Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Aug. 02, 2014 | Sep. 04, 2014 | Sep. 04, 2014 | |
Class A common stock | Class B common stock | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 2-Aug-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Trading Symbol | 'TLYS | ' | ' |
Entity Registrant Name | 'TILLY'S, INC. | ' | ' |
Entity Central Index Key | '0001524025 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,496,686 | 16,574,265 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 02, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $32,408 | $25,412 |
Marketable securities | 24,961 | 34,943 |
Receivables | 10,295 | 8,545 |
Merchandise inventories | 70,387 | 46,266 |
Prepaid expenses and other current assets | 12,133 | 11,772 |
Total current assets | 150,184 | 126,938 |
Property and equipment, net | 105,937 | 100,936 |
Other assets | 4,989 | 4,533 |
Total assets | 261,110 | 232,407 |
Current liabilities: | ' | ' |
Accounts payable | 38,055 | 19,645 |
Deferred revenue | 4,777 | 6,214 |
Accrued compensation and benefits | 5,757 | 4,975 |
Accrued expenses | 16,778 | 9,241 |
Current portion of deferred rent | 5,905 | 5,395 |
Current portion of capital lease obligation/Related party (Note 10) | 782 | 758 |
Total current liabilities | 72,054 | 46,228 |
Long-term portion of deferred rent | 42,242 | 42,756 |
Long-term portion of capital lease obligation/Related party (Note 10) | 2,103 | 2,500 |
Total long-term liabilities | 44,345 | 45,256 |
Total liabilities | 116,399 | 91,484 |
Commitments and contingencies (Note 5) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; August 2, 2014 and February 1, 2014 - 10,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 124,829 | 122,886 |
Retained earnings | 19,854 | 17,997 |
Accumulated other comprehensive income | ' | 12 |
Total stockholders' equity | 144,711 | 140,923 |
Total liabilities and stockholders' equity | 261,110 | 232,407 |
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 $) | Aug. 02, 2014 | Feb. 01, 2014 |
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 | 11,497 | 11,361 |
Common stock, shares outstanding | 11,497 | 11,361 |
Class B common stock | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 16,574 | 16,642 |
Common stock, shares outstanding | 16,574 | 16,642 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Net sales | $123,060 | $123,043 | $234,194 | $232,161 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 88,405 | 85,155 | 168,212 | 162,467 |
Gross profit | 34,655 | 37,888 | 65,982 | 69,694 |
Selling, general and administrative expenses | 32,326 | 30,689 | 62,576 | 58,578 |
Operating income | 2,329 | 7,199 | 3,406 | 11,116 |
Other income (expense), net | 4 | -47 | 3 | -96 |
Income before income taxes | 2,333 | 7,152 | 3,409 | 11,020 |
Income tax expense | 1,067 | 2,885 | 1,552 | 4,445 |
Net income | $1,266 | $4,267 | $1,857 | $6,575 |
Basic earnings per share | $0.05 | $0.15 | $0.07 | $0.24 |
Diluted earnings per share | $0.05 | $0.15 | $0.07 | $0.23 |
Weighted average basic shares outstanding | 28,014 | 27,727 | 27,999 | 27,710 |
Weighted average diluted shares outstanding | 28,049 | 28,080 | 28,100 | 28,053 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Net income | $1,266 | $4,267 | $1,857 | $6,575 |
Other comprehensive income: | ' | ' | ' | ' |
Net change in unrealized gain/loss on available-for-sale securities | -12 | -21 | -12 | -7 |
Other comprehensive income | -12 | -21 | -12 | -7 |
Comprehensive income | $1,254 | $4,246 | $1,845 | $6,568 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Class A common stock | Class B common stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance at Feb. 01, 2014 | $140,923 | ' | ' | $28 | $122,886 | $17,997 | $12 |
Beginning Balance (in shares) at Feb. 01, 2014 | ' | 11,361,000 | 16,642,000 | ' | ' | ' | ' |
Net income | 1,857 | ' | ' | ' | ' | 1,857 | ' |
Restricted stock | ' | 49,000 | ' | ' | ' | ' | ' |
Shares converted by founders | ' | 68,000 | -68,000 | ' | ' | ' | ' |
Excess tax deficiencies from stock-based compensation | -125 | ' | ' | ' | -125 | ' | ' |
Stock-based compensation expense | 1,903 | ' | ' | ' | 1,903 | ' | ' |
Exercise of stock options (in shares) | 19,250 | 19,000 | ' | ' | ' | ' | ' |
Exercise of stock options | 165 | ' | ' | ' | 165 | ' | ' |
Net change in unrealized gain/loss on available-for-sale securities | -12 | ' | ' | ' | ' | ' | -12 |
Ending Balance at Aug. 02, 2014 | $144,711 | ' | ' | $28 | $124,829 | $19,854 | ' |
