Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2016 | Nov. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 29, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VRA | |
Entity Registrant Name | Vera Bradley, Inc. | |
Entity Central Index Key | 1,495,320 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,211,077 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 29, 2016 | Jan. 30, 2016 |
Assets | ||
Cash and cash equivalents | $ 52,864,000 | $ 97,681,000 |
Short-term investments | 30,088,000 | 0 |
Accounts receivable, net | 37,772,000 | 31,294,000 |
Inventories | 95,746,000 | 113,590,000 |
Income taxes receivable | 2,407,000 | 785,000 |
Prepaid expenses and other current assets | 12,168,000 | 10,292,000 |
Total current assets | 231,045,000 | 253,642,000 |
Property, plant, and equipment, net | 114,269,000 | 113,711,000 |
Deferred income taxes | 10,176,000 | 11,363,000 |
Other assets | 2,413,000 | 1,963,000 |
Total assets | 357,903,000 | 380,679,000 |
Liabilities and Shareholders’ Equity | ||
Accounts payable | 18,489,000 | 24,606,000 |
Accrued employment costs | 13,703,000 | 14,937,000 |
Other accrued liabilities | 17,104,000 | 16,924,000 |
Income taxes payable | 0 | 10,085,000 |
Total current liabilities | 49,296,000 | 66,552,000 |
Long-term liabilities | 27,895,000 | 28,872,000 |
Total liabilities | 77,191,000 | 95,424,000 |
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, 40,914 and 40,804 shares issued and 36,296 and 37,701 shares outstanding, respectively | 0 | 0 |
Additional paid-in-capital | 87,900,000 | 85,436,000 |
Retained earnings | 260,316,000 | 244,009,000 |
Accumulated other comprehensive loss | (48,000) | (43,000) |
Treasury stock | (67,456,000) | (44,147,000) |
Total shareholders’ equity | 280,712,000 | 285,255,000 |
Total liabilities and shareholders’ equity | $ 357,903,000 | $ 380,679,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 29, 2016 | Jan. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, without par value (in dollars per share) | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,914,000 | 40,804,000 |
Common stock, shares outstanding | 36,296,000 | 37,701,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Income Statement [Abstract] | ||||
Net revenues | $ 126,662 | $ 126,674 | $ 351,088 | $ 348,502 |
Cost of sales | 53,749 | 53,376 | 150,131 | 156,956 |
Gross profit | 72,913 | 73,298 | 200,957 | 191,546 |
Selling, general, and administrative expenses | 61,831 | 57,013 | 178,512 | 171,976 |
Other income | 320 | 504 | 1,117 | 1,734 |
Operating income | 11,402 | 16,789 | 23,562 | 21,304 |
Interest expense, net | 59 | 60 | 170 | 209 |
Income before income taxes | 11,343 | 16,729 | 23,392 | 21,095 |
Income tax expense | 2,563 | 6,461 | 7,085 | 9,248 |
Net income | $ 8,780 | $ 10,268 | $ 16,307 | $ 11,847 |
Basic weighted-average shares outstanding | 36,557 | 38,057 | 37,045 | 39,085 |
Diluted weighted-average shares outstanding | 36,682 | 38,099 | 37,173 | 39,104 |
Basic net income per share (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.44 | $ 0.30 |
Diluted net income per share (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.44 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 8,780 | $ 10,268 | $ 16,307 | $ 11,847 |
Cumulative translation adjustment | (2) | (5) | (5) | (4) |
Comprehensive income | $ 8,778 | $ 10,263 | $ 16,302 | $ 11,843 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 16,307 | $ 11,847 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant, and equipment | 14,542 | 14,665 |
Impairment charges | 2,214 | 0 |
Provision for doubtful accounts | 330 | 430 |
Loss on disposal of property, plant, and equipment | 10 | 105 |
Stock-based compensation | 3,111 | 3,750 |
Deferred income taxes | 1,187 | 616 |
Gain on short-term investment | (88) | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (6,808) | (7,021) |
Inventories | 17,844 | (19,774) |
Prepaid expenses and other assets | (2,326) | (2,169) |
Accounts payable | (5,381) | (11,166) |
Income taxes | (11,707) | 5,852 |
Accrued and other liabilities | (2,741) | 2,904 |
Net cash provided by operating activities | 26,494 | 39 |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (17,430) | (22,818) |
Purchase of short-term investments | (30,000) | 0 |
Proceeds from disposal of property, plant, and equipment | 8 | 0 |
Net cash used in investing activities | (47,422) | (22,818) |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | (647) | (492) |
Repurchase of common stock | (23,210) | (27,159) |
Other financing activities, net | (27) | (62) |
Net cash used in financing activities | (23,884) | (27,713) |
Effect of exchange rate changes on cash and cash equivalents | (5) | (4) |
Net decrease in cash and cash equivalents | (44,817) | (50,496) |
Cash and cash equivalents, beginning of period | 97,681 | 112,292 |
