Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 04, 2018 | Sep. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 4, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | VRA | |
Entity Registrant Name | Vera Bradley, Inc. | |
Entity Central Index Key | 1,495,320 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,356,586 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 81,075 | $ 68,751 |
Short-term investments | 52,744 | 54,150 |
Accounts receivable, net | 25,613 | 15,566 |
Inventories | 86,280 | 87,838 |
Income taxes receivable | 2,693 | 4,391 |
Prepaid expenses and other current assets | 11,302 | 11,327 |
Total current assets | 259,707 | 242,023 |
Property, plant, and equipment, net | 82,924 | 86,463 |
Long-term investments | 10,991 | 15,515 |
Deferred income taxes | 4,868 | 5,385 |
Other assets | 862 | 1,283 |
Total assets | 359,352 | 350,669 |
Current liabilities: | ||
Accounts payable | 14,373 | 13,503 |
Accrued employment costs | 11,531 | 13,616 |
Other accrued liabilities | 15,470 | 12,343 |
Income taxes payable | 1,062 | 812 |
Total current liabilities | 42,436 | 40,274 |
Long-term liabilities | 24,767 | 25,112 |
Total liabilities | 67,203 | 65,386 |
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, 41,280 and 41,102 shares issued and 35,385 and 35,459 shares outstanding, respectively | 0 | 0 |
Additional paid-in-capital | 93,278 | 91,192 |
Retained earnings | 279,149 | 270,783 |
Accumulated other comprehensive loss | (109) | (114) |
Treasury stock | (80,169) | (76,578) |
Total shareholders’ equity | 292,149 | 285,283 |
Total liabilities and shareholders’ equity | $ 359,352 | $ 350,669 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 04, 2018 | Feb. 03, 2018 |
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 | 41,280,000 | 41,102,000 |
Common stock, shares outstanding | 35,385,000 | 35,459,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Income Statement [Abstract] | ||||
Net revenues | $ 113,625 | $ 112,418 | $ 200,216 | $ 208,553 |
Cost of sales | 47,885 | 49,125 | 85,860 | 92,560 |
Gross profit | 65,740 | 63,293 | 114,356 | 115,993 |
Selling, general, and administrative expenses | 53,770 | 59,747 | 104,475 | 117,518 |
Other income | 46 | 163 | 223 | 430 |
Operating income (loss) | 12,016 | 3,709 | 10,104 | (1,095) |
Interest income, net | (259) | (96) | (502) | (135) |
Income (loss) before income taxes | 12,275 | 3,805 | 10,606 | (960) |
Income tax expense | 2,993 | 1,612 | 2,694 | 896 |
Net income (loss) | $ 9,282 | $ 2,193 | $ 7,912 | $ (1,856) |
Basic weighted-average shares outstanding | 35,540 | 36,122 | 35,536 | 36,178 |
Diluted weighted-average shares outstanding | 35,735 | 36,158 | 35,733 | 36,178 |
Basic net income per share (in dollars per share) | $ 0.26 | $ 0.06 | $ 0.22 | $ (0.05) |
Diluted net income per share (in dollars per share) | $ 0.26 | $ 0.06 | $ 0.22 | $ (0.05) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 9,282 | $ 2,193 | $ 7,912 | $ (1,856) |
Unrealized gain on available-for-sale debt investments | 57 | 21 | 12 | 34 |
Cumulative translation adjustment | (3) | (11) | (7) | (17) |
Comprehensive income (loss), net of tax | $ 9,336 | $ 2,203 | $ 7,917 | $ (1,839) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Aug. 04, 2018 | Jul. 29, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ 7,912,000 | $ (1,856,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of property, plant, and equipment | 8,344,000 | 9,934,000 |
Impairment charges | 0 | 0 |
Provision for doubtful accounts | 132,000 | 121,000 |
Stock-based compensation | 2,613,000 | 2,103,000 |
Deferred income taxes | 359,000 | 1,904,000 |
Cash gain on investments | 32,000 | 154,000 |
Other non-cash charges (gain), net | 285,000 | 14,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (9,519,000) | 3,562,000 |
Inventories | 1,307,000 | (1,825,000) |
Prepaid expenses and other assets | 446,000 | (156,000) |
Accounts payable | 1,453,000 | (14,670,000) |
Income taxes | 1,948,000 | (2,041,000) |
Accrued and other liabilities | 1,298,000 | (1,362,000) |
Net cash provided by (used in) operating activities | 16,610,000 | (4,118,000) |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (5,857,000) | (6,057,000) |
Purchases of investments | (39,073,000) | (39,298,000) |
Proceeds from maturities and sales of investments | 44,700,000 | 33,350,000 |
Net cash used in investing activities | (230,000) | (12,005,000) |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | (527,000) | (595,000) |
Repurchase of common stock | (3,522,000) | (3,278,000) |
Net cash used in financing activities | (4,049,000) | (3,873,000) |
Effect of exchange rate changes on cash and cash equivalents | (7,000) | (17,000) |
Net increase (decrease) in cash and cash equivalents | 12,324,000 | (20,013,000) |
Cash and cash equivalents, beginning of period | 68,751,000 | 86,375,000 |
Cash and cash equivalents, end of period | 81,075,000 | 66,362,000 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net | $ 360,000 | $ 769,000 |
Description of the Company and
Description of the Company and Basis of Presentation | 6 Months Ended |
Aug. 04, 2018 | |
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; the Company’s online outlet site; direct-to-consumer eBay sales; and the Company’s annual outlet sale in Fort Wayne, Indiana. As of August 4, 2018 , the Company operated 104 full-line stores and 57 factory outlet stores. The Indirect business consists of sales of Vera Bradley products to approximately 2,400 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, third-party inventory liquidators, and royalties recognized through licensing agreements. 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 February 3, 2018 , filed with the SEC. The interim financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the thirteen and twenty-six weeks ended August 4, 2018 , 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 August 4, 2018 and July 29, 2017 , refer to the thirteen-week periods ended on those dates. Revenue Recognition and Accounts Receivable Included in net revenues are Vera Bradley product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees, as well as royalties from the Company’s licensing arrangements. Costs related to shipping of product are classified in cost of sales in the Condensed Consolidated Statements of Operations. The Company has elected to treat shipping and handling activities that occur after the customer has obtained control of a good as an activity to fulfill the promise to transfer the product rather than as an additional promised service. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities from the transaction price. Revenue from the sale of the Company’s products is recognized when control of the promised goods or services is transferred to customers, in the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue is recognized using the five-step model identified in Accounting Standards Codification (“ASC”) Topic 606. These steps are: (i) identify the contract with the customer; (ii) identify the performance obligations; (iii) determine the transaction price; (iv) allocate the transaction price to each performance obligation; and (v) recognize revenue as the performance obligations are satisfied. The Company collects payment at the point of sale for full-line and factory outlet store transactions and upon shipment for e-commerce transactions. The Company generally collects payment in arrears in accordance with established payment terms for each customer within the Indirect segment. 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 multiple channels. Additionally, the Company reserves for customer allowances for certain Indirect retailers based upon various contract terms and other potential product credits granted to Indirect retailers. 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 $0.9 million as of August 4, 2018 and February 3, 2018 . 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 estimated unredeemed gift cards based upon the historical patterns of gift card redemption. During the thirteen and twenty-six weeks ended August 4, 2018 , the Company recorded an immaterial amount of revenue related to gift card breakage. Gift card breakage is included in net revenues in the Condensed Consolidated Statements of Operations, as well as Direct segment net revenues for the current-year period. The Company did not recognize gift card breakage revenue within net revenues in the comparable prior-year period as ASC Topic 606 was adopted using the modified retrospective transition approach with an immaterial adjustment to fiscal 2019 beginning retained earnings. Refer to Note 2 herein for additional information regarding the Company’s net revenues and its policies. Operating Leases and Tenant-Improvement Allowances The Company has leases that contain rent holidays and predetermined, fixed escalations of minimum rentals. For each of these leases, the Company recognizes the related rent expense on a straight-line basis commencing on the date of initial possession of the leased property. The Company records the difference between the recognized rent expense and the amount payable under the lease as a deferred rent liability. As of August 4, 2018 and February 3, 2018 , deferred rent liability was $13.1 million and $12.9 