Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Nov. 02, 2013 | Dec. 05, 2013 | Dec. 05, 2013 | |
Class A common stock | Class B common stock | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 2-Nov-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'TLYS | ' | ' |
Entity Registrant Name | 'TILLY'S, INC. | ' | ' |
Entity Central Index Key | '0001524025 | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,370,639 | 16,642,366 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $20,657 | $17,314 |
Marketable securities | 29,932 | 39,868 |
Receivables | 5,901 | 5,934 |
Merchandise inventories | 56,378 | 46,595 |
Prepaid expenses and other current assets | 13,398 | 11,387 |
Total current assets | 126,266 | 121,098 |
Property and equipment, net | 102,411 | 80,926 |
Other assets | 3,418 | 3,357 |
Total assets | 232,095 | 205,381 |
Current liabilities: | ' | ' |
Accounts payable | 26,960 | 18,261 |
Deferred revenue | 4,118 | 5,453 |
Accrued compensation and benefits | 3,407 | 6,094 |
Accrued expenses | 12,114 | 12,132 |
Current portion of deferred rent | 5,397 | 4,555 |
Current portion of capital lease obligation/Related party (Note 10) | 746 | 712 |
Total current liabilities | 52,742 | 47,207 |
Long-term portion of deferred rent | 41,899 | 37,620 |
Long-term portion of capital lease obligation/Related party (Note 10) | 2,694 | 3,258 |
Total long-term liabilities | 44,593 | 40,878 |
Total liabilities | 97,335 | 88,085 |
Commitments and contingencies (Note 5) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; November 2, 2013 and February 2, 2013-10,000 shares authorized, no shares issued or outstanding | ' | ' |
Additional paid-in capital | 122,153 | 117,391 |
Retained earnings (deficit) | 12,581 | -140 |
Accumulated other comprehensive (loss) income | -2 | 17 |
Total stockholders' equity | 134,760 | 117,296 |
Total liabilities and stockholders' equity | 232,095 | 205,381 |
Class A common stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 11 | 11 |
Class B common stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $17 | $17 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A common stock | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 11,361 | 10,772 |
Common stock, shares outstanding | 11,361 | 10,772 |
Class B common stock | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 16,642 | 16,920 |
Common stock, shares outstanding | 16,642 | 16,920 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net sales | $123,779 | $124,895 | $355,941 | $326,521 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 85,587 | 83,087 | 247,395 | 223,150 |
Gross profit | 38,192 | 41,808 | 108,546 | 103,371 |
Selling, general and administrative expenses | 28,042 | 27,940 | 87,279 | 86,795 |
Operating income | 10,150 | 13,868 | 21,267 | 16,576 |
Other income (expense), net | 116 | -42 | 20 | -46 |
Income before income taxes | 10,266 | 13,826 | 21,287 | 16,530 |
Income tax expense | 4,121 | 4,532 | 8,566 | 2,478 |
Net income | 6,145 | 9,294 | 12,721 | 14,052 |
Weighted average basic shares outstanding | 27,884 | 27,658 | 27,768 | 24,979 |
Weighted average diluted shares outstanding | 28,166 | 28,079 | 28,091 | 25,403 |
Class A and Class B common stock | ' | ' | ' | ' |
Basic earnings per share | $0.22 | $0.34 | $0.46 | $0.56 |
Diluted earnings per share | $0.22 | $0.33 | $0.45 | $0.55 |
Historical | ' | ' | ' | ' |
Income before income taxes | ' | 13,826 | ' | 16,530 |
Pro Forma | ' | ' | ' | ' |
Income tax expense | ' | 5,530 | ' | 6,612 |
Net income | ' | $8,296 | ' | $9,918 |
Pro Forma | Class A and Class B common stock | ' | ' | ' | ' |
Basic earnings per share | ' | $0.30 | ' | $0.40 |
Diluted earnings per share | ' | $0.30 | ' | $0.39 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net income | $6,145 | $9,294 | $12,721 | $14,052 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Net change in unrealized gain/loss on available-for-sale securities | -12 | 6 | -19 | 6 |
Other comprehensive (loss) income, net of tax: | -12 | 6 | -19 | 6 |
Comprehensive income | $6,133 | $9,300 | $12,702 | $14,058 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common A Stock | Common B Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance at Feb. 02, 2013 | $117,296 | ' | ' | $28 | $117,391 | ($140) | $17 |
Beginning Balance (in shares) at Feb. 02, 2013 | ' | 10,772,000 | 16,920,000 | ' | ' | ' | ' |
Net income | 12,721 | ' | ' | ' | ' | 12,721 | ' |
Restricted stock | ' | 31,000 | ' | ' | ' | ' | ' |
Shares converted by founders | ' | 278,000 | -278,000 | ' | ' | ' | ' |
Net change in unrealized gain/loss on available-for-sale securities | -19 | ' | ' | ' | ' | ' | -19 |
Stock-based compensation expense | 2,373 | ' | ' | ' | 2,373 | ' | ' |
Exercise of stock options, including tax benefit of $42 (in shares) | 280,460 | 280,000 | ' | ' | ' | ' | ' |
Exercise of stock options, including tax benefit of $42 | 2,389 | ' | ' | ' | 2,389 | ' | ' |
Ending Balance at Nov. 02, 2013 | $134,760 | ' | ' | $28 | $122,153 | $12,581 | ($2) |
Ending Balance (in shares) at Nov. 02, 2013 | ' | 11,361,000 | 16,642,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 02, 2013 |
Exercise of stock options, tax benefit | $42 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $12,721 | $14,052 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14,470 | 12,299 |
Loss on disposal of assets | 133 | 153 |
(Gain) loss on sales and maturities of marketable securities | -161 | 28 |
Deferred income taxes | 351 | 6,325 |
Stock-based compensation expense | 2,373 | 8,893 |
Excess tax benefit from stock-based compensation | -157 | -94 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | 33 | -2,184 |
Merchandise inventories | -9,783 | -13,202 |
Prepaid expenses and other assets | -2,410 | -12,121 |
Accounts payable | 8,144 | 8,477 |
Accrued expenses | 443 | -1,048 |
Accrued compensation and benefits | -2,687 | -1,072 |
Deferred rent | 5,121 | 7,435 |
Deferred revenue | -1,335 | -1,375 |
Net cash provided by operating activities | 27,256 | 26,566 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -36,015 | -25,585 |
Proceeds from sale of property and equipment | 21 | 17 |
Insurance proceeds from casualty loss | ' | 799 |
Purchases of marketable securities | -29,935 | -60,419 |
Sales and maturities of marketable securities | 40,000 | 35,510 |
Net cash used in investing activities | -25,929 | -49,678 |
Cash flows from financing activities | ' | ' |
Payment of capital lease obligation | -530 | -497 |
