Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 03, 2018 | Dec. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 3, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VRA | |
Entity Registrant Name | Vera Bradley, Inc. | |
Entity Central Index Key | 1,495,320 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business Company | false | |
Entity Common Stock, Shares Outstanding | 34,666,924 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 62,314 | $ 68,751 |
Short-term investments | 46,026 | 54,150 |
Accounts receivable, net | 23,514 | 15,566 |
Inventories | 96,275 | 87,838 |
Income taxes receivable | 5,314 | 4,391 |
Prepaid expenses and other current assets | 10,620 | 11,327 |
Total current assets | 244,063 | 242,023 |
Property, plant, and equipment, net | 79,936 | 86,463 |
Long-term investments | 23,247 | 15,515 |
Deferred income taxes | 4,687 | 5,385 |
Other assets | 1,076 | 1,283 |
Total assets | 353,009 | 350,669 |
Current liabilities: | ||
Accounts payable | 14,651 | 13,503 |
Accrued employment costs | 9,587 | 13,616 |
Other accrued liabilities | 13,733 | 12,343 |
Income taxes payable | 1,292 | 812 |
Total current liabilities | 39,263 | 40,274 |
Long-term liabilities | 23,864 | 25,112 |
Total liabilities | 63,127 | 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, 41,282 and 41,102 shares issued and 34,856 and 35,459 shares outstanding, respectively | 0 | 0 |
Additional paid-in-capital | 94,342 | 91,192 |
Retained earnings | 283,375 | 270,783 |
Accumulated other comprehensive loss | (143) | (114) |
Treasury stock | (87,692) | (76,578) |
Total shareholders’ equity | 289,882 | 285,283 |
Total liabilities and shareholders’ equity | $ 353,009 | $ 350,669 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 03, 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 | 41,282,000 | 41,102,000 |
Common stock, shares outstanding | 34,856,000 | 35,459,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Income Statement [Abstract] | ||||
Net revenues | $ 97,688 | $ 114,095 | $ 297,904 | $ 322,648 |
Cost of sales | 40,536 | 50,266 | 126,396 | 142,826 |
Gross profit | 57,152 | 63,829 | 171,508 | 179,822 |
Selling, general, and administrative expenses | 51,866 | 63,511 | 156,341 | 181,029 |
Other income | 57 | 144 | 280 | 574 |
Operating income (loss) | 5,343 | 462 | 15,447 | (633) |
Interest income, net | (175) | (122) | (677) | (257) |
Income (loss) before income taxes | 5,518 | 584 | 16,124 | (376) |
Income tax expense | 1,292 | 225 | 3,986 | 1,121 |
Net income (loss) | $ 4,226 | $ 359 | $ 12,138 | $ (1,497) |
Basic weighted-average shares outstanding | 35,219 | 35,885 | 35,431 | 36,081 |
Diluted weighted-average shares outstanding | 35,496 | 35,959 | 35,654 | 36,081 |
Basic net income per share (in dollars per share) | $ 0.12 | $ 0.01 | $ 0.34 | $ (0.04) |
Diluted net income per share (in dollars per share) | $ 0.12 | $ 0.01 | $ 0.34 | $ (0.04) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 4,226 | $ 359 | $ 12,138 | $ (1,497) |
Unrealized (loss) gain on available-for-sale debt investments | (43) | (22) | (31) | 12 |
Cumulative translation adjustment | 9 | 7 | 2 | (10) |
Comprehensive income (loss), net of tax | $ 4,192 | $ 344 | $ 12,109 | $ (1,495) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 03, 2018 | Oct. 28, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ 12,138 | $ (1,497) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation of property, plant, and equipment | 12,402 | 14,992 |
Impairment charges | 0 | 5,852 |
Provision for doubtful accounts | 154 | 138 |
Stock-based compensation | 3,697 | 2,522 |
Deferred income taxes | 540 | 7 |
Cash gain on investments | 32 | 154 |
Other non-cash charges, net | 266 | 38 |
Changes in assets and liabilities: | ||
Accounts receivable | (7,442) | (4,205) |
Inventories | (8,688) | 2,162 |
Prepaid expenses and other assets | 1,074 | 670 |
Accounts payable | 1,313 | (11,085) |
Income taxes | (443) | 84 |
Accrued and other liabilities | (3,440) | (2,341) |
Net cash provided by operating activities | 11,603 | 7,491 |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (6,605) | (8,923) |
Purchases of investments | (55,144) | (44,412) |
Proceeds from maturities and sales of investments | 55,209 | 37,600 |
Net cash used in investing activities | (6,540) | (15,735) |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | (547) | (610) |
Repurchase of common stock | (10,795) | (6,126) |
Payments of debt-issuance costs | (160) | (113) |
Net cash used in financing activities | (11,502) | (6,849) |
Effect of exchange rate changes on cash and cash equivalents | 2 | (10) |
Net decrease in cash and cash equivalents | (6,437) | (15,103) |
Cash and cash equivalents, beginning of period | 68,751 | 86,375 |
Cash and cash equivalents, end of period | 62,314 | 71,272 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net | $ 3,921 | $ 852 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Nov. 03, 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; and the Company’s annual outlet sale in Fort Wayne, Indiana. As of November 3, 2018 , the Company operated 102 full-line stores and 57 factory outlet stores. The Indirect business consists of sales of Vera Bradley products to approximately 2,300 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 thirty-nine weeks ended November 3, 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 November 3, 2018 and October 28, 2017 , refer to the thirteen-week periods ended on those dates. Revenue Recognition and Accounts Receivable 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, are included in net revenues. 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 $0.3 million and $0.9 million as of November 3, 2018 and February 3, 2018 , respectively. The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. In addition, the Company recognizes revenue on estimated unredeemed gift cards based upon the historical patterns of gift card redemption. During the thirteen and thirty-nine weeks ended November 3, 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 November 3, 2018 and February 3, 2018 , deferred rent liability was $12.9 million 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 November 3, 2018 and February 3, 2018 , the deferred lease credit liability was $13.5 million and $14.6 million , respectively. Of these amounts, $2.6 million and $2.4 million is included within other accrued liabilities as of November 3, 2018 and February 3, 2018 , respectively; $10.9 million and $12.2 million is included within long-term liabilities as of November 3, 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 and is on track to adopt the standard on February 3, 2019. In addition, the Company anticipates electing certain practical expedients and transition reliefs, including the short-term lease recognition exemption, which excludes leases with a term of 12 months or less from recognition on the balance sheet, recognizing lease components and nonlease components together as a single lease component, and the transition relief package which, among other things, includes not reassessing the lease classification or whether a contract is or contains a lease. 