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 August 4, 2018 and February 3, 2018 , the deferred lease credit liability was $14.2 million and $14.6 million , respectively. Of these amounts, $2.6 million and $2.4 million is included within other accrued liabilities as of August 4, 2018 and February 3, 2018 , respectively; $11.6 million and $12.2 million is included within long-term liabilities as of August 4, 2018 and February 3, 2018 , respectively. Recently Issued Accounting Pronouncements Recently Adopted 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 standard also requires 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 was February 4, 2018 (the beginning of the Company’s fiscal 2019). The Company adopted this standard in the first quarter of fiscal 2019 using the modified retrospective method with a $0.5 million cumulative adjustment to beginning retained earnings. As a result of this adoption method, the prior-year period presented in the Company’s Condensed Consolidated Financial Statements was not recast. The Company no longer adjusts revenue for shipments not yet received at each reporting period as it recognizes revenue as control is passed to the customer. It was determined that control is passed to the customer upon shipment, consistent with when legal title is passed. This accelerates the recognition of revenue at each reporting period compared to the Company’s historical practice. Revenue for unredeemed gift cards is estimated and recognized based on the historical patterns of gift card redemption. Historically, the Company recognized revenue for gift card breakage when the likelihood of the customer exercising their remaining rights became remote. The new revenue standard results in accelerated recognition of gift card breakage revenue at each reporting period compared to the Company’s historical practice. Revenue associated with contractually guaranteed minimum royalties in sales-based royalty arrangements is recognized straight-line over the remaining license period once determined that the minimum sales level will not be achieved. Historically, the Company recognized any excess of the guaranteed minimum royalty over the actual royalties earned at the end of the license period. Certain liabilities for estimated product returns have been re-classified to other accrued liabilities from a contra-asset within accounts receivable, net, as of the adoption date. Refer to Note 2 herein for additional information regarding the adoption of ASC 606. Recently Issued Accounting Pronouncements Not Yet Adopted 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. In July 2018, the FASB issued ASU 2018-11 for targeted improvements, including the option of allowing entities to initially apply the new leases standard at the adoption date (February 3, 2019 for the Company) and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to adopt the standard using this adoption method. The Company has operating leases at all of its retail stores; therefore, the adoption of this standard will result in a material increase of assets and liabilities on the Company’s Consolidated Balance Sheets. The Company is continuing to evaluate the impact on its consolidated results of operations and cash flows. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Aug. 04, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company adopted ASC Topic 606 beginning in the first quarter of fiscal 2019 using the modified retrospective adoption method. Accordingly, disclosures herein required by the standard were excluded for the prior-year period. The following tables illustrate the financial statement line items that were impacted as a result of the adoption of ASC 606 as of and for the thirteen and twenty-six weeks ended August 4, 2018. These adjustments are a result of adjusting for shipments not yet received by customers, gift card breakage revenue, and the re-classification of certain liabilities for estimated product returns, which are further described in Note 1 herein (schedules in thousands). August 4, 2018 As Reported Adjustments Balances Under Prior U.S. GAAP Condensed Consolidated Balance Sheet Accounts receivable, net $ 25,613 $ (3,837 ) $ 21,776 Inventories 86,280 1,343 87,623 Income taxes receivable 2,693 469 3,162 Total current assets 259,707 (2,025 ) 257,682 Deferred income taxes 4,868 133 5,001 Total assets 359,352 (1,892 ) 357,460 Other accrued liabilities 15,470 (59 ) 15,411 Total current liabilities 42,436 (59 ) 42,377 Total liabilities 67,203 (59 ) 67,144 Retained earnings 279,149 (1,833 ) 277,316 Total shareholders’ equity 292,149 (1,833 ) 290,316 Total liabilities and shareholders’ equity 359,352 (1,892 ) 357,460 Thirteen Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 113,625 $ (1,294 ) $ 112,331 Cost of sales 47,885 (521 ) 47,364 Gross profit (loss) 65,740 (773 ) 64,967 Operating income (loss) 12,016 (773 ) 11,243 Income (loss) before income taxes 12,275 (773 ) 11,502 Income tax expense (benefit) 2,993 (183 ) 2,810 Net income (loss) 9,282 (590 ) 8,692 Twenty-Six Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 200,216 $ (2,914 ) $ 197,302 Cost of sales 85,860 (1,092 ) 84,768 Gross profit (loss) 114,356 (1,822 ) 112,534 Operating income (loss) 10,104 (1,822 ) 8,282 Income (loss) before income taxes 10,606 (1,822 ) 8,784 Income tax expense (benefit) 2,694 (443 ) 2,251 Net income (loss) 7,912 (1,379 ) 6,533 Twenty-Six Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Cash Flows Cash flows from operating activities Net income (loss) $ 7,912 $ (1,379 ) $ 6,533 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Deferred income taxes 359 25 384 Changes in assets and liabilities: Accounts receivable (9,519 ) 3,177 (6,342 ) Inventories 1,307 (1,092 ) 215 Income taxes 1,948 (469 ) 1,479 Accrued and other liabilities 1,298 (262 ) 1,036 Disaggregation of Revenue The following presents our net revenues disaggregated by product category for the thirteen and twenty-six weeks ended August 4, 2018 (in thousands): Thirteen Weeks Ended August 4, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 39,194 $ 12,315 $ 51,509 Travel 23,123 4,360 27,483 Accessories 20,261 4,415 24,676 Home 6,144 378 6,522 Other 2,299 (1) 1,136 (2) 3,435 Total net revenues $ 91,021 (3) $ 22,604 (4) $ 113,625 (1) Primarily includes net revenues from stationery, apparel/footwear, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements, freight, apparel/footwear, and merchandising. (3) Net revenues were related to product sales recognized at a point in time. (4) $21.8 million of net revenues related to product sales recognized at a point in time and $0.8 million of net revenues related to sales-based royalties recognized over time. Twenty-Six Weeks Ended August 4, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 64,794 $ 22,543 $ 87,337 Travel 41,182 9,050 50,232 Accessories 35,940 8,583 44,523 Home 10,314 836 11,150 Other 4,323 (1) 2,651 (2) 6,974 Total net revenues $ 156,553 (3) $ 43,663 (4) $ 200,216 (1) Primarily includes net revenues from stationery, apparel/footwear, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements, freight, apparel/footwear, and merchandising. (3) Net revenues were related to product sales recognized at a point in time. (4) $41.9 million of net revenues related to product sales recognized at a point in time and $1.8 million of net revenues related to sales-based royalties recognized over time. Contract Balances Contract liabilities as of August 4, 2018, consisted of $1.2 million of unearned revenue related to unredeemed gift cards and an immaterial amount of unearned revenue for pre-payments of royalties in certain of the Company’s licensing arrangements. These contract liabilities are recognized within other accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company did not have contract assets as of August 4, 2018. The balance for accounts receivable from contracts with customers, net of allowances, as of August 4, 2018 was $21.7 million , which is recognized within accounts receivable, net, on the Company’s Condensed Consolidated Balance Sheets. The provision for doubtful accounts was $0.1 million for the twenty-six weeks ended August 4, 2018. Performance Obligations The performance obligations for the Direct and Indirect segments include the promise to transfer distinct goods (or a bundle of distinct goods). The Indirect segment also includes the right to access the Company’s intellectual property (“IP”). Remaining Performance Obligations The Company does not have remaining performance obligations in excess of one year or contracts that it does not have the right to invoice as of August 4, 2018 . Significant Judgments Product Sales In the Company’s retail stores (recognized within the Direct segment), control is transferred and net revenue is recognized at the point of sale. Product shipments for the Company’s e-commerce channel (recognized within the Direct segment) and shipments to its Indirect retailers (recognized within the Indirect segment) are generally shipped Free on Board (“FOB”) shipping point typically from its distribution center in Roanoke, Indiana, and net revenue is recognized upon shipment consistent with when control is transferred to the customer. Upon shipment, the customer has the right to direct the use of, and obtain substantially