Cash and cash equivalents, end of period | 52,864 | 61,796 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net | $ 19,458 | $ 2,267 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation The terms “Company” and “Vera Bradley” refer to Vera Bradley, Inc. and its subsidiaries, except where the context requires otherwise or where otherwise indicated. Vera Bradley is a leading designer of women’s handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s innovative designs, iconic patterns, and brilliant colors continue to inspire and connect women. 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 October 29, 2016 , the Company operated 114 full-line stores and 45 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 customer in Japan, and third-party inventory liquidators. The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016 , filed with the SEC. The interim financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the thirteen and thirty-nine weeks ended October 29, 2016 , are not necessarily indicative of the results to be expected for the full fiscal year. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 29, 2016 , and October 31, 2015 , refer to the thirteen-week periods ended on those dates. References to the fiscal year-to-date periods ended October 29, 2016 , and October 31, 2015 , refer to the thirty-nine week periods ended on those dates. Operating Leases and Tenant-Improvement Allowances The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a deferred rent liability. As of October 29, 2016 and January 30, 2016 , deferred rent liability was $12.6 million and $11.5 million , respectively, and is included within long-term liabilities on the Condensed 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 October 29, 2016 and January 30, 2016 , the deferred lease credit liability was $16.1 million and $16.2 million , respectively. Of these amounts, $2.4 million and $2.3 million is included within other accrued liabilities as of October 29, 2016 and January 30, 2016 , respectively; $13.7 million and $13.9 million is included within long-term liabilities as of October 29, 2016 and January 30, 2016 , respectively. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. The standard is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company early adopted this standard beginning with the quarter ended April 30, 2016. The impact of the adoption of this standard was as follows: • approximately $62,000 of excess tax benefits was recorded through income tax expense as a discrete item for the thirty-nine weeks ended October 29, 2016 , adopted on a prospective basis; • excess tax benefits were combined with other income tax cash flows within operating cash flows adopted on a prospective basis; and • cash paid by the Company when directly withholding shares to satisfy an employee's statutory tax obligations continued to be classified as a financing activity. • The Company has elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard allows for either a full retrospective or a modified retrospective transition method. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for all entities by one year to annual periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is fiscal 2019. Earlier application is permitted as of the original effective date, annual reporting periods beginning after December 2016, including interim periods within that reporting period. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. In 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 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock units. The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 31, October 29, October 31, Numerator: Net income $ 8,780 $ 10,268 $ 16,307 $ 11,847 Denominator: Weighted-average number of common shares (basic) 36,557 38,057 37,045 39,085 Dilutive effect of stock-based awards 125 42 128 19 Weighted-average number of common shares (diluted) 36,682 38,099 37,173 39,104 Earnings per share: Basic $ 0.24 $ 0.27 $ 0.44 $ 0.30 Diluted $ 0.24 $ 0.27 $ 0.44 $ 0.30 As of October 29, 2016 and October 31, 2015 , there were an immaterial number of additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations because they were anti-dilutive. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Oct. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs based on the Company’s own assumptions. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The carrying amounts reflected on the Condensed Consolidated Balance Sheets for cash and cash equivalents, receivables, other current assets, and payables as of October 29, 2016 , and January 30, 2016 , approximated their fair values. Short-term investments consist of a certificate of deposit with an original maturity of one year and a one-time option to accelerate maturity to 31 days without penalty. The initial investment was $30.0 million , and the Company has the positive intent and ability to hold the certificate of deposit to maturity. The accrued interest on the certificate of deposit is recognized in interest expense, net, in the Company's Condensed Consolidated Financial Statements. Due to the observable inputs, the certificate of deposit approximated its fair value as of October 29, 2016 , and is classified 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 10 herein. The categorization of the framework to price these assets are within Level 3 due to the subjective nature of unobservable inputs. |
Inventories
Inventories | 9 Months Ended |
