Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2015 | Sep. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 1, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | VRA | |
Entity Registrant Name | Vera Bradley, Inc. | |
Entity Central Index Key | 1,495,320 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,972,235 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 76,042 | $ 112,292 |
Accounts receivable, net | 33,863 | 31,374 |
Inventories | 103,921 | 98,403 |
Income taxes receivable | 3,199 | 3,208 |
Prepaid expenses and other current assets | 10,620 | 9,100 |
Deferred income taxes | 13,473 | 13,320 |
Total current assets | 241,118 | 267,697 |
Property, plant, and equipment, net | 115,013 | 109,003 |
Other assets | 1,046 | 584 |
Total assets | 357,177 | 377,284 |
Liabilities and Shareholders’ Equity | ||
Accounts payable | 28,734 | 32,906 |
Accrued employment costs | 10,264 | 14,595 |
Other accrued liabilities | 15,107 | 15,548 |
Income taxes payable | 286 | 0 |
Total current liabilities | 54,391 | 63,049 |
Deferred income taxes | 6,163 | 5,297 |
Other long-term liabilities | 29,057 | 24,467 |
Total liabilities | $ 89,611 | $ 92,813 |
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, 40,790 and 40,695 shares issued and 38,595 and 40,074 outstanding, respectively | 0 | 0 |
Additional paid-in-capital | 83,023 | 80,992 |
Retained earnings | 218,030 | 216,451 |
Accumulated other comprehensive loss | (14) | (15) |
Treasury stock | (33,473) | (12,957) |
Total shareholders’ equity | 267,566 | 284,471 |
Total liabilities and shareholders’ equity | $ 357,177 | $ 377,284 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296 | Aug. 01, 2015 | 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 | 40,789,902 | 40,695,295 |
Common stock, shares outstanding | 38,594,537 | 40,074,310 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement [Abstract] | ||||
Net revenues | $ 120,724 | $ 118,960 | $ 221,828 | $ 231,157 |
Cost of sales | 54,170 | 55,516 | 103,580 | 107,958 |
Gross profit | 66,554 | 63,444 | 118,248 | 123,199 |
Selling, general, and administrative expenses | 57,351 | 50,663 | 114,963 | 100,708 |
Other income | 283 | 465 | 1,230 | 2,042 |
Operating income | 9,486 | 13,246 | 4,515 | 24,533 |
Interest expense, net | 72 | 24 | 149 | 104 |
Income from continuing operations before income taxes | 9,414 | 13,222 | 4,366 | 24,429 |
Income tax expense | 3,699 | 5,328 | 2,787 | 9,658 |
Income from continuing operations | 5,715 | 7,894 | 1,579 | 14,771 |
Loss from discontinued operations, net of taxes | 0 | (296) | 0 | (606) |
Net income | $ 5,715 | $ 7,598 | $ 1,579 | $ 14,165 |
Basic weighted-average shares outstanding | 39,315 | 40,686 | 39,600 | 40,663 |
Diluted weighted-average shares outstanding | 39,328 | 40,719 | 39,606 | 40,722 |
Net income per share - basic | ||||
Continuing operations, basic (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.04 | $ 0.36 |
Discontinued operations, basic (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income, Basic (in dollars per share) | 0.15 | 0.19 | 0.04 | 0.35 |
Net income per share - diluted | ||||
Continuing operations, diluted (in dollars per share) | 0.15 | 0.19 | 0.04 | 0.36 |
Discontinued operations, diluted (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income, Diluted (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.04 | $ 0.35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 5,715 | $ 7,598 | $ 1,579 | $ 14,165 |
Cumulative translation adjustment | (9) | (20) | 1 | (10) |
Comprehensive income | $ 5,706 | $ 7,578 | $ 1,580 | $ 14,155 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
Cash flows from operating activities | ||
Net income | $ 1,579 | $ 14,165 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation of property, plant, and equipment | 9,904 | 7,150 |
Provision for doubtful accounts | 436 | (63) |
Loss on disposal of property, plant, and equipment | 52 | 0 |
Stock-based compensation | 2,515 | 1,962 |
Deferred income taxes | 713 | (2,007) |
Changes in assets and liabilities: | ||
Accounts receivable | (2,925) | (895) |
Inventories | (5,518) | 24,897 |
Prepaid expenses and other assets | (1,982) | 704 |
Accounts payable | (5,931) | (11,271) |
Income taxes | 295 | (5,477) |
Accrued and other liabilities | (136) | 3,591 |
Net cash (used in) provided by operating activities | (998) | 32,756 |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (15,359) | (12,231) |
Net cash used in investing activities | (15,359) | (12,231) |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | (484) | (595) |
