Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Apr. 02, 2014 | Aug. 02, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VRA | ' | ' |
Entity Registrant Name | 'Vera Bradley, Inc. | ' | ' |
Entity Central Index Key | '0001495320 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 40,685,249 | ' |
Entity Public Float | ' | ' | $489,409,014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $59,215 | $9,603 |
Accounts receivable, net | 27,718 | 34,811 |
Inventories | 136,923 | 131,562 |
Prepaid expenses and other current assets | 9,952 | 11,016 |
Deferred income taxes | 13,094 | 11,348 |
Total current assets | 246,902 | 198,340 |
Property, plant, and equipment, net | 84,940 | 77,211 |
Other assets | 1,085 | 1,768 |
Total assets | 332,927 | 277,319 |
Current liabilities: | ' | ' |
Accounts payable | 27,745 | 14,853 |
Accrued employment costs | 10,586 | 14,162 |
Other accrued liabilities | 20,403 | 16,532 |
Income taxes payable | 1,625 | 7,094 |
Current portion of long-term debt | 0 | 58 |
Total current liabilities | 60,359 | 52,699 |
Long-term debt | 0 | 15,037 |
Deferred income taxes | 4,643 | 6,078 |
Other long-term liabilities | 12,778 | 9,250 |
Total liabilities | 77,780 | 83,064 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock; 5,000 shares authorized, no shares issued or outstanding | ' | ' |
Common stock; without par value; 200,000 shares authorized, 40,607 and 40,563 shares issued and outstanding, respectively | ' | ' |
Additional paid-in capital | 78,153 | 75,675 |
Retained earnings | 178,002 | 119,190 |
Accumulated other comprehensive loss | -1,008 | -610 |
Total shareholders’ equity | 255,147 | 194,255 |
Total liabilities and shareholders’ equity | $332,927 | $277,319 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, without par value | ' | ' |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,606,731 | 40,563,056 |
Common stock, shares outstanding | 40,606,731 | 40,563,056 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net revenues | $536,021 | $541,148 | $460,843 |
Cost of sales | 240,589 | 232,867 | 203,220 |
Gross profit | 295,432 | 308,281 | 257,623 |
Selling, general, and administrative expenses | 205,957 | 204,412 | 169,427 |
Other income | 4,776 | 6,277 | 7,975 |
Operating income | 94,251 | 110,146 | 96,171 |
Interest expense, net | 382 | 679 | 1,147 |
Income before income taxes | 93,869 | 109,467 | 95,024 |
Income tax expense | 35,057 | 40,597 | 37,103 |
Net income | $58,812 | $68,870 | $57,921 |
Basic weighted-average shares outstanding | 40,599 | 40,536 | 40,507 |
Diluted weighted-average shares outstanding | 40,648 | 40,571 | 40,542 |
Basic net income per share (in dollars per share) | $1.45 | $1.70 | $1.43 |
Diluted net income per share (in dollars per share) | $1.45 | $1.70 | $1.43 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $58,812 | $68,870 | $57,921 |
Cumulative translation adjustment | -398 | -707 | 97 |
Comprehensive income | $58,414 | $68,163 | $58,018 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance, value at Jan. 29, 2011 | $64,322 | ' | $71,923 | ($7,601) | $0 |
Beginning balance, shares at Jan. 29, 2011 | ' | 40,506,670 | ' | ' | ' |
Net income | 57,921 | ' | ' | 57,921 | ' |
Recovery of short-swing profit | 76 | ' | 76 | ' | ' |
Translation adjustments | 97 | ' | ' | ' | 97 |
Restricted shares vested, net of repurchase for taxes, shares | ' | 50 | ' | ' | ' |
Restricted shares vested, net of repurchase for taxes | 1 | ' | 1 | ' | ' |
Stock-based compensation | 1,590 | ' | 1,590 | ' | ' |
Ending balance, value at Jan. 28, 2012 | 124,007 | ' | 73,590 | 50,320 | 97 |
Ending balance, shares at Jan. 28, 2012 | ' | 40,506,720 | ' | ' | ' |
Net income | 68,870 | ' | ' | 68,870 | ' |
Translation adjustments | -707 | ' | ' | ' | -707 |
Restricted shares vested, net of repurchase for taxes, shares | ' | 56,336 | ' | ' | ' |
Restricted shares vested, net of repurchase for taxes | -738 | ' | -738 | ' | ' |
Stock-based compensation | 2,763 | ' | 2,763 | ' | ' |
Tax related benefit of restricted stock units | 60 | ' | 60 | ' | ' |
Ending balance, value at Feb. 02, 2013 | 194,255 | ' | 75,675 | 119,190 | -610 |
Ending balance, shares at Feb. 02, 2013 | ' | 40,563,056 | ' | ' | ' |
Net income | 58,812 | ' | ' | 58,812 | ' |
Translation adjustments | -398 | ' | ' | ' | -398 |
Restricted shares vested, net of repurchase for taxes, shares | ' | 43,675 | ' | ' | ' |
Restricted shares vested, net of repurchase for taxes | -412 | ' | -412 | ' | ' |
Stock-based compensation | 2,950 | ' | 2,950 | ' | ' |
Tax related benefit of restricted stock units | -60 | ' | -60 | ' | ' |
Ending balance, value at Feb. 01, 2014 | $255,147 | ' | $78,153 | $178,002 | ($1,008) |
Ending balance, shares at Feb. 01, 2014 | ' | 40,606,731 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net income | $58,812 | $68,870 | $57,921 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of property, plant, and equipment | 15,104 | 10,834 | 9,457 |
(Recovery of) Provision for doubtful accounts | -153 | 541 | 553 |
Loss on disposal of property, plant, and equipment | 29 | 37 | 51 |
Stock-based compensation | 2,950 | 2,763 | 1,591 |
Deferred income taxes | -3,241 | -1,405 | 1,638 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 7,246 | 2,745 | -4,350 |
Inventories | -5,682 | -25,088 | -10,199 |
Other assets | 1,747 | -3,579 | 137 |
Accounts payable | 12,892 | -12,423 | -2,736 |
Income taxes payable | -5,469 | 5,389 | -8,305 |
Accrued and other liabilities | 3,629 | 2,808 | 5,758 |
Net cash provided by operating activities | 87,864 | 51,492 | 51,516 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property, plant, and equipment | -22,862 | -35,893 | -18,836 |
Net cash used in investing activities | -22,862 | -35,893 | -18,836 |
Cash flows from financing activities | ' | ' | ' |
Payments on financial-institution debt | -45,000 | -106,000 | -76,200 |
Borrowings on financial-institution debt | 30,000 | 96,000 | 34,450 |
Payments on vendor-financed debt | 0 | -89 | -83 |
Shares surrendered for tax withholding | -412 | -738 | 0 |
Other | 99 | 0 | 76 |
Net cash used in financing activities | -15,313 | -10,827 | -41,757 |
Effect of exchange rate changes on cash and cash equivalents | -77 | -91 | 46 |
Increase (decrease) in cash and cash equivalents | 49,612 | 4,681 | -9,031 |
Cash and cash equivalents, beginning of period | 9,603 | 4,922 | 13,953 |
Cash and cash equivalents, end of period | 59,215 | 9,603 | 4,922 |
Supplemental disclosure of cash-flow information | ' | ' | ' |
Income taxes paid | 42,287 | 36,743 | 43,850 |
Interest paid | $161 | $797 | $956 |
Description_of_the_Company
Description of the Company | 12 Months Ended |
Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Company | ' |
Description of the Company | |
Vera Bradley is a leading designer, producer, marketer, and retailer of stylish, highly functional accessories for women. The Company’s products include a wide offering of handbags, accessories, and travel and leisure items. The Company generates net revenues by selling products through two reportable segments: Direct and Indirect. The Direct segment consists of sales of Vera Bradley products through our 84 full-price stores, our 15 outlet stores in the United States, 13 department store locations in Japan, our websites, verabradley.com and verabradley.co.jp, and our annual outlet sale in Fort Wayne, Indiana. The Indirect business consists of sales of Vera Bradley products to approximately 3,100 specialty retailers, substantially all of which are located in the United States, as well as select department stores and third-party e-commerce sites. Except where context requires or where otherwise indicated, the terms“Vera Bradley” and “Company” refer to Vera Bradley, Inc. and its subsidiaries, including Vera Bradley Designs, Inc. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. | |
Fiscal Periods | |
The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to January 31. As such, fiscal 2014 ended on February 1, 2014 and reflected a 52-week period; fiscal 2013 and 2012 ended on February 2, 2013, and January 28, 2012, and reflected 53-week and 52-week periods, respectively. The inclusion of the 53rd week in fiscal 2013 resulted in incremental revenues of approximately $4.9 million and approximately $0.02 per diluted share. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Use of Significant Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, and expenses, as well as the disclosures relating to contingent assets and liabilities at the date of the consolidated financial statements. Significant areas requiring the use of management estimates include the valuation of inventories, accounts receivable valuation allowances, sales return allowances, and the useful lives of assets for depreciation or amortization. Actual results could differ from these estimates. The Company revises its estimates and assumptions as new information becomes available. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents represent cash on hand, deposits with financial institutions, and investments with an original maturity of three months or less. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
The Company maintains nearly all of its cash and cash equivalents with one financial institution. The Company monitors the credit standing of this financial institution on a regular basis. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Market is determined based on net realizable value, which includes costs to dispose. Appropriate consideration is given to obsolescence, excess quantities, and other factors, including the popularity of a pattern or product, in evaluating net realizable value. | |||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||
Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: | |||||||||||||||||
Buildings and building improvements .............................................. | 39.5 years | ||||||||||||||||
Land improvements ........................................................................... | 5 – 15 years | ||||||||||||||||
Furniture and fixtures, and leasehold improvements ........................ | 5 – 10 years | ||||||||||||||||
Computer equipment and software ................................................... | 3 – 5 years | ||||||||||||||||
Production equipment ....................................................................... | 7 years | ||||||||||||||||
Vehicles ............................................................................................. | 5 years | ||||||||||||||||
Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Lease terms typically range from five to ten years. | |||||||||||||||||
When a decision is made to abandon property, plant, and equipment prior to the end of the previously estimated useful life, depreciation or amortization estimates are revised to reflect the use of the asset over the shortened estimated useful life. At the time of disposal, the cost of assets sold or retired and the related accumulated depreciation or amortization are removed from the accounts and any resulting loss is included in the Consolidated Statements of Income. | |||||||||||||||||
Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined below in “Fair Value of Financial Instruments.” | |||||||||||||||||
Routine maintenance and repair costs are expensed as incurred. | |||||||||||||||||
The Company capitalizes certain costs incurred in connection with acquiring, modifying, and installing internal-use software. Capitalized costs are included in property, plant, and equipment and are amortized over three to five years. Software costs that do not meet capitalization criteria are expensed as incurred. | |||||||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||||||
Revenue from the sale of the Company’s products is recognized upon customer receipt of the product when collection of the associated receivables is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and ownership and risk of loss have been transferred to the customer, which, for e-commerce and most Indirect sales, reflects an adjustment for shipments that customers have not yet received. The adjustment of these shipments is based on actual delivery dates to the customer. | |||||||||||||||||
Included in net revenues are product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees. Costs related to shipping of product are classified in cost of sales in the Consolidated Statements of Income. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities. | |||||||||||||||||
Historical experience provides the Company the ability to estimate reasonably the amount of product sales that customers will return. Product returns are often resalable through the Company’s annual outlet sale or other channels. The Company accounts for anticipated returns by reducing net revenues, cost of sales, and accounts receivable and increasing inventories, essentially reversing the effects of the original sales transactions. Additionally, the Company reserves for other potential product credits granted to Indirect retailers. The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): | |||||||||||||||||
Balance at | Provision | Allowances | Balance at End | ||||||||||||||
Beginning of Year | Charged to | Taken | of Year | ||||||||||||||
Net Revenues | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 2,145 | $ | 30,335 | $ | (31,056 | ) | $ | 1,424 | ||||||||
Fiscal year ended February 2, 2013 | 1,807 | 28,656 | (28,318 | ) | 2,145 | ||||||||||||
Fiscal year ended January 28, 2012 | 1,265 | 20,804 | (20,262 | ) | 1,807 | ||||||||||||
The Company establishes an allowance for doubtful accounts based on historical experience and customer-specific identification and believes that collections of receivables, net of the allowance for doubtful accounts, are reasonably assured. The allowance for doubtful accounts was approximately $0.3 million and $0.7 million at February 1, 2014, and February 2, 2013, respectively. | |||||||||||||||||
The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company currently does not recognize breakage on its gift cards. | |||||||||||||||||
Cost of Sales | |||||||||||||||||
Cost of sales includes material and labor costs, freight, inventory shrinkage, operating lease costs, duty, and other operating expenses, including depreciation of the Company’s distribution center and equipment. Costs and related expenses to manufacture and distribute the products are recorded as cost of sales when the related revenues are recognized. | |||||||||||||||||
Operating Leases and Tenant-Improvement Allowances | |||||||||||||||||
The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a step-up rent liability. As of February 1, 2014 and February 2, 2013, step-up rent liability was $7.0 million and $5.5 million, respectively and is included within other accrued liabilities on the Consolidated Balance Sheets. | |||||||||||||||||
The Company receives tenant-improvement allowances from some of the landlords of its leased properties. These allowances generally are in the form of cash received by the Company from its landlords as part of the negotiated lease terms. The Company records each tenant-improvement allowance as a deferred credit and amortizes the allowance on a straight-line basis as a reduction to rent expense over the term of the lease, commencing on the possession date. As of February 1, 2014 and February 2, 2013, the deferred lease credit liability was $10.3 million and $8.5 million, respectively. Of this, $1.4 million and $1.1 million is included within other accrued liabilities and $8.9 million and $7.4 million is included within other long term liabilities as of February 1, 2014 and February 2, 2013, respectively. | |||||||||||||||||
Store Pre-Opening, Occupancy, and Operating Costs | |||||||||||||||||
The Company charges costs associated with the opening of new stores to selling, general, and administrative expenses as incurred. Selling, general, and administrative expenses also include store operating costs, store employee compensation, and store occupancy and supply costs. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company accounts for stock-based compensation using the fair-value recognition provisions of ASC 718, Stock Compensation. Under these provisions, for its awards of restricted stock and restricted-stock units, the Company recognizes stock-based compensation expense in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company recognizes this expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. | |||||||||||||||||
Other Income and Advertising Costs | |||||||||||||||||
The Company expenses advertising costs at the time the promotion first appears in media, in stores, or on the website, and includes those costs in selling, general, and administrative expenses in the Consolidated Statements of Income. The Company classifies the related recovery of a portion of such costs from Indirect retailers as other income in the Consolidated Statements of Income. | |||||||||||||||||
Total advertising expense was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 18,123 | |||||||||||||||
Fiscal year ended February 2, 2013 | 22,495 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 20,154 | ||||||||||||||||
Total recovery from Indirect retailers was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 4,483 | |||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 7,692 | ||||||||||||||||
Debt-Issuance Costs | |||||||||||||||||
During the fiscal year ended January 29, 2011, in connection with the amendment and restatement of the credit agreement (see Note 5), the Company incurred debt-issuance costs of $1.1 million and wrote off, to interest expense, $0.2 million of unamortized debt-issuance costs relating to certain portions of the original credit agreement. The Company is amortizing the remaining debt-issuance costs to interest expense over the five-year term of the amended and restated credit agreement. Debt-issuance costs, net of accumulated amortization, totaled $0.7 million at February 1, 2014, and $0.9 million at February 2, 2013, and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million, $0.2 million, and $0.3 million is included in interest expense in the Consolidated Statements of Income for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | |||||||||||||||||
•Level 1 – Quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
•Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly | |||||||||||||||||
•Level 3 – Unobservable inputs based on the Company’s own assumptions | |||||||||||||||||
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | |||||||||||||||||
The carrying amounts reflected on the Consolidated Balance Sheets for cash and cash equivalents, receivables, other current assets, and payables as of February 1, 2014, and February 2, 2013, approximated their fair values. | |||||||||||||||||
The carrying amount for the amended and restated credit agreement (“credit agreement”) approximates fair value at February 1, 2014, and February 2, 2013, as the interest rates of these borrowings fluctuate with the market. The credit agreement falls within Level 2 of the fair value hierarchy. | |||||||||||||||||
The Company has certain assets that are measured on a non-recurring basis under circumstances and events described in Note 2. The categorization of the framework to price these assets are level 3 due to subjective nature of unobservable inputs. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between the GAAP and tax bases of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted rates in effect for the years in which the differences are expected to reverse, and recognizes the effect of a change in enacted rates in the period of enactment. | |||||||||||||||||
The Company establishes liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. The Company includes in income tax expense any interest and penalties related to uncertain tax positions. |
Inventories
Inventories | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
The components of inventories were as follows (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 10,772 | $ | 19,490 | |||||
Work in process | 850 | 836 | |||||||
Finished goods | 125,301 | 111,236 | |||||||
Total inventories | $ | 136,923 | $ | 131,562 | |||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant, and Equipment | ' | ||||||||
Property, Plant, and Equipment | |||||||||
Property, plant, and equipment consisted of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 3,677 | $ | 3,261 | |||||
Building and building improvements | 31,108 | 29,163 | |||||||
Furniture, fixtures, leasehold improvements and computer equipment | 88,859 | 74,379 | |||||||
Production equipment and vehicles | 20,421 | 19,947 | |||||||
Construction in progress | 7,312 | 2,198 | |||||||
151,377 | 128,948 | ||||||||
Less: Accumulated depreciation and amortization | (66,437 | ) | (51,737 | ) | |||||
Property, plant, and equipment, net | $ | 84,940 | $ | 77,211 | |||||
Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined in Note 2. An impairment charge of $1.2 million and $0.2 million was recognized, using level 3 inputs, in the fiscal years ended February 1, 2014 and February 2, 2013, respectively, for assets related to underperforming stores and is included in selling, general, and administrative expenses in the Consolidated Statements of Income and in depreciation and amortization of property, plant, and equipment in the Consolidated Statements of Cash Flows. The Company did not record any impairment charges in fiscal 2012. | |||||||||
Depreciation and amortization expense associated with property, plant, and equipment, net of impairment charges (in thousands): | |||||||||
Fiscal year ended February 1, 2014 | $ | 13,942 | |||||||
Fiscal year ended February 2, 2013 | 10,601 | ||||||||
Fiscal year ended January 28, 2012 | 9,457 | ||||||||
Debt
Debt | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Financial-institution debt | $ | — | $ | 15,000 | |||||
Other borrowings | — | 95 | |||||||
— | 15,095 | ||||||||
Less: Current maturities | — | 58 | |||||||
$ | — | $ | 15,037 | ||||||
Credit Agreement | |||||||||
