Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 31, 2015 | Aug. 02, 2014 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VRA | ||
Entity Registrant Name | Vera Bradley, Inc. | ||
Entity Central Index Key | 1495320 | ||
Current Fiscal Year End Date | -30 | ||
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 | 39,838,067 | ||
Entity Public Float | $423,045,084 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $112,292 | $59,215 |
Accounts receivable, net | 31,374 | 29,174 |
Inventories | 98,403 | 136,923 |
Income taxes receivable | 3,208 | 0 |
Prepaid expenses and other current assets | 9,100 | 9,952 |
Deferred income taxes | 13,320 | 13,094 |
Total current assets | 267,697 | 248,358 |
Property, plant, and equipment, net | 109,003 | 84,940 |
Other assets | 584 | 1,085 |
Total assets | 377,284 | 334,383 |
Current liabilities: | ||
Accounts payable | 32,906 | 27,745 |
Accrued employment costs | 14,595 | 10,586 |
Other accrued liabilities | 15,548 | 14,891 |
Income taxes payable | 0 | 1,625 |
Total current liabilities | 63,049 | 54,847 |
Deferred income taxes | 5,297 | 4,643 |
Other long-term liabilities | 24,467 | 19,746 |
Total liabilities | 92,813 | 79,236 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock; 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, without par value; 200,000 shares authorized, 40,695 and 40,607 shares issued and 40,074 and 40,607 outstanding, respectively | 0 | 0 |
Additional paid-in capital | 80,992 | 78,153 |
Retained earnings | 216,451 | 178,002 |
Accumulated other comprehensive loss | -15 | -1,008 |
Treasury stock | -12,957 | 0 |
Total shareholders’ equity | 284,471 | 255,147 |
Total liabilities and shareholders’ equity | $377,284 | $334,383 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
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 | 40,695,295 | 40,606,731 |
Common stock, shares outstanding | 40,074,310 | 40,606,731 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net revenues | $508,990 | $530,896 | $535,667 |
Cost of sales | 239,981 | 238,684 | 231,135 |
Gross profit | 269,009 | 292,212 | 304,532 |
Selling, general, and administrative expenses | 208,675 | 201,231 | 197,139 |
Other income | 3,736 | 4,776 | 6,277 |
Operating income | 64,070 | 95,757 | 113,670 |
Interest expense, net | 407 | 571 | 679 |
Income from continuing operations before income taxes | 63,663 | 95,186 | 112,991 |
Income tax expense | 22,828 | 35,057 | 40,597 |
Income from continuing operations | 40,835 | 60,129 | 72,394 |
Loss from discontinued operations, net of taxes | -2,386 | -1,317 | -3,524 |
Net income | $38,449 | $58,812 | $68,870 |
Basic weighted-average shares outstanding | 40,568 | 40,599 | 40,536 |
Diluted weighted-average shares outstanding | 40,632 | 40,648 | 40,571 |
Net income (loss) per share - basic | |||
Continuing operations, basic (in dollars per share) | $1.01 | $1.48 | $1.79 |
Discontinued operations, basic (in dollars per share) | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Basic (in dollars per share) | $0.95 | $1.45 | $1.70 |
Net income (loss) per share - diluted | |||
Continuing operations, diluted (in dollars per share) | $1 | $1.48 | $1.78 |
Discontinued operations, diluted (in dollars per share) | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Diluted (in dollars per share) | $0.95 | $1.45 | $1.70 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $38,449 | $58,812 | $68,870 |
Cumulative translation adjustment | -3 | -398 | -707 |
Comprehensive income | $38,446 | $58,414 | $68,163 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance, value at Jan. 28, 2012 | $124,007 | $73,590 | $50,320 | $97 | ||
Beginning 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 | |||||
Net income | 38,449 | 38,449 | ||||
Translation adjustments | 993 | 993 | ||||
Restricted shares vested, net of repurchase for taxes, shares | 88,564 | |||||
Restricted shares vested, net of repurchase for taxes | -674 | -674 | ||||
Stock-based compensation | 3,513 | 3,513 | ||||
Tax related benefit of restricted stock units | 0 | 0 | ||||
Treasury stock purchased, shares | -620,985 | 620,985 | ||||
Treasury stock purchased | -12,957 | -12,957 | ||||
Ending balance, value at Jan. 31, 2015 | $284,471 | $80,992 | $216,451 | ($15) | ($12,957) | |
Ending balance, shares at Jan. 31, 2015 | 40,074,310 | 620,985 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Cash flows from operating activities | |||
Net income | $38,449 | $58,812 | $68,870 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property, plant, and equipment | 15,216 | 15,104 | 10,834 |
Provision for doubtful accounts | -148 | -153 | 541 |
Loss on disposal of property, plant, and equipment | 21 | 29 | 37 |
Stock-based compensation | 3,513 | 2,950 | 2,763 |
Deferred income taxes | 428 | -3,241 | -1,405 |
Discontinued operations | 996 | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | -2,052 | 7,933 | 2,409 |
Inventories | 38,520 | -5,682 | -25,088 |
Prepaid expenses and other assets | 1,353 | 1,747 | -3,579 |
Accounts payable | 2,873 | 12,892 | -12,423 |
Income taxes | -4,833 | -5,469 | 5,389 |
Accrued and other liabilities | 9,476 | 2,942 | 3,144 |
Net cash provided by operating activities | 103,812 | 87,864 | 51,492 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | -37,128 | -22,862 | -35,893 |
Net cash used in investing activities | -37,128 | -22,862 | -35,893 |
Cash flows from financing activities | |||
Payments on financial-institution debt | 0 | -45,000 | -106,000 |
Borrowings on financial-institution debt | 0 | 30,000 | 96,000 |
Payments on vendor-financed debt | 0 | 0 | -89 |
Tax withholdings for equity compensation | -674 | -412 | -738 |
Repurchase of common stock | -12,841 | 0 | |
Other financing activities, net | -89 | 99 | |
Net cash used in financing activities | -13,604 | -15,313 | -10,827 |
Effect of exchange rate changes on cash and cash equivalents | -3 | -77 | -91 |
Net increase in cash and cash equivalents | 53,077 | 49,612 | 4,681 |
Cash and cash equivalents, beginning of period | 59,215 | 9,603 | 4,922 |
Cash and cash equivalents, end of period | 112,292 | 59,215 | 9,603 |
Supplemental disclosure of cash-flow information | |||
Income taxes paid | 25,957 | 42,287 | 36,743 |
Interest paid | 275 | 161 | 797 |
Supplemental disclosure of non-cash activity | |||
Repurchase of common stock incurred but not yet paid | 116 | 0 | 0 |
Property, plant, and equipment expenditures incurred but not yet paid | $2,172 | $0 | $0 |
Description_of_the_Company
Description of the Company | 12 Months Ended |
Jan. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company | Description of the Company |
Vera Bradley is a leading designer of women’s handbags and accessories, luggage and travel items, eyewear, and stationery and gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s iconic designs and versatile styles offer women of all ages a colorful way to accessorize every look. | |
Vera Bradley offers a unique, multi-channel sales model, as well as a focus on service and a high level of customer engagement. The Company sells its products through two reportable segments: Direct and Indirect. The Direct business consists of sales of Vera Bradley products through the Company’s full-line and factory outlet stores in the United States, verabradley.com, direct-to-consumer eBay sales, and the Company's annual outlet sale in Fort Wayne, Indiana. As of January 31, 2015, the Company operated 96 full-line stores and 29 factory outlet stores. The Indirect business consists of sales of Vera Bradley products to approximately 2,700 specialty retail locations, substantially all of which are located in the United States, as well as department stores, national accounts, third party e-commerce sites, the Company's wholesale business in Japan, and third party inventory liquidation. | |
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 year 2015 ended on January 31, 2015, and reflected a 52-week period; fiscal year 2014 ended on February 1, 2014, and reflected a 52-week period; fiscal year 2013 ended on February 2, 2013, and reflected a 53-week period. 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 | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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. | |||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. | |||||||||||||||||
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 reasonably estimate 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 and cost of sales and increasing inventories and other accrued liabilities, 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 January 31, 2015 | $ | 1,424 | $ | 30,140 | $ | (29,391 | ) | $ | 2,173 | ||||||||
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 | ||||||||||||
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 at both January 31, 2015, and February 1, 2014. | |||||||||||||||||
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. In addition, the Company recognizes revenue on unredeemed gift cards when the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The Company determined the gift card breakage rate based on historical redemption patterns. During the fiscal year ended January 31, 2015, the Company recorded $1.4 million of revenue related to gift card breakage. Gift card breakage is included in net sales in the Consolidated Statements of Income, as well as Direct segment sales; however, it is not included in the comparable sales figures. | |||||||||||||||||