Ending Balance (in shares) at Aug. 02, 2014 | ' | 11,497,000 | 16,574,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $1,857 | $6,575 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,182 | 9,425 |
Loss on disposal of assets | 39 | 111 |
Gain on sales and maturities of marketable securities | -77 | -119 |
Deferred income taxes | 334 | 558 |
Stock-based compensation expense | 1,903 | 1,655 |
Excess tax benefit from stock-based compensation | ' | -40 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -1,750 | -4,979 |
Merchandise inventories | -24,121 | -16,804 |
Prepaid expenses and other assets | -1,268 | -1,843 |
Accounts payable | 18,397 | 16,564 |
Accrued expenses | 6,906 | 4,378 |
Accrued compensation and benefits | 782 | -839 |
Deferred rent | -4 | 3,805 |
Deferred revenue | -1,437 | -1,289 |
Net cash provided by operating activities | 11,743 | 17,158 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -14,587 | -23,789 |
Proceeds from sale of property and equipment | 9 | 19 |
Purchases of marketable securities | -24,961 | -14,960 |
Maturities of marketable securities | 35,000 | 25,000 |
Net cash used in investing activities | -4,539 | -13,730 |
Cash flows from financing activities | ' | ' |
Payment of capital lease obligation | -373 | -351 |
Proceeds from exercise of stock options | 165 | 452 |
Excess tax benefit from stock-based compensation | ' | 40 |
Net cash (used in) provided by financing activities | -208 | 141 |
Change in cash and cash equivalents | 6,996 | 3,569 |
Cash and cash equivalents, beginning of period | 25,412 | 17,314 |
Cash and cash equivalents, end of period | 32,408 | 20,883 |
Supplemental disclosures of cash flow information | ' | ' |
Interest paid | 97 | 132 |
Income taxes paid | 63 | 4,294 |
Supplemental disclosure of non-cash activities | ' | ' |
Unpaid purchases of property and equipment | $2,992 | $2,284 |
Description_of_the_Company_and
Description of the Company and Basis of Presentation | 6 Months Ended | |
Aug. 02, 2014 | ||
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, or 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 203 and 195 stores as of August 2, 2014 and February 1, 2014, 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, or the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S., or 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 twenty-six weeks ended August 2, 2014 and August 3, 2013 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 1, 2014. | ||
Fiscal Periods | ||
The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended August 2, 2014 and August 3, 2013 refer to the thirteen-week periods ended as of those dates. | ||
Correction to the Consolidated Statement of Income | ||
The Company identified a prior period error related to the classification of stock-based compensation. Accordingly, the Company has corrected the accompanying consolidated statement of income for the thirteen and twenty-six weeks ended August 3, 2013. The Company identified $0.3 million and $0.7 million of stock-based compensation for the thirteen and twenty-six weeks ended August 3, 2013, respectively, previously included in selling, general and administrative expenses that should have been presented as a component of cost of goods sold. The error had no impact on the amounts previously reported in the Company’s consolidated balance sheet and statement of comprehensive income, and had no impact on net income. Management has evaluated the materiality of the error quantitatively and qualitatively and has concluded that the correction of this error is immaterial to the consolidated statement of income and the consolidated financial statements as a whole. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Aug. 02, 2014 | ||
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 1, 2014. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
3 | Marketable Securities | ||||||||||||||||
Marketable securities are classified as available-for-sale and, as of August 2, 2014 and February 1, 2014, 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 August 2, 2014 and February 1, 2014 (in thousands): | |||||||||||||||||
August 2, 2014 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 24,962 | $ | 3 | $ | (4 | ) | $ | 24,961 | ||||||||
1-Feb-14 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 34,923 | $ | 23 | $ | (3 | ) | $ | 34,943 | ||||||||
For the thirteen and twenty-six weeks ended August 2, 2014, the Company recognized gains on investments of $40 thousand and $77 thousand, respectively, for commercial paper which matured during the period. 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 | 6 Months Ended | |
