewal periods. In the third quarter of fiscal 2014, the Company entered into capital lease arrangements for computer hardware and related software with a lease term of 5 years. | |||||||||
Total rental expense related to all operating leases (including those with terms less than one year) was $54.9 million, $48.8 million and $43.7 million in fiscal years 2014, 2013 and 2012, respectively. Included in total rental expense in each of the fiscal years 2014, 2013 and 2012 is contingent rent of $0.1 million. Contingent rent is calculated as a percent of sales over a specified amount, which varies by lease. | |||||||||
Future minimum lease payments, by fiscal year, under operating leases and future obligations under non-cancelable capital leases, by fiscal year, as of January 31, 2015 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2015 | $ | 54,503 | $ | 192 | |||||
2016 | 49,015 | 192 | |||||||
2017 | 45,490 | 192 | |||||||
2018 | 40,340 | 192 | |||||||
2019 | 35,428 | 126 | |||||||
After 2019 | 131,638 | — | |||||||
Total minimum lease payments | $ | 356,414 | 894 | ||||||
Less: capital lease amount representing interest | (75 | ) | |||||||
Present value of minimum lease payments | 819 | ||||||||
Less: current maturities of capital lease obligations | (164 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 655 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | I. INCOME TAXES | ||||||||||||
Income tax expense (benefit) consists of the following: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | (8,188 | ) | $ | 3,678 | $ | 10,172 | ||||||
State | 3 | 501 | 968 | ||||||||||
(8,185 | ) | 4,179 | 11,140 | ||||||||||
Deferred: | |||||||||||||
Federal | 5,732 | 93 | 2,456 | ||||||||||
State | — | 26 | 523 | ||||||||||
5,732 | 119 | 2,979 | |||||||||||
Total | $ | (2,453 | ) | $ | 4,298 | $ | 14,119 | ||||||
The tax effects of significant items comprising the Company’s deferred income tax assets and liabilities as of January 31, 2015 and February 1, 2014 are as follows: | |||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Leases | $ | 3,850 | $ | 3,081 | |||||||||
Merchandise inventories | 1,681 | 1,594 | |||||||||||
Accrued compensation | 1,170 | 1,534 | |||||||||||
Prepaid expenses and other assets | 344 | 344 | |||||||||||
Accrued expenses | 332 | 278 | |||||||||||
Gift cards and certificates | 154 | 163 | |||||||||||
State net operating loss carryforwards | 231 | 49 | |||||||||||
Alternative minimum tax credit | 56 | — | |||||||||||
7,818 | 7,043 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (13,019 | ) | (7,190 | ) | |||||||||
Software | (6,848 | ) | (5,867 | ) | |||||||||
Intangibles | (692 | ) | (724 | ) | |||||||||
(20,559 | ) | (13,781 | ) | ||||||||||
Net deferred income tax liability | (12,741 | ) | (6,738 | ) | |||||||||
Less: Current deferred income tax asset | (2,895 | ) | (2,815 | ) | |||||||||
Long-term deferred income tax liability | $ | (15,636 | ) | $ | (9,553 | ) | |||||||
The reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
U.S. Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income tax expense, net of federal tax effect | 0.1 | 3 | 2.7 | ||||||||||
Federal tax credits | 11.4 | (2.4 | ) | (0.8 | ) | ||||||||
Nondeductible expenses | (3.4 | ) | 0.7 | 0.3 | |||||||||
Effect of graduated federal tax rates | — | (0.8 | ) | — | |||||||||
Other | (1.7 | ) | (0.6 | ) | 0.3 | ||||||||
Total income tax rate | 41.4 | % | 34.9 | % | 37.5 | % | |||||||
As of January 31, 2015, the Company had state net operating loss carryovers of $7.6 million. These carryovers will begin to expire in 2020 and will be completely expired by 2034 if not utilized. The tax effect of these carryovers is recorded as a deferred income tax asset in the consolidated balance sheets. | |||||||||||||
The Company determined no unrecognized tax benefits for the fiscal years ended January 31, 2015 and February 1, 2014, including interest and penalties, were necessary to be recorded in the consolidated financial statements. As such, the Company does not expect there to be an impact on the effective tax rate. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions in which a statute of limitations period exists. After the statute period expires, the tax authorities may no longer assess additional income taxes for the expired period. Additionally, once the statute period expires, the Company is no longer eligible to file claims for refund for any taxes that may have been overpaid. | |||||||||||||
As of January 31, 2015, four tax periods are subject to audit by the United States Internal Revenue Service (IRS), covering the tax years ended January 31, 2015; February 1, 2014; February 2, 2013; January 28, 2012; and January 29, 2011. Various state jurisdiction tax years remain open to examination as well. | |||||||||||||
The Company believes there will be no change in its reserves for certain unrecognized tax benefits during the next 12 months. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Jan. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | J. EMPLOYEE BENEFITS |
The Company offers a 401(k) savings plan that allows associates to defer a percentage of their income by making pretax contributions to the savings plan. The Company provided a matching contribution equal to 50% of associate deferrals up to a maximum of 4% of associate compensation for fiscal years 2014 and 2012. The Company suspended matching contributions to the plan in fiscal year 2013 and reinstated matching contributions in fiscal year 2014. During both fiscal years 2014 and 2012, the Company contributed $0.4 million to the plan. The Company’s contributions vest immediately. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings (Loss) Per Share | K. EARNINGS (LOSS) PER SHARE | ||||||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings (loss) per common share: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted average shares outstanding | 19,360,478 | 19,288,623 | 19,165,260 | ||||||||||
Dilutive effect of non-vested stock and stock options | — | 56,685 | 239,958 | ||||||||||
Diluted weighted average shares outstanding | 19,360,478 | 19,345,308 | 19,405,218 | ||||||||||
The anti-dilutive effect of 1,127,620, 307,887 and 126,229 stock options has been excluded from diluted weighted average shares outstanding for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | L. 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. As amended by the Board of Directors on February 25, 2014 and approved by the stockholders of the Company on May 28, 2014, the number of shares available under the 2010 Plan was increased by 2,000,000 shares to 4,573,086 shares. 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 common stock, of which $69.7 million was paid during fiscal 2013. The remaining $0.2 million is being 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 2,004,640 shares of common stock available for future grants under the 2010 Plan at January 31, 2015. | |||||||||||||||||||||
A summary of restricted stock activity during fiscal year 2014 is set forth in the table below: | |||||||||||||||||||||
Shares of | Weighted | ||||||||||||||||||||
Restricted | Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested, February 1, 2014 | 69,058 | $ | 15.63 | ||||||||||||||||||
Granted | 183,200 | 4.23 | |||||||||||||||||||
Repurchased | (4,221 | ) | 3.61 | ||||||||||||||||||
Forfeited | (22,800 | ) | 17.85 | ||||||||||||||||||
Vested | (15,467 | ) | 8.3 | ||||||||||||||||||
Non-vested, January 31, 2015 | 209,770 | $ | 6.21 | ||||||||||||||||||
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 January 31, 2015, which is expected to be recognized over a period of 1.8 years. The total fair value of shares vested during the fiscal years ended January 31, 2015 and February 1, 2014 was $0.1 million and $1.4 million, respectively. The Company repurchased 4,221 shares from participants on May 28, 2014 and September 29, 2014 and 4,632 shares from participants on September 30, 2013 pursuant to the restricted stock agreements at a weighted average fair value of $3.61 per share in fiscal 2014 and $11.24 per share in fiscal 2013. Such repurchases of restricted stock are reflected as financing cash outflows in the consolidated statement of cash flows for fiscal years 2014 and 2013, respectively. | |||||||||||||||||||||
A summary of stock option activity during fiscal year 2014 is set forth in the table below: | |||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Exercise | Remaining | Value(1) | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(in Years) | |||||||||||||||||||||
Outstanding, February 1, 2014 | 990,353 | $ | 11.5 | ||||||||||||||||||
Granted | 777,500 | 4.05 | |||||||||||||||||||
Forfeited | (441,710 | ) | 10.36 | ||||||||||||||||||
Outstanding, January 31, 2015 | 1,326,143 | 7.5 | 8.4 | $ | — | ||||||||||||||||
Exercisable, January 31, 2015 | 307,981 | 12 | 6.7 | — | |||||||||||||||||
Vested or expected to vest as of January 31, 2015 | 1,165,307 | 7.49 | 8.4 | — | |||||||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of January 31, 2015 and the option strike price. The stock price at January 31, 2015 was $3.70, which was below the weighted average exercise price for options outstanding, exercisable, and vested or expected to vest at January 31, 2015. | ||||||||||||||||||||
The stock options outstanding and exercisable as of January 31, 2015 were in the following exercise price ranges: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||
Term | |||||||||||||||||||||
(in Years) | |||||||||||||||||||||
$2.63 to $5.98 | 761,200 | $ | 4.04 | 9.5 | — | $ | — | ||||||||||||||
$8.18 to $11.02 | 192,958 | 8.86 | 6.9 | 107,001 | 8.71 | ||||||||||||||||
$13.04 to $16.11 | 371,985 | 13.88 | 6.9 | 200,980 | 13.75 | ||||||||||||||||
1,326,143 | 7.5 | 8.4 | 307,981 | 12 | |||||||||||||||||
The following table summarizes information regarding non-vested outstanding stock options for fiscal year 2014: | |||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Stock | Average Fair | ||||||||||||||||||||
Options | Value at Grant | ||||||||||||||||||||
Date | |||||||||||||||||||||
Non-vested at February 1, 2014 | 657,141 | $ | 11.56 | ||||||||||||||||||
Granted | 777,500 | 4.05 | |||||||||||||||||||
Vested | (125,839 | ) | 12.24 | ||||||||||||||||||
Forfeited | (441,710 | ) | 10.36 | ||||||||||||||||||
Non-vested at January 31, 2015 | 867,092 | 5.34 | |||||||||||||||||||
The Company recorded a $0.3 million reduction to additional paid-in capital during fiscal year 2014 for a tax shortfall related to the forfeiture of restricted stock and stock options and vesting of restricted stock during fiscal year 2014 as there is sufficient cumulative excess tax benefit in the Company’s additional paid-in capital. The tax shortfall was the result of the tax deduction being less than the cumulative book share-based compensation expense already recognized for such awards. The Company received $0.1 million of proceeds from the exercise of stock options in fiscal year 2013, which is reflected as a financing cash inflow in the consolidated statement of cash flows for fiscal year 2013. The aggregate intrinsic value of stock options exercised in fiscal year 2013 was $35 thousand. There were no stock options exercised in fiscal 2014 or fiscal 2012. Options forfeited are immediately available for grant under the 2010 Plan. The Company revised its forfeiture rates in fiscal year 2014 based on actual historical and expected future forfeitures, resulting in a $0.1 million benefit to share-based compensation expense. There were no changes in the estimated forfeiture rate in fiscal years 2013 or 2012. | |||||||||||||||||||||
The Company used the Black-Scholes option valuation model to estimate fair value of the options. This model required an estimate of the volatility of the Company’s share price; however, because the Company’s shares or options have not been publicly traded for a period equal to the option term, the Company determined that it was not practical for it 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. Beginning in fiscal year 2011, 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. In fiscal year 2010, the expected term of the option awards was based on historical experience of similar awards. | |||||||||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during fiscal years 2014, 2013 and 2012 are illustrated in the following table: | |||||||||||||||||||||
Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||
January 31, | February 1, | February 2, | |||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Risk-free interest rate | 2.00% | 1.25 to 2.00% | 1.00 to 1.50% | ||||||||||||||||||
Dividend yield | 2.00% | 2.00% | 2.00% | ||||||||||||||||||
Expected volatility | 36.0% - 40.0% | 35.0% - 36.0% | 34.00% | ||||||||||||||||||
Expected life (years) | 6.25 | 6.25 | 6.25 to 6.50 | ||||||||||||||||||
Weighted average fair value of options granted | $1.31 | $3.43 | $5.01 | ||||||||||||||||||
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 January 31, 2015 were subject to performance or market-based vesting conditions. As of January 31, 2015, the unrecognized compensation expense on stock options, net of expected forfeitures, was $1.7 million, which is expected to be recognized over a weighted average period of 2.1 years. The total fair value of options vested during the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013 was $0.5 million, $1.4 million and $1.6 million, respectively. | |||||||||||||||||||||
Share-based compensation expense for fiscal years 2014, 2013 and 2012 was $0.4 million, $1.3 million and $1.0 million, respectively. For fiscal year 2014, the Company recorded a share-based compensation benefit of $0.5 million related to the forfeiture of unvested share-based awards granted to the Company’s former chief executive officer, who retired effective March 25, 2014, and the Company’s former chief merchandising officer, who retired effective May 28, 2014, and a $0.1 million benefit resulting from changes in the forfeiture rates used to measure share-based compensation expense based on actual historical and expected future forfeitures. Share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. |
Related_Party_Disclosure
Related Party Disclosure | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Disclosure | M. RELATED PARTY DISCLOSURE |
The Company has a services agreement with Sun Capital Partners Management V, LLC (“Sun Capital Management”), an affiliate of Sun Capital, to (1) reimburse Sun Capital Management for out-of-pocket expenses incurred in providing consulting services to the Company and (2) provide Sun Capital Management with customary indemnification for any such services. During fiscal years 2014, 2013 and 2012, the Company incurred expenses of $0.4 million, $64 thousand and $56 thousand, respectively, to Sun Capital Management under the terms of the services agreement. The increase in expenses incurred in fiscal year 2014 related to professional consulting services paid by Sun Capital and provided by an unrelated third party related to the search for a new chief executive officer. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | N. COMMITMENTS AND CONTINGENCIES |
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. As of the date of this report, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material effect on the Company. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Information (Unaudited) | O. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
The following table sets forth unaudited selected financial information in each quarter for fiscal 2014 and 2013, respectively: | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 143,022 | $ | 141,039 | $ | 146,653 | $ | 203,906 | |||||||||
Gross profit | 63,374 | 59,730 | 64,412 | 76,829 | |||||||||||||
Net income / (loss) | (732 | ) | (3,189 | ) | (1,851 | ) | 2,296 | ||||||||||
Basic earnings / (loss) per share(1) | (0.04 | ) | (0.16 | ) | (0.10 | ) | 0.12 | ||||||||||
Diluted earnings / (loss) per share(1) | (0.04 | ) | (0.16 | ) | (0.10 | ) | 0.12 | ||||||||||
Fiscal 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 131,434 | $ | 136,769 | $ | 151,333 | $ | 200,023 | |||||||||
Gross profit | 58,991 | 59,220 | 67,038 | 76,675 | |||||||||||||
Net income | 3,248 | 934 | 1,099 | 2,732 | |||||||||||||
Basic earnings per share(1) | 0.17 | 0.05 | 0.06 | 0.14 | |||||||||||||
Diluted earnings per share(1) | 0.17 | 0.05 | 0.06 | 0.14 | |||||||||||||
-1 | Basic and diluted shares outstanding are computed independently for each quarter presented, and therefore, may not sum to the totals for the year. | ||||||||||||||||
Revenue is typically higher in the third and fourth quarters than in the first and second quarters due to seasonal back-to-school and holiday shopping patterns. The Company’s quarterly operating results may fluctuate significantly as a result of these events and a variety of other factors. Operating results for any quarter are not necessarily indicative of results for a full year. Fiscal 2014 and fiscal 2013 are 52-week fiscal years. |
Schedule_I_Condensed_Parent_Co
Schedule I - Condensed Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Schedule I - Condensed Parent Company Only Financial Statements | GORDMANS STORES, INC. AND SUBSIDIARIES | ||||||||||||
Schedule I – Condensed Parent Company Only Financial Statements | |||||||||||||
The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the subsidiaries of the Company exceed 25% of the consolidated net assets of the Company. The ability of the Company’s operating subsidiaries to pay dividends, loan funds to the parent company and make other upstream distributions may be restricted due to the terms of the subsidiaries’ revolving line of credit facility and senior term loan. | |||||||||||||
The condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements. | |||||||||||||
GORDMANS STORES, INC. | |||||||||||||
CONDENSED PARENT COMPANY BALANCE SHEETS | |||||||||||||
(in 000’s except share data) | |||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
ASSETS | |||||||||||||
Investment in subsidiary | $ | 38,487 | $ | 41,805 | |||||||||
TOTAL ASSETS | $ | 38,487 | $ | 41,805 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Preferred stock — $0.001 par value; 5,000,000 shares authorized, none issued and outstanding as of January 31, 2015 and February 1, 2014, respectively | $ | — | $ | — | |||||||||
Common stock — $0.001 par value; 50,000,000 shares authorized, 19,985,256 issued and 19,576,623 outstanding as of January 31, 2015, 19,824,856 issued and 19,420,444 outstanding as of February 1, 2014 | 20 | 19 | |||||||||||
Additional paid-in capital | 53,870 | 53,795 | |||||||||||
Retained earnings (accumulated deficit) | (15,403 | ) | (12,009 | ) | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 38,487 | $ | 41,805 | |||||||||
GORDMANS STORES, INC. | |||||||||||||
CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS | |||||||||||||
(in 000’s) | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Equity in earnings / (loss) of subsidiary | $ | (3,114 | ) | $ | 9,263 | $ | 24,487 | ||||||
Share-based compensation expense | (362 | ) | (1,250 | ) | (956 | ) | |||||||
Net income / (loss) | $ | (3,476 | ) | $ | 8,013 | $ | 23,531 | ||||||
GORDMANS STORES, INC. | |||||||||||||
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS | |||||||||||||
(in 000’s) | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income / (loss) | $ | (3,476 | ) | $ | 8,013 | $ | 23,531 | ||||||
Adjustment to reconcile net income to net cash provided by / (used in) operating activities: | |||||||||||||
Share-based compensation expense | 362 | 1,250 | 956 | ||||||||||
Equity in earnings / (loss) of subsidiary | 3,114 | (9,263 | ) | (24,487 | ) | ||||||||
Net cash provided by / (used in) operating activities | — | — | — | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Investment in subsidiary | — | (136 | ) | (178 | ) | ||||||||
Dividends received from subsidiary | 86 | 69,734 | — | ||||||||||
Net cash provided by / (used in) investing activities | 86 | 69,598 | (178 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Dividends paid | (71 | ) | (69,682 | ) | — | ||||||||
Repurchase of common stock | (15 | ) | (52 | ) | — | ||||||||
Proceeds from issuance of common stock pursuant to public offering, net of transaction costs of $457 | — | — | 178 | ||||||||||
Proceeds from the exercise of stock options | — | 136 | — | ||||||||||
Net cash provided by / (used in) investing activities | (86 | ) | (69,598 | ) | 178 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | ||||||||||
CASH AND CASH EQUIVALENTS, Beginning of period | — | — | — | ||||||||||
CASH AND CASH EQUIVALENTS, End of period | $ | — | $ | — | $ | — | |||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | GORDMANS STORES, INC. AND SUBSIDIARIES | ||||||||||||||||
Schedule II – Valuation and Qualifying Accounts | |||||||||||||||||
(in 000’s) | |||||||||||||||||
Reserve for Sales Returns | |||||||||||||||||
Beginning | Amount | Sales | End of | ||||||||||||||
of Year | Charged | Returns | Year | ||||||||||||||
Balance | to Net | Balance | |||||||||||||||
Income | |||||||||||||||||
Year Ended January 31, 2015 | $ | 170 | $ | 39,079 | $ | (39,045 | ) | $ | 204 | ||||||||
Year Ended February 1, 2014 | 195 | 39,948 | (39,973 | ) | 170 | ||||||||||||
Year Ended February 2, 2013 | 165 | 37,601 | (37,571 | ) | 195 | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Beginning | Amount | Write-off of | End of | ||||||||||||||
of Year | Charged | uncollectible | Year | ||||||||||||||
Balance | to Net | accounts | Balance | ||||||||||||||
Income | |||||||||||||||||
Year Ended January 31, 2015 | $ | 205 | $ | 149 | $ | (229 | ) | $ | 125 | ||||||||
Year Ended February 1, 2014 | 137 | 135 | (67 | ) | 205 | ||||||||||||
Year Ended February 2, 2013 | 39 | 186 | (88 | ) | 137 |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Business | Business – Gordmans Stores, Inc. (the “Company”) operated 97 everyday value price department stores under the trade name “Gordmans” located in 21 states as of January 31, 2015. Gordmans offers a wide assortment of name brand clothing and footwear for men, women and children, accessories (including fragrances) and home fashions for up to 60% off department store regular prices every day in a fun, easy-to-shop environment. | ||||||||||||
Basis of Presentation | Basis of Presentation – The consolidated financial statements include the accounts of Gordmans Stores, Inc. and its 100% owned 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. | ||||||||||||
Reporting Year | Reporting Year – The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. All references in these financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal years 2014 and 2013 represent the fifty-two week years ended January 31, 2015 and February 1, 2014, respectively, and fiscal year 2012 represents the fifty-three week year ended February 2, 2013. | ||||||||||||
Revenue Recognition | Revenue Recognition – Revenue is recognized at the point-of-sale when payment is received and the guest takes possession of the merchandise, net of estimated returns and allowances and exclusive of sales tax. License fees from leased departments represent a percentage of total footwear and maternity sales due to the licensing of the footwear and maternity businesses to third parties. Footwear and maternity sales under these licensing arrangements are not included in net sales, but the license fees received from leased departments are included separately on the statement of operations. Layaway sales are deferred until the sale has been paid in full. Sales of gift cards are deferred until they are redeemed for the purchase of the Company’s merchandise. A current liability for unredeemed gift cards is recorded at the time the cards are purchased. The gift card and certificate liability, recorded in “Accrued Expenses” on the consolidated balance sheets, was $3.7 million and $3.5 million at January 31, 2015 and February 1, 2014, respectively. Gift card breakage is recorded as revenue when the likelihood of redemption, based on historical redemption patterns, becomes remote, which has been determined to be three years from the date of issuance. Total gift card breakage was $0.2 million during each of fiscal years 2014, 2013 and 2012, respectively. The Company records deferred revenue on its consolidated balance sheets for merchandise credits issued which are related to guest returns and recognizes this revenue upon the redemption of the merchandise credits. The Company reserves for estimated merchandise returns primarily based on historical experience and other assumptions believed to be reasonable. The accrued liability for reserve for sales returns was $0.2 million at both January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Cash Equivalents | Cash Equivalents – The Company considers all highly liquid assets (investments in money market mutual funds, U.S. Treasuries, U.S. Agency securities and commercial paper) with an original maturity of three months or less and credit card and debit card receivables from banks, which settle within one to five business days, to be cash equivalents. | ||||||||||||
