Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2015 | Dec. 04, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TLYS | |
Entity Registrant Name | TILLY'S, INC. | |
Entity Central Index Key | 1,524,025 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Accelerated Filer | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,305,036 | |
Common Stock (Class B) | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,169,097 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 46,335 | $ 49,789 |
Marketable securities | 29,951 | 34,957 |
Receivables | 6,491 | 4,682 |
Merchandise inventories | 70,110 | 51,507 |
Prepaid expenses and other current assets | 13,255 | 12,349 |
Total current assets | 166,142 | 153,284 |
Property and equipment, net | 102,547 | 101,335 |
Other assets | 3,703 | 2,932 |
Total assets | 272,392 | 257,551 |
Current liabilities: | ||
Accounts payable | 24,770 | 23,109 |
Accrued expenses | 17,860 | 12,325 |
Deferred revenue | 5,212 | 7,075 |
Accrued compensation and benefits | 4,278 | 5,911 |
Current portion of deferred rent | 6,533 | 6,070 |
Current portion of capital lease obligation | 845 | 806 |
Total current liabilities | 59,498 | 55,296 |
Long-term portion of deferred rent | 42,141 | 41,875 |
Long-term portion of capital lease obligation | 1,055 | 1,694 |
Total long-term liabilities | 43,196 | 43,569 |
Total liabilities | $ 102,694 | $ 98,865 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; October 31, 2015 and January 31, 2015 - 10,000 shares authorized, no shares issued or outstanding | $ 0 | $ 0 |
Additional paid-in capital | 132,937 | 126,565 |
Retained earnings | 36,729 | 32,072 |
Accumulated other comprehensive income | 4 | 21 |
Total stockholders’ equity | 169,698 | 158,686 |
Total liabilities and stockholders’ equity | 272,392 | 257,551 |
Common stock (Class A) | ||
Stockholders’ equity: | ||
Common stock | 12 | 11 |
Common stock (Class B) | ||
Stockholders’ equity: | ||
Common stock | $ 16 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock (Class A) | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 12,305 | 11,546 |
Common stock, shares outstanding (in shares) | 12,305 | 11,546 |
Common stock (Class B) | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 35,000 | 35,000 |
Common stock, shares issued (in shares) | 16,169 | 16,544 |
Common stock, shares outstanding (in shares) | 16,169 | 16,544 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Net sales | $ 141,692 | $ 131,283 | $ 391,905 | $ 365,477 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 97,051 | 90,735 | 274,616 | 258,947 |
Gross profit | 44,641 | 40,548 | 117,289 | 106,530 |
Selling, general and administrative expenses | 39,254 | 31,971 | 108,669 | 94,548 |
Operating income | 5,387 | 8,577 | 8,620 | 11,982 |
Other income (expense), net | 21 | (22) | 40 | (18) |
Income before income taxes | 5,408 | 8,555 | 8,660 | 11,964 |
Income tax expense | 2,594 | 3,442 | 4,003 | 4,994 |
Net income | $ 2,814 | $ 5,113 | $ 4,657 | $ 6,970 |
Weighted average basic shares outstanding (in shares) | 28,408 | 28,024 | 28,305 | 28,007 |
Weighted average diluted shares outstanding (in shares) | 28,419 | 28,046 | 28,403 | 28,082 |
Class A and Class B common stock | ||||
Basic earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.10 | $ 0.18 | $ 0.16 | $ 0.25 |
Diluted earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.10 | $ 0.18 | $ 0.16 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,814 | $ 5,113 | $ 4,657 | $ 6,970 |
Other comprehensive (loss) income: | ||||
Net change in unrealized gain on available-for-sale securities, net of tax | (9) | 13 | (17) | 0 |
Other comprehensive (loss) income | (9) | 13 | (17) | 0 |
Comprehensive income | $ 2,805 | $ 5,126 | $ 4,640 | $ 6,970 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Oct. 31, 2015 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Common Stock (Class A) | Common Stock (Class B) |
Beginning balance (in shares) at Jan. 31, 2015 | 11,546,000 | 16,544,000 | |||||
Beginning balance at Jan. 31, 2015 | $ 158,686 | $ 28 | $ 126,565 | $ 32,072 | $ 21 | ||
Net income | 4,657 | 4,657 | |||||
Restricted stock (in shares) | 48,000 | ||||||
Taxes paid in lieu of shares issued | (35) | (35) | |||||
Shares converted by founders (in shares) | 375,000 | (375,000) | |||||
Stock-based compensation expense | $ 3,313 | 3,313 | |||||
Exercise of stock options (in shares) | 336,140 | 336,000 | |||||
Exercise of stock options | $ 3,094 | 3,094 | |||||
Change in unrealized loss on available-for-sale securities | (17) | (17) | |||||
Ending balance (in shares) at Oct. 31, 2015 | 12,305,000 | 16,169,000 | |||||
Ending balance at Oct. 31, 2015 | $ 169,698 | $ 28 | $ 132,937 | $ 36,729 | $ 4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Cash flows from operating activities | ||
Net income | $ 4,657 | $ 6,970 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,991 | 15,630 |
Stock-based compensation expense | 3,313 | 2,710 |
Impairment of assets | 1,721 | 0 |
Loss on disposal of assets | 245 | 79 |
Gain on sales and maturities of marketable securities | (96) | (86) |
Deferred income taxes | 733 | 598 |