Aug. 02, 2014 | ||
Line of Credit | ' | |
4 | Line of Credit | |
On May 3, 2012, the Company entered into an amended and restated credit agreement with Wells Fargo Bank, N.A., which the Company amended on March 17, 2014 to extend the maturity date, reduce the borrowing rate, eliminate a fee of 0.10% on the average daily unused amount on the line of credit, eliminate certain financial covenants related to current liabilities, funded debt and net profits, and add certain new covenants relating to total net losses and maximum balance sheet leverage. The amended credit facility, which was effective as of February 3, 2014, continues to provide for a $25.0 million revolving line of credit, with a maturity date of May 31, 2017. The interest charged on borrowings is either at the London Interbank Offered Rate, or LIBOR, plus 1.00%, or at the bank’s prime rate. The Company has the ability to select between the prime rate or LIBOR-based rate at the time of a cash advance. The revolving credit facility is secured by substantially all of the Company’s assets. As a sub-feature under the revolving credit facility, Wells Fargo may issue 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 require certain levels of leverage and profitability, such as (i) an aggregate maximum net loss after taxes not to exceed $5 million (measured at the end of each fiscal quarter), with no more than one annual net loss after taxes for any fiscal year (in either case, excluding all charges for impairment of goodwill, other intangibles and store assets impairment on the Company’s balance sheet, in an aggregate amount of up to $2.0 million for the relevant period), and (ii) a maximum ratio of 2.00 to 1.00 for “balance sheet leverage”, defined as total liabilities divided by total tangible net worth. | ||
As of August 2, 2014, the Company was in compliance with all of its covenants and had no outstanding borrowings under the revolving credit facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Aug. 02, 2014 | ||
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 have amended the complaint and discovery is in the early stages. The complaint seeks certification of a class, unspecified damages, injunctive relief and attorneys’ fees. The Company 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 and affirmed on appeal. The Company intends to defend this case vigorously. | ||
Karina Whitten, on behalf of herself and all others similarly situated, v. Tilly’s Inc., Superior Court of California, County of Los Angeles, Case No, BC 548252. On June 10, 2014, plaintiff filed a putative class action and representative Private Attorney General Act 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. The complaint seeks class certification, penalties, restitution, injunctive relief and attorneys’ fees and costs. The case is currently stayed pending a case management conference in September 2014. The Company intends to defend the case vigorously. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
6 | Fair Value Measurements | ||||||||||||||||||||||||
Financial Accounting Standards Board Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosure, or 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 twenty-six weeks ended August 2, 2014 and August 3, 2013, the Company did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of August 2, 2014 and February 1, 2014, 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): | |||||||||||||||||||||||||
August 2, 2014 | February 1, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market securities | $ | 25,355 | $ | — | $ | — | $ | 25,316 | $ | — | $ | — | |||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | — | 24,961 | — | — | 34,943 | — |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7 | Stock-Based Compensation | ||||||||||||||||
On March 24, 2014, the Company granted stock options to purchase a total of 812,500 shares of Class A common stock under the Tilly’s 2012 Equity and Incentive Award Plan, or the 2012 Plan. The exercise price of these awards is $12.31, 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 total grant date fair value of stock options granted during the thirteen and twenty-six weeks ended August 2, 2014 was $34 thousand and $4.3 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 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 value of stock options granted during the thirteen and twenty-six weeks ended August 2, 2014 and August 3, 2013 was estimated on the grant date using the following assumptions: | |||||||||||||||||