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. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this update remove, modify, and add certain disclosure requirements to ASC 820, Fair Value Measurement . This guidance is effective for interim and annual periods beginning on or after December 15, 2019 (fiscal 2021). Early adoption is permitted, and certain amendments are to be adopted prospectively for only the most recent annual or interim period presented in the initial year of adoption or retrospectively. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing or expensing implementation costs in hosting arrangements (regardless of whether they convey a license to the hosted software) with capitalizing or expensing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual periods beginning on or after December 15, 2019 (fiscal 2021). Early adoption is permitted, and the amendments can be adopted either retrospectively or prospectively. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Nov. 03, 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 thirty-nine weeks ended November 3, 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). November 3, 2018 As Reported Adjustments Balances Under Prior U.S. GAAP Condensed Consolidated Balance Sheet Accounts receivable, net $ 23,514 $ (2,739 ) $ 20,775 Inventories 96,275 951 97,226 Income taxes receivable 5,314 328 5,642 Total current assets 244,063 (1,460 ) 242,603 Deferred income taxes 4,687 118 4,805 Total assets 353,009 (1,342 ) 351,667 Other accrued liabilities 13,733 11 13,744 Total current liabilities 39,263 11 39,274 Total liabilities 63,127 11 63,138 Retained earnings 283,375 (1,353 ) 282,022 Total shareholders’ equity 289,882 (1,353 ) 288,529 Total liabilities and shareholders’ equity 353,009 (1,342 ) 351,667 Thirteen Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 97,688 $ 1,027 $ 98,715 Cost of sales 40,536 392 40,928 Gross profit 57,152 635 57,787 Operating income 5,343 635 5,978 Income before income taxes 5,518 635 6,153 Income tax expense 1,292 155 1,447 Net income 4,226 480 4,706 Thirty-Nine Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 297,904 $ (1,887 ) $ 296,017 Cost of sales 126,396 (700 ) 125,696 Gross profit (loss) 171,508 (1,187 ) 170,321 Operating income (loss) 15,447 (1,187 ) 14,260 Income (loss) before income taxes 16,124 (1,187 ) 14,937 Income tax expense (benefit) 3,986 (288 ) 3,698 Net income (loss) 12,138 (899 ) 11,239 Thirty-Nine Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Cash Flows Cash flows from operating activities Net income (loss) $ 12,138 $ (899 ) $ 11,239 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income taxes 540 40 580 Changes in assets and liabilities: Accounts receivable (7,442 ) 2,079 (5,363 ) Inventories (8,688 ) (700 ) (9,388 ) Income taxes (443 ) (328 ) (771 ) Accrued and other liabilities (3,440 ) (192 ) (3,632 ) Disaggregation of Revenue The following presents the Company's net revenues disaggregated by product category for the thirteen and thirty-nine weeks ended November 3, 2018 (in thousands): Thirteen Weeks Ended November 3, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 31,059 $ 11,224 $ 42,283 Travel 18,425 5,830 24,255 Accessories 16,932 4,488 21,420 Home 5,369 952 6,321 Other 1,674 (1) 1,735 (2) 3,409 Total net revenues $ 73,459 (3) $ 24,229 (4) $ 97,688 (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) $23.2 million of net revenues related to product sales recognized at a point in time and $1.0 million of net revenues related to sales-based royalties recognized over time. Thirty-Nine Weeks Ended November 3, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 95,853 $ 33,767 $ 129,620 Travel 59,607 14,880 74,487 Accessories 52,872 13,071 65,943 Home 15,683 1,788 17,471 Other 5,997 (1) 4,386 (2) 10,383 Total net revenues $ 230,012 (3) $ 67,892 (4) $ 297,904 (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) $65.1 million of net revenues related to product sales recognized at a point in time and $2.8 million of net revenues related to sales-based royalties recognized over time. Contract Balances Contract liabilities as of November 3, 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 November 3, 2018 . The balance for accounts receivable from contracts with customers, net of allowances, as of November 3, 2018 was $19.8 million , which is recognized within accounts receivable, net, on the Company’s Condensed Consolidated Balance Sheets. The provision for doubtful accounts was $0.2 million for the thirty-nine weeks ended November 3, 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 November 3, 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 | 9 Months Ended |
Nov. 03, 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 Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Numerator: Net income (loss) $ 4,226 $ 359 $ 12,138 $ (1,497 ) Denominator: Weighted-average number of common shares (basic) 35,219 35,885 35,431 36,081 Dilutive effect of stock-based awards 277 74 223 — Weighted-average number of common shares (diluted) 35,496 35,959 35,654 36,081 Net income (loss) per share: Basic $ 0.12 $ 0.01 $ 0.34 $ (0.04 ) Diluted $ 0.12 $ 0.01 $ 0.34 $ (0.04 ) For the thirteen weeks ended November 3, 2018 and October 28, 2017 , and the thirty-nine weeks ended November 3, 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 thirty-nine weeks ended October 28, 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 | 9 Months Ended |
Nov. 03, 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 November 3, 2018 and February 3, 2018 , approximated their fair values. The following table details the fair value measurements of the Company's investments as of November 3, 2018 and February 3, 2018 (in thousands): Level 1 Level 2 Level 3 November 3, 2018 February 3, 2018 November 3, 2018 February 3, 2018 November 3, 2018 February 3, 2018 Cash equivalents (1) $ 1,655 $ 1,889 $ 5,554 $ 4,058 $ — $ — Short-term investments: Certificate of deposit — — 25,173 25,032 — — Non-U.S. corporate debt securities — — 8,326 6,451 — — U.S. corporate debt securities — — 5,119 8,727 — — Municipal securities — — 3,815 12,942 — — U.S. treasury securities 3,098 — — — — — Commercial paper — — 495 998 — — Long-term investments: U.S. corporate debt securities — — 7,982 4,543 — — U.S. asset-backed securities — — 6,137 — — — Non-U.S. corporate debt securities — — 5,311 2,775 — — Municipal securities — — 2,691 5,098 — — Non-U.S. asset-backed securities — — 1,126 — — — U.S. treasury securities — 3,099 — — — — (1) Cash equivalents include commercial paper, a money market fund, and municipal securities 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 | 9 Months Ended |
Nov. 03, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt 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. Any 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 1.0 0 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. Prior to September 7, 2018, VBD was party to the Second Amended and Restated Credit Agreement (the “Prior Credit Agreement”), which was entered into on July 15, 2015. The Prior Credit Agreement was 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 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. The Prior Credit Agreement was terminated concurrently with entering into the New Credit Agreement. As of November 3, 2018 and February 3, 2018 , the Company had no borrowings outstanding and availability of $75.0 million and $125.0 million under its New Credit Agreement and Prior Credit Agreement, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 03, 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. Subsequent to the end of the third quarter of fiscal 2019, the Company filed its fiscal 2018 federal income tax return. The Company does not anticipate making adjustments that would materially affect its financial position, results of operations, or effective tax rate. The effective tax rate for the thirteen weeks ended November 3, 2018 , was 23.4% , compared to 38.5% for the thirteen weeks ended October 28, 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 thirty-nine weeks ended November 3, 2018 , was 24.7% , compared to (298.1)% for the thirty-nine weeks ended October 28, 2017 . The year-over-year effective tax rate change 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 | 9 Months Ended |
Nov. 03, 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 November 3, 2018 , the Company granted 15,948 time-based restricted stock units with an aggregate fair value of $0.2 million to certain employees under the 2010 Equity and Incentive Plan compared to a total of 851 time-based restricted stock units with an aggregate fair value of $7 thousand granted in the same period of the prior year. During the thirty-nine weeks ended November 3, 2018 , the Company granted 491,162 time-based and performance-based restricted stock units with an aggregate fair value of $5.5 million to certain employees and non-employee directors under the 2010 Equity and Incentive Plan compared to a total of 507,423 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 thirty-nine weeks ended November 3, 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 300 11.23 191 10.94 Vested (213 ) 12.25 (20 ) 16.06 Forfeited (12 ) 11.02 (80 ) 15.17 Nonvested units outstanding at November 3, 2018 476 $ 11.75 454 $ 12.28 As of November 3, 2018 , there was $5.5 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.6 years, subject to meeting performance conditions. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 03, 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 thirty-nine weeks ended November 3, 2018 and October 28, 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 | 9 Months Ended |
Nov. 03, 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. On November 29, 2018, subsequent to the end of the Company's third quarter, the Company's board of directors approved a new share repurchase plan. Refer to Note 14 herein for additional details. The Company purchased 531,665 shares at an average price of $14.15 per share, excluding commissions, for an aggregate amount of $7.5 million during the thirteen weeks ended November 3, 2018 , under the 2015 Share Repurchase Program. The Company purchased 783,866 shares at an average price of $14.18 per share, excluding commissions, for an aggregate amount of $11.1 million during the thirty-nine weeks ended November 3, 2018 , under the 2015 Share Repurchase Program. As of November 3, 2018 , there was $2.3 million remaining available to repurchase shares of the Company's common stock under the 2015 Share Repurchase Program, which was fully exhausted subsequent to the end of the third quarter. As of November 3, 2018 , the Company held as treasury shares 6,426,351 shares of its common stock at an average price of $13.65 per share, excluding commissions, for an aggregate carrying amount of $87.7 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 | 9 Months Ended |
Nov. 03, 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 an 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 thirty-nine weeks ended November 3, 2018 . The Company incurred the following Vision 20/20-related charges during the thirteen weeks ended October 28, 2017 (in thousands): Thirteen Weeks Ended October 28, 2017 Statements of Income Line Item Total Expense Reportable Segment Unallocated Corporate Expenses SG&A Cost of Sales Direct Indirect Asset impairment charges 1 $ 5,852 $ — $ 5,852 $ 5,852 $ — $ — Strategic consulting charges 2 2,325 — 2,325 — — 2,325 Severance charges 2,767 84 2,851 115 680 2,056 Inventory-related charges 3 — 935 935 — 935 — Other charges 4 603 — 603 433 115 55 Total $ 11,547 $ 1,019 $ 12,566 5 $ 6,400 $ 1,730 $ 4,436 (1) Refer to Note 12 herein for additional details (2) Consulting charges for the identification and implementation of Vision 20/20 initiatives (3) Inventory adjustments for the discontinuation of certain inventory categories (4) Includes a net lease termination charge and accelerated depreciation charges (5) After the associated tax benefit, the charges were $7.9 million The Company incurred the following Vision 20/20-related charges during the thirty-nine weeks ended October 28, 2017 (in thousands): Thirty-Nine Weeks Ended October 28, 2017 Statements of Income Line Item Total Expense Reportable Segment Unallocated Corporate Expenses SG&A Cost of Sales Direct Indirect Asset impairment charges 1 $ 5,852 $ — $ 5,852 $ 5,852 $ — $ — Strategic consulting charges 2 4,649 — 4,649 — — 4,649 Severance charges 2,767 84 2,851 115 680 2,056 Inventory-related charges 3 — 935 935 — 935 — Other charges 4 603 — 603 433 115 55 Total $ 13,871 $ 1,019 $ 14,890 5 $ 6,400 $ 1,730 $ 6,760 (1) Refer to Note 12 herein for additional details (2) Consulting charges for the identification and implementation of Vision 20/20 initiatives (3) Inventory adjustments for the discontinuation of certain inventory categories (4) Includes a net lease termination charge and accelerated depreciation charges (5) After the associated tax benefit, the charges were $9.4 million 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 November 3, 2018 . Other Charges Thirty-Nine Weeks Ended October 28, 2017 Other charges recognized in SG&A expenses during the thirty-nine weeks ended October 28, 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 | 9 Months Ended |
Nov. 03, 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 November 3, 2018 and February 3, 2018 , these investments in the Company's portfolio consisted of commercial paper, a money market fund, and municipal securities. Short-Term Investments As of November 3, 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 November 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 $46.0 million and $54.2 million in short-term investments as of November 3, 2018 and February 3, 2018 , respectively. The following table summarizes the Company's short-term investments (in thousands): November 3, 2018 February 3, 2018 Certificate of deposit $ 25,173 $ 25,032 Non-U.S. corporate debt securities 8,326 6,451 U.S. corporate debt securities 5,119 8,727 Municipal securities 3,815 12,942 U.S. treasury securities 3,098 — Commercial paper 495 998 Total short-term investments $ 46,026 $ 54,150 Long-Term Investments As of November 3, 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 November 3, 2018 also included U.S. and non-U.S. asset-backed securities and the balance as of February 3, 2018 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 $23.2 million and $15.5 million in long-term investments as of November 3, 2018 and February 3, 2018 , respectively. The following table summarizes the Company's long-term investments (in thousands): November 3, 2018 February 3, 2018 U.S. corporate debt securities $ 7,982 $ 4,543 U.S. asset-backed securities 6,137 — Non-U.S. corporate debt securities 5,311 2,775 Municipal securities 2,691 5,098 Non-U.S. asset-backed securities 1,126 — U.S. treasury securities — 3,099 Total long-term investments $ 23,247 $ 15,515 There were no material gross unrealized gains or losses on available-for-sale debt securities as of November 3, 2018 and February 3, 2018 . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Nov. 03, 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. Impairment charges for the thirteen and thirty-nine weeks ended November 3, 2018 , and October 28, 2017 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Impairment charges $ — $ 5,852 $ — $ 5,852 These impairment charges were recognized using level 3 inputs and were for assets related to underperforming stores. The charges are included in selling, general, and administrative expenses in the Condensed Consolidated Statements of Income and in impairment charges in the Condensed Consolidated Statements of Cash Flows. The impairment charges are included in the Direct segment. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Nov. 03, 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; 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 2,300 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 thirty-nine weeks ended November 3, 2018 and October 28, 2017 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Segment net revenues: Direct $ 73,459 $ 83,168 $ 230,012 $ 241,347 Indirect 24,229 30,927 67,892 81,301 Total $ 97,688 $ 114,095 $ 297,904 $ 322,648 Segment operating income: Direct $ 14,259 $ 11,238 $ 43,867 $ 35,362 Indirect 10,075 10,519 27,186 27,797 Total $ 24,334 $ 21,757 $ 71,053 $ 63,159 Reconciliation: Segment operating income $ 24,334 $ 21,757 $ 71,053 $ 63,159 Less: Unallocated corporate expenses (18,991 ) (21,295 ) (55,606 ) (63,792 ) Operating income (loss) $ 5,343 $ 462 $ 15,447 $ (633 ) |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Nov. 03, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On November 29, 2018, the Company's Board of Directors authorized Company management to utilize up to $50.0 million of available cash to buy back the Company's own common shares beginning December 14, 2018 through December 14, 2020. The Company’s prior $50.0 million share repurchase program was completed on November 27, 2018. |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 9 Months Ended |
Nov. 03, 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 November 3, 2018 and October 28, 2017 , refer to the thirteen-week periods ended on those dates. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable 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, are included in net revenues. 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 $0.3 million and $0.9 million as of November 3, 2018 and February 3, 2018 , respectively. The Company sells gift cards with no expiration dates to customers and does not charge administrative fees on unused gift cards. Gift cards issued by the Company are recorded as a liability until they are redeemed, at which point revenue is recognized. In addition, the Company recognizes revenue on estimated unredeemed gift cards based upon the historical patterns of gift card redemption. During the thirteen and thirty-nine weeks ended November 3, 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 and is on track to adopt the standard on February 3, 2019. In addition, the Company anticipates electing certain practical expedients and transition reliefs, including the short-term lease recognition exemption, which excludes leases with a term of 12 months or less from recognition on the balance sheet, recognizing lease components and nonlease components together as a single lease component, and the transition relief package which, among other things, includes not reassessing the lease classification or whether a contract is or contains a lease. 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. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this update remove, modify, and add certain disclosure requirements to ASC 820, Fair Value Measurement . This guidance is effective for interim and annual periods beginning on or after December 15, 2019 (fiscal 2021). Early adoption is permitted, and certain amendments are to be adopted prospectively for only the most recent annual or interim period presented in the initial year of adoption or retrospectively. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing or expensing implementation costs in hosting arrangements (regardless of whether they convey a license to the hosted software) with capitalizing or expensing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual periods beginning on or after December 15, 2019 (fiscal 2021). Early adoption is permitted, and the amendments can be adopted either retrospectively or prospectively. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | November 3, 2018 As Reported Adjustments Balances Under Prior U.S. GAAP Condensed Consolidated Balance Sheet Accounts receivable, net $ 23,514 $ (2,739 ) $ 20,775 Inventories 96,275 951 97,226 Income taxes receivable 5,314 328 5,642 Total current assets 244,063 (1,460 ) 242,603 Deferred income taxes 4,687 118 4,805 Total assets 353,009 (1,342 ) 351,667 Other accrued liabilities 13,733 11 13,744 Total current liabilities 39,263 11 39,274 Total liabilities 63,127 11 63,138 Retained earnings 283,375 (1,353 ) 282,022 Total shareholders’ equity 289,882 (1,353 ) 288,529 Total liabilities and shareholders’ equity 353,009 (1,342 ) 351,667 Thirteen Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 97,688 $ 1,027 $ 98,715 Cost of sales 40,536 392 40,928 Gross profit 57,152 635 57,787 Operating income 5,343 635 5,978 Income before income taxes 5,518 635 6,153 Income tax expense 1,292 155 1,447 Net income 4,226 480 4,706 Thirty-Nine Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Operations Net revenues $ 297,904 $ (1,887 ) $ 296,017 Cost of sales 126,396 (700 ) 125,696 Gross profit (loss) 171,508 (1,187 ) 170,321 Operating income (loss) 15,447 (1,187 ) 14,260 Income (loss) before income taxes 16,124 (1,187 ) 14,937 Income tax expense (benefit) 3,986 (288 ) 3,698 Net income (loss) 12,138 (899 ) 11,239 Thirty-Nine Weeks Ended November 3, 2018 As Reported Adjustments Amounts Under Prior U.S. GAAP Condensed Consolidated Statement of Cash Flows Cash flows from operating activities Net income (loss) $ 12,138 $ (899 ) $ 11,239 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income taxes 540 40 580 Changes in assets and liabilities: Accounts receivable (7,442 ) 2,079 (5,363 ) Inventories (8,688 ) (700 ) (9,388 ) Income taxes (443 ) (328 ) (771 ) Accrued and other liabilities (3,440 ) (192 ) (3,632 ) |
Schedule of Disaggregation of Revenue | The following presents the Company's net revenues disaggregated by product category for the thirteen and thirty-nine weeks ended November 3, 2018 (in thousands): Thirteen Weeks Ended November 3, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 31,059 $ 11,224 $ 42,283 Travel 18,425 5,830 24,255 Accessories 16,932 4,488 21,420 Home 5,369 952 6,321 Other 1,674 (1) 1,735 (2) 3,409 Total net revenues $ 73,459 (3) $ 24,229 (4) $ 97,688 (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) $23.2 million of net revenues related to product sales recognized at a point in time and $1.0 million of net revenues related to sales-based royalties recognized over time. Thirty-Nine Weeks Ended November 3, 2018 Direct Segment Indirect Segment Total Product categories Bags $ 95,853 $ 33,767 $ 129,620 Travel 59,607 14,880 74,487 Accessories 52,872 13,071 65,943 Home 15,683 1,788 17,471 Other 5,997 (1) 4,386 (2) 10,383 Total net revenues $ 230,012 (3) $ 67,892 (4) $ 297,904 (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) $65.1 million of net revenues related to product sales recognized at a point in time and $2.8 million of net revenues related to sales-based royalties recognized over time. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 03, 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 Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Numerator: Net income (loss) $ 4,226 $ 359 $ 12,138 $ (1,497 ) Denominator: Weighted-average number of common shares (basic) 35,219 35,885 35,431 36,081 Dilutive effect of stock-based awards 277 74 223 — Weighted-average number of common shares (diluted) 35,496 35,959 35,654 36,081 Net income (loss) per share: Basic $ 0.12 $ 0.01 $ 0.34 $ (0.04 ) Diluted $ 0.12 $ 0.01 $ 0.34 $ (0.04 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value Disclosures (Tables) | 9 Months Ended |
Nov. 03, 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 November 3, 2018 and February 3, 2018 (in thousands): Level 1 Level 2 Level 3 November 3, 2018 February 3, 2018 November 3, 2018 February 3, 2018 November 3, 2018 February 3, 2018 Cash equivalents (1) $ 1,655 $ 1,889 $ 5,554 $ 4,058 $ — $ — Short-term investments: Certificate of deposit — — 25,173 25,032 — — Non-U.S. corporate debt securities — — 8,326 6,451 — — U.S. corporate debt securities — — 5,119 8,727 — — Municipal securities — — 3,815 12,942 — — U.S. treasury securities 3,098 — — — — — Commercial paper — — 495 998 — — Long-term investments: U.S. corporate debt securities — — 7,982 4,543 — — U.S. asset-backed securities — — 6,137 — — — Non-U.S. corporate debt securities — — 5,311 2,775 — — Municipal securities — — 2,691 5,098 — — Non-U.S. asset-backed securities — — 1,126 — — — U.S. treasury securities — 3,099 — — — — (1) Cash equivalents include commercial paper, a money market fund, and municipal securities 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) | 9 Months Ended |
Nov. 03, 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 thirty-nine weeks ended November 3, 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 300 11.23 191 10.94 Vested (213 ) 12.25 (20 ) 16.06 Forfeited (12 ) 11.02 (80 ) 15.17 Nonvested units outstanding at November 3, 2018 476 $ 11.75 454 $ 12.28 |
Vision 20_20 Restructuring an_2
Vision 20/20 Restructuring and Other Charges - (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | The Company incurred the following Vision 20/20-related charges during the thirteen weeks ended October 28, 2017 (in thousands): Thirteen Weeks Ended October 28, 2017 Statements of Income Line Item Total Expense Reportable Segment Unallocated Corporate Expenses SG&A Cost of Sales Direct Indirect Asset impairment charges 1 $ 5,852 $ — $ 5,852 $ 5,852 $ — $ — Strategic consulting charges 2 2,325 — 2,325 — — 2,325 Severance charges 2,767 84 2,851 115 680 2,056 Inventory-related charges 3 — 935 935 — 935 — Other charges 4 603 — 603 433 115 55 Total $ 11,547 $ 1,019 $ 12,566 5 $ 6,400 $ 1,730 $ 4,436 (1) Refer to Note 12 herein for additional details (2) Consulting charges for the identification and implementation of Vision 20/20 initiatives (3) Inventory adjustments for the discontinuation of certain inventory categories (4) Includes a net lease termination charge and accelerated depreciation charges (5) After the associated tax benefit, the charges were $7.9 million The Company incurred the following Vision 20/20-related charges during the thirty-nine weeks ended October 28, 2017 (in thousands): Thirty-Nine Weeks Ended October 28, 2017 Statements of Income Line Item Total Expense Reportable Segment Unallocated Corporate Expenses SG&A Cost of Sales Direct Indirect Asset impairment charges 1 $ 5,852 $ — $ 5,852 $ 5,852 $ — $ — Strategic consulting charges 2 4,649 — 4,649 — — 4,649 Severance charges 2,767 84 2,851 115 680 2,056 Inventory-related charges 3 — 935 935 — 935 — Other charges 4 603 — 603 433 115 55 Total $ 13,871 $ 1,019 $ 14,890 5 $ 6,400 $ 1,730 $ 6,760 (1) Refer to Note 12 herein for additional details (2) Consulting charges for the identification and implementation of Vision 20/20 initiatives (3) Inventory adjustments for the discontinuation of certain inventory categories (4) Includes a net lease termination charge and accelerated depreciation charges (5) After the associated tax benefit, the charges were $9.4 million |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company's long-term investments (in thousands): November 3, 2018 February 3, 2018 U.S. corporate debt securities $ 7,982 $ 4,543 U.S. asset-backed securities 6,137 — Non-U.S. corporate debt securities 5,311 2,775 Municipal securities 2,691 5,098 Non-U.S. asset-backed securities 1,126 — U.S. treasury securities — 3,099 Total long-term investments $ 23,247 $ 15,515 The following table summarizes the Company's short-term investments (in thousands): November 3, 2018 February 3, 2018 Certificate of deposit $ 25,173 $ 25,032 Non-U.S. corporate debt securities 8,326 6,451 U.S. corporate debt securities 5,119 8,727 Municipal securities 3,815 12,942 U.S. treasury securities 3,098 — Commercial paper 495 998 Total short-term investments $ 46,026 $ 54,150 |
Property, Plant, and Equipment
Property, Plant, and Equipment - (Tables) | 9 Months Ended |
Nov. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Impaired Intangible Assets | Impairment charges for the thirteen and thirty-nine weeks ended November 3, 2018 , and October 28, 2017 were as follows (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Impairment charges $ — $ 5,852 $ — $ 5,852 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Nov. 03, 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 thirty-nine weeks ended November 3, 2018 and October 28, 2017 , respectively, consisted of the following (in thousands): Thirteen Weeks Ended Thirty-Nine Weeks Ended November 3, October 28, November 3, October 28, Segment net revenues: Direct $ 73,459 $ 83,168 $ 230,012 $ 241,347 Indirect 24,229 30,927 67,892 81,301 Total $ 97,688 $ 114,095 $ 297,904 $ 322,648 Segment operating income: Direct $ 14,259 $ 11,238 $ 43,867 $ 35,362 Indirect 10,075 10,519 27,186 27,797 Total $ 24,334 $ 21,757 $ 71,053 $ 63,159 Reconciliation: Segment operating income $ 24,334 $ 21,757 $ 71,053 $ 63,159 Less: Unallocated corporate expenses (18,991 ) (21,295 ) (55,606 ) (63,792 ) Operating income (loss) $ 5,343 $ 462 $ 15,447 $ (633 ) |
Description of the Company an_3
Description of the Company and Basis of Presentation - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Nov. 03, 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 | 102 | ||
Number of factory outlet stores | Store | 57 | ||
Number of specialty retail locations | location | 2,300 | ||
Allowance for doubtful accounts receivable | $ 300 | $ 900 | |
Deferred rent liability | 12,900 | 12,900 | |
Deferred lease credit liability | 13,500 | 14,600 | |
Retained earnings | 283,375 | 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 | 10,900 | $ 12,200 | |
ASC 606 Adjustments | Accounting Standards Update 2014-09 | |||
Lessee, Lease, Description [Line Items] | |||
Retained earnings | $ (1,353) | $ 500 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 04, 2018 | Feb. 03, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 23,514 | $ 15,566 | |
Inventories | 96,275 | 87,838 | |
Income taxes receivable | 5,314 | 4,391 | |
Total current assets | 244,063 | 242,023 | |
Deferred income taxes | 4,687 | 5,385 | |
Total assets | 353,009 | 350,669 | |
Other accrued liabilities | 13,733 | 12,343 | |
Total current liabilities | 39,263 | 40,274 | |
Total liabilities | 63,127 | 65,386 | |
Retained earnings | 283,375 | 270,783 | |
Total shareholders’ equity | 289,882 | 285,283 | |
Total liabilities and shareholders’ equity | 353,009 | $ 350,669 | |
ASC 606 Adjustments | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | (2,739) | ||
Inventories | 951 | ||
Income taxes receivable | 328 | ||
Total current assets | (1,460) | ||
Deferred income taxes | 118 | ||
Total assets | (1,342) | ||
Other accrued liabilities | 11 | ||
Total current liabilities | 11 | ||
Total liabilities | 11 | ||
Retained earnings | (1,353) | $ 500 | |
Total shareholders’ equity | (1,353) | ||
Total liabilities and shareholders’ equity | (1,342) | ||
Before ASC 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 20,775 | ||
Inventories | 97,226 | ||
Income taxes receivable | 5,642 | ||
Total current assets | 242,603 | ||
Deferred income taxes | 4,805 | ||
Total assets | 351,667 | ||
Other accrued liabilities | 13,744 | ||
Total current liabilities | 39,274 | ||
Total liabilities | 63,138 | ||
Retained earnings | 282,022 | ||
Total shareholders’ equity | 288,529 | ||
Total liabilities and shareholders’ equity | $ 351,667 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | $ 97,688 | $ 114,095 | $ 297,904 | $ 322,648 |
Cost of sales | 40,536 | 50,266 | 126,396 | 142,826 |
Gross profit | 57,152 | 63,829 | 171,508 | 179,822 |
Operating income | 5,343 | 462 | 15,447 | (633) |
Income before income taxes | 5,518 | 584 | 16,124 | (376) |
Income tax expense | 1,292 | 225 | 3,986 | 1,121 |
Net income (loss) | 4,226 | $ 359 | 12,138 | $ (1,497) |
Before ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | 98,715 | 296,017 | ||
Cost of sales | 40,928 | 125,696 | ||
Gross profit | 57,787 | 170,321 | ||
Operating income | 5,978 | 14,260 | ||
Income before income taxes | 6,153 | 14,937 | ||
Income tax expense | 1,447 | 3,698 | ||
Net income (loss) | 4,706 | 11,239 | ||
Accounting Standards Update 2014-09 | ASC 606 Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | 1,027 | (1,887) | ||
Cost of sales | 392 | (700) | ||
Gross profit | 635 | (1,187) | ||
Operating income | 635 | (1,187) | ||
Income before income taxes | 635 | (1,187) | ||
Income tax expense | 155 | (288) | ||
Net income (loss) | $ 480 | $ (899) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Adoption of ASC 606 on impacted Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | $ 4,226 | $ 359 | $ 12,138 | $ (1,497) |
Deferred income taxes | 540 | 7 | ||
Accounts receivable | (7,442) | (4,205) | ||
Inventories | (8,688) | 2,162 | ||
Income taxes | (443) | 84 | ||
Accrued and other liabilities | (3,440) | $ (2,341) | ||
ASC 606 Adjustments | Accounting Standards Update 2014-09 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | 480 | (899) | ||
Deferred income taxes | 40 | |||
Accounts receivable | 2,079 | |||
Inventories | (700) | |||
Income taxes | (328) | |||
Accrued and other liabilities | (192) | |||
Before ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net income (loss) | $ 4,706 | 11,239 | ||
Deferred income taxes | 580 | |||
Accounts receivable | (5,363) | |||
Inventories | (9,388) | |||
Income taxes | (771) | |||
Accrued and other liabilities | $ (3,632) |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 03, 2018 | Nov. 03, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 97,688 | $ 297,904 |
Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 73,459 | 230,012 |
Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 24,229 | 67,892 |
Bags | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 42,283 | 129,620 |
Bags | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 31,059 | 95,853 |
Bags | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 11,224 | 33,767 |
Travel | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 24,255 | 74,487 |
Travel | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 18,425 | 59,607 |
Travel | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,830 | 14,880 |
Accessories | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 21,420 | 65,943 |
Accessories | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 16,932 | 52,872 |
Accessories | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 4,488 | 13,071 |
Home | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 6,321 | 17,471 |
Home | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 5,369 | 15,683 |
Home | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 952 | 1,788 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 3,409 | 10,383 |
Other | Direct Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,674 | 5,997 |
Other | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 1,735 | 4,386 |
Transferred At Point In Time | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | 23,200 | 65,100 |
Transferred Over Time | Indirect Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total net revenues | $ 1,000 | $ 2,800 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers (Details) $ in Millions | 9 Months Ended |
Nov. 03, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Unearned revenue, current | $ 1.2 |
Accounts receivable from contracts with customers, net of allowances | 19.8 |
Provision for doubtful accounts | $ 0.2 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Numerator: | ||||
Net income (loss) | $ 4,226 | $ 359 | $ 12,138 | $ (1,497) |
Denominator: | ||||
Weighted-average number of common shares (basic) | 35,219 | 35,885 | 35,431 | 36,081 |
Dilutive effect of stock-based awards | 277 | 74 | 223 | 0 |
Weighted-average number of common shares (diluted) | 35,496 | 35,959 | 35,654 | 36,081 |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 0.12 | $ 0.01 | $ 0.34 | $ (0.04) |
Diluted (in dollars per share) | $ 0.12 | $ 0.01 | $ 0.34 | $ (0.04) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 46,026 | $ 54,150 |
Long-term investments | 23,247 | 15,515 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,655 | 1,889 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,554 | 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 | 25,173 | 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 | 8,326 | 6,451 |
Long-term investments | 5,311 | 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 | 5,119 | 8,727 |
Long-term investments | 7,982 | 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 | 3,815 | 12,942 |
Long-term investments | 2,691 | 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 | 3,098 | 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 | 495 | 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 |
U.S. asset-backed securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | 0 | 0 |
U.S. asset-backed securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | 6,137 | 0 |
U.S. asset-backed securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | 0 | 0 |
Non-U.S. asset-backed securities | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | 0 | 0 |
Non-U.S. asset-backed securities | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | 1,126 | 0 |
Non-U.S. asset-backed securities | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investments | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Sep. 07, 2018 | Nov. 03, 2018 | Feb. 03, 2018 |
Line of Credit [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowings | $ 75 | $ 125 | |
Subsidiaries [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | |||
Debt Instrument [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 | ||
Subsidiaries [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 10.00% | ||
Subsidiaries [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 125 | ||
Subsidiaries [Member] | Minimum [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | (1.00%) | ||
Subsidiaries [Member] | Minimum [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | Adjusted London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Subsidiaries [Member] | Maximum [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | (1.50%) | ||
Subsidiaries [Member] | Maximum [Member] | Revolving Credit Facility [Member] | New Credit Agreement [Member] | Adjusted London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.30% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.40% | 38.50% | 24.70% | (298.10%) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018USD ($)shares | Oct. 28, 2017USD ($)shares | Nov. 03, 2018USD ($)shares | Oct. 28, 2017USD ($)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 | $ | $ 5,500 | $ 5,500 | ||
Weighted average period to recognize the total unrecognized compensation cost | 1 year 7 months 5 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 | 300,000 | |||
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 | 15,948 | 851 | 491,162 | 507,423 |
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 200 | $ 7 | $ 5,500 | $ 4,700 |
Non-Employee Director [Member] | Restricted-Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units vesting period, years | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Detail) shares in Thousands | 9 Months Ended |
Nov. 03, 2018$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Number of Units | |
Nonvested units outstanding, beginning balance | shares | 401 |
Granted, Number of Units | shares | 300 |
Vested, Number of Units | shares | (213) |
Forfeited, Number of Units | shares | (12) |
Nonvested units outstanding, ending balance | shares | 476 |
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 | 11.23 |
Vested, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 12.25 |
Forfeited, Weighted-Average Grant Date Fair Value (per unit) | $ / shares | 11.02 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 11.75 |
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 | (80) |
Nonvested units outstanding, ending balance | shares | 454 |
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 | 15.17 |
Weighted-Average Grant Date Fair Value (per unit), ending balance | $ / shares | $ 12.28 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Nov. 03, 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 ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Nov. 03, 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) | $ 13.65 | |||
Number of shares held in treasury | 6,426,351 | 6,426,351 | ||
Value of treasury stock | $ 87,692,000 | $ 87,692,000 | $ 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) | 531,665 | 783,866 | ||
Average price per share of shares acquired (in dollars per share) | $ 14.15 | $ 14.18 | ||
Treasury stock, value, acquired, cost method | $ 7,500,000 | $ 11,100,000 | ||
Remaining authorized repurchase amount | $ 2,308,483 | $ 2,308,483 |
Other Charges (Details)
Other Charges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | Feb. 03, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges incurred | $ 2,800,000 | |||
Restructuring charges incurred, net of tax | 1,700,000 | |||
Severance charges | 2,500,000 | |||
Vision 20/20 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges incurred | $ 16,700,000 | |||
Restructuring charges incurred, net of tax | $ 10,600,000 | |||
Cash payments | $ 1,600,000 | |||
Restructuring, settlement and impairment provisions | $ 12,566,000 | $ 0 | 14,890,000 | |
Severance charges | 2,851,000 | 2,851,000 | ||
Direct Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Lease termination charge | 300,000 | |||
Direct Segment | Vision 20/20 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, settlement and impairment provisions | 6,400,000 | 6,400,000 | ||
Severance charges | $ 115,000 | $ 115,000 |
Vision 20_20 Restructuring an_3
Vision 20/20 Restructuring and Other Charges Costs incurred related to Vision 20/20 charges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges | $ 0 | $ 5,852,000 | $ 0 | $ 5,852,000 |
Severance charges | 2,500,000 | |||
Restructuring and other charges, net of tax | 7,900,000 | 9,400,000 | ||
Vision 20/20 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges | 5,852,000 | 5,852,000 | ||
Strategic consulting charges | 2,325,000 | 4,649,000 | ||
Severance charges | 2,851,000 | 2,851,000 | ||
Inventory-related charges | 935,000 | 935,000 | ||
Other charges | 603,000 | 603,000 | ||
Total | 12,566,000 | $ 0 | 14,890,000 | |
Vision 20/20 | Direct Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges | 5,852,000 | 5,852,000 | ||
Severance charges | 115,000 | 115,000 | ||
Other charges | 433,000 | 433,000 | ||
Total | 6,400,000 | 6,400,000 | ||
Vision 20/20 | Indirect Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | 680,000 | 680,000 | ||
Inventory-related charges | 935,000 | 935,000 | ||
Other charges | 115,000 | 115,000 | ||
Total | 1,730,000 | 1,730,000 | ||
Vision 20/20 | Corporate Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Strategic consulting charges | 2,325,000 | 4,649,000 | ||
Severance charges | 2,056,000 | 2,056,000 | ||
Other charges | 55,000 | 55,000 | ||
Total | 4,436,000 | 6,760,000 | ||
Vision 20/20 | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment charges | 5,852,000 | 5,852,000 | ||
Strategic consulting charges | 2,325,000 | 4,649,000 | ||
Severance charges | 2,767,000 | 2,767,000 | ||
Other charges | 603,000 | 603,000 | ||
Total | 11,547,000 | 13,871,000 | ||
Vision 20/20 | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | 84,000 | 84,000 | ||
Inventory-related charges | 935,000 | 935,000 | ||
Total | $ 1,019,000 | $ 1,019,000 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) $ in Thousands | Nov. 03, 2018 | Feb. 03, 2018 |
Investment Holdings [Line Items] | ||
Short-term investments | $ 46,026 | $ 54,150 |
Level 1 | Fair Value, Measurements, Recurring | Certificate of deposit | ||
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. 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 | U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 3,098 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Commercial paper | ||
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 | 25,173 | 25,032 |
Level 2 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 8,326 | 6,451 |
Level 2 | Fair Value, Measurements, Recurring | U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 5,119 | 8,727 |
Level 2 | Fair Value, Measurements, Recurring | Municipal securities | ||
Investment Holdings [Line Items] | ||
Short-term investments | 3,815 | 12,942 |
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 | Commercial paper | ||
Investment Holdings [Line Items] | ||
Short-term investments | $ 495 | $ 998 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Nov. 03, 2018 | Feb. 03, 2018 | |
Investment Holdings [Line Items] | ||
Long-term investments | $ 23,247 | $ 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 | U.S. asset-backed 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 | Non-U.S. asset-backed 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 | 7,982 | 4,543 |
Level 2 | Fair Value, Measurements, Recurring | U.S. asset-backed securities | ||
Investment Holdings [Line Items] | ||
Long-term investments | 6,137 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Non-U.S. corporate debt securities | ||
Investment Holdings [Line Items] | ||
Long-term investments | 5,311 | 2,775 |
Level 2 | Fair Value, Measurements, Recurring | Municipal securities | ||
Investment Holdings [Line Items] | ||
Long-term investments | 2,691 | 5,098 |
Level 2 | Fair Value, Measurements, Recurring | Non-U.S. asset-backed securities | ||
Investment Holdings [Line Items] | ||
Long-term investments | 1,126 | 0 |
Level 2 | Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Long-term investments | $ 0 | $ 0 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment charges | $ 0 | $ 5,852 | $ 0 | $ 5,852 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Nov. 03, 2018Segmentlocation | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 2 |
Number of specialty retail locations | location | 2,300 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2018 | Oct. 28, 2017 | Nov. 03, 2018 | Oct. 28, 2017 | |
Segment Reporting Information [Line Items] | ||||
Segment net revenues | $ 97,688 | $ 114,095 | $ 297,904 | $ 322,648 |
Segment operating income | 24,334 | 21,757 | 71,053 | 63,159 |
Unallocated corporate expenses | (18,991) | (21,295) | (55,606) | (63,792) |
Operating income (loss) | 5,343 | 462 | 15,447 | (633) |
Operating Segments [Member] | Direct Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 73,459 | 83,168 | 230,012 | 241,347 |
Segment operating income | 14,259 | 11,238 | 43,867 | 35,362 |
Operating Segments [Member] | Indirect Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment net revenues | 24,229 | 30,927 | 67,892 | 81,301 |
Segment operating income | $ 10,075 | $ 10,519 | $ 27,186 | $ 27,797 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Nov. 29, 2018 | Dec. 08, 2015 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Authorized amount under share repurchase program | $ 50,000,000 | |
The 2015 Share Repurchase Program [Member] | ||
Subsequent Event [Line Items] | ||
Authorized amount under share repurchase program | $ 50,000,000 |
Uncategorized Items - vra-20181
Label | Element | Value |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | $ 0 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 0 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 138,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 319,000 |
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 | 1,779,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 455,000 |