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 deferred rent liability. As of January 31, 2015 and February 1, 2014, deferred rent liability was $8.9 million and $7.0 million, respectively, and is included within other long-term 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 January 31, 2015 and February 1, 2014, the deferred lease credit liability was $13.8 million and $10.3 million, respectively. Of this, $1.8 million and $1.4 million is included within other accrued liabilities and $12.0 million and $8.9 million is included within other long-term liabilities on the Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014, 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 Accounting Standards Codification 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. During fiscal 2015, the Company began classifying other costs included within selling, general, and administrative expenses in the Consolidated Statements of Income as advertising expense. The advertising expense below was recast for prior years for comparative purposes. | |||||||||||||||||
Total advertising expense was as follows (in thousands): | |||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 28,936 | |||||||||||||||
Fiscal year ended February 1, 2014 | 29,722 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 34,861 | ||||||||||||||||
Total recovery from Indirect retailers was as follows (in thousands): | |||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 3,509 | |||||||||||||||
Fiscal year ended February 1, 2014 | 4,483 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
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 $0.5 million at January 31, 2015, and $0.7 million at February 1, 2014, and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million is included in interest expense in the Consolidated Statements of Income for each of the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013. | |||||||||||||||||
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 January 31, 2015, and February 1, 2014, approximated their fair values. | |||||||||||||||||
The carrying amount for the credit agreement approximates fair value at January 31, 2015, and February 1, 2014, 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 4. 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 book 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. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance states that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also requires additional disclosures regarding individually significant disposals of components that do not meet the criteria to be recognized as a discontinued operation as well as additional and expanded disclosures. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015; it is applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect this standard to have a material impact on the Company's consolidated financial statements upon adoption. | |||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective beginning in fiscal 2017, and early adoption is not permitted. The standard allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. The guidance is effective for annual or interim reporting periods beginning on or after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The standard allows for either a full retrospective or modified retrospective transition method. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. |
Inventories
Inventories | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
The components of inventories were as follows (in thousands): | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 5,542 | $ | 10,772 | |||||
Work in process | 470 | 850 | |||||||
Finished goods | 92,391 | 125,301 | |||||||
Total inventories | $ | 98,403 | $ | 136,923 | |||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant, and Equipment | Property, Plant, and Equipment | ||||||||
Property, plant, and equipment consisted of the following (in thousands): | |||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 5,867 | $ | 3,677 | |||||
Building and building improvements | 45,423 | 31,108 | |||||||
Furniture, fixtures, leasehold improvements and computer equipment | 109,087 | 88,859 | |||||||
Production equipment and vehicles | 20,850 | 20,421 | |||||||
Construction in progress | 7,054 | 7,312 | |||||||
188,281 | 151,377 | ||||||||
Less: Accumulated depreciation and amortization | (79,278 | ) | (66,437 | ) | |||||
Property, plant, and equipment, net | $ | 109,003 | $ | 84,940 | |||||
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 $0.4 million, $1.2 million and $0.2 million was recognized, using level 3 inputs, in the fiscal years ended January 31, 2015, 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. | |||||||||
Depreciation and amortization expense associated with property, plant, and equipment, excluding impairment charges and discontinued operations (in thousands): | |||||||||
Fiscal year ended January 31, 2015 | $ | 14,425 | |||||||
Fiscal year ended February 1, 2014 | 13,242 | ||||||||
Fiscal year ended February 2, 2013 | 10,009 | ||||||||
Debt
Debt | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
As of January 31, 2015 and February 1, 2014, the Company had borrowing availability of $125.0 million under the amended and restated credit agreement. | |
Amended and Restated Credit Agreement | |
On October 4, 2010, Vera Bradley Designs, Inc., our wholly owned subsidiary, entered into an agreement to amend and restate its credit agreement with JPMorgan Chase Bank, as administrative agent, and certain other lenders. The credit agreement provides for a revolving credit commitment of $125.0 million. On June 1, 2012, Vera Bradley Designs, Inc., entered into an amendment to the credit agreement that extended the maturity date from October 3, 2015, to June 1, 2017. Certain permitted indebtedness covenants were also amended. All borrowings under the credit agreement are collateralized by substantially all of our 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. We were in compliance with these covenants as of January 31, 2015. The agreement includes customary events of default (subject to cure and notice periods), including failure to pay any principal obligations when due and payable, failure to pay any interest or fee when due and payable, failure to provide notice to the lenders of any event of default, among others. | |
Borrowings under the 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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||
The components of income tax expense were as follows (in thousands): | ||||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 20,715 | $ | 34,578 | $ | 38,065 | ||||||||||||||||
Foreign | 54 | 77 | 5 | |||||||||||||||||||
State | 1,631 | 3,643 | 3,992 | |||||||||||||||||||
22,400 | 38,298 | 42,062 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | (19 | ) | (2,540 | ) | (351 | ) | ||||||||||||||||
State | 447 | (701 | ) | (1,114 | ) | |||||||||||||||||
428 | (3,241 | ) | (1,465 | ) | ||||||||||||||||||
Total income tax expense | $ | 22,828 | $ | 35,057 | $ | 40,597 | ||||||||||||||||
A breakdown of the Company’s income from continuing operations before income taxes is as follows (in thousands): | ||||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Domestic | $ | 63,445 | $ | 94,877 | $ | 112,972 | ||||||||||||||||
Foreign | 218 | 309 | 19 | |||||||||||||||||||
Total income from continuing operations before income taxes | $ | 63,663 | $ | 95,186 | $ | 112,991 | ||||||||||||||||
A reconciliation of income tax expense to the amount computed at the federal statutory rate is as follows for the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013 (in thousands): | ||||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Federal taxes at statutory rate | $ | 22,282 | 35 | % | $ | 33,315 | 35 | % | $ | 39,547 | 35 | % | ||||||||||
State and local income taxes, net of federal benefit | 1,350 | 2.2 | 1,912 | 3 | 1,871 | 1.7 | ||||||||||||||||
Other | (804 | ) | (1.3 | ) | (170 | ) | (1.2 | ) | (821 | ) | (0.8 | ) | ||||||||||
Total income tax expense | $ | 22,828 | 35.9 | % | $ | 35,057 | 36.8 | % | $ | 40,597 | 35.9 | % | ||||||||||
During the third quarter of fiscal 2015, the Company discontinued retail operations in Japan. The above information consists of continuing operations only. Since operations began in 2012, these retail activities have resulted in a loss. At the beginning of fiscal 2015, the Company made an election for tax purposes to treat the Japan operations as a branch thereby causing the Japan activity to be taxed in the United States. All net operating losses in Japan are expected to be utilized. The valuation allowance previously recorded for Japan was released; however, net tax expense on current operations offset the release as recorded in discontinued operations. | ||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the book and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities were as follows (in thousands): | ||||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Compensation and benefits | $ | 5,070 | $ | 3,860 | ||||||||||||||||||
Inventories | 5,174 | 6,856 | ||||||||||||||||||||
Deferred credits from landlords | 9,095 | 6,911 | ||||||||||||||||||||
Foreign operating loss | — | 2,051 | ||||||||||||||||||||
Other | 3,120 | 3,181 | ||||||||||||||||||||