Accounts Receivable | Accounts Receivable – Accounts receivable primarily consists of non-trade accounts receivable recorded at net realizable value. The Company maintains an allowance for uncollectible accounts that is estimated based on aging and historical experience. The allowance for uncollectible accounts was $0.1 million and $0.2 million at January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Landlord Receivable | Landlord Receivable – For certain of the Company’s store operating lease agreements, the Company incurs and pays for the construction invoices directly for both the structural improvements and/or non-structural improvements (i.e. leasehold improvements and furniture, fixtures and equipment) of a new store location or existing store remodel and is reimbursed by the landlord. When the Company bills the landlord for reimbursement, a landlord receivable is recorded pursuant to the lease agreement which provides for a legal right to receive construction reimbursements from the landlord for tenant improvement allowances either periodically during the construction period or at the completion of construction. Of the total landlord receivable balance, $1.1 million and $2.2 million at January 31, 2015 and February 1, 2014, respectively, relate to amounts due from landlords for construction-related reimbursements on structural improvements (sale-leaseback transactions). | ||||||||||||
Merchandise Inventories | Merchandise Inventories – Merchandise inventories are stated at the lower of cost or market determined on a first-in, first-out (FIFO) basis using the conventional retail inventory method. Under the retail inventory method, the cost value of inventory and gross margins are determined by calculating a cost-to-retail ratio and applying it to the retail value of inventory. This method involves management estimates with regard to such things as markdowns and inventory shrinkage. A significant factor involves the recording and timing of permanent markdowns. Under the retail method, permanent markdowns are reflected in inventory valuation when the price of an item is reduced. An inventory shrinkage rate is estimated for interim periods, but is based on a full physical inventory near the fiscal year end. An inventory obsolescence reserve is estimated based on historical experience and the age of the inventory. Inventory reserve for obsolescence was $0.8 million and $0.9 million as of January 31, 2015 and February 1, 2014, respectively. All inventories are in one class and are classified as finished goods. Inventories in possession of the Company’s carrier are included in merchandise inventories as legal title and risk of loss has passed. | ||||||||||||
Property and Equipment | Property and Equipment – Property and equipment are recorded at cost and are depreciated for financial reporting purposes using the straight-line method over their estimated useful lives. Leasehold improvements are depreciated over the lesser of their related lease terms or useful life, generally one to ten years. For leases with renewal periods at the Company’s option, the Company uses the original lease term, excluding renewal option periods to determine the estimated useful lives. Furniture, fixtures and equipment are depreciated over a period of three to ten years. Computer software is depreciated over a period of three to ten years. Costs related to internal-use software and modifications or upgrades to internal-use software to the extent they increase functionality, are capitalized and are depreciated over a period of three to ten years. Equipment recorded under capital leases is amortized using the straight-line method over the shorter of the related lease term or useful life of the asset, generally three to five years. | ||||||||||||
The Company has determined it is the accounting owner of certain leased store locations during the construction period of such assets pursuant to sale-leaseback accounting. In certain of the Company’s operating lease agreements for leased store locations, the Company is responsible for funding the construction of the structural store assets and the landlord reimburses the Company pursuant to the underlying lease agreement. The landlord maintains title of the real property, or structural assets, during the construction phase of a new store location or existing store remodel. During the construction period, the Company serves as the agent for the construction project and is obligated to fund cost overruns or may benefit if the cost of construction is less than the tenant improvement allowance. When construction payments are made by the Company, a fixed asset is recorded in construction-in-progress within property and equipment. The Company bears substantially all construction period risk for these new store construction projects and existing store remodels and the Company pays for the construction costs pursuant to a contractual arrangement that includes the right of reimbursement from the landlord. Accordingly, the Company reports the costs of construction as a purchase of property and equipment in “Purchase of property and equipment” and the reimbursements from landlords for structural assets as “Proceeds from sale-leaseback transactions” under cash flows from investing activities in the consolidated statements of cash flows. When construction is complete, the Company records a sale-leaseback transaction which represents the title transfer of the structural assets that are sold back to the landlord pursuant to sale-leaseback accounting. No gain or loss associated with the sale of such assets is recognized as the Company receives reimbursement from the landlord for the construction costs and leases are structured as operating leases. The sale-leaseback transaction is disclosed in “Supplemental Cash Flow Information” as a non-cash investing and financing activity. Such sale-leaseback transactions do not involve any future commitments, obligations, provisions or circumstances that require or result in the Company’s continuing involvement and the Company is no longer deemed the accounting owner of the landlord-owned assets once the store construction is completed and the sale-leaseback transaction is recorded. | |||||||||||||
Long-Lived Assets | Long-Lived Assets – The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. If such a review indicates that the carrying amounts of long-lived assets are not recoverable, the Company reduces the carrying amounts of such assets to their fair values. No impairment of long-lived assets was recorded during fiscal years 2014, 2013 and 2012. | ||||||||||||
Intangible Assets | Intangible Assets – Intangible assets with indefinite lives are not amortized. Instead, indefinite-lived intangible assets are subject to periodic (at least annual) tests for impairment. At January 31, 2015 and February 1, 2014, the Company completed the impairment test and determined that no impairment existed. | ||||||||||||
Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. No impairment was recorded during the fiscal years 2014, 2013 or 2012. Finite-lived intangible assets were fully amortized at the end of fiscal 2014. | |||||||||||||
Deferred Financing Fees | Deferred Financing Fees – Deferred financing fees related to a senior term loan are recorded in “Other assets, net” on the consolidated balance sheets and amortized using the effective interest method over the term of the related financing agreement. Deferred financing fees related to the revolving line of credit facility are recorded in “Other assets, net” on the consolidated balance sheets and amortized using the straight-line method over the term of the related financing agreement. Deferred financing fees of $2.4 million and $2.3 million were included in “Other assets, net” at January 31, 2015 and February 1, 2014, respectively. The amortization of deferred financing fees is included in “Interest expense, net” in the consolidated statements of operations. | ||||||||||||
Operating Leases | Operating Leases – The Company leases retail stores, its distribution centers and corporate headquarters under operating leases. Most retail store lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses and/or contingent rent provisions. For purposes of recognizing incentives and recognizing rent expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins the pre-opening merchandising process, approximately seven weeks prior to opening the store to the public. | ||||||||||||
Tenant improvement assets, as well as the corresponding tenant improvement allowances, are recorded when the amount of new store construction covered by the tenant improvement allowance exceeds the amount attributable to the landlord’s owned asset, generally the building shell. Tenant improvement assets, which generally represent non-structural improvements (i.e. furniture, fixtures and equipment) for which the Company receives reimbursement from the landlord, are depreciated over the initial life of the lease, prior to any lease extensions. For tenant improvement assets, as well as rent holidays, the Company records a corresponding deferred rent liability in “Deferred Rent” on the consolidated balance sheets and amortizes the deferred rent over the initial term of the lease as a reduction to rent expense on the consolidated statements of operations. | |||||||||||||
The Company’s store leases generally contain escalating rent payments over the initial term of the lease, however the Company accounts for the lease expense on a straight-line basis over that period. The straight-line rent expense is calculated at the inception of the lease, which entails recording a monthly liability for the difference between rent paid to the landlord and straight-line rent expense as calculated at the beginning of the lease, excluding renewal options. Over the life of the lease, this deferred rent liability is amortized as rent paid to the landlord eventually exceeds the calculated straight-line amount. | |||||||||||||
Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “Accrued Expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. | |||||||||||||
Loyalty Program | Loyalty Program – The Company maintains a guest loyalty program, gRewards, in which guests earn points toward certificates for qualifying purchases. Rewards for guests were previously restricted to holders of the Company’s private label credit card. In the second quarter of fiscal 2013, the Company launched its guest loyalty program which is available to all guests, and guests who are enrolled in both the guest loyalty program and hold a private label credit card earn more reward points. Upon reaching specified point values, guests are issued a reward, which they can redeem for purchases in the stores. Rewards earned must be redeemed within 60 days from the date of issuance. The Company accrues for the expected costs related to the redemption of reward certificates. To calculate this liability, the Company estimates gross margin rates and makes assumptions related to card holder redemption rates, which are both based on historical experience. The liability for the loyalty program, included in “Accrued Expenses” on the consolidated balance sheets, was $0.7 million and $0.1 million at January 31, 2015 and February 1, 2014, respectively, and any changes in the liability are recorded in “Cost of Sales” on the consolidated statements of operations. | ||||||||||||