Excess tax benefit from stock-based compensation | (95) | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (1,809) | 2,689 |
Merchandise inventories | (18,603) | (15,930) |
Prepaid expenses and other assets | (2,398) | (2,085) |
Accounts payable | 1,401 | 8,155 |
Accrued expenses | 3,110 | 4,436 |
Accrued compensation and benefits | (1,633) | (1,138) |
Deferred rent | 729 | 521 |
Deferred revenue | (1,863) | (1,489) |
Net cash provided by operating activities | 6,403 | 21,060 |
Cash flows from investing activities | ||
Purchase of property and equipment | (17,491) | (19,806) |
Proceeds from sale of property and equipment | 7 | 14 |
Purchases of marketable securities | (49,927) | (34,939) |
Maturities of marketable securities | 55,000 | 40,000 |
Net cash used in investing activities | (12,411) | (14,731) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 3,094 | 181 |
Payment of capital lease obligation | (600) | (564) |
Taxes paid in lieu of shares issued for stock-based compensation | (35) | 0 |
Excess tax benefit from stock-based compensation | 95 | 0 |
Net cash provided by (used in) financing activities | 2,554 | (383) |
Change in cash and cash equivalents | (3,454) | 5,946 |
Cash and cash equivalents, beginning of period | 49,789 | 25,412 |
Cash and cash equivalents, end of period | 46,335 | 31,358 |
Supplemental disclosures of cash flow information | ||
Interest paid | 105 | 141 |
Income taxes paid | 4,192 | 624 |
Supplemental disclosure of non-cash activities | ||
Unpaid purchases of property and equipment | $ 4,198 | $ 2,937 |
Description of the Company and
Description of the Company and Basis of Presentation | 9 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Tilly’s, Inc. is a leading chain of specialty retail stores featuring casual clothing, footwear and accessories for teens and young adults. We operated 220 stores in 33 states as of October 31, 2015 . The stores are located in malls, lifestyle centers, ‘power’ centers, community centers, outlet centers and street-front locations. Customers may also shop on-line, where we feature a similar assortment of products as is carried in our brick-and-mortar stores. 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 the Company, Tilly’s, we, or us, refers to WOJT before the Reorganization and to Tilly’s, Inc. and its subsidiary, WOJT, after the Reorganization. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial reporting. 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 GAAP have been omitted from this Quarterly Report on Form 10-Q 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 for the interim periods presented. The results of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 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 our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 . Fiscal Periods Our fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 31, 2015 and November 1, 2014 refer to the thirteen weeks ended as of those dates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and New Accounting Standard | Summary of Significant Accounting Policies and New Accounting Standard Information regarding significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies”, of the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 . Income Taxes We account for income taxes and the related accounts under the liability method in accordance with ASC Topic 740. 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 we believe that it is more likely than not that we will realize the full amount of the net deferred tax assets, we have 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 our annual effective tax rate. Our effective income tax rate for the thirteen and thirty-nine weeks ended October 31, 2015 was 48% and 46% , respectively. The effective income tax rate for the thirteen and thirty-nine weeks ended October 31, 2015 reflect the write-off of deferred tax assets for discrete items related to expiration of stock options, exercises of stock options, settlement of restricted stock units and a tax settlement from a prior tax year during the first nine months of fiscal 2015. Our effective income tax rate for the thirteen and thirty-nine weeks ended November 1, 2014 was 40% and 42% , respectively. In the third quarter of fiscal year 2014, the Internal Revenue Service initiated an examination of our federal income tax returns for the C-Corporation short period year ended February 2, 2013. The examination was settled in the second quarter of fiscal 2015 without a material impact to the Company. We were notified during the first quarter of fiscal 2015 that the S-Corporation tax period ending May 1, 2012 was also selected for examination by the Internal Revenue Service. There are not any known liabilities and we do not expect that the results of the examinations will have a material impact on our financial condition or statement of operations in fiscal 2015 . New Accounting Standard In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 outlines principles that govern revenue recognition at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09, which will become effective for us in the first quarter of fiscal 2018, may be applied retrospectively for each period presented or retrospectively with the cumulative effect recognized in the opening retained earnings balance in fiscal year 2018. We are in the process of evaluating the impact of adopting the new standard on our consolidated financial statements. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Oct. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities are classified as available-for-sale and, as of October 31, 2015 and January 31, 2015 , consisted entirely of commercial paper, all of which was less than one year from maturity. The following table summarizes our investments in marketable securities at October 31, 2015 and January 31, 2015 (in thousands): October 31, 2015 Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 29,945 $ 9 $ (3 ) $ 29,951 January 31, 2015 Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 34,922 $ 35 $ — $ 34,957 For the thirteen and thirty-nine weeks ended October 31, 2015 , we recognized gains on investments of $31 thousand and $96 thousand , respectively, for commercial paper which matured during the period, as compared to $9 thousand and $86 thousand for the thirteen and thirty-nine weeks ended November 1, 2014 , respectively. Upon recognition of the gains, we reclassified these amounts out of accumulated other comprehensive income and into “Other income, net” on the Consolidated Statements of Income. |
Line of Credit
Line of Credit | 9 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Line of Credit | Line of Credit Our amended and restated credit agreement with Wells Fargo Bank, N.A. ("Bank") provides for a $25.0 million revolving line of credit with a maturity date of May 31, 2017 . The interest rate charged on borrowings is selected at our discretion between the London Interbank Offered Rate ("LIBOR"), plus 1.00% , or at the Bank’s prime rate. The line of credit is secured by substantially all of our assets. We may also issue stand-by and/or commercial letters of credit up to $15.0 million . We are required to maintain certain financial and non-financial covenants in accordance with the line of credit. 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 “balance sheet leverage”, defined as total liabilities divided by total tangible net worth. On July 9, 2015, we further amended the line of credit to modify the event of default with respect to a change in the composition of a majority of our Board of Directors in a period of 12 consecutive months, to no longer exclude from the determination any individual whose nomination for an assumption of office as a member of our Board of Directors occurred as a result of a solicitation of proxies or consents that was not made by or on behalf of our Board of Directors. As of October 31, 2015 , we were in compliance with all of our covenants and had no outstanding borrowings under the revolving credit facility. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, we may become involved in lawsuits and other claims arising from our ordinary course of business. We have established loss provisions of approximately $0.5 million for matters in which losses are probable and can be reasonably estimated. For some of the matters, we are currently unable to predict the ultimate outcome, 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, we cannot provide any assurances regarding the outcome of any litigation or claim to which we are a party or that the ultimate outcome of any of the matters threatened or pending against us, including those disclosed below, will not have a material adverse effect on our financial condition, results of operations or cash flows. See Part II. Item 1A “Risk Factors—Litigation costs and the outcome of litigation could have a material adverse effect on our business” included in this Quarterly Report on Form 10-Q. Kirstin Christiansen, Shellie Smith and Paul Haug, on behalf of themselves and all others similarly situated vs. World of Jeans & Tops, Superior Court of California, County of Sacramento, Case No. 34-2013-139010. On January 29, 2013, the plaintiffs in this matter filed a putative class action lawsuit against us 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. The complaint seeks certification of a class, unspecified damages, injunctive relief and attorneys' fees. In June 2013, the Court granted our motion to strike portions of the plaintiffs’ complaint and granted plaintiffs leave to amend. Plaintiffs have amended the complaint. The parties have completed class certification discovery and briefing, and a hearing was held on August 13, 2015. On September 17, 2015, the Court issued an order denying plaintiff's motion for class certification. We intend 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 us 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 22, 2013, to add a claim for penalties under the California Private Attorneys General Act. In March 2013, we filed a motion to compel arbitration, which was denied in June 2013 and later affirmed on appeal. In October 2014, we filed an answer to the amended complaint. The parties recently attended a mediation proceeding and reached a resolution that will be presented to the Court for approval. 