Repurchase of common stock | (19,364) | 0 |
Other financing activities, net | (46) | (47) |
Net cash used in financing activities | (19,894) | (642) |
Effect of exchange rate changes on cash and cash equivalents | 1 | (7) |
Net (decrease) increase in cash and cash equivalents | (36,250) | 19,876 |
Cash and cash equivalents, beginning of period | 112,292 | 59,215 |
Cash and cash equivalents, end of period | 76,042 | 79,091 |
Supplemental disclosure of cash flow information | ||
Repurchase of common stock incurred but not yet paid | 1,152 | 0 |
Property, plant, and equipment expenditures incurred but not yet paid | $ 607 | $ 3,159 |
Description of the Company and
Description of the Company and Basis of Presentation | 6 Months Ended |
Aug. 01, 2015 | |
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 August 1, 2015 , the Company operated 107 full-line stores and 37 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 and twenty-six weeks ended August 1, 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 August 1, 2015 , and August 2, 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 August 1, 2015 and January 31, 2015 , deferred rent liability was $10.4 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 August 1, 2015 and January 31, 2015 , the deferred lease credit liability was $16.7 million and $13.8 million , respectively. Of these amounts, $2.2 million and $1.8 million is included within other accrued liabilities as of August 1, 2015 and January 31, 2015 , respectively; and $14.5 million and $12.0 million is included within other long-term liabilities as of August 1, 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. The standard allows for either a full retrospective or a modified retrospective transition method. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for all entities by one year to annual periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is fiscal 2019. Earlier application is permitted as of the original effective date, annual reporting periods beginning after December 2016, including interim periods within that reporting period. 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. In July 2015, the FASB issued ASU 2015-11, Inventory , which requires entities to measure inventory at the lower of cost and net realizable value. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. 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 | 6 Months Ended |
Aug. 01, 2015 | |
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 Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Numerator: Income from continuing operations $ 5,715 $ 7,894 $ 1,579 $ 14,771 Loss from discontinued operations, net of taxes — (296 ) — (606 ) Net income $ 5,715 $ 7,598 $ 1,579 $ 14,165 Denominator: Weighted-average number of common shares (basic) 39,315 40,686 39,600 40,663 Dilutive effect of stock-based awards 13 33 6 59 Weighted-average number of common shares (diluted) 39,328 40,719 39,606 40,722 Earnings per share - basic: Continuing operations $ 0.15 $ 0.19 $ 0.04 $ 0.36 Discontinued operations — (0.01 ) — (0.01 ) Net income $ 0.15 $ 0.19 $ 0.04 $ 0.35 Earnings per share - diluted: Continuing operations $ 0.15 $ 0.19 $ 0.04 $ 0.36 Discontinued operations — (0.01 ) — (0.01 ) Net income $ 0.15 $ 0.19 $ 0.04 $ 0.35 As of August 1, 2015 and August 2, 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 Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Aug. 01, 2015 | |
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 August 1, 2015 , and January 31, 2015 , approximated their fair values. |
Inventories
Inventories | 6 Months Ended |
Aug. 01, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories were as follows (in thousands): August 1, January 31, Raw materials (1) $ 1,203 $ 5,542 Work in process — 470 Finished goods 102,718 92,391 Total inventories $ 103,921 $ 98,403 (1) The decrease in raw materials was primarily a result of the Company's finished goods suppliers purchasing and taking ownership of fabric. |
Debt
Debt | 6 Months Ended |
Aug. 01, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of August 1, 2015 and January 31, 2015 , the Company had borrowing availability of $125.0 million under its second amended and restated credit agreement. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 01, 2015 | |