On October 4, 2010, Vera Bradley Designs, Inc. entered into an agreement to amend and restate its credit agreement with JPMorgan Chase Bank, as administrative agent, and certain other lenders. The amended and restated credit agreement provides for a revolving credit commitment of $125.0 million and matures on October 3, 2015. All borrowings under the amended and restated credit agreement are collateralized by substantially all of the Company’s assets. The credit agreement is also guaranteed by the Company. The credit agreement requires the Company to comply with various financial covenants, including a fixed charge coverage ratio of not less than 1.20 to 1.00 and a leverage ratio of not more than 3.50 to 1.00. The agreement also contains various other covenants, including restrictions on the incurrence of certain indebtedness, liens, investments, acquisitions, and asset sales. The Company was in compliance with these covenants as of February 1, 2014. | |||||||||
Borrowings under the amended and restated credit agreement bear interest at either LIBOR plus the applicable margin (ranging from 1.05% to 2.05%) or the alternate base rate (as defined in the agreement) plus the applicable margin (ranging from 0.05% to 1.05%). The applicable margin is tied to the Company’s leverage ratio. In addition, the Company is required to pay a quarterly facility fee (as defined in the agreement) ranging from 0.20% to 0.45% of the revolving credit commitment. As of February 1, 2014, the Company had borrowing availability of $125.0 million. | |||||||||
On June 1, 2012, Vera Bradley Designs, Inc. entered into an amendment to the credit agreement. The amendment extends the maturity date from October 3, 2015 to June 1, 2017. Certain permitted indebtedness covenants were also amended. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||
The components of income tax expense were as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 34,578 | $ | 38,065 | $ | 31,437 | ||||||||||||||||
Foreign | 77 | 5 | 38 | |||||||||||||||||||
State | 3,643 | 3,992 | 3,990 | |||||||||||||||||||
38,298 | 42,062 | 35,465 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | (2,540 | ) | (351 | ) | 1,591 | |||||||||||||||||
State | (701 | ) | (1,114 | ) | 47 | |||||||||||||||||
(3,241 | ) | (1,465 | ) | 1,638 | ||||||||||||||||||
Total income tax expense | $ | 35,057 | $ | 40,597 | $ | 37,103 | ||||||||||||||||
A breakdown of the Company’s income before income taxes is as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Domestic | $ | 94,975 | $ | 111,660 | $ | 96,370 | ||||||||||||||||
Foreign | (1,106 | ) | (2,193 | ) | (1,346 | ) | ||||||||||||||||
Total income before income taxes | $ | 93,869 | $ | 109,467 | $ | 95,024 | ||||||||||||||||
A reconciliation of income tax expense to the amount computed at the federal statutory rate is as follows for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012 (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Federal taxes at statutory rate | $ | 32,854 | 35 | % | $ | 38,312 | 35 | % | $ | 33,258 | 35 | % | ||||||||||
State and local income taxes, net of federal benefit | 1,912 | 2 | 1,871 | 1.7 | 2,624 | 2.8 | ||||||||||||||||
Impact of foreign operations | (71 | ) | (0.1 | ) | (111 | ) | (0.1 | ) | (75 | ) | (0.1 | ) | ||||||||||
Foreign valuation allowance | 566 | 0.6 | 885 | 0.8 | 600 | 0.6 | ||||||||||||||||
Valuation allowance on capital loss | — | — | — | — | 194 | 0.2 | ||||||||||||||||
Other | (204 | ) | (0.2 | ) | (360 | ) | (0.3 | ) | 502 | 0.5 | ||||||||||||
Total income tax expense | $ | 35,057 | 37.3 | % | $ | 40,597 | 37.1 | % | $ | 37,103 | 39 | % | ||||||||||
During fiscal year 2014, the Company continued retail operations in Japan. Since operations began in 2012, these retail activities have resulted in a loss. The Company has not recorded a tax benefit for losses incurred in fiscal year 2012, 2013, or 2014 due to the uncertainty regarding the future realizability of the tax benefit of these losses. Accordingly, a valuation allowance was recorded for the Japan entity for $0.6 million, $0.9 million and $0.6 million for fiscal year 2014, 2013 and 2012, respectively. If not used, these carryforwards will expire in fiscal year 2021, 2020 and 2019. | ||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the GAAP and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities were as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Compensation and benefits | $ | 3,860 | $ | 4,202 | ||||||||||||||||||
Inventories | 6,856 | 5,348 | ||||||||||||||||||||
Deferred credits from landlords | 6,911 | 5,082 | ||||||||||||||||||||
Foreign operating loss | 2,051 | 1,485 | ||||||||||||||||||||
Other | 3,181 | 2,330 | ||||||||||||||||||||
Subtotal deferred tax assets | 22,859 | 18,447 | ||||||||||||||||||||
Less: valuation allowances | (2,245 | ) | (1,679 | ) | ||||||||||||||||||
Total deferred tax assets | 20,614 | 16,768 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property, plant, and equipment | (10,154 | ) | (9,871 | ) | ||||||||||||||||||
Other | (2,009 | ) | (1,627 | ) | ||||||||||||||||||
Total deferred tax liabilities | (12,163 | ) | (11,498 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 8,451 | $ | 5,270 | ||||||||||||||||||
Uncertain Tax Positions | ||||||||||||||||||||||
A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (excluding interest and penalties) for the fiscal years ended February 1, 2014, and February 2, 2013, is as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 1,236 | $ | 887 | ||||||||||||||||||
Increases in unrecognized tax benefits as a result of current-year activity | 1,879 | 349 | ||||||||||||||||||||
Ending balance | $ | 3,115 | $ | 1,236 | ||||||||||||||||||
As of February 1, 2014, of the $3.1 million of total unrecognized tax benefits, $2.5 million, which is net of federal benefit, would, if recognized, favorably affect the effective tax rate in future periods. It is reasonably possible that the total unrecognized tax benefits could decrease by $0.5 million in the next twelve months. The Company recognized an immaterial amount of interest only, no penalties, related to unrecognized tax benefits in the fiscal years ended February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. Income tax returns for calendar year 2010 to present are open for examination in the federal jurisdiction and in significant state jurisdictions. Taxable income/loss in foreign jurisdictions are not material. |
Leases
Leases | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
Leases | |||||
The Company is party to non-cancellable operating leases. Future minimum lease payments under the non-cancellable operating leases through expiration are as follows (in thousands and by fiscal year): | |||||
Fiscal Year | Amount | ||||
2015 | $ | 19,855 | |||
2016 | 19,831 | ||||
2017 | 19,806 | ||||
2018 | 19,414 | ||||
2019 | 17,917 | ||||
Thereafter | 55,144 | ||||
$ | 151,967 | ||||
Rental expense for all leases was as follows (in thousands): | |||||
Fiscal year ended February 1, 2014 | $ | 24,289 | |||
Fiscal year ended February 2, 2013 | 20,609 | ||||
Fiscal year ended January 28, 2012 | 15,358 | ||||
Lease terms generally range from five to ten years with options to renew for varying terms. Future minimum lease payments relate primarily to the lease of retail space. Additionally, several lease agreements contain a provision for payments based on a percentage of sales in addition to the stated lease payments. Percentage rent was $2.5 million, $2.3 million and $1.6 million for fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | |||||
In fiscal 2014, the Company leased two of its facilities from leasing companies owned by certain shareholders and directors. The Company is currently under a month-to-month lease agreement with Milburn, LLC. Lease expense related to this arrangement, was $0.2 million in each of the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. The Company was also also under a lease agreement during ten months of fiscal 2014 with Great Dane Realty, LLC, a company owned by Barbara Bradley Baekgaard. Lease expense for fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, related to this arrangement was approximately $0.3 million, $0.5 million and $0.4 million, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||
Stock-Based Compensation | |||||||||||||||
The Company’s stock-based compensation consists of awards of restricted stock and restricted stock units. The Company recognized stock-based compensation expense of $3.0 million, $2.8 million and $1.6 million, in the fiscal years ended February 1, 2014, February 2, 2013 and January 28, 2012, respectively. | |||||||||||||||
Awards of Restricted-Stock Units | |||||||||||||||
The Company reserved 6,076,001 shares of common stock for issuance or transfer under the 2010 Equity and Incentive Plan, which allows for grants of restricted stock units as well as other equity awards. As of February 1, 2014, there were 5,675,972 of shares remaining in that program. | |||||||||||||||
During the fiscal year ended February 1, 2014, the Company granted a total of 322,218 time-based and performance-based restricted stock units to certain employees under the 2010 Equity and Incentive Plan with an aggregate fair value of $7.7 million. The Company determined the fair value of the units based on the closing price of the Company’s common stock on the grant date. | |||||||||||||||
The majority of time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Beginning in fiscal 2014, all restricted stock awards issued to non-employee Directors vest after a one-year period from grant date. The Company is recognizing the expense relating to these awards, net of estimated forfeitures, on a straight-line basis over the vesting period. | |||||||||||||||
The majority of performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout the three-year performance period and the Company’s achievement of annual net income targets during the three-year performance period. The Company is recognizing the expense relating to these units, net of estimated forfeitures and based on the probable outcome of achievement of the net income targets, on a straight-line basis over the vesting period. | |||||||||||||||
The following table summarizes information about restricted-stock units as of and for the year ended February 1, 2014 (units in thousands): | |||||||||||||||
Time-based | Performance-based | ||||||||||||||
Restricted Stock Units | Restricted Stock Units | ||||||||||||||
Number of | Weighted- | Number of | Weighted- | ||||||||||||
Units | Average | Units | Average | ||||||||||||
Grant | Grant | ||||||||||||||
Date Fair | Date Fair | ||||||||||||||
Value | Value | ||||||||||||||
(per unit) | (per unit) | ||||||||||||||
Nonvested units outstanding at February 2, 2013 | 150 | $ | 34.71 | 76 | $ | 29.62 | |||||||||
Granted | 184 | 23.79 | 138 | 23.82 | |||||||||||
Vested | (61 | ) | 35.26 | — | — | ||||||||||
Forfeited | (42 | ) | 28.91 | (54 | ) | 26.25 | |||||||||
Nonvested units outstanding at February 1, 2014 | 231 | $ | 26.92 | 160 | $ | 25.75 | |||||||||