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 us 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. Plaintiff filed a first amended complaint on December 3, 2014, removing the expense reimbursement claim. We answered the complaint on January 8, 2015. We intend to defend this case vigorously. Skylar Ward, on behalf of herself and all others similarly situated, v. Tilly’s, Inc., Superior Court of California, County of Los Angeles, Case No. BC595405. On September 1, 2015, plaintiff filed a putative class action lawsuit against us, alleging violations of California’s wage and hour rules and regulations and unfair competition law. The complaint seeks certification of a class, unspecified damages, unpaid wages, penalties, restitution, and attorneys’ fees. We intend to defend this case vigorously. On June 10, 2015, we and one of our vendors entered into a settlement arrangement with a plaintiff who filed a copyright infringement lawsuit against us and the vendor related to certain vendor products we sell. The settlement requires that the vendor pay $2.0 million to the plaintiff over three years and we have agreed to guarantee such payments. In the event of the vendor's default, the current estimated range of a reasonably possible loss is zero to $1.7 million . If required to perform under this settlement, we would utilize all available rights of offset to reduce our potential loss, including application of amounts owed by us to the vendor from our ongoing purchases of the vendor's merchandise and/or the enforcement of a security interest we have in the vendor's intellectual property. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We determine fair value based on a three-level valuation hierarchy as described below. Fair value is defined 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. The three-level hierarchy of inputs used to determine fair value is as follows: • 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. We measure certain financial assets at fair value on a recurring basis, including our 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 October 31, 2015 and November 1, 2014 , we did not make any transfers between Level 1 and Level 2 financial assets. We conduct 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, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. We estimate the fair value of our long-lived assets using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. Financial Assets We have categorized our financial assets based on the priority of the inputs to the valuation technique for the instruments as follows: October 31, 2015 January 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents: Money market securities $ 42,540 $ — $ — $ 34,433 $ — $ — Marketable securities: Commercial paper — 29,951 — — 34,957 — Impairment of Long-Lived Assets An impairment is recorded on a long-lived asset used in operations whenever events or changes in circumstances indicate that the net carrying amounts for such asset may not be recoverable. Factors considered important that could result in an impairment review include, but are not limited to, significant under-performance relative to historical or planned operating results, significant changes in the manner of use of the assets or significant changes in our business strategies. An evaluation is performed using estimated undiscounted future cash flows from operating activities compared to the carrying value of related assets for the individual stores. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized for the difference between the carrying value and the estimated fair value of the assets based on the discounted cash flows of the assets using a rate that approximates our weighted average cost of capital. With regard to retail store assets, which are comprised of leasehold improvements, fixtures and computer hardware and software, we consider the assets at each individual retail store to represent an asset group. In addition, we have considered the relevant valuation techniques that could be applied without undue cost and effort and have determined that the discounted estimated future cash flow approach provides the most relevant and reliable means by which to determine fair value in this circumstance. At least quarterly, we assess whether events or changes in circumstances have occurred that potentially indicate the carrying value of long-lived assets may not be recoverable. Based on Level 3 inputs of historical operating performance, including sales trends, gross margin rates, current cash flows from operations and the projected outlook for each of our stores, we determined that six stores would not be able to generate sufficient cash flows over the remaining term of the related leases to recover our investment in the respective stores. As a result, we recorded non-cash impairment charges during the thirteen and thirty-nine weeks ended October 31, 2015 of approximately $1.4 million and $1.7 million , respectively, to write-down the carrying value of certain long-lived store assets to their estimated fair values. We did not record any impairment charges in the first nine months of fiscal 2014. Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 October 31, 2015 ($ in thousands) Carrying value of assets tested for impairment $4,208 $10,434 Carrying value of assets with impairment $1,710 $2,355 Fair value of assets impaired $355 $634 Number of stores tested for impairment 12 14 Number of stores with impairment 6 6 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Tilly’s 2012 Equity and Incentive Award Plan, as amended in June 2014 (the "2012 Plan"), authorizes up to 4,413,900 shares for issuance of options, shares or rights to acquire our Class A common stock and allows for operating income and comparable store sales growth targets as additional performance goals that may be used in connection with performance-based awards granted under the 2012 Plan. As of October 31, 2015 , there were 2,445,238 shares still available for future issuance under the 2012 Plan. Stock Options We grant stock options to certain employees that gives them the right to acquire our Class A common stock under the 2012 Plan. The exercise price of options granted is equal to the closing price per share of our stock at the date of grant. The nonqualified options vest at a rate of 25% on each of the first four anniversaries of the grant date provided that the award recipient continues to be employed by us through each of those vesting dates, and expire ten years from the date of grant. The following table summarizes the stock option activity for the thirty-nine weeks ended October 31, 2015 (aggregate intrinsic value in thousands): Stock Options Grant Date Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (1) Outstanding at January 31, 2015 2,880,040 $ 13.03 Granted 77,500 $ 12.47 Exercised (336,140 ) $ 9.21 Forfeited (351,625 ) $ 12.99 Expired (161,200 ) $ 12.44 Outstanding at October 31, 2015 2,108,575 $ 13.67 4.4 $ 37 Vested and expected to vest at October 31, 2015 2,067,847 $ 13.69 4.4 $ 37 Exercisable at October 31, 2015 1,467,575 $ 14.06 2.8 $ 37 (1) Intrinsic value for stock options is defined as the difference between the market price of our 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 $7.29 at October 31, 2015 . The stock option awards 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 our stock over the option’s expected term, the risk-free interest rate over the option’s expected term and our expected annual dividend yield, if any. We estimate forfeitures based on an analysis of the award recipients’ positions and the vesting period of the awards. The fair value of stock options granted during the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 was estimated on the grant date using the following assumptions: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, Expected option term (1) 5.0 years 5.0 years 5.0 years 5.0 years Weighted average expected volatility factor (2) 48.0 % 44.5 % 47.7 % 45.7 % Weighted average risk-free interest rate (3) 1.5 % 1.8 % 1.5 % 1.7 % Expected annual dividend yield — % — % — % — % (1) We have limited historical information regarding the expected option term. Accordingly, we 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 our competitors’ common stock over the most recent period equal to the expected option term of the 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. Restricted stock We grant restricted stock awards ("RSAs") and restricted stock units (collectively with the RSAs “restricted stock”) under the 2012 Plan to independent members of our Board of Directors and certain employees. RSAs granted to Board members vest at a rate of 50% on each of the first two anniversaries of the grant date provided that the respective award recipient continues to serve on our Board of Directors through each of those vesting dates. The restricted stock units granted to certain employees vest at a rate of 25% on each of the first four anniversaries of the grant date provided that the respective recipient continues to be employed by us through each of those vesting dates. Restricted stock units represent shares issuable in the future upon vesting whereas RSAs represent restricted shares issued upon the date of grant in which the recipient’s rights in the stock are restricted until the shares are vested. We determine the fair value of restricted stock based upon the closing price of our Class A common stock on the date of grant. A summary of the status of non-vested restricted stock changes during the thirty-nine weeks ended October 31, 2015 are presented below: Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at January 31, 2015 48,584 $ 9.88 Granted 330,240 $ 15.13 Vested (41,736 ) $ 12.48 Forfeited (103,000 ) $ 16.07 Nonvested at October 31, 2015 234,088 $ 14.10 Stock-based compensation expense associated with stock options and restricted stock is recognized on a straight-line basis over the vesting period. The following table summarizes stock-based compensation recorded in the Consolidated Statements of Income: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, Cost of goods sold $ 234 $ 146 $ 758 $ 604 Selling, general and administrative expenses 778 661 2,555 2,106 Stock-based compensation $ 1,012 $ 807 $ 3,313 $ 2,710 At October 31, 2015 , there was $5.3 million of total unrecognized stock-based compensation expense related to unvested stock options and restricted stock. This cost has a weighted average remaining recognition of 2.6 years . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 us 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 Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Net income $ 2,814 $ 5,113 $ 4,657 $ 6,970 Weighted average basic shares outstanding 28,408 28,024 28,305 28,007 Dilutive effect of stock options and restricted stock 11 22 98 75 Weighted average shares for diluted earnings per share 28,419 28,046 28,403 28,082 Basic earnings per share $ 0.10 $ 0.18 $ 0.16 $ 0.25 Diluted earnings per share $ 0.10 $ 0.18 $ 0.16 $ 0.25 Total stock options and restricted stock of 2,072,700 and 2,418,250 as of October 31, 2015 and November 1, 2014 , respectively, have been excluded from the calculation of diluted earnings per share as the effect of including these stock options would have been anti-dilutive. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Tilly’s Life Center Tilly’s Life Center ("TLC") is a charitable organization that was founded and is run by Ms. Levine. Our Board of Directors approved annual support for TLC of up to $50,000 per calendar year which includes printing of TLC’s program’s materials as well as support for TLC marketing and website services. There have been no material changes to other related party transactions as previously disclosed in our Annual Report on Form 10-K. For a detailed discussion of related party transactions, please refer to "Note 16: Related Party Transactions" of the Notes to the Consolidated Financial Statements in Item 8. Part II in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial reporting. 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 GAAP have been omitted from this Quarterly Report on Form 10-Q 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 for the interim periods presented. The results of operations for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 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 our Annual Report on Form 10-K for the fiscal year ended January 31, 2015 . |
Fiscal Periods | Our fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 31, 2015 and November 1, 2014 refer to the thirteen weeks ended as of those dates. |
Income Taxes | We account for income taxes and the related accounts under the liability method in accordance with ASC Topic 740. 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 we believe that it is more likely than not that we will realize the full amount of the net deferred tax assets, we have 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 our annual effective tax rate. Our effective income tax rate for the thirteen and thirty-nine weeks ended October 31, 2015 was 48% and 46% , respectively. The effective income tax rate for the thirteen and thirty-nine weeks ended October 31, 2015 reflect the write-off of deferred tax assets for discrete items related to expiration of stock options, exercises of stock options, settlement of restricted stock units and a tax settlement from a prior tax year during the first nine months of fiscal 2015. Our effective income tax rate for the thirteen and thirty-nine weeks ended November 1, 2014 was 40% and 42% , respectively. In the third quarter of fiscal year 2014, the Internal Revenue Service initiated an examination of our federal income tax returns for the C-Corporation short period year ended February 2, 2013. The examination was settled in the second quarter of fiscal 2015 without a material impact to the Company. We were notified during the first quarter of fiscal 2015 that the S-Corporation tax period ending May 1, 2012 was also selected for examination by the Internal Revenue Service. There are not any known liabilities and we do not expect that the results of the examinations will have a material impact on our financial condition or statement of operations in fiscal 2015 . |
New Accounting Standard | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 outlines principles that govern revenue recognition at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09, which will become effective for us in the first quarter of fiscal 2018, may be applied retrospectively for each period presented or retrospectively with the cumulative effect recognized in the opening retained earnings balance in fiscal year 2018. We are in the process of evaluating the impact of adopting the new standard on our consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | The following table summarizes our investments in marketable securities at October 31, 2015 and January 31, 2015 (in thousands): October 31, 2015 Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 29,945 $ 9 $ (3 ) $ 29,951 January 31, 2015 Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 34,922 $ 35 $ — $ 34,957 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments | We have categorized our financial assets based on the priority of the inputs to the valuation technique for the instruments as follows: October 31, 2015 January 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents: Money market securities $ 42,540 $ — $ — $ 34,433 $ — $ — Marketable securities: Commercial paper — 29,951 — — 34,957 — |