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 August 1, 2015 , was 39.3% , compared to 40.3% for the thirteen weeks ended August 2, 2014 . The year-over year decrease is primarily due to the relative impact of discrete items occurring in the prior year but not the current year. The effective tax rate for the twenty-six weeks ended August 1, 2015 , was 63.8% , compared to 39.5% for the twenty-six weeks ended August 2, 2014 . The year-over year increase is primarily due to the impact of discrete items, including an increase in income tax reserves for uncertain federal and state tax positions related to research and development tax credits from prior years. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 01, 2015 | |
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 August 1, 2015 , the Company granted 36,001 time-based and performance-based restricted stock units with an aggregate fair value of $0.5 million to certain employees under the 2010 Equity and Incentive Plan compared to a total of 60,511 time-based and performance-based restricted stock units with an aggregate fair value of $1.4 million granted in the same period of the prior year. During the twenty-six weeks ended August 1, 2015 , the Company granted 598,361 time-based and performance-based restricted stock units with an aggregate fair value of $9.5 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 278,491 time-based and performance-based restricted stock units with an aggregate fair value of $7.3 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 twenty-six weeks ended August 1, 2015 (units in thousands): Time-based Restricted Stock Units Performance-based Restricted Stock Units Number of Units Weighted- Average Grant Date Fair Value (per unit) Number of Units Weighted- Average Grant Date Fair Value (per unit) Nonvested units outstanding at January 31, 2015 248 $ 26.34 217 $ 26.26 Granted 432 15.92 167 15.84 Vested (118 ) 15.75 (8 ) 16.07 Forfeited (64 ) 19.07 (60 ) 24.88 Nonvested units outstanding at August 1, 2015 498 $ 20.75 316 $ 21.26 As of August 1, 2015 , there was $8.9 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 2.1 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 01, 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, 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 | 6 Months Ended |
Aug. 01, 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 1,574,380 shares at an average price of $13.03 per share, excluding commissions, for an aggregate amount of $20.5 million during the twenty-six weeks ended August 1, 2015 . As of August 1, 2015 , there was $6.5 million remaining available to repurchase shares of the Company's common stock under the 2014 Share Repurchase Program. Subsequent to quarter end, the Company purchased 623,633 shares at an average price of $10.47 per share, excluding commissions, which completed the 2014 Share Repurchase Program. As of August 1, 2015 , the Company held as treasury shares 2,195,365 shares of its common stock at an average price of $15.25 per share, excluding commissions, for an aggregate carrying amount of $33.5 million . The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan or for other corporate purposes. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Aug. 01, 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): Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Net revenues $ — $ 1,144 $ — $ 2,408 Cost of sales — 529 — 1,023 Gross profit — 615 — 1,385 Selling, general, and administrative expenses — 1,100 — 2,367 Operating loss — (485 ) — (982 ) Loss on disposal from discontinued operations — — — — Loss before income taxes — (485 ) — (982 ) Income tax benefit — (189 ) — (376 ) Loss from discontinued operations $ — $ (296 ) $ — $ (606 ) |
Restructuring and Other Charges
Restructuring and Other Charges | 6 Months Ended |
Aug. 01, 2015 | |
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 ) (1,675 ) (198 ) Non-cash charges (628 ) — 2 (256 ) Liability as of August 1, 2015 $ — $ — $ — $ 30 Other charges affecting comparability of the financial results for the twenty-six weeks ended August 1, 2015 and August 2, 2014 totaled approximately $3.1 million ( $2.1 million after the associated tax benefit) consisting of charges in the first quarter of fiscal 2016 of $1.3 million in employee severance (reflected in selling, general, and administrative expenses), $1.2 million due to a retail store early lease termination agreement (reflected in selling, general, and administrative expenses), 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). |
Segment Reporting
Segment Reporting | 6 Months Ended |
