Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | Jun. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 2-May-15 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VRA | |
Entity Registrant Name | Vera Bradley, Inc. | |
Entity Central Index Key | 1495320 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 39,446,463 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $96,579 | $112,292 |
Accounts receivable, net | 26,241 | 31,374 |
Inventories | 101,794 | 98,403 |
Income taxes receivable | 5,731 | 3,208 |
Prepaid expenses and other current assets | 9,377 | 9,100 |
Deferred income taxes | 13,397 | 13,320 |
Total current assets | 253,119 | 267,697 |
Property, plant, and equipment, net | 112,526 | 109,003 |
Other assets | 627 | 584 |
Total assets | 366,272 | 377,284 |
Liabilities and Shareholders’ Equity | ||
Accounts payable | 31,478 | 32,906 |
Accrued employment costs | 11,768 | 14,595 |
Other accrued liabilities | 15,815 | 15,548 |
Total current liabilities | 59,061 | 63,049 |
Deferred income taxes | 5,722 | 5,297 |
Other long-term liabilities | 27,397 | 24,467 |
Total liabilities | 92,180 | 92,813 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Additional paid-in-capital | 81,918 | 80,992 |
Retained earnings | 212,315 | 216,451 |
Accumulated other comprehensive loss | -5 | -15 |
Treasury stock | -20,136 | -12,957 |
Total shareholders’ equity | 274,092 | 284,471 |
Total liabilities and shareholders’ equity | $366,272 | $377,284 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 |
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 (in dollars per share) | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,788,853 | 40,695,295 |
Common stock, shares outstanding | 39,743,019 | 40,074,310 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Net revenues | $101,104 | $112,197 |
Cost of sales | 49,410 | 52,442 |
Gross profit | 51,694 | 59,755 |
Selling, general, and administrative expenses | 57,612 | 50,045 |
Other income | 947 | 1,577 |
Operating (loss) income | -4,971 | 11,287 |
Interest expense, net | 77 | 80 |
(Loss) income from continuing operations before income taxes | -5,048 | 11,207 |
Income tax (benefit) expense | -912 | 4,330 |
(Loss) income from continuing operations | -4,136 | 6,877 |
Loss from discontinued operations, net of taxes | 0 | -310 |
Net (loss) income | ($4,136) | $6,567 |
Basic weighted-average shares outstanding | 39,884 | 40,639 |
Diluted weighted-average shares outstanding | 39,884 | 40,725 |
Net (loss) income per share - basic | ||
Continuing operations, basic (in dollars per share) | ($0.10) | $0.17 |
Discontinued operations, basic (in dollars per share) | $0 | ($0.01) |
Net income, Basic (in dollars per share) | ($0.10) | $0.16 |
Net (loss) income per share - diluted | ||
Continuing operations, diluted (in dollars per share) | ($0.10) | $0.17 |
Discontinued operations, diluted (in dollars per share) | $0 | ($0.01) |
Net income, Diluted (in dollars per share) | ($0.10) | $0.16 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | ($4,136) | $6,567 |
Cumulative translation adjustment | 10 | -2 |
Comprehensive (loss) income | ($4,126) | $6,565 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash flows from operating activities | ||
Net (loss) income | ($4,136) | $6,567 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation of property, plant, and equipment | 5,174 | 3,563 |
Provision for doubtful accounts | -381 | -115 |
Loss on disposal of property, plant, and equipment | 52 | 0 |
Stock-based compensation | 1,404 | 980 |
Deferred income taxes | 348 | -1,263 |
Changes in assets and liabilities: | ||
Accounts receivable | 5,514 | 9,276 |
Inventories | -3,391 | 10,373 |
Prepaid expenses and other assets | -320 | 741 |
Accounts payable | -2,905 | -7,075 |
Income taxes payable | -2,523 | 1,772 |
Accrued and other liabilities | 394 | 2,138 |
Net cash (used in) provided by operating activities | -770 | 26,957 |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | -7,530 | -4,040 |
Net cash used in investing activities | -7,530 | -4,040 |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | -478 | -582 |
Repurchase of common stock | -6,921 | 0 |
Other financing activities, net | -24 | -24 |
Net cash used in financing activities | -7,423 | -606 |
Effect of exchange rate changes on cash and cash equivalents | 10 | -2 |
Net (decrease) increase in cash and cash equivalents | -15,713 | 22,309 |
Cash and cash equivalents, beginning of period | 112,292 | 59,215 |
Cash and cash equivalents, end of period | 96,579 | 81,524 |
Supplemental disclosure of cash flow information | ||
Repurchase of common stock incurred but not yet paid | 258 | 0 |
Property, plant, and equipment expenditures incurred but not yet paid | $1,219 | $3,016 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation |
The terms “Company” and “Vera Bradley” refer to Vera Bradley, Inc. and its subsidiaries, except where the context requires otherwise or where otherwise indicated. | |
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 May 2, 2015, the Company operated 101 full-line stores and 34 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. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015, filed with the SEC. | |
The interim financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the thirteen weeks ended May 2, 2015, are not necessarily indicative of the results to be expected for the full fiscal year. | |
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’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended May 2, 2015, and May 3, 2014, refer to the thirteen-week periods ended on those dates. | |
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 May 2, 2015 and January 31, 2015, deferred rent liability was $9.8 million and $8.9 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 May 2, 2015 and January 31, 2015, the deferred lease credit liability was $15.6 million and $13.8 million, respectively. Of these amounts, $2.1 million and $1.8 million is included within other accrued liabilities as of May 2, 2015 and January 31, 2015, respectively; and $13.5 million and $12.0 million is included within other long-term liabilities as of May 2, 2015 and January 31, 2015, respectively. | |
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 adoption of this standard did not have a material impact on the Company's consolidated financial statements upon adoption. | |
In May 2014, the FASB issued ASU 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. | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present these costs in our condensed consolidated balance sheets as a direct deduction from the related debt liability. The requirements of the new standard will become effective for fiscal years, and interim periods within those fiscal years (including retrospective application), beginning after December 15, 2015; early adoption is permitted. The Company is currently evaluating this guidance and does not expect the application of this standard to have a material impact on the Company’s consolidated financial statements upon adoption. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock units. The components of basic and diluted earnings per share were as follows (in thousands, except per share data): | |||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
(Loss) income from continuing operations | $ | (4,136 | ) | $ | 6,877 | ||||
Loss from discontinued operations, net of taxes | — | (310 | ) | ||||||
Net (loss) income | $ | (4,136 | ) | $ | 6,567 | ||||
Denominator: | |||||||||
Weighted-average number of common shares (basic) | 39,884 | 40,639 | |||||||
Dilutive effect of stock-based awards | — | 86 | |||||||
Weighted-average number of common shares (diluted) | 39,884 | 40,725 | |||||||
Earnings per share - basic: | |||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.17 | ||||
Discontinued operations | — | (0.01 | ) | ||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | ||||
Earnings per share - diluted: | |||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.17 | ||||
Discontinued operations | — | (0.01 | ) | ||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | ||||
As of May 2, 2015 and May 3, 2014, there were an immaterial number of additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations because they were anti-dilutive. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |
2-May-15 | ||
Fair Value Disclosures [Abstract] | ||
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 May 2, 2015, and January 31, 2015, approximated their fair values. |
Inventories
Inventories | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
The components of inventories were as follows (in thousands): | |||||||||
May 2, | January 31, | ||||||||
2015 | 2015 | ||||||||
Raw materials | $ | 4,867 | $ | 5,542 | |||||
Work in process | — | 470 | |||||||
Finished goods | 96,927 | 92,391 | |||||||
Total inventories | $ | 101,794 | $ | 98,403 | |||||
Debt
Debt | 3 Months Ended |
2-May-15 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
As of May 2, 2015 and January 31, 2015, the Company had borrowing availability of $125.0 million under its amended and restated credit agreement. As of May 2, 2015, the Company was in violation of the fixed charge coverage ratio covenant under its amended and restated credit agreement with JPMorgan Chase Bank, as administrative agent, and certain other lenders. By waiver dated June 10, 2015, the lenders agreed to waive any breach of the fixed charge coverage ratio covenant and any default or event of default under the amended and restated credit agreement arising from the breach. The Company was in compliance with all other covenants as of May 2, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The provision for income taxes for interim periods is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. | |
The effective tax rate for the thirteen weeks ended May 2, 2015, was 18.1%, compared to 38.6% for the thirteen weeks ended May 3, 2014. The year-over year decrease is primarily due to the decrease in income from continuing operations before income taxes and the relative impact of permanent items, including an increase in income tax reserves for uncertain federal and state tax positions related to research and development tax credits. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||
2-May-15 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||
The Company recognizes share-based compensation expense, for its awards of restricted stock and restricted stock units, in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. | |||||||||||||||
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. | |||||||||||||||
Awards of Restricted Stock Units | |||||||||||||||
During the thirteen weeks ended May 2, 2015, the Company granted 562,630 time-based and performance-based restricted stock units with an aggregate fair value of $9.1 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 217,980 time-based and performance-based restricted stock units with an aggregate fair value of $5.9 million granted in the same period of the prior year. The Company determined the fair value of the awards 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 units issued to non-employee directors vest after a one-year period from the grant date. The Company is recognizing the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period. | |||||||||||||||
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 or earnings per share targets during the three-year performance period. The Company is recognizing the expense relating to these units, net of estimated forfeitures, based on the probable outcome of achievement of the financial targets, on a straight-line basis over three years. | |||||||||||||||
The following table sets forth a summary of restricted stock unit activity for the period ended May 2, 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 January 31, 2015 | 248 | $ | 26.34 | 217 | $ | 26.26 | |||||||||
Granted | 405 | 16.09 | 158 | 16.08 | |||||||||||
Vested | (117 | ) | 15.77 | (8 | ) | 16.07 | |||||||||
Forfeited | (57 | ) | 19.36 | (60 | ) | 24.96 | |||||||||
Nonvested units outstanding at May 2, 2015 | 479 | $ | 21.08 | 307 | $ | 21.54 | |||||||||
As of May 2, 2015, there was $10.2 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 2.3 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
2-May-15 | |
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, 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. |
Common_Stock
Common Stock | 3 Months Ended |
2-May-15 | |
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 424,849 shares at an average price of $16.90 per share, excluding commissions, for an aggregate amount of $7.2 million during the thirteen weeks ended May 2, 2015. As of May 2, 2015, there was $19.9 million remaining available to repurchase shares of the Company's common stock under the 2014 Share Repurchase Program. | |
As of May 2, 2015, the Company held as treasury shares 1,045,834 shares of its common stock at an average price of $19.25 per share, excluding commissions, for an aggregate carrying amount of $20.1 million. The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan or for other corporate purposes. Further purchases may 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 | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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): | |||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Net revenues | $ | — | $ | 1,264 | |||||
Cost of sales | — | 494 | |||||||
Gross profit | — | 770 | |||||||
Selling, general, and administrative expenses | — | 1,267 | |||||||
Operating loss | — | (497 | ) | ||||||
Loss on disposal from discontinued operations | — | — | |||||||
Loss before income taxes | — | (497 | ) | ||||||
Income tax benefit | — | (187 | ) | ||||||
Loss from discontinued operations | $ | — | $ | (310 | ) | ||||
Restructuring_and_Other_Charge
Restructuring and Other Charges | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Other Charges | Restructuring and Other Charges | |||||||||||||||
In the first quarter of fiscal 2016, the Company closed its manufacturing facility located in New Haven, Indiana. | ||||||||||||||||
The Company incurred restructuring and other charges during the first quarter of fiscal 2016 of approximately $3.4 million ($2.1 million after the associated tax benefit), related to the facility closing. These charges include severance and benefit costs of approximately $1.7 million, lease termination costs of approximately $0.7 million, inventory-related charges of approximately $0.6 million, and other associated net costs, which include accelerated depreciation related to fixed assets, of approximately $0.4 million. These charges are reflected in cost of sales in the Company's Consolidated Financial Statements. Management expects that the facility 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 facility closure, are as follows (in thousands): | ||||||||||||||||
Inventory-Related Charges | Lease Termination Costs | Severance and Benefits Costs | Other | |||||||||||||
Fiscal 2015 charges | $ | 2,989 | $ | — | $ | — | $ | 7 | ||||||||
Cash payments | — | — | — | — | ||||||||||||
Non-cash charges | (2,989 | ) | — | — | (7 | ) | ||||||||||
Liability as of January 31, 2015 | $ | — | $ | — | $ | — | $ | — | ||||||||
Fiscal 2016 charges | $ | 628 | $ | 650 | $ | 1,673 | $ | 484 | ||||||||
Cash payments | — | (650 | ) | (116 | ) | (81 | ) | |||||||||
Non-cash charges | (628 | ) | — | 2 | (256 | ) | ||||||||||
Liability as of May 2, 2015 | $ | — | $ | — | $ | 1,559 | $ | 147 | ||||||||
Other charges affecting comparability, during the first quarter of fiscal 2016, totaled approximately $3.1 million ($2.1 million after the associated tax benefit) and consisted of $1.3 million in employee severance (reflected in selling, general, and administrative expenses in the Company's Consolidated Financial Statements), $1.2 million due to a retail store early lease termination agreement (reflected in selling, general, and administrative expenses in the Company's Consolidated Financial Statements), and $0.6 million related to an increase in income tax reserves for uncertain federal and state tax positions related to research and development tax credits (reflected in income tax expense in the Company's Consolidated Financial Statements). |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 detailed in Note 10 Discontinued Operations of this Quarterly Report on Form 10-Q. | |||||||||
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 key accounts, which include department stores, national accounts, third party e-commerce sites, the Company's wholesale business in Japan, and third party inventory liquidation. | |||||||||
Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, design, merchandising, 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. Net revenues and operating income information for the Company’s reportable segments during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, consisted of the following (in thousands): | |||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Segment net revenues: | |||||||||
Direct | $ | 70,433 | $ | 72,184 | |||||
Indirect | 30,671 | 40,013 | |||||||
Total | $ | 101,104 | $ | 112,197 | |||||
Segment operating income: | |||||||||
Direct | $ | 8,027 | $ | 13,758 | |||||
Indirect | 9,904 | 15,439 | |||||||
Total | $ | 17,931 | $ | 29,197 | |||||
Reconciliation: | |||||||||
Segment operating income | $ | 17,931 | $ | 29,197 | |||||
Less: | |||||||||
Unallocated corporate expenses | (22,902 | ) | (17,910 | ) | |||||
Operating (loss) income | $ | (4,971 | ) | $ | 11,287 | ||||
Description_of_the_Company_and1
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015, filed with the SEC. |
Principles of Consolidation | 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 | Fiscal Periods |
The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended May 2, 2015, and May 3, 2014, refer to the thirteen-week periods ended on those dates. | |
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 adoption of this standard did not have a material impact on the Company's consolidated financial statements upon adoption. | |
In May 2014, the FASB issued ASU 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. | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which modifies the presentation of debt issuance costs in financial statements. Under this new guidance, the Company will be required to present these costs in our condensed consolidated balance sheets as a direct deduction from the related debt liability. The requirements of the new standard will become effective for fiscal years, and interim periods within those fiscal years (including retrospective application), beginning after December 15, 2015; early adoption is permitted. The Company is currently evaluating this guidance and does not expect the application of this standard to have a material impact on the Company’s consolidated financial statements upon adoption. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share data): | ||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
(Loss) income from continuing operations | $ | (4,136 | ) | $ | 6,877 | ||||
Loss from discontinued operations, net of taxes | — | (310 | ) | ||||||
Net (loss) income | $ | (4,136 | ) | $ | 6,567 | ||||
Denominator: | |||||||||
Weighted-average number of common shares (basic) | 39,884 | 40,639 | |||||||
Dilutive effect of stock-based awards | — | 86 | |||||||
Weighted-average number of common shares (diluted) | 39,884 | 40,725 | |||||||
Earnings per share - basic: | |||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.17 | ||||
Discontinued operations | — | (0.01 | ) | ||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | ||||
Earnings per share - diluted: | |||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.17 | ||||
Discontinued operations | — | (0.01 | ) | ||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories were as follows (in thousands): | ||||||||
May 2, | January 31, | ||||||||
2015 | 2015 | ||||||||
Raw materials | $ | 4,867 | $ | 5,542 | |||||
Work in process | — | 470 | |||||||
Finished goods | 96,927 | 92,391 | |||||||
Total inventories | $ | 101,794 | $ | 98,403 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||
2-May-15 | |||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table sets forth a summary of restricted stock unit activity for the period ended May 2, 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 January 31, 2015 | 248 | $ | 26.34 | 217 | $ | 26.26 | |||||||||
Granted | 405 | 16.09 | 158 | 16.08 | |||||||||||
Vested | (117 | ) | 15.77 | (8 | ) | 16.07 | |||||||||
Forfeited | (57 | ) | 19.36 | (60 | ) | 24.96 | |||||||||
Nonvested units outstanding at May 2, 2015 | 479 | $ | 21.08 | 307 | $ | 21.54 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of Discontinued Operations | Following are the Japan results of operations (in thousands): | ||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Net revenues | $ | — | $ | 1,264 | |||||
Cost of sales | — | 494 | |||||||
Gross profit | — | 770 | |||||||
Selling, general, and administrative expenses | — | 1,267 | |||||||
Operating loss | — | (497 | ) | ||||||
Loss on disposal from discontinued operations | — | — | |||||||
Loss before income taxes | — | (497 | ) | ||||||
Income tax benefit | — | (187 | ) | ||||||
Loss from discontinued operations | $ | — | $ | (310 | ) | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 3 Months Ended | |||||||||||||||
2-May-15 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of Restructuring Costs | A summary of charges and related liabilities, associated with the facility closure, are as follows (in thousands): | |||||||||||||||
Inventory-Related Charges | Lease Termination Costs | Severance and Benefits Costs | Other | |||||||||||||
Fiscal 2015 charges | $ | 2,989 | $ | — | $ | — | $ | 7 | ||||||||
Cash payments | — | — | — | — | ||||||||||||
Non-cash charges | (2,989 | ) | — | — | (7 | ) | ||||||||||
Liability as of January 31, 2015 | $ | — | $ | — | $ | — | $ | — | ||||||||
Fiscal 2016 charges | $ | 628 | $ | 650 | $ | 1,673 | $ | 484 | ||||||||
Cash payments | — | (650 | ) | (116 | ) | (81 | ) | |||||||||
Non-cash charges | (628 | ) | — | 2 | (256 | ) | ||||||||||
Liability as of May 2, 2015 | $ | — | $ | — | $ | 1,559 | $ | 147 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
2-May-15 | |||||||||
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 during the thirteen weeks ended May 2, 2015 and May 3, 2014, respectively, consisted of the following (in thousands): | ||||||||
Thirteen Weeks Ended | |||||||||
May 2, | May 3, | ||||||||
2015 | 2014 | ||||||||
Segment net revenues: | |||||||||
Direct | $ | 70,433 | $ | 72,184 | |||||
Indirect | 30,671 | 40,013 | |||||||
Total | $ | 101,104 | $ | 112,197 | |||||
Segment operating income: | |||||||||
Direct | $ | 8,027 | $ | 13,758 | |||||
Indirect | 9,904 | 15,439 | |||||||
Total | $ | 17,931 | $ | 29,197 | |||||
Reconciliation: | |||||||||
Segment operating income | $ | 17,931 | $ | 29,197 | |||||
Less: | |||||||||
Unallocated corporate expenses | (22,902 | ) | (17,910 | ) | |||||
Operating (loss) income | $ | (4,971 | ) | $ | 11,287 | ||||
Description_of_the_Company_and2
Description of the Company and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
location | |||
Segment | |||
Store | |||
Operating Leased Assets [Line Items] | |||
Number of reportable segments | 2 | ||
Number of full-line stores | 101 | ||
Number of factory outlet stores | 34 | ||
Number of specialty retail locations | 2,700 | ||
Fiscal period duration | 91 days | 91 days | |
Deferred rent liability | $9.80 | $8.90 | |
Deferred lease credit liability | 15.6 | 13.8 | |
Other accrued liabilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Deferred lease credit liability | 2.1 | 1.8 | |
Other long term liabilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Deferred lease credit liability | $13.50 | $12 |
Earnings_Per_Share_Components_
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Numerator: | ||
(Loss) income from continuing operations | ($4,136) | $6,877 |
Loss from discontinued operations, net of taxes | 0 | -310 |
Net (loss) income | ($4,136) | $6,567 |
Denominator: | ||
Weighted-average number of common shares (basic) | 39,884 | 40,639 |
Dilutive effect of stock-based awards | 0 | 86 |
Weighted-average number of common shares (diluted) | 39,884 | 40,725 |
Earnings per share - basic: | ||
Continuing operations, basic (in dollars per share) | ($0.10) | $0.17 |
Discontinued operations, basic (in dollars per share) | $0 | ($0.01) |
Net income, Basic (in dollars per share) | ($0.10) | $0.16 |
Earnings per share - diluted: | ||
Continuing operations, diluted (in dollars per share) | ($0.10) | $0.17 |
Discontinued operations, diluted (in dollars per share) | $0 | ($0.01) |
Net income, Diluted (in dollars per share) | ($0.10) | $0.16 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $4,867 | $5,542 |
Work in process | 0 | 470 |
Finished goods | 96,927 | 92,391 |
Total inventories | $101,794 | $98,403 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Available borrowings under the credit agreement | $125 | $125 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 18.10% | 38.60% |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock unit vesting and settlement ratio to common shares | 1 | |
Restricted-Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units | $10.20 | |
Weighted average period to recognize the total unrecognized compensation cost | 2 years 3 months 2 days | |
Time-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted-stock awards/units granted in period | 405,000 | |
Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted-stock awards/units granted in period | 158,000 | |
Restricted stock units vesting period, years | 3 years | |
Restricted stock units required employee service period, years | 3 years | |
2010 Equity and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of common stock shares | 6,076,001 | |
2010 Equity and Incentive Plan [Member] | Restricted-Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted-stock awards/units granted in period | 562,630 | 217,980 |
Restricted-stock awards/units with an aggregate grant-date fair value | $9.10 | $5.90 |
Non-Employee Director [Member] | Restricted-Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units vesting period, years | 1 year |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) (USD $) | 3 Months Ended |
2-May-15 | |
Time-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | 248,000 |
Granted, Number of Units | 405,000 |
Vested, Number of Units | -117,000 |
Forfeited, Number of Units | -57,000 |
Nonvested units outstanding, ending balance | 479,000 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $26.34 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $16.09 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $15.77 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $19.36 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $21.08 |
Performance-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | 217,000 |
Granted, Number of Units | 158,000 |
Vested, Number of Units | -8,000 |
Forfeited, Number of Units | -60,000 |
Nonvested units outstanding, ending balance | 307,000 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $26.26 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $16.08 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $16.07 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $24.96 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $21.54 |
Common_Stock_Details
Common Stock (Details) (USD $) | 3 Months Ended | ||
2-May-15 | Jan. 31, 2015 | Sep. 09, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Average price per share of shares acquired (in dollars per share) | $19.25 | ||
Number of shares held in treasury | 1,045,834 | ||
Value of treasury stock | $20,136,000 | $12,957,000 | |
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 | 424,849 | ||
Average price per share of shares acquired (in dollars per share) | $16.90 | ||
Remaining authorized repurchase amount | 19,864,467 | ||
Value of treasury stock | $7,200,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 04, 2014 | 2-May-15 | 3-May-14 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Length of agreement to import and distribute products in Japan | 5 years | ||
Net revenues | $0 | $1,264 | |
Cost of sales | 0 | 494 | |
Gross profit | 0 | 770 | |
Selling, general, and administrative expenses | 0 | 1,267 | |
Operating loss | 0 | -497 | |
Loss on disposal from discontinued operations | 0 | 0 | |
Loss before income taxes | 0 | -497 | |
Income tax benefit | 0 | -187 | |
Loss from discontinued operations | $0 | ($310) |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended |
2-May-15 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Expected annual reduction in operating costs and expenses | $12,000,000 | |
Restructuring Reserve [Abstract] | ||
Other restructuring charges | 3,100,000 | |
Other restructuring charges, after tax | 2,100,000 | |
Facility Closing | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 3,400,000 | |
Restructuring charges incurred, after tax | 2,100,000 | |
Severance and Benefit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 1,673,000 | |
Restructuring Reserve [Abstract] | ||
Restructuring charges | 1,673,000 | 0 |
Cash payments | -116,000 | 0 |
Non-cash charges | 2,000 | 0 |
Liability | 1,559,000 | 0 |
Severance and Benefit Costs [Member] | Selling, general and administrative expenses [Member] | ||
Restructuring Reserve [Abstract] | ||
Other restructuring charges | 1,300,000 | |
Lease Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 650,000 | |
Restructuring Reserve [Abstract] | ||
Restructuring charges | 650,000 | 0 |
Cash payments | -650,000 | 0 |
Non-cash charges | 0 | 0 |
Liability | 0 | 0 |
Lease Termination Costs [Member] | Selling, general and administrative expenses [Member] | ||
Restructuring Reserve [Abstract] | ||
Other restructuring charges | 1,200,000 | |
Accelerated depreciation of fixed assets [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 628,000 | |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 400,000 | |
Restructuring Reserve [Abstract] | ||
Restructuring charges | 484,000 | 7,000 |
Cash payments | -81,000 | 0 |
Non-cash charges | -256,000 | -7,000 |
Liability | 147,000 | 0 |
Inventory-Related Charges [Member] | ||
Restructuring Reserve [Abstract] | ||
Restructuring charges | 628,000 | 2,989,000 |
Cash payments | 0 | 0 |
Non-cash charges | -628,000 | -2,989,000 |
Liability | 0 | 0 |
Change in income tax reserves [Member] | Interest expense [Member] | ||
Restructuring Reserve [Abstract] | ||
Other restructuring charges | $600,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
2-May-15 | |
location | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of specialty retail locations | 2,700 |
Segment_Reporting_Schedule_of_
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 2-May-15 | 3-May-14 |
Segment Reporting Information [Line Items] | ||
Segment net revenues | $101,104 | $112,197 |
Segment operating income | 17,931 | 29,197 |
Unallocated corporate expenses | -22,902 | -17,910 |
Operating (loss) income | -4,971 | 11,287 |
Operating Segments [Member] | Direct [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment net revenues | 70,433 | 72,184 |
Segment operating income | 8,027 | 13,758 |
Operating Segments [Member] | Indirect [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment net revenues | 30,671 | 40,013 |
Segment operating income | $9,904 | $15,439 |