Net proceeds from initial public offering | ' | 106,789 |
Proceeds from exercise of stock options | 3,025 | 805 |
Tax withholding payments related to exercise of stock options | -636 | ' |
Excess tax benefit from stock-based compensation | 157 | 94 |
Distributions | ' | -84,287 |
Net cash provided by financing activities | 2,016 | 22,904 |
Change in cash and cash equivalents | 3,343 | -208 |
Cash and cash equivalents, beginning of period | 17,314 | 25,091 |
Cash and cash equivalents, end of period | 20,657 | 24,883 |
Supplemental disclosures of cash flow information | ' | ' |
Interest paid | 194 | 229 |
Income taxes paid | 8,025 | 8,834 |
Supplemental disclosure of non-cash activities | ' | ' |
Unpaid purchases of property and equipment | $3,708 | $170 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 9 Months Ended |
Nov. 02, 2013 | |
Description of the Company and Basis of Presentation | ' |
1. Description of the Company and Basis of Presentation | |
Tilly’s, Inc. was formed as a Delaware corporation on May 4, 2011 for the purpose of reorganizing the corporate structure of World of Jeans & Tops, a California corporation (“WOJT”). On May 2, 2012, the shareholders of WOJT contributed all of their shares of common stock to Tilly’s, Inc. in return for shares of Tilly’s, Inc. Class B common stock on a one-for-one basis. In addition, effective May 2, 2012, WOJT converted from an “S” Corporation to a “C” Corporation for income tax purposes. These events are collectively referred to as the “Reorganization”. As a result of the Reorganization, WOJT became a wholly owned subsidiary of Tilly’s, Inc. Except where context requires or where otherwise indicated, the terms “Company” and “Tilly’s” refers to WOJT before the Reorganization and to Tilly’s, Inc. and its subsidiary, WOJT, after the Reorganization. | |
Tilly’s operates a chain of specialty retail stores featuring casual clothing, footwear and accessories for teens and young adults. The Company operated a total of 189 and 168 stores as of November 2, 2013 and February 2, 2013, respectively. The stores are located in malls, lifestyle centers, ‘power’ centers, community centers, outlet centers and street-front locations. Customers may also shop online, where the Company features a similar assortment of product as is carried in its brick-and-mortar stores. | |
The accompanying unaudited consolidated financial statements include the assets, liabilities, revenues and expenses of the Company. These consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted from this report as is permitted by SEC rules and regulations. | |
In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the interim periods presented. The results of operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 are not necessarily indicative of results to be expected for the full fiscal year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2013. | |
Fiscal Periods | |
The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended November 2, 2013 and October 27, 2012 refer to the thirteen week periods ended as of those dates. | |
Initial Public Offering | |
On May 3, 2012, the Company completed its initial public offering (“IPO”) in which it issued and sold 7,600,000 shares of its Class A common stock and certain selling stockholders sold 400,000 shares of Class A common stock. In addition, on May 9, 2012, the underwriters exercised their option to purchase an additional 1,200,000 shares of Class A common stock from the selling stockholders to cover over-allotments. As a result, the total IPO size was 9,200,000 shares of Class A common stock, which consisted of 7,600,000 shares sold by Tilly’s, Inc. and 1,600,000 shares sold by the selling stockholders. The 9,200,000 shares of Class A common stock sold in the offering were sold at a price of $15.50 per share. The Company did not receive any proceeds from the sale of shares by the selling stockholders. | |
As a result of the IPO, the Company received net proceeds of approximately $107 million, after deducting the underwriting discount of $8.7 million and related fees and expenses of approximately $2.5 million. The Company used $84.0 million of the net proceeds from the IPO to pay in full notes previously issued to the shareholders of WOJT. These notes represented WOJT’s undistributed taxable income from the date of its formation through the date of termination of its “S” Corporation status. | |
Unaudited Pro Forma Income Information | |
The unaudited pro forma income information gives effect to the conversion of the Company to a “C” Corporation on May 2, 2012. Prior to such conversion, the Company was an “S” Corporation and generally not subject to income taxes. Therefore, the pro forma net income and per share amounts for the thirteen and thirty-nine weeks ended October 27, 2012 include an adjustment for income tax expense as if the Company had been a “C” Corporation during the periods presented at an assumed combined federal, state and local effective tax rate of 40%, which approximates the calculated statutory tax rates for those periods. In addition, the unaudited pro forma diluted weighted average shares outstanding were computed using the assumed 40% effective tax rate. As a result, the pro forma adjustment to diluted weighted average shares outstanding for the thirty-nine weeks ended October 27, 2012 was a decrease of approximately 4,000 shares. There was no pro forma adjustment to the diluted weighted average shares outstanding for the thirteen weeks ended October 27, 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 02, 2013 | |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Information regarding significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies”, of the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2013. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
3. Marketable Securities | |||||||||||||||||
Marketable securities are classified as available-for-sale and, as of November 2, 2013 and February 2, 2013, consisted entirely of commercial paper, all of which was less than one year from maturity. | |||||||||||||||||
The following table summarizes the Company’s investments in marketable securities at November 2, 2013 and February 2, 2013 (in thousands): | |||||||||||||||||
November 2, 2013 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 29,934 | $ | 2 | $ | (4 | ) | $ | 29,932 | ||||||||