As of February 1, 2014, there was $4.5 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted average period of 1.8 years. The total fair value of restricted stock units for which restrictions lapsed (vested) during fiscal 2014 was $1.4 million. No restricted-stock awards were granted, vested, or forfeited for the year ended February 1, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is subject to various claims and contingencies arising in the normal course of business, including those relating to product liability, legal, employee benefit, regulatory, environmental, and other matters. Management believes that it is not reasonably possible that any of these claims will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
401k_Profit_Sharing_Plan_and_T
401(k) Profit Sharing Plan and Trust | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | ' | |||
401(k) Profit Sharing Plan and Trust | ' | |||
401(k) Profit Sharing Plan and Trust | ||||
The Company has a 401(k) profit sharing plan and trust for all qualified employees and provides a 50% match of an employee’s contribution to the plan up to a maximum employer contribution of either 10% of the employee’s annual compensation or the annual legal allowable contribution limit, whichever is lower. Additionally, the Company has the option of making discretionary profit sharing payments to the plan as approved by the board of directors. As of February 1, 2014, and February 2, 2013, no discretionary profit sharing payments had been approved. Total Company contributions to the plan were as follows (in thousands): | ||||
Fiscal year ended February 1, 2014 | $ | 1,508 | ||
Fiscal year ended February 2, 2013 | 1,507 | |||
Fiscal year ended January 28, 2012 | 1,231 | |||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Related Party Transactions [Abstract] | ' | |||
Related-Party Transactions | ' | |||
Related-Party Transactions | ||||
The Company leased two of its facilities, in fiscal 2014, from leasing companies owned by certain shareholders and directors, as described further in Note 7. | ||||
In December 2013, the Company purchased land and a building, that was previously leased, from Great Dane Realty, LLC, a company owned by Barbara Bradley Baekgaard. The Board of Directors, along with independent real estate appraisers, determined the purchase price of the property, which totaled $2.4 million. This building is adjacent to the distribution center in Roanoke, Indiana. | ||||
In June 2011, the Company sold certain life insurance policies on the lives of its founders, who are also directors and officers of the Company, to the insureds at the fair market value of $0.7 million. The cash surrender value of the policies was $0.6 million, resulting in a $0.1 million gain. The cash surrender value was included in other assets prior to the sale and the gain on the sale was recorded in other income. Other life insurance policies not purchased by the insureds were terminated. | ||||
During fiscal year ended February 1, 2014, the Company made charitable contributions of approximately $1.0 million to the Vera Bradley Foundation for Breast Cancer (the “Foundation”). In fiscal years ended February 2, 2013 and January 28, 2012, the Company made charitable contributions of 10% of the net proceeds from the sale of inventory of certain designated patterns to the Foundation. The Foundation was founded by two of the Company’s directors, who are also on the board of directors of the Foundation. The liability associated with this commitment was approximately $0.4 million at both February 1, 2014 and February 2, 2013, which is included in other accrued liabilities in the Consolidated Balance Sheets. The associated expense, which is included in selling, general, and administrative expenses, was as follows (in thousands): | ||||
Fiscal year ended February 1, 2014 | $ | 982 | ||
Fiscal year ended February 2, 2013 | 982 | |||
Fiscal year ended January 28, 2012 | 1,046 | |||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic net income per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock and restricted-stock units. The components of basic and diluted net income per share are as follows (in thousands, except per share data): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 58,812 | $ | 68,870 | $ | 57,921 | |||||||
Denominator: | |||||||||||||
Weighted-average number of common shares (basic) | 40,599 | 40,536 | 40,507 | ||||||||||
Dilutive effect of stock-based awards | 49 | 35 | 35 | ||||||||||
Weighted-average number of common shares (diluted) | 40,648 | 40,571 | 40,542 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.45 | $ | 1.7 | $ | 1.43 | |||||||
Diluted | $ | 1.45 | $ | 1.7 | $ | 1.43 | |||||||
As of February 1, 2014, the amount of additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations because they were anti-dilutive was immaterial. As of February 1, 2014, there were no additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Segment Reporting | |||||||||||||
The Company has two operating segments, which are also its reportable segments, Indirect and Direct. These operating segments are components of the Company for which separate financial information is available and for which operating results are evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources and in assessing the performance of the segments. | |||||||||||||
The Indirect segment represents revenues generated through the distribution of Company-branded products to approximately 3,100 specialty Indirect retailers and department store partners across the United States. The Direct segment includes the Company’s full-price and outlet stores, department store locations in Japan, the Company’s websites, verabradley.com and verabradley.co.jp, and the annual outlet sale. Revenues generated through this segment are driven through the sale of Company-branded products from Vera Bradley to end consumers. No customer accounted for 10% or more of the Company’s net revenues during fiscal years 2014, 2013 and 2012. | |||||||||||||
Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, and various other corporate-level-activity-related expenses. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. | |||||||||||||
Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. The table below represents key financial information for each of the Company’s operating and reportable segments, Direct and Indirect. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 2. The Company does not report depreciation or amortization expense, total assets, or capital expenditures by segment as such information is neither used by management nor accounted for at the segment level. Net revenues and operating income information for the Company’s reportable segments consisted of the following (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment net revenues: | |||||||||||||
Direct | $ | 326,217 | $ | 292,564 | $ | 225,287 | |||||||
Indirect | 209,804 | 248,584 | 235,556 | ||||||||||
Total | $ | 536,021 | $ | 541,148 | $ | 460,843 | |||||||
Segment operating income: | |||||||||||||
Direct | $ | 79,877 | $ | 85,059 | $ | 68,097 | |||||||
Indirect | 84,130 | 101,059 | 93,042 | ||||||||||
Total | $ | 164,007 | $ | 186,118 | $ | 161,139 | |||||||
Reconciliation: | |||||||||||||
Segment operating income | $ | 164,007 | $ | 186,118 | $ | 161,139 | |||||||
Less: | |||||||||||||
Unallocated corporate expenses | (69,756 | ) | (75,972 | ) | (64,968 | ) | |||||||
Operating income | $ | 94,251 | $ | 110,146 | $ | 96,171 | |||||||
Sales outside of the United States were included in the Direct segment and are considered immaterial. | |||||||||||||
Revenues to external customers for Vera Bradley brand products are attributable to sales of handbags, accessories, and travel and leisure items. Other revenue to external customers primarily includes revenue from our annual outlet sale, home products, merchandising, freight, and licensing revenues. Net revenues by product category are as follows (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenues: | |||||||||||||
Handbags | $ | 208,478 | $ | 214,307 | $ | 193,861 | |||||||
Accessories | 157,132 | 167,929 | 144,575 | ||||||||||
Travel and Leisure Items | 77,390 | 77,667 | 68,385 | ||||||||||
Other | 93,021 | 81,245 | 54,022 | ||||||||||
Total | $ | 536,021 | $ | 541,148 | $ | 460,843 | |||||||
As of February 1, 2014 and February 2, 2013, substantially all of the Company’s long-lived assets were located in the United States. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||
The table below sets forth selected quarterly financial data for each of the last two fiscal years (in thousands, except per share data). Each of the quarters presented was thirteen weeks in duration, except the fourth quarter of fiscal year ended February 2, 2013, which was fourteen weeks. | |||||||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 123,033 | $ | 125,372 | $ | 130,094 | $ | 157,522 | |||||||||
Gross profit | 68,466 | 71,773 | 71,933 | 83,260 | |||||||||||||
Operating income | 15,190 | 24,067 | 24,189 | 30,805 | |||||||||||||
Net income | 9,189 | 14,951 | 15,226 | 19,446 | |||||||||||||
Basic net income per common share | 0.23 | 0.37 | 0.37 | 0.48 | |||||||||||||
Diluted net income per common share | 0.23 | 0.37 | 0.37 | 0.48 | |||||||||||||
Fiscal Year Ended February 2, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 117,201 | $ | 123,037 | $ | 138,346 | $ | 162,564 | |||||||||
Gross profit | 65,302 | 68,612 | 80,228 | 94,139 | |||||||||||||
Operating income | 20,810 | 21,799 | 27,571 | 39,966 | |||||||||||||
Net income | 12,626 | 13,373 | 17,742 | 25,129 | |||||||||||||
Basic net income per common share | 0.31 | 0.33 | 0.44 | 0.62 | |||||||||||||
Diluted net income per common share | 0.31 | 0.33 | 0.44 | 0.62 | |||||||||||||
Information in any one Quarterly period should not be considered indicative of annual results due to the effect of seasonality of the business. | |||||||||||||||||
(1) The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Description_of_the_Company_Des
Description of the Company Description of the Company (Policies) | 12 Months Ended |
Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. | |
Fiscal Period, Policy [Policy Text Block] | ' |
Fiscal Periods | |
The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to January 31. As such, fiscal 2014 ended on February 1, 2014 and reflected a 52-week period; fiscal 2013 and 2012 ended on February 2, 2013, and January 28, 2012, and reflected 53-week and 52-week periods, respectively. The inclusion of the 53rd week in fiscal 2013 resulted in incremental revenues of approximately $4.9 million and approximately $0.02 per diluted share. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Use of Significant Estimates | ' | ||||||||||||||||