all of the benefits from, the product. Licensing Royalties The Company grants rights to access its IP and accounts for any resulting sales-based royalty revenue over time, as the subsequent sales occur. The Company has contractually guaranteed minimum royalties in certain of its sales-based royalty arrangements which are recognized straight-line over the remaining license period once determined that the minimum sales level will not be achieved. Licensing royalties are recognized within Indirect segment net revenues. Transaction Price and Amounts Allocated to Performance Obligations. The transaction price is the amount of consideration the Company expects to be entitled to in a sales transaction. The transaction price is net of discounts, estimated variable consideration (if any), and any customer allowances offered or estimated, including those offered to certain Indirect retailers based on various contract terms. The transaction price also is net of allowances for product returns, which the Company is able to reasonably estimate based upon historical experience. The transaction price is allocated to each performance obligation in the contract based upon the standalone selling price. Contract Costs Sales commissions are paid to certain employees based upon specific sales achieved during a time period. As the Company’s contracts related to these sales commissions do not exceed one year, these incentive payments are expensed as incurred. Other Practical Expedients Remaining Performance Obligations The Company does not disclose the remaining performance obligations for contracts with an original expected duration of one year or less or for contracts which it has the right to invoice. Significant Financing Components The Company does not adjust for the time value of money as the majority of its contracts have an original expected duration of one year or less; contracts that are greater than one year are related to net revenues that are constrained until the subsequent sales occur. The net revenues associated with these contracts are immaterial, and the Company does not adjust for the time value of money. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock units. The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended Twenty-Six Weeks Ended August 4, July 29, August 4, July 29, Numerator: Net income (loss) $ 9,282 $ 2,193 $ 7,912 $ (1,856 ) Denominator: Weighted-average number of common shares (basic) 35,540 36,122 35,536 36,178 Dilutive effect of stock-based awards 195 36 197 — Weighted-average number of common shares (diluted) 35,735 36,158 35,733 36,178 Net income (loss) per share: Basic $ 0.26 $ 0.06 $ 0.22 $ (0.05 ) Diluted $ 0.26 $ 0.06 $ 0.22 $ (0.05 ) For the thirteen weeks ended August 4, 2018 and July 29, 2017 , and the twenty-six weeks ended August 4, 2018 , 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. For the twenty-six weeks ended July 29, 2017 , all potential common shares were excluded from the diluted share calculation because they were anti-dilutive due to the net loss in the period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Aug. 04, 2018 | |
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, accounts receivable, other current assets, and accounts payable as of August 4, 2018 and February 3, 2018 , approximated their fair values. The following table details the fair value measurements of the Company's investments as of August 4, 2018 and February 3, 2018 (in thousands): Level 1 Level 2 Level 3 August 4, 2018 February 3, 2018 August 4, 2018 February 3, 2018 August 4, 2018 February 3, 2018 Cash equivalents (1) $ 107 $ 1,889 $ 12,270 $ 4,058 $ — $ — Short-term investments: Certificate of deposit — — 25,044 25,032 — — Non-U.S. corporate debt securities — — 8,075 6,451 — — U.S. corporate debt securities — — 7,386 8,727 — — Municipal securities — — 6,127 12,942 — — U.S. treasury securities 3,102 — — — — — Commercial paper — — 3,010 998 — — Long-term investments: Non-U.S. corporate debt securities — — 4,335 2,775 — — Municipal securities — — 3,991 5,098 — — U.S. corporate debt securities — — 2,665 4,543 — — U.S. treasury securities — 3,099 — — — — (1) Cash equivalents include commercial paper, municipal securities, and a money market fund that have a maturity of three months or less at the date of purchase. Due to their short maturity, the Company believes the carrying value approximates fair value. The Company has certain assets that are measured on a non-recurring basis under circumstances and events described in Note 12 herein. The categorization of the framework to price these assets are within Level 3 due to the subjective nature of unobservable inputs. |
Debt
Debt | 6 Months Ended |
Aug. 04, 2018 | |
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 “Prior Credit Agreement”). The Prior Credit Agreement provided for certain credit facilities to VBD in an aggregate principal amount not to initially exceed $125.0 million , the proceeds of which could 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”). On October 20, 2017, VBD entered into Amendment No. 2 to the Prior Credit Agreement to modify certain financial and restrictive covenants. Amounts outstanding under the Prior Credit Agreement bore 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 was 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 meant 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 Prior Credit Agreement was to mature on July 15, 2020. VBD's obligations under the Prior Credit Agreement were guaranteed by the Company and the Named Subsidiaries. The obligations of VBD under the Prior Credit Agreement were 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 Prior Credit Agreement, as amended, contained 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 Prior Credit Agreement. The Company was 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 Prior Credit Agreement), and a limit on capital expenditures. Upon an event of default, which included 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 Prior Credit Agreement), defaults under other material indebtedness, and a change in control, the lenders could accelerate amounts outstanding, terminate the agreement and foreclose on all collateral. As of August 4, 2018 and February 3, 2018 , the Company had no borrowings outstanding and availability of $125.0 million under its Prior Credit Agreement. Subsequent to the end of the quarter, VBD entered into an asset based revolving credit agreement. Concurrently with entering into the new credit agreement, the Prior Credit Agreement detailed above was terminated. Refer to Note 14 herein for additional information regarding the new credit agreement. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 04, 2018 | |
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. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act includes, among other things, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, bonus depreciation that allows for full expensing of qualified property, the transition of U.S. international taxation from a worldwide system to a territorial system with a new provision designed to tax global intangible low-taxed income (“GILTI”), and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. Consistent with this guidance, any resulting changes to the provisional estimates and amounts not yet estimated will be recognized as an adjustment to tax expense in the reporting period that the amounts are determined. The provisional amounts recognized as a result of the Tax Act may differ due to, among other things, additional analysis, changes in interpretations and assumptions that the Company has made, additional regulatory guidance issued, and any additional actions the Company may take as a result of the Tax Act. The accounting for the Tax Act is expected to be complete when the fiscal 2018 federal income tax return is filed in fiscal 2019. The Company has not recognized any provisional income tax adjustments as a result of the Tax Act in the current-year period. The effective tax rate for the thirteen weeks ended August 4, 2018 , was 24.4% , compared to 42.4% for the thirteen weeks ended July 29, 2017 . The year-over-year effective tax rate decrease was primarily due to a decreased annual effective tax rate as a result of the reduction in the U.S. corporate income tax rate. The effective tax rate for the twenty-six weeks ended August 4, 2018 , was 25.4% , compared to (93.3)% for the twenty-six weeks ended July 29, 2017 . The year-over-year effective tax rate decrease was primarily due to the relative impact of discrete items in the current-year period compared to the prior-year period, primarily as a result of tax shortfalls from stock-based compensation, and a decreased annual effective tax rate as a result of the reduction in the U.S. corporate income tax rate. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [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 August 4, 2018 , the Company granted 66,069 time-based and performance-based restricted stock units with an aggregate fair value of $0.9 million to certain employees under the 2010 Equity and Incentive Plan. The Company did not grant time-based or performance-based restricted stock units in the same period of the prior year. During the twenty-six weeks ended August 4, 2018 , the Company granted 475,214 time-based and performance-based restricted stock units with an aggregate fair value of $5.2 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 506,572 time-based and performance-based restricted stock units with an aggregate fair value of $4.7 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 twenty-six weeks ended August 4, 2018 (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 February 3, 2018 401 $ 12.38 363 $ 13.83 Granted 284 11.09 191 10.94 Vested (209 ) 12.23 (20 ) 16.06 Forfeited (10 ) 11.04 (77 ) 15.32 Nonvested units outstanding at August 4, 2018 466 $ 11.69 457 $ 12.28 As of August 4, 2018 , there was $6.3 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 1.8 years, subject to meeting performance conditions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 04, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Payment Card Incident Description of Event On September 15, 2016, the Company received information from law enforcement regarding a potential data security issue related to its retail store network. Findings from the investigation showed 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 system. 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 timely resolved this incident and continues to work with a computer security firm to further strengthen the security of its systems to help prevent events of this nature from happening in the future. The Company promptly notified the payment card networks so that the banks that issue payment cards could initiate heightened monitoring on the affected cards. Claims have been received from payment card networks for this incident and are all expected to be covered by the Company's insurance, as described below. The Company also received inquiries from the states of New Jersey and Indiana regarding the incident. The Company continues to be in discussions with Indiana regarding the incident. Expenses Incurred and Amounts Accrued During the thirteen and twenty-six weeks ended August 4, 2018 and July 29, 2017 , the Company recorded an immaterial amount of expense relating to remediation activities as a result of the Payment Card Incident. There were no incremental expenses associated with the claims received in fiscal 2019 or fiscal 2018 as they were, or are expected to be, reimbursed under the Company's insurance coverage. Future Costs The Company does not believe that the amounts to be paid with respect to any remaining matters will have a material adverse effect on its financial condition and operating results taken as a whole. Insurance Coverage The Company maintains $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 issues, 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 | 6 Months Ended |
Aug. 04, 2018 | |
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 initial term of the 2015 Share Repurchase Program expired on December 31, 2017. On November 30, 2017, the Company’s board of directors authorized the Company to extend the 2015 Share Repurchase Program during an open window period until December 31, 2018. The Company purchased 252,201 shares at an average price of $14.24 per share, excluding commissions, for an aggregate amount of $3.6 million during the thirteen and twenty-six weeks ended August 4, 2018 , under the 2015 Share Repurchase Program. As of August 4, 2018 , there was $9.8 million remaining available to repurchase shares of the Company's common stock under the 2015 Share Repurchase Program. As of August 4, 2018 , the Company held as treasury shares 5,894,686 shares of its common stock at an average price of $13.60 per share, excluding commissions, for an aggregate carrying amount of $80.2 million . The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan or for other corporate purposes. |
Vision 20_20 Restructuring and
Vision 20/20 Restructuring and Other Charges | 6 Months Ended |
Aug. 04, 2018 | |
Restructuring and Related Activities [Abstract] | |
Vision 20/20 Restructuring and Other Charges | Other Charges Vision 20/20 Initiatives and Charges During fiscal 2018, the Company launched its Vision 20/20 strategic plan, which involves a more aggressive approach to turn around its business over the period ending in fiscal 2021. The plan is primarily focused on product and pricing initiatives, as well as selling, general, and administrative (“SG&A”) expense reduction initiatives. The product and pricing initiatives include restoring the Company's full-price business by significantly reducing the amount of clearance merchandise offered on verabradley.com and in its full-line stores, streamlining current product offerings by eliminating unproductive or incongruent categories and SKUs from its assortment, and introducing tighter guardrails around new product categories, patterns, and pricing. The SG&A expense reductions include right-sizing the Company’s corporate infrastructure to better align with the size of the business, lowering marketing spending by focusing on efficiencies, and taking a more aggressive stance on closing underperforming full-line stores. These SG&A expense reductions began in the third quarter of fiscal 2018, largely aimed at right-sizing the corporate infrastructure. The majority of the product and pricing initiatives are being completed in the current fiscal year. There have been $16.7 million of pre-tax Vision 20/20-related charges ( $10.6 million after the associated tax benefit) since inception, all of which were recognized during fiscal 2018. There were no Vision 20/20-related charges during the thirteen and twenty-six weeks ended August 4, 2018 . There were $2.3 million ( $1.5 million after the associated tax benefit) of Vision 20/20-related charges during the thirteen and twenty-six weeks ended July 29, 2017 , for strategic consulting expenses recognized within corporate unallocated expenses. There were $1.6 million of cash payments made during fiscal 2019 for severance charges and no liabilities remaining for Vision 20/20-related charges as of August 4, 2018 . Other Charges Thirteen Weeks Ended July 29, 2017 Other charges recognized in SG&A expenses during the thirteen weeks ended July 29, 2017 totaled $1.5 million ( $0.9 million after the associated tax benefit). These pre-tax charges consisted of $1.2 million in severance charges (recognized within corporate unallocated expenses) and $0.3 million for a net lease termination charge (recognized within the Direct segment). Twenty-Six Weeks Ended July 29, 2017 Other charges recognized in SG&A expenses during the twenty-six weeks ended July 29, 2017 totaled $2.8 million ( $1.7 million after the associated tax benefit). These pre-tax charges consisted of $2.5 million in severance charges (recognized within corporate unallocated expenses) and $0.3 million for a net lease termination charge (recognized within the Direct segment). These charges were recognized before the implementation of Vision 20/20. |
Investments
Investments | 6 Months Ended |
Aug. 04, 2018 | |
Schedule of Investments [Abstract] | |
Investments | Investments Cash Equivalents Investments classified as cash equivalents relate to highly-liquid investments with a maturity of three months or less at the date of purchase. As of August 4, 2018 and February 3, 2018 , these investments in the Company's portfolio consisted of commercial paper, municipal securities, and a money market fund. Short-Term Investments As of August 4, 2018 and February 3, 2018 , short-term investments consisted of a certificate of deposit, U.S. and non-U.S. corporate debt securities, municipal securities, and commercial paper with a maturity within one year of the balance sheet date. The balance as of August 4, 2018 , also included U.S. treasury securities. These debt securities are classified as available-for-sale; therefore, unrealized gains and losses are recorded within other comprehensive income. Interest income earned is recorded within interest income, net, in the Company's Condensed Consolidated Statements of Operations. The Company held $52.7 million and $54.2 million in short-term investments as of August 4, 2018 and February 3, 2018 , respectively. The following table summarizes the Company's short-term investments (in thousands): August 4, 2018 February 3, 2018 Certificate of deposit $ 25,044 $ 25,032 Non-U.S. corporate debt securities 8,075 6,451 U.S. corporate debt securities 7,386 8,727 Municipal securities 6,127 12,942 U.S. treasury securities 3,102 — Commercial paper 3,010 998 Total short-term investments $ 52,744 $ 54,150 Long-Term Investments As of August 4, 2018 and February 3, 2018 , long-term investments consisted of U.S. and non-U.S. corporate debt securities and municipal securities with a maturity greater than one year from the balance sheet date. The balance as of February 3, 2018 also included U.S. treasury securities. These debt securities are classified as available-for-sale; therefore, unrealized gains and losses are recorded within other comprehensive income. Interest income earned is recorded within interest income, net, in the Company's Condensed Consolidated Statements of Operations. The Company held $11.0 million and $15.5 million in long-term investments as of August 4, 2018 and February 3, 2018 , respectively. The following table summarizes the Company's long-term investments (in thousands): August 4, 2018 February 3, 2018 Non-U.S. corporate debt securities $ 4,335 $ 2,775 Municipal securities 3,991 5,098 U.S. corporate debt securities 2,665 4,543 U.S. treasury securities — 3,099 Total long-term investments $ 10,991 $ 15,515 There were no material gross unrealized gains or losses on available-for-sale debt securities as of August 4, 2018 and February 3, 2018 . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Aug. 04, 2018 | |