Oct. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories were as follows (in thousands): October 29, January 30, Raw materials $ — $ 151 Finished goods 95,746 113,439 Total inventories $ 95,746 $ 113,590 |
Debt
Debt | 9 Months Ended |
Oct. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt 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 may 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. As of October 29, 2016 and January 30, 2016 , the Company had borrowing availability of $125.0 million under its Credit Agreement. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for interim periods is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The effective tax rate for the thirteen weeks ended October 29, 2016 , was 22.6% , compared to 38.6% for the thirteen weeks ended October 31, 2015 . The year-over year decrease is primarily due to the release of approximately $1.6 million of certain income tax reserves as a result of the conclusion of an Internal Revenue Service ("IRS") audit. The effective tax rate for the thirty-nine weeks ended October 29, 2016 , was 30.3% , compared to 43.8% for the thirty-nine weeks ended October 31, 2015 . The year-over year decrease is primarily due to the release of approximately $1.6 million of certain income tax reserves as a result the conclusion of an IRS audit. The current-year period rate was also positively impacted by a discrete item related to an excess tax benefit from share-based payments as a result of the early adoption of ASU 2016-09, as further described in Note 1 herein. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense, for its awards of restricted stock units, in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company reserved 6,076,001 shares of common stock for issuance or transfer under the 2010 Equity and Incentive Plan, which allows for grants of restricted stock units, as well as other equity awards. Awards of Restricted Stock Units During the thirteen weeks ended October 29, 2016 , the Company granted 11,325 time-based restricted stock units with an aggregate fair value of $0.2 million to certain employees under the 2010 Equity and Incentive Plan compared to a total of 4,533 time-based restricted stock units with an aggregate fair value of $0.1 million granted in the same period of the prior year. During the thirty-nine weeks ended October 29, 2016 , the Company granted 413,457 time-based and performance-based restricted stock units with an aggregate fair value of $7.6 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 603,164 time-based and performance-based restricted stock units with an aggregate fair value of $9.6 million granted in the same period of the prior year. The Company determined the fair value of the awards based on the closing price of the Company’s common stock on the grant date. The majority of the 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. Restricted stock units issued to non-employee directors vest after a one -year period from the grant date. The Company recognizes the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period. Performance-based restricted stock units vest upon the completion of a three -year period of time (cliff vesting), subject to the employee’s continuing employment throughout and the Company’s achievement of annual earnings per share targets, or other Company performance targets, during the three-year performance period. The Company recognizes the expense relating to these units, net of estimated forfeitures, based on the probable outcome of achievement of the financial targets, on a straight-line basis over three years . The following table sets forth a summary of restricted stock unit activity for the thirty-nine weeks ended October 29, 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 30, 2016 463 $ 18.05 303 $ 20.95 Granted 234 18.41 180 18.30 Vested (144 ) 18.24 — — Forfeited (41 ) 16.91 (73 ) 22.56 Nonvested units outstanding at October 29, 2016 512 $ 18.26 410 $ 19.51 As of October 29, 2016 , there was $7.5 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.6 years. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Payment Card Incident Description of Event On September 15, 2016, the Company was provided information from law enforcement regarding a potential data security issue related to our retail store network. Findings from the investigation show unauthorized access to the Company's payment processing system and the installation of a program that looked for payment card data. The program was specifically designed to find track data in the magnetic stripe of a payment card that may contain the card number, cardholder name, expiration date, and internal verification code as the data was being routed through the affected payment systems. There is no indication that other customer information was at risk. Payment cards used at Vera Bradley store locations between July 25, 2016 and September 23, 2016 may have been affected. Not all cards used in stores during this time frame were affected. Cards used on verabradley.com were not affected. The Company has resolved this incident and continues to work with the computer security firm to further strengthen the security of its systems to help prevent this from happening