Thirteen | Thirteen | Twenty-Six | Twenty-Six | ||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | ||||||||||||||
August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | ||||||||||||||
Expected option term(1) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | |||||||||||||
Expected volatility factor(2) | 45.2% - 45.3% | 55.8% - 56.0% | 45.2% - 46.9% | 55.8% - 56.2% | |||||||||||||
Risk-free interest rate(3) | 1.80% | 1.0% - 1.2% | 1.80% | 0.8% - 1.2% | |||||||||||||
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 twenty-six weeks ended August 2, 2014 (aggregate intrinsic value in thousands): | |||||||||||||||||
Stock | Grant Date | Weighted | Aggregate | ||||||||||||||
Options | Weighted | Average | Intrinsic | ||||||||||||||
Average | Remaining | Value(1) | |||||||||||||||
Exercise Price | Contractual | ||||||||||||||||
Life (in Years) | |||||||||||||||||
Outstanding at February 1, 2014 | 2,356,790 | $ | 13.31 | ||||||||||||||
Granted | 822,500 | 12.26 | |||||||||||||||
Exercised | (19,250 | ) | 8.59 | ||||||||||||||
Forfeited | (135,750 | ) | 14.34 | ||||||||||||||
Outstanding at August 2, 2014 | 3,024,290 | $ | 13.01 | 7.5 | $ | 130 | |||||||||||
Vested and expected to vest at August 2, 2014 | 2,883,133 | $ | 13.01 | 7.5 | $ | 130 | |||||||||||
Exercisable at August 2, 2014 | 1,347,540 | $ | 12.52 | 5.9 | $ | 130 | |||||||||||
-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 market value per share was $7.46 at August 1, 2014. | ||||||||||||||||
On June 11, 2014, the Company granted 9,674 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 11, 2015, 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. | |||||||||||||||||
On June 11, 2014, the Company’s stockholders approved the Amended and Restated Tilly’s 2012 Equity and Incentive Award Plan, or the Amended Plan, which increases the aggregate number of shares reserved for issuance thereunder by 1,500,000 shares, from 2,913,900 shares to a total of 4,413,900 shares, of which 2,322,601 shares were still available for issuance as of August 2, 2014. The Company recorded a total of $1.1 million and $1.9 million of stock-based compensation expense in the thirteen and twenty-six weeks ended August 2, 2014, respectively. At August 2, 2014, there was $8.8 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 2.7 years. |
Income_Taxes
Income Taxes | 6 Months Ended | |
Aug. 02, 2014 | ||
Income Taxes | ' | |
8 | Income Taxes | |
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 (loss) to estimate the Company’s annual effective tax rate. | ||
The Company’s effective income tax rate for the thirteen and twenty-six weeks ended August 2, 2014, was 45.7% and 45.5%, respectively. The Company’s effective income tax rates reflect the write-off of deferred tax assets related to the forfeiture of vested stock options in the first and second quarters of fiscal 2014, which represent discrete items. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
9 | Earnings Per Share | ||||||||||||||||
Net income per share is computed under the provisions of ASC Topic 260, Earnings Per Share. Basic net income per share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, 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 components of basic and diluted net income per share are as follows (in thousands, except per share amounts): | |||||||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,266 | $ | 4,267 | $ | 1,857 | $ | 6,575 | |||||||||
Weighted average basic shares outstanding | 28,014 | 27,727 | 27,999 | 27,710 | |||||||||||||
Dilutive effect of stock options and restricted stock | 35 | 353 | 101 | 343 | |||||||||||||
Weighted average shares for diluted earnings per share | 28,049 | 28,080 | 28,100 | 28,053 | |||||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.15 | $ | 0.07 | $ | 0.24 | |||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.15 | $ | 0.07 | $ | 0.23 | |||||||||
Related_Parties
Related Parties | 6 Months Ended | |
Aug. 02, 2014 | ||
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 August 2, 2014 and August 3, 2013 and $0.4 million for both of the twenty-six weeks ended August 2, 2014 and August 3, 2013 for the operating component of this lease. The initial obligation at inception under the capital lease was $9.2 million, with an outstanding balance of $2.9 million and $3.3 million as of August 2, 2014 and February 1, 2014, respectively. The gross amount of the building under capital lease was $7.8 million as of both August 2, 2014 and February 1, 2014. The gross amount of accumulated depreciation of the building under capital lease was $6.1 million and $5.8 million as of August 2, 2014 and February 1, 2014, 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 August 2, 2014 and August 3, 2013 and $0.1 million for both of the twenty-six weeks ended August 2, 2014 and August 3, 2013. As of August 2, 2014, the Company subleases part of the building to an unrelated third party on a month-to-month basis. | ||
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 August 2, 2014 and August 3, 2013 and $0.2 million for both of the twenty-six weeks ended August 2, 2014 and August 3, 2013. | ||
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 uses 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 for both of the thirteen weeks ended August 2, 2014 and August 3, 2013 and $0.5 million for both of the twenty-six weeks ended August 2, 2014 and August 3, 2013. | ||
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) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Investments in Marketable Securities | ' | ||||||||||||||||
The following table summarizes the Company’s investments in marketable securities at August 2, 2014 and February 1, 2014 (in thousands): | |||||||||||||||||
August 2, 2014 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 24,962 | $ | 3 | $ | (4 | ) | $ | 24,961 | ||||||||
1-Feb-14 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Holding | Holding | ||||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 34,923 | $ | 23 | $ | (3 | ) | $ | 34,943 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
August 2, 2014 | February 1, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||
Money market securities | $ | 25,355 | $ | — | $ | — | $ | 25,316 | $ | — | $ | — | |||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Commercial paper | — | 24,961 | — | — | 34,943 | — |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Assumptions Used to Estimate Fair Value of Stock Options Granted | ' | ||||||||||||||||
The fair value of stock options granted during the thirteen and twenty-six weeks ended August 2, 2014 and August 3, 2013 was estimated on the grant date using the following assumptions: | |||||||||||||||||
Thirteen | Thirteen | Twenty-Six | Twenty-Six | ||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | ||||||||||||||
August 2, 2014 | August 3, 2013 | August 2, 2014 | August 3, 2013 | ||||||||||||||
Expected option term(1) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | |||||||||||||
Expected volatility factor(2) | 45.2% - 45.3% | 55.8% - 56.0% | 45.2% - 46.9% | 55.8% - 56.2% | |||||||||||||
Risk-free interest rate(3) | 1.80% | 1.0% - 1.2% | 1.80% | 0.8% - 1.2% | |||||||||||||
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 twenty-six weeks ended August 2, 2014 (aggregate intrinsic value in thousands): | |||||||||||||||||
Stock | Grant Date | Weighted | Aggregate | ||||||||||||||
Options | Weighted | Average | Intrinsic | ||||||||||||||
Average | Remaining | Value(1) | |||||||||||||||
Exercise Price | Contractual | ||||||||||||||||
Life (in Years) | |||||||||||||||||
Outstanding at February 1, 2014 | 2,356,790 | $ | 13.31 | ||||||||||||||
Granted | 822,500 | 12.26 | |||||||||||||||
Exercised | (19,250 | ) | 8.59 | ||||||||||||||
Forfeited | (135,750 | ) | 14.34 | ||||||||||||||
Outstanding at August 2, 2014 | 3,024,290 | $ | 13.01 | 7.5 | $ | 130 | |||||||||||
Vested and expected to vest at August 2, 2014 | 2,883,133 | $ | 13.01 | 7.5 | $ | 130 | |||||||||||
Exercisable at August 2, 2014 | 1,347,540 | $ | 12.52 | 5.9 | $ | 130 | |||||||||||
-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 market value per share was $7.46 at August 1, 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 02, 2014 | |||||||||||||||||
Components of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The components of basic and diluted net income per share are as follows (in thousands, except per share amounts): | |||||||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,266 | $ | 4,267 | $ | 1,857 | $ | 6,575 | |||||||||
Weighted average basic shares outstanding | 28,014 | 27,727 | 27,999 | 27,710 | |||||||||||||
Dilutive effect of stock options and restricted stock | 35 | 353 | 101 | 343 | |||||||||||||
Weighted average shares for diluted earnings per share | 28,049 | 28,080 | 28,100 | 28,053 | |||||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.15 | $ | 0.07 | $ | 0.24 | |||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.15 | $ | 0.07 | $ | 0.23 | |||||||||
Description_of_Company_and_Bas
Description of Company and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Feb. 01, 2014 | Aug. 03, 2013 | Aug. 03, 2013 |
Store | Store | Store | Restatement Adjustment | Restatement Adjustment | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Stores | 203 | 203 | ' | 195 | ' | ' |
Stock-based compensation expense | $1,100 | $1,903 | $1,655 | ' | $300 | $700 |
Investments_in_Marketable_Secu
Investments in Marketable Securities (Detail) (Commercial Paper, USD $) | Aug. 02, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Commercial Paper | ' | ' |
Financial Instruments And Marketable Securities [Line Items] | ' | ' |
Cost | $24,962 | $34,923 |
Gross Unrealized Holding Gains | 3 | 23 |
Gross Unrealized Holding Losses | -4 | -3 |
Estimated Fair Value | $24,961 | $34,943 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gain on sales and maturities of marketable securities | $40 | $77 | $119 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 17, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit amended date | 17-Mar-14 | ' | ' | ' | ' |
Eliminated percentage of commitment fee on the unused amount of facility | 0.10% | ' | ' | ' | ' |
Letters of credit facility maximum borrowing capacity | $25,000,000 | ' | ' | ' | ' |
Line of credit maturity date | 31-May-17 | ' | ' | ' | ' |
Line of credit interest rate term | ' | ' | ' | 'The interest charged on borrowings is either at the London Interbank Offered Rate, or LIBOR, plus 1.00%, or at the bank's prime rate. The Company has the ability to select between the prime rate or LIBOR-based rate at the time of a cash advance. | ' |
Covenant description | ' | ' | ' | 'The Company is required to maintain certain financial and nonfinancial covenants in accordance with the revolving credit facility. The financial covenants require certain levels of leverage and profitability, such as (i) an aggregate maximum net loss after taxes not to exceed $5 million (measured at the end of each fiscal quarter), with no more than one annual net loss after taxes for any fiscal year (in either case, excluding all charges for impairment of goodwill, other intangibles and store assets impairment on the balance sheet of WOJT, in an aggregate amount of up to $2.0 million for the relevant period), and (ii) a maximum ratio of 2.00 to 1.00 for bbalance sheet leverageb, defined as total liabilities divided by total tangible net worth. | ' |
Net loss after taxes | ' | 1,266,000 | 4,267,000 | 1,857,000 | 6,575,000 |
Covenant compliance | ' | ' | ' | 'The Company was in compliance with all of its covenants and had no outstanding borrowings under the revolving credit facility. | ' |
Outstanding borrowing | ' | 0 | ' | 0 | ' |
London Interbank Offered Rate (LIBOR) | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, percentage point added to reference rate | 1.00% | ' | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Net loss after taxes | -5,000,000 | ' | ' | ' | ' |
Balance sheet leverage | 200.00% | ' | ' | ' | ' |
Asset impairment | ' | ' | ' | 2,000,000 | ' |
Stand-by and Commercial Letters of Credit | ' | ' | ' | ' | ' |
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 $) | Aug. 02, 2014 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Commercial Paper | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $24,961 | $34,943 |
Fair Value, Inputs, Level 1 | Cash Equivalents | Money Market Instruments | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Cash equivalents | 25,355 | 25,316 |
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 | $24,961 | $34,943 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Jun. 11, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Aug. 03, 2013 | Feb. 01, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | Aug. 02, 2014 | Aug. 02, 2014 | Mar. 24, 2014 | Mar. 24, 2014 | Jun. 11, 2014 | |
After Amendment | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | Stock Incentive Plan 2012 | ||||||
Before Amendment | Stock Options | Stock Options | Class A common stock | Class A common stock | Class A common stock | |||||||
Stock Options | Stock Options | Restricted Stock | ||||||||||
Installment | Director | |||||||||||
Installment | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | 822,500 | ' | ' | ' | ' | ' | ' | 812,500 | ' | ' |
Exercise price of options | ' | $13.01 | $13.01 | ' | $13.31 | ' | ' | ' | ' | ' | $12.31 | ' |
Share-based compensation arrangement by share-based payment award, award vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 2 |
Fair value of stock option granted | ' | ' | ' | ' | ' | ' | ' | $34,000 | $4,300,000 | ' | ' | ' |