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, typically determined by an estimated discounted cash flow analysis of the asset. There were no impairment charges recorded during the thirteen and twenty-six weeks ended August 4, 2018 and July 29, 2017 . |
Segment Reporting
Segment Reporting | 6 Months Ended |
Aug. 04, 2018 | |
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; the Company’s online outlet site; direct-to-consumer eBay sales; and the annual outlet sale. Revenues generated from 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 2,400 locations, substantially all of which are located in the United States; key accounts, which include department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators; and royalties recognized through licensing agreements. Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, design, product development, merchandising, corporate-level marketing and advertising, and various other corporate-level-activity-related expenses. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. Net revenues and operating income information for the Company’s reportable segments during the thirteen and twenty-six weeks ended August 4, 2018 and July 29, 2017 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended August 4, July 29, August 4, July 29, Segment net revenues: Direct $ 91,021 $ 89,342 $ 156,553 $ 158,179 Indirect 22,604 23,076 43,663 50,374 Total $ 113,625 $ 112,418 $ 200,216 $ 208,553 Segment operating income: Direct $ 22,318 $ 17,312 $ 29,608 $ 24,124 Indirect 8,827 7,832 17,111 17,278 Total $ 31,145 $ 25,144 $ 46,719 $ 41,402 Reconciliation: Segment operating income $ 31,145 $ 25,144 $ 46,719 $ 41,402 Less: Unallocated corporate expenses (19,129 ) (21,435 ) (36,615 ) (42,497 ) Operating income (loss) $ 12,016 $ 3,709 $ 10,104 $ (1,095 ) |
Subsequent Event (Notes)
Subsequent Event (Notes) | 6 Months Ended |
Aug. 04, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On September 7, 2018, VBD, a wholly-owned subsidiary of the Company, entered into an asset based revolving Credit Agreement (the “New Credit Agreement”) among VBD, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto. The New Credit Agreement provides for certain credit facilities to VBD in an aggregate principal amount not to initially exceed the lesser of $75.0 million or the amount of borrowing availability determined in accordance with a borrowing base of certain assets. The proceeds of the credit facilities will be used to finance 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”). The New Credit Agreement also contains an option for VBD to arrange with lenders to increase the aggregate principal amount by up to $25.0 million . Amounts outstanding under the New Credit Agreement bear interest at a per annum rate equal to either (i) for CBFR borrowings (including swingline loans), the CB Floating Rate, where the CB Floating Rate is the prime rate which shall never be less than the adjusted one month LIBOR rate on such day, plus the Applicable Rate, where the Applicable Rate is a percentage spread ranging from -1.00% to -1.50% or (ii) for each eurodollar borrowing, the Adjusted LIBO Rate, where the Adjusted LIBO Rate is the LIBO rate for such interest period multiplied by the statutory reserve rate, for the interest period in effect for such borrowing, plus the Applicable Rate, where the Applicable Rate is a percentage ranging from 1.00% to 1.30% . The applicable CB Floating Rate, Adjusted LIBO Rate, or LIBO Rate shall be determined by the administrative agent. The New Credit Agreement also requires VBD to pay a commitment fee for the unused portion of the revolving facility of up to 0.20% per annum. VBD’s obligations under the New Credit Agreement are guaranteed by the Company and the Named Subsidiaries. The obligations of VBD under the New Credit Agreement are secured by substantially all of the respective assets of VBD, the Company, and the Named Subsidiaries and are further secured by the equity interests in VBD and the Named Subsidiaries. The New Credit Agreement contains various affirmative and negative covenants, including restrictions on the Company's ability to incur debt or liens; engage in mergers or consolidations; make certain investments, acquisitions, loans, and advances; sell assets; enter into certain swap agreements; pay dividends or make distributions or make other restricted payments; engage in certain transactions with affiliates; and amend, modify, or waive any of its rights related to subordinated indebtedness and certain charter and other organizational, governing, and material agreements. The Company may avoid certain of such restrictions by meeting payment conditions defined in the New Credit Agreement. The New Credit Agreement also requires the Loan Parties to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 during periods when borrowing availability is less than the greater of (A) $7.5 million , and (B) 10% of the lesser of (i) the aggregate revolving commitment, and (ii) the borrowing base. The fixed charge coverage ratio, availability, aggregate revolving commitment, and the borrowing base are further defined in the New Credit Agreement. The New Credit Agreement contains customary events of default, including, among other things: (i) the failure to pay any principal, interest, or other fees under the New Credit Agreement; (ii) the making of any materially incorrect representation or warranty; (iii) the failure to observe or perform any covenant, condition, or agreement in the New Credit Agreement or related agreements; (iv) a cross default with respect to other material indebtedness; (v) bankruptcy and insolvency events; (vi) unsatisfied material final judgments; (vii) Employee Retirement Income Security Act of 1974 (“ERISA”) events that could reasonably be expected to have a material adverse effect; and (viii) a change in control (as defined in the New Credit Agreement). Any commitments made under the New Credit Agreement mature on September 7, 2023. There were no material fees or expenses associated with the New Credit Agreement. On September 7, 2018, concurrently with entering into the New Credit Agreement, the Prior Credit Agreement dated as of July 15, 2015, 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 was terminated. The Prior Credit Agreement provided for certain credit facilities to VBD in an aggregate principal amount not to initially exceed $125.0 million . |
Description of the Company an21
Description of the Company and Basis of Presentation (Policies) | 6 Months Ended |
Aug. 04, 2018 | |
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 February 3, 2018 , 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 August 4, 2018 and July 29, 2017 , refer to the thirteen-week periods ended on those dates. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Included in net revenues are Vera Bradley product sales to Direct and Indirect customers, including amounts billed to customers for shipping fees, as well as royalties from the Company’s licensing arrangements. Costs related to shipping of product are classified in cost of sales in the Condensed Consolidated Statements of Operations. The Company has elected to treat shipping and handling activities that occur after the customer has obtained control of a good as an activity to fulfill the promise to transfer the product rather than as an additional promised service. Net revenues exclude sales taxes collected from customers and remitted to governmental authorities from the transaction price. Revenue from the sale of the Company’s products is recognized when control of the promised goods or services is transferred to customers, in the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue is recognized using the five-step model identified in Accounting Standards Codification (“ASC”) Topic 606. These steps are: (i) identify the contract with the customer; (ii) identify the performance obligations; (iii) determine the transaction price; (iv) allocate the transaction price to each performance obligation; and (v) recognize revenue as the performance obligations are satisfied. The Company collects payment at the point of sale for full-line and factory outlet store transactions and upon shipment for e-commerce transactions. The Company generally collects payment in arrears in accordance with established payment terms for each customer within the Indirect segment. 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 multiple channels. Additionally, the Company reserves for customer allowances for certain Indirect retailers based upon various contract terms and other potential product credits granted to Indirect retailers. 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 $0.9 million as of August 4, 2018 and February 3, 2018 . 