in the future. The Company continues to support law enforcement’s investigation and also promptly notified the payment card networks so that the banks that issue payment cards could initiate heightened monitoring on the affected cards. Expenses Incurred and Amounts Accrued During the third quarter of fiscal 2017, the Company recorded an immaterial amount of expense relating to the Payment Card Incident. Expenses included costs to investigate the Payment Card Incident and obtain legal and other professional services. Future Costs The Company expects to incur additional legal and professional services, as well as expenses and capital investments for remediation activities associated with the Payment Card Incident and will recognize the expenses as incurred. In addition, payment card companies and associations may require the Company to reimburse them for unauthorized card charges and costs to replace cards and may also impose fines or penalties in connection with the Payment Card Incident, and enforcement authorities may also impose fines or other remedies against the Company. At this time, the Company cannot reasonably estimate the potential loss or range of loss related to any fines or penalties that may be assessed, if any. The Payment Card Incident, including customer response and any possible third party claims or assessments from payment card companies, could materially adversely affect the Company's financial condition and operating results. The Company expects its insurance coverage will offset most of the expenses for the investigation and other non-remediation legal and professional services associated with the incident, possible third party claims, as well as fines, penalties, or other expenses, if any, imposed by payment card companies, as discussed above. Insurance Coverage The Company maintained $15.0 million of cyber security insurance coverage above a $0.1 million deductible. Other Commitments and Contingencies The Company is also subject to various claims and contingencies arising in the normal course of business, including those relating to product liability, legal claims, employee benefits, environmental, and other matters. Management believes that at this time it is not probable that any of these claims will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. However, the outcomes of legal proceedings and claims brought against the Company are subject to uncertainty and future developments could cause these actions or claims, individually or in aggregate, to have a material adverse effect on the Company’s financial condition, results of operations or cash flows of a particular reporting period. |
Common Stock
Common Stock | 9 Months Ended |
Oct. 29, 2016 | |
Equity [Abstract] | |
Common Stock | Common Stock On December 8, 2015, the Company's board of directors approved a 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 prior share repurchase program (the “2014 Share Repurchase Program”) was approved by the board of directors on September 9, 2014, and authorized share repurchases up to $40.0 million . The 2014 Share Repurchase Program was completed in fiscal 2016. The Company purchased 1,515,002 shares at an average price of $15.39 per share, excluding commissions, for an aggregate amount of $23.3 million during the thirty-nine weeks ended October 29, 2016 , under the 2015 Share Repurchase Program. As of October 29, 2016 , there was $22.5 million remaining available to repurchase shares of the Company's common stock under the 2015 Share Repurchase Program. As of October 29, 2016 , the Company held as treasury shares 4,617,354 shares of its common stock at an average price of $14.61 per share, excluding commissions, for an aggregate carrying amount of $67.5 million . The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan or for other corporate purposes. |
Property, Plant, and Equipment
Property, Plant, and Equipment Property, Plant, and Equipment | 9 Months Ended |
Oct. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment 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 to the Company’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016 . An impairment charge of $0.6 million and $2.2 million was recognized, using level 3 inputs, for the thirteen and thirty-nine weeks ended October 29, 2016 , respectively, for assets related to underperforming stores and is included in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income and in impairment charges in the Condensed Consolidated Statements of Cash Flows. The impairment charges are included in the Direct segment. There were no impairment charges recognized in the comparable prior-year periods |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Oct. 29, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges Thirty-Nine Weeks Ended October 31, 2015 In the first quarter of fiscal 2016, the Company closed its manufacturing facility located in New Haven, Indiana. The Company incurred restructuring and other charges during the first quarter of fiscal 2016 of approximately $3.4 million ( $2.1 million after the associated tax benefit), related to the facility closing. These charges included: • 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 Condensed Consolidated Financial Statements. Management expects that the facility closure will reduce operating costs by approximately $12.0 million annually. All production from the facility was absorbed by the Company’s third-party manufacturing suppliers. There are no remaining liabilities associated with the facility closure. Additional charges, incurred in the first quarter of fiscal 2016, affecting comparability of the financial results totaled approximately $1.8 million ( $1.3 million after the associated tax benefit). These charges included: • $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). |