Details of Impairment of Long-Lived Assets | Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, 2015 October 31, 2015 ($ in thousands) Carrying value of assets tested for impairment $4,208 $10,434 Carrying value of assets with impairment $1,710 $2,355 Fair value of assets impaired $355 $634 Number of stores tested for impairment 12 14 Number of stores with impairment 6 6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity Under Stock Option Plan | The following table summarizes the stock option activity for the thirty-nine weeks ended October 31, 2015 (aggregate intrinsic value in thousands): Stock Options Grant Date Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (1) Outstanding at January 31, 2015 2,880,040 $ 13.03 Granted 77,500 $ 12.47 Exercised (336,140 ) $ 9.21 Forfeited (351,625 ) $ 12.99 Expired (161,200 ) $ 12.44 Outstanding at October 31, 2015 2,108,575 $ 13.67 4.4 $ 37 Vested and expected to vest at October 31, 2015 2,067,847 $ 13.69 4.4 $ 37 Exercisable at October 31, 2015 1,467,575 $ 14.06 2.8 $ 37 (1) Intrinsic value for stock options is defined as the difference between the market price of our 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 $7.29 at October 31, 2015 . |
Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of stock options granted during the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014 was estimated on the grant date using the following assumptions: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, Expected option term (1) 5.0 years 5.0 years 5.0 years 5.0 years Weighted average expected volatility factor (2) 48.0 % 44.5 % 47.7 % 45.7 % Weighted average risk-free interest rate (3) 1.5 % 1.8 % 1.5 % 1.7 % Expected annual dividend yield — % — % — % — % (1) We have limited historical information regarding the expected option term. Accordingly, we 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 our competitors’ common stock over the most recent period equal to the expected option term of the 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. |
Summary of Status of Non-Vested Restricted Stock | A summary of the status of non-vested restricted stock changes during the thirty-nine weeks ended October 31, 2015 are presented below: Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at January 31, 2015 48,584 $ 9.88 Granted 330,240 $ 15.13 Vested (41,736 ) $ 12.48 Forfeited (103,000 ) $ 16.07 Nonvested at October 31, 2015 234,088 $ 14.10 |
Schedule of Stock Based Compensation | The following table summarizes stock-based compensation recorded in the Consolidated Statements of Income: Thirteen Weeks Ended Thirty-Nine Weeks Ended October 31, November 1, October 31, November 1, Cost of goods sold $ 234 $ 146 $ 758 $ 604 Selling, general and administrative expenses 778 661 2,555 2,106 Stock-based compensation $ 1,012 $ 807 $ 3,313 $ 2,710 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
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 Thirty-Nine Weeks Ended October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014 Net income $ 2,814 $ 5,113 $ 4,657 $ 6,970 Weighted average basic shares outstanding 28,408 28,024 28,305 28,007 Dilutive effect of stock options and restricted stock 11 22 98 75 Weighted average shares for diluted earnings per share 28,419 28,046 28,403 28,082 Basic earnings per share $ 0.10 $ 0.18 $ 0.16 $ 0.25 Diluted earnings per share $ 0.10 $ 0.18 $ 0.16 $ 0.25 |
Description of the Company an22
Description of the Company and Basis of Presentation (Details) | Oct. 31, 2015StateStore |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | 220 |
Number of states | State | 33 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Accounting Policies [Abstract] | ||||
Effective tax rate | 48.00% | 40.00% | 46.00% | 42.00% |
Marketable Securities - Investm
Marketable Securities - Investments in Marketable Securities (Details) - Commercial paper - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Financial Instruments And Marketable Securities [Line Items] | ||
Cost | $ 29,945 | $ 34,922 |
Gross Unrealized Holding Gains | 9 | 35 |
Gross Unrealized Holding Losses | (3) | 0 |
Fair Value | $ 29,951 | $ 34,957 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gains on sales and maturities of marketable securities | $ 31 | $ 9 | $ 96 | $ 86 |
Line of Credit (Details)
Line of Credit (Details) | Mar. 17, 2014USD ($) | Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Oct. 31, 2015USD ($) | Nov. 01, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||
Letters of credit facility maximum borrowing capacity | $ 25,000,000 | ||||
Line of credit maturity date | May 31, 2017 | ||||
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. We have the ability to select between the prime rate or LIBOR-based rate at the time of a cash advance. | ||||
Covenant description | We are 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 2.00to 1.00 for “balance sheet leverage”, defined as total liabilities divided by total tangible net worth. | ||||
Net loss after taxes (not to exceed) | $ 2,814,000 | $ 5,113,000 | $ 4,657,000 | $ 6,970,000 | |
Covenant compliance | we were in compliance with all of