Self-Insurance | Self-Insurance – The Company is self-insured for certain losses related to health, dental, workers’ compensation and general liability insurance, although the Company maintains stop-loss coverage with third-party insurers to limit liability exposure. Self-insurance exposure is limited for health claims up to $0.2 million per individual per year with no lifetime claim limit, is limited on workers’ compensation claims up to $0.3 million per individual claim and is limited on general liability claims up to $25 thousand per claim. The liabilities are based upon estimates which are reviewed regularly for adequacy based on the most current information available, including historical claim payments, expected trends and industry factors and other assumptions. The Company has estimated self-insurance claims liabilities of $1.2 million and $0.9 million at January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Share-Based Compensation | Share-Based Compensation – The Company recognized all share-based payments to associates in the consolidated statements of operations based on the grant date fair value of the award for those awards that are expected to vest. Forfeitures of awards are estimated at the time of grant and revised appropriately in subsequent periods if actual forfeitures differ from those estimates. Share-based compensation expense is recognized in “Selling, general and administrative expenses” in the consolidated statements of operations using the straight-line amortization method over the requisite service period which is the vesting period. The Company utilizes the Black-Scholes option valuation model to calculate the valuation of each stock option. Expected volatility is based on historical volatility of the common stock for a peer group of other companies within the retail industry, as the Company’s shares have not been publicly traded for a significant period of time. Beginning in fiscal 2011, for stock option grants, the expected term of the options represents the period of time until exercise or termination and 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 expected term of stock options issued in and prior to fiscal 2010 is based on the historical experience of similar awards. The risk free rate is based on the U.S. Treasury rate at the time of the grants for instruments of a comparable life. | ||||||||||||
Cost of Sales | Cost of Sales – Cost of sales includes the direct cost of purchased merchandise, inventory shrinkage, inventory write-downs and inbound freight to our distribution center. | ||||||||||||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses – Selling, general and administrative expenses include payroll and other expenses related to operations at the Company’s corporate office, store expenses, occupancy costs, certain distribution and warehousing costs (aggregating to $27.8 million, $23.2 million and $21.6 million for fiscal years 2014, 2013 and 2012, respectively), depreciation and amortization, store pre-opening and closing costs and advertising expense. | ||||||||||||
Pre-opening Expenses | Pre-opening Expenses – Expenses associated with the opening of new stores, the relocation of stores and the closing of existing stores (two existing stores were closed and one was relocated in fiscal year 2014), as well as the opening of the second distribution center which occurred in fiscal year 2014, are expensed as incurred. Pre-opening and closing costs were $3.6 million, $3.9 million and $3.7 million for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
Advertising Expenses | Advertising Expenses – Advertising expenses are expensed as incurred and were $18.1 million, $18.4 million and $17.6 million for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
Income Taxes | Income Taxes – Income taxes are accounted for under an asset and liability approach that includes the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. The provision for income taxes represents income taxes paid, taxes current payable or receivable plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts reported for income tax purposes, and (b) federal and state tax credits and state net operating loss carryforwards. | ||||||||||||
A valuation allowance is provided to reduce deferred tax assets to the amount that is more likely than not to be realized when management cannot conclude that it is more likely than not that a tax benefit will be realized. In determining the need for a valuation allowance, the Company considers many factors, including taxable income in carry-back periods, historical and forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and tax planning strategies. | |||||||||||||
Uncertain tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | |||||||||||||
The evaluation of uncertain tax positions requires numerous estimates based on available information. The Company considers many factors when evaluating and estimating their tax positions and tax benefits. Interest expense and penalties, if any, are accrued on the unrecognized tax benefits and reflected in “Interest expense, net” and “Selling, general and administrative expenses”, respectively. | |||||||||||||
Earnings Per Share | Earnings Per Share – Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period, which includes vested restricted stock. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period and incremental shares that may be issued in future periods related to outstanding stock awards, including non-vested restricted stock, if dilutive. When calculating incremental shares related to outstanding stock awards, the Company applies the treasury stock method. The treasury stock method assumes that proceeds, consisting of the amount the employee must pay on exercise, compensation cost attributed to future services and not yet recognized, and excess tax benefits that would be credited to additional paid-in capital on exercise of the stock options, are used to repurchase outstanding shares at the average market price for the period. The treasury stock method is applied only to share grants for which the effect is dilutive. | ||||||||||||
Financial Instruments | 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, the fair value of the senior term loan approximates its carrying amount as the interest rate has not changed since the agreement was amended in November 2014. Fair value approximates the carrying value for balances outstanding on the revolving line of credit facility with Wells Fargo Bank, N.A. (successor in merger with Wells Fargo Retail Finance, LLC) and PNC Bank, due to the variable interest rates of these arrangements and the short-term nature of these borrowings. Based on the borrowing rates currently available to the Company for debt with similar terms, the fair value of long-term debt at January 31, 2015 and February 1, 2014 approximates its carrying amount of $41.3 million and $52.3 million at January 31, 2015 and February 1, 2014, respectively. 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. | ||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk – Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and receivables. The Company places cash in highly rated financial institutions, in money market accounts and other highly liquid investments, and these amounts are sometimes in excess of the insured amount. Cash equivalents in excess of insured amounts were $5.5 million and $3.9 million at January 31, 2015 and February 1, 2014, respectively. Concentrations of credit risk on receivables are limited due to the nature of the receivable balances. | ||||||||||||
Use of Accounting Estimates | Use of Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties, which may cause actual results to differ from reported amounts. | ||||||||||||
Comprehensive Income | Comprehensive Income – There are no comprehensive income components applicable which cause comprehensive income to differ from net income for all periods presented in the consolidated financial statements. | ||||||||||||
Segment Reporting | Segment Reporting – The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that its Chief Executive Officer is the Chief Operating Decision Maker. The Company has one reportable segment. The Company’s operations include activities related to 97 retail stores throughout 21 states at January 31, 2015. | ||||||||||||
The following information reflects the percentage of revenues by major product category as a percentage of net sales: | |||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Apparel | 56.8 | % | 56.1 | % | 55.2 | % | |||||||
Home Fashions | 27.7 | 27.9 | 28 | ||||||||||
Accessories (including fragrances) | 15.5 | 16 | 16.8 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Public Offering | Public Offering – On May 8, 2012, the Company’s shelf registration statement on Form S-3 (File No. 333-180605) was declared effective, pursuant to which the Company may offer up to 200,000 shares of its own common stock and Sun Gordmans, LP and H.I.G. Sun Partners, Inc. (the “selling stockholders”) can sell up to 13,345,943 of their shares of the Company’s common stock. On May 25, 2012, the Company issued 40,000 shares of its common stock and the selling stockholders sold 3,460,061 of their shares of the Company’s common stock. The public offering closed on May 30, 2012. Proceeds from the offering to the Company in fiscal 2012 of approximately $0.6 million were primarily used to pay approximately $0.5 million of expenses related to the offering. | ||||||||||||
Recently Issued and Recently Proposed Accounting Pronouncements | Recently Issued Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”), in conjunction with the International Accounting Standards Board (“IASB”), issued Accounting Standards Update No. 2014-09, Revenue from Contracts With Customers, which creates a new topic in the FASB Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts With Customers (“ASC 606”). This converged revenue recognition standard supersedes and replaces nearly all existing revenue recognition guidance under generally accepted accounting principles with a principle-based revenue recognition framework. This standard establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, includes new and more detailed guidance on particular topics and expands and improves disclosures about revenue. This guidance is effective for annual reporting periods beginning on or after December 15, 2016, including interim periods therein, or the beginning of the fiscal year ending February 3, 2018 for the Company. The Company is currently evaluating the impact of this guidance on the Company’s revenue recognition policies and practices, operations or financial statements. | ||||||||||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance amends previous guidance related to the criteria for reporting a disposal as a discontinued operation by elevating the threshold for qualification for discontinued operations treatment to a disposal that represents a strategic shift that has a major effect on an organization’s operations or financial results. This guidance also requires expanded disclosures for transactions that qualify as a discontinued operation and requires disclosure of individually significant components that are disposed of or held for sale but do not qualify for discontinued operations reporting. This guidance is effective prospectively for all disposals or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted, or the beginning of the fiscal year ending January 30, 2016 for the Company. The Company does not expect this guidance to significantly impact the Company’s operations or financial statements. | |||||||||||||
Recently Proposed Accounting Pronouncements – In an exposure draft issued in 2013, the FASB, together with the IASB, has proposed a comprehensive set of changes in generally accepted accounting principles (“GAAP”) for leases. This proposed change in its current exposure draft form would create a new accounting model for both lessees and lessors and eliminates the concept of operating leases. The lease accounting model contemplated by the proposed standard is a “right of use” model that assumes that each lease creates an asset (the lessee’s right to use the leased asset) and a liability (the future rental payment obligations) which should be reflected on a lessee’s balance sheet to fairly represent the lease transaction and the lessee’s related financial obligations. Currently, the leases for the Company’s stores are accounted for as operating leases, with no related assets and liabilities on the Company’s balance sheet. The proposed standard also contains two different approaches for amortizing the right of use asset, with the straight-line approach used on assets which include the Company’s store leases. The straight-line approach in the proposed standard is similar to how the Company currently amortizes rental payments for its store leases over the lease term in the consolidated statements of operations. No date has been determined for the issuance of the final standard. The proposed accounting standard, as currently drafted, could have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information – The following table sets forth non-cash investing and financing activities and other cash flow information: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Non-cash investing and financing activities: | |||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 3,877 | $ | 5,923 | $ | 2,062 | |||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 7,100 | 10,352 | 14,825 | ||||||||||
