Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2016 | Mar. 29, 2016 | Aug. 01, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VRA | ||
Entity Registrant Name | Vera Bradley, Inc. | ||
Entity Central Index Key | 1,495,320 | ||
Current Fiscal Year End Date | --01-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 34,873,336 | ||
Entity Public Float | $ 219,293,786 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 97,681 | $ 112,292 |
Accounts receivable, net | 31,294 | 31,374 |
Inventories | 113,590 | 98,403 |
Income taxes receivable | 785 | 3,208 |
Prepaid expenses and other current assets | 10,292 | 9,100 |
Deferred income taxes | 0 | 13,320 |
Total current assets | 253,642 | 267,697 |
Property, plant, and equipment, net | 113,711 | 109,003 |
Deferred income taxes | 11,363 | 0 |
Other assets | 1,963 | 584 |
Total assets | 380,679 | 377,284 |
Current liabilities: | ||
Accounts payable | 24,606 | 32,906 |
Accrued employment costs | 14,937 | 14,595 |
Other accrued liabilities | 16,924 | 15,548 |
Income taxes payable | 10,085 | 0 |
Total current liabilities | 66,552 | 63,049 |
Deferred income taxes | 0 | 5,297 |
Other long-term liabilities | 28,872 | 24,467 |
Total liabilities | $ 95,424 | $ 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, 40,804 and 40,695 shares issued and 37,701 and 40,074 outstanding, respectively | 0 | 0 |
Additional paid-in capital | 85,436 | 80,992 |
Retained earnings | 244,009 | 216,451 |
Accumulated other comprehensive loss | (43) | (15) |
Treasury stock | (44,147) | (12,957) |
Total shareholders’ equity | 285,255 | 284,471 |
Total liabilities and shareholders’ equity | $ 380,679 | $ 377,284 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | 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 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,803,523 | 40,695,295 |
Common stock, shares outstanding | 37,701,171 | 40,074,310 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Statement [Abstract] | |||
Net revenues | $ 502,598 | $ 508,990 | $ 530,896 |
Cost of sales | 221,409 | 239,981 | 238,684 |
Gross profit | 281,189 | 269,009 | 292,212 |
Selling, general, and administrative expenses | 236,836 | 208,675 | 201,231 |
Other income | 2,369 | 3,736 | 4,776 |
Operating income | 46,722 | 64,070 | 95,757 |
Interest expense, net | 263 | 407 | 571 |
Income from continuing operations before income taxes | 46,459 | 63,663 | 95,186 |
Income tax expense | 18,901 | 22,828 | 35,057 |
Income from continuing operations | 27,558 | 40,835 | 60,129 |
Loss from discontinued operations, net of taxes | 0 | (2,386) | (1,317) |
Net income | $ 27,558 | $ 38,449 | $ 58,812 |
Basic weighted-average shares outstanding | 38,795 | 40,568 | 40,599 |
Diluted weighted-average shares outstanding | 38,861 | 40,632 | 40,648 |
Net income (loss) per share - basic | |||
Continuing operations, basic (in dollars per share) | $ 0.71 | $ 1.01 | $ 1.48 |
Discontinued operations, basic (in dollars per share) | 0 | (0.06) | (0.03) |
Net income per share, Basic (in dollars per share) | 0.71 | 0.95 | 1.45 |
Net income (loss) per share - diluted | |||
Continuing operations, diluted (in dollars per share) | 0.71 | 1 | 1.48 |
Discontinued operations, diluted (in dollars per share) | 0 | (0.06) | (0.03) |
Net income per share, Diluted (in dollars per share) | $ 0.71 | $ 0.95 | $ 1.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 27,558 | $ 38,449 | $ 58,812 |
Cumulative translation adjustment | (28) | (3) | (398) |
Comprehensive income | $ 27,530 | $ 38,446 | $ 58,414 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning balance, shares at Feb. 02, 2013 | 40,563,056 | |||||
Beginning balance, value at Feb. 02, 2013 | $ 194,255 | $ 75,675 | $ 119,190 | $ (610) | ||
Net income | 58,812 | 58,812 | ||||
Translation adjustments | (398) | (398) | ||||
Restricted shares vested, net of repurchase for taxes, shares | 43,675 | |||||
Restricted shares vested, net of repurchase for taxes | (412) | (412) | ||||
Stock-based compensation | 2,950 | 2,950 | ||||
Tax related benefit of restricted stock units | (60) | (60) | ||||
Ending balance, shares at Feb. 01, 2014 | 40,606,731 | |||||
Ending balance, value at Feb. 01, 2014 | 255,147 | 78,153 | 178,002 | (1,008) | ||
Net income | 38,449 | 38,449 | ||||
Translation adjustments | 993 | 993 | ||||
Restricted shares vested, net of repurchase for taxes, shares | 88,564 | |||||
Restricted shares vested, net of repurchase for taxes | (674) | (674) | ||||
Stock-based compensation | 3,513 | 3,513 | ||||
Treasury stock purchased, shares | (620,985) | 620,985 | ||||
Treasury stock purchased | (12,957) | $ (12,957) | ||||
Ending balance, shares at Jan. 31, 2015 | 40,074,310 | 620,985 | ||||
Ending balance, value at Jan. 31, 2015 | 284,471 | 80,992 | 216,451 | (15) | $ (12,957) | |
Net income | 27,558 | 27,558 | ||||
Translation adjustments | (28) | (28) | ||||
Restricted shares vested, net of repurchase for taxes, shares | 108,228 | |||||
Restricted shares vested, net of repurchase for taxes | (583) | (583) | ||||
Stock-based compensation | 5,027 | 5,027 | ||||
Treasury stock purchased, shares | (2,481,367) | 2,481,367 | ||||
Treasury stock purchased | (31,190) | $ (31,190) | ||||
Ending balance, shares at Jan. 30, 2016 | 37,701,171 | 3,102,352 | ||||
Ending balance, value at Jan. 30, 2016 | $ 285,255 | $ 85,436 | $ 244,009 | $ (43) | $ (44,147) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Cash flows from operating activities | |||
Net income | $ 27,558 | $ 38,449 | $ 58,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property, plant, and equipment | 22,173 | 15,216 | 15,104 |
Provision for doubtful accounts | 515 | (148) | (153) |
Loss on disposal of property, plant, and equipment | 141 | 21 | 29 |
Stock-based compensation | 5,027 | 3,513 | 2,950 |
Deferred income taxes | (3,340) | 428 | (3,241) |
Discontinued operations | 0 | 996 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | (435) | (2,052) | 7,933 |
Inventories | (15,187) | 38,520 | (5,682) |
Prepaid expenses and other assets | (2,571) | 1,353 | 1,747 |
Accounts payable | (8,665) | 2,873 | 12,892 |
Income taxes | 12,508 | (4,833) | (5,469) |
Accrued and other liabilities | 5,546 | 9,476 | 2,942 |
Net cash provided by operating activities | 43,270 | 103,812 | 87,864 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (26,322) | (37,128) | (22,862) |
Net cash used in investing activities | (26,322) | (37,128) | (22,862) |
Cash flows from financing activities | |||
Payments on financial-institution debt | 0 | 0 | (45,000) |
Borrowings on financial-institution debt | 0 | 0 | 30,000 |
Tax withholdings for equity compensation | (583) | (674) | (412) |
Repurchase of common stock | (30,870) | (12,841) | 0 |
Other financing activities, net | (78) | (89) | 99 |
Net cash used in financing activities | (31,531) | (13,604) | (15,313) |
Effect of exchange rate changes on cash and cash equivalents | (28) | (3) | (77) |
Net (decrease) increase in cash and cash equivalents | (14,611) | 53,077 | 49,612 |
Cash and cash equivalents, beginning of period | 112,292 | 59,215 | 9,603 |
Cash and cash equivalents, end of period | 97,681 | 112,292 | 59,215 |
Supplemental disclosure of cash-flow information | |||
Income taxes paid | 9,302 | 25,957 | 42,287 |
Interest paid | $ 259 | $ 275 | $ 161 |
Description of the Company
Description of the Company | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company | Description of the Company Vera Bradley is a leading designer of women’s handbags and accessories, luggage and travel items, eyewear, and stationery and gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s innovative designs, iconic patterns, and versatile styles offer women of all ages a colorful way to accessorize every look. Vera Bradley offers a unique, multi-channel sales model, as well as a focus on service and a high level of customer engagement. The Company sells its products through two reportable segments: Direct and Indirect. The Direct business consists of sales of Vera Bradley products through the Company’s full-line and factory outlet stores in the United States, verabradley.com, direct-to-consumer eBay sales, and the Company's annual outlet sale in Fort Wayne, Indiana. As of January 30, 2016 , the Company operated 110 full-line stores and 40 factory outlet stores. The Indirect business consists of sales of Vera Bradley products to approximately 2,600 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 liquidators. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. Fiscal Periods The Company utilizes a 52 - 53 week fiscal year ending on the Saturday closest to January 31. As such, fiscal year 2016 , 2015 and 2014 ending on January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively, each reflected a 52 -week period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Significant Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, and expenses, as well as the disclosures relating to contingent assets and liabilities at the date of the consolidated financial statements. Significant areas requiring the use of management estimates include the valuation of inventories, accounts receivable valuation allowances, sales return allowances, and the useful lives of assets for depreciation or amortization. Actual results could differ from these estimates. The Company revises its estimates and assumptions as new information becomes available. Certain prior period amounts have been reclassified to conform to the current year presentation. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, deposits with financial institutions, and investments with an original maturity of three months or less. Concentration of Credit Risk The Company maintains nearly all of its cash and cash equivalents with one financial institution. The Company monitors the credit standing of this financial institution on a regular basis. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Market is determined based on net realizable value, which includes costs to dispose. Appropriate consideration is given to obsolescence, excess quantities, and other factors, including the popularity of a pattern or product, in evaluating net realizable value. Property, Plant, and Equipment Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: Buildings and building improvements .............................................. 39.5 years Land improvements ........................................................................... 5 – 15 years Furniture and fixtures, and leasehold improvements ........................ 3 – 10 years Computer equipment and software ................................................... 3 – 5 years Equipment ....................................................................... 7 years Vehicles ............................................................................................. 5 years Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Lease terms typically range from five to ten years. When a decision is made to abandon property, plant, and equipment prior to the end of the previously estimated useful life, depreciation or amortization estimates are revised to reflect the use of the asset over the shortened estimated useful life. At the time of disposal, the cost of assets sold or retired and the related accumulated depreciation or amortization are removed from the accounts and any resulting loss is included in the Consolidated Statements of Income. Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined below in “Fair Value of Financial Instruments.” Routine maintenance and repair costs are expensed as incurred. The Company capitalizes certain costs incurred in connection with acquiring, modifying, and installing internal-use software. Capitalized costs are included in property, plant, and equipment and are amortized over three to five years . Software costs that do not meet capitalization criteria are expensed as incurred. Revenue Recognition and Accounts Receivable Revenue from the sale of the Company’s products is recognized upon customer receipt of the product when collection of the associated receivables is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and ownership and risk of loss have been transferred to the customer, which, for e-commerce and most Indirect sales, reflects an adjustment for shipments that customers have not yet received. The adjustment of these shipments is based on actual delivery dates to the customer. Included in net revenues are product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees. Costs related to shipping of product are classified in cost of sales in the Consolidated Statements of Income. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities. Historical experience provides the Company the ability to reasonably estimate the amount of product sales that customers will return. Product returns are often resalable through the Company’s annual outlet sale or other channels. Additionally, the Company reserves for other potential product credits granted to Indirect retailers. The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): Balance at Beginning of Year Provision Charged to Net Revenues Allowances Taken Balance at End of Year Fiscal year ended January 30, 2016 $ 2,173 $ 25,707 $ (25,563 ) $ 2,317 Fiscal year ended January 31, 2015 1,424 30,140 (29,391 ) 2,173 Fiscal year ended February 1, 2014 2,145 30,335 (31,056 ) 1,424 The Company establishes an allowance for doubtful accounts based on historical experience and customer-specific identification and believes that collections of receivables, net of the allowance for doubtful accounts, are reasonably assured. The allowance for doubtful accounts was approximately $0.5 million and $0.3 million as of January 30, 2016 , and January 31, 2015 , respectively. The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. In addition, the Company recognizes revenue on unredeemed gift cards when the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. The Company determines the gift card breakage rate based on historical redemption patterns. During the fiscal years ended January 30, 2016 and January 31, 2015 , the Company recorded $0.3 million and $1.4 million of revenue related to gift card breakage, respectively. Fiscal 2015 was the first year in which gift card breakage revenue was recognized. Gift card breakage is included in net sales in the Consolidated Statements of Income, as well as Direct segment sales; however, it is not included in the comparable sales figures. Cost of Sales Cost of sales includes material and labor costs, freight, inventory shrinkage, operating lease costs, duty, and other operating expenses, including depreciation of the Company’s distribution center and equipment. Costs and related expenses to purchase and distribute the products are recorded as cost of sales when the related revenues are recognized. Operating Leases and Tenant-Improvement Allowances The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a deferred rent liability. As of January 30, 2016 and January 31, 2015 , deferred rent liability was $11.5 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 January 30, 2016 and January 31, 2015 , the deferred lease credit liability was $16.2 million and $13.8 million , respectively. Of this, $2.3 million and $1.8 million is included within other accrued liabilities and $13.9 million and $12.0 million is included within other long-term liabilities on the Consolidated Balance Sheets as of January 30, 2016 and January 31, 2015 , respectively. Store Pre-Opening, Occupancy, and Operating Costs The Company charges costs associated with the opening of new stores to selling, general, and administrative expenses as incurred. Selling, general, and administrative expenses also include store operating costs, store employee compensation, and store occupancy and supply costs. Stock-Based Compensation The Company accounts for stock-based compensation using the fair-value recognition provisions of Accounting Standards Codification 718, Stock Compensation . Under these provisions, for its awards of restricted stock and restricted-stock units, the Company recognizes stock-based compensation expense in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company recognizes this expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Other Income and Advertising Costs The Company expenses advertising costs at the time the promotion first appears in media, in stores, or on the website, and includes those costs in selling, general, and administrative expenses in the Consolidated Statements of Income. The Company classifies the related recovery of a portion of such costs from Indirect retailers as other income in the Consolidated Statements of Income. During fiscal 2015, the Company began classifying other costs included within selling, general, and administrative expenses in the Consolidated Statements of Income as advertising expense. Total advertising expense was as follows (in thousands): Fiscal year ended January 30, 2016 $ 33,392 Fiscal year ended January 31, 2015 28,936 Fiscal year ended February 1, 2014 29,722 Total recovery from Indirect retailers was as follows (in thousands): Fiscal year ended January 30, 2016 $ 2,180 Fiscal year ended January 31, 2015 3,509 Fiscal year ended February 1, 2014 4,483 Debt-Issuance Costs During the fiscal year ended January 30, 2016, in connection with the second amendment and restatement of the credit agreement (see Note 5), the Company incurred additional debt-issuance costs of $0.5 million . The Company is amortizing the remaining debt-issuance costs to interest expense over the five -year term of the second amended and restated credit agreement. Debt-issuance costs, net of accumulated amortization, totaled $0.8 million at January 30, 2016 , and $0.5 million at January 31, 2015 , and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million is included in interest expense in the Consolidated Statements of Income for each of the fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 . Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs based on the Company’s own assumptions. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The carrying amounts reflected on the Consolidated Balance Sheets for cash and cash equivalents, receivables, other current assets, and payables as of January 30, 2016 , and January 31, 2015 , approximated their fair values. The carrying amount for the credit agreement approximates fair value at January 30, 2016 , and January 31, 2015 , as the interest rates of these borrowings fluctuate with the market. The credit agreement falls within Level 2 of the fair value hierarchy. The Company has certain assets that are measured on a non-recurring basis under circumstances and events described in Note 4. The categorization of the framework to price these assets are level 3 due to subjective nature of unobservable inputs. Income Taxes The Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between the book and tax bases of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted rates in effect for the years in which the differences are expected to reverse, and recognizes the effect of a change in enacted rates in the period of enactment. The Company establishes liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. The Company includes in income tax expense any interest and penalties related to uncertain tax positions. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 its 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. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted as of the beginning of an interim or annual reporting period and can be applied either prospectively or retrospectively. The Company adopted this standard for the annual period ending January 30, 2016. This standard was adopted prospectively; accordingly, the Company did not recast the prior year deferred tax assets and liabilities. In February 2016, the FASB issued ASU 2016-02, Leases , which increases transparency and comparability among organizations by requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases and disclosing key information about leasing arrangements. This guidance is effective for interim and annual periods beginning on or after December 15, 2018. The Company is currently evaluating the impact of the standard on its Consolidated Financial Statements. |
Inventories
Inventories | 12 Months Ended |
Jan. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories were as follows (in thousands): January 30, January 31, Raw materials (1) $ 151 $ 5,542 Work in process — 470 Finished goods 113,439 92,391 Total inventories $ 113,590 $ 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. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consisted of the following (in thousands): January 30, January 31, Land and land improvements $ 5,981 $ 5,867 Building and building improvements 46,145 45,423 Furniture, fixtures, leasehold improvements and computer equipment 127,913 109,087 Equipment and vehicles 19,931 20,850 Construction in progress 8,034 7,054 208,004 188,281 Less: Accumulated depreciation and amortization (94,293 ) (79,278 ) Property, plant, and equipment, net $ 113,711 $ 109,003 Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined in Note 2. An impairment charge of $2.8 million , $0.4 million and $1.2 million was recognized, using level 3 inputs, in the fiscal years ended January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively, for assets related to underperforming stores and is included in selling, general, and administrative expenses in the Consolidated Statements of Income and in depreciation and amortization of property, plant, and equipment in the Consolidated Statements of Cash Flows. The impairment charges are included in the Direct segment. Depreciation and amortization expense associated with property, plant, and equipment, excluding impairment charges and discontinued operations (in thousands): Fiscal year ended January 30, 2016 $ 19,418 Fiscal year ended January 31, 2015 14,425 Fiscal year ended February 1, 2014 13,242 |
Debt
Debt | 12 Months Ended |