2-Feb-13 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 39,839 | $ | 31 | $ | (2 | ) | $ | 39,868 | ||||||||
For the thirteen and thirty-nine weeks ended November 2, 2013, the Company recognized gains on investments of $42 thousand and $161 thousand, respectively, for commercial paper which matured during the periods. Upon recognition of the gains, the Company reclassified these amounts out of accumulated other comprehensive income and into other income (expense), net on the consolidated statements of income. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Nov. 02, 2013 | |
Line of Credit | ' |
4. Line of Credit | |
On May 3, 2012, the Company amended its revolving credit facility agreement with Wells Fargo Bank, N.A. The amended credit facility provides for a line of credit of $25.0 million and matures on May 3, 2014. Interest charged on borrowings is either at the London Interbank Offered Rate (“LIBOR”) plus 1.75%, or at the bank’s prime rate. The Company has the ability to select between the prime or LIBOR-based rate at the time of a cash advance. Borrowing from the credit facility is secured by substantially all of the Company’s assets. A sub-feature of the credit facility allows stand-by and commercial letters of credit up to $15.0 million. The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants contain requirements for certain levels of liquidity and profitability, such as: (i) a minimum current asset to current liability ratio of 1.25 to 1.00, (ii) a net profit before tax of at least $1, determined as of the end of each fiscal quarter on a cumulative rolling four-quarter basis, excluding a non-cash expense of up to a maximum of $2.0 million for the write-off of impaired fixed assets for that period and (iii) a maximum ratio of 4.00 to 1.00 for “funded debt” to “EBITDAR”, where “funded debt” includes credit facility borrowings, capital lease debt and eight times annual operating lease rent expense, and “EBITDAR” includes net income before interest, income taxes, depreciation, amortization and rent expense. | |
As of November 2, 2013, the Company was in compliance with all of its covenants and had no outstanding borrowings under the line of credit. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies | ' |
5. Commitments and Contingencies | |
Legal Proceedings | |
From time to time, the Company may become involved in lawsuits and other claims arising from our ordinary course of business. Management is currently unable to predict the ultimate outcome of any litigation or claim, determine whether a liability has been incurred or make an estimate of the reasonably possible liability that could result from an unfavorable outcome because of the uncertainties related to the incurrence, amount and range of loss on any pending litigation or claim. Because of the unpredictable nature of these matters, the Company cannot provide any assurances regarding the outcome of any litigation or claim to which it is a party or that the ultimate outcome of any of the matters threatened or pending against it, including those disclosed below, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. | |
Kristin Christiansen and Shellie Smith, on behalf of themselves and all others similarly situated vs. World of Jeans & Tops, Superior Court of California, County of Sacramento, Case No. 34-2013-00139010. On January 29, 2013, the plaintiffs in this matter filed a putative class action lawsuit against the Company alleging violations of California Civil Code Section 1747.08, which prohibits requesting or requiring personal identification information from a customer paying for goods with a credit card and recording such information, subject to exceptions. In June 2013, the Court granted the Company’s motion to strike portions of the plaintiffs’ complaint and granted plaintiffs leave to amend. Plaintiffs amended to add a new named plaintiff, which the Court struck on the Company’s motion. The Company has denied the allegations of the complaint and intends to defend this case vigorously. | |
Maria Rebolledo, individually and on behalf of all others similarly situated and on behalf of the general public vs. Tilly’s, Inc.; World of Jeans & Tops, Superior Court of the State of California, County of Orange, Case No. 30-2012-00616290-CU-OE-CXC. On December 5, 2012, the plaintiff in this matter filed a putative class action lawsuit against the Company alleging violations of California’s wage and hour, meal break and rest break rules and regulations, and unfair competition law, among other things. An amended complaint was filed on February 28, 2013, to include enforcement of California’s private attorney general act. The complaint seeks an unspecified amount of damages and penalties. In April 2013, the Company filed a motion to compel arbitration, which was denied in May 2013. The Company has appealed the denial of the motion to compel arbitration. The Company intends to defend this case vigorously. | |
Deborah Lyddy v. World of Jeans & Tops and Tilly’s, Inc., Superior Court of California, County of San Diego (37-2011-00098812-CU-BT-CTL). In October 2011, plaintiff filed a putative class action lawsuit against the Company alleging various causes of action based on its California gift card redemption policies. In October 2013, the Company entered into a settlement of the litigation that included, among other things, a payment to the plaintiff. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
6. Fair Value Measurements | |||||||||||||||||||||||||
Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosure, (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined under ASC 820 as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 established the following three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: | |||||||||||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||
• | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||
• | Level 3 – Unobservable inputs (i.e. projections, estimates, interpretations, etc.) that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||
The Company measures certain financial assets at fair value on a recurring basis, including its marketable securities, which are classified as available-for-sale securities, and certain cash equivalents, specifically money market accounts. The money market accounts are valued based on quoted market prices in active markets. The marketable securities are valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party entities. | |||||||||||||||||||||||||