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 estimated unredeemed gift cards based upon the historical patterns of gift card redemption. During the thirteen and twenty-six weeks ended August 4, 2018 , the Company recorded an immaterial amount of revenue related to gift card breakage. Gift card breakage is included in net revenues in the Condensed Consolidated Statements of Operations, as well as Direct segment net revenues for the current-year period. The Company did not recognize gift card breakage revenue within net revenues in the comparable prior-year period as ASC Topic 606 was adopted using the modified retrospective transition approach with an immaterial adjustment to fiscal 2019 beginning retained earnings. Refer to Note 2 herein for additional information regarding the Company’s net revenues and its policies. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted 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 standard also requires 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 was February 4, 2018 (the beginning of the Company’s fiscal 2019). The Company adopted this standard in the first quarter of fiscal 2019 using the modified retrospective method with a $0.5 million cumulative adjustment to beginning retained earnings. As a result of this adoption method, the prior-year period presented in the Company’s Condensed Consolidated Financial Statements was not recast. The Company no longer adjusts revenue for shipments not yet received at each reporting period as it recognizes revenue as control is passed to the customer. It was determined that control is passed to the customer upon shipment, consistent with when legal title is passed. This accelerates the recognition of revenue at each reporting period compared to the Company’s historical practice. Revenue for unredeemed gift cards is estimated and recognized based on the historical patterns of gift card redemption. Historically, the Company recognized revenue for gift card breakage when the likelihood of the customer exercising their remaining rights became remote. The new revenue standard results in accelerated recognition of gift card breakage revenue at each reporting period compared to the Company’s historical practice. Revenue associated with contractually guaranteed minimum royalties in sales-based royalty arrangements is recognized straight-line over the remaining license period once determined that the minimum sales level will not be achieved. Historically, the Company recognized any excess of the guaranteed minimum royalty over the actual royalties earned at the end of the license period. Certain liabilities for estimated product returns have been re-classified to other accrued liabilities from a contra-asset within accounts receivable, net, as of the adoption date. Refer to Note 2 herein for additional information regarding the adoption of ASC 606. Recently Issued Accounting Pronouncements Not Yet Adopted 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. In July 2018, the FASB issued ASU 2018-11 for targeted improvements, including the option of allowing entities to initially apply the new leases standard at the adoption date (February 3, 2019 for the Company) and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to adopt the standard using this adoption method. The Company has operating leases at all of its retail stores; therefore, the adoption of this standard will result in a material increase of assets and liabilities on the Company’s Consolidated Balance Sheets. The Company is continuing to evaluate the impact on its consolidated results of operations and cash flows. |
Revenue from Contracts with C22
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | August 4, 2018 As Reported Adjustments Balances Under Prior U.S. GAAP Condensed Consolidated Balance Sheet Accounts receivable, net $ 25,613 $ (3,837 ) $ 21,776 Inventories 86,280 1,343 87,623 Income taxes receivable 2,693 469 3,162 Total current assets 259,707 (2,025 ) 257,682 Deferred income taxes 4,868 133 5,001 Total assets 359,352 (1,892 ) 357,460 Other accrued liabilities 15,470 (59 ) 15,411 Total current liabilities 42,436 (59 ) 42,377 Total liabilities 67,203 (59 ) 67,144 Retained earnings 279,149 (1,833 ) 277,316 Total shareholders’ equity 292,149 (1,833 ) 290,316 Total liabilities and shareholders’ equity 359,352 (1,892 ) 357,460 Thirteen Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 113,625 $ (1,294 ) $ 112,331 Cost of sales 47,885 (521 ) 47,364 Gross profit (loss) 65,740 (773 ) 64,967 Operating income (loss) 12,016 (773 ) 11,243 Income (loss) before income taxes 12,275 (773 ) 11,502 Income tax expense (benefit) 2,993 (183 ) 2,810 Net income (loss) 9,282 (590 ) 8,692 Twenty-Six Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 200,216 $ (2,914 ) $ 197,302 Cost of sales 85,860 (1,092 ) 84,768 Gross profit (loss) 114,356 (1,822 ) 112,534 Operating income (loss) 10,104 (1,822 ) 8,282 Income (loss) before income taxes 10,606 (1,822 ) 8,784 Income tax expense (benefit) 2,694 (443 ) 2,251 Net income (loss) 7,912 (1,379 ) 6,533 Twenty-Six Weeks Ended August 4, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Cash Flows Cash flows from operating activities Net income (loss) $ 7,912 $ (1,379 ) $ 6,533 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Deferred income taxes 359 25 384 Changes in assets and liabilities: Accounts receivable (9,519 ) 3,177 (6,342 ) Inventories 1,307 (1,092 ) 215 Income taxes 1,948 (469 ) 1,479 Accrued and other liabilities 1,298 (262 ) 1,036 |
Schedule of Disaggregation of Revenue | The following presents our net revenues disaggregated by product category for the thirteen and twenty-six weeks ended August 4, 2018 (in thousands): Thirteen Weeks Ended August 4, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 39,194 $ 12,315 $ 51,509 Travel 23,123 4,360 27,483 Accessories 20,261 4,415 24,676 Home 6,144 378 6,522 Other 2,299 (1) 1,136 (2) 3,435 Total net revenues $ 91,021 (3) $ 22,604 (4) $ 113,625 (1) Primarily includes net revenues from stationery, apparel/footwear, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements, freight, apparel/footwear, and merchandising. (3) Net revenues were related to product sales recognized at a point in time. (4) $21.8 million of net revenues related to product sales recognized at a point in time and $0.8 million of net revenues related to sales-based royalties recognized over time. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended Twenty-Six Weeks Ended August 4, July 29, August 4, July 29, Numerator: Net income (loss) $ 9,282 $ 2,193 $ 7,912 $ (1,856 ) Denominator: Weighted-average number of common shares (basic) 35,540 36,122 35,536 36,178 Dilutive effect of stock-based awards 195 36 197 — Weighted-average number of common shares (diluted) 35,735 36,158 35,733 36,178 Net income (loss) per share: Basic $ 0.26 $ 0.06 $ 0.22 $ (0.05 ) Diluted $ 0.26 $ 0.06 $ 0.22 $ (0.05 ) |
Fair Value of Financial Instr24
Fair Value of Financial Instruments Fair Value Disclosures (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Investments | The following table details the fair value measurements of the Company's investments as of August 4, 2018 and February 3, 2018 (in thousands): Level 1 Level 2 Level 3 August 4, 2018 February 3, 2018 August 4, 2018 February 3, 2018 August 4, 2018 February 3, 2018 Cash equivalents (1) $ 107 $ 1,889 $ 12,270 $ 4,058 $ — $ — Short-term investments: Certificate of deposit — — 25,044 25,032 — — Non-U.S. corporate debt securities — — 8,075 6,451 — — U.S. corporate debt securities — — 7,386 8,727 — — Municipal securities — — 6,127 12,942 — — U.S. treasury securities 3,102 — — — — — Commercial paper — — 3,010 998 — — Long-term investments: Non-U.S. corporate debt securities — — 4,335 2,775 — — Municipal securities — — 3,991 5,098 — — U.S. corporate debt securities — — 2,665 4,543 — — U.S. treasury securities — 3,099 — — — — (1) Cash equivalents include commercial paper, municipal securities, and a money market fund that have a maturity of three months or less at the date of purchase. Due to their short maturity, the Company believes the carrying value approximates fair value. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Retirement Benefits [Abstract] | |
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table sets forth a summary of restricted stock unit activity for the twenty-six weeks ended August 4, 2018 (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 February 3, 2018 401 $ 12.38 363 $ 13.83 Granted 284 11.09 191 10.94 Vested (209 ) 12.23 (20 ) 16.06 Forfeited (10 ) 11.04 (77 ) 15.32 Nonvested units outstanding at August 4, 2018 466 $ 11.69 457 $ 12.28 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company's long-term investments (in thousands): August 4, 2018 February 3, 2018 Non-U.S. corporate debt securities $ 4,335 $ 2,775 Municipal securities 3,991 5,098 U.S. corporate debt securities 2,665 4,543 U.S. treasury securities — 3,099 Total long-term investments $ 10,991 $ 15,515 The following table summarizes the Company's short-term investments (in thousands): August 4, 2018 February 3, 2018 Certificate of deposit $ 25,044 $ 25,032 Non-U.S. corporate debt securities 8,075 6,451 U.S. corporate debt securities 7,386 8,727 Municipal securities 6,127 12,942 U.S. treasury securities 3,102 — Commercial paper 3,010 998 Total short-term investments $ 52,744 $ 54,150 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Aug. 04, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenues and Operating Income Information for Reportable Segments | Net revenues and operating income information for the Company’s reportable segments during the thirteen and twenty-six weeks ended August 4, 2018 and July 29, 2017 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended August 4, July 29, August 4, July 29, Segment net revenues: Direct $ 91,021 $ 89,342 $ 156,553 $ 158,179 Indirect 22,604 23,076 43,663 50,374 Total $ 113,625 $ 112,418 $ 200,216 $ 208,553 Segment operating income: Direct $ 22,318 $ 17,312 $ 29,608 $ 24,124 Indirect 8,827 7,832 17,111 17,278 Total $ 31,145 $ 25,144 $ 46,719 $ 41,402 Reconciliation: Segment operating income $ 31,145 $ 25,144 $ 46,719 $ 41,402 Less: Unallocated corporate expenses (19,129 ) (21,435 ) (36,615 ) (42,497 ) Operating income (loss) $ 12,016 $ 3,709 $ 10,104 $ (1,095 ) |