Jan. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of January 30, 2016 and January 31, 2015 , the Company had borrowing availability of $125.0 million under the amended and restated credit agreement. Second Amended and Restated Credit Agreement On July 15, 2015, Vera Bradley Designs, Inc. (“VBD”), a wholly-owned subsidiary of the Company, entered into a Second Amended and Restated Credit Agreement among VBD, the lenders from time to time party thereto, JPMorgan Chase Bank, National Association, as administrative agent, Wells Fargo Bank, National Association, as syndication agent, and KeyBank National Association, as documentation agent (the “Credit Agreement”), which amended and restated the Company's prior credit agreement. The Credit Agreement provides for certain credit facilities to VBD in an aggregate principal amount not to initially exceed $125.0 million , the proceeds of which will be used for general corporate purposes of VBD and its subsidiaries, including but not limited to Vera Bradley International, LLC and Vera Bradley Sales, LLC (collectively, the “Named Subsidiaries”). Amounts outstanding under the Credit Agreement bear interest, at VBD's option, at a per annum rate equal to either (A) the Alternate Base Rate (“ABR”) plus the Applicable Margin, where the ABR is the highest of (i) the prime rate, (ii) the federal funds rate plus 0.5% , and (iii) Adjusted LIBOR for a one-month interest period plus 1% , and the Applicable Margin is a percentage ranging from 0.00% to 0.70% depending upon the Company's leverage ratio or (B) Adjusted LIBOR plus the Applicable Margin, where Adjusted LIBOR means LIBOR, as adjusted for statutory reserve requirements for eurocurrency liabilities, and Applicable Margin is a percentage ranging from 1.00% to 1.70% depending upon the Company's leverage ratio. Any loans made, or letters of credit issued, pursuant to the Credit Agreement mature on July 15, 2020 . VBD's obligations under the Credit Agreement are guaranteed by the Company and the Named Subsidiaries. The obligations of VBD under the Credit Agreement are secured by first priority security interests in all of the respective assets of VBD, the Company, and the Named Subsidiaries and a pledge of the equity interests of VBD and the Named Subsidiaries. The Credit Agreement contains various restrictive covenants, including restrictions on the Company's ability to dispose of assets, make acquisitions or investments, incur debt or liens, make distributions to stockholders or repurchase outstanding stock, enter into related party transactions and make capital expenditures, other than upon satisfaction of the conditions set forth in the Credit Agreement. The Company is also required to comply with certain financial and non-financial covenants, including maintaining a maximum leverage ratio, a minimum ratio of EBITDAR to the sum of interest expense plus rentals (as defined in the Credit Agreement), and a limit on capital expenditures. Upon an event of default, which includes certain customary events such as, among other things, a failure to make required payments when due, a failure to comply with covenants, certain bankruptcy and insolvency events, a material adverse change (as defined in the Credit Agreement), defaults under other material indebtedness, and a change in control, the lenders may accelerate amounts outstanding, terminate the agreement and foreclose on all collateral. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense were as follows (in thousands): January 30, January 31, February 1, Current: Federal $ 19,823 $ 20,715 $ 34,578 Foreign 18 54 77 State 2,400 1,631 3,643 22,241 22,400 38,298 Deferred: Federal (2,813 ) (19 ) (2,540 ) State (527 ) 447 (701 ) (3,340 ) 428 (3,241 ) Total income tax expense $ 18,901 $ 22,828 $ 35,057 A breakdown of the Company’s income from continuing operations before income taxes is as follows (in thousands): January 30, January 31, February 1, Domestic $ 46,386 $ 63,445 $ 94,877 Foreign 73 218 309 Total income from continuing operations before income taxes $ 46,459 $ 63,663 $ 95,186 A reconciliation of income tax expense to the amount computed at the federal statutory rate is as follows for the fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 (in thousands): January 30, January 31, February 1, Federal taxes at statutory rate $ 16,261 35.0 % $ 22,282 35.0 % $ 33,315 35.0 % State and local income taxes, net of federal benefit 1,217 2.6 1,350 2.2 1,912 3.0 Other 1,423 3.1 (804 ) (1.3 ) (170 ) (1.2 ) Total income tax expense $ 18,901 40.7 % $ 22,828 35.9 % $ 35,057 36.8 % During the third quarter of fiscal 2015, the Company discontinued retail operations in Japan. The above information consists of continuing operations only. At the beginning of fiscal 2015, the Company made an election for tax purposes to treat the Japan operations as a branch thereby causing the Japan activity to be taxed in the United States. The final tax accounting regarding Japan was recognized upon the sale of all Japan inventory in fiscal 2016. Deferred income taxes reflect the net tax effects of temporary differences between the book and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities were as follows (in thousands): January 30, January 31, Deferred tax assets: Compensation and benefits $ 5,761 $ 5,070 Inventories 4,855 5,174 Deferred credits from landlords 11,056 9,095 Other 5,162 3,120 Subtotal deferred tax assets 26,834 22,459 Less: valuation allowances (194 ) (194 ) Total deferred tax assets 26,640 22,265 Deferred tax liabilities: Property, plant, and equipment (12,970 ) (12,085 ) Other (2,307 ) (2,157 ) Total deferred tax liabilities (15,277 ) (14,242 ) Net deferred tax assets $ 11,363 $ 8,023 Uncertain Tax Positions A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (excluding interest and penalties) for the fiscal years ended January 30, 2016 , and January 31, 2015 , is as follows (in thousands): January 30, January 31, Beginning balance $ 3,018 $ 3,115 Net (decreases) increases in unrecognized tax benefits as a result of current year activity 81 (97 ) Ending balance $ 3,099 $ 3,018 As of January 30, 2016 , of the $3.1 million of total unrecognized tax benefits, $2.6 million , which is net of federal benefit, would, if recognized, favorably affect the effective tax rate in future periods. Total unrecognized tax benefits are currently not expected to decrease by a significant amount in the next twelve months. The Company recognized an immaterial amount of interest only, no penalties, related to unrecognized tax benefits in the fiscal years ended January 30, 2016 , and January 31, 2015 . The Company files income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. Income tax returns for calendar year 2012 to present are open for examination in the federal jurisdiction and in significant state jurisdictions. Taxable income/loss in foreign jurisdictions are not material. |
Leases
Leases | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Leases | Leases The Company is party to non-cancellable operating leases. Future minimum lease payments under the non-cancellable operating leases through expiration are as follows (in thousands and by fiscal year): Fiscal Year Amount 2017 $ 30,585 2018 30,922 2019 28,699 2020 27,492 2021 26,728 Thereafter 76,621 $ 221,047 Rental expense for all leases, excluding discontinued operations, was as follows (in thousands): Fiscal year ended January 30, 2016 $ 32,456 Fiscal year ended January 31, 2015 25,198 Fiscal year ended February 1, 2014 22,563 Lease terms generally range from five to ten years with options to renew for varying terms. Future minimum lease payments relate primarily to the lease of retail space. Additionally, several lease agreements contain a provision for payments based on a percentage of sales in addition to the stated lease payments. Percentage rent expense was $2.4 million , $1.9 million and $2.5 million for fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 , respectively. During fiscal 2015 and fiscal 2014, the Company leased one of its facilities from leasing companies owned by certain shareholders and directors. Lease expense related to this arrangement was $0.1 million for fiscal year ended January 31, 2015 , and $0.2 million for fiscal year ended February 1, 2014 . The Company was also under a lease agreement during fiscal 2014 with Great Dane Realty, LLC, a company owned by Barbara Bradley Baekgaard. Lease expense for the fiscal year ended February 1, 2014 , related to this arrangement was $0.3 million . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation consists of awards of restricted stock and restricted stock units. The Company recognized stock-based compensation expense of $5.0 million , $3.5 million and $3.0 million in the fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 , respectively. Awards of Restricted-Stock Units The Company reserved 6,076,001 shares of common stock for issuance or transfer under the 2010 Equity and Incentive Plan, which allows for grants of restricted stock units, as well as other equity awards. As of January 30, 2016 , there were 5,100,762 of shares remaining in that program. During the fiscal year ended January 30, 2016 , the Company granted a total of 606,785 time-based and performance-based restricted stock units to certain employees and non-employee directors under the 2010 Equity and Incentive Plan with an aggregate fair value of $9.6 million . The Company determined the fair value of the units based on the closing price of the Company’s common stock on the grant date. The majority of time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one -for-one basis, in equal installments on each of the first three anniversaries of the grant date. Beginning in fiscal 2014, all restricted stock awards issued to non-employee directors vest after a one -year period from grant date. The Company is recognizing the expense relating to these awards, net of estimated forfeitures, on a straight-line basis over the vesting period. The majority of performance-based restricted stock units vest upon the completion of a three -year period of time (cliff vesting), subject to the employee’s continuing employment throughout the three-year performance period and the Company’s achievement of annual net income 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 and based on the probable outcome of achievement of the financial targets, on a straight-line basis over the vesting period. The following table summarizes information about restricted-stock units as of and for the year ended January 30, 2016 (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 440 15.85 167 15.84 Vested (139 ) 25.00 (8 ) 29.62 Forfeited (86 ) 19.51 (73 ) 24.09 Nonvested units outstanding at January 30, 2016 463 $ 18.05 303 $ 20.95 As of January 30, 2016 , there was $6.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted average period of 1.7 years . The total fair value of restricted stock units for which restrictions lapsed (vested) during fiscal 2016 was $2.3 million . No restricted-stock awards were granted, vested, or forfeited for the year ended January 30, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various claims and contingencies arising in the normal course of business, including those relating to product liability, legal, employee benefit, regulatory, environmental, and other matters. Management believes that it is not reasonably possible that any of these claims will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
401(k) Profit Sharing Plan and
401(k) Profit Sharing Plan and Trust | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | |
401(k) Profit Sharing Plan and Trust | 401(k) Profit Sharing Plan and Trust The Company has a 401(k) profit sharing plan and trust for all qualified employees and provides a 100% match for the first 3% of employee contributions and a 50% match for the next 2% of employee contributions, for a maximum Company match of 4% of employee contributions, limited to the annual legal allowable limit. Additionally, the Company has the option of making discretionary profit sharing payments to the plan as approved by the board of directors. As of January 30, 2016 , and January 31, 2015 , no discretionary profit sharing payments had been approved. Total Company contributions to the plan, excluding discontinued operations, were as follows (in thousands): Fiscal year ended January 30, 2016 $ 1,965 Fiscal year ended January 31, 2015 2,394 Fiscal year ended February 1, 2014 1,505 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company leased its former corporate headquarters in fiscal 2015 from leasing companies owned by certain shareholders and directors, as described further in Note 7. In December 2013, the Company purchased land and a building, that was previously leased, from Great Dane Realty, LLC, a company owned by Barbara Bradley Baekgaard. The Board of Directors, along with independent real estate appraisers, determined the purchase price of the property, which totaled $2.4 million . This building is adjacent to the distribution center in Roanoke, Indiana. During fiscal year ended January 31, 2015 and February 1, 2014 , the Company made charitable contributions of approximately $0.8 million and $1.0 million , respectively, to the Vera Bradley Foundation for Breast Cancer (the “Foundation”). The Foundation was founded by two of the Company’s directors, who are also on the board of directors of the Foundation. The liability associated with commitments to the Foundation was approximately $0.4 million and $0.1 million as of January 30, 2016 and January 31, 2015 , respectively. For fiscal 2016, the liability consisted of pass-through donations. This liability is included in other accrued liabilities in the Consolidated Balance Sheets. The associated expense for contributions to the Foundation, which is included in selling, general, and administrative expenses, was as follows (in thousands): Fiscal year ended January 30, 2016 $ — Fiscal year ended January 31, 2015 750 Fiscal year ended February 1, 2014 982 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic net income per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock and restricted-stock units. The components of basic and diluted net income per share are as follows (in thousands, except per share data): Fiscal Year Ended January 30, January 31, February 1, Numerator: Income from continuing operations $ 27,558 $ 40,835 $ 60,129 Loss from discontinued operations, net of taxes — (2,386 ) (1,317 ) Net income $ 27,558 $ 38,449 $ 58,812 Denominator: Weighted-average number of common shares (basic) 38,795 40,568 40,599 Dilutive effect of stock-based awards 66 64 49 Weighted-average number of common shares (diluted) 38,861 40,632 40,648 Earnings per share - basic: Continuing operations $ 0.71 $ 1.01 $ 1.48 Discontinued operations — (0.06 ) (0.03 ) Net income $ 0.71 $ 0.95 $ 1.45 Earnings per share - diluted: Continuing operations $ 0.71 $ 1.00 $ 1.48 Discontinued operations — (0.06 ) (0.03 ) Net income $ 0.71 $ 0.95 $ 1.45 As of January 30, 2016 , 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. As of January 30, 2016 , there were no additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations. |
Common Stock
Common Stock | 12 Months Ended |
Jan. 30, 2016 | |
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 through October 2016. The 2014 Share Repurchase Program was completed in August 2015. On December 8, 2015, the Company's board of directors approved another share repurchase program (the “2015 Share Repurchase Program”) authorizing up to $50.0 million of repurchases of shares of the Company's common stock. The 2015 Share Repurchase Program expires in December 2017. The Company purchased and held 2,481,367 shares at an average price of $12.57 per share, excluding commissions, for an aggregate amount of $31.2 million during the fiscal year ended January 30, 2016 . Of these purchases, 283,354 shares at an average price of $14.64 per share, for an aggregate amount of $4.1 million , were purchased under the 2015 Share Repurchase Plan. As of January 30, 2016 , there was $45.9 million remaining available to repurchase shares of the Company's common stock under the 2015 Share Repurchase Program. As of January 30, 2016 , the Company held as treasury shares 3,102,352 shares of its common stock at an average price of $14.23 per share, excluding commissions, for an aggregate carrying amount of $44.1 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 | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On June 4, 2014, the Company entered into a five -year agreement with Mitsubishi Corporation Fashion Company and Look Inc. to import and distribute Vera Bradley products in Japan. As a result of moving to this wholesale business model, the Company exited its direct business in Japan during the third quarter of fiscal 2015 and the results of operations are reported as discontinued operations. Japan results were previously reported in the Direct segment, which has been restated to exclude the results of the discontinued operations for the periods presented. Following are the Japan results of operations (in thousands): Fiscal Year Ended January 30, January 31, February 1, Net revenues $ — $ 2,963 $ 5,125 Cost of sales — 1,470 1,905 Gross profit — 1,493 3,220 Selling, general, and administrative expenses — 2,985 4,537 Operating loss — (1,492 ) (1,317 ) Loss on disposal from discontinued operations (1) — (1,769 ) — Loss before income taxes — (3,261 ) (1,317 ) Income tax benefit — (875 ) — Loss from discontinued operations $ — $ (2,386 ) $ (1,317 ) (1) Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Jan. 30, 2016 | |
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) relating to the facility closing, as compared to $3.0 million ( $1.9 million after the associated tax benefit), primarily related to raw materials inventory write-downs, in the fourth quarter of fiscal 2015. The fiscal 2016 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 plant 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 ) $ (228 ) Non-cash charges $ (628 ) $ — $ 2 $ (256 ) Liability as of January 30, 2016 $ — $ — $ — $ — Additional charges affecting comparability of the financial results for the fifty-two weeks ended January 30, 2016 and January 31, 2015 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 | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has two operating segments, which are also its reportable segments: Direct and Indirect. These operating segments are components of the Company for which separate financial information is available and for which operating results are evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources and in assessing the performance of the segments. The Direct segment includes the Company’s full-line and factory outlet stores, the Company’s website, verabradley.com, direct-to-consumer eBay sales, and the annual outlet sale. Revenues generated through this segment are driven through the sale of Company-branded products from Vera Bradley to end consumers. The Company exited its direct Japan operations in the third quarter of fiscal 2015. Direct segment results for the current and prior periods presented are reported on a continuing operations basis unless otherwise stated. Discontinued operations are described further in Note 14 . The Indirect segment represents revenues generated through the distribution of Company-branded products to specialty retailers representing approximately 2,600 locations, substantially all of which are located in the United States, as well as select department stores, national accounts, third party e-commerce sites, the Company's wholesale business in Japan, and third-party inventory liquidators. No customer accounted for 10% or more of the Company’s net revenues during fiscal years 2016 , 2015 and 2014 . Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, and various other corporate-level-activity-related expenses. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. The table below represents key financial information for each of the Company’s operating and reportable segments, Direct and Indirect. The accounting policies of the segments are the same as those described in Note 2. The Company does not report depreciation or amortization expense, total assets, or capital expenditures by segment as such information is neither used by management nor accounted for at the segment level. Net revenues and operating income information for the Company’s reportable segments consisted of the following (in thousands): Fiscal Year Ended January 30, January 31, February 1, Segment net revenues: Direct $ 351,286 $ 335,602 $ 321,092 Indirect 151,312 173,388 209,804 Total $ 502,598 $ 508,990 $ 530,896 Segment operating income: Direct $ 74,114 $ 74,099 $ 81,194 Indirect 60,409 66,213 84,130 Total $ 134,523 $ 140,312 $ 165,324 Reconciliation: Segment operating income $ 134,523 $ 140,312 $ 165,324 Less: Unallocated corporate expenses (87,801 ) (76,242 ) (69,567 ) Operating income $ 46,722 $ 64,070 $ 95,757 Sales outside of the United States were excluded from the Direct segment, for all periods presented, due to the Japan operations being discontinued in the third quarter of fiscal 2015. Revenues to external customers for Vera Bradley brand products are attributable to sales of bags, accessories, travel and home items. Other revenues to external customers primarily include revenues from our apparel/footwear, stationery, merchandising, freight, licensing, and gift card breakage. Net revenues by product categories are as follows (in thousands): Fiscal Year Ended January 30, January 31, February 1, Net revenues: Bags $ 215,835 $ 230,978 $ 223,699 Accessories 112,066 116,031 133,605 Travel 125,279 109,112 116,251 Home 22,729 17,721 20,270 Other 26,689 35,148 37,071 Total $ 502,598 $ 508,990 $ 530,896 As of January 30, 2016 and January 31, 2015 , substantially all of the Company’s long-lived assets were located in the United States. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The table below sets forth selected quarterly financial data for each of the last two fiscal years (in thousands, except per share data). Each of the quarters presented was thirteen weeks in duration. Fiscal Year Ended January 30, 2016 First Quarter (1) Second Quarter Third Quarter Fourth Quarter (2) (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $ 101,104 $ 120,724 $ 126,674 $ 154,096 Gross profit 51,694 66,554 73,298 89,643 Operating (loss) income (4,971 ) 9,486 16,789 25,418 (Loss) income from continuing operations (4,136 ) 5,715 10,268 15,711 Loss from discontinued operations, net of taxes — — — — Net (loss) income (4,136 ) 5,715 10,268 15,711 Net (loss) income per share - basic Continuing operations $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Discontinued operations — — — — Net income $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Net (loss) income per share - diluted Continuing operations $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Discontinued operations — — — — Net income $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 (1) Includes restructuring and other charges described in Note 15. (2) Includes gift card breakage revenue of $0.3 million . See Note 2 for additional information. Fiscal Year Ended January 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (1) (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $ 112,197 $ 118,960 $ 125,204 $ 152,629 Gross profit 59,755 63,444 65,768 80,042 Operating income 11,287 13,246 13,604 25,933 Income from continuing operations 6,877 7,894 8,721 17,343 Loss from discontinued operations, net of taxes (310 ) (296 ) (1,780 ) — Net income 6,567 7,598 6,941 17,343 Net income (loss) per share - basic Continuing operations $ 0.17 $ 0.19 $ 0.21 $ 0.43 Discontinued operations (0.01 ) (0.01 ) (0.04 ) — Net income $ 0.16 $ 0.19 $ 0.17 $ 0.43 Net income (loss) per share - diluted Continuing operations $ 0.17 $ 0.19 $ 0.21 $ 0.43 Discontinued operations (0.01 ) (0.01 ) (0.04 ) — Net income $ 0.16 $ 0.19 $ 0.17 $ 0.43 (1) Includes gift card breakage revenue of $1.4 million . See Note 2 for additional information. Information in any one Quarterly period should not be considered indicative of annual results due to the effect of seasonality of the business. |
Description of the Company (Pol
Description of the Company (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Periods The Company utilizes a 52 - 53 week fiscal year ending on the Saturday closest to January 31. As such, fiscal year 2016 , 2015 and 2014 ending on January 30, 2016 , January 31, 2015 and February 1, 2014 , respectively, each reflected a 52 -week period |
Summary of Significant Accoun26