Weighted average recognition period | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | '4 years | ' | ' | '2 years |
Restricted shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,674 |
Number of directors to whom shares were granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Restricted shares grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Common shares authorized, increase in number of shares reserved for issuance | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares authorized | ' | ' | ' | ' | ' | 4,413,900 | 2,913,900 | ' | ' | ' | ' | ' |
Shares available for issuance | ' | 2,322,601 | 2,322,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 1,100,000 | 1,903,000 | 1,655,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants | ' | $8,800,000 | $8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions_Used_to_Estimate_F
Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) | 3 Months Ended | 6 Months Ended | ||||||
Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | |||||
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, minimum | 45.20% | [2] | 55.80% | [2] | 45.20% | [2] | 55.80% | [2] |
Expected volatility factor, maximum | 45.30% | [2] | 56.00% | [2] | 46.90% | [2] | 56.20% | [2] |
Risk-free interest rate, minimum | 1.80% | [3] | 1.00% | [3] | 1.80% | [3] | 0.80% | [3] |
Risk-free interest rate, maximum | ' | 1.20% | [3] | ' | 1.20% | [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 $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Aug. 02, 2014 | |
Stock options | ' | |
Beginning balance | 2,356,790 | |
Granted | 822,500 | |
Exercised | -19,250 | |
Forfeited | -135,750 | |
Ending balance | 3,024,290 | |
Vested and expected to vest ending balance | 2,883,133 | |
Exercisable ending balance | 1,347,540 | |
Grant date weighted average exercise price | ' | |
Beginning balance | $13.31 | |
Granted | $12.26 | |
Exercised | $8.59 | |
Forfeited | $14.34 | |
Ending balance | $13.01 | |
Vested and expected to vest ending balance | $13.01 | |
Exercisable ending balance | $12.52 | |
Average remaining contractual life | ' | |
Outstanding at end of period | '7 years 6 months | |
Vested and expected to vest end of period | '7 years 6 months | |
Exercisable ending balance | '5 years 10 months 24 days | |
Aggregate intrinsic value | ' | |
Outstanding at end of period | $130 | [1] |
Vested and expected to vest ending balance | 130 | [1] |
Exercisable ending balance | $130 | [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 market value per share was $7.46 at August 1, 2014. |
Stock_Option_Activity_Under_St1
Stock Option Activity Under Stock Option Plan (Parenthetical) (Detail) (Class A common stock, USD $) | Aug. 01, 2014 |
Class A common stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Market value per share | $7.46 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended |
Aug. 02, 2014 | Aug. 02, 2014 | |
Income Taxes [Line Items] | ' | ' |
Effective income tax rate | 45.70% | 45.50% |
Components_of_Basic_and_Dilute
Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Net income | $1,266 | $4,267 | $1,857 | $6,575 |
Weighted average basic shares outstanding | 28,014 | 27,727 | 27,999 | 27,710 |
Dilutive effect of stock options and restricted stock | 35 | 353 | 101 | 343 |
Weighted average common shares for diluted earnings per share | 28,049 | 28,080 | 28,100 | 28,053 |
Basic earnings per share | $0.05 | $0.15 | $0.07 | $0.24 |
Diluted earnings per share | $0.05 | $0.15 | $0.07 | $0.23 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (Related Party, USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Aug. 02, 2014 | Aug. 03, 2013 | Aug. 02, 2014 | Aug. 03, 2013 | Feb. 01, 2014 |
15 Chrysler, Irvine, California | Warehouse space lease | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 31-Oct-14 | ' | ' |
Rent expense | $0.10 | $0.10 | $0.10 | $0.10 | ' |
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 | 0.4 | 0.4 | ' |
Capital lease obligation outstanding beginning balance | ' | ' | 9.2 | ' | ' |
Capital lease obligation outstanding | 2.9 | ' | 2.9 | ' | 3.3 |
Gross amount of building under capital lease | 7.8 | ' | 7.8 | ' | 7.8 |
Accumulated depreciation of the building under capital lease | 6.1 | ' | 6.1 | ' | 5.8 |
Office and warehouse space | 11 Whatney, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 30-Jun-22 | ' | ' |
Rent expense | 0.1 | 0.1 | 0.2 | 0.2 | ' |
Building | 17 Pasteur, Irvine, California | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 31-Oct-21 | ' | ' |
Rent expense | $0.30 | $0.30 | $0.50 | $0.50 | ' |