Subtotal deferred tax assets | 22,459 | 22,859 | ||||||||||||||||||||
Less: valuation allowances | (194 | ) | (2,245 | ) | ||||||||||||||||||
Total deferred tax assets | 22,265 | 20,614 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property, plant, and equipment | (12,085 | ) | (10,154 | ) | ||||||||||||||||||
Other | (2,157 | ) | (2,009 | ) | ||||||||||||||||||
Total deferred tax liabilities | (14,242 | ) | (12,163 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 8,023 | $ | 8,451 | ||||||||||||||||||
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 January 31, 2015, and February 1, 2014, is as follows (in thousands): | ||||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Beginning balance | $ | 3,115 | $ | 1,236 | ||||||||||||||||||
Net (decreases) increases in unrecognized tax benefits as a result of current year activity | (97 | ) | 1,879 | |||||||||||||||||||
Ending balance | $ | 3,018 | $ | 3,115 | ||||||||||||||||||
As of January 31, 2015, of the $3.0 million of total unrecognized tax benefits, $2.4 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 January 31, 2015, and February 1, 2014. | ||||||||||||||||||||||
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 2011 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 | ||||
Jan. 31, 2015 | |||||
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 | ||||
2016 | $ | 25,463 | |||
2017 | 25,505 | ||||
2018 | 25,241 | ||||
2019 | 23,817 | ||||
2020 | 22,055 | ||||
Thereafter | 69,130 | ||||
$ | 191,211 | ||||
Rental expense for all leases, excluding discontinued operations, was as follows (in thousands): | |||||
Fiscal year ended January 31, 2015 | $ | 25,198 | |||
Fiscal year ended February 1, 2014 | 22,563 | ||||
Fiscal year ended February 2, 2013 | 18,736 | ||||
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 $1.9 million, $2.5 million and $2.3 million for fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013, respectively. | |||||
During seven months of fiscal 2015, the Company leased one of its facilities from leasing companies owned by certain shareholders and directors. Lease expense related to this arrangement was $0.1 million for fiscal year ended January 31, 2015, and $0.2 million for fiscal years ended February 1, 2014, and February 2, 2013. The Company was also under a lease agreement during fiscal 2014 and fiscal 2013 with Great Dane Realty, LLC, a company owned by Barbara Bradley Baekgaard. Lease expense for fiscal years ended February 1, 2014, and February 2, 2013, related to this arrangement was $0.3 million and $0.5 million, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
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 $3.5 million, $3.0 million and $2.8 million in the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013, 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 January 31, 2015, there were 5,422,145 of shares remaining in that program. | |||||||||||||||
During the fiscal year ended January 31, 2015, the Company granted a total of 288,991 time-based and performance-based restricted stock units to certain employees under the 2010 Equity and Incentive Plan with an aggregate fair value of $7.5 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 January 31, 2015 (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 1, 2014 | 231 | $ | 26.92 | 160 | $ | 25.75 | |||||||||
Granted | 177 | 25.55 | 112 | 26.94 | |||||||||||
Vested | (114 | ) | 26.43 | — | — | ||||||||||
Forfeited | (46 | ) | 25.95 | (55 | ) | 26.16 | |||||||||
Nonvested units outstanding at January 31, 2015 | 248 | $ | 26.34 | 217 | $ | 26.26 | |||||||||
As of January 31, 2015, there was $4.9 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 1.6 years. The total fair value of restricted stock units for which restrictions lapsed (vested) during fiscal 2015 was $3.0 million. No restricted-stock awards were granted, vested, or forfeited for the year ended January 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
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 | |||
Jan. 31, 2015 | ||||
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 January 31, 2015, and February 1, 2014, no discretionary profit sharing payments had been approved. Total Company contributions to the plan, excluding discontinued operations, were as follows (in thousands): | ||||
Fiscal year ended January 31, 2015 | $ | 2,394 | ||
Fiscal year ended February 1, 2014 | 1,505 | |||
Fiscal year ended February 2, 2013 | 1,501 | |||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Related Party Transactions [Abstract] | ||||
Related-Party Transactions | Related-Party Transactions | |||
The Company leased one of its facilities in fiscal 2015 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. | ||||
During fiscal year ended January 31, 2015 and February 1, 2014, the Company made charitable contributions of approximately $0.8 million and $1.0 million, respectively, to the Vera Bradley Foundation for Breast Cancer (the “Foundation”). In the fiscal year ended February 2, 2013, 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 commitments to the Foundation was approximately $0.1 million and $0.4 million as of January 31, 2015 and February 1, 2014, respectively. This liability 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 January 31, 2015 | $ | 750 | ||
Fiscal year ended February 1, 2014 | 982 | |||
Fiscal year ended February 2, 2013 | 982 | |||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 40,835 | $ | 60,129 | $ | 72,394 | |||||||
Loss from discontinued operations, net of taxes | (2,386 | ) | (1,317 | ) | (3,524 | ) | |||||||
Net income | $ | 38,449 | $ | 58,812 | $ | 68,870 | |||||||
Denominator: | |||||||||||||
Weighted-average number of common shares (basic) | 40,568 | 40,599 | 40,536 | ||||||||||
Dilutive effect of stock-based awards | 64 | 49 | 35 | ||||||||||
Weighted-average number of common shares (diluted) | 40,632 | 40,648 | 40,571 | ||||||||||
Earnings per share - basic: | |||||||||||||
Continuing operations | $ | 1.01 | $ | 1.48 | $ | 1.79 | |||||||
Discontinued operations | (0.06 | ) | (0.03 | ) | (0.09 | ) | |||||||
Net income | $ | 0.95 | $ | 1.45 | $ | 1.7 | |||||||
Earnings per share - diluted: | |||||||||||||
Continuing operations | $ | 1 | $ | 1.48 | $ | 1.78 | |||||||
Discontinued operations | (0.06 | ) | (0.03 | ) | (0.09 | ) | |||||||
Net income | $ | 0.95 | $ | 1.45 | $ | 1.7 | |||||||
As of January 31, 2015, 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 January 31, 2015, there were no additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations. |
Common_Stock
Common Stock | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Common Stock | Common Stock |
On September 9, 2014, the Company’s board of directors approved a share repurchase program (the “2014 Share Repurchase Program”) authorizing up to $40.0 million of repurchases of shares of the Company's common stock. The 2014 Share Repurchase Program expires in October 2016. | |
The Company purchased and held 620,985 shares at an average price of $20.87 per share, excluding commissions, for an aggregate amount of $13.0 million during the fiscal year ended January 31, 2015. As of January 31, 2015, there was $27.0 million remaining available to repurchase shares of the Company's common stock under the 2014 Share Repurchase Program. | |
The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan or for other corporate purposes. Further purchases will occur from time to time as market conditions warrant and as the Company deems appropriate when judged against alternative uses of cash. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||
On June 4, 2014, the Company entered into a five-year agreement with Mitsubishi Corporation Fashion Company and Look Inc. to import and distribute Vera Bradley products in Japan. As a result of moving to this wholesale business model, the Company exited its direct business in Japan during the third quarter of fiscal 2015 and the results of operations are reported as discontinued operations. Japan results were previously reported in the Direct segment, which has been restated to exclude the results of the discontinued operations for the periods presented. Following are the Japan results of operations (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net revenues | $ | 2,963 | $ | 5,125 | $ | 5,481 | |||||||
Cost of sales | 1,470 | 1,905 | 1,732 | ||||||||||
Gross profit | 1,493 | 3,220 | 3,749 | ||||||||||
Selling, general, and administrative expenses | 2,985 | 4,537 | 7,273 | ||||||||||
Operating loss | (1,492 | ) | (1,317 | ) | (3,524 | ) | |||||||
Loss on disposal from discontinued operations(1) | (1,769 | ) | — | — | |||||||||
Loss before income taxes | (3,261 | ) | (1,317 | ) | (3,524 | ) | |||||||
Income tax benefit | (875 | ) | — | — | |||||||||
Loss from discontinued operations | $ | (2,386 | ) | $ | (1,317 | ) | $ | (3,524 | ) | ||||
(1) Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
Refer to Note 16, “Restructuring.” |
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring | Restructuring | |||||||||||||||
On March 10, 2015, the Company announced that it plans to close its manufacturing facility located in New Haven, Indiana (metropolitan Fort Wayne) beginning early in fiscal 2016, unless business conditions necessitate earlier action. Currently, approximately 5% of the Company’s products are manufactured in this facility, and approximately 250 associates are employed there. The Company began manufacturing in this facility in 2009. | ||||||||||||||||