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Significant Estimates | Use of Significant Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, and expenses, as well as the disclosures relating to contingent assets and liabilities at the date of the consolidated financial statements. Significant areas requiring the use of management estimates include the valuation of inventories, accounts receivable valuation allowances, sales return allowances, and the useful lives of assets for depreciation or amortization. Actual results could differ from these estimates. The Company revises its estimates and assumptions as new information becomes available. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, deposits with financial institutions, and investments with an original maturity of three months or less. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains nearly all of its cash and cash equivalents with one financial institution. The Company monitors the credit standing of this financial institution on a regular basis. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Market is determined based on net realizable value, which includes costs to dispose. Appropriate consideration is given to obsolescence, excess quantities, and other factors, including the popularity of a pattern or product, in evaluating net realizable value. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: Buildings and building improvements .............................................. 39.5 years Land improvements ........................................................................... 5 – 15 years Furniture and fixtures, and leasehold improvements ........................ 3 – 10 years Computer equipment and software ................................................... 3 – 5 years Equipment ....................................................................... 7 years Vehicles ............................................................................................. 5 years Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Lease terms typically range from five to ten years. When a decision is made to abandon property, plant, and equipment prior to the end of the previously estimated useful life, depreciation or amortization estimates are revised to reflect the use of the asset over the shortened estimated useful life. At the time of disposal, the cost of assets sold or retired and the related accumulated depreciation or amortization are removed from the accounts and any resulting loss is included in the Consolidated Statements of Income. Property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows. If the estimated undiscounted future cash flows related to the property, plant, and equipment are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the fair value, as further defined below in “Fair Value of Financial Instruments.” Routine maintenance and repair costs are expensed as incurred. The Company capitalizes certain costs incurred in connection with acquiring, modifying, and installing internal-use software. Capitalized costs are included in property, plant, and equipment and are amortized over three to five years . Software costs that do not meet capitalization criteria are expensed as incurred. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Revenue from the sale of the Company’s products is recognized upon customer receipt of the product when collection of the associated receivables is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and ownership and risk of loss have been transferred to the customer, which, for e-commerce and most Indirect sales, reflects an adjustment for shipments that customers have not yet received. The adjustment of these shipments is based on actual delivery dates to the customer. Included in net revenues are product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees. Costs related to shipping of product are classified in cost of sales in the Consolidated Statements of Income. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities. Historical experience provides the Company the ability to reasonably estimate the amount of product sales that customers will return. Product returns are often resalable through the Company’s annual outlet sale or other channels. Additionally, the Company reserves for other potential product credits granted to Indirect retailers. The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): Balance at Beginning of Year Provision Charged to Net Revenues Allowances Taken Balance at End of Year Fiscal year ended January 30, 2016 $ 2,173 $ 25,707 $ (25,563 ) $ 2,317 Fiscal year ended January 31, 2015 1,424 30,140 (29,391 ) 2,173 Fiscal year ended February 1, 2014 2,145 30,335 (31,056 ) 1,424 The Company establishes an allowance for doubtful accounts based on historical experience and customer-specific identification and believes that collections of receivables, net of the allowance for doubtful accounts, are reasonably assured. The allowance for doubtful accounts was approximately $0.5 million and $0.3 million as of January 30, 2016 , and January 31, 2015 , respectively. The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. |
Cost of Sales | Cost of Sales Cost of sales includes material and labor costs, freight, inventory shrinkage, operating lease costs, duty, and other operating expenses, including depreciation of the Company’s distribution center and equipment. Costs and related expenses to purchase and distribute the products are recorded as cost of sales when the related revenues are recognized. |
Operating Leases and Tenant-Improvement Allowances | Operating Leases and Tenant-Improvement Allowances The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a deferred rent liability. As of January 30, 2016 and January 31, 2015 , deferred rent liability was $11.5 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. |
Store Pre-Opening, Occupancy, and Operating Costs | Store Pre-Opening, Occupancy, and Operating Costs The Company charges costs associated with the opening of new stores to selling, general, and administrative expenses as incurred. Selling, general, and administrative expenses also include store operating costs, store employee compensation, and store occupancy and supply costs. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation using the fair-value recognition provisions of Accounting Standards Codification 718, Stock Compensation . Under these provisions, for its awards of restricted stock and restricted-stock units, the Company recognizes stock-based compensation expense in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company recognizes this expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. |
Other Income and Advertising Costs | Other Income and Advertising Costs The Company expenses advertising costs at the time the promotion first appears in media, in stores, or on the website, and includes those costs in selling, general, and administrative expenses in the Consolidated Statements of Income. The Company classifies the related recovery of a portion of such costs from Indirect retailers as other income in the Consolidated Statements of Income. During fiscal 2015, the Company began classifying other costs included within selling, general, and administrative expenses in the Consolidated Statements of Income as advertising expense. Total advertising expense was as follows (in thousands): Fiscal year ended January 30, 2016 $ 33,392 Fiscal year ended January 31, 2015 28,936 Fiscal year ended February 1, 2014 29,722 Total recovery from Indirect retailers was as follows (in thousands): Fiscal year ended January 30, 2016 $ 2,180 Fiscal year ended January 31, 2015 3,509 Fiscal year ended February 1, 2014 4,483 |
Debt-Issuance Costs | Debt-Issuance Costs During the fiscal year ended January 30, 2016, in connection with the second amendment and restatement of the credit agreement (see Note 5), the Company incurred additional debt-issuance costs of $0.5 million . The Company is amortizing the remaining debt-issuance costs to interest expense over the five -year term of the second amended and restated credit agreement. Debt-issuance costs, net of accumulated amortization, totaled $0.8 million at January 30, 2016 , and $0.5 million at January 31, 2015 , and are included in other assets on the Consolidated Balance Sheets. Amortization expense of $0.2 million is included in interest expense in the Consolidated Statements of Income for each of the fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs based on the Company’s own assumptions. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The carrying amounts reflected on the Consolidated Balance Sheets for cash and cash equivalents, receivables, other current assets, and payables as of January 30, 2016 , and January 31, 2015 , approximated their fair values. The carrying amount for the credit agreement approximates fair value at January 30, 2016 , and January 31, 2015 , as the interest rates of these borrowings fluctuate with the market. The credit agreement falls within Level 2 of the fair value hierarchy. |
Income Taxes | Income Taxes The Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between the book and tax bases of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted rates in effect for the years in which the differences are expected to reverse, and recognizes the effect of a change in enacted rates in the period of enactment. The Company establishes liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. The Company includes in income tax expense any interest and penalties related to uncertain tax positions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 its 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. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted as of the beginning of an interim or annual reporting period and can be applied either prospectively or retrospectively. The Company adopted this standard for the annual period ending January 30, 2016. This standard was adopted prospectively; accordingly, the Company did not recast the prior year deferred tax assets and liabilities. In February 2016, the FASB issued ASU 2016-02, Leases , which increases transparency and comparability among organizations by requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases and disclosing key information about leasing arrangements. This guidance is effective for interim and annual periods beginning on or after December 15, 2018. The Company is currently evaluating the impact of the standard on its Consolidated Financial Statements. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Property, plant, and equipment are carried at cost and depreciated or amortized over the following estimated useful lives using the straight-line method: Buildings and building improvements .............................................. 39.5 years Land improvements ........................................................................... 5 – 15 years Furniture and fixtures, and leasehold improvements ........................ 3 – 10 years Computer equipment and software ................................................... 3 – 5 years Equipment ....................................................................... 7 years Vehicles ............................................................................................. 5 years |
Schedule of Returns and Credits Reserve and Related Activity | The returns and credits reserve and the related activity for each fiscal year presented were as follows (in thousands): Balance at Beginning of Year Provision Charged to Net Revenues Allowances Taken Balance at End of Year Fiscal year ended January 30, 2016 $ 2,173 $ 25,707 $ (25,563 ) $ 2,317 Fiscal year ended January 31, 2015 1,424 30,140 (29,391 ) 2,173 Fiscal year ended February 1, 2014 2,145 30,335 (31,056 ) 1,424 |
Schedule of Total Advertising Expense | Total advertising expense was as follows (in thousands): Fiscal year ended January 30, 2016 $ 33,392 Fiscal year ended January 31, 2015 28,936 Fiscal year ended February 1, 2014 29,722 |