Aug. 01, 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 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 and twenty-six weeks ended August 1, 2015 and August 2, 2014 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Segment net revenues: Direct $ 83,775 $ 77,777 $ 154,208 $ 149,961 Indirect 36,949 41,183 67,620 81,196 Total $ 120,724 $ 118,960 $ 221,828 $ 231,157 Segment operating income: Direct $ 16,557 $ 17,122 $ 24,584 $ 30,880 Indirect 14,788 15,947 24,692 31,386 Total $ 31,345 $ 33,069 $ 49,276 $ 62,266 Reconciliation: Segment operating income $ 31,345 $ 33,069 $ 49,276 $ 62,266 Less: Unallocated corporate expenses (21,859 ) (19,823 ) (44,761 ) (37,733 ) Operating income $ 9,486 $ 13,246 $ 4,515 $ 24,533 |
Description of the Company an19
Description of the Company and Basis of Presentation (Policies) | 6 Months Ended |
Aug. 01, 2015 | |
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 August 1, 2015 , and August 2, 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. The standard allows for either a full retrospective or a modified retrospective transition method. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for all entities by one year to annual periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is fiscal 2019. Earlier application is permitted as of the original effective date, annual reporting periods beginning after December 2016, including interim periods within that reporting period. 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. In July 2015, the FASB issued ASU 2015-11, Inventory , which requires entities to measure inventory at the lower of cost and net realizable value. This guidance is effective for interim and annual periods beginning on or after December 15, 2016. 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) | 6 Months Ended |
Aug. 01, 2015 | |
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 Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Numerator: Income from continuing operations $ 5,715 $ 7,894 $ 1,579 $ 14,771 Loss from discontinued operations, net of taxes — (296 ) — (606 ) Net income $ 5,715 $ 7,598 $ 1,579 $ 14,165 Denominator: Weighted-average number of common shares (basic) 39,315 40,686 39,600 40,663 Dilutive effect of stock-based awards 13 33 6 59 Weighted-average number of common shares (diluted) 39,328 40,719 39,606 40,722 Earnings per share - basic: Continuing operations $ 0.15 $ 0.19 $ 0.04 $ 0.36 Discontinued operations — (0.01 ) — (0.01 ) Net income $ 0.15 $ 0.19 $ 0.04 $ 0.35 Earnings per share - diluted: Continuing operations $ 0.15 $ 0.19 $ 0.04 $ 0.36 Discontinued operations — (0.01 ) — (0.01 ) Net income $ 0.15 $ 0.19 $ 0.04 $ 0.35 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories were as follows (in thousands): August 1, January 31, Raw materials (1) $ 1,203 $ 5,542 Work in process — 470 Finished goods 102,718 92,391 Total inventories $ 103,921 $ 98,403 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
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 twenty-six weeks ended August 1, 2015 (units in thousands): Time-based Restricted Stock Units Performance-based Restricted Stock Units Number of Units Weighted- Average Grant Date Fair Value (per unit) Number of Units Weighted- Average Grant Date Fair Value (per unit) Nonvested units outstanding at January 31, 2015 248 $ 26.34 217 $ 26.26 Granted 432 15.92 167 15.84 Vested (118 ) 15.75 (8 ) 16.07 Forfeited (64 ) 19.07 (60 ) 24.88 Nonvested units outstanding at August 1, 2015 498 $ 20.75 316 $ 21.26 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Following are the Japan results of operations (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Net revenues $ — $ 1,144 $ — $ 2,408 Cost of sales — 529 — 1,023 Gross profit — 615 — 1,385 Selling, general, and administrative expenses — 1,100 — 2,367 Operating loss — (485 ) — (982 ) Loss on disposal from discontinued operations — — — — Loss before income taxes — (485 ) — (982 ) Income tax benefit — (189 ) — (376 ) Loss from discontinued operations $ — $ (296 ) $ — $ (606 ) |
Restructuring and Other Charg24
Restructuring and Other Charges (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
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 ) (1,675 ) (198 ) Non-cash charges (628 ) — 2 (256 ) Liability as of August 1, 2015 $ — $ — $ — $ 30 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Aug. 01, 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 during the thirteen and twenty-six weeks ended August 1, 2015 and August 2, 2014 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended August 1, August 2, August 1, August 2, Segment net revenues: Direct $ 83,775 $ 77,777 $ 154,208 $ 149,961 Indirect 36,949 41,183 67,620 81,196 Total $ 120,724 $ 118,960 $ 221,828 $ 231,157 Segment operating income: Direct $ 16,557 $ 17,122 $ 24,584 $ 30,880 Indirect 14,788 15,947 24,692 31,386 Total $ 31,345 $ 33,069 $ 49,276 $ 62,266 Reconciliation: Segment operating income $ 31,345 $ 33,069 $ 49,276 $ 62,266 Less: Unallocated corporate expenses (21,859 ) (19,823 ) (44,761 ) (37,733 ) Operating income $ 9,486 $ 13,246 $ 4,515 $ 24,533 |