The Company incurred charges of approximately $3.0 million ($1.9 million after tax) relating to the facility closing in the fourth quarter of the fiscal year ended January 31, 2015, primarily related to raw materials inventory write-downs. These charges are reflected in cost of sales in the Company's Consolidated Financial Statements. | ||||||||||||||||
The Company expects to incur restructuring and other charges in the first quarter of the fiscal year ending January 30, 2016 estimated to be between $6.0 million to $7.0 million ($3.8 million to $4.5 million after tax), related to the facility closing and other cost saving measures. These charges are estimated to include lease termination costs of approximately $2.5 million, severance and benefit costs of approximately $2.3 million, accelerated depreciation related to fixed assets of approximately $0.8 million and other associated costs of approximately $0.9 million. Management expects that the plant closure will reduce operating costs by approximately $12.0 million annually beginning in the fourth quarter of fiscal 2016. All production from the facility will be absorbed by the Company’s third party manufacturing suppliers. | ||||||||||||||||
A summary of charges and related liabilities, associated with the plant closure, are as follows (in thousands): | ||||||||||||||||
Inventory-Related Charges | Lease Termination Costs | Severance and Benefits Costs | Other (1) | |||||||||||||
Fiscal 2015 charges | $ | 2,989 | $ | — | $ | — | $ | 7 | ||||||||
Cash payments | — | — | — | — | ||||||||||||
Non-cash charges | (2,989 | ) | — | — | (7 | ) | ||||||||||
Liability as of January 31, 2015 | $ | — | $ | — | $ | — | $ | — | ||||||||
(1) Includes accelerated depreciation related to fixed assets and other plant closing costs. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||
The Company has two operating segments, which are also its reportable segments: Direct and Indirect. 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 Direct segment includes the Company’s full-line and factory outlet stores, the Company’s website, verabradley.com, direct-to-consumer eBay sales, 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. The Company exited its direct Japan operations in the third quarter of fiscal 2015. Direct segment results for the current and prior periods presented are reported on a continuing operations basis unless otherwise stated. Discontinued operations are described further in Note 14. | |||||||||||||
The Indirect segment represents revenues generated through the distribution of Company-branded products to specialty retailers representing approximately 2,700 locations, substantially all of which are located in the United States, as well as select department stores, national accounts, third party e-commerce sites, the Company's wholesale business in Japan, and third-party inventory liquidation. No customer accounted for 10% or more of the Company’s net revenues during fiscal years 2015, 2014 and 2013. | |||||||||||||
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 | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Segment net revenues: | |||||||||||||
Direct | $ | 335,602 | $ | 321,092 | $ | 287,083 | |||||||
Indirect | 173,388 | 209,804 | 248,584 | ||||||||||
Total | $ | 508,990 | $ | 530,896 | $ | 535,667 | |||||||
Segment operating income: | |||||||||||||
Direct | $ | 74,099 | $ | 81,194 | $ | 88,583 | |||||||
Indirect | 66,213 | 84,130 | 101,059 | ||||||||||
Total | $ | 140,312 | $ | 165,324 | $ | 189,642 | |||||||
Reconciliation: | |||||||||||||
Segment operating income | $ | 140,312 | $ | 165,324 | $ | 189,642 | |||||||
Less: | |||||||||||||
Unallocated corporate expenses | (76,242 | ) | (69,567 | ) | (75,972 | ) | |||||||
Operating income | $ | 64,070 | $ | 95,757 | $ | 113,670 | |||||||
Sales outside of the United States were excluded from the Direct segment, for all periods presented, due to the Japan operations being discontinued in the third quarter of fiscal 2015. | |||||||||||||
Revenues to external customers for Vera Bradley brand products are attributable to sales of bags, accessories, travel and home items. Other revenues to external customers primarily include revenues from our apparel/footwear, stationery, merchandising, freight, licensing, and gift card breakage. The net revenues by product category below were recast for prior years for comparative purposes. | |||||||||||||
Net revenues by product categories are as follows (in thousands): | |||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net revenues: | |||||||||||||
Bags | $ | 230,978 | $ | 223,699 | $ | 222,984 | |||||||
Accessories | 116,031 | 133,605 | 143,946 | ||||||||||
Travel | 109,112 | 116,251 | 116,576 | ||||||||||
Home | 17,721 | 20,270 | 18,162 | ||||||||||
Other | 35,148 | 37,071 | 33,999 | ||||||||||
Total | $ | 508,990 | $ | 530,896 | $ | 535,667 | |||||||
As of January 31, 2015 and February 1, 2014, substantially all of the Company’s long-lived assets were located in the United States. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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. | |||||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 112,197 | $ | 118,960 | $ | 125,204 | $ | 152,629 | |||||||||
Gross profit | 59,755 | 63,444 | 65,768 | 80,042 | |||||||||||||
Operating income | 11,287 | 13,246 | 13,604 | 25,933 | |||||||||||||
Income from continuing operations | 6,877 | 7,894 | 8,721 | 17,343 | |||||||||||||
Loss from discontinued operations, net of taxes | (310 | ) | (296 | ) | (1,780 | ) | — | ||||||||||
Net income | 6,567 | 7,598 | 6,941 | 17,343 | |||||||||||||
Net income (loss) per share - basic | |||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.19 | $ | 0.21 | $ | 0.43 | |||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||
Net income | $ | 0.16 | $ | 0.19 | $ | 0.17 | $ | 0.43 | |||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.19 | $ | 0.21 | $ | 0.43 | |||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||
Net income | $ | 0.16 | $ | 0.19 | $ | 0.17 | $ | 0.43 | |||||||||
(1) The Quarterly financial data reflects gift card breakage revenue of $1.4 million. See Note 2 for additional information. | |||||||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 121,559 | $ | 123,969 | $ | 128,949 | $ | 156,419 | |||||||||
Gross profit | 67,474 | 70,864 | 71,239 | 82,635 | |||||||||||||
Operating income | 15,410 | 24,383 | 24,701 | 31,263 | |||||||||||||
Income from continuing operations | 9,346 | 15,222 | 15,657 | 19,904 | |||||||||||||
Loss from discontinued operations, net of taxes | (157 | ) | (271 | ) | (431 | ) | (458 | ) | |||||||||
Net income | 9,189 | 14,951 | 15,226 | 19,446 | |||||||||||||
Net income (loss) per share - basic | |||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.37 | $ | 0.39 | $ | 0.49 | |||||||||
Discontinued operations | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net income | $ | 0.23 | $ | 0.37 | $ | 0.37 | $ | 0.48 | |||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.37 | $ | 0.39 | $ | 0.49 | |||||||||
Discontinued operations | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net income | $ | 0.23 | $ | 0.37 | $ | 0.37 | $ | 0.48 | |||||||||
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_Pol
Description of the Company (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
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 year 2015 ended on January 31, 2015, and reflected a 52-week period; fiscal year 2014 ended on February 1, 2014, and reflected a 52-week period; fiscal year 2013 ended on February 2, 2013, and reflected a 53-week period. 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 | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 reasonably estimate 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 and cost of sales and increasing inventories and other accrued liabilities, 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 January 31, 2015 | $ | 1,424 | $ | 30,140 | $ | (29,391 | ) | $ | 2,173 | ||||||||
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 | ||||||||||||
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 at both January 31, 2015, and February 1, 2014. | |||||||||||||||||
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. | |||||||||||||||||
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 deferred rent liability. As of January 31, 2015 and February 1, 2014, deferred rent liability was $8.9 million and $7.0 million, respectively, and is included within other long-term 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 Accounting Standards Codification 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. During fiscal 2015, the Company began classifying other costs included within selling, general, and administrative expenses in the Consolidated Statements of Income as advertising expense. The advertising expense below was recast for prior years for comparative purposes. | |||||||||||||||||
Total advertising expense was as follows (in thousands): | |||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 28,936 | |||||||||||||||
Fiscal year ended February 1, 2014 | 29,722 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 34,861 | ||||||||||||||||