Schedule of Total Recovery from Indirect Retailers | Total recovery from Indirect retailers was as follows (in thousands): Fiscal year ended January 30, 2016 $ 2,180 Fiscal year ended January 31, 2015 3,509 Fiscal year ended February 1, 2014 4,483 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories were as follows (in thousands): January 30, January 31, Raw materials (1) $ 151 $ 5,542 Work in process — 470 Finished goods 113,439 92,391 Total inventories $ 113,590 $ 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. |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following (in thousands): January 30, January 31, Land and land improvements $ 5,981 $ 5,867 Building and building improvements 46,145 45,423 Furniture, fixtures, leasehold improvements and computer equipment 127,913 109,087 Equipment and vehicles 19,931 20,850 Construction in progress 8,034 7,054 208,004 188,281 Less: Accumulated depreciation and amortization (94,293 ) (79,278 ) Property, plant, and equipment, net $ 113,711 $ 109,003 |
Depreciation and Amortization Expense Associated with Property, Plant, and Equipment | Depreciation and amortization expense associated with property, plant, and equipment, excluding impairment charges and discontinued operations (in thousands): Fiscal year ended January 30, 2016 $ 19,418 Fiscal year ended January 31, 2015 14,425 Fiscal year ended February 1, 2014 13,242 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The components of income tax expense were as follows (in thousands): January 30, January 31, February 1, Current: Federal $ 19,823 $ 20,715 $ 34,578 Foreign 18 54 77 State 2,400 1,631 3,643 22,241 22,400 38,298 Deferred: Federal (2,813 ) (19 ) (2,540 ) State (527 ) 447 (701 ) (3,340 ) 428 (3,241 ) Total income tax expense $ 18,901 $ 22,828 $ 35,057 |
Schedule of Company's Income Before Income Taxes | A breakdown of the Company’s income from continuing operations before income taxes is as follows (in thousands): January 30, January 31, February 1, Domestic $ 46,386 $ 63,445 $ 94,877 Foreign 73 218 309 Total income from continuing operations before income taxes $ 46,459 $ 63,663 $ 95,186 |
Schedule of Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate | A reconciliation of income tax expense to the amount computed at the federal statutory rate is as follows for the fiscal years ended January 30, 2016 , January 31, 2015 , and February 1, 2014 (in thousands): January 30, January 31, February 1, Federal taxes at statutory rate $ 16,261 35.0 % $ 22,282 35.0 % $ 33,315 35.0 % State and local income taxes, net of federal benefit 1,217 2.6 1,350 2.2 1,912 3.0 Other 1,423 3.1 (804 ) (1.3 ) (170 ) (1.2 ) Total income tax expense $ 18,901 40.7 % $ 22,828 35.9 % $ 35,057 36.8 % |
Schedule of Components of Deferred Taxes Assets and Liabilities. | Significant components of deferred tax assets and liabilities were as follows (in thousands): January 30, January 31, Deferred tax assets: Compensation and benefits $ 5,761 $ 5,070 Inventories 4,855 5,174 Deferred credits from landlords 11,056 9,095 Other 5,162 3,120 Subtotal deferred tax assets 26,834 22,459 Less: valuation allowances (194 ) (194 ) Total deferred tax assets 26,640 22,265 Deferred tax liabilities: Property, plant, and equipment (12,970 ) (12,085 ) Other (2,307 ) (2,157 ) Total deferred tax liabilities (15,277 ) (14,242 ) Net deferred tax assets $ 11,363 $ 8,023 |
Schedule of Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (excluding interest and penalties) for the fiscal years ended January 30, 2016 , and January 31, 2015 , is as follows (in thousands): January 30, January 31, Beginning balance $ 3,018 $ 3,115 Net (decreases) increases in unrecognized tax benefits as a result of current year activity 81 (97 ) Ending balance $ 3,099 $ 3,018 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments Under the Non-Cancelable Operating Leases Through Expiration | The Company is party to non-cancellable operating leases. Future minimum lease payments under the non-cancellable operating leases through expiration are as follows (in thousands and by fiscal year): Fiscal Year Amount 2017 $ 30,585 2018 30,922 2019 28,699 2020 27,492 2021 26,728 Thereafter 76,621 $ 221,047 |
Schedule of Rental Expense for All Leases | Rental expense for all leases, excluding discontinued operations, was as follows (in thousands): Fiscal year ended January 30, 2016 $ 32,456 Fiscal year ended January 31, 2015 25,198 Fiscal year ended February 1, 2014 22,563 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table summarizes information about restricted-stock units as of and for the year ended January 30, 2016 (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 440 15.85 167 15.84 Vested (139 ) 25.00 (8 ) 29.62 Forfeited (86 ) 19.51 (73 ) 24.09 Nonvested units outstanding at January 30, 2016 463 $ 18.05 303 $ 20.95 |
401(k) Profit Sharing Plan an33
401(k) Profit Sharing Plan and Trust (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | |
Schedule of Total Company Contributions to Plan | Total Company contributions to the plan, excluding discontinued operations, were as follows (in thousands): Fiscal year ended January 30, 2016 $ 1,965 Fiscal year ended January 31, 2015 2,394 Fiscal year ended February 1, 2014 1,505 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related-Party Transactions Associated Expense | The associated expense for contributions to the Foundation, which is included in selling, general, and administrative expenses, was as follows (in thousands): Fiscal year ended January 30, 2016 $ — Fiscal year ended January 31, 2015 750 Fiscal year ended February 1, 2014 982 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted net income per share are as follows (in thousands, except per share data): Fiscal Year Ended January 30, January 31, February 1, Numerator: Income from continuing operations $ 27,558 $ 40,835 $ 60,129 Loss from discontinued operations, net of taxes — (2,386 ) (1,317 ) Net income $ 27,558 $ 38,449 $ 58,812 Denominator: Weighted-average number of common shares (basic) 38,795 40,568 40,599 Dilutive effect of stock-based awards 66 64 49 Weighted-average number of common shares (diluted) 38,861 40,632 40,648 Earnings per share - basic: Continuing operations $ 0.71 $ 1.01 $ 1.48 Discontinued operations — (0.06 ) (0.03 ) Net income $ 0.71 $ 0.95 $ 1.45 Earnings per share - diluted: Continuing operations $ 0.71 $ 1.00 $ 1.48 Discontinued operations — (0.06 ) (0.03 ) Net income $ 0.71 $ 0.95 $ 1.45 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Following are the Japan results of operations (in thousands): Fiscal Year Ended January 30, January 31, February 1, Net revenues $ — $ 2,963 $ 5,125 Cost of sales — 1,470 1,905 Gross profit — 1,493 3,220 Selling, general, and administrative expenses — 2,985 4,537 Operating loss — (1,492 ) (1,317 ) Loss on disposal from discontinued operations (1) — (1,769 ) — Loss before income taxes — (3,261 ) (1,317 ) Income tax benefit — (875 ) — Loss from discontinued operations $ — $ (2,386 ) $ (1,317 ) (1) Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. |
Restructuring and Other Charg37
Restructuring and Other Charges (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs | A summary of charges and related liabilities, associated with the plant closure, are as follows (in thousands): Inventory-Related Charges Lease Termination Costs Severance and Benefits Costs Other 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 ) $ (228 ) Non-cash charges $ (628 ) $ — $ 2 $ (256 ) Liability as of January 30, 2016 $ — $ — $ — $ — Additional charges affecting comparability of the financial results for the fifty-two weeks ended January 30, 2016 and January 31, 2015 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 (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenues and Operating Income Information for Reportable Segments | Net revenues and operating income information for the Company’s reportable segments consisted of the following (in thousands): Fiscal Year Ended January 30, January 31, February 1, Segment net revenues: Direct $ 351,286 $ 335,602 $ 321,092 Indirect 151,312 173,388 209,804 Total $ 502,598 $ 508,990 $ 530,896 Segment operating income: Direct $ 74,114 $ 74,099 $ 81,194 Indirect 60,409 66,213 84,130 Total $ 134,523 $ 140,312 $ 165,324 Reconciliation: Segment operating income $ 134,523 $ 140,312 $ 165,324 Less: Unallocated corporate expenses (87,801 ) (76,242 ) (69,567 ) Operating income $ 46,722 $ 64,070 $ 95,757 |
Net Revenues by Product Category | Net revenues by product categories are as follows (in thousands): Fiscal Year Ended January 30, January 31, February 1, Net revenues: Bags $ 215,835 $ 230,978 $ 223,699 Accessories 112,066 116,031 133,605 Travel 125,279 109,112 116,251 Home 22,729 17,721 20,270 Other 26,689 35,148 37,071 Total $ 502,598 $ 508,990 $ 530,896 |
Quarterly Financial Informati39
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The table below sets forth selected quarterly financial data for each of the last two fiscal years (in thousands, except per share data). Each of the quarters presented was thirteen weeks in duration. Fiscal Year Ended January 30, 2016 First Quarter (1) Second Quarter Third Quarter Fourth Quarter (2) (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $ 101,104 $ 120,724 $ 126,674 $ 154,096 Gross profit 51,694 66,554 73,298 89,643 Operating (loss) income (4,971 ) 9,486 16,789 25,418 (Loss) income from continuing operations (4,136 ) 5,715 10,268 15,711 Loss from discontinued operations, net of taxes — — — — Net (loss) income (4,136 ) 5,715 10,268 15,711 Net (loss) income per share - basic Continuing operations $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Discontinued operations — — — — Net income $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Net (loss) income per share - diluted Continuing operations $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 Discontinued operations — — — — Net income $ (0.10 ) $ 0.15 $ 0.27 $ 0.41 (1) Includes restructuring and other charges described in Note 15. (2) Includes gift card breakage revenue of $0.3 million . See Note 2 for additional information. Fiscal Year Ended January 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (1) (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $ 112,197 $ 118,960 $ 125,204 $ 152,629 Gross profit 59,755 63,444 65,768 80,042 Operating income 11,287 13,246 13,604 25,933 Income from continuing operations 6,877 7,894 8,721 17,343 Loss from discontinued operations, net of taxes (310 ) (296 ) (1,780 ) — Net income 6,567 7,598 6,941 17,343 Net income (loss) per share - basic Continuing operations $ 0.17 $ 0.19 $ 0.21 $ 0.43 Discontinued operations (0.01 ) (0.01 ) (0.04 ) — Net income $ 0.16 $ 0.19 $ 0.17 $ 0.43 Net income (loss) per share - diluted Continuing operations $ 0.17 $ 0.19 $ 0.21 $ 0.43 Discontinued operations (0.01 ) (0.01 ) (0.04 ) — Net income $ 0.16 $ 0.19 $ 0.17 $ 0.43 (1) Includes gift card breakage revenue of $1.4 million . See Note 2 for additional information. Information in any one Quarterly period should not be considered indicative of annual results due to the effect of seasonality of the business. |
Description of the Company - Ad
Description of the Company - Additional Information (Detail) | 12 Months Ended | ||
Jan. 30, 2016StoreSegmentlocation | Jan. 31, 2015 | Feb. 01, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | Segment | 2 | ||
Number Of Full Line Stores | 110 | ||
Number of outlet stores | 40 | ||
Number of specialty retail locations | location | 2,600 | ||
Fiscal period duration | 364 days | 364 days | 364 days |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 30, 2016 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Significant Accounting Policies | |||||
Allowance for doubtful accounts | $ 500 | $ 300 | $ 500 | $ 300 | |