Short-Term Investments
Short-Term Investments | 9 Months Ended |
Oct. 29, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Short-Term Investments | Short-Term Investments Short-term investments consist of a certificate of deposit with an original maturity of one year and a one-time option to accelerate maturity to 31 days without penalty. Interest income from the investment is included in interest expense, net, in the Company's Condensed Consolidated Financial Statements. The Company’s objective with respect to this investment is to earn a higher rate of return, relative to deposit accounts, on funds that are otherwise not anticipated to be required to meet liquidity needs in the near term while maintaining a low level of investment risk. The Company has the positive intent and ability to hold this investment to maturity. As of October 29, 2016 , the Company held $30.1 million in short-term investments. The Company did not have short-term investments as of January 30, 2016 . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 29, 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 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 key accounts, which include department stores, national accounts, third-party e-commerce sites, the Company's wholesale customer in Japan, and third-party inventory liquidators. Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, design, merchandising, and various other corporate-level-activity-related expenses. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. Net revenues and operating income information for the Company’s reportable segments during the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 31, October 29, October 31, Segment net revenues: Direct $ 86,101 $ 84,137 $ 246,288 $ 238,345 Indirect 40,561 42,537 104,800 110,157 Total $ 126,662 $ 126,674 $ 351,088 $ 348,502 Segment operating income: Direct $ 17,104 $ 19,260 $ 47,390 $ 43,844 Indirect 16,920 19,056 41,526 43,748 Total $ 34,024 $ 38,316 $ 88,916 $ 87,592 Reconciliation: Segment operating income $ 34,024 $ 38,316 $ 88,916 $ 87,592 Less: Unallocated corporate expenses (22,622 ) (21,527 ) (65,354 ) (66,288 ) Operating income $ 11,402 $ 16,789 $ 23,562 $ 21,304 |
Description of the Company an20
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016 , filed with the SEC. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated intercompany balances and transactions in consolidation. |
Fiscal Periods | Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 29, 2016 , and October 31, 2015 , refer to the thirteen-week periods ended on those dates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. The standard is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company early adopted this standard beginning with the quarter ended April 30, 2016. The impact of the adoption of this standard was as follows: • approximately $62,000 of excess tax benefits was recorded through income tax expense as a discrete item for the thirty-nine weeks ended October 29, 2016 , adopted on a prospective basis; • excess tax benefits were combined with other income tax cash flows within operating cash flows adopted on a prospective basis; and • cash paid by the Company when directly withholding shares to satisfy an employee's statutory tax obligations continued to be classified as a financing activity. • The Company has elected to continue its current policy of estimating forfeitures rather than recognizing forfeitures when they occur. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard allows for either a full retrospective or a modified retrospective transition method. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for all entities by one year to annual periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is fiscal 2019. Earlier application is permitted as of the original effective date, annual reporting periods beginning after December 2016, including interim periods within that reporting period. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. In 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 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 31, October 29, October 31, Numerator: Net income $ 8,780 $ 10,268 $ 16,307 $ 11,847 Denominator: Weighted-average number of common shares (basic) 36,557 38,057 37,045 39,085 Dilutive effect of stock-based awards 125 42 128 19 Weighted-average number of common shares (diluted) 36,682 38,099 37,173 39,104 Earnings per share: Basic $ 0.24 $ 0.27 $ 0.44 $ 0.30 Diluted $ 0.24 $ 0.27 $ 0.44 $ 0.30 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories were as follows (in thousands): October 29, January 30, Raw materials $ — $ 151 Finished goods 95,746 113,439 Total inventories $ 95,746 $ 113,590 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table sets forth a summary of restricted stock unit activity for the thirty-nine weeks ended October 29, 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 30, 2016 463 $ 18.05 303 $ 20.95 Granted 234 18.41 180 18.30 Vested (144 ) 18.24 — — Forfeited (41 ) 16.91 (73 ) 22.56 Nonvested units outstanding at October 29, 2016 512 $ 18.26 410 $ 19.51 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 29, 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 during the thirteen and thirty-nine weeks ended October 29, 2016 and October 31, 2015 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29, October 31, October 29, October 31, Segment net revenues: Direct $ 86,101 $ 84,137 $ 246,288 $ 238,345 Indirect 40,561 42,537 104,800 110,157 Total $ 126,662 $ 126,674 $ 351,088 $ 348,502 Segment operating income: Direct $ 17,104 $ 19,260 $ 47,390 $ 43,844 Indirect 16,920 19,056 41,526 43,748 Total $ 34,024 $ 38,316 $ 88,916 $ 87,592 Reconciliation: Segment operating income $ 34,024 $ 38,316 $ 88,916 $ 87,592 Less: Unallocated corporate expenses (22,622 ) (21,527 ) (65,354 ) (66,288 ) Operating income $ 11,402 $ 16,789 $ 23,562 $ 21,304 |
Description of the Company an25
Description of the Company and Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2016USD ($) | Oct. 31, 2015USD ($) | Oct. 29, 2016USD ($)StoreSegmentlocation | Oct. 31, 2015USD ($) | Jan. 30, 2016USD ($) | |
Operating Leased Assets [Line Items] | |||||
Number of reportable segments | Segment | 2 | ||||
Number of full-line stores | Store | 114 | ||||
Number of factory outlet stores | Store | 45 | ||||
Number of specialty retail locations | location | 2,600 | ||||
Deferred rent liability | $ 12,600 | $ 12,600 | $ 11,500 | ||
Deferred lease credit liability | 16,100 | 16,100 | 16,200 | ||
Income tax expense | 2,563 | $ 6,461 | 7,085 | $ 9,248 | |
Other accrued liabilities [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Deferred lease credit liability | 2,400 | 2,400 | 2,300 | ||
Long-term liabilities [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Deferred lease credit liability | $ 13,700 | 13,700 | $ 13,900 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Decrease in excess tax benefits | 62 | ||||
Income tax expense | $ 62 |
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 | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Numerator: | ||||
Net income | $ 8,780 | $ 10,268 | $ 16,307 | $ 11,847 |
Denominator: | ||||
Weighted-average number of common shares (basic) | 36,557 | 38,057 | 37,045 | 39,085 |
Dilutive effect of stock-based awards | 125 | 42 | 128 | 19 |
Weighted-average number of common shares (diluted) | 36,682 | 38,099 | 37,173 | 39,104 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.44 | $ 0.30 |
Diluted (in dollars per share) | $ 0.24 | $ 0.27 | $ 0.44 | $ 0.30 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2016 | Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Initial investment | $ 30,000 | $ 0 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 0 | $ 151 |
Finished goods | 95,746 | 113,439 |
Total inventories | $ 95,746 | $ 113,590 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Line of Credit [Member] - Credit Agreement [Member] - USD ($) $ in Millions | Jul. 15, 2015 | Oct. 29, 2016 | Jan. 30, 2016 |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 125 | ||
Available borrowings | $ 125 | $ 125 | |
Base Rate, Federal Funds Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Base Rate, LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Minimum [Member] | Alternate Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
Minimum [Member] | Adjusted LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Maximum [Member] | Alternate Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.70% | ||
Maximum [Member] | Adjusted LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 22.60% | 38.60% | 30.30% | 43.80% |
Effective income tax rate reconciliation, tax settlement | $ 1.6 | $ 1.6 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016USD ($)shares | Oct. 31, 2015USD ($)shares | Oct. 29, 2016USD ($)shares | Oct. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock unit vesting and settlement ratio to common shares | 1 | |||
Restricted-Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units | $ | $ 7.5 | $ 7.5 | ||
Weighted average period to recognize the total unrecognized compensation cost | 1 year 7 months | |||
Time-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 234,000 | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 180,000 | |||
Restricted stock units vesting period, years | 3 years | |||
2010 Equity and Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of common stock shares | 6,076,001 | 6,076,001 | ||
2010 Equity and Incentive Plan [Member] | Restricted-Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 11,325 | 4,533 | 413,457 | 603,164 |
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 0.2 | $ 0.1 | $ 7.6 | $ 9.6 |