Total recovery from Indirect retailers was as follows (in thousands): | |||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 3,509 | |||||||||||||||
Fiscal year ended February 1, 2014 | 4,483 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
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 $0.5 million at January 31, 2015, and $0.7 million at February 1, 2014, and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million is included in interest expense in the Consolidated Statements of Income for each of the fiscal years ended January 31, 2015, February 1, 2014, and February 2, 2013. | |||||||||||||||||
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 January 31, 2015, and February 1, 2014, approximated their fair values. | |||||||||||||||||
The carrying amount for the credit agreement approximates fair value at January 31, 2015, and February 1, 2014, 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 book 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. | |||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance states that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also requires additional disclosures regarding individually significant disposals of components that do not meet the criteria to be recognized as a discontinued operation as well as additional and expanded disclosures. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015; it is applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect this standard to have a material impact on the Company's consolidated financial statements upon adoption. | |||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective beginning in fiscal 2017, and early adoption is not permitted. The standard allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. The guidance is effective for annual or interim reporting periods beginning on or after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The standard allows for either a full retrospective or modified retrospective transition method. The Company does not expect this standard to have an impact on the Company’s consolidated financial statements upon adoption. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 January 31, 2015 | $ | 1,424 | $ | 30,140 | $ | (29,391 | ) | $ | 2,173 | ||||||||
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 | ||||||||||||
Schedule of Total Advertising Expense | Total advertising expense was as follows (in thousands): | ||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 28,936 | |||||||||||||||
Fiscal year ended February 1, 2014 | 29,722 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 34,861 | ||||||||||||||||
Schedule of Total Recovery from Indirect Retailers | Total recovery from Indirect retailers was as follows (in thousands): | ||||||||||||||||
Fiscal year ended January 31, 2015 | $ | 3,509 | |||||||||||||||
Fiscal year ended February 1, 2014 | 4,483 | ||||||||||||||||
Fiscal year ended February 2, 2013 | 5,984 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories were as follows (in thousands): | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 5,542 | $ | 10,772 | |||||
Work in process | 470 | 850 | |||||||
Finished goods | 92,391 | 125,301 | |||||||
Total inventories | $ | 98,403 | $ | 136,923 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following (in thousands): | ||||||||
January 31, | February 1, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 5,867 | $ | 3,677 | |||||
Building and building improvements | 45,423 | 31,108 | |||||||
Furniture, fixtures, leasehold improvements and computer equipment | 109,087 | 88,859 | |||||||
Production equipment and vehicles | 20,850 | 20,421 | |||||||
Construction in progress | 7,054 | 7,312 | |||||||
188,281 | 151,377 | ||||||||
Less: Accumulated depreciation and amortization | (79,278 | ) | (66,437 | ) | |||||
Property, plant, and equipment, net | $ | 109,003 | $ | 84,940 | |||||
Depreciation and Amortization Expense Associated with Property, Plant, and Equipment | Depreciation and amortization expense associated with property, plant, and equipment, excluding impairment charges and discontinued operations (in thousands): | ||||||||
Fiscal year ended January 31, 2015 | $ | 14,425 | |||||||
Fiscal year ended February 1, 2014 | 13,242 | ||||||||
Fiscal year ended February 2, 2013 | 10,009 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Jan. 31, 2015 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Components of Income Tax Expense | The components of income tax expense were as follows (in thousands): | |||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 20,715 | $ | 34,578 | $ | 38,065 | ||||||||||||||||
Foreign | 54 | 77 | 5 | |||||||||||||||||||
State | 1,631 | 3,643 | 3,992 | |||||||||||||||||||
22,400 | 38,298 | 42,062 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | (19 | ) | (2,540 | ) | (351 | ) | ||||||||||||||||
State | 447 | (701 | ) | (1,114 | ) | |||||||||||||||||
428 | (3,241 | ) | (1,465 | ) | ||||||||||||||||||
Total income tax expense | $ | 22,828 | $ | 35,057 | $ | 40,597 | ||||||||||||||||
Schedule of Company's Income Before Income Taxes | A breakdown of the Company’s income from continuing operations before income taxes is as follows (in thousands): | |||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Domestic | $ | 63,445 | $ | 94,877 | $ | 112,972 | ||||||||||||||||
Foreign | 218 | 309 | 19 | |||||||||||||||||||
Total income from continuing operations before income taxes | $ | 63,663 | $ | 95,186 | $ | 112,991 | ||||||||||||||||
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 January 31, 2015, February 1, 2014, and February 2, 2013 (in thousands): | |||||||||||||||||||||
January 31, | February 1, | February 2, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Federal taxes at statutory rate | $ | 22,282 | 35 | % | $ | 33,315 | 35 | % | $ | 39,547 | 35 | % | ||||||||||
State and local income taxes, net of federal benefit | 1,350 | 2.2 | 1,912 | 3 | 1,871 | 1.7 | ||||||||||||||||
Other | (804 | ) | (1.3 | ) | (170 | ) | (1.2 | ) | (821 | ) | (0.8 | ) | ||||||||||
Total income tax expense | $ | 22,828 | 35.9 | % | $ | 35,057 | 36.8 | % | $ | 40,597 | 35.9 | % | ||||||||||
Schedule of Components of Deferred Taxes Assets and Liabilities. | Significant components of deferred tax assets and liabilities were as follows (in thousands): | |||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Compensation and benefits | $ | 5,070 | $ | 3,860 | ||||||||||||||||||
Inventories | 5,174 | 6,856 | ||||||||||||||||||||
Deferred credits from landlords | 9,095 | 6,911 | ||||||||||||||||||||
Foreign operating loss | — | 2,051 | ||||||||||||||||||||
Other | 3,120 | 3,181 | ||||||||||||||||||||
Subtotal deferred tax assets | 22,459 | 22,859 | ||||||||||||||||||||
Less: valuation allowances | (194 | ) | (2,245 | ) | ||||||||||||||||||
Total deferred tax assets | 22,265 | 20,614 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property, plant, and equipment | (12,085 | ) | (10,154 | ) | ||||||||||||||||||
Other | (2,157 | ) | (2,009 | ) | ||||||||||||||||||
Total deferred tax liabilities | (14,242 | ) | (12,163 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 8,023 | $ | 8,451 | ||||||||||||||||||
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 January 31, 2015, and February 1, 2014, is as follows (in thousands): | |||||||||||||||||||||
January 31, | February 1, | |||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Beginning balance | $ | 3,115 | $ | 1,236 | ||||||||||||||||||
Net (decreases) increases in unrecognized tax benefits as a result of current year activity | (97 | ) | 1,879 | |||||||||||||||||||
Ending balance | $ | 3,018 | $ | 3,115 | ||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
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 | ||||
2016 | $ | 25,463 | |||
2017 | 25,505 | ||||
2018 | 25,241 | ||||
2019 | 23,817 | ||||
2020 | 22,055 | ||||
Thereafter | 69,130 | ||||
$ | 191,211 | ||||
Schedule of Rental Expense for All Leases | Rental expense for all leases, excluding discontinued operations, was as follows (in thousands): | ||||
Fiscal year ended January 31, 2015 | $ | 25,198 | |||
Fiscal year ended February 1, 2014 | 22,563 | ||||
Fiscal year ended February 2, 2013 | 18,736 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Jan. 31, 2015 | |||||||||||||||
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 January 31, 2015 (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 1, 2014 | 231 | $ | 26.92 | 160 | $ | 25.75 | |||||||||
Granted | 177 | 25.55 | 112 | 26.94 | |||||||||||
Vested | (114 | ) | 26.43 | — | — | ||||||||||
Forfeited | (46 | ) | 25.95 | (55 | ) | 26.16 | |||||||||
Nonvested units outstanding at January 31, 2015 | 248 | $ | 26.34 | 217 | $ | 26.26 | |||||||||
401k_Profit_Sharing_Plan_and_T1
401(k) Profit Sharing Plan and Trust (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | ||||
Schedule of Total Company Contributions to Plan | Total Company contributions to the plan, excluding discontinued operations, were as follows (in thousands): | |||
Fiscal year ended January 31, 2015 | $ | 2,394 | ||
Fiscal year ended February 1, 2014 | 1,505 | |||
Fiscal year ended February 2, 2013 | 1,501 | |||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
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 January 31, 2015 | $ | 750 | ||
Fiscal year ended February 1, 2014 | 982 | |||
Fiscal year ended February 2, 2013 | 982 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 40,835 | $ | 60,129 | $ | 72,394 | |||||||