During the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012, the Company did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of November 2, 2013 and February 2, 2013, the Company did not have any Level 3 financial assets. The Company conducts reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. | |||||||||||||||||||||||||
From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. The Company estimates the fair value of its long-lived assets using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
In accordance with the provisions of ASC 820, the Company categorized its financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market securities | $ | 19,290 | $ | — | $ | — | $ | 15,224 | $ | — | $ | — | |||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | — | 29,932 | — | — | 39,868 | — |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7. Stock-Based Compensation | |||||||||||||||||
On March 25, 2013, the Company granted stock options to purchase a total of 554,500 shares of Class A common stock under the Tilly’s 2012 Equity and Incentive Award Plan (the “2012 Plan”). The exercise price of these awards is $12.82, which was the closing price of Tilly’s Class A common stock on the date of grant. These stock options vest in four equal annual installments beginning on the first anniversary of the date of grant, provided that the respective award recipient continues to be employed by the Company through each of those vesting dates. | |||||||||||||||||
The Company granted options to purchase a total of 50,000 shares of Class A common stock under the 2012 Plan to employees who joined the Company during the second quarter of fiscal year 2013. The exercise prices of these awards range between $16.18 and $16.24 per share, and were set equal to the closing price of Tilly’s Class A common stock on the date of each grant. These stock option grants vest in four equal annual installments beginning on the first anniversary of the date of grant, provided that the respective award recipient continues to be employed by the Company through each of those vesting dates. | |||||||||||||||||
The Company granted options to purchase a total of 15,000 shares of Class A common stock under the 2012 Plan to an employee who joined the Company during the third quarter of fiscal year 2013. The exercise price of this award is $13.85 per share, and was set equal to the closing price of Tilly’s Class A common stock on the date of grant. This stock option grant vests in four equal annual installments beginning on the first anniversary of the date of grant, provided that the award recipient continues to be employed by the Company through each of those vesting dates. | |||||||||||||||||
The total grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended November 2, 2013 was $0.1 million and $3.9 million, respectively, before applying an estimated forfeiture rate. The Company is recognizing the expense relating to these stock options, net of estimated forfeitures, on a straight-line basis over the four year service period of the awards. The grant date fair value of stock options granted during the thirteen and thirty-nine weeks ended October 27, 2012 was $0.5 million and $6.6 million, respectively, before applying an estimated forfeiture rate. | |||||||||||||||||
The stock option awards discussed above were measured at fair value on the grant date using the Black-Scholes option valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term and the Company’s expected annual dividend yield, if any. The Company’s estimate of pre-vesting forfeitures, or forfeiture rate, was based on its internal analysis, which included the award recipients’ positions within the Company and the vesting period of the awards. The Company will issue shares of Class A common stock when the options are exercised. | |||||||||||||||||
The fair values of stock options granted during the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 were estimated on the grant date using the following assumptions: | |||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | ||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Expected option term(1) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | |||||||||||||
Expected volatility factor(2) | 55.00% | 57.6% - 62.9% | 55.0% - 56.2% | 57.6% - 62.9% | |||||||||||||
Risk-free interest rate(3) | 1.70% | 0.6% - 0.8% | 0.8% - 1.7% | 0.6% - 0.8% | |||||||||||||
Expected annual dividend yield | 0% | 0% | 0% | 0% | |||||||||||||
-1 | The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management’s expectation of exercise behavior. | ||||||||||||||||
-2 | Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards. | ||||||||||||||||
-3 | The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date. | ||||||||||||||||
The following table summarizes the Company’s stock option activity for the thirty-nine weeks ended November 2, 2013 (aggregate intrinsic value in thousands): | |||||||||||||||||
Weighted | |||||||||||||||||
Grant Date | Average | ||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Stock | Average | Contractual | Intrinsic | ||||||||||||||
Options | Exercise Price | Life (in Years) | Value (1) | ||||||||||||||
Outstanding at February 2, 2013 | 2,133,625 | $ | 12.83 | ||||||||||||||
Granted year-to-date | 619,500 | 13.12 | |||||||||||||||
Exercised year-to-date | (280,460 | ) | 8.37 | ||||||||||||||
Forfeited year-to-date | (85,875 | ) | 15.34 | ||||||||||||||
Outstanding at November 2, 2013 | 2,386,790 | $ | 13.34 | 7.5 | $ | 4,419 | |||||||||||
Vested and expected to vest at November 2, 2013 | 2,199,894 | $ | 13.23 | 7.4 | $ | 4,292 | |||||||||||
Exercisable at November 2, 2013 | 1,019,790 | $ | 11.75 | 6 | $ | 3,422 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of the Company’s Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The closing price of the Company’s Class A common stock on November 1, 2013 was $14.40 per share. | ||||||||||||||||
On June 12, 2013, the Company granted 4,944 restricted shares of Class A common stock to each of its four independent directors under the 2012 Plan. These shares vest in two equal annual installments beginning on June 12, 2014, provided that the respective award recipient continues to serve on the Company’s board of directors through each of those vesting dates. The grant date fair value of these awards totaled $0.3 million. The Company is recognizing the expense related to these awards on a straight-line basis over the two-year service period commencing on the grant date. | |||||||||||||||||