Dividends declared but not yet paid | — | 248 | — | ||||||||||
Dividends payable forfeited on unvested restricted stock | 82 | — | — | ||||||||||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | — | — | ||||||||||
Other cash flow information: | |||||||||||||
Cash paid for interest | 4,373 | 1,991 | 161 | ||||||||||
Cash paid (received) for income taxes, net | (3,505 | ) | 6,672 | 9,634 | |||||||||
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. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Percentage of Revenues by Major Merchandising Category | The following information reflects the percentage of revenues by major product category as a percentage of net sales: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Apparel | 56.8 | % | 56.1 | % | 55.2 | % | |||||||
Home Fashions | 27.7 | 27.9 | 28 | ||||||||||
Accessories (including fragrances) | 15.5 | 16 | 16.8 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information – The following table sets forth non-cash investing and financing activities and other cash flow information: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Non-cash investing and financing activities: | |||||||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 3,877 | $ | 5,923 | $ | 2,062 | |||||||
Sales of property and equipment pursuant to sale-leaseback accounting | 7,100 | 10,352 | 14,825 | ||||||||||
Dividends declared but not yet paid | — | 248 | — | ||||||||||
Dividends payable forfeited on unvested restricted stock | 82 | — | — | ||||||||||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | — | — | ||||||||||
Other cash flow information: | |||||||||||||
Cash paid for interest | 4,373 | 1,991 | 161 | ||||||||||
Cash paid (received) for income taxes, net | (3,505 | ) | 6,672 | 9,634 |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Prepaid rent – real estate | $ | 4,572 | $ | 3,929 | |||||
Other prepaid expenses and current assets | 3,963 | 4,432 | |||||||
$ | 8,535 | $ | 8,361 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consist of the following: | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $12,098 | $ | 9,317 | ||||||
Furniture, fixtures and equipment | 81,199 | 47,876 | |||||||
Computer software | 24,496 | 17,398 | |||||||
Capitalized leases | 2,402 | 1,740 | |||||||
Construction in progress | 7,731 | 25,209 | |||||||
127,926 | 101,540 | ||||||||
Less accumulated depreciation and amortization | (36,325 | ) | (25,147 | ) | |||||
$91,601 | $ | 76,393 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Intangible Assets | Intangible assets consist of the following: | ||||||||||||||||||||
January 31, 2015 | February 1, 2014 | ||||||||||||||||||||
Useful | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Life | Amount | Amortization | Amount | Amortization | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||
Footwear license fee agreement | 6.3 years | $ | 522 | $ | (522 | ) | $ | 522 | $ | (439 | ) | ||||||||||
Maternity license fee agreement | 2.4 years | 24 | (24 | ) | 24 | (24 | ) | ||||||||||||||
Favorable lease rights, net | 6.0 years | 24 | (24 | ) | 24 | (21 | ) | ||||||||||||||
570 | (570 | ) | 570 | (484 | ) | ||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||
Trade name | 1,820 | N/A | 1,820 | N/A | |||||||||||||||||
Total | $ | 2,390 | $ | (570 | ) | $ | 2,390 | $ | (484 | ) | |||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | Accrued expenses consist of the following: | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Store, distribution center and corporate accruals | $ | 19,274 | $ | 16,893 | |||||
Associate compensation | 3,186 | 3,614 | |||||||
Gift card and certificate liability | 3,743 | 3,462 | |||||||
Accrued real estate taxes | 2,080 | 2,127 | |||||||
Other taxes accrued | 1,851 | 1,719 | |||||||
Self-insurance claims liabilities | 1,165 | 883 | |||||||
Interest | 54 | 50 | |||||||
$ | 31,353 | $ | 28,748 | ||||||
Deferred_Rent_Tables
Deferred Rent (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Deferred Rent | Deferred rent consists of the following: | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Tenant improvement allowances | $ | 25,249 | $ | 23,483 | |||||
Straight-line rent expense | 10,132 | 8,108 | |||||||
$ | 35,381 | $ | 31,591 | ||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-term Debt – Long-term debt consists of the following: | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Revolving line of credit facility | $ | 11,034 | $ | 7,250 | |||||
Senior term loan | 29,437 | 45,000 | |||||||
Capital lease obligations | 819 | — | |||||||
Total long-term debt | 41,290 | 52,250 | |||||||
Less current portion of long-term debt | (12,463 | ) | (7,813 | ) | |||||
Long-term debt, less current portion | $ | 28,827 | $ | 44,437 | |||||
Annual Maturities of Long-term Debt | At January 31, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | ||||||||
2015 | $ | 1,429 | |||||||
2016 | 1,857 | ||||||||
2017 | 1,864 | ||||||||
2018 | 36,014 | ||||||||
2019 | 126 | ||||||||
Total long-term debt | $ | 41,290 | |||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Leases [Abstract] | |||||||||
Future Minimum Lease Payments by Fiscal Year Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Fiscal Year | Future minimum lease payments, by fiscal year, under operating leases and future obligations under non-cancelable capital leases, by fiscal year, as of January 31, 2015 are as follows: | ||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2015 | $ | 54,503 | $ | 192 | |||||
2016 | 49,015 | 192 | |||||||
2017 | 45,490 | 192 | |||||||
2018 | 40,340 | 192 | |||||||
2019 | 35,428 | 126 | |||||||
After 2019 | 131,638 | — | |||||||
Total minimum lease payments | $ | 356,414 | 894 | ||||||
Less: capital lease amount representing interest | (75 | ) | |||||||
Present value of minimum lease payments | 819 | ||||||||
Less: current maturities of capital lease obligations | (164 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 655 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | (8,188 | ) | $ | 3,678 | $ | 10,172 | ||||||
State | 3 | 501 | 968 | ||||||||||
(8,185 | ) | 4,179 | 11,140 | ||||||||||
Deferred: | |||||||||||||
Federal | 5,732 | 93 | 2,456 | ||||||||||
State | — | 26 | 523 | ||||||||||
5,732 | 119 | 2,979 | |||||||||||
Total | $ | (2,453 | ) | $ | 4,298 | $ | 14,119 | ||||||
Deferred Income Tax Assets and Liabilities | The tax effects of significant items comprising the Company’s deferred income tax assets and liabilities as of January 31, 2015 and February 1, 2014 are as follows: | ||||||||||||
January 31, | February 1, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Leases | $ | 3,850 | $ | 3,081 | |||||||||
Merchandise inventories | 1,681 | 1,594 | |||||||||||
Accrued compensation | 1,170 | 1,534 | |||||||||||
Prepaid expenses and other assets | 344 | 344 | |||||||||||
Accrued expenses | 332 | 278 | |||||||||||
Gift cards and certificates | 154 | 163 | |||||||||||
State net operating loss carryforwards | 231 | 49 | |||||||||||
Alternative minimum tax credit | 56 | — | |||||||||||
7,818 | 7,043 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (13,019 | ) | (7,190 | ) | |||||||||
Software | (6,848 | ) | (5,867 | ) | |||||||||
Intangibles | (692 | ) | (724 | ) | |||||||||
(20,559 | ) | (13,781 | ) | ||||||||||
Net deferred income tax liability | (12,741 | ) | (6,738 | ) | |||||||||
Less: Current deferred income tax asset | (2,895 | ) | (2,815 | ) | |||||||||
Long-term deferred income tax liability | $ | (15,636 | ) | $ | (9,553 | ) | |||||||
Summary of Reconciliation of Income Tax Computed at U.S. Statutory Rate to Effective Income Tax Rate | The reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
U.S. Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income tax expense, net of federal tax effect | 0.1 | 3 | 2.7 | ||||||||||
Federal tax credits | 11.4 | (2.4 | ) | (0.8 | ) | ||||||||
Nondeductible expenses | (3.4 | ) | 0.7 | 0.3 | |||||||||
Effect of graduated federal tax rates | — | (0.8 | ) | — | |||||||||
Other | (1.7 | ) | (0.6 | ) | 0.3 | ||||||||
Total income tax rate | 41.4 | % | 34.9 | % | 37.5 | % | |||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of Outstanding Shares Utilized in Computation of Earnings (Loss) Per Common Share | The following is a reconciliation of the outstanding shares utilized in the computation of earnings (loss) per common share: | ||||||||||||
Year | Year | Year | |||||||||||
Ended | Ended | Ended | |||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted average shares outstanding | 19,360,478 | 19,288,623 | 19,165,260 | ||||||||||
Dilutive effect of non-vested stock and stock options | — | 56,685 | 239,958 | ||||||||||
Diluted weighted average shares outstanding | 19,360,478 | 19,345,308 | 19,405,218 | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Summary of Restricted Stock Activity | A summary of restricted stock activity during fiscal year 2014 is set forth in the table below: | ||||||||||||||||||||
Shares of | Weighted | ||||||||||||||||||||
Restricted | Average | ||||||||||||||||||||
Stock | Grant Date | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Non-vested, February 1, 2014 | 69,058 | $ | 15.63 | ||||||||||||||||||
Granted | 183,200 | 4.23 | |||||||||||||||||||
Repurchased | (4,221 | ) | 3.61 | ||||||||||||||||||
Forfeited | (22,800 | ) | 17.85 | ||||||||||||||||||
Vested | (15,467 | ) | 8.3 | ||||||||||||||||||
Non-vested, January 31, 2015 | 209,770 | $ | 6.21 | ||||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity during fiscal year 2014 is set forth in the table below: | ||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Exercise | Remaining | Value(1) | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(in Years) | |||||||||||||||||||||
Outstanding, February 1, 2014 | 990,353 | $ | 11.5 | ||||||||||||||||||
Granted | 777,500 | 4.05 | |||||||||||||||||||
Forfeited | (441,710 | ) | 10.36 | ||||||||||||||||||
Outstanding, January 31, 2015 | 1,326,143 | 7.5 | 8.4 | $ | — | ||||||||||||||||
Exercisable, January 31, 2015 | 307,981 | 12 | 6.7 | — | |||||||||||||||||
Vested or expected to vest as of January 31, 2015 | 1,165,307 | 7.49 | 8.4 | — | |||||||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of January 31, 2015 and the option strike price. The stock price at January 31, 2015 was $3.70, which was below the weighted average exercise price for options outstanding, exercisable, and vested or expected to vest at January 31, 2015. | ||||||||||||||||||||
Summary of Stock Options Outstanding and Exercisable | The stock options outstanding and exercisable as of January 31, 2015 were in the following exercise price ranges: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||
Term | |||||||||||||||||||||
(in Years) | |||||||||||||||||||||
$2.63 to $5.98 | 761,200 | $ | 4.04 | 9.5 | — | $ | — | ||||||||||||||
$8.18 to $11.02 | 192,958 | 8.86 | 6.9 | 107,001 | 8.71 | ||||||||||||||||
$13.04 to $16.11 | 371,985 | 13.88 | 6.9 | 200,980 | 13.75 | ||||||||||||||||
1,326,143 | 7.5 | 8.4 | 307,981 | 12 | |||||||||||||||||
Summary of Non-vested Outstanding Stock Options | The following table summarizes information regarding non-vested outstanding stock options for fiscal year 2014: | ||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Stock | Average Fair | ||||||||||||||||||||
Options | Value at Grant | ||||||||||||||||||||
Date | |||||||||||||||||||||
Non-vested at February 1, 2014 | 657,141 | $ | 11.56 | ||||||||||||||||||
Granted | 777,500 | 4.05 | |||||||||||||||||||