Use of Significant Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, and expenses, as well as the disclosures relating to contingent assets and liabilities at the date of the consolidated financial statements. Significant areas requiring the use of management estimates include the valuation of inventories, accounts receivable valuation allowances, sales return allowances, and the useful lives of assets for depreciation or amortization. Actual results could differ from these estimates. The Company revises its estimates and assumptions as new information becomes available. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents represent cash on hand, deposits with financial institutions, and investments with an original maturity of three months or less. | |||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
The Company maintains nearly all of its cash and cash equivalents with one financial institution. The Company monitors the credit standing of this financial institution on a regular basis. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Market is determined based on net realizable value, which includes costs to dispose. Appropriate consideration is given to obsolescence, excess quantities, and other factors, including the popularity of a pattern or product, in evaluating net realizable value. | |||||||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||
Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: | |||||||||||||||||
Buildings and building improvements .............................................. | 39.5 years | ||||||||||||||||
Land improvements ........................................................................... | 5 – 15 years | ||||||||||||||||
Furniture and fixtures, and leasehold improvements ........................ | 5 – 10 years | ||||||||||||||||
Computer equipment and software ................................................... | 3 – 5 years | ||||||||||||||||
Production equipment ....................................................................... | 7 years | ||||||||||||||||
Vehicles ............................................................................................. | 5 years | ||||||||||||||||
Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Lease terms typically range from five to ten years. | |||||||||||||||||
When a decision is made to abandon property, plant, and equipment prior to the end of the previously estimated useful life, depreciation or amortization estimates are revised to reflect the use of the asset over the shortened estimated useful life. At the time of disposal, the cost of assets sold or retired and the related accumulated depreciation or amortization are removed from the accounts and any resulting loss is included in the Consolidated Statements of Income. | |||||||||||||||||
Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined below in “Fair Value of Financial Instruments.” | |||||||||||||||||
Routine maintenance and repair costs are expensed as incurred. | |||||||||||||||||
The Company capitalizes certain costs incurred in connection with acquiring, modifying, and installing internal-use software. Capitalized costs are included in property, plant, and equipment and are amortized over three to five years. Software costs that do not meet capitalization criteria are expensed as incurred. | |||||||||||||||||
Revenue Recognition and Accounts Receivable | ' | ||||||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||||||
Revenue from the sale of the Company’s products is recognized upon customer receipt of the product when collection of the associated receivables is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and ownership and risk of loss have been transferred to the customer, which, for e-commerce and most Indirect sales, reflects an adjustment for shipments that customers have not yet received. The adjustment of these shipments is based on actual delivery dates to the customer. | |||||||||||||||||
Included in net revenues are product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees. Costs related to shipping of product are classified in cost of sales in the Consolidated Statements of Income. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities. | |||||||||||||||||
Historical experience provides the Company the ability to estimate reasonably the amount of product sales that customers will return. Product returns are often resalable through the Company’s annual outlet sale or other channels. The Company accounts for anticipated returns by reducing net revenues, cost of sales, and accounts receivable and increasing inventories, essentially reversing the effects of the original sales transactions. Additionally, the Company reserves for other potential product credits granted to Indirect retailers. The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): | |||||||||||||||||
Balance at | Provision | Allowances | Balance at End | ||||||||||||||
Beginning of Year | Charged to | Taken | of Year | ||||||||||||||
Net Revenues | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 2,145 | $ | 30,335 | $ | (31,056 | ) | $ | 1,424 | ||||||||
Fiscal year ended February 2, 2013 | 1,807 | 28,656 | (28,318 | ) | 2,145 | ||||||||||||
Fiscal year ended January 28, 2012 | 1,265 | 20,804 | (20,262 | ) | 1,807 | ||||||||||||
The Company establishes an allowance for doubtful accounts based on historical experience and customer-specific identification and believes that collections of receivables, net of the allowance for doubtful accounts, are reasonably assured. The allowance for doubtful accounts was approximately $0.3 million and $0.7 million at February 1, 2014, and February 2, 2013, respectively. | |||||||||||||||||
The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. The Company currently does not recognize breakage on its gift cards. | |||||||||||||||||
Cost of Sales | ' | ||||||||||||||||
Cost of Sales | |||||||||||||||||
Cost of sales includes material and labor costs, freight, inventory shrinkage, operating lease costs, duty, and other operating expenses, including depreciation of the Company’s distribution center and equipment. Costs and related expenses to manufacture and distribute the products are recorded as cost of sales when the related revenues are recognized. | |||||||||||||||||
Operating Leases and Tenant-Improvement Allowances | ' | ||||||||||||||||
Operating Leases and Tenant-Improvement Allowances | |||||||||||||||||
The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a step-up rent liability. As of February 1, 2014 and February 2, 2013, step-up rent liability was $7.0 million and $5.5 million, respectively and is included within other accrued liabilities on the Consolidated Balance Sheets. | |||||||||||||||||
The Company receives tenant-improvement allowances from some of the landlords of its leased properties. These allowances generally are in the form of cash received by the Company from its landlords as part of the negotiated lease terms. The Company records each tenant-improvement allowance as a deferred credit and amortizes the allowance on a straight-line basis as a reduction to rent expense over the term of the lease, commencing on the possession date. | |||||||||||||||||
Store Pre-Opening, Occupancy, and Operating Costs | ' | ||||||||||||||||
Store Pre-Opening, Occupancy, and Operating Costs | |||||||||||||||||
The Company charges costs associated with the opening of new stores to selling, general, and administrative expenses as incurred. Selling, general, and administrative expenses also include store operating costs, store employee compensation, and store occupancy and supply costs. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company accounts for stock-based compensation using the fair-value recognition provisions of ASC 718, Stock Compensation. Under these provisions, for its awards of restricted stock and restricted-stock units, the Company recognizes stock-based compensation expense in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company recognizes this expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. | |||||||||||||||||
Other Income and Advertising Costs | ' | ||||||||||||||||
Other Income and Advertising Costs | |||||||||||||||||
The Company expenses advertising costs at the time the promotion first appears in media, in stores, or on the website, and includes those costs in selling, general, and administrative expenses in the Consolidated Statements of Income. The Company classifies the related recovery of a portion of such costs from Indirect retailers as other income in the Consolidated Statements of Income. | |||||||||||||||||
Total advertising expense was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 18,123 | |||||||||||||||
Fiscal year ended February 2, 2013 | 22,495 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 20,154 | ||||||||||||||||
Total recovery from Indirect retailers was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 4,483 | |||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 7,692 | ||||||||||||||||
Debt-Issuance Costs | ' | ||||||||||||||||
Debt-Issuance Costs | |||||||||||||||||
During the fiscal year ended January 29, 2011, in connection with the amendment and restatement of the credit agreement (see Note 5), the Company incurred debt-issuance costs of $1.1 million and wrote off, to interest expense, $0.2 million of unamortized debt-issuance costs relating to certain portions of the original credit agreement. The Company is amortizing the remaining debt-issuance costs to interest expense over the five-year term of the amended and restated credit agreement. Debt-issuance costs, net of accumulated amortization, totaled $0.7 million at February 1, 2014, and $0.9 million at February 2, 2013, and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million, $0.2 million, and $0.3 million is included in interest expense in the Consolidated Statements of Income for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012, respectively. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: | |||||||||||||||||
•Level 1 – Quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
•Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly | |||||||||||||||||
•Level 3 – Unobservable inputs based on the Company’s own assumptions | |||||||||||||||||
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | |||||||||||||||||
The carrying amounts reflected on the Consolidated Balance Sheets for cash and cash equivalents, receivables, other current assets, and payables as of February 1, 2014, and February 2, 2013, approximated their fair values. | |||||||||||||||||
The carrying amount for the amended and restated credit agreement (“credit agreement”) approximates fair value at February 1, 2014, and February 2, 2013, as the interest rates of these borrowings fluctuate with the market. The credit agreement falls within Level 2 of the fair value hierarchy. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between the GAAP and tax bases of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted rates in effect for the years in which the differences are expected to reverse, and recognizes the effect of a change in enacted rates in the period of enactment. | |||||||||||||||||
The Company establishes liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. The Company includes in income tax expense any interest and penalties related to uncertain tax positions. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Estimated Useful Lives | ' | ||||||||||||||||
Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: | |||||||||||||||||
Buildings and building improvements .............................................. | 39.5 years | ||||||||||||||||
Land improvements ........................................................................... | 5 – 15 years | ||||||||||||||||
Furniture and fixtures, and leasehold improvements ........................ | 5 – 10 years | ||||||||||||||||
Computer equipment and software ................................................... | 3 – 5 years | ||||||||||||||||
Production equipment ....................................................................... | 7 years | ||||||||||||||||
Vehicles ............................................................................................. | 5 years | ||||||||||||||||
Schedule of Returns and Credits Reserve and Related Activity | ' | ||||||||||||||||
The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): | |||||||||||||||||
Balance at | Provision | Allowances | Balance at End | ||||||||||||||
Beginning of Year | Charged to | Taken | of Year | ||||||||||||||
Net Revenues | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 2,145 | $ | 30,335 | $ | (31,056 | ) | $ | 1,424 | ||||||||
Fiscal year ended February 2, 2013 | 1,807 | 28,656 | (28,318 | ) | 2,145 | ||||||||||||
Fiscal year ended January 28, 2012 | 1,265 | 20,804 | (20,262 | ) | 1,807 | ||||||||||||
Schedule of Total Advertising Expense | ' | ||||||||||||||||
Total advertising expense was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 18,123 | |||||||||||||||
Fiscal year ended February 2, 2013 | 22,495 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 20,154 | ||||||||||||||||
Schedule of Total Recovery from Indirect Retailers | ' | ||||||||||||||||
Total recovery from Indirect retailers was as follows (in thousands): | |||||||||||||||||
Fiscal year ended February 1, 2014 | $ | 4,483 | |||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
Fiscal year ended January 28, 2012 | 7,692 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories were as follows (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 10,772 | $ | 19,490 | |||||
Work in process | 850 | 836 | |||||||
Finished goods | 125,301 | 111,236 | |||||||
Total inventories | $ | 136,923 | $ | 131,562 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant, and Equipment | ' | ||||||||
Property, plant, and equipment consisted of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 3,677 | $ | 3,261 | |||||
Building and building improvements | 31,108 | 29,163 | |||||||
Furniture, fixtures, leasehold improvements and computer equipment | 88,859 | 74,379 | |||||||
Production equipment and vehicles | 20,421 | 19,947 | |||||||
Construction in progress | 7,312 | 2,198 | |||||||
151,377 | 128,948 | ||||||||
Less: Accumulated depreciation and amortization | (66,437 | ) | (51,737 | ) | |||||
Property, plant, and equipment, net | $ | 84,940 | $ | 77,211 | |||||
Depreciation and Amortization Expense Associated with Property, Plant, and Equipment | ' | ||||||||
Depreciation and amortization expense associated with property, plant, and equipment, net of impairment charges (in thousands): | |||||||||
Fiscal year ended February 1, 2014 | $ | 13,942 | |||||||
Fiscal year ended February 2, 2013 | 10,601 | ||||||||
Fiscal year ended January 28, 2012 | 9,457 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
February 1, | February 2, | ||||||||
2014 | 2013 | ||||||||
Financial-institution debt | $ | — | $ | 15,000 | |||||
Other borrowings | — | 95 | |||||||
— | 15,095 | ||||||||
Less: Current maturities | — | 58 | |||||||
$ | — | $ | 15,037 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Components of Income Tax Expense | ' | |||||||||||||||||||||
The components of income tax expense were as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 34,578 | $ | 38,065 | $ | 31,437 | ||||||||||||||||
Foreign | 77 | 5 | 38 | |||||||||||||||||||
State | 3,643 | 3,992 | 3,990 | |||||||||||||||||||
38,298 | 42,062 | 35,465 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | (2,540 | ) | (351 | ) | 1,591 | |||||||||||||||||
State | (701 | ) | (1,114 | ) | 47 | |||||||||||||||||
(3,241 | ) | (1,465 | ) | 1,638 | ||||||||||||||||||
Total income tax expense | $ | 35,057 | $ | 40,597 | $ | 37,103 | ||||||||||||||||
Schedule of Company's Income Before Income Taxes | ' | |||||||||||||||||||||
A breakdown of the Company’s income before income taxes is as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Domestic | $ | 94,975 | $ | 111,660 | $ | 96,370 | ||||||||||||||||
Foreign | (1,106 | ) | (2,193 | ) | (1,346 | ) | ||||||||||||||||
Total income before income taxes | $ | 93,869 | $ | 109,467 | $ | 95,024 | ||||||||||||||||
Schedule of Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate | ' | |||||||||||||||||||||
A reconciliation of income tax expense to the amount computed at the federal statutory rate is as follows for the fiscal years ended February 1, 2014, February 2, 2013, and January 28, 2012 (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | January 28, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Federal taxes at statutory rate | $ | 32,854 | 35 | % | $ | 38,312 | 35 | % | $ | 33,258 | 35 | % | ||||||||||
State and local income taxes, net of federal benefit | 1,912 | 2 | 1,871 | 1.7 | 2,624 | 2.8 | ||||||||||||||||
Impact of foreign operations | (71 | ) | (0.1 | ) | (111 | ) | (0.1 | ) | (75 | ) | (0.1 | ) | ||||||||||
Foreign valuation allowance | 566 | 0.6 | 885 | 0.8 | 600 | 0.6 | ||||||||||||||||
Valuation allowance on capital loss | — | — | — | — | 194 | 0.2 | ||||||||||||||||
Other | (204 | ) | (0.2 | ) | (360 | ) | (0.3 | ) | 502 | 0.5 | ||||||||||||
Total income tax expense | $ | 35,057 | 37.3 | % | $ | 40,597 | 37.1 | % | $ | 37,103 | 39 | % | ||||||||||
Schedule of Components of Deferred Taxes Assets and Liabilities. | ' | |||||||||||||||||||||
Significant components of deferred tax assets and liabilities were as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Compensation and benefits | $ | 3,860 | $ | 4,202 | ||||||||||||||||||
Inventories | 6,856 | 5,348 | ||||||||||||||||||||
Deferred credits from landlords | 6,911 | 5,082 | ||||||||||||||||||||
Foreign operating loss | 2,051 | 1,485 | ||||||||||||||||||||
Other | 3,181 | 2,330 | ||||||||||||||||||||
Subtotal deferred tax assets | 22,859 | 18,447 | ||||||||||||||||||||
Less: valuation allowances | (2,245 | ) | (1,679 | ) | ||||||||||||||||||
Total deferred tax assets | 20,614 | 16,768 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property, plant, and equipment | (10,154 | ) | (9,871 | ) | ||||||||||||||||||
Other | (2,009 | ) | (1,627 | ) | ||||||||||||||||||
Total deferred tax liabilities | (12,163 | ) | (11,498 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 8,451 | $ | 5,270 | ||||||||||||||||||
Schedule of Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | ' | |||||||||||||||||||||
A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (excluding interest and penalties) for the fiscal years ended February 1, 2014, and February 2, 2013, is as follows (in thousands): | ||||||||||||||||||||||
February 1, | February 2, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 1,236 | $ | 887 | ||||||||||||||||||
Increases in unrecognized tax benefits as a result of current-year activity | 1,879 | 349 | ||||||||||||||||||||
Ending balance | $ | 3,115 | $ | 1,236 | ||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Feb. 01, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments Under the Non-Cancelable Operating Leases Through Expiration | ' | ||||
The Company is party to non-cancellable operating leases. Future minimum lease payments under the non-cancellable operating leases through expiration are as follows (in thousands and by fiscal year): | |||||
Fiscal Year | Amount | ||||
2015 | $ | 19,855 | |||
2016 | 19,831 | ||||
2017 | 19,806 | ||||
2018 | 19,414 | ||||
2019 | 17,917 | ||||
Thereafter | 55,144 | ||||
$ | 151,967 | ||||
Schedule of Rental Expense for All Leases | ' | ||||
Rental expense for all leases was as follows (in thousands): | |||||
Fiscal year ended February 1, 2014 | $ | 24,289 | |||
Fiscal year ended February 2, 2013 | 20,609 | ||||
Fiscal year ended January 28, 2012 | 15,358 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Summary of Restricted-Stock Awards and Restricted-Stock Units | ' | ||||||||||||||
The following table summarizes information about restricted-stock units as of and for the year ended February 1, 2014 (units in thousands): | |||||||||||||||
Time-based | Performance-based | ||||||||||||||
Restricted Stock Units | Restricted Stock Units | ||||||||||||||
Number of | Weighted- | Number of | Weighted- | ||||||||||||
Units | Average | Units | Average | ||||||||||||
Grant | Grant | ||||||||||||||
Date Fair | Date Fair | ||||||||||||||
Value | Value | ||||||||||||||
(per unit) | (per unit) | ||||||||||||||
Nonvested units outstanding at February 2, 2013 | 150 | $ | 34.71 | 76 | $ | 29.62 | |||||||||
Granted | 184 | 23.79 | 138 | 23.82 | |||||||||||
Vested | (61 | ) | 35.26 | — | — | ||||||||||
Forfeited | (42 | ) | 28.91 | (54 | ) | 26.25 | |||||||||
Nonvested units outstanding at February 1, 2014 | 231 | $ | 26.92 | 160 | $ | 25.75 | |||||||||
401k_Profit_Sharing_Plan_and_T1
401(k) Profit Sharing Plan and Trust (Tables) | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | ' | |||
Schedule of Total Company Contributions to Plan | ' | |||
Total Company contributions to the plan were as follows (in thousands): | ||||
Fiscal year ended February 1, 2014 | $ | 1,508 | ||
Fiscal year ended February 2, 2013 | 1,507 | |||
Fiscal year ended January 28, 2012 | 1,231 | |||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Related Party Transactions [Abstract] | ' | |||
Schedule of Related-Party Transactions Associated Expense | ' | |||
The associated expense, which is included in selling, general, and administrative expenses, was as follows (in thousands): | ||||
Fiscal year ended February 1, 2014 | $ | 982 | ||
Fiscal year ended February 2, 2013 | 982 | |||
Fiscal year ended January 28, 2012 | 1,046 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Components of Basic and Diluted Net Income Per Share | ' | ||||||||||||
The components of basic and diluted net income per share are as follows (in thousands, except per share data): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 58,812 | $ | 68,870 | $ | 57,921 | |||||||
Denominator: | |||||||||||||
Weighted-average number of common shares (basic) | 40,599 | 40,536 | 40,507 | ||||||||||
Dilutive effect of stock-based awards | 49 | 35 | 35 | ||||||||||
Weighted-average number of common shares (diluted) | 40,648 | 40,571 | 40,542 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.45 | $ | 1.7 | $ | 1.43 | |||||||
Diluted | $ | 1.45 | $ | 1.7 | $ | 1.43 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Net Revenues and Operating Income Information for Reportable Segments | ' | ||||||||||||
Net revenues and operating income information for the Company’s reportable segments consisted of the following (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Segment net revenues: | |||||||||||||