Description of the Company an28
Description of the Company and Basis of Presentation - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||
Aug. 04, 2018USD ($)StoreSegmentlocation | Feb. 04, 2018USD ($) | Feb. 03, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Number of full-line stores | Store | 104 | ||
Number of factory outlet stores | Store | 57 | ||
Number of specialty retail locations | location | 2,400 | ||
Allowance for doubtful accounts receivable | $ 900 | $ 900 | |
Deferred rent liability | 13,100 | 12,900 | |
Deferred lease credit liability | 14,200 | 14,600 | |
Retained earnings | 279,149 | 270,783 | |
Other accrued liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Deferred lease credit liability | 2,600 | 2,400 | |
Long-term liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Deferred lease credit liability | 11,600 | $ 12,200 | |
ASC 606 Adjustments | Accounting Standards Update 2014-09 | |||
Lessee, Lease, Description [Line Items] | |||
Retained earnings | $ (1,833) | $ 500 |
Revenue from Contracts with C29
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 04, 2018 | Feb. 03, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 25,613 | $ 15,566 | |
Inventories | 86,280 | 87,838 | |
Income taxes receivable | 2,693 | 4,391 | |
Total current assets | 259,707 | 242,023 | |
Deferred income taxes | 4,868 | 5,385 | |
Total assets | 359,352 | 350,669 | |
Other accrued liabilities | 15,470 | 12,343 | |
Total current liabilities | 42,436 | 40,274 | |
Total liabilities | 67,203 | 65,386 | |
Retained earnings | 279,149 | 270,783 | |
Total shareholders’ equity | 292,149 | 285,283 | |
Total liabilities and shareholders’ equity | 359,352 | $ 350,669 | |
ASC 606 Adjustments | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | (3,837) | ||
Inventories | 1,343 | ||
Income taxes receivable | 469 | ||
Total current assets | (2,025) | ||
Deferred income taxes | 133 | ||
Total assets | (1,892) | ||
Other accrued liabilities | (59) | ||
Total current liabilities | (59) | ||
Total liabilities | (59) | ||
Retained earnings | (1,833) | $ 500 | |
Total shareholders’ equity | (1,833) | ||
Total liabilities and shareholders’ equity | (1,892) | ||
Before ASC 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 21,776 | ||
Inventories | 87,623 | ||
Income taxes receivable | 3,162 | ||
Total current assets | 257,682 | ||
Deferred income taxes | 5,001 | ||
Total assets | 357,460 | ||
Other accrued liabilities | 15,411 | ||
Total current liabilities | 42,377 | ||
Total liabilities | 67,144 | ||
Retained earnings | 277,316 | ||
Total shareholders’ equity | 290,316 | ||
Total liabilities and shareholders’ equity | $ 357,460 |
Revenue from Contracts with C30
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | $ 113,625 | $ 112,418 | $ 200,216 | $ 208,553 |
Cost of sales | 47,885 | 49,125 | 85,860 | 92,560 |
Gross profit | 65,740 | 63,293 | 114,356 | 115,993 |
Operating income (loss) | 12,016 | 3,709 | 10,104 | (1,095) |
Income (loss) before income taxes | 12,275 | 3,805 | 10,606 | (960) |
Income tax expense | 2,993 | 1,612 | 2,694 | 896 |
Net income (loss) | 9,282 | $ 2,193 | 7,912 | $ (1,856) |
Before ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | 112,331 | 197,302 | ||
Cost of sales | 47,364 | 84,768 | ||
Gross profit | 64,967 | 112,534 | ||
Operating income (loss) | 11,243 | 8,282 | ||
Income (loss) before income taxes | 11,502 | 8,784 | ||
Income tax expense | 2,810 | 2,251 | ||
Net income (loss) | 8,692 | 6,533 | ||
Accounting Standards Update 2014-09 | ASC 606 Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | (1,294) | (2,914) | ||
Cost of sales | (521) | (1,092) | ||
Gross profit | (773) | (1,822) | ||
Operating income (loss) | (773) | (1,822) | ||
Income (loss) before income taxes | (773) | (1,822) | ||
Income tax expense | (183) | (443) | ||
Net income (loss) | $ (590) | $ (1,379) |
Revenue from Contracts with C31
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | $ 9,282 | $ 2,193 | $ 7,912 | $ (1,856) |
Deferred income taxes | 359 | 1,904 | ||
Accounts receivable | (9,519) | 3,562 | ||
Inventories | 1,307 | (1,825) | ||
Income taxes | 1,948 | (2,041) | ||
Accrued and other liabilities | 1,298 | $ (1,362) | ||
ASC 606 Adjustments | Accounting Standards Update 2014-09 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | (590) | (1,379) | ||
Deferred income taxes | 25 | |||
Accounts receivable | 3,177 | |||
Inventories | (1,092) | |||
Income taxes | (469) | |||
Accrued and other liabilities | (262) | |||
Before ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | $ 8,692 | 6,533 | ||
Deferred income taxes | 384 | |||
Accounts receivable | (6,342) | |||
Inventories | 215 | |||
Income taxes | 1,479 | |||
Accrued and other liabilities | $ 1,036 |
Revenue from Contracts with C32
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 04, 2018 | Aug. 04, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 113,625 | $ 200,216 |
Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 91,021 | 156,553 |
Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 22,604 | 43,663 |
Bags | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 51,509 | 87,337 |
Bags | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 39,194 | 64,794 |
Bags | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 12,315 | 22,543 |
Travel | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 27,483 | 50,232 |
Travel | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 23,123 | 41,182 |
Travel | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,360 | 9,050 |
Accessories | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 24,676 | 44,523 |
Accessories | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 20,261 | 35,940 |
Accessories | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,415 | 8,583 |
Home | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,522 | 11,150 |
Home | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,144 | 10,314 |
Home | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 378 | 836 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,435 | 6,974 |
Other | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 2,299 | 4,323 |
Other | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,136 | 2,651 |
Transferred At Point In Time | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 21,800 | 41,900 |
Transferred Over Time | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 800 | $ 1,800 |
Revenue from Contracts with C33
Revenue from Contracts with Customers (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Aug. 04, 2018USD ($) | Aug. 04, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Unearned revenue, current | $ 1.2 | $ 1.2 |
Accounts receivable from contracts with customers, net of allowances | $ 21.7 | |
Provision for doubtful accounts | $ 0.1 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Numerator: | ||||
Net income (loss) | $ 9,282 | $ 2,193 | $ 7,912 | $ (1,856) |
Denominator: | ||||
Weighted-average number of common shares (basic) | 35,540 | 36,122 | 35,536 | 36,178 |
Dilutive effect of stock-based awards | 195 | 36 | 197 | 0 |
Weighted-average number of common shares (diluted) | 35,735 | 36,158 | 35,733 | 36,178 |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 0.26 | $ 0.06 | $ 0.22 | $ (0.05) |
Diluted (in dollars per share) | $ 0.26 | $ 0.06 | $ 0.22 | $ (0.05) |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 52,744 | $ 54,150 |
Long-term investments | 10,991 | 15,515 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 107 | 1,889 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 12,270 | 4,058 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Certificate of deposit | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Certificate of deposit | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 25,044 | 25,032 |
Certificate of deposit | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Non-U.S. corporate debt securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Non-U.S. corporate debt securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,075 | 6,451 |
Long-term investments | 4,335 | 2,775 |
Non-U.S. corporate debt securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
U.S. corporate debt securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
U.S. corporate debt securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,386 | 8,727 |
Long-term investments | 2,665 | 4,543 |
U.S. corporate debt securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Municipal securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Municipal securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 6,127 | 12,942 |
Long-term investments | 3,991 | 5,098 |
Municipal securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
U.S. treasury securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,102 | 0 |
Long-term investments | 0 | 3,099 |
U.S. treasury securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
U.S. treasury securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Commercial paper | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Commercial paper | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,010 | 998 |
Commercial paper | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Line of Credit [Member] - Credit Agreement [Member] - USD ($) $ in Millions | Jul. 15, 2015 | Aug. 04, 2018 | Feb. 03, 2018 |
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] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.70% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 24.40% | 42.40% | 25.40% | (93.30%) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018USD ($)shares | Jul. 29, 2017USD ($)shares | Aug. 04, 2018USD ($)shares | Jul. 29, 2017USD ($)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 | $ | $ 6.3 | $ 6.3 | ||
Weighted average period to recognize the total unrecognized compensation cost | 1 year 9 months 21 days | |||
Time-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 284,000 | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted-stock awards/units granted in period | 191,000 | |||
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 | 66,069 | 0 | 475,214 | 506,572 |
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 0.9 | $ 0 | $ 5.2 | $ 4.7 |
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 | 6 Months Ended |
Aug. 04, 2018$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | shares | 401 |
Granted, Number of Units | shares | 284 |
Vested, Number of Units | shares | (209) |
Forfeited, Number of Units | shares | (10) |
Nonvested units outstanding, ending balance | shares | 466 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $ / shares | $ 12.38 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 11.09 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 12.23 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 11.04 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 11.69 |
Performance-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | shares | 363 |
Granted, Number of Units | shares | 191 |
Vested, Number of Units | shares | (20) |
Forfeited, Number of Units | shares | (77) |
Nonvested units outstanding, ending balance | shares | 457 |
Weighted- Average Grant Date Fair Value (per unit) | |
Weighted-Average Grant Date Fair Value (per unit), beginning balance | $ / shares | $ 13.83 |
Granted, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 10.94 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 16.06 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 15.32 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 12.28 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended |
Aug. 04, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Cyber security insurance coverage limit | $ 15 |
Cyber security insurance deductible | $ 0.1 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 6 Months Ended | ||
Aug. 04, 2018 | Feb. 03, 2018 | Dec. 08, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Average price per share of shares acquired (in dollars per share) | $ 13.60 | ||
Number of shares held in treasury | 5,894,686 | ||
Value of treasury stock | $ 80,169,000 | $ 76,578,000 | |
The 2015 Share Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Authorized amount under share repurchase program | $ 50,000,000 | ||
Treasury stock, shares, acquired (in shares) | 252,201 | ||
Average price per share of shares acquired (in dollars per share) | $ 14.24 | ||
Treasury stock, value, acquired, cost method | $ 3,600,000 | ||
Remaining authorized repurchase amount | $ 9,830,549 |
Other Charges (Details)
Other Charges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges incurred | $ 1,500,000 | $ 2,800,000 | |||
Restructuring charges incurred, net of tax | 900,000 | 1,700,000 | |||
Severance charges | 1,200,000 | 2,500,000 | |||
Vision 20/20 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges incurred | $ 2,300,000 | 2,300,000 | $ 16,700,000 | ||
Restructuring charges incurred, net of tax | 1,500,000 | 1,500,000 | $ 10,600,000 | ||
Cash payments | $ 1,600,000 | ||||
Restructuring, settlement and impairment provisions | $ 0 | $ 0 | |||
Direct Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Lease termination charge | $ 300,000 | $ 300,000 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) $ in Thousands | Aug. 04, 2018 | Feb. 03, 2018 |
Investment Holdings [Line Items] | ||
Short-term investments | $ 52,744 | $ 54,150 |
Level 1 | Fair Value, Measurements, Recurring | U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Municipal securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Commercial paper | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 3,102 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Certificate of deposit | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 7,386 | 8,727 |
Level 2 | Fair Value, Measurements, Recurring | Municipal securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 6,127 | 12,942 |
Level 2 | Fair Value, Measurements, Recurring | Commercial paper | ||
Investment Holdings [Line Items] | ||
Short-term investments | 3,010 | 998 |
Level 2 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 8,075 | 6,451 |
Level 2 | Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Certificate of deposit | ||
Investment Holdings [Line Items] | ||
Short-term investments | $ 25,044 | $ 25,032 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Feb. 03, 2018 | |
Investment Holdings [Line Items] | |||
Long-term investments | $ 10,991 | $ 15,515 | |
Unrealized (loss) gain on available-for-sale investments | 0 | $ 0 | |
Level 1 | Fair Value, Measurements, Recurring | U.S. corporate debt securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Municipal securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | U.S. treasury securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 0 | 3,099 | |
Level 2 | Fair Value, Measurements, Recurring | U.S. corporate debt securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 2,665 | 4,543 | |
Level 2 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 4,335 | 2,775 | |
Level 2 | Fair Value, Measurements, Recurring | Municipal securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | 3,991 | 5,098 | |
Level 2 | Fair Value, Measurements, Recurring | U.S. treasury securities | |||
Investment Holdings [Line Items] | |||
Long-term investments | $ 0 | $ 0 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Aug. 04, 2018Segmentlocation | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 2 |
Number of specialty retail locations | location | 2,400 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 04, 2018 | Jul. 29, 2017 | Aug. 04, 2018 | Jul. 29, 2017 | |
Segment Reporting Information [Line Items] | ||||
Segment net revenues | $ 113,625 | $ 112,418 | $ 200,216 | $ 208,553 |
Segment operating income | 31,145 | 25,144 | 46,719 | 41,402 |
Unallocated corporate expenses | (19,129) | (21,435) | (36,615) | (42,497) |
Operating income (loss) | 12,016 | 3,709 | 10,104 | (1,095) |
Operating Segments [Member] | Direct Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 91,021 | 89,342 | 156,553 | 158,179 |
Segment operating income | 22,318 | 17,312 | 29,608 | 24,124 |
Operating Segments [Member] | Indirect Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 22,604 | 23,076 | 43,663 | 50,374 |
Segment operating income | $ 8,827 | $ 7,832 | $ 17,111 | $ 17,278 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - Subsidiaries [Member] - Revolving Credit Facility [Member] $ in Millions | Sep. 07, 2018USD ($) |
New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 75 |
Increase (decrease) in aggregate credit facility principal amount | $ 25 |
Unused capacity, commitment fee percentage | 0.20% |
Debt instrument, fixed charge coverage ratio | 1 |
Available borrowings | $ 7.5 |
Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 125 |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | (1.00%) |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | (1.50%) |
Adjusted London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 1.00% |
Adjusted London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 1.30% |
Base Rate [Member] | New Credit Agreement [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 10.00% |
Uncategorized Items - vra-20180
Label | Element | Value |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 1,183,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 2,204,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 1,450,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 133,000 |
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 | 45,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | $ 69,000 |