There are a total of 2,913,900 shares issuable under the 2012 Plan, of which 1,604,145 shares were still available for issuance as of November 2, 2013. The Company recorded a total of $0.7 million and $2.4 million of stock-based compensation expense in the thirteen and thirty-nine weeks ended November 2, 2013, respectively. The Company recorded a total of $0.7 million of stock-based compensation expense in the thirteen weeks ended October 27, 2012. The Company recorded a total of $8.9 million of stock-based compensation expense, which includes a one-time charge of $7.6 million for life-to-date stock-based compensation expense recognized upon the consummation of the Company’s IPO, in the thirty-nine weeks ended October 27, 2012. At November 2, 2013, there was $6.8 million of total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants. This cost has a weighted average remaining recognition period of 2.6 years. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Taxes | ' |
8. Income Taxes | |
Prior to May 2, 2012, WOJT was taxed as an “S” Corporation for federal income tax purposes under Section 1362 of the Internal Revenue Code, and therefore was not subject to federal and state income taxes (subject to an exception in a limited number of state and local jurisdictions that do not recognize the “S” Corporation status). On May 2, 2012, as part of the Reorganization, the Company’s “S” Corporation status terminated and the Company became subject to corporate-level federal and state income taxes at prevailing corporate rates. | |
The Company accounts for income taxes and the related accounts under the liability method in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Because management believes that it is more likely than not that the Company will realize the full amount of the net deferred tax assets, the Company has not recorded any valuation allowance for the deferred tax assets. | |
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. Significant management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. | |
The annual effective income tax rate was 40.3% and 32.9% as of November 2, 2013 and October 27, 2012, respectively. The annual effective rate in fiscal 2013 is higher than fiscal 2012 primarily due to the Company’s conversion from an “S” Corporation to a “C” Corporation on May 2, 2012. Pro forma tax expense for the thirteen and thirty-nine weeks ended October 27, 2012 was calculated at an assumed combined federal, state and local effective tax rate of 40%, which approximates the calculated effective tax rate had the Company been a “C” Corporation during the thirteen and thirty-nine weeks ended October 27, 2012. | |
During the thirty-nine weeks ended October 27, 2012, the Company recorded a net income tax provision of $2.5 million. The net income tax provision comprised (1) a one-time deferred tax benefit of $3.0 million recognized upon the conversion to a “C” Corporation, (2) a provision of $2.0 million related to the period during fiscal year 2012 in which the Company was an “S” Corporation (January 29, 2012 through May 1, 2012) computed at the annual effective tax rate of 32.9% rather than the previously recognized 1.1% “S” Corporation effective tax rate and (3) a tax provision of $3.5 million related to the period in which the Company was a “C” Corporation (May 2, 2012 through October 27, 2012) at an annual effective tax rate of 32.9%. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
9. Earnings Per Share | |||||||||||||||||
Earnings per share is computed under the provisions of ASC Topic 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of common shares outstanding during the period. The Company’s common stock consists of two classes: Class A and Class B. The Class A and Class B common stock have identical rights, except with respect to voting and conversion. Diluted earnings per share for Class A common stock is calculated using the “if-converted” method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a one-for-one basis, as this method is more dilutive than the two-class method. Diluted earnings per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by the Company to purchase the common shares at the average market price during the period. Dilutive potential common shares represent outstanding stock options and restricted stock awards. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. The components of basic and diluted earnings per share of Class A and Class B common stock, in aggregate, are as follows (in thousands, except per share amounts): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 6,145 | $ | 9,294 | $ | 12,721 | $ | 14,052 | |||||||||
Weighted average basic shares outstanding | 27,884 | 27,658 | 27,768 | 24,979 | |||||||||||||
Dilutive effect of stock options and restricted stock | 282 | 421 | 323 | 424 | |||||||||||||
Weighted average shares for diluted earnings per share | 28,166 | 28,079 | 28,091 | 25,403 | |||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.34 | $ | 0.46 | $ | 0.56 | |||||||||
Diluted earnings per share | $ | 0.22 | $ | 0.33 | $ | 0.45 | $ | 0.55 | |||||||||
The earnings per share amounts are the same for Class A and Class B common stock, in aggregate, and individually for Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. | |||||||||||||||||
Excluded from the computation of the number of diluted weighted average shares outstanding were options to purchase 1,796,000 and 728,000 shares of Class A common stock for the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively, and 1,822,500 and 654,000 shares of Class A common stock for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively, as these shares would have been anti-dilutive. |
Related_Parties
Related Parties | 9 Months Ended |
Nov. 02, 2013 | |
Related Parties | ' |
10. Related Parties | |