Direct | $ | 326,217 | $ | 292,564 | $ | 225,287 | |||||||
Indirect | 209,804 | 248,584 | 235,556 | ||||||||||
Total | $ | 536,021 | $ | 541,148 | $ | 460,843 | |||||||
Segment operating income: | |||||||||||||
Direct | $ | 79,877 | $ | 85,059 | $ | 68,097 | |||||||
Indirect | 84,130 | 101,059 | 93,042 | ||||||||||
Total | $ | 164,007 | $ | 186,118 | $ | 161,139 | |||||||
Reconciliation: | |||||||||||||
Segment operating income | $ | 164,007 | $ | 186,118 | $ | 161,139 | |||||||
Less: | |||||||||||||
Unallocated corporate expenses | (69,756 | ) | (75,972 | ) | (64,968 | ) | |||||||
Operating income | $ | 94,251 | $ | 110,146 | $ | 96,171 | |||||||
Net Revenues by Product Category | ' | ||||||||||||
Net revenues by product category are as follows (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
February 1, | February 2, | January 28, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenues: | |||||||||||||
Handbags | $ | 208,478 | $ | 214,307 | $ | 193,861 | |||||||
Accessories | 157,132 | 167,929 | 144,575 | ||||||||||
Travel and Leisure Items | 77,390 | 77,667 | 68,385 | ||||||||||
Other | 93,021 | 81,245 | 54,022 | ||||||||||
Total | $ | 536,021 | $ | 541,148 | $ | 460,843 | |||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Selected Quarterly Financial Data | ' | ||||||||||||||||
The table below sets forth selected quarterly financial data for each of the last two fiscal years (in thousands, except per share data). Each of the quarters presented was thirteen weeks in duration, except the fourth quarter of fiscal year ended February 2, 2013, which was fourteen weeks. | |||||||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 123,033 | $ | 125,372 | $ | 130,094 | $ | 157,522 | |||||||||
Gross profit | 68,466 | 71,773 | 71,933 | 83,260 | |||||||||||||
Operating income | 15,190 | 24,067 | 24,189 | 30,805 | |||||||||||||
Net income | 9,189 | 14,951 | 15,226 | 19,446 | |||||||||||||
Basic net income per common share | 0.23 | 0.37 | 0.37 | 0.48 | |||||||||||||
Diluted net income per common share | 0.23 | 0.37 | 0.37 | 0.48 | |||||||||||||
Fiscal Year Ended February 2, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 117,201 | $ | 123,037 | $ | 138,346 | $ | 162,564 | |||||||||
Gross profit | 65,302 | 68,612 | 80,228 | 94,139 | |||||||||||||
Operating income | 20,810 | 21,799 | 27,571 | 39,966 | |||||||||||||
Net income | 12,626 | 13,373 | 17,742 | 25,129 | |||||||||||||
Basic net income per common share | 0.31 | 0.33 | 0.44 | 0.62 | |||||||||||||
Diluted net income per common share | 0.31 | 0.33 | 0.44 | 0.62 | |||||||||||||
Information in any one Quarterly period should not be considered indicative of annual results due to the effect of seasonality of the business. | |||||||||||||||||
(1) The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Description_of_the_Company_Add
Description of the Company - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Vendor | |||
Segment | |||
Store | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of full-price stores | 84 | ' | ' |
Number of outlet stores | 15 | ' | ' |
Number of departmental stores | 13 | ' | ' |
Number of specialty retailers | 3,100 | ' | ' |
Fiscal period duration | '364 days | '371 days | '364 days |
Incremental revenues | ' | $4.90 | ' |
Incremental revenue, diluted shares | ' | $0.02 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
Significant Accounting Policies | ' | ' | ' | ' |
Allowance for doubtful accounts | $300,000 | $700,000 | ' | ' |
Deferred rent credit | 10,300,000 | 8,500,000 | ' | ' |
Debt-issuance costs | ' | ' | ' | 1,100,000 |
Wrote off, interest expense | 382,000 | 679,000 | 1,147,000 | 200,000 |
Debt instrument, term | ' | ' | ' | '5 years |
Debt-issuance costs, net of accumulated amortization | 700,000 | 900,000 | ' | ' |
Amortization expense | 200,000 | 200,000 | 300,000 | ' |
Minimum | ' | ' | ' | ' |
Significant Accounting Policies | ' | ' | ' | ' |
Lease terms, years | '5 years | ' | ' | ' |
Estimated useful lives, in years | '3 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Significant Accounting Policies | ' | ' | ' | ' |
Lease terms, years | '10 years | ' | ' | ' |
Estimated useful lives, in years | '5 years | ' | ' | ' |
Other Accrued Liabilities | ' | ' | ' | ' |
Significant Accounting Policies | ' | ' | ' | ' |
Step-up rent liability | 7,000,000 | 5,500,000 | ' | ' |
Deferred rent credit | 1,400,000 | 1,100,000 | ' | ' |
Other Long Term Liabilities | ' | ' | ' | ' |
Significant Accounting Policies | ' | ' | ' | ' |
Deferred rent credit | $8,900,000 | $7,400,000 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail) | 12 Months Ended |
Feb. 01, 2014 | |
Building and building improvements | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '39 years 6 months |
Production equipment | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '7 years |
Vehicles | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '5 years |
Minimum | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '3 years |
Minimum | Land improvements | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '5 years |
Minimum | Furniture, fixtures, and leasehold improvements | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '5 years |
Minimum | Computer equipment and software | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '3 years |
Maximum | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '5 years |
Maximum | Land improvements | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '10 years |
Maximum | Furniture, fixtures, and leasehold improvements | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '10 years |
Maximum | Computer equipment and software | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ' |
Property, plant and equipment estimated useful life | '5 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Returns and Credit Reserve and Related Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Returns and Credits Reserve | ' | ' | ' |
Balance at Beginning of Year | $2,145 | $1,807 | $1,265 |
Provision Charged to Net Revenues | 30,335 | 28,656 | 20,804 |
Allowances Taken | -31,056 | -28,318 | -20,262 |
Balance at End of Year | $1,424 | $2,145 | $1,807 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Schedule of Total Advertising Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Total advertising expense | $18,123 | $22,495 | $20,154 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Schedule of Total Recovery from Indirect Retailers (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Total recovery from indirect retailers | $4,483 | $5,984 | $7,692 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $10,772 | $19,490 |
Work in process | 850 | 836 |
Finished goods | 125,301 | 111,236 |
Total inventories | $136,923 | $131,562 |
Property_Plant_and_Equipment_S
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | $151,377,000 | $128,948,000 | ' |
Less: Accumulated depreciation and amortization | -66,437,000 | -51,737,000 | ' |
Property, plant, and equipment, net | 84,940,000 | 77,211,000 | ' |
Impairment charge | 1,200,000 | 200,000 | 0 |
Land and land improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | 3,677,000 | 3,261,000 | ' |
Building and building improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | 31,108,000 | 29,163,000 | ' |
Furniture, fixtures, leasehold improvements and computer equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | 88,859,000 | 74,379,000 | ' |
Production equipment and vehicles | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | 20,421,000 | 19,947,000 | ' |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant, and equipment, gross | $7,312,000 | $2,198,000 | ' |
Property_Plant_and_Equipment_S1
Property, Plant, and Equipment - Schedule of Depreciation and Amortization Expense Associated with Property, Plant, and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense, net of impairment charges | $13,942 | $10,601 | $9,457 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt | ' | ' |
Total long-term debt, gross | $0 | $15,095 |
Less: Current maturities | 0 | 58 |
Total long term debt, net | 0 | 15,037 |
Financial-institution debt | ' | ' |
Long-term debt | ' | ' |
Total long-term debt, gross | 0 | 15,000 |
Other borrowings | ' | ' |
Long-term debt | ' | ' |
Total long-term debt, gross | $0 | $95 |
Debt_Credit_Agreement_Detail
Debt - Credit Agreement (Detail) (Revolving Credit Commitment, USD $) | 0 Months Ended | ||
Jun. 01, 2012 | Oct. 04, 2010 | Feb. 01, 2014 | |
Debt | ' | ' | ' |
Maximum borrowing capacity under the credit agreement | ' | $125,000,000 | ' |
Credit agreement, expiration date | 3-Oct-15 | 3-Oct-15 | ' |
Available borrowing capacity under the credit agreement | ' | ' | $125,000,000 |
Minimum | ' | ' | ' |
Debt | ' | ' | ' |
Fixed charge coverage ratio | ' | 1.2 | ' |
Percentage payment of quarterly facility fee | ' | 0.20% | ' |
Maximum | ' | ' | ' |
Debt | ' | ' | ' |
Leverage ratio | ' | 3.5 | ' |
Percentage payment of quarterly facility fee | ' | 0.45% | ' |
Maximum | Amended Credit Agreement | ' | ' | ' |
Debt | ' | ' | ' |
Credit agreement, expiration date | 1-Jun-17 | ' | ' |
LIBOR Plus Applicable Margin | Minimum | ' | ' | ' |
Debt | ' | ' | ' |
LIBOR plus interest rate | ' | 1.05% | ' |
LIBOR Plus Applicable Margin | Maximum | ' | ' | ' |
Debt | ' | ' | ' |
LIBOR plus interest rate | ' | 2.05% | ' |
LIBOR Plus Alternate Base Rate | Minimum | ' | ' | ' |
Debt | ' | ' | ' |
LIBOR plus interest rate | ' | 0.05% | ' |
LIBOR Plus Alternate Base Rate | Maximum | ' | ' | ' |
Debt | ' | ' | ' |
LIBOR plus interest rate | ' | 1.05% | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Valuation allowance | $0.60 | $0.90 | $0.60 |
Portion of permanently non-deductible stock-based compensation expense associated with restricted-stock awards | 3.1 | ' | ' |
Unrecognized tax benefits, net of federal benefit | 2.5 | ' | ' |
Reasonably possible decrease to total unrecognized tax benefits in the next twelve months | $0.50 | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, Federal | $34,578 | $38,065 | $31,437 |
Current, Foreign | 77 | 5 | 38 |
Current, State | 3,643 | 3,992 | 3,990 |
Current, Total | 38,298 | 42,062 | 35,465 |
Deferred, Federal | -2,540 | -351 | 1,591 |
Deferred, State | -701 | -1,114 | 47 |
Deferred, Total | -3,241 | -1,465 | 1,638 |
Total income tax expense | $35,057 | $40,597 | $37,103 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $94,975 | $111,660 | $96,370 |
Foreign | -1,106 | -2,193 | -1,346 |
Income before income taxes | $93,869 | $109,467 | $95,024 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal taxes at statutory rate | $32,854 | $38,312 | $33,258 |
Federal taxes at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 1,912 | 1,871 | 2,624 |
State and local income taxes, net of federal benefit, percentage | 2.00% | 1.70% | 2.80% |
Impact of foreign operations | 71 | 111 | 75 |
Impact of foreign operations, percentage | -0.10% | -0.10% | -0.10% |
Foreign valuation allowance | 566 | 885 | 600 |
Foreign valuation allowance, percentage | 0.60% | 0.80% | 0.60% |