Loss from discontinued operations, net of taxes | (2,386 | ) | (1,317 | ) | (3,524 | ) | |||||||
Net income | $ | 38,449 | $ | 58,812 | $ | 68,870 | |||||||
Denominator: | |||||||||||||
Weighted-average number of common shares (basic) | 40,568 | 40,599 | 40,536 | ||||||||||
Dilutive effect of stock-based awards | 64 | 49 | 35 | ||||||||||
Weighted-average number of common shares (diluted) | 40,632 | 40,648 | 40,571 | ||||||||||
Earnings per share - basic: | |||||||||||||
Continuing operations | $ | 1.01 | $ | 1.48 | $ | 1.79 | |||||||
Discontinued operations | (0.06 | ) | (0.03 | ) | (0.09 | ) | |||||||
Net income | $ | 0.95 | $ | 1.45 | $ | 1.7 | |||||||
Earnings per share - diluted: | |||||||||||||
Continuing operations | $ | 1 | $ | 1.48 | $ | 1.78 | |||||||
Discontinued operations | (0.06 | ) | (0.03 | ) | (0.09 | ) | |||||||
Net income | $ | 0.95 | $ | 1.45 | $ | 1.7 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Discontinued Operations | Following are the Japan results of operations (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net revenues | $ | 2,963 | $ | 5,125 | $ | 5,481 | |||||||
Cost of sales | 1,470 | 1,905 | 1,732 | ||||||||||
Gross profit | 1,493 | 3,220 | 3,749 | ||||||||||
Selling, general, and administrative expenses | 2,985 | 4,537 | 7,273 | ||||||||||
Operating loss | (1,492 | ) | (1,317 | ) | (3,524 | ) | |||||||
Loss on disposal from discontinued operations(1) | (1,769 | ) | — | — | |||||||||
Loss before income taxes | (3,261 | ) | (1,317 | ) | (3,524 | ) | |||||||
Income tax benefit | (875 | ) | — | — | |||||||||
Loss from discontinued operations | $ | (2,386 | ) | $ | (1,317 | ) | $ | (3,524 | ) | ||||
(1) Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of Restructuring Costs | A summary of charges and related liabilities, associated with the plant closure, are as follows (in thousands): | |||||||||||||||
Inventory-Related Charges | Lease Termination Costs | Severance and Benefits Costs | Other (1) | |||||||||||||
Fiscal 2015 charges | $ | 2,989 | $ | — | $ | — | $ | 7 | ||||||||
Cash payments | — | — | — | — | ||||||||||||
Non-cash charges | (2,989 | ) | — | — | (7 | ) | ||||||||||
Liability as of January 31, 2015 | $ | — | $ | — | $ | — | $ | — | ||||||||
(1) Includes accelerated depreciation related to fixed assets and other plant closing costs. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Segment net revenues: | |||||||||||||
Direct | $ | 335,602 | $ | 321,092 | $ | 287,083 | |||||||
Indirect | 173,388 | 209,804 | 248,584 | ||||||||||
Total | $ | 508,990 | $ | 530,896 | $ | 535,667 | |||||||
Segment operating income: | |||||||||||||
Direct | $ | 74,099 | $ | 81,194 | $ | 88,583 | |||||||
Indirect | 66,213 | 84,130 | 101,059 | ||||||||||
Total | $ | 140,312 | $ | 165,324 | $ | 189,642 | |||||||
Reconciliation: | |||||||||||||
Segment operating income | $ | 140,312 | $ | 165,324 | $ | 189,642 | |||||||
Less: | |||||||||||||
Unallocated corporate expenses | (76,242 | ) | (69,567 | ) | (75,972 | ) | |||||||
Operating income | $ | 64,070 | $ | 95,757 | $ | 113,670 | |||||||
Net Revenues by Product Category | Net revenues by product categories are as follows (in thousands): | ||||||||||||
Fiscal Year Ended | |||||||||||||
January 31, | February 1, | February 2, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net revenues: | |||||||||||||
Bags | $ | 230,978 | $ | 223,699 | $ | 222,984 | |||||||
Accessories | 116,031 | 133,605 | 143,946 | ||||||||||
Travel | 109,112 | 116,251 | 116,576 | ||||||||||
Home | 17,721 | 20,270 | 18,162 | ||||||||||
Other | 35,148 | 37,071 | 33,999 | ||||||||||
Total | $ | 508,990 | $ | 530,896 | $ | 535,667 | |||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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. | ||||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 112,197 | $ | 118,960 | $ | 125,204 | $ | 152,629 | |||||||||
Gross profit | 59,755 | 63,444 | 65,768 | 80,042 | |||||||||||||
Operating income | 11,287 | 13,246 | 13,604 | 25,933 | |||||||||||||
Income from continuing operations | 6,877 | 7,894 | 8,721 | 17,343 | |||||||||||||
Loss from discontinued operations, net of taxes | (310 | ) | (296 | ) | (1,780 | ) | — | ||||||||||
Net income | 6,567 | 7,598 | 6,941 | 17,343 | |||||||||||||
Net income (loss) per share - basic | |||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.19 | $ | 0.21 | $ | 0.43 | |||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||
Net income | $ | 0.16 | $ | 0.19 | $ | 0.17 | $ | 0.43 | |||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.19 | $ | 0.21 | $ | 0.43 | |||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||
Net income | $ | 0.16 | $ | 0.19 | $ | 0.17 | $ | 0.43 | |||||||||
(1) The Quarterly financial data reflects gift card breakage revenue of $1.4 million. See Note 2 for additional information. | |||||||||||||||||
Fiscal Year Ended February 1, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter(1) | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Net revenues | $ | 121,559 | $ | 123,969 | $ | 128,949 | $ | 156,419 | |||||||||
Gross profit | 67,474 | 70,864 | 71,239 | 82,635 | |||||||||||||
Operating income | 15,410 | 24,383 | 24,701 | 31,263 | |||||||||||||
Income from continuing operations | 9,346 | 15,222 | 15,657 | 19,904 | |||||||||||||
Loss from discontinued operations, net of taxes | (157 | ) | (271 | ) | (431 | ) | (458 | ) | |||||||||
Net income | 9,189 | 14,951 | 15,226 | 19,446 | |||||||||||||
Net income (loss) per share - basic | |||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.37 | $ | 0.39 | $ | 0.49 | |||||||||
Discontinued operations | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net income | $ | 0.23 | $ | 0.37 | $ | 0.37 | $ | 0.48 | |||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Continuing operations | $ | 0.23 | $ | 0.37 | $ | 0.39 | $ | 0.49 | |||||||||
Discontinued operations | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||
Net income | $ | 0.23 | $ | 0.37 | $ | 0.37 | $ | 0.48 | |||||||||
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
location | |||
Segment | |||
Store | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | 2 | ||
Number Of Full Line Stores | 96 | ||
Number of outlet stores | 29 | ||
Number of specialty retail locations | 2,700 | ||
Fiscal period duration | 364 days | 364 days | 371 days |
Incremental revenues | $4.90 | ||
Incremental revenue, diluted shares | $0.02 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 29, 2011 | |
Significant Accounting Policies | |||||
Allowance for doubtful accounts | $300,000 | $300,000 | $300,000 | ||
Revenue recorded related to gift card breakage | 1,400,000 | 1,400,000 | |||
Deferred rent credit | 13,800,000 | 13,800,000 | 10,300,000 | ||
Debt-issuance costs | 1,100,000 | ||||
Wrote off, interest expense | 407,000 | 571,000 | 679,000 | 200,000 | |
Debt instrument, term | 5 years | ||||
Debt-issuance costs, net of accumulated amortization | 500,000 | 500,000 | 700,000 | ||
Amortization expense | 200,000 | 200,000 | 200,000 | ||
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 | |||||
Deferred Rent Liability | 8,900,000 | 8,900,000 | 7,000,000 | ||
Deferred rent credit | 1,800,000 | 1,800,000 | 1,400,000 | ||
Other Long Term Liabilities | |||||
Significant Accounting Policies | |||||
Deferred rent credit | $12,000,000 | $12,000,000 | $8,900,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Allowance for doubtful accounts | 0.3 | $0.30 |
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Returns and Credits Reserve | |||
Balance at Beginning of Year | $1,424 | $2,145 | $1,807 |
Provision Charged to Net Revenues | 30,140 | 30,335 | 28,656 |
Allowances Taken | -29,391 | -31,056 | -28,318 |
Balance at End of Year | $2,173 | $1,424 | $2,145 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Schedule of Total Advertising Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accounting Policies [Abstract] | |||
Total advertising expense | $28,936 | $29,722 | $34,861 |
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Accounting Policies [Abstract] | |||
Total recovery from indirect retailers | $3,509 | $4,483 | $5,984 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $5,542 | $10,772 |
Work in process | 470 | 850 |
Finished goods | 92,391 | 125,301 |
Total inventories | $98,403 | $136,923 |
Property_Plant_and_Equipment_S
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | $188,281,000 | $151,377,000 | |
Less: Accumulated depreciation and amortization | -79,278,000 | -66,437,000 | |
Property, plant, and equipment, net | 109,003,000 | 84,940,000 | |
Impairment charge | 400,000 | 1,200,000 | 200,000 |
Land and land improvements | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 5,867,000 | 3,677,000 | |
Building and building improvements | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 45,423,000 | 31,108,000 | |
Furniture, fixtures, leasehold improvements and computer equipment | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 109,087,000 | 88,859,000 | |
Production equipment and vehicles | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 20,850,000 | 20,421,000 | |
Construction in progress | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | $7,054,000 | $7,312,000 |
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense, excluding impairment charges and discontinued operations | $14,425 | $13,242 | $10,009 |