The Company leases its corporate headquarters and distribution center (10 and 12 Whatney, Irvine, California) from a company that is owned by the co-founders of Tilly’s. On June 29, 2012, the Company exercised the first of its three five-year renewal options on this lease, with the renewal commencing on January 1, 2013. The lease now expires on December 31, 2017. The land component of this lease is accounted for as an operating lease and the building component is accounted for as a capital lease. The Company incurred rent expense of $0.2 million for both of the thirteen weeks ended November 2, 2013 and October 27, 2012 and $0.7 million for both of the thirty-nine weeks ended November 2, 2013 and October 27, 2012 for the operating component of this lease. The obligation under the capital lease was $3.4 million and $4.0 million as of November 2, 2013 and February 2, 2013, respectively. The gross amount of the building under capital lease was $7.8 million as of both November 2, 2013 and February 2, 2013. Accumulated depreciation of the building under capital lease was $5.7 million and $5.3 million as of November 2, 2013 and February 2, 2013, respectively. | |
The Company leases warehouse space (15 Chrysler, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease expires on October 31, 2014 and is being accounted for as an operating lease. The Company incurred rent expense of $0.1 million for both of the thirteen weeks ended November 2, 2013 and October 27, 2012 and $0.2 million for both of the thirty-nine weeks ended November 2, 2013 and October 27, 2012. The Company subleases part of the building to an unrelated third party. The sublease terminates on May 31, 2014. | |
The Company leases office and warehouse space (11 Whatney, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease expires on June 30, 2022 and is being accounted for as an operating lease. The Company occupied the building on June 29, 2012 and incurred rent expense of $0.1 million for both of the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively, and $0.3 million and $0.1 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. | |
The Company leases a building (17 Pasteur, Irvine, California) from a company that is owned by one of the co-founders of Tilly’s. The lease terminates on October 31, 2021 and is being accounted for as an operating lease. The Company intends to use this building as its e-commerce distribution center. Pursuant to the lease agreement, the Company requested during fiscal year 2012 that the landlord expand the building. Upon commencement of the building expansion, the Company returned the building to the landlord. As of February 2, 2013, the landlord returned the expanded building to the Company and monthly lease payments re-commenced by the Company in February 2013. The Company incurred rent expense of $0.3 million and $0.2 million for the thirteen weeks ended November 2, 2013 and October 27, 2012, respectively, and $0.8 million and $0.6 million for the thirty-nine weeks ended November 2, 2013 and October 27, 2012, respectively. | |
Prior to signing each of the related party leases above, the Company received an independent market analysis regarding the property and therefore believes that the terms of each lease are reasonable and are not materially different than terms the Company would have obtained from an unaffiliated third party. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Investments in Marketable Securities | ' | ||||||||||||||||
The following table summarizes the Company’s investments in marketable securities at November 2, 2013 and February 2, 2013 (in thousands): | |||||||||||||||||
November 2, 2013 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 29,934 | $ | 2 | $ | (4 | ) | $ | 29,932 | ||||||||
2-Feb-13 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 39,839 | $ | 31 | $ | (2 | ) | $ | 39,868 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments | ' | ||||||||||||||||||||||||
In accordance with the provisions of ASC 820, the Company categorized its financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands): | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market securities | $ | 19,290 | $ | — | $ | — | $ | 15,224 | $ | — | $ | — | |||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | — | 29,932 | — | — | 39,868 | — |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Assumptions Used to Estimate Fair Value of Stock Options Granted | ' | ||||||||||||||||
The fair values of stock options granted during the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012 were estimated on the grant date using the following assumptions: | |||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | ||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | ||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Expected option term(1) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | |||||||||||||
Expected volatility factor(2) | 55.00% | 57.6% - 62.9% | 55.0% - 56.2% | 57.6% - 62.9% | |||||||||||||
Risk-free interest rate(3) | 1.70% | 0.6% - 0.8% | 0.8% - 1.7% | 0.6% - 0.8% | |||||||||||||
Expected annual dividend yield | 0% | 0% | 0% | 0% | |||||||||||||
-1 | The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management’s expectation of exercise behavior. | ||||||||||||||||
-2 | Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards. | ||||||||||||||||
-3 | The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date. | ||||||||||||||||
Stock Option Activity under Stock Option Plan | ' | ||||||||||||||||
The following table summarizes the Company’s stock option activity for the thirty-nine weeks ended November 2, 2013 (aggregate intrinsic value in thousands): | |||||||||||||||||
Weighted | |||||||||||||||||
Grant Date | Average | ||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Stock | Average | Contractual | Intrinsic | ||||||||||||||
Options | Exercise Price | Life (in Years) | Value (1) | ||||||||||||||
Outstanding at February 2, 2013 | 2,133,625 | $ | 12.83 | ||||||||||||||
Granted year-to-date | 619,500 | 13.12 | |||||||||||||||
Exercised year-to-date | (280,460 | ) | 8.37 | ||||||||||||||
Forfeited year-to-date | (85,875 | ) | 15.34 | ||||||||||||||
Outstanding at November 2, 2013 | 2,386,790 | $ | 13.34 | 7.5 | $ | 4,419 | |||||||||||
Vested and expected to vest at November 2, 2013 | 2,199,894 | $ | 13.23 | 7.4 | $ | 4,292 | |||||||||||
Exercisable at November 2, 2013 | 1,019,790 | $ | 11.75 | 6 | $ | 3,422 | |||||||||||
-1 | Intrinsic value for stock options is defined as the difference between the market price of the Company’s Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The closing price of the Company’s Class A common stock on November 1, 2013 was $14.40 per share. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Components of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The components of basic and diluted earnings per share of Class A and Class B common stock, in aggregate, are as follows (in thousands, except per share amounts): | |||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||