Valuation allowance on capital loss | 0 | 0 | 194 |
Valuation allowance on capital loss, percentage | 0.00% | 0.00% | 0.20% |
Other | -204 | -360 | 502 |
Other, percentage | -0.20% | -0.30% | 0.50% |
Total income tax expense | $35,057 | $40,597 | $37,103 |
Total income tax expense, percentage | 37.30% | 37.10% | 39.00% |
Income_Taxes_Schedule_of_Compo1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Compensation and benefits | $3,860 | $4,202 |
Inventories | 6,856 | 5,348 |
Deferred credits from landlords | 6,911 | 5,082 |
Foreign operating loss | 2,051 | 1,485 |
Other | 3,181 | 2,330 |
Subtotal deferred tax assets | 22,859 | 18,447 |
Less: valuation allowances | -2,245 | -1,679 |
Total deferred tax assets | 20,614 | 16,768 |
Deferred tax liabilities: | ' | ' |
Property, plant, and equipment | -10,154 | -9,871 |
Other | -2,009 | -1,627 |
Total deferred tax liabilities | -12,163 | -11,498 |
Net deferred tax assets | $8,451 | $5,270 |
Income_Taxes_Schedule_of_Recon1
Income Taxes - Schedule of Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning balance | $1,236 | $887 |
Increases in unrecognized tax benefits as a result of current-year activity | 1,879 | 349 |
Ending balance | $3,115 | $1,236 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Leases | ' | ' | ' |
Percentage rent | $2,500,000 | $2,300,000 | $1,600,000 |
Lease expense | 24,289,000 | 20,609,000 | 15,358,000 |
Milburn, LLC | ' | ' | ' |
Leases | ' | ' | ' |
Lease expense | 200,000 | 200,000 | 200,000 |
Great Dane Realty, LLC | ' | ' | ' |
Leases | ' | ' | ' |
Lease expense | $300,000 | $500,000 | $400,000 |
Minimum | ' | ' | ' |
Leases | ' | ' | ' |
Lease terms, years | '5 years | ' | ' |
Maximum | ' | ' | ' |
Leases | ' | ' | ' |
Lease terms, years | '10 years | ' | ' |
Leases_Schedule_of_Future_Mini
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases Through Expiration (Detail) (Non-Related Party, USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Non-Related Party | ' |
Schedule Of Future Minimum Rental Payments For Operating Leases | ' |
2015 | $19,855 |
2016 | 19,831 |
2017 | 19,806 |
2018 | 19,414 |
2019 | 17,917 |
Thereafter | 55,144 |
Future minimum lease payments | $151,967 |
Leases_Schedule_of_Rental_Expe
Leases - Schedule of Rental Expense for All Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Leases [Abstract] | ' | ' | ' |
Rental expense | $24,289 | $20,609 | $15,358 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
Time-based Restricted Stock Units | Performance-based Restricted Stock Units | 2010 Equity and Incentive Plan | 2010 Equity and Incentive Plan | 2010 Equity and Incentive Plan | 2010 Equity and Incentive Plan | 2010 Equity and Incentive Plan | ||||
Restricted-Stock Units | Time-based Restricted Stock Units | Performance-based Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $3 | $2.80 | $1.60 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock shares | ' | ' | ' | ' | ' | 5,675,972 | 6,076,001 | ' | ' | ' |
Restricted-stock awards/units granted in period (in shares) | ' | ' | ' | 184,000 | 138,000 | ' | ' | 322,218 | ' | ' |
Restricted-stock awards/units with an aggregate grant-date fair value | ' | ' | ' | ' | ' | ' | ' | 7.7 | ' | ' |
Award conversion ratio to common stock | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '3 years |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | 4.5 | ' | ' |
Share-based compensation over a weighted average period | ' | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' |
Share-based compensation fair value restrictions vested | ' | ' | ' | ' | ' | ' | ' | $1.40 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) (USD $) | 12 Months Ended |
Feb. 01, 2014 | |
Time-based Restricted Stock Units | ' |
Number of Units | ' |
Nonvested units outstanding, beginning balance (in shares) | 150,000 |
Granted, Number of Units (in shares) | 184,000 |
Vested, Number of Units (in shares) | -61,000 |
Forfeited, Number of Units (in shares) | -42,000 |
Nonvested units outstanding, ending balance (in shares) | 231,000 |
Weighted- Average Grant Date Fair Value (per unit) | ' |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $34.71 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $23.79 |
Vested, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $35.26 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $28.91 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $26.92 |
Performance-based Restricted Stock Units | ' |
Number of Units | ' |
Nonvested units outstanding, beginning balance (in shares) | 76,000 |
Granted, Number of Units (in shares) | 138,000 |
Vested, Number of Units (in shares) | 0 |
Forfeited, Number of Units (in shares) | -54,000 |
Nonvested units outstanding, ending balance (in shares) | 160,000 |
Weighted- Average Grant Date Fair Value (per unit) | ' |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $29.62 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $23.82 |
Vested, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $0 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $26.25 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $25.75 |
401k_Profit_Sharing_Plan_and_T2
401(k) Profit Sharing Plan and Trust - Additional information (Detail) (Deferred Compensation, Excluding Share-based Payments and Retirement Benefits, USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits | ' | ' |
Percentage of maximum contribution to the plan | 50.00% | ' |
Percentage of maximum contribution by employee | 10.00% | ' |
Discretionary profit sharing payments | $0 | $0 |
401k_Profit_Sharing_Plan_and_T3
401(k) Profit Sharing Plan and Trust - Schedule of Total Company Contributions to Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | ' | ' | ' |
Total company contribution to the plan | $1,508 | $1,507 | $1,231 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
facility | |||||
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Related Party Transaction, Number of Leased Facilities | ' | ' | 2 | ' | ' |
Related party transaction, purchases from related party | $2.40 | ' | ' | ' | ' |
Fair market value of life insurance policies | ' | 0.7 | ' | ' | ' |
Cash surrender value of life insurance policies | ' | 0.6 | ' | ' | ' |
Gain on sale life insurance policies | ' | 0.1 | ' | ' | ' |
Related party transaction, amounts of transaction | ' | ' | 1 | ' | ' |
Percentage of charitable contributions made by company | ' | ' | ' | 10.00% | 10.00% |
Liability associated with related-party transactions commitment | ' | ' | $0.40 | $0.40 | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Related-Party Transactions Associated Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' |
Related-party transactions associated expense included in selling, general, and administrative expenses | $982 | $982 | $1,046 |
Earnings_Per_Share_Components_
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $19,446 | [1] | $15,226 | $14,951 | $9,189 | $25,129 | $17,742 | $13,373 | $12,626 | $58,812 | $68,870 | $57,921 |
Weighted-average number of common shares (basic) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 40,599 | 40,536 | 40,507 | |
Dilutive effect of stock-based awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 35 | 35 | |
Weighted-average number of common shares (diluted) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 40,648 | 40,571 | 40,542 | |
Basic (in dollars per share) | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.62 | $0.44 | $0.33 | $0.31 | $1.45 | $1.70 | $1.43 |
Diluted (in dollars per share) | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.62 | $0.44 | $0.33 | $0.31 | $1.45 | $1.70 | $1.43 |
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Segment_Reporting_Detail
Segment Reporting (Detail) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Vendor | customer | customer | |
customer | |||
Segment | |||
Revenue, Major Customer | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | ' | ' |
Number of operating segments | 2 | ' | ' |
Number of specialty retailers | 3,100 | ' | ' |
Number of customers exceeding threshold | 0 | 0 | 0 |
Segment_Reporting_Schedule_of_
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $157,522 | [1] | $130,094 | $125,372 | $123,033 | $162,564 | $138,346 | $123,037 | $117,201 | $536,021 | $541,148 | $460,843 |
Operating income | 30,805 | [1] | 24,189 | 24,067 | 15,190 | 39,966 | 27,571 | 21,799 | 20,810 | 94,251 | 110,146 | 96,171 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 536,021 | 541,148 | 460,843 | |
Segment operating income | ' | ' | ' | ' | ' | ' | ' | ' | 164,007 | 186,118 | 161,139 | |
Operating Segments | Direct | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 326,217 | 292,564 | 225,287 | |
Segment operating income | ' | ' | ' | ' | ' | ' | ' | ' | 79,877 | 85,059 | 68,097 | |
Operating Segments | Indirect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 209,804 | 248,584 | 235,556 | |
Segment operating income | ' | ' | ' | ' | ' | ' | ' | ' | 84,130 | 101,059 | 93,042 | |
Corporate, Non-Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unallocated corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($69,756) | ($75,972) | ($64,968) | |
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Segment_Reporting_Net_Revenue_
Segment Reporting - Net Revenue By Product Category (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Net revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $157,522 | [1] | $130,094 | $125,372 | $123,033 | $162,564 | $138,346 | $123,037 | $117,201 | $536,021 | $541,148 | $460,843 |
Handbags | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 208,478 | 214,307 | 193,861 | |
Accessories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 157,132 | 167,929 | 144,575 | |
Travel and Leisure Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 77,390 | 77,667 | 68,385 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $93,021 | $81,245 | $54,022 | |
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Schedule of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $157,522,000 | [1] | $130,094,000 | $125,372,000 | $123,033,000 | $162,564,000 | $138,346,000 | $123,037,000 | $117,201,000 | $536,021,000 | $541,148,000 | $460,843,000 |
Gross profit | 83,260,000 | [1] | 71,933,000 | 71,773,000 | 68,466,000 | 94,139,000 | 80,228,000 | 68,612,000 | 65,302,000 | 295,432,000 | 308,281,000 | 257,623,000 |
Operating income | 30,805,000 | [1] | 24,189,000 | 24,067,000 | 15,190,000 | 39,966,000 | 27,571,000 | 21,799,000 | 20,810,000 | 94,251,000 | 110,146,000 | 96,171,000 |
Net income | 19,446,000 | [1] | 15,226,000 | 14,951,000 | 9,189,000 | 25,129,000 | 17,742,000 | 13,373,000 | 12,626,000 | 58,812,000 | 68,870,000 | 57,921,000 |
Basic net income per share (in dollars per share) | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.62 | $0.44 | $0.33 | $0.31 | $1.45 | $1.70 | $1.43 |
Diluted net income per share (in dollars per share) | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.62 | $0.44 | $0.33 | $0.31 | $1.45 | $1.70 | $1.43 |
Inventory write-down | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |