Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | Jun. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GMAN | |
Entity Registrant Name | Gordmans Stores, Inc. | |
Entity Central Index Key | 1490636 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,586,673 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net sales | $145,940 | $143,022 |
License fees from leased departments | 2,433 | 2,219 |
Cost of sales | -83,405 | -81,867 |
Gross profit | 64,968 | 63,374 |
Selling, general and administrative expenses | -63,318 | -63,358 |
Income from operations | 1,650 | 16 |
Interest expense, net | -1,036 | -1,197 |
Income / (loss) before taxes | 614 | -1,181 |
Income tax (expense) / benefit | -240 | 449 |
Net income / (loss) | $374 | ($732) |
Basic earnings / (loss) per share | $0.02 | ($0.04) |
Diluted earnings / (loss) per share | $0.02 | ($0.04) |
Basic weighted average shares outstanding | 19,367,960 | 19,351,918 |
Diluted weighted average shares outstanding | 19,528,050 | 19,351,918 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | $8,691 | $7,634 | $18,044 |
Accounts receivable | 4,144 | 3,930 | 2,779 |
Landlord receivable | 4,490 | 1,559 | 5,159 |
Income taxes receivable | 8,323 | 8,525 | 4,384 |
Merchandise inventories | 105,789 | 94,470 | 95,178 |
Deferred income taxes | 2,896 | 2,895 | 2,786 |
Prepaid expenses and other current assets | 9,725 | 8,535 | 9,237 |
Total current assets | 144,058 | 127,548 | 137,567 |
PROPERTY AND EQUIPMENT, net | 89,124 | 91,601 | 83,284 |
INTANGIBLE ASSETS, net | 1,820 | 1,820 | 1,884 |
OTHER ASSETS, net | 5,818 | 5,908 | 5,583 |
TOTAL ASSETS | 240,820 | 226,877 | 228,318 |
CURRENT LIABILITIES: | |||
Accounts payable | 76,856 | 64,349 | 66,935 |
Accrued expenses | 30,552 | 31,353 | 32,546 |
Current portion of long-term debt | 15,405 | 12,463 | 844 |
Total current liabilities | 122,813 | 108,165 | 100,325 |
NONCURRENT LIABILITIES: | |||
Long-term debt, less current portion | 28,363 | 28,827 | 44,156 |
Deferred rent | 34,609 | 35,381 | 32,910 |
Deferred income taxes | 15,636 | 15,636 | 9,650 |
Other liabilities | 262 | 381 | 418 |
Total noncurrent liabilities | 78,870 | 80,225 | 87,134 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Preferred stock - $0.001 par value, 5,000,000 shares authorized, none issued and outstanding as of May 2, 2015, January 31, 2015 and May 3, 2014 | |||
Common stock - $0.001 par value, 50,000,000 shares authorized, 19,995,306 issued and 19,586,673 outstanding at May 2, 2015, 19,985,256 issued and 19,576,623 outstanding as of January 31, 2015, 19,805,806 issued and 19,401,394 outstanding as of May 3, 2014 | 20 | 20 | 19 |
Additional paid-in capital | 54,146 | 53,870 | 53,513 |
Accumulated deficit | -15,029 | -15,403 | -12,673 |
Total stockholders' equity | 39,137 | 38,487 | 40,859 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $240,820 | $226,877 | $228,318 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,995,306 | 19,985,256 | 19,805,806 |
Common stock, shares outstanding | 19,586,673 | 19,576,623 | 19,401,394 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | ||||
BALANCE at Feb. 01, 2014 | $41,805 | $19 | $53,795 | ($12,009) |
BALANCE, shares at Feb. 01, 2014 | 19,420,444 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | -282 | -282 | ||
Forfeiture of unvested restricted stock | 0 | 0 | 0 | 0 |
Forfeiture of unvested restricted stock, shares | -19,050 | |||
Forfeiture of dividends payable on unvested restricted stock | 68 | 68 | ||
Net Income (Loss) | -732 | -732 | ||
BALANCE at May. 03, 2014 | 40,859 | 19 | 53,513 | -12,673 |
BALANCE, shares at May. 03, 2014 | 19,401,394 | 19,401,394 | ||
BALANCE at Jan. 31, 2015 | 38,487 | 20 | 53,870 | -15,403 |
BALANCE, shares at Jan. 31, 2015 | 19,576,623 | 19,576,623 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 256 | 256 | ||
Issuance of restricted stock, shares | 6,900 | |||
Exercise of stock options | 19 | 19 | ||
Exercise of stock options, shares | 3,150 | |||
Tax benefit on stock options exercised | 1 | 1 | ||
Net Income (Loss) | 374 | 374 | ||
BALANCE at May. 02, 2015 | $39,137 | $20 | $54,146 | ($15,029) |
BALANCE, shares at May. 02, 2015 | 19,586,673 | 19,586,673 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income / (loss) | $374 | ($732) |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 4,016 | 3,021 |
Amortization of deferred financing fees | 199 | 129 |
Loss on retirement / sale of property and equipment | 23 | 34 |
Deferred income taxes | 126 | |
Share-based compensation expense, net of forfeitures benefit | 256 | -282 |
Net changes in operating assets and liabilities: | ||
Accounts, landlord and income taxes receivable | -2,943 | -1,042 |
Merchandise inventories | -11,319 | -467 |
Prepaid expenses and other current assets | -1,190 | -876 |
Other assets | 116 | 50 |
Accounts payable | 12,507 | 24,374 |
Deferred rent | -772 | 1,319 |
Accrued expenses and other liabilities | -743 | 6,911 |
Net cash provided by operating activities | 524 | 32,565 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | -2,543 | -17,317 |
Proceeds from sale-leaseback transactions | 804 | 4,316 |
Net cash used in investing activities | -1,739 | -13,001 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid | -29 | |
Borrowings on revolving line of credit | 52,600 | 42,200 |
Repayments on revolving line of credit | -49,801 | -49,450 |
Payment of long-term debt | -321 | |
Payment of debt issuance costs | -225 | |
Proceeds from the exercise of stock options | 19 | |
Net cash provided by (used in) financing activities | 2,272 | -7,279 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,057 | 12,285 |
CASH AND CASH EQUIVALENTS, Beginning of period | 7,634 | 5,759 |
CASH AND CASH EQUIVALENTS, End of period | $8,691 | $18,044 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | A. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation – The condensed consolidated financial statements include the accounts of Gordmans Stores, Inc. (the “Company”) and its subsidiaries, Gordmans Intermediate Holding Corp., Gordmans, Inc., Gordmans Management Company, Inc., Gordmans Distribution Company, Inc. and Gordmans LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of January 31, 2015 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. | |
Summary of Significant Accounting Policies – The accounting policies followed by the Company are reflected in the notes to the consolidated financial statements for the fiscal year ended January 31, 2015, included in our fiscal year 2014 Annual Report on Form 10-K, filed with the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended January 31, 2015. Due to the seasonality of our business, the results of operations for any quarter are not necessarily indicative of the operating results for the full fiscal year. In addition, quarterly results of operations can vary based upon the timing and amount of net sales and costs associated with the opening of new stores. |
Description_of_the_Business
Description of the Business | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Accounting Policies [Abstract] | |||||||||
Description of the Business | B. DESCRIPTION OF THE BUSINESS | ||||||||
Gordmans Stores, Inc. operated 99 everyday value price department stores under the trade name “Gordmans” located in 22 states as of May 2, 2015. Gordmans offers a wide merchandise assortment including apparel and footwear for men, women and children, accessories, fragrances and home fashions for up to 60% off department and specialty store regular prices every day in a fun, easy-to-shop environment. | |||||||||
The Company 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 retail stores. The Company opened two new stores during the thirteen weeks ended May 2, 2015 and opened three new stores and closed one existing store during the thirteen weeks ended May 3, 2014. | |||||||||
The following table reflects the percentage of revenues by major merchandising category: | |||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Apparel | 57.9 | % | 57.1 | % | |||||
Home Fashions | 25.8 | 26.5 | |||||||
Accessories (including fragrances) | 16.3 | 16.4 | |||||||
Total | 100 | % | 100 | % | |||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property and Equipment | C. PROPERTY AND EQUIPMENT | ||||||||||||
Property and equipment consist of the following: | |||||||||||||
May 2, | January 31, | May 3, | |||||||||||
2015 | 2015 | 2014 | |||||||||||
Leasehold improvements | $ | 12,404 | $ | 12,098 | $ | 10,391 | |||||||
Furniture, fixtures and equipment | 83,496 | 81,199 | 54,494 | ||||||||||
Computer software | 25,338 | 24,496 | 17,650 | ||||||||||
Capitalized leases | 2,402 | 2,402 | 1,740 | ||||||||||
Construction in progress | 5,780 | 7,731 | 25,847 | ||||||||||
129,420 | 127,926 | 110,122 | |||||||||||
Less accumulated depreciation and amortization | (40,296 | ) | (36,325 | ) | (26,838 | ) | |||||||
$ | 89,124 | $ | 91,601 | $ | 83,284 | ||||||||
Debt_Obligations
Debt Obligations | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt Obligations | D. DEBT OBLIGATIONS | ||||||||||||
Revolving Line of Credit Facility – The Company has an $80.0 million revolving line of credit facility dated February 20, 2009, as amended effective 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 Company had $13.8 million of borrowings outstanding under the WF LOC as of May 2, 2015, which are included in the current portion of long-term debt at May 2, 2015 as the Company intends to repay the outstanding borrowings within the next twelve months. Average borrowings during the first quarter of fiscal year 2015 were $11.7 million while average borrowings on the WF LOC during the first quarter of fiscal year 2014 were $5.6 million. The Company had $11.0 million of borrowings outstanding under the WF LOC as of January 31, 2015 and no borrowings outstanding on the WF LOC as of May 3, 2014. | |||||||||||||
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 $59.5 million, $44.1 million and $67.8 million available to borrow at May 2, 2015, January 31, 2015 and May 3, 2014, respectively. Borrowings under this facility bore an interest rate of 3.75% under the base rate option at May 2, 2015 and January 31, 2015. The Company had outstanding letters of credit included in the borrowing base totaling approximately $6.7 million, $7.0 million and $1.0 million as of May 2, 2015, January 31, 2015 and May 3, 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 million in any fiscal year and $30 million 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 $0.5 million 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 May 2, 2015, the Company was in compliance with all of its debt covenants under the loan 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 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. As of May 2, 2015, 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 June 9, 2015, the first anniversary of the first amendment of the senior term loan, and 1% in the second year after the first amendment of the senior term loan (there is no prepayment premium after June 9, 2016). As of May 2, 2015, 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 May 2, 2015 and January 31, 2015 was 9.5%, which includes a 1% increase related to the minimum liquidity test. The interest rate at May 3, 2014 was 8.5%. The Company is required to have minimum liquidity, the amount of which is 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. At May 2, 2015, the required minimum liquidity was $20.0 million. The Company’s liquidity exceeded the minimum amount required at May 2, 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 $7.5 million 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 $15.0 million in any fiscal year and $30.0 million in the aggregate to finance the acquisition, construction or installation of equipment or fixtures at the Company’s retail store locations, distribution centers or corporate office. The senior term loan also includes a negative covenant that restricts dividends and other upstream distributions by the Company and its subsidiaries. The exceptions to this covenant are substantially similar to the exceptions under the revolving line of credit facility. The senior term loan also contains financial covenants requiring the Company to maintain compliance with a 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 line of credit facility. As of May 2, 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: | |||||||||||||
May 2, | January 31, | May 3, | |||||||||||
2015 | 2015 | 2014 | |||||||||||
Revolving line of credit facility | $ | 13,833 | $ | 11,034 | $ | — | |||||||
Senior term loan | 29,157 | 29,437 | 45,000 | ||||||||||
Capital lease obligations | 778 | 819 | — | ||||||||||
Total long-term debt | 43,768 | 41,290 | 45,000 | ||||||||||
Less current portion of long-term debt | (15,405 | ) | (12,463 | ) | (844 | ) | |||||||
Long-term debt, less current portion | $ | 28,363 | $ | 28,827 | $ | 44,156 | |||||||
At May 2, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | |||||||||||||
Remainder of 2015 | $ | 1,094 | |||||||||||
2016 | 1,857 | ||||||||||||
2017 | 1,864 | ||||||||||||
2018 | 38,812 | ||||||||||||
2019 | 141 | ||||||||||||
Total long-term debt | $ | 43,768 | |||||||||||
Financial Instruments – Based on the borrowing rates currently available to the Company for debt with similar terms and the variable interest rate of the senior term loan, which has not changed since the agreement was amended in November 2014, the fair value of the senior term loan approximates its carrying amount of $29.2 million at May 2, 2015. Fair value approximates the carrying value of the outstanding balance on the revolving line of credit facility due to both the short-term nature of these borrowings and the variable interest rates of this agreement. For all other financial instruments including cash and cash equivalents, receivables, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the short maturity of those instruments. |
Leases
Leases | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Leases [Abstract] | |||||||||
Leases | E. LEASES | ||||||||
The Company has entered into short and long term operating lease agreements. These leases relate to retail store locations, the distribution centers and the corporate headquarters. The leases expire on various dates through the year 2029 with most of the leases containing renewal options. Leases for retail store locations typically have base lease terms of 10 years with one or more renewal periods, usually for five years. Certain retail store leases contain provisions for additional rent based on varying percentages of net sales. Leases for the second distribution center and the corporate headquarters have base lease terms of 15 years with multiple renewal periods. In fiscal 2014, the Company entered into capital lease arrangements for computer hardware and related software with a lease term of 5 years. | |||||||||
Future minimum lease payments, by year, under operating leases and future obligations under non-cancelable leases, by year, as of May 2, 2015 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Remainder of 2015 | $ | 41,855 | $ | 127 | |||||
2016 | 51,374 | 192 | |||||||
2017 | 47,759 | 192 | |||||||
2018 | 42,837 | 192 | |||||||
2019 | 38,016 | 143 | |||||||
After 2019 | 133,444 | — | |||||||
Total minimum lease payments | $ | 355,285 | 846 | ||||||
Less: capital lease amount representing interest | (68 | ) | |||||||
Present value of minimum lease payments | 778 | ||||||||
Less: current maturities of capital lease obligations | (165 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 613 | |||||||
Share_Based_Compensation
Share Based Compensation | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share Based Compensation | F. SHARE BASED COMPENSATION | ||||||||||||||||
The Gordmans Stores, Inc. 2010 Omnibus Incentive Compensation Plan (the “2010 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other share-based awards. Directors, officers and other associates of the Company and its subsidiaries, as well as others performing consulting or advisory services, are eligible for grants under the 2010 Plan. As of May 2, 2015, an aggregate of 4,573,086 shares of the Company’s common stock were available under the 2010 Plan, subject to adjustments for stock splits and other actions affecting the Company’s common stock. The exercise price of an option granted under the 2010 Plan will not be less than 100% of the fair value of a share of the Company’s common stock on the date of grant, provided the exercise price of an incentive stock option granted to a person holding greater than 10% of the Company’s voting power may not be less than 110% of such fair value on such date. The term of each option may not exceed ten years or, in the case of an incentive stock option granted to a ten percent stockholder, five years. Under the 2010 Plan, in the event of a dividend or other distribution other than regular cash dividends, recapitalization, or other transactions or events affecting the Company’s common stock, the Company must equitably adjust the number of shares of common stock subject to outstanding stock options and restricted stock and must adjust the exercise price of any outstanding stock options. | |||||||||||||||||
There were 1,991,820 shares of common stock available for future grants under the 2010 Plan at May 2, 2015. | |||||||||||||||||
A summary of restricted stock activity during the thirteen weeks ended May 2, 2015 is set forth in the table below: | |||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested, January 31, 2015 | 209,770 | $ | 6.21 | ||||||||||||||
Granted | 6,900 | 4.05 | |||||||||||||||
Non-vested, May 2, 2015 | 216,670 | $ | 6.14 | ||||||||||||||
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 May 2, 2015, which is expected to be recognized over a period of 1.6 years. | |||||||||||||||||
A summary of stock option activity during the thirteen weeks ended May 2, 2015 is set forth in the table below: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value(1) | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding, January 31, 2015 | 1,326,143 | $ | 7.5 | ||||||||||||||
Granted | 25,200 | 4.05 | |||||||||||||||
Exercised | (3,150 | ) | 5.98 | ||||||||||||||
Forfeited | (19,280 | ) | 5.76 | ||||||||||||||
Outstanding, May 2, 2015 | 1,328,913 | 7.4 | 8.2 | $ | 279 | ||||||||||||
Exercisable, May 2, 2015 | 342,804 | 11.46 | 6.2 | — | |||||||||||||
Vested or expected to vest as of May 2, 2015 | 1,150,092 | 7.5 | 8.1 | 123 | |||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of May 2, 2015 and the option strike price. The stock price at May 2, 2015 was $7.61, which was below the weighted average exercise price for options exercisable at May 2, 2015. | ||||||||||||||||
The Company received $19 thousand of proceeds from the exercise of stock options during the thirteen weeks ended May 2, 2015, which is reflected as a financing cash inflow in the condensed consolidated statement of cash flows for the thirteen weeks ended May 2, 2015. The aggregate intrinsic value of stock options exercised during the thirteen weeks ended May 2, 2015 was $6 thousand. There were no stock option exercises during the thirteen weeks ended May 3, 2014. | |||||||||||||||||
The Company used the Black-Scholes option valuation model to estimate fair value of the options. This model requires an estimate of the volatility of the Company’s share price. While 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 to use the expected volatility of its share price as the sole estimate of volatility. As the Company matures as a public company, the Company accounts for equity share options based on a value calculated using a mix of the historical volatility of the Company’s share price and the historical volatility of an appropriate industry sector index. The historical volatility was calculated using comparisons to peers in the Company’s market sector, which was chosen due to the proximity of size and industry to the Company over the expected term of the option. | |||||||||||||||||
In determining the expense to be recorded for options, the significant assumptions utilized in applying the Black-Scholes option valuation model are the risk-free interest rate, expected term, dividend yield and expected volatility. The risk-free interest rate is the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term approximating the expected term used as the assumption in the model. The expected term of the option awards is estimated using the simplified method, or the average of the vesting period and the original contractual term, as it is not practical for the Company to use its historical experience to estimate the expected term because the Company’s shares have not been publicly traded for a significant period of time. | |||||||||||||||||
The weighted average assumptions used by the Company in applying the Black-Scholes valuation model for option grants during the thirteen weeks ended May 2, 2015 are illustrated in the following table: | |||||||||||||||||
13 Weeks | |||||||||||||||||
Ended | |||||||||||||||||
May 2, | |||||||||||||||||
2015 | |||||||||||||||||
Risk-free interest rate | 2 | % | |||||||||||||||
Dividend yield | 2 | % | |||||||||||||||
Expected volatility | 40 | % | |||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||||
Weighted average fair value of options granted | $ | 1.37 | |||||||||||||||
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 May 2, 2015 were subject to performance or market-based vesting conditions. As of May 2, 2015, the unrecognized compensation expense on stock options was $1.5 million, which is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||
Share-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. Share-based compensation expense was $0.3 million and $0.2 million for the thirteen week periods ended May 2, 2015 and May 3, 2014, respectively. For the thirteen week period ended May 3, 2014, the Company recorded a share-based compensation benefit of $0.4 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 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. |
Earnings_Loss_Per_Share
Earnings / Loss Per Share | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings / Loss Per Share | G. EARNINGS / LOSS PER SHARE | ||||||||
The following is a reconciliation of the outstanding shares utilized in the computation of earnings / loss per share: | |||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Basic weighted average shares outstanding | 19,367,960 | 19,351,918 | |||||||
Dilutive effect of non-vested stock and stock options | 160,090 | — | |||||||
Diluted weighted average shares outstanding | 19,528,050 | 19,351,918 | |||||||
The anti-dilutive effect of 664,375 and 991,551 stock options has been excluded from diluted weighted average shares outstanding for the thirteen week periods ended May 2, 2015 and May 3, 2014, respectively. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Supplemental Cash Flow Information | H. SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
The following table sets forth non-cash investing activities and other cash flow information: | |||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 3,700 | $ | 2,846 | |||||
Sales of property and equipment pursuant to sale-leaseback accounting | 4,968 | 3,802 | |||||||
Dividends payable forfeited on unvested restricted stock | — | 68 | |||||||
Other cash flow information: | |||||||||
Cash paid for interest | 891 | 1,118 | |||||||
Cash paid for income taxes | 39 | — | |||||||
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. |
Related_Party_Disclosure
Related Party Disclosure | 3 Months Ended |
2-May-15 | |
Related Party Transactions [Abstract] | |
Related Party Disclosure | I. RELATED PARTY DISCLOSURE |
The Company has a services agreement with Sun Capital Partners Management V, LLC (“Sun Capital Management”), an affiliate of private equity firm Sun Capital Partners, Inc. (“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. The Company incurred expenses of $15 thousand and $0.3 million to Sun Capital Management under the terms of the services agreement for the thirteen week periods ended May 2, 2015 and May 3, 2014, respectively. Expenses incurred during the thirteen week period ended May 3, 2014 include reimbursement payments to Sun Capital for third party professional consulting services related to the search for a chief executive officer following the retirement of our former chief executive officer during the first quarter of fiscal 2014. Additionally, the Company purchased merchandise inventories of $0.3 million and $0.4 million in the normal course of business from merchandise vendors which are Sun Capital affiliates during the thirteen week periods ended May 2, 2015 and May 3, 2014, respectively. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The condensed consolidated financial statements include the accounts of Gordmans Stores, Inc. (the “Company”) and its subsidiaries, Gordmans Intermediate Holding Corp., Gordmans, Inc., Gordmans Management Company, Inc., Gordmans Distribution Company, Inc. and Gordmans LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest January 31. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of January 31, 2015 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly our financial position and results of operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. |
Description_of_the_Business_Ta
Description of the Business (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Accounting Policies [Abstract] | |||||||||
Percentage of Revenues by Major Merchandising Category | The following table reflects the percentage of revenues by major merchandising category: | ||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Apparel | 57.9 | % | 57.1 | % | |||||
Home Fashions | 25.8 | 26.5 | |||||||
Accessories (including fragrances) | 16.3 | 16.4 | |||||||
Total | 100 | % | 100 | % | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property and Equipment | Property and equipment consist of the following: | ||||||||||||
May 2, | January 31, | May 3, | |||||||||||
2015 | 2015 | 2014 | |||||||||||
Leasehold improvements | $ | 12,404 | $ | 12,098 | $ | 10,391 | |||||||
Furniture, fixtures and equipment | 83,496 | 81,199 | 54,494 | ||||||||||
Computer software | 25,338 | 24,496 | 17,650 | ||||||||||
Capitalized leases | 2,402 | 2,402 | 1,740 | ||||||||||
Construction in progress | 5,780 | 7,731 | 25,847 | ||||||||||
129,420 | 127,926 | 110,122 | |||||||||||
Less accumulated depreciation and amortization | (40,296 | ) | (36,325 | ) | (26,838 | ) | |||||||
$ | 89,124 | $ | 91,601 | $ | 83,284 | ||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 3 Months Ended | ||||||||||||
2-May-15 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Long-Term Debt | Long-term Debt – Long-term debt consists of the following: | ||||||||||||
May 2, | January 31, | May 3, | |||||||||||
2015 | 2015 | 2014 | |||||||||||
Revolving line of credit facility | $ | 13,833 | $ | 11,034 | $ | — | |||||||
Senior term loan | 29,157 | 29,437 | 45,000 | ||||||||||
Capital lease obligations | 778 | 819 | — | ||||||||||
Total long-term debt | 43,768 | 41,290 | 45,000 | ||||||||||
Less current portion of long-term debt | (15,405 | ) | (12,463 | ) | (844 | ) | |||||||
Long-term debt, less current portion | $ | 28,363 | $ | 28,827 | $ | 44,156 | |||||||
Annual Maturities of Long-term Debt | At May 2, 2015, annual maturities of long-term debt during the next five fiscal years and thereafter were as follows: | ||||||||||||
Remainder of 2015 | $ | 1,094 | |||||||||||
2016 | 1,857 | ||||||||||||
2017 | 1,864 | ||||||||||||
2018 | 38,812 | ||||||||||||
2019 | 141 | ||||||||||||
Total long-term debt | $ | 43,768 | |||||||||||
Leases_Tables
Leases (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Leases [Abstract] | |||||||||
Future Minimum Lease Payments by Year Under Operating Leases and Future Obligations Under Non-cancelable Leases by Year | Future minimum lease payments, by year, under operating leases and future obligations under non-cancelable leases, by year, as of May 2, 2015 are as follows: | ||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Remainder of 2015 | $ | 41,855 | $ | 127 | |||||
2016 | 51,374 | 192 | |||||||
2017 | 47,759 | 192 | |||||||
2018 | 42,837 | 192 | |||||||
2019 | 38,016 | 143 | |||||||
After 2019 | 133,444 | — | |||||||
Total minimum lease payments | $ | 355,285 | 846 | ||||||
Less: capital lease amount representing interest | (68 | ) | |||||||
Present value of minimum lease payments | 778 | ||||||||
Less: current maturities of capital lease obligations | (165 | ) | |||||||
Noncurrent maturities of capital lease obligations | $ | 613 | |||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
2-May-15 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Restricted Stock Activity | A summary of restricted stock activity during the thirteen weeks ended May 2, 2015 is set forth in the table below: | ||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested, January 31, 2015 | 209,770 | $ | 6.21 | ||||||||||||||
Granted | 6,900 | 4.05 | |||||||||||||||
Non-vested, May 2, 2015 | 216,670 | $ | 6.14 | ||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity during the thirteen weeks ended May 2, 2015 is set forth in the table below: | ||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value(1) | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in Years) | |||||||||||||||||
Outstanding, January 31, 2015 | 1,326,143 | $ | 7.5 | ||||||||||||||
Granted | 25,200 | 4.05 | |||||||||||||||
Exercised | (3,150 | ) | 5.98 | ||||||||||||||
Forfeited | (19,280 | ) | 5.76 | ||||||||||||||
Outstanding, May 2, 2015 | 1,328,913 | 7.4 | 8.2 | $ | 279 | ||||||||||||
Exercisable, May 2, 2015 | 342,804 | 11.46 | 6.2 | — | |||||||||||||
Vested or expected to vest as of May 2, 2015 | 1,150,092 | 7.5 | 8.1 | 123 | |||||||||||||
-1 | The aggregate intrinsic value for stock options is the difference between the current market value of the Company’s stock as of May 2, 2015 and the option strike price. The stock price at May 2, 2015 was $7.61, which was below the weighted average exercise price for options exercisable at May 2, 2015. | ||||||||||||||||
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 the thirteen weeks ended May 2, 2015 are illustrated in the following table: | ||||||||||||||||
13 Weeks | |||||||||||||||||
Ended | |||||||||||||||||
May 2, | |||||||||||||||||
2015 | |||||||||||||||||
Risk-free interest rate | 2 | % | |||||||||||||||
Dividend yield | 2 | % | |||||||||||||||
Expected volatility | 40 | % | |||||||||||||||
Expected life (years) | 6.25 | ||||||||||||||||
Weighted average fair value of options granted | $ | 1.37 |
Earnings_Loss_Per_Share_Tables
Earnings / Loss Per Share (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Outstanding Shares Utilized in Computation of Earnings / Loss Per Share | The following is a reconciliation of the outstanding shares utilized in the computation of earnings / loss per share: | ||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Basic weighted average shares outstanding | 19,367,960 | 19,351,918 | |||||||
Dilutive effect of non-vested stock and stock options | 160,090 | — | |||||||
Diluted weighted average shares outstanding | 19,528,050 | 19,351,918 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Non-Cash Investing Activities and Other Cash Flow Information | The following table sets forth non-cash investing activities and other cash flow information: | ||||||||
13 Weeks | 13 Weeks | ||||||||
Ended | Ended | ||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchases of property and equipment in accrued expenses at the end of the period | $ | 3,700 | $ | 2,846 | |||||
Sales of property and equipment pursuant to sale-leaseback accounting | 4,968 | 3,802 | |||||||
Dividends payable forfeited on unvested restricted stock | — | 68 | |||||||
Other cash flow information: | |||||||||
Cash paid for interest | 891 | 1,118 | |||||||
Cash paid for income taxes | 39 | — |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Store | Store | |
Segment | ||
State | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of everyday value price department stores | 99 | |
Number of states in which department stores are located | 22 | |
Number of reportable segments | 1 | |
Number of new stores opened during the period | 2 | 3 |
Number of stores closed during the period | 1 |
Description_of_Business_Percen
Description of Business - Percentage of Revenues by Major Merchandising Category (Detail) (Revenues [Member], Product Concentration Risk [Member]) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Product Information [Line Items] | ||
Percentage of revenues | 100.00% | 100.00% |
Apparel [Member] | ||
Product Information [Line Items] | ||
Percentage of revenues | 57.90% | 57.10% |
Home Fashions [Member] | ||
Product Information [Line Items] | ||
Percentage of revenues | 25.80% | 26.50% |
Accessories (Including Fragrances) [Member] | ||
Product Information [Line Items] | ||
Percentage of revenues | 16.30% | 16.40% |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $129,420 | $127,926 | $110,122 |
Less accumulated depreciation and amortization | -40,296 | -36,325 | -26,838 |
Property and equipment, Net | 89,124 | 91,601 | 83,284 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 12,404 | 12,098 | 10,391 |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 83,496 | 81,199 | 54,494 |
Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 25,338 | 24,496 | 17,650 |
Capitalized Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | 2,402 | 2,402 | 1,740 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, Gross | $5,780 | $7,731 | $25,847 |
Debt_Obligations_Revolving_Lin
Debt Obligations - Revolving Line of Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended | ||
2-May-15 | 3-May-14 | Jan. 31, 2015 | |
Senior Loans [Member] | |||
Debt Instrument [Line Items] | |||
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 | 80,000,000 | ||
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 | ||
Borrowings outstanding under revolving line of credit facility | 13,800,000 | 0 | 11,000,000 |
Average borrowings during the period | 11,700,000 | 5,600,000 | |
Minimum amount of excess availability of borrowing to be maintained | 6,000,000 | ||
Availability under revolving line of credit facility | 59,500,000 | 67,800,000 | 44,100,000 |
Line of credit facility, interest rate | 3.75% | 3.75% | |
Outstanding letters of credit included in the borrowing base | 6,700,000 | 1,000,000 | 7,000,000 |
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] | Non Seasonal Period [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 2.00% | ||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Base Rate Advances [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 1.00% | ||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 1.75% | ||
Revolving Credit Facility [Member] | Non Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 0.75% | ||
Revolving Credit Facility [Member] | Seasonal Period [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 2.75% | ||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Base Rate Advances [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 1.75% | ||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 2.50% | ||
Revolving Credit Facility [Member] | Seasonal Period [Member] | Threshold [Member] | Base Rate Advances [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Basis spread on variable rate | 1.50% | ||
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) (Senior Loans [Member], USD $) | 3 Months Ended | ||
2-May-15 | Jan. 31, 2015 | 3-May-14 | |
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 | ||
Senior term loan, interest rate | 9.50% | 9.50% | 8.50% |
Increase in interest rate related to minimum liquidity test | 1.00% | ||
Indebtedness, annual limit | 15,000,000 | ||
Aggregate Indebtedness, limit | 30,000,000 | ||
Senior term loan fair value | 29,200,000 | ||
Maximum [Member] | |||
Senior Term Loan [Line Items] | |||
Minimum liquidity when coverage ratio fall below certain rate | 30,000,000 | ||
Minimum [Member] | |||
Senior Term Loan [Line Items] | |||
Minimum liquidity when coverage ratio fall below certain rate | 20,000,000 | ||
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 | ||
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 | ||
First Year [Member] | |||
Senior Term Loan [Line Items] | |||
Senior term loan , prepayment premium | 2.00% | ||
Second Year [Member] | |||
Senior Term Loan [Line Items] | |||
Senior term loan , prepayment premium | 1.00% | ||
After June 9, 2016 Through Maturity Date August 27, 2018 [Member] | |||
Senior Term Loan [Line Items] | |||
Senior term loan , prepayment premium | 0.00% | ||
Prime Rate [Member] | |||
Senior Term Loan [Line Items] | |||
Debt instrument floor rate percentage | 3.25% | ||
Debt instrument interest rate percentage | 5.25% | ||
LIBOR Rate [Member] | |||
Senior Term Loan [Line Items] | |||
Debt instrument floor rate percentage | 1.50% | ||
Debt instrument interest rate percentage | 7.00% | ||
Certain Fixed Asset [Member] | |||
Senior Term Loan [Line Items] | |||
Indebtedness, annual limit | $7,500,000 | ||
First Amendment [Member] | |||
Senior Term Loan [Line Items] | |||
Debt instrument amendment date | 9-Jun-14 | ||
Second Amendment [Member] | |||
Senior Term Loan [Line Items] | |||
Debt instrument amendment date | 14-Nov-14 |
Debt_Obligations_LongTerm_Debt
Debt Obligations - Long-Term Debt (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $43,768 | $41,290 | $45,000 |
Less current portion of long-term debt | -15,405 | -12,463 | -844 |
Long-term debt, less current portion | 28,363 | 28,827 | 44,156 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 13,833 | 11,034 | |
Senior Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 29,157 | 29,437 | 45,000 |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $778 | $819 |
Debt_Obligations_Annual_Maturi
Debt Obligations - Annual Maturities of Long-Term Debt (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Thousands, unless otherwise specified | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract] | |||
Remainder of 2015 | $1,094 | ||
2016 | 1,857 | ||
2017 | 1,864 | ||
2018 | 38,812 | ||
2019 | 141 | ||
Total long-term debt | $43,768 | $41,290 | $45,000 |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
2-May-15 | Jan. 31, 2015 | |
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. | |
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 Year Under Operating Leases and Future Obligations Under Non-cancelable Leases by Year (Detail) (USD $) | 2-May-15 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
Operating Leases, Remainder of 2015 | $41,855 |
Operating Leases, 2016 | 51,374 |
Operating Leases, 2017 | 47,759 |
Operating Leases, 2018 | 42,837 |
Operating Leases, 2019 | 38,016 |
Operating Leases, After 2019 | 133,444 |
Operating Leases, Total minimum lease payments | 355,285 |
Capital Leases, Remainder of 2015 | 127 |
Capital Leases, 2016 | 192 |
Capital Leases, 2017 | 192 |
Capital Leases, 2018 | 192 |
Capital Leases, 2019 | 143 |
Capital Leases, After 2019 | 0 |
Capital Leases, Total minimum lease payments | 846 |
Less: capital lease amount representing interest | -68 |
Present value of minimum lease payments | 778 |
Present value of minimum lease payments | 778 |
Less: current maturities of capital lease obligations | -165 |
Noncurrent maturities of capital lease obligations | $613 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise of stock options | $19,000 | |
Share based compensation expenses due to employee separation | 400,000 | |
Share based compensation expenses due to change in forfeiture rate | 100,000 | |
Employee Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average period of recognition of unrecognized compensation expense | 1 year 9 months 18 days | |
Proceeds from the exercise of stock options | 19,000 | |
Aggregate intrinsic value of stock options exercised | 6,000 | |
Exercise of stock options | 0 | |
Unrecognized compensation cost for stock options | 1,500,000 | |
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] | ||
Unrecognized compensation expense | 1,000,000 | |
Weighted average period of recognition of unrecognized compensation expense | 1 year 7 months 6 days | |
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 | |
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 | |
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 | 1,991,820 | |
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 | |
Unvested Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation Expenses | $300,000 | $200,000 |
Share_Based_Compensation_Summa
Share Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended |
2-May-15 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, January 31, 2015, Number of Shares | 209,770 |
Granted, Number of Shares | 6,900 |
Non-vested, May 2, 2015, Number of Shares | 216,670 |
Non-vested, January 31, 2015, Weighted Average Grant Date Fair Value | $6.21 |
Granted, Weighted Average Grant Date Fair Value | $4.05 |
Non-vested, May 2, 2015, Weighted Average Grant Date Fair Value | $6.14 |
Share_Based_Compensation_Summa1
Share Based Compensation - Summary of Stock Option Activity (Detail) (Employee Stock Options [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | 2-May-15 |
Employee Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, January 31, 2015, Number of Stock Options | 1,326,143 |
Granted, Number of Stock Options | 25,200 |
Exercised, Number of Stock Options | -3,150 |
Forfeited, Number of Stock Options | -19,280 |
Outstanding, May 2, 2015, Number of Stock Options | 1,328,913 |
Exercisable, May 2, 2015, Number of Stock Options | 342,804 |
Vested or expected to vest as of May 2, 2015, Number of Stock Options | 1,150,092 |
Outstanding, January 31, 2015, Weighted Average Exercise Price | $7.50 |
Granted, Weighted Average Exercise Price | $4.05 |
Exercised, Weighted Average Exercise Price | $5.98 |
Forfeited, Weighted Average Exercise Price | $5.76 |
Outstanding, May 2, 2015, Weighted Average Exercise Price | $7.40 |
Exercisable, May 2, 2015, Weighted Average Exercise Price | $11.46 |
Vested or expected to vest as of May 2, 2015, Weighted Average Exercise Price | $7.50 |
Outstanding, May 2, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 2 months 12 days |
Exercisable, May 2, 2015, Weighted Average Remaining Contractual Term (Years) | 6 years 2 months 12 days |
Vested or expected to vest as of May 2, 2015, Weighted Average Remaining Contractual Term (Years) | 8 years 1 month 6 days |
Outstanding, May 2, 2015, Aggregate Intrinsic Value | $279 |
Exercisable, May 2, 2015, Aggregate Intrinsic Value | 0 |
Vested or expected to vest as of May 2, 2015, Aggregate Intrinsic Value | $123 |
Share_Based_Compensation_Summa2
Share Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | 2-May-15 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock price | $7.61 |
Share_Based_Compensation_Weigh
Share Based Compensation - Weighted Average Assumptions Used in Applying Black-Scholes Valuation Model for Option Grants (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 2.00% |
Dividend yield | 2.00% |
Expected volatility | 40.00% |
Expected life (years) | 6 years 3 months |
Weighted average fair value of options granted | $1.37 |
Earnings_Loss_Per_Share_Reconc
Earnings / Loss Per Share - Reconciliation of Outstanding Shares Utilized in Computation of Earnings / Loss Per Share (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Earnings Per Share [Abstract] | ||
Basic weighted average shares outstanding | 19,367,960 | 19,351,918 |
Dilutive effect of non-vested stock and stock options | 160,090 | |
Diluted weighted average shares outstanding | 19,528,050 | 19,351,918 |
Earnings_Loss_Per_Share_Additi
Earnings / Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive stock options excluded from diluted weighted average shares outstanding | 664,375 | 991,551 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Non-Cash Investing Activities and Other Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment in accrued expenses at the end of the period | $3,700 | $2,846 |
Sales of property and equipment pursuant to sale-leaseback accounting | 4,968 | 3,802 |
Dividends payable forfeited on unvested restricted stock | 68 | |
Other cash flow information: | ||
Cash paid for interest | 891 | 1,118 |
Cash paid for income taxes | $39 |
Related_Party_Disclosure_Addit
Related Party Disclosure - Additional Information (Detail) (Sun Capital Management [Member], USD $) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Related Party Transaction [Line Items] | ||
Purchase merchandise inventories | $300,000 | $400,000 |
Service Agreements [Member] | ||
Related Party Transaction [Line Items] | ||
Related parties transaction expenses | $15,000 | $300,000 |