November 2, | October 27, | November 2, | October 27, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 6,145 | $ | 9,294 | $ | 12,721 | $ | 14,052 | |||||||||
Weighted average basic shares outstanding | 27,884 | 27,658 | 27,768 | 24,979 | |||||||||||||
Dilutive effect of stock options and restricted stock | 282 | 421 | 323 | 424 | |||||||||||||
Weighted average shares for diluted earnings per share | 28,166 | 28,079 | 28,091 | 25,403 | |||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.34 | $ | 0.46 | $ | 0.56 | |||||||||
Diluted earnings per share | $ | 0.22 | $ | 0.33 | $ | 0.45 | $ | 0.55 | |||||||||
Description_of_Company_and_Bas
Description of Company and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | 3-May-12 | 9-May-12 | 3-May-12 | 3-May-12 | 9-May-12 | 9-May-12 | |
Store | Store | Store | Pro Forma | Pro Forma | IPO | IPO | IPO | IPO | IPO | IPO | |||
Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | ||||||||
Company | Stockholders | Stockholders | Overallotment Option Exercise By Underwriters | ||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 189 | ' | 189 | ' | 168 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 7,600,000 | 400,000 | 1,600,000 | 1,200,000 |
Stock issued, price per share | ' | ' | ' | ' | ' | ' | ' | ' | $15.50 | ' | ' | ' | ' |
Net proceed from issuance of initial public offering | ' | ' | ' | $106,789,000 | ' | ' | ' | $106,789,000 | ' | ' | ' | ' | ' |
Underwriting discount | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' |
Fees and expenses | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Repayment of note issued to shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,000,000 | ' | ' |
Effective Tax Rate | 40.30% | 32.90% | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' |
Adjustment to diluted weighted average shares outstanding | 282,000 | 421,000 | 323,000 | 424,000 | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Investments_in_Marketable_Secu
Investments in Marketable Securities (Detail) (Commercial Paper, USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Commercial Paper | ' | ' |
Financial Instruments And Marketable Securities [Line Items] | ' | ' |
Cost | $29,934 | $39,839 |
Gross Unrealized Holding Gains | 2 | 31 |
Gross Unrealized Holding Losses | -4 | -2 |
Estimated Fair Value | $29,932 | $39,868 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Nov. 02, 2013 |
Commercial Paper | Commercial Paper | |||
Schedule Of Marketable Securities [Line Items] | ' | ' | ' | ' |
Gain loss on investments | $161 | ($28) | $42 | $161 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 9 Months Ended |
Nov. 02, 2013 | |
Line of Credit Facility [Line Items] | ' |
Line of credit amended date | 3-May-12 |
Letters of credit facility maximum borrowing capacity | $25,000,000 |
Line of credit maturity date | 3-May-14 |
Line of credit interest rate term | 'Interest charged on borrowings is either at the London Interbank Offered Rate ("LIBOR") plus 1.75%, or at the bank's prime rate. The Company has the ability to select between the prime or LIBOR-based rate at the time of a cash advance. |
Line of credit, percentage point added to reference rate | 1.75% |
Covenant description | 'The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants contain requirements for certain levels of liquidity and profitability, such as: (i) a minimum current asset to current liability ratio of 1.25 to 1.00, (ii) a net profit before tax of at least $1, determined as of the end of each fiscal quarter on a cumulative rolling four-quarter basis, excluding a non-cash expense of up to a maximum of $2.0 million for the write-off of impaired fixed assets for that period and (iii) a maximum ratio of 4.00 to 1.00 for bfunded debtb to bEBITDARb, where bfunded debtb includes credit facility borrowings, capital lease debt and eight times annual operating lease rent expense, and bEBITDARb includes net income before interest, income taxes, depreciation, amortization and rent expense. |
Covenant compliance | 'The Company was in compliance with all of its covenants and had no outstanding borrowings under the line of credit. |
Outstanding borrowing | 0 |
Minimum | ' |
Line of Credit Facility [Line Items] | ' |
Current asset to current liability ratio | 1.25 |
Net profit before tax | 1 |
Maximum | ' |
Line of Credit Facility [Line Items] | ' |
Non-cash expense | 2,000,000 |
Funded debt to EBITDAR | 4 |
Stand-by and Commercial Letters of Credit | Maximum | ' |
Line of Credit Facility [Line Items] | ' |
Letters of credit facility maximum borrowing capacity | $15,000,000 |
Financial_Assets_Categorized_B
Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Commercial Paper | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $29,932 | $39,868 |
Fair Value, Inputs, Level 1 | Cash Equivalents | Money Market Instruments | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Cash equivalents | 19,290 | 15,224 |
Fair Value, Inputs, Level 2 | Marketable Securities | Commercial Paper | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $29,932 | $39,868 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Mar. 25, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Aug. 03, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Aug. 03, 2013 | Nov. 02, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | Jun. 12, 2013 | |
IPO | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | ||||||
Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Class A common stock | Class A common stock | Class A common stock | Class A common stock | Class A common stock | ||||||||
Installment | Installment | Installment | Stock Options | Stock Options | Stock Options | Stock Options | Director Stock Option | |||||||||||
Minimum | Maximum | Installment | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | 619,500 | ' | ' | ' | ' | 554,500 | ' | ' | ' | ' | ' | 50,000 | 15,000 | ' | ' | 4,944 |
Exercise price of options | $13.34 | ' | $13.34 | ' | $12.83 | ' | ' | $12.82 | ' | ' | ' | ' | ' | ' | $13.85 | $16.18 | $16.24 | ' |
Share-based compensation arrangement by share-based payment award, award vest | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 4 | 4 | ' | ' | ' | ' | ' | 2 |
Fair value of stock option granted | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $500,000 | ' | $3,900,000 | $6,600,000 | ' | ' | ' | ' | $300,000 |