Revenue recorded related to gift card breakage | 300 | 1,400 | 300 | 1,400 | |
Deferred rent credit | 16,200 | 13,800 | 16,200 | 13,800 | |
Debt-issuance costs | 500 | ||||
Wrote off, interest expense | $ 263 | 407 | $ 571 | ||
Debt instrument, term | 5 years | ||||
Debt-issuance costs, net of accumulated amortization | 800 | 500 | $ 800 | 500 | |
Amortization expense | $ 200 | 200 | $ 200 | ||
Minimum | |||||
Significant Accounting Policies | |||||
Lease terms, years | 5 years | ||||
Estimated useful lives, in years | 3 years | ||||
Maximum | |||||
Significant Accounting Policies | |||||
Lease terms, years | 10 years | ||||
Estimated useful lives, in years | 5 years | ||||
Other Accrued Liabilities | |||||
Significant Accounting Policies | |||||
Deferred Rent Liability | 11,500 | 8,900 | $ 11,500 | 8,900 | |
Deferred rent credit | 2,300 | 1,800 | 2,300 | 1,800 | |
Other Long Term Liabilities | |||||
Significant Accounting Policies | |||||
Deferred rent credit | $ 13,900 | $ 12,000 | $ 13,900 | $ 12,000 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Allowance for doubtful accounts | $ 0.5 | $ 0.3 |
Building and building improvements | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 39 years 6 months | |
Equipment | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 7 years | |
Vehicles | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 5 years | |
Minimum | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 3 years | |
Minimum | Land improvements | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 5 years | |
Minimum | Furniture, fixtures, and leasehold improvements | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 3 years | |
Minimum | Computer equipment and software | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 3 years | |
Maximum | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 5 years | |
Maximum | Land improvements | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 15 years | |
Maximum | Furniture, fixtures, and leasehold improvements | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 10 years | |
Maximum | Computer equipment and software | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment | ||
Property, plant and equipment estimated useful life | 5 years |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Returns and Credit Reserve and Related Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Returns and Credits Reserve | |||
Balance at Beginning of Year | $ 2,173 | $ 1,424 | $ 2,145 |
Provision Charged to Net Revenues | 25,707 | 30,140 | 30,335 |
Allowances Taken | (25,563) | (29,391) | (31,056) |
Balance at End of Year | $ 2,317 | $ 2,173 | $ 1,424 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Schedule of Total Advertising Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | |||
Total advertising expense | $ 33,392 | $ 28,936 | $ 29,722 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Schedule of Total Recovery from Indirect Retailers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Accounting Policies [Abstract] | |||
Total recovery from indirect retailers | $ 2,180 | $ 3,509 | $ 4,483 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials(1) | $ 151 | $ 5,542 |
Work in process | 0 | 470 |
Finished goods | 113,439 | 92,391 |
Total inventories | $ 113,590 | $ 98,403 |
Property, Plant, and Equipmen47
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | $ 208,004 | $ 188,281 | |
Less: Accumulated depreciation and amortization | (94,293) | (79,278) | |
Property, plant, and equipment, net | 113,711 | 109,003 | |
Impairment charge | 2,800 | 400 | $ 1,200 |
Land and land improvements | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 5,981 | 5,867 | |
Building and building improvements | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 46,145 | 45,423 | |
Furniture, fixtures, leasehold improvements and computer equipment | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 127,913 | 109,087 | |
Equipment and vehicles | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | 19,931 | 20,850 | |
Construction in progress | |||
Property, Plant and Equipment | |||
Property, plant, and equipment, gross | $ 8,034 | $ 7,054 |
Property, Plant, and Equipmen48
Property, Plant, and Equipment - Schedule of Depreciation and Amortization Expense Associated with Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense, excluding impairment charges and discontinued operations | $ 19,418 | $ 14,425 | $ 13,242 |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Detail) - USD ($) $ in Millions | Jul. 15, 2015 | Jan. 30, 2016 | Jan. 31, 2015 |
Line of Credit Facility [Line Items] | |||
Remaining borrowing capacity | $ 125 | $ 125 | |
Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 125 | ||
Alternative base rate - federal funds rate | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.50% | ||
Alternative base rate, LIBOR | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Minimum | Base rate - applicable margin | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.00% | ||
Minimum | LIBOR - applicable margin | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Maximum | Base rate - applicable margin | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.70% | ||
Maximum | LIBOR - applicable margin | Credit Agreement | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $ 3,099 | $ 3,018 | $ 3,115 |
Unrecognized tax benefits, net of federal benefit | $ 2,600 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 19,823 | $ 20,715 | $ 34,578 |
Current, Foreign | 18 | 54 | 77 |
Current, State | 2,400 | 1,631 | 3,643 |
Current, Total | 22,241 | 22,400 | 38,298 |
Deferred, Federal | (2,813) | (19) | (2,540) |
Deferred, State | (527) | 447 | (701) |
Deferred, Total | (3,340) | 428 | (3,241) |
Total income tax expense | $ 18,901 | $ 22,828 | $ 35,057 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 46,386 | $ 63,445 | $ 94,877 |
Foreign | 73 | 218 | 309 |
Income from continuing operations before income taxes | $ 46,459 | $ 63,663 | $ 95,186 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal taxes at statutory rate | $ 16,261 | $ 22,282 | $ 33,315 |
Federal taxes at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | $ 1,217 | $ 1,350 | $ 1,912 |
State and local income taxes, net of federal benefit, percentage | 2.60% | 2.20% | 3.00% |
Other | $ 1,423 | $ (804) | $ (170) |
Other, percentage | 3.10% | (1.30%) | (1.20%) |
Total income tax expense | $ 18,901 | $ 22,828 | $ 35,057 |
Total income tax expense, percentage | 40.70% | 35.90% | 36.80% |
Income Taxes - Schedule of Co54
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 30, 2016 | Jan. 31, 2015 |
Deferred tax assets: | ||
Compensation and benefits | $ 5,761 | $ 5,070 |
Inventories | 4,855 | 5,174 |
Deferred credits from landlords | 11,056 | 9,095 |
Other | 5,162 | 3,120 |
Subtotal deferred tax assets | 26,834 | 22,459 |
Less: valuation allowances | (194) | (194) |
Total deferred tax assets | 26,640 | 22,265 |
Deferred tax liabilities: | ||
Property, plant, and equipment | (12,970) | (12,085) |
Other | (2,307) | (2,157) |
Total deferred tax liabilities | (15,277) | (14,242) |
Net deferred tax assets | $ 11,363 | $ 8,023 |
Income Taxes - Schedule of Re55
Income Taxes - Schedule of Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 3,018 | $ 3,115 |
Net (decreases) increases in unrecognized tax benefits as a result of current year activity | 81 | (97) |
Ending balance | $ 3,099 | $ 3,018 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Leases | |||
Percentage rent expense | $ 2,400 | $ 1,900 | $ 2,500 |
Lease expense | $ 32,456 | 25,198 | 22,563 |
Milburn, LLC | |||
Leases | |||
Lease expense | $ 100 | 200 | |
Great Dane Realty, LLC | |||
Leases | |||
Lease expense | $ 300 | ||
Minimum | |||
Leases | |||
Lease terms, years | 5 years | ||
Maximum | |||
Leases | |||
Lease terms, years | 10 years |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases Through Expiration (Detail) - Non-Related Party $ in Thousands | Jan. 30, 2016USD ($) |
Schedule Of Future Minimum Rental Payments For Operating Leases | |
2,017 | $ 30,585 |
2,018 | 30,922 |
2,019 | 28,699 |
2,020 | 27,492 |
2,021 | 26,728 |
Thereafter | 76,621 |
Future minimum lease payments | $ 221,047 |
Leases - Schedule of Rental Exp
Leases - Schedule of Rental Expense for All Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Leases [Abstract] | |||
Rental expense, net, excluding discontinued operations | $ 32,456 | $ 25,198 | $ 22,563 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Jan. 30, 2016USD ($)shares | Jan. 31, 2015USD ($) | Feb. 01, 2014USD ($) | Oct. 30, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense | $ | $ 5 | $ 3.5 | $ 3 | |
Time-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | shares | 440,000 | |||
Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | shares | 167,000 | |||
2010 Equity and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Issuance of common stock shares | shares | 5,100,762 | 6,076,001 | ||
2010 Equity and Incentive Plan | Restricted-Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted-stock awards/units granted in period (in shares) | shares | 606,785 | |||
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 9.6 | |||
Restricted stock vesting period | 1 year | |||
Unrecognized compensation cost | $ | $ 6.8 | |||
Share-based compensation over a weighted average period | 1 year 8 months 3 days | |||
Share-based compensation fair value restrictions vested | $ | $ 2.3 | |||
2010 Equity and Incentive Plan | Time-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Award conversion ratio to common stock | 1 | |||
2010 Equity and Incentive Plan | Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) shares in Thousands | 12 Months Ended |
Jan. 30, 2016$ / sharesshares | |
Time-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | shares | 248 |
Granted, Number of Units (in shares) | shares | 440 |
Vested, Number of Units (in shares) | shares | (139) |
Forfeited, Number of Units (in shares) | shares | (86) |
Nonvested units outstanding, ending balance (in shares) | shares | 463 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $ / shares | $ 26.34 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 15.85 |
Vested, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 25 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 19.51 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $ / shares | $ 18.05 |
Performance-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | shares | 217 |
Granted, Number of Units (in shares) | shares | 167 |
Vested, Number of Units (in shares) | shares | (8) |
Forfeited, Number of Units (in shares) | shares | (73) |
Nonvested units outstanding, ending balance (in shares) | shares | 303 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance (in dollars per share) | $ / shares | $ 26.26 |
Granted, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 15.84 |
Vested, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 29.62 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) (in dollars per share) | $ / shares | 24.09 |
Weighted-Average Grant Date Fair Value (per unit), ending balance (in dollars per share) | $ / shares | $ 20.95 |
401(k) Profit Sharing Plan an61
401(k) Profit Sharing Plan and Trust - Additional information (Detail) - USD ($) | 12 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits | ||
Employer matching contribution, percentage of gross pay, initial match | 100.00% | |
Employer matching contribution, initial match, percentage | 3.00% | |
Employer matching contribution, percentage of gross pay, secondary match | 50.00% | |
Employer matching contribution, secondary match, percentage | 2.00% | |
Employer matching contribution, percentage | 4.00% | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Discretionary profit sharing payments | $ 0 | $ 0 |
401(k) Profit Sharing Plan an62
401(k) Profit Sharing Plan and Trust - Schedule of Total Company Contributions to Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Disclosure Profit Sharing Plan And Trust Additional Information [Abstract] | |||
Total company contribution to the plan, excluding discontinued operations | $ 1,965 | $ 2,394 | $ 1,505 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Jan. 30, 2016 | |
Related Party Transactions [Abstract] | ||||
Related party transaction, purchases from related party | $ 2.4 | |||
Related party transaction, amounts of transaction | $ 0.8 | $ 1 | ||
Liability associated with related-party transactions commitment | $ 0.1 | $ 0.4 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related-Party Transactions Associated Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Related Party Transactions [Abstract] | |||
Related-party transactions associated expense included in selling, general, and administrative expenses | $ 0 | $ 750 | $ 982 |
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 | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 15,711 | $ 10,268 | $ 5,715 | $ (4,136) | $ 17,343 | $ 8,721 | $ 7,894 | $ 6,877 | $ 27,558 | $ 40,835 | $ 60,129 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | 0 | (1,780) | (296) | (310) | 0 | (2,386) | (1,317) |
Net income | $ 15,711 | $ 10,268 | $ 5,715 | $ (4,136) | $ 17,343 | $ 6,941 | $ 7,598 | $ 6,567 | $ 27,558 | $ 38,449 | $ 58,812 |
Weighted-average number of common shares (basic) (in shares) | 38,795 | 40,568 | 40,599 | ||||||||
Dilutive effect of stock-based awards (in shares) | 66 | 64 | 49 | ||||||||
Weighted-average number of common shares (diluted) (in shares) | 38,861 | 40,632 | 40,648 | ||||||||
Earnings per share - basic: | |||||||||||
Continuing operations, basic (in dollars per share) | $ 0.41 | $ 0.27 | $ 0.15 | $ (0.10) | $ 0.43 | $ 0.21 | $ 0.19 | $ 0.17 | $ 0.71 | $ 1.01 | $ 1.48 |
Discontinued operations, basic (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.01) | (0.01) | 0 | (0.06) | (0.03) |
Net income per share, Basic (in dollars per share) | 0.41 | 0.27 | 0.15 | (0.10) | 0.43 | 0.17 | 0.19 | 0.16 | 0.71 | 0.95 | 1.45 |
Earnings per share - diluted: | |||||||||||
Continuing operations, diluted (in dollars per share) | 0.41 | 0.27 | 0.15 | (0.10) | 0.43 | 0.21 | 0.19 | 0.17 | 0.71 | 1 | 1.48 |
Discontinued operations, diluted (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.01) | (0.01) | 0 | (0.06) | (0.03) |
Net income per share, Diluted (in dollars per share) | $ 0.41 | $ 0.27 | $ 0.15 | $ (0.10) | $ 0.43 | $ 0.17 | $ 0.19 | $ 0.16 | $ 0.71 | $ 0.95 | $ 1.45 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 12 Months Ended | |||
Jan. 30, 2016 | Dec. 08, 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) | $ 14.23 | |||
Value of treasury stock | $ 44,147,000 | $ 12,957,000 | ||
Treasury Stock, Shares | 3,102,352 | |||
The 2014 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount under share repurchase program | $ 40,000,000 | |||
Shares acquired as part of share repurchase program | 2,481,367 | |||
Average price per share of shares acquired (in dollars per share) | $ 12.57 | |||
Value of treasury stock | $ 31,200,000 | |||
Remaining authorized repurchased amount | $ 45,900,000 | |||
The 2015 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount under share repurchase program | $ 50,000,000 | |||
Shares acquired as part of share repurchase program | 283,354 | |||
Average price per share of shares acquired (in dollars per share) | $ 14.64 | |||
Value of treasury stock | $ 4,100,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 04, 2014 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Length of agreement to import and distribute product in Japan | 5 years | ||||||||||||
Net revenues | $ 0 | $ 2,963 | $ 5,125 | ||||||||||
Cost of sales | 0 | 1,470 | 1,905 | ||||||||||
Gross profit | 0 | 1,493 | 3,220 | ||||||||||
Selling, general, and administrative expenses | 0 | 2,985 | 4,537 | ||||||||||
Operating loss | 0 | (1,492) | (1,317) | ||||||||||
Loss on disposal from discontinued operations | [1] | 0 | (1,769) | 0 | |||||||||
Loss before income taxes | 0 | (3,261) | (1,317) | ||||||||||
Income tax benefit | 0 | (875) | 0 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,780) | $ (296) | $ (310) | $ 0 | $ (2,386) | $ (1,317) | ||
[1] | Loss on disposal from discontinued operations primarily relates to cumulative foreign currency translation adjustments. |
Restructuring and Other Charg68
Restructuring and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 30, 2016 | May. 02, 2015 | Jan. 31, 2015 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Expected reduction in annual operating costs and expense | $ 12,000 | ||||
Restructuring Reserve [Abstract] | |||||
Other restructuring costs | $ 3,100 | ||||
Other restructuring costs, net of tax | 2,100 | ||||
Facility closing | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges incurred to date | $ 3,400 | $ 3,000 | $ 3,000 | ||
Restructuring charges incurred to date, net of tax | 2,100 | 1,900 | |||
Restructuring Reserve [Abstract] | |||||
Restructuring charges | 628 | 2,989 | |||
Cash payments | 0 | 0 | |||
Non-cash charges | (628) | (2,989) | |||
Liability as of end of year | 0 | 0 | 0 | 0 | |
Least termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Incurred restructuring charges | 700 | ||||
Restructuring Reserve [Abstract] | |||||
Restructuring charges | 650 | 0 | |||
Cash payments | (650) | 0 | |||
Non-cash charges | 0 | 0 | |||
Liability as of end of year | 0 | 0 | 0 | 0 | |
Employee severance and other benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Incurred restructuring charges | 1,700 | ||||
Restructuring Reserve [Abstract] | |||||
Restructuring charges | 1,673 | 0 | |||
Cash payments | (1,675) | 0 | |||
Non-cash charges | 2 | 0 | |||
Liability as of end of year | 0 | 0 | 0 | 0 | |
Accelerated depreciation of fixed assets | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Incurred restructuring charges | 600 | ||||
Other associated restructuring costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Incurred restructuring charges | 400 | ||||
Restructuring Reserve [Abstract] | |||||
Restructuring charges | 484 | 7 | |||
Cash payments | (228) | 0 | |||
Non-cash charges | (256) | (7) | |||
Liability as of end of year | $ 0 | $ 0 | $ 0 | $ 0 | |
Selling, general and administrative expense | Least termination costs | |||||
Restructuring Reserve [Abstract] | |||||
Other restructuring costs | 1,200 | ||||
Selling, general and administrative expense | Employee severance and other benefits | |||||
Restructuring Reserve [Abstract] | |||||
Other restructuring costs | 1,300 | ||||
Interest expense | Change in income tax reserves | |||||
Restructuring Reserve [Abstract] | |||||
Other restructuring costs | $ 600 |
Segment Reporting (Detail)
Segment Reporting (Detail) | 12 Months Ended | ||
Jan. 30, 2016customerSegmentlocation | Jan. 31, 2015customer | Feb. 01, 2014customer | |
Revenue, Major Customer | |||
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% |
Number of operating segments | Segment | 2 | ||
Number of specialty retail locations | location | 2,600 | ||
Number of customers exceeding threshold | customer | 0 | 0 | 0 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Segment Reporting Information | |||||||||||
Net revenues | $ 154,096 | $ 126,674 | $ 120,724 | $ 101,104 | $ 152,629 | $ 125,204 | $ 118,960 | $ 112,197 | $ 502,598 | $ 508,990 | $ 530,896 |
Operating (loss) income | $ 25,418 | $ 16,789 | $ 9,486 | $ (4,971) | $ 25,933 | $ 13,604 | $ 13,246 | $ 11,287 | 46,722 | 64,070 | 95,757 |
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net revenues | 502,598 | 508,990 | 530,896 | ||||||||
Segment operating income | 134,523 | 140,312 | 165,324 | ||||||||
Operating Segments | Direct | |||||||||||
Segment Reporting Information | |||||||||||
Net revenues | 351,286 | 335,602 | 321,092 | ||||||||
Segment operating income | 74,114 | 74,099 | 81,194 | ||||||||
Operating Segments | Indirect | |||||||||||
Segment Reporting Information | |||||||||||
Net revenues | 151,312 | 173,388 | 209,804 | ||||||||
Segment operating income | 60,409 | 66,213 | 84,130 | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information | |||||||||||
Unallocated corporate expenses | $ (87,801) | $ (76,242) | $ (69,567) |
Segment Reporting - Net Revenue
Segment Reporting - Net Revenue By Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Net revenues: | |||||||||||
Net revenues | $ 154,096 | $ 126,674 | $ 120,724 | $ 101,104 | $ 152,629 | $ 125,204 | $ 118,960 | $ 112,197 | $ 502,598 | $ 508,990 | $ 530,896 |
Bags | |||||||||||
Net revenues: | |||||||||||
Net revenues | 215,835 | 230,978 | 223,699 | ||||||||
Accessories | |||||||||||
Net revenues: | |||||||||||
Net revenues | 112,066 | 116,031 | 133,605 | ||||||||
Travel | |||||||||||
Net revenues: | |||||||||||
Net revenues | 125,279 | 109,112 | 116,251 | ||||||||
Home | |||||||||||
Net revenues: | |||||||||||
Net revenues | 22,729 | 17,721 | 20,270 | ||||||||
Other | |||||||||||
Net revenues: | |||||||||||
Net revenues | $ 26,689 | $ 35,148 | $ 37,071 |
Quarterly Financial Informati72
Quarterly Financial Information (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May. 02, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | May. 03, 2014 | Jan. 30, 2016 | Jan. 31, 2015 | Feb. 01, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 154,096 | $ 126,674 | $ 120,724 | $ 101,104 | $ 152,629 | $ 125,204 | $ 118,960 | $ 112,197 | $ 502,598 | $ 508,990 | $ 530,896 |
Gross profit | 89,643 | 73,298 | 66,554 | 51,694 | 80,042 | 65,768 | 63,444 | 59,755 | 281,189 | 269,009 | 292,212 |
Operating (loss) income | 25,418 | 16,789 | 9,486 | (4,971) | 25,933 | 13,604 | 13,246 | 11,287 | 46,722 | 64,070 | 95,757 |
Income from continuing operations | 15,711 | 10,268 | 5,715 | (4,136) | 17,343 | 8,721 | 7,894 | 6,877 | 27,558 | 40,835 | 60,129 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | 0 | (1,780) | (296) | (310) | 0 | (2,386) | (1,317) |
Net income | $ 15,711 | $ 10,268 | $ 5,715 | $ (4,136) | $ 17,343 | $ 6,941 | $ 7,598 | $ 6,567 | $ 27,558 | $ 38,449 | $ 58,812 |
Net income (loss) per share - basic | |||||||||||
Continuing operations, basic (in dollars per share) | $ 0.41 | $ 0.27 | $ 0.15 | $ (0.10) | $ 0.43 | $ 0.21 | $ 0.19 | $ 0.17 | $ 0.71 | $ 1.01 | $ 1.48 |
Discontinued operations, basic (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.01) | (0.01) | 0 | (0.06) | (0.03) |
Net income per share, Basic (in dollars per share) | 0.41 | 0.27 | 0.15 | (0.10) | 0.43 | 0.17 | 0.19 | 0.16 | 0.71 | 0.95 | 1.45 |
Net income (loss) per share - diluted | |||||||||||
Continuing operations, diluted (in dollars per share) | 0.41 | 0.27 | 0.15 | (0.10) | 0.43 | 0.21 | 0.19 | 0.17 | 0.71 | 1 | 1.48 |
Discontinued operations, diluted (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.01) | (0.01) | 0 | (0.06) | (0.03) |
Net income per share, Diluted (in dollars per share) | $ 0.41 | $ 0.27 | $ 0.15 | $ (0.10) | $ 0.43 | $ 0.17 | $ 0.19 | $ 0.16 | $ 0.71 | $ 0.95 | $ 1.45 |
Revenue recorded related to gift card breakage | $ 300 | $ 1,400 | $ 300 | $ 1,400 |
Uncategorized Items - vra-20160
Label | Element | Value |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | $ 0 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 0 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 116,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 436,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 0 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 0 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 2,172,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 2,872,000 |