Description of the Company an26
Description of the Company and Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015USD ($) | Aug. 02, 2014 | Aug. 01, 2015USD ($)StoreSegmentlocation | Jan. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | ||||
Number of reportable segments | Segment | 2 | |||
Number of full-line stores | Store | 107 | |||
Number of factory outlet stores | Store | 37 | |||
Number of specialty retail locations | location | 2,700 | |||
Fiscal period duration | 91 days | 91 days | ||
Deferred rent liability | $ 10.4 | $ 10.4 | $ 8.9 | |
Deferred lease credit liability | 16.7 | 16.7 | 13.8 | |
Other accrued liabilities [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Deferred lease credit liability | 2.2 | 2.2 | 1.8 | |
Other long term liabilities [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Deferred lease credit liability | $ 14.5 | $ 14.5 | $ 12 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Numerator: | ||||
Income from continuing operations | $ 5,715 | $ 7,894 | $ 1,579 | $ 14,771 |
Loss from discontinued operations, net of taxes | 0 | (296) | 0 | (606) |
Net income | $ 5,715 | $ 7,598 | $ 1,579 | $ 14,165 |
Denominator: | ||||
Weighted-average number of common shares (basic) | 39,315 | 40,686 | 39,600 | 40,663 |
Dilutive effect of stock-based awards | 13 | 33 | 6 | 59 |
Weighted-average number of common shares (diluted) | 39,328 | 40,719 | 39,606 | 40,722 |
Earnings per share - basic: | ||||
Continuing operations, basic (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.04 | $ 0.36 |
Discontinued operations, basic (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income, Basic (in dollars per share) | 0.15 | 0.19 | 0.04 | 0.35 |
Earnings per share - diluted: | ||||
Continuing operations, diluted (in dollars per share) | 0.15 | 0.19 | 0.04 | 0.36 |
Discontinued operations, diluted (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income, Diluted (in dollars per share) | $ 0.15 | $ 0.19 | $ 0.04 | $ 0.35 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials (1) | $ 1,203 | $ 5,542 |
Work in process | 0 | 470 |
Finished goods | 102,718 | 92,391 |
Total inventories | $ 103,921 | $ 98,403 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Aug. 01, 2015 | Jan. 31, 2015 |
Debt Disclosure [Abstract] | ||
Available borrowings under the credit agreement | $ 125 | $ 125 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 39.30% | 40.30% | 63.80% | 39.50% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015USD ($)shares | Aug. 02, 2014USD ($)shares | Aug. 01, 2015USD ($)shares | Aug. 02, 2014USD ($)shares | |
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 | $ | $ 8.9 | $ 8.9 | ||
Weighted average period to recognize the total unrecognized compensation cost | 2 years 1 month 14 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 | 432,000 | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 167,000 | |||
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 | 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 | 36,001 | 60,511 | 598,361 | 278,491 |
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 0.5 | $ 1.4 | $ 9.5 | $ 7.3 |
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 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) - Aug. 01, 2015 - $ / shares shares in Thousands | Total |
Time-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | 248 |
Granted, Number of Units | 432 |
Vested, Number of Units | (118) |
Forfeited, Number of Units | (64) |
Nonvested units outstanding, ending balance | 498 |
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) | 15.92 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | 15.75 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | 19.07 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ 20.75 |
Performance-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | 217 |
Granted, Number of Units | 167 |
Vested, Number of Units | (8) |
Forfeited, Number of Units | (60) |
Nonvested units outstanding, ending balance | 316 |
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) | 15.84 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | 16.07 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | 24.88 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ 21.26 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Sep. 09, 2015 | Aug. 01, 2015 | Jan. 31, 2015 | Sep. 09, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Average price per share of shares acquired (in dollars per share) | $ 15.25 | |||
Number of shares held in treasury | 2,195,365 | |||
Value of treasury stock | $ 33,473,000 | $ 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 | 1,574,380 | |||
Average price per share of shares acquired (in dollars per share) | $ 13.03 | |||
Remaining authorized repurchase amount | $ 6,500,000 | |||
Value of treasury stock | $ 20,500,000 | |||
Subsequent event [Member] | The 2014 Share Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares acquired as part of share repurchase program | 623,633 | |||
Average price per share of shares acquired (in dollars per share) | $ 10.47 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 04, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Length of agreement to import and distribute products in Japan | 5 years | ||||
Net revenues | $ 0 | $ 1,144 | $ 0 | $ 2,408 | |
Cost of sales | 0 | 529 | 0 | 1,023 | |
Gross profit | 0 | 615 | 0 | 1,385 | |
Selling, general, and administrative expenses | 0 | 1,100 | 0 | 2,367 | |
Operating loss | 0 | (485) | 0 | (982) | |
Loss on disposal from discontinued operations | 0 | 0 | 0 | 0 | |
Loss before income taxes | 0 | (485) | 0 | (982) | |
Income tax benefit | 0 | (189) | 0 | (376) | |
Loss from discontinued operations | $ 0 | $ (296) | $ 0 | $ (606) |
Restructuring and Other Charg35
Restructuring and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Aug. 01, 2015 | Aug. 01, 2015 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Expected annual reduction in operating costs and expenses | $ 12,000 | ||
Restructuring Reserve [Abstract] | |||
Other restructuring charges | $ 3,100 | ||
Other restructuring charges, after tax | 2,100 | ||
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 3,400 | ||
Restructuring charges incurred, after tax | 2,100 | ||
Severance and Benefit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 1,700 | ||
Restructuring Reserve [Abstract] | |||
Restructuring charges | 1,673 | $ 0 | |
Cash payments | (1,675) | 0 | |
Non-cash charges | 2 | 0 | |
Liability | 0 | 0 | 0 |
Severance and Benefit Costs [Member] | Selling, general and administrative expenses [Member] | |||
Restructuring Reserve [Abstract] | |||
Other restructuring charges | 1,300 | ||
Lease Termination Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 700 | ||
Restructuring Reserve [Abstract] | |||
Restructuring charges | 650 | 0 | |
Cash payments | (650) | 0 | |
Non-cash charges | 0 | 0 | |
Liability | 0 | 0 | 0 |
Lease Termination Costs [Member] | Selling, general and administrative expenses [Member] | |||
Restructuring Reserve [Abstract] | |||
Other restructuring charges | 1,200 | ||
Accelerated depreciation of fixed assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 600 | ||
Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges incurred | 400 | ||
Restructuring Reserve [Abstract] | |||
Restructuring charges | 484 | 7 | |
Cash payments | (198) | 0 | |
Non-cash charges | (256) | 7 | |
Liability | 30 | 30 | 0 |
Inventory-Related Charges [Member] | |||
Restructuring Reserve [Abstract] | |||
Restructuring charges | 628 | 2,989 | |
Cash payments | 0 | 0 | |
Non-cash charges | (628) | 2,989 | |
Liability | $ 0 | 0 | $ 0 |
Change in income tax reserves [Member] | Interest expense [Member] | |||
Restructuring Reserve [Abstract] | |||
Other restructuring charges | $ 600 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - 6 months ended Aug. 01, 2015 | Segmentlocation |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of specialty retail locations | location | 2,700 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Segment Reporting Information [Line Items] | ||||
Segment net revenues | $ 120,724 | $ 118,960 | $ 221,828 | $ 231,157 |
Segment operating income | 31,345 | 33,069 | 49,276 | 62,266 |
Unallocated corporate expenses | (21,859) | (19,823) | (44,761) | (37,733) |
Operating income | 9,486 | 13,246 | 4,515 | 24,533 |
Operating Segments [Member] | Direct [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 83,775 | 77,777 | 154,208 | 149,961 |
Segment operating income | 16,557 | 17,122 | 24,584 | 30,880 |
Operating Segments [Member] | Indirect [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 36,949 | 41,183 | 67,620 | 81,196 |
Segment operating income | $ 14,788 | $ 15,947 | $ 24,692 | $ 31,386 |