Weighted average recognition period | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '2 years |
Common shares authorized | ' | ' | ' | ' | ' | ' | 2,913,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | ' | ' | ' | ' | ' | ' | 1,604,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 700,000 | 700,000 | 2,373,000 | 8,893,000 | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized stock-based compensation expense related to untested stock options and restricted stock grants | $6,800,000 | ' | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions_Used_to_Estimate_F
Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) | 3 Months Ended | 9 Months Ended | ||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||
Expected option term | '5 years | [1] | '5 years | [1] | '5 years | [1] | '5 years | [1] |
Expected volatility factor | 55.00% | [2] | ' | ' | ' | |||
Expected volatility factor, minimum | ' | 57.60% | [2] | 55.00% | [2] | 57.60% | [2] | |
Expected volatility factor, maximum | ' | 62.90% | [2] | 56.20% | [2] | 62.90% | [2] | |
Risk-free interest rate | 1.70% | [3] | ' | ' | ' | |||
Risk-free interest rate, minimum | ' | 0.60% | [3] | 0.80% | [3] | 0.60% | [3] | |
Risk-free interest rate, maximum | ' | 0.80% | [3] | 1.70% | [3] | 0.80% | [3] | |
Expected annual dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | ||||
[1] | The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected option term of the awards using historical data available from comparable public companies and management's expectation of exercise behavior. | |||||||
[2] | Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company's competitors' common stock over the most recent period equal to the expected option term of the Company's awards. | |||||||
[3] | The risk-free interest rate is determined using the rate on treasury securities with the same term as the expected life of the stock option as of the grant date. |
Stock_Option_Activity_Under_St
Stock Option Activity Under Stock Option Plan (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 02, 2013 | |
Stock options | ' | |
Beginning Balance | 2,133,625 | |
Granted | 619,500 | |
Exercised | -280,460 | |
Forfeited | -85,875 | |
Ending Balance | 2,386,790 | |
Vested and expected to vest ending balance | 2,199,894 | |
Exercisable ending balance | 1,019,790 | |
Grant date weighted average exercise price | ' | |
Beginning Balance | $12.83 | |
Granted | $13.12 | |
Exercised | $8.37 | |
Forfeited | $15.34 | |
Ending Balance | $13.34 | |
Vested and expected to vest ending balance | $13.23 | |
Exercisable ending balance | $11.75 | |
Weighted average remaining contractual life | ' | |
Outstanding at end of period | '7 years 6 months | |
Vested and expected to vest end of period | '7 years 4 months 24 days | |
Exercisable end of period | '6 years | |
Aggregate intrinsic value | ' | |
Outstanding at end of period | $4,419 | [1] |
Vested and expected to vest ending balance | 4,292 | [1] |
Exercisable ending balance | $3,422 | [1] |
[1] | Intrinsic value for stock options is defined as the difference between the market price of the Company's Class A common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The closing price of the Company's Class A common stock on November 1, 2013 was $14.40 per share. |
Stock_Option_Activity_Under_St1
Stock Option Activity Under Stock Option Plan (Parenthetical) (Detail) (Class A common stock, USD $) | Nov. 01, 2013 |
Class A common stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Market value per share | $14.40 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Oct. 27, 2012 | 1-May-12 | Oct. 27, 2012 | Oct. 27, 2012 | Oct. 27, 2012 | 1-May-12 | 1-May-12 |
C Corporation | C Corporation | S Corporation shareholders | Pro Forma | Pro Forma | Actual | Actual | Scenario, Previously Reported | |||||
C Corporation | S Corporation shareholders | S Corporation shareholders | ||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective income tax rate | 40.30% | 32.90% | ' | ' | ' | ' | ' | 40.00% | 40.00% | 32.90% | 32.90% | 1.10% |
Assumed combined federal, state and local effective tax rate | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' |
Income tax expense | $4,121 | $4,532 | $8,566 | $2,478 | $3,500 | ' | $2,000 | $5,530 | $6,612 | ' | ' | ' |
Deferred Income tax benefit Recognized | ' | ' | $351 | $6,325 | ' | $3,000 | ' | ' | ' | ' | ' | ' |
Components_of_Basic_and_Dilute
Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Net income | $6,145 | $9,294 | $12,721 | $14,052 |
Weighted average basic shares outstanding | 27,884 | 27,658 | 27,768 | 24,979 |
Dilutive effect of stock options and restricted stock | 282 | 421 | 323 | 424 |
Weighted average common shares for diluted earnings per share | 28,166 | 28,079 | 28,091 | 25,403 |
Class A and Class B common stock | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Basic earnings per share | $0.22 | $0.34 | $0.46 | $0.56 |
Diluted earnings per share | $0.22 | $0.33 | $0.45 | $0.55 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Class A common stock) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Class A common stock | ' | ' | ' | ' |
Computation Of Earnings Per Share Line Items | ' | ' | ' | ' |
Excluded from the computation of the number of diluted weighted average shares outstanding | 1,796,000 | 728,000 | 1,822,500 | 654,000 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (Related Party, USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Building | 17 Pasteur, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 31-Oct-21 | ' | ' |
Rent expense | $0.30 | $0.20 | $0.80 | $0.60 | ' |
Corporate headquarters and distribution center | 10 and 12 Whatney, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 31-Dec-17 | ' | ' |
Rent expense | 0.2 | 0.2 | 0.7 | 0.7 | ' |
Capital lease obligation outstanding | 3.4 | ' | 3.4 | ' | 4 |
Gross amount of building under capital lease | 7.8 | ' | 7.8 | ' | 7.8 |
Accumulated depreciation of the building under capital lease | 5.7 | ' | 5.7 | ' | 5.3 |
Warehouse space lease | 15 Chrysler, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | 31-Oct-14 | ' | ' | ' |
Rent expense | 0.1 | 0.1 | 0.2 | 0.2 | ' |
Warehouse space lease | 15 Chrysler, Irvine, California | Sublease | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | 31-May-14 | ' | ' | ' |
Office and warehouse space | 11 Whatney, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 30-Jun-22 | ' | ' |
Rent expense | $0.10 | $0.10 | $0.30 | $0.10 | ' |