Debt_Credit_Agreement_Detail
Debt - Credit Agreement (Detail) (USD $) | 0 Months Ended | ||
Oct. 04, 2010 | Jan. 31, 2015 | Feb. 01, 2014 | |
Debt | |||
Available borrowing capacity under the credit agreement | $125,000,000 | $125,000,000 | |
Revolving Credit Commitment | |||
Debt | |||
Maximum borrowing capacity under the credit agreement | 125,000,000 | ||
Revolving Credit Commitment | Minimum | |||
Debt | |||
Fixed charge coverage ratio | 1.2 | ||
Percentage payment of quarterly facility fee | 0.20% | ||
Revolving Credit Commitment | Maximum | |||
Debt | |||
Leverage ratio | 3.5 | ||
Percentage payment of quarterly facility fee | 0.45% | ||
LIBOR Plus Applicable Margin | Revolving Credit Commitment | Minimum | |||
Debt | |||
LIBOR plus interest rate | 1.05% | ||
LIBOR Plus Applicable Margin | Revolving Credit Commitment | Maximum | |||
Debt | |||
LIBOR plus interest rate | 2.05% | ||
LIBOR Plus Alternate Base Rate | Revolving Credit Commitment | Minimum | |||
Debt | |||
LIBOR plus interest rate | 0.05% | ||
LIBOR Plus Alternate Base Rate | Revolving Credit Commitment | Maximum | |||
Debt | |||
LIBOR plus interest rate | 1.05% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $3,018,000 | $3,115,000 | $1,236,000 |
Unrecognized tax benefits, net of federal benefit | 2,400,000 | ||
Reasonably possible decrease to total unrecognized tax benefits in the next twelve months | $500,000 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $20,715 | $34,578 | $38,065 |
Current, Foreign | 54 | 77 | 5 |
Current, State | 1,631 | 3,643 | 3,992 |
Current, Total | 22,400 | 38,298 | 42,062 |
Deferred, Federal | -19 | -2,540 | -351 |
Deferred, State | 447 | -701 | -1,114 |
Deferred, Total | 428 | -3,241 | -1,465 |
Total income tax expense | $22,828 | $35,057 | $40,597 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
Domestic | $63,445 | $94,877 | $112,972 |
Foreign | 218 | 309 | 19 |
Income from continuing operations before income taxes | $63,663 | $95,186 | $112,991 |
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Tax Disclosure [Abstract] | |||
Federal taxes at statutory rate | $22,282 | $33,315 | $39,547 |
Federal taxes at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 1,350 | 1,912 | 1,871 |
State and local income taxes, net of federal benefit, percentage | 2.20% | 3.00% | 1.70% |
Other | -804 | -170 | -821 |
Other, percentage | -1.30% | -1.20% | -0.80% |
Total income tax expense | $22,828 | $35,057 | $40,597 |
Total income tax expense, percentage | 35.90% | 36.80% | 35.90% |
Income_Taxes_Schedule_of_Compo1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Compensation and benefits | $5,070 | $3,860 |
Inventories | 5,174 | 6,856 |
Deferred credits from landlords | 9,095 | 6,911 |
Foreign operating loss | 0 | 2,051 |
Other | 3,120 | 3,181 |
Subtotal deferred tax assets | 22,459 | 22,859 |
Less: valuation allowances | -194 | -2,245 |
Total deferred tax assets | 22,265 | 20,614 |
Deferred tax liabilities: | ||
Property, plant, and equipment | -12,085 | -10,154 |
Other | -2,157 | -2,009 |
Total deferred tax liabilities | -14,242 | -12,163 |
Net deferred tax assets | $8,023 | $8,451 |
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 | Jan. 31, 2015 | Feb. 01, 2014 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $3,115 | $1,236 |
Net (decreases) increases in unrecognized tax benefits as a result of current year activity | -97 | 1,879 |
Ending balance | $3,018 | $3,115 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Leases | |||
Percentage rent expense | $1,900,000 | $2,500,000 | $2,300,000 |
Lease expense | 25,198,000 | 22,563,000 | 18,736,000 |
Milburn, LLC | |||
Leases | |||
Lease expense | 100,000 | 200,000 | 200,000 |
Great Dane Realty, LLC | |||
Leases | |||
Lease expense | $300,000 | $500,000 | |
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 $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Non-Related Party | |
Schedule Of Future Minimum Rental Payments For Operating Leases | |
2016 | $25,463 |
2017 | 25,505 |
2018 | 25,241 |
2019 | 23,817 |
2020 | 22,055 |
Thereafter | 69,130 |
Future minimum lease payments | $191,211 |
Leases_Schedule_of_Rental_Expe
Leases - Schedule of Rental Expense for All Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Leases [Abstract] | |||
Rental expense, net, excluding discontinued operations | $25,198 | $22,563 | $18,736 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Oct. 30, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense | $3.50 | $3 | $2.80 | |
Time-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | 177,000 | |||
Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | 112,000 | |||
2010 Equity and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Issuance of common stock shares | 5,422,145 | 6,076,001 | ||
2010 Equity and Incentive Plan | Restricted-Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | 288,991 | |||
Restricted-stock awards/units with an aggregate grant-date fair value | 7.5 | |||
Restricted stock vesting period | 1 year | |||
Unrecognized compensation cost | 4.9 | |||
Share-based compensation over a weighted average period | 1 year 7 months 13 days | |||
Share-based compensation fair value restrictions vested | $3 | |||
2010 Equity and Incentive Plan | Time-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Award conversion ratio to common stock | 1 | |||
2010 Equity and Incentive Plan | Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock vesting period | 3 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Time-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | 231,000 |
Granted, Number of Units (in shares) | 177,000 |
Vested, Number of Units (in shares) | -114,000 |
Forfeited, Number of Units (in shares) | -46,000 |
Nonvested units outstanding, ending balance (in shares) | 248,000 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $26.92 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $25.55 |
Vested, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $26.43 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $25.95 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $26.34 |
Performance-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | 160,000 |
Granted, Number of Units (in shares) | 112,000 |
Vested, Number of Units (in shares) | 0 |
Forfeited, Number of Units (in shares) | -55,000 |
Nonvested units outstanding, ending balance (in shares) | 217,000 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $25.75 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $26.94 |
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) | $26.16 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $26.26 |
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 | |
Jan. 31, 2015 | Feb. 01, 2014 | |
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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | |||
Total company contribution to the plan, excluding discontinued operations | $2,394 | $1,505 | $1,501 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
facility | ||||
Related Party Transactions [Abstract] | ||||
Related Party Transaction, Number of Leased Facilities | 1 | |||
Related party transaction, purchases from related party | $2.40 | |||
Related party transaction, amounts of transaction | 0.8 | 1 | ||
Percentage of charitable contributions made by company | 10.00% | |||
Liability associated with related-party transactions commitment | $0.10 | $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 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Related Party Transactions [Abstract] | |||
Related-party transactions associated expense included in selling, general, and administrative expenses | $750 | $982 | $982 |
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 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Earnings Per Share [Abstract] | ||||||||||||
Income from continuing operations | $17,343 | $8,721 | $7,894 | $6,877 | $19,904 | $15,657 | $15,222 | $9,346 | $40,835 | $60,129 | $72,394 | |
Loss from discontinued operations, net of taxes | 0 | -1,780 | -296 | -310 | -458 | [1] | -431 | -271 | -157 | -2,386 | -1,317 | -3,524 |
Net income | $17,343 | $6,941 | $7,598 | $6,567 | $19,446 | [1] | $15,226 | $14,951 | $9,189 | $38,449 | $58,812 | $68,870 |
Weighted-average number of common shares (basic) (in shares) | 40,568 | 40,599 | 40,536 | |||||||||
Dilutive effect of stock-based awards (in shares) | 64 | 49 | 35 | |||||||||
Weighted-average number of common shares (diluted) (in shares) | 40,632 | 40,648 | 40,571 | |||||||||
Earnings per share - basic: | ||||||||||||
Continuing operations, basic (in dollars per share) | $0.43 | $0.21 | $0.19 | $0.17 | $0.49 | [1] | $0.39 | $0.37 | $0.23 | $1.01 | $1.48 | $1.79 |
Discontinued operations, basic (in dollars per share) | $0 | ($0.04) | ($0.01) | ($0.01) | ($0.01) | [1] | ($0.01) | ($0.01) | $0 | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Basic (in dollars per share) | $0.43 | $0.17 | $0.19 | $0.16 | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.95 | $1.45 | $1.70 |
Earnings per share - diluted: | ||||||||||||
Continuing operations, diluted (in dollars per share) | $0.43 | $0.21 | $0.19 | $0.17 | $0.49 | [1] | $0.39 | $0.37 | $0.23 | $1 | $1.48 | $1.78 |
Discontinued operations, diluted (in dollars per share) | $0 | ($0.04) | ($0.01) | ($0.01) | ($0.01) | [1] | ($0.01) | ($0.01) | $0 | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Diluted (in dollars per share) | $0.43 | $0.17 | $0.19 | $0.16 | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.95 | $1.45 | $1.70 |
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Common_Stock_Details
Common Stock (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Sep. 09, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Value of treasury stock | $12,957,000 | $0 | |
The 2014 Share Repurchase Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Authorized amount under share repurchase program | 40,000,000 | ||
Shares acquired as part of share repurchase program | 620,985 | ||
Average price per share of shares acquired (in dollars per share) | $20.87 | ||
Value of treasury stock | 12,957,000 | ||
Remaining authorized repurchased amount | $27,043,032 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jun. 04, 2014 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Length of agreement to import and distribute product in Japan | 5 years | |||||||||||||||
Net revenues | $2,963 | $5,125 | $5,481 | |||||||||||||
Cost of sales | 1,470 | 1,905 | 1,732 | |||||||||||||
Gross profit | 1,493 | 3,220 | 3,749 | |||||||||||||
Selling, general, and administrative expenses | 2,985 | 4,537 | 7,273 | |||||||||||||
Operating loss | -1,492 | -1,317 | -3,524 | |||||||||||||
Loss on disposal from discontinued operations | -1,769 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Loss before income taxes | -3,261 | -1,317 | -3,524 | |||||||||||||
Income tax benefit | -875 | 0 | 0 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $0 | ($1,780) | ($296) | ($310) | ($458) | [2] | ($431) | ($271) | ($157) | ($2,386) | ($1,317) | ($3,524) | ||||
[1] | Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. | |||||||||||||||
[2] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 31, 2015 | Mar. 10, 2015 | |||
Restructuring Cost and Reserve [Line Items] | |||||||
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% | ||||
Facility closing | |||||||
Restructuring Reserve [Abstract] | |||||||
Fiscal 2015 charges | 2,989,000 | ||||||
Cash payments | 0 | ||||||
Non-cash charges | -2,989,000 | ||||||
Liability as of January 31, 2015 | 0 | 0 | |||||
Facility closing | Cost of sales | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges incurred to date | 2,996,000 | ||||||
Restructuring charges incurred to date, net of tax | 1,900,000 | ||||||
Least termination costs | |||||||
Restructuring Reserve [Abstract] | |||||||
Fiscal 2015 charges | 0 | ||||||
Cash payments | 0 | ||||||
Non-cash charges | 0 | ||||||
Liability as of January 31, 2015 | 0 | 0 | |||||
Employee severance and other benefits | |||||||
Restructuring Reserve [Abstract] | |||||||
Fiscal 2015 charges | 0 | ||||||
Cash payments | 0 | ||||||
Non-cash charges | 0 | ||||||
Liability as of January 31, 2015 | 0 | 0 | |||||
Other associated restructuring costs | |||||||
Restructuring Reserve [Abstract] | |||||||
Fiscal 2015 charges | 7,000 | [1] | |||||
Cash payments | 0 | [1] | |||||
Non-cash charges | -7,000 | [1] | |||||
Liability as of January 31, 2015 | 0 | [1] | 0 | [1] | |||
Subsequent event | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected annual reduction in operating costs and expenses | 12,000,000 | ||||||
Subsequent event | Least termination costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 2,500,000 | ||||||
Subsequent event | Employee severance and other benefits | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 2,300,000 | ||||||
Subsequent event | Accelerated depreciation of fixed assets | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 800,000 | ||||||
Subsequent event | Other associated restructuring costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 900,000 | ||||||
Subsequent event | Minimum | Facility closing and other restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 6,000,000 | ||||||
Restructuring charges expected to be incurred, net of tax | 3,800,000 | ||||||
Subsequent event | Maximum | Facility closing and other restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges expected to be incurred | 7,000,000 | ||||||
Restructuring charges expected to be incurred, net of tax | $4,500,000 | ||||||
New Haven, Indiana | Subsequent event | Facility closing | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Number of employees at facility to be closed | 250 | ||||||
New Haven, Indiana | Product concentration risk | Products manufactured at facility | Subsequent event | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Concentration risk, Percentage | 5.00% | ||||||
[1] | Includes accelerated depreciation related to fixed assets and other plant closing costs. |
Segment_Reporting_Detail
Segment Reporting (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
customer | customer | customer | |
location | |||
Segment | |||
Revenue, Major Customer | |||
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% |
Number of operating segments | 2 | ||
Number of specialty retail locations | 2,700 | ||
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 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Segment Reporting Information | ||||||||||||
Net revenues | $152,629 | $125,204 | $118,960 | $112,197 | $156,419 | [1] | $128,949 | $123,969 | $121,559 | $508,990 | $530,896 | $535,667 |
Operating income | 25,933 | 13,604 | 13,246 | 11,287 | 31,263 | [1] | 24,701 | 24,383 | 15,410 | 64,070 | 95,757 | 113,670 |
Operating Segments | ||||||||||||
Segment Reporting Information | ||||||||||||
Net revenues | 508,990 | 530,896 | 535,667 | |||||||||
Segment operating income | 140,312 | 165,324 | 189,642 | |||||||||
Operating Segments | Direct | ||||||||||||
Segment Reporting Information | ||||||||||||
Net revenues | 335,602 | 321,092 | 287,083 | |||||||||
Segment operating income | 74,099 | 81,194 | 88,583 | |||||||||
Operating Segments | Indirect | ||||||||||||
Segment Reporting Information | ||||||||||||
Net revenues | 173,388 | 209,804 | 248,584 | |||||||||
Segment operating income | 66,213 | 84,130 | 101,059 | |||||||||
Corporate, Non-Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Unallocated corporate expenses | ($76,242) | ($69,567) | ($75,972) | |||||||||
[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 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Net revenues: | ||||||||||||
Net revenues | $152,629 | $125,204 | $118,960 | $112,197 | $156,419 | [1] | $128,949 | $123,969 | $121,559 | $508,990 | $530,896 | $535,667 |
Handbags | ||||||||||||
Net revenues: | ||||||||||||
Net revenues | 230,978 | 223,699 | 222,984 | |||||||||
Accessories | ||||||||||||
Net revenues: | ||||||||||||
Net revenues | 116,031 | 133,605 | 143,946 | |||||||||
Travel and Leisure Items | ||||||||||||
Net revenues: | ||||||||||||
Net revenues | 109,112 | 116,251 | 116,576 | |||||||||
Home | ||||||||||||
Net revenues: | ||||||||||||
Net revenues | 17,721 | 20,270 | 18,162 | |||||||||
Other | ||||||||||||
Net revenues: | ||||||||||||
Net revenues | $35,148 | $37,071 | $33,999 | |||||||||
[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 | ||||||||||
Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net revenues | $152,629,000 | $125,204,000 | $118,960,000 | $112,197,000 | $156,419,000 | [1] | $128,949,000 | $123,969,000 | $121,559,000 | $508,990,000 | $530,896,000 | $535,667,000 |
Gross profit | 80,042,000 | 65,768,000 | 63,444,000 | 59,755,000 | 82,635,000 | [1] | 71,239,000 | 70,864,000 | 67,474,000 | 269,009,000 | 292,212,000 | 304,532,000 |
Operating income | 25,933,000 | 13,604,000 | 13,246,000 | 11,287,000 | 31,263,000 | [1] | 24,701,000 | 24,383,000 | 15,410,000 | 64,070,000 | 95,757,000 | 113,670,000 |
Income from continuing operations | 17,343,000 | 8,721,000 | 7,894,000 | 6,877,000 | 19,904,000 | 15,657,000 | 15,222,000 | 9,346,000 | 40,835,000 | 60,129,000 | 72,394,000 | |
Loss from discontinued operations, net of taxes | 0 | -1,780,000 | -296,000 | -310,000 | -458,000 | [1] | -431,000 | -271,000 | -157,000 | -2,386,000 | -1,317,000 | -3,524,000 |
Net income | 17,343,000 | 6,941,000 | 7,598,000 | 6,567,000 | 19,446,000 | [1] | 15,226,000 | 14,951,000 | 9,189,000 | 38,449,000 | 58,812,000 | 68,870,000 |
Net income (loss) per share - basic | ||||||||||||
Continuing operations, basic (in dollars per share) | $0.43 | $0.21 | $0.19 | $0.17 | $0.49 | [1] | $0.39 | $0.37 | $0.23 | $1.01 | $1.48 | $1.79 |
Discontinued operations, basic (in dollars per share) | $0 | ($0.04) | ($0.01) | ($0.01) | ($0.01) | [1] | ($0.01) | ($0.01) | $0 | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Basic (in dollars per share) | $0.43 | $0.17 | $0.19 | $0.16 | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.95 | $1.45 | $1.70 |
Net income (loss) per share - diluted | ||||||||||||
Continuing operations, diluted (in dollars per share) | $0.43 | $0.21 | $0.19 | $0.17 | $0.49 | [1] | $0.39 | $0.37 | $0.23 | $1 | $1.48 | $1.78 |
Discontinued operations, diluted (in dollars per share) | $0 | ($0.04) | ($0.01) | ($0.01) | ($0.01) | [1] | ($0.01) | ($0.01) | $0 | ($0.06) | ($0.03) | ($0.09) |
Net income per share, Diluted (in dollars per share) | $0.43 | $0.17 | $0.19 | $0.16 | $0.48 | [1] | $0.37 | $0.37 | $0.23 | $0.95 | $1.45 | $1.70 |
Revenue recorded related to gift card breakage | 1,400,000 | 1,400,000 | ||||||||||
Inventory write-down | $4,800,000 | |||||||||||
[1] | The Quarterly financial data reflects a pre-tax inventory write-down of approximately $4.8 million. |