Non-Employee Director [Member] | Restricted-Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units vesting period, years | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) shares in Thousands | 9 Months Ended |
Oct. 29, 2016$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | shares | 463 |
Granted, Number of Units | shares | 234 |
Vested, Number of Units | shares | (144) |
Forfeited, Number of Units | shares | (41) |
Nonvested units outstanding, ending balance | shares | 512 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $ / shares | $ 18.05 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 18.41 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 18.24 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 16.91 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 18.26 |
Performance-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | shares | 303 |
Granted, Number of Units | shares | 180 |
Vested, Number of Units | shares | 0 |
Forfeited, Number of Units | shares | (73) |
Nonvested units outstanding, ending balance | shares | 410 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $ / shares | $ 20.95 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 18.30 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 0 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 22.56 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 19.51 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Oct. 29, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Cyber security insurance coverage limit | $ 15 |
Cyber security insurance deductible | $ 0.1 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 9 Months Ended | |||
Oct. 29, 2016 | Jan. 30, 2016 | Dec. 08, 2015 | Sep. 09, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Average price per share of shares acquired (in dollars per share) | $ 14.61 | |||
Number of shares held in treasury | 4,617,354 | |||
Value of treasury stock | $ 67,456,000 | $ 44,147,000 | ||
The 2014 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount under share repurchase program | $ 40,000,000 | |||
The 2015 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount under share repurchase program | $ 50,000,000 | |||
Shares acquired as part of share repurchase program | 1,515,002 | |||
Average price per share of shares acquired (in dollars per share) | $ 15.39 | |||
Remaining authorized repurchase amount | $ 22,500,000 | |||
Value of treasury stock | $ 23,300,000 |
Property, Plant, and Equipmen35
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment charges | $ 636 | $ 0 | $ 2,214 | $ 0 |
Restructuring and Other Charg36
Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 29, 2016 | Oct. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Expected annual reduction in operating costs and expenses | $ 12 | |
Other restructuring charges | $ 1.8 | |
Other restructuring charges, after tax | 1.3 | |
Facility Closing | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 3.4 | |
Restructuring charges incurred, after tax | 2.1 | |
Severance and Benefit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 1.7 | |
Lease Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 0.7 | |
Lease Termination Costs [Member] | Selling, general and administrative expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other restructuring charges | 1.2 | |
Inventory-related charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 0.6 | |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges incurred | 0.4 | |
Change in income tax reserves [Member] | Interest expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other restructuring charges | $ 0.6 |
Short-Term Investments (Details
Short-Term Investments (Details) - USD ($) $ in Thousands | Oct. 29, 2016 | Jan. 30, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Short-term investments | $ 30,088 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Oct. 29, 2016Segmentlocation | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 2 |
Number of specialty retail locations | location | 2,600 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2016 | Oct. 31, 2015 | Oct. 29, 2016 | Oct. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Segment net revenues | $ 126,662 | $ 126,674 | $ 351,088 | $ 348,502 |
Segment operating income | 34,024 | 38,316 | 88,916 | 87,592 |
Unallocated corporate expenses | (22,622) | (21,527) | (65,354) | (66,288) |
Operating income | 11,402 | 16,789 | 23,562 | 21,304 |
Operating Segments [Member] | Direct [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 86,101 | 84,137 | 246,288 | 238,345 |
Segment operating income | 17,104 | 19,260 | 47,390 | 43,844 |
Operating Segments [Member] | Indirect [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 40,561 | 42,537 | 104,800 | 110,157 |
Segment operating income | $ 16,920 | $ 19,056 | $ 41,526 | $ 43,748 |
Uncategorized Items - vra-20161
Label | Element | Value |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 2,313,000 |
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 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 2,774,000 |
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 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | $ 535,000 |