Vested | (125,839 | ) | 12.24 | ||||||||||||||||||
Forfeited | (441,710 | ) | 10.36 | ||||||||||||||||||
Non-vested at January 31, 2015 | 867,092 | 5.34 | |||||||||||||||||||
Weighted Average Assumptions Used in Applying 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 fiscal years 2014, 2013 and 2012 are illustrated in the following table: | ||||||||||||||||||||
Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||
January 31, | February 1, | February 2, | |||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Risk-free interest rate | 2.00% | 1.25 to 2.00% | 1.00 to 1.50% | ||||||||||||||||||
Dividend yield | 2.00% | 2.00% | 2.00% | ||||||||||||||||||
Expected volatility | 36.0% - 40.0% | 35.0% - 36.0% | 34.00% | ||||||||||||||||||
Expected life (years) | 6.25 | 6.25 | 6.25 to 6.50 | ||||||||||||||||||
Weighted average fair value of options granted | $1.31 | $3.43 | $5.01 |
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information | The following table sets forth unaudited selected financial information in each quarter for fiscal 2014 and 2013, respectively: | ||||||||||||||||
Fiscal 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 143,022 | $ | 141,039 | $ | 146,653 | $ | 203,906 | |||||||||
Gross profit | 63,374 | 59,730 | 64,412 | 76,829 | |||||||||||||
Net income / (loss) | (732 | ) | (3,189 | ) | (1,851 | ) | 2,296 | ||||||||||
Basic earnings / (loss) per share(1) | (0.04 | ) | (0.16 | ) | (0.10 | ) | 0.12 | ||||||||||
Diluted earnings / (loss) per share(1) | (0.04 | ) | (0.16 | ) | (0.10 | ) | 0.12 | ||||||||||
Fiscal 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 131,434 | $ | 136,769 | $ | 151,333 | $ | 200,023 | |||||||||
Gross profit | 58,991 | 59,220 | 67,038 | 76,675 | |||||||||||||
Net income | 3,248 | 934 | 1,099 | 2,732 | |||||||||||||
Basic earnings per share(1) | 0.17 | 0.05 | 0.06 | 0.14 | |||||||||||||
Diluted earnings per share(1) | 0.17 | 0.05 | 0.06 | 0.14 | |||||||||||||
-1 | Basic and diluted shares outstanding are computed independently for each quarter presented, and therefore, may not sum to the totals for the year. |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
25-May-12 | 30-May-12 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | 25-May-12 | 8-May-12 | |
Store | |||||||
Segment | |||||||
State | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of everyday value price department stores | 97 | ||||||
Number of states in which department stores are located | 21 | ||||||
Gift card liability | $3,743,000 | $3,462,000 | |||||
Total gift card breakage | 200,000 | 200,000 | 200,000 | ||||
Sales return reserve | 200,000 | 200,000 | |||||
Maximum maturity period of highly liquid assets | 3 months | ||||||
Allowance for uncollectible accounts | 100,000 | 200,000 | |||||
Landlord receivable for structural improvements | 1,100,000 | 2,200,000 | |||||
Inventory reserve for obsolescence | 800,000 | 900,000 | |||||
Impairment of long lived assets | 0 | 0 | 0 | ||||
Impairment of finite lived intangible assets | 0 | 0 | 0 | ||||
Deferred financing fees | 2,400,000 | 2,300,000 | |||||
Loyalty program rewards redemption period | 60 days | ||||||
Liability program include in accrued expenses | 700,000 | 100,000 | |||||
Estimated self-insurance claims liabilities | 1,165,000 | 883,000 | |||||
Selling, general and administrative expenses | 27,800,000 | 23,200,000 | 21,600,000 | ||||
Number of stores closed | 2 | ||||||
Number of stores relocated | 1 | ||||||
Pre-opening costs | 3,600,000 | 3,900,000 | 3,700,000 | ||||
Advertising costs | 18,100,000 | 18,400,000 | 17,600,000 | ||||
Fair value of long-term debt | 41,300,000 | 52,300,000 | |||||
Cash equivalents in excess of insured amounts | 5,500,000 | 3,900,000 | |||||
Number of reportable segments | 1 | ||||||
Common stock available for issuance | 200,000 | ||||||
Common stock available for sale by selling stockholders | 13,345,943 | ||||||
Common stock issued pursuant to secondary offering | 40,000 | ||||||
Common stock sold by selling stockholders | 3,460,061 | 3,460,061 | |||||
Proceeds from public offering | 600,000 | 178,000 | |||||
Transaction costs associated with stock offering | 500,000 | 457,000 | |||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Settlement period for credit card and debit card receivables from banks | 5 days | ||||||
Self-insurance exposure for health claims | 0.2 | ||||||
Self-insurance exposure for workers' compensation claims | 0.3 | ||||||
Self-insurance exposure for general liability claims | $25,000 | ||||||
Maximum [Member] | Leasehold Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Maximum [Member] | Computer Software [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Maximum [Member] | Internal Use Software [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Maximum [Member] | Equipment Leased to Other Party [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 5 years | ||||||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Settlement period for credit card and debit card receivables from banks | 1 day | ||||||
Minimum [Member] | Leasehold Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 1 year | ||||||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 3 years | ||||||
Minimum [Member] | Computer Software [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 3 years | ||||||
Minimum [Member] | Internal Use Software [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 3 years | ||||||
Minimum [Member] | Equipment Leased to Other Party [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Property, plant and equipment, useful life | 3 years |
Description_of_Business_Percen
Description of Business - Percentage of Revenues by Major Merchandising Category (Detail) (Revenues [Member], Product Concentration Risk [Member]) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Product Information [Line Items] | |||
Percentage of revenues | 100.00% | 100.00% | 100.00% |
Apparel [Member] | |||
Product Information [Line Items] | |||
Percentage of revenues | 56.80% | 56.10% | 55.20% |
Home Fashions [Member] | |||
Product Information [Line Items] | |||
Percentage of revenues | 27.70% | 27.90% | 28.00% |
Accessories (Including Fragrances) [Member] | |||
Product Information [Line Items] | |||
Percentage of revenues | 15.50% | 16.00% | 16.80% |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information - Non-Cash Investing and Financing Activities and Other Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Non-cash investing and financing activities: | |||
Purchases of property and equipment in accrued expenses at the end of the period | $3,877 | $5,923 | $2,062 |
Sales of property and equipment pursuant to sale-leaseback accounting | 7,100 | 10,352 | 14,825 |
Dividends declared but not yet paid | 248 | ||
Dividends payable forfeited on unvested restricted stock | 82 | ||
Purchases of equipment with capital lease commitments and financing arrangements | 872 | ||
Other cash flow information: | |||
Cash paid for interest | 4,373 | 1,991 | 161 |
Cash paid (received) for income taxes, net | ($3,505) | $6,672 | $9,634 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid rent - real estate | $4,572 | $3,929 |
Other prepaid expenses and current assets | 3,963 | 4,432 |
Prepaid expenses and other current assets | $8,535 | $8,361 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $127,926 | $101,540 |
Less accumulated depreciation and amortization | -36,325 | -25,147 |
Property and equipment, Net | 91,601 | 76,393 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 12,098 | 9,317 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 81,199 | 47,876 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 24,496 | 17,398 |
Capitalized Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 2,402 | 1,740 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $7,731 | $25,209 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation and amortization | $13.60 | $9.80 | $6.90 |
Accumulated amortization on capital leases | $1.70 | $1.40 |
Intangible_Assets_Intangible_A
Intangible Assets - Intangible Assets Excluding Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Intangible Asset Excluding Goodwill [Line Items] | ||
Total amortized intangible assets | $570 | $570 |
Trade name | 1,820 | 1,820 |
Total | 2,390 | 2,390 |
Accumulated Amortization | -570 | -484 |
Footwear License Fee Agreement [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Useful Life | 6 years 3 months 18 days | |
Total amortized intangible assets | 522 | 522 |
Accumulated Amortization | -522 | -439 |
Maternity License Fee Agreement [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Useful Life | 2 years 4 months 24 days | |
Total amortized intangible assets | 24 | 24 |
Accumulated Amortization | -24 | -24 |
Favorable Lease Rights, Net [Member] | ||
Intangible Asset Excluding Goodwill [Line Items] | ||
Useful Life | 6 years | |
Total amortized intangible assets | 24 | 24 |
Accumulated Amortization | ($24) | ($21) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $0.10 | $0.10 | $0.10 |
Accrued_Expenses_Accrued_Expen
Accrued Expenses - Accrued Expenses (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Store, distribution center and corporate accruals | $19,274 | $16,893 |
Associate compensation | 3,186 | 3,614 |
Gift card and certificate liability | 3,743 | 3,462 |
Accrued real estate taxes | 2,080 | 2,127 |
Other taxes accrued | 1,851 | 1,719 |
Self-insurance claims liabilities | 1,165 | 883 |
Interest | 54 | 50 |
Accrued expenses | $31,353 | $28,748 |
Deferred_Rent_Deferred_Rent_De
Deferred Rent - Deferred Rent (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ||
Tenant improvement allowances | $25,249 | $23,483 |
Straight-line rent expense | 10,132 | 8,108 |
Deferred rent | $35,381 | $31,591 |
Debt_Obligations_Revolving_Lin
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Nov. 17, 2014 | |
Debt Instrument [Line Items] | ||||
Borrowings outstanding under revolving line of credit facility | $11,000,000 | $7,300,000 | ||
Average borrowings during the period | 9,500,000 | 4,000,000 | ||
Repurchases of stock of employees | 15,000 | 52,000 | ||
Senior Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepayment of debt, restricted amount | 15,000,000 | |||
Deferred financing fees | 600,000 | |||
Senior term loan amount | 45,000,000 | |||
Indebtedness, annual limit | 15,000,000 | |||
Aggregate Indebtedness, limit | 30,000,000 | |||
Senior Loans [Member] | LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 7.00% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit facility, maximum borrowing capacity | 80 | |||
Origination date of revolving line of credit facility | 20-Feb-09 | |||
Amendment date of revolving line of credit facility | 14-Nov-14 | |||
Revolving line of credit facility, expiration date | 27-Aug-18 | |||
Prepayment of debt, restricted amount | 15,000,000 | |||
Basis spread on variable rate | 0.25% | |||
Deferred financing fees | 100,000 | |||
Minimum amount of excess availability of borrowing to be maintained | 6,000,000 | |||
Availability under revolving line of credit facility | 44,100,000 | 53,800,000 | ||
Line of credit facility, interest rate | 3.75% | 3.75% | ||
Outstanding letters of credit included in the borrowing base | 7,000,000 | 800,000 | ||
Minimum percent of excess availability of borrowing to be maintained | 10.00% | |||
Unused line fee | 0.25% | |||
Indebtedness, annual limit | 11,000,000 | |||
Aggregate Indebtedness, limit | 30,000,000 | |||
Revolving Credit Facility [Member] | Wells Fargo Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving line of credit facility, maximum borrowing capacity | 100,000,000 | |||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
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 | |||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Base Rate Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
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 | |||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
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 | |||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
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 | |||
Revolving Credit Facility [Member] | Seasonal Period [Member] | LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
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 | |||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Base Rate Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
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 | |||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
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 | |||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
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 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Minimum amount of excess availability of borrowing to be maintained | 20,000,000 | |||
Threshold amount of excess availability in order to determine interest rate | 40,000,000 | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Repurchases of stock of employees | $500,000 |
Debt_Obligations_Senior_Term_L
Debt Obligations - Senior Term Loan - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
Aug. 26, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 31, 2012 | Apr. 30, 2012 | |
Senior Term Loan [Line Items] | ||||||
Special cash dividend | $69,900,000 | $69,930,000 | ||||
Debt payments | 15,603,000 | 189,000 | 655,000 | |||
Term notes payable [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Number of capital lease arrangements | 2 | |||||
Number of financing arrangements | 2 | |||||
Financing Arrangement One [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Frequency of payments | Monthly | Quarterly | ||||
Debt payments | 7,000 | 200,000 | ||||
Fixed interest | 3.75% | 2.60% | ||||
Financing Arrangement Two [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Frequency of payments | Monthly | Quarterly | ||||
Debt payments | 9,000 | 41,000 | ||||
Fixed interest | 3.75% | 4.90% | ||||
Senior Loans [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Senior term loan amount | 45,000,000 | |||||
Special cash dividend | 69,900,000 | |||||
Senior term loan issuance date | 27-Aug-13 | |||||
Senior term loan maturity date | 27-Aug-18 | |||||
Frequency of payments | Quarterly | |||||
Prepayment on senior term loan | 15,000,000 | |||||
Increase in interest rate depending on operating performance and the fixed charge coverage ratio | 1.00% | |||||
Deferred financing fees | 600,000 | |||||
Senior term loan, interest rate | 9.50% | 8.50% | ||||
Indebtedness, annual limit | 15,000,000 | |||||
Aggregate Indebtedness, limit | 30,000,000 | |||||
Senior Loans [Member] | Maximum [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Minimum liquidity when coverage ratio fall below certain rate | 30,000,000 | |||||
Senior Loans [Member] | Minimum [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Minimum liquidity when coverage ratio fall below certain rate | 20,000,000 | |||||
Senior Loans [Member] | October 2014 Through October 2015 [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Senior term loan periodic payments | 300,000 | |||||
Senior term loan date of first required payment | 1-Oct-14 | |||||
Senior Loans [Member] | January 2016 Through August 27, 2018 [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Senior term loan periodic payments | 400,000 | |||||
Senior term loan date of first required payment | 1-Jan-16 | |||||
Senior Loans [Member] | First Year [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Senior term loan , prepayment premium | 2.00% | |||||
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] | Prime Rate [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Debt instrument floor rate percentage | 3.25% | |||||
Debt instrument interest rate percentage | 5.25% | |||||
Senior Loans [Member] | LIBOR Rate [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Debt instrument floor rate percentage | 1.50% | |||||
Debt instrument interest rate percentage | 7.00% | |||||
Senior Loans [Member] | Certain Fixed Asset [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Indebtedness, annual limit | $7,500,000 | |||||
First Amendment [Member] | Senior Loans [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Debt instrument amendment date | 9-Jun-14 | |||||
Second Amendment [Member] | Senior Loans [Member] | ||||||
Senior Term Loan [Line Items] | ||||||
Debt instrument amendment date | 14-Nov-14 |
Debt_Obligations_LongTerm_Debt
Debt Obligations - Long-Term Debt (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $41,290 | $52,250 |
Less current portion of long-term debt | -12,463 | -7,813 |
Long-term debt, less current portion | 28,827 | 44,437 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 11,034 | 7,250 |
Senior Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 29,437 | 45,000 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $819 |
Debt_Obligations_Annual_Maturi
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract] | ||
2015 | $1,429 | |
2016 | 1,857 | |
2017 | 1,864 | |
2018 | 36,014 | |
2019 | 126 | |
Total long-term debt | $41,290 | $52,250 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Operating Leased Assets [Line Items] | |||
Capital lease description | Company entered into capital lease arrangements for computer hardware and related software with a lease term of 5 years. | ||
Total rental expense related to all operating leases | $54.90 | $48.80 | $43.70 |
Contingent rent included in total rental expense | $0.10 | $0.10 | $0.10 |
Retail Site [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases expiration date | 31-Dec-29 | ||
Base lease term | 10 years | ||
Lease renewal period | 5 years | ||
Second Primary Distribution Center and New Corporate Headquarters [Member] | |||
Operating Leased Assets [Line Items] | |||
Base lease term | 15 years | ||
Computer Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Capital leases, term | 5 years |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments by Fiscal Year Under Operating Leases and Future Obligations Under Non-cancelable Capital Leases by Fiscal Year (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
Operating Leases, 2015 | $54,503 |
Operating Leases, 2016 | 49,015 |
Operating Leases, 2017 | 45,490 |
Operating Leases, 2018 | 40,340 |
Operating Leases, 2019 | 35,428 |
Operating Leases, After 2019 | 131,638 |
Operating Leases, Total minimum lease payments | 356,414 |
Capital Leases, 2015 | 192 |
Capital Leases, 2016 | 192 |
Capital Leases, 2017 | 192 |
Capital Leases, 2018 | 192 |
Capital Leases, 2019 | 126 |
Capital Leases, After 2019 | 0 |
Capital Leases, Total minimum lease payments | 894 |
Less: capital lease amount representing interest | -75 |
Present value of minimum lease payments | 819 |
Present value of minimum lease payments | 819 |
Less: current maturities of capital lease obligations | -164 |
Noncurrent maturities of capital lease obligations | $655 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | ($8,188) | $3,678 | $10,172 |
State | 3 | 501 | 968 |
Current income tax | -8,185 | 4,179 | 11,140 |
Deferred: | |||
Federal | 5,732 | 93 | 2,456 |
State | 26 | 523 | |
Deferred income tax | 6,003 | 119 | 2,979 |
Total | ($2,453) | $4,298 | $14,119 |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Leases | $3,850 | $3,081 |
Merchandise inventories | 1,681 | 1,594 |
Accrued compensation | 1,170 | 1,534 |
Prepaid expenses and other assets | 344 | 344 |
Accrued expenses | 332 | 278 |
Gift cards and certificates | 154 | 163 |
State net operating loss carryforwards | 231 | 49 |
Alternative minimum tax credit | 56 | |
Total deferred tax assets | 7,818 | 7,043 |
Deferred income tax liabilities: | ||
Property and equipment | -13,019 | -7,190 |
Software | -6,848 | -5,867 |
Intangibles | -692 | -724 |
Total deferred tax liabilities | -20,559 | -13,781 |
Net deferred income tax liability | -12,741 | -6,738 |
Less: Current deferred income tax asset | -2,895 | -2,815 |
Long-term deferred income tax liability | ($15,636) | ($9,553) |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of Income Tax Computed at U.S. Statutory Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income tax expense, net of federal tax effect | 0.10% | 3.00% | 2.70% |
Federal tax credits | 11.40% | -2.40% | -0.80% |
Nondeductible expenses | -3.40% | 0.70% | 0.30% |
Effect of graduated federal tax rates | -0.80% | ||
Other | -1.70% | -0.60% | 0.30% |
Total income tax rate | 41.40% | 34.90% | 37.50% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Tax Credit Carryforward [Line Items] | ||
Unrecognized tax benefits | $0 | $0 |
Number of tax periods subject to audit | 4 years | |
Change in reserves for unrecognized tax benefits | 0 | |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
State net operating loss carryovers | $7,600,000 | |
State net operating loss carryovers expiration year | 2020 | |
State net operating loss carryovers expiration year | 2034 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 02, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Percentage of matching contribution equal to associate deferrals | 50.00% | 50.00% |
Maximum percentage match by employer | 4.00% | 4.00% |
Company contribution in 401(k) savings plan | $0.40 | $0.40 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Outstanding Shares Utilized in Computation of Earnings (Loss) Per Common Share (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Earnings Per Share [Abstract] | |||
Basic weighted average shares outstanding | 19,360,478 | 19,288,623 | 19,165,260 |
Dilutive effect of non-vested stock and stock options | 56,685 | 239,958 | |
Diluted weighted average shares outstanding | 19,360,478 | 19,345,308 | 19,405,218 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 1,127,620 | 307,887 | 126,229 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Aug. 26, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Sep. 29, 2014 | 28-May-14 | Sep. 30, 2013 | Sep. 24, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Special cash dividend declared per share | $3.60 | |||||||
Dividend paid | $71,000 | $69,682,000 | ||||||
Dividends declared | 69,900,000 | 69,930,000 | ||||||
Dividend unpaid | 248,000 | |||||||
Dividend declared, per share | $3.60 | |||||||
Additional incentive stock options granted | 777,500 | |||||||
Deferred tax asset shortfall related to share-based compensation expense | 272,000 | |||||||
Exercise of stock options | 136,000 | |||||||
Share based compensation expenses due to change in forfeiture rate | 100,000 | |||||||
Share based compensation expenses due to employee separation | 500,000 | |||||||
Employee Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Additional incentive stock options granted | 777,500 | |||||||
Weighted average period of recognition of unrecognized compensation expense | 2 years 1 month 6 days | |||||||
Proceeds from the exercise of stock options | 100,000 | |||||||
Aggregate intrinsic value of stock options exercised | 35,000 | |||||||
Exercise of stock options | 0 | 0 | ||||||
Share based compensation expenses due to change in forfeiture rate | 100,000 | |||||||
Unrecognized compensation cost for stock options | 1,700,000 | |||||||
Total fair value of options vested | 500,000 | 1,400,000 | 1,600,000 | |||||
Employee 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 | |||||||
Employee 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 | |||||||
Unrecognized compensation expense | 1,000,000 | |||||||
Weighted average period of recognition of unrecognized compensation expense | 1 year 9 months 18 days | |||||||
Total fair value of shares vested | 100,000 | 1,400,000 | ||||||
Shares repurchased | 4,221 | 4,221 | 4,221 | 4,632 | ||||
Weighted average fair value of shares repurchased | $3.61 | $3.61 | $11.24 | |||||
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 | 4,573,086 | |||||||
Increase in shares authorized and available for grant | 2,000,000 | |||||||
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 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. | |||||||
Common stock available for future grants | 2,004,640 | |||||||
2010 Omnibus Incentive Compensation Plan [Member] | Employee 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 | |||||||
Reduction in incentive distribution per share | $2.82 | |||||||
Additional incentive stock options granted | 77,195 | |||||||
Unvested Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation Expenses | $400,000 | $1,300,000 | $1,000,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 29, 2014 | 28-May-14 | Sep. 30, 2013 | Jan. 31, 2015 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested, February 1, 2014, Number of Shares | 69,058 | |||
Granted, Number of Shares | 183,200 | |||
Repurchased, Number of Shares | -4,221 | -4,221 | -4,632 | -4,221 |
Forfeited, Number of Shares | -22,800 | |||
Vested, Number of Shares | -15,467 | |||
Non-vested, January 31, 2015, Number of Shares | 209,770 | |||
Non-vested, February 1, 2014, Weighted Average Grant Date Fair Value | $15.63 | |||
Granted, Weighted Average Grant Date Fair Value | $4.23 | |||
Repurchased, Weighted Average Grant Date Fair Value | $3.61 | |||
Forfeited, Weighted Average Grant Date Fair Value | $17.85 | |||
Vested, Weighted Average Grant Date Fair Value | $8.30 | |||
Non-vested, January 31, 2015, Weighted Average Grant Date Fair Value | $6.21 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Stock Options | 777,500 |
Exercisable, January 31, 2015, Number of Stock Options | 307,981 |
Outstanding, January 31, 2015, Weighted Average Exercise Price | $7.50 |
Exercisable, January 31, 2015, Weighted Average Exercise Price | $12 |
Employee Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, February 1, 2014, Number of Stock Options | 990,353 |
Granted, Number of Stock Options | 777,500 |
Forfeited, Number of Stock Options | -441,710 |
Outstanding, January 31, 2015, Number of Stock Options | 1,326,143 |
Exercisable, January 31, 2015, Number of Stock Options | 307,981 |
Vested or expected to vest as of January 31, 2015, Number of Stock Options | 1,165,307 |
Outstanding, February 1, 2014, Weighted Average Exercise Price | $11.50 |
Granted, Weighted Average Exercise Price | $4.05 |
Forfeited, Weighted Average Exercise Price | $10.36 |
Outstanding, January 31, 2015, Weighted Average Exercise Price | $7.50 |
Exercisable, January 31, 2015, Weighted Average Exercise Price | $12 |
Vested or expected to vest as of January 31, 2015, Weighted Average Exercise Price | $7.49 |
Outstanding, January 31, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 4 months 24 days |
Exercisable, January 31, 2015, Weighted Average Remaining Contractual Term (Years) | 6 years 8 months 12 days |
Vested or expected to vest as of January 31, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 4 months 24 days |
Outstanding, January 31, 2015, Aggregate Intrinsic Value | $0 |
Exercisable, January 31, 2015, Aggregate Intrinsic Value | 0 |
Vested or expected to vest as of January 31, 2015, Aggregate Intrinsic Value | $0 |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | Jan. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock price | $3.70 |
ShareBased_Compensation_Summar3
Share-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding Number | 1,326,143 |
Options Outstanding Weighted Average Exercise Price | $7.50 |
Weighted Average Remaining Contractual Term (in Years) | 8 years 4 months 24 days |
Options Exercisable Number | 307,981 |
Options Exercisable Weighted Average Exercise Price | $12 |
$2.63 to $5.98 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $2.63 |
Exercise Price | $5.98 |
Options Outstanding Number | 761,200 |
Options Outstanding Weighted Average Exercise Price | $4.04 |
Weighted Average Remaining Contractual Term (in Years) | 9 years 6 months |
$8.18 to $11.02 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $8.18 |
Exercise Price | $11.02 |
Options Outstanding Number | 192,958 |
Options Outstanding Weighted Average Exercise Price | $8.86 |
Weighted Average Remaining Contractual Term (in Years) | 6 years 10 months 24 days |
Options Exercisable Number | 107,001 |
Options Exercisable Weighted Average Exercise Price | $8.71 |
$13.04 to $16.11 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $13.04 |
Exercise Price | $16.11 |
Options Outstanding Number | 371,985 |
Options Outstanding Weighted Average Exercise Price | $13.88 |
Weighted Average Remaining Contractual Term (in Years) | 6 years 10 months 24 days |
Options Exercisable Number | 200,980 |
Options Exercisable Weighted Average Exercise Price | $13.75 |
ShareBased_Compensation_Summar4
Share-Based Compensation - Summary of Non-vested Outstanding Stock Options (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Non-vested, Beginning Balance | 657,141 | ||
Number of Stock Options, Granted | 777,500 | ||
Number of Stock Options, Vested | -125,839 | ||
Number of Stock Options, Forfeited | -441,710 | ||
Non-vested, Ending Balance | 867,092 | 657,141 | |
Weighted Average Fair Value at Grant Date, Non-vested, Beginning Balance | $11.56 | ||
Weighted Average Fair Value at Grant Date, Granted | $4.05 | $3.43 | $5.01 |
Weighted Average Fair Value at Grant Date, Vested | $12.24 | ||
Weighted Average Fair Value at Grant Date, Forfeited | $10.36 | ||
Weighted Average Fair Value at Grant Date, Non-vested, Ending Balance | $5.34 | $11.56 |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.00% | ||
Risk-free interest rate, Minimum | 1.25% | 1.00% | |
Risk-free interest rate, Maximum | 2.00% | 1.50% | |
Dividend yield | 2.00% | 2.00% | 2.00% |
Expected volatility | 34.00% | ||
Expected volatility, Minimum | 36.00% | 35.00% | |
Expected volatility, Maximum | 40.00% | 36.00% | |
Expected life (years) | 6 years 3 months | 6 years 3 months | |
Weighted average fair value of options granted | $4.05 | $3.43 | $5.01 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 6 years 3 months | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 6 years 6 months |
Related_Party_Disclosure_Addit
Related Party Disclosure - Additional Information (Detail) (Sun Capital Management [Member], Service Agreements [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Sun Capital Management [Member] | Service Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Related parties transaction expenses | $400 | $64 | $56 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $203,906 | $146,653 | $141,039 | $143,022 | $200,023 | $151,333 | $136,769 | $131,434 | $634,620 | $619,559 | $607,692 |
Gross profit | 76,829 | 64,412 | 59,730 | 63,374 | 76,675 | 67,038 | 59,220 | 58,991 | 264,345 | 261,924 | 264,841 |
Net income / (loss) | $2,296 | ($1,851) | ($3,189) | ($732) | $2,732 | $1,099 | $934 | $3,248 | ($3,476) | $8,013 | $23,531 |
Basic earnings / (loss) per share | $0.12 | ($0.10) | ($0.16) | ($0.04) | $0.14 | $0.06 | $0.05 | $0.17 | ($0.18) | $0.42 | $1.23 |
Diluted earnings / (loss) per share | $0.12 | ($0.10) | ($0.16) | ($0.04) | $0.14 | $0.06 | $0.05 | $0.17 | ($0.18) | $0.41 | $1.21 |
Schedule_I_Additional_Informat
Schedule I - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Minimum percentage of restricted net assets of consolidated subsidiaries of consolidated net assets | 25.00% |
Schedule_I_Schedule_of_Condens
Schedule I - Schedule of Condensed Parent Company Balance Sheets (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
TOTAL ASSETS | $226,877 | $206,987 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Preferred stock - $0.001 par value; 5,000,000 shares authorized, none issued and outstanding as of January 31, 2015 and February 1, 2014, respectively | ||
Additional paid-in capital | 53,870 | 53,795 |
Retained earnings (accumulated deficit) | -15,403 | -12,009 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 226,877 | 206,987 |
Parent Company [Member] | ||
ASSETS | ||
Investment in subsidiary | 38,487 | 41,805 |
TOTAL ASSETS | 38,487 | 41,805 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Preferred stock - $0.001 par value; 5,000,000 shares authorized, none issued and outstanding as of January 31, 2015 and February 1, 2014, respectively | ||
Common stock -$0.001 par value; 50,000,000 shares authorized, 19,985,256 issued and 19,576,623 outstanding as of January 31, 2015, 19,824,856 issued and 19,420,444 outstanding as of February 1, 2014 | 20 | 19 |
Additional paid-in capital | 53,870 | 53,795 |
Retained earnings (accumulated deficit) | -15,403 | -12,009 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $38,487 | $41,805 |
Schedule_I_Schedule_of_Condens1
Schedule I - Schedule of Condensed Parent Company Balance Sheets (Parenthetical) (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Consolidated Balance Sheet Statements Captions [Line Items] | ||
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 | 19,985,256 | 19,824,856 |
Common stock, shares outstanding | 19,576,623 | 19,420,444 |
Parent Company [Member] | ||
Consolidated Balance Sheet Statements Captions [Line Items] | ||
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 | 19,985,256 | 19,824,856 |
Common stock, shares outstanding | 19,576,623 | 19,420,444 |
Schedule_I_Schedule_of_Condens2
Schedule I - Schedule of Condensed Parent Company Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Share-based compensation expense | $362 | $1,250 | $956 | ||||||||
Net income / (loss) | 2,296 | -1,851 | -3,189 | -732 | 2,732 | 1,099 | 934 | 3,248 | -3,476 | 8,013 | 23,531 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in earnings / (loss) of subsidiary | -3,114 | 9,263 | 24,487 | ||||||||
Share-based compensation expense | -362 | -1,250 | -956 | ||||||||
Net income / (loss) | ($3,476) | $8,013 | $23,531 |
Schedule_I_Schedule_of_Condens3
Schedule I - Schedule of Condensed Parent Company Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income / (loss) | ($3,476,000) | $8,013,000 | $23,531,000 |
Adjustment to reconcile net income to net cash provided by / (used in) operating activities: | |||
Share-based compensation expense | -362,000 | -1,250,000 | -956,000 |
Net cash provided by / (used in) operating activities | 45,180,000 | 20,815,000 | 26,505,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash provided by / (used in) investing activities | -30,686,000 | -36,321,000 | -20,617,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | -71,000 | -69,682,000 | |
Repurchase of common stock | -15,000 | -52,000 | |
Proceeds from issuance of common stock pursuant to public offering, net of transaction costs of $457 | 178,000 | ||
Proceeds from the exercise of stock options | 136,000 | ||
Net cash used in financing activities | -12,619,000 | -19,559,000 | -477,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,875,000 | -35,065,000 | 5,411,000 |
CASH AND CASH EQUIVALENTS, Beginning of period | 5,759,000 | 40,824,000 | 35,413,000 |
CASH AND CASH EQUIVALENTS, End of period | 7,634,000 | 5,759,000 | 40,824,000 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income / (loss) | -3,476,000 | 8,013,000 | 23,531,000 |
Adjustment to reconcile net income to net cash provided by / (used in) operating activities: | |||
Share-based compensation expense | 362,000 | 1,250,000 | 956,000 |
Equity in earnings / (loss) of subsidiary | 3,114,000 | -9,263,000 | -24,487,000 |
Net cash provided by / (used in) operating activities | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in subsidiary | -136,000 | -178,000 | |
Dividends received from subsidiary | 86,000 | 69,734,000 | |
Net cash provided by / (used in) investing activities | 86,000 | 69,598,000 | -178,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | -71,000 | -69,682,000 | |
Repurchase of common stock | -15,000 | -52,000 | |
Proceeds from issuance of common stock pursuant to public offering, net of transaction costs of $457 | 178,000 | ||
Proceeds from the exercise of stock options | 136,000 | ||
Net cash used in financing activities | -86,000 | -69,598,000 | 178,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, End of period | $0 | $0 | $0 |
Schedule_I_Schedule_of_Condens4
Schedule I - Schedule of Condensed Parent Company Statements of Cash Flows (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 30-May-12 | Feb. 02, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Issuance of common stock, transaction costs | $500 | $457 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Issuance of common stock, transaction costs | $457 |
Schedule_II_Schedule_of_Valuat
Schedule II - Schedule of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Reserve for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Year Balance | $170 | $195 | $165 |
Amount Charged to Net Income | 39,079 | 39,948 | 37,601 |
Sales Returns | -39,045 | -39,973 | -37,571 |
End of Year Balance | 204 | 170 | 195 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Year Balance | 205 | 137 | 39 |
Amount Charged to Net Income | 149 | 135 | 186 |
Write-off of uncollectible accounts | -229 | -67 | -88 |
End of Year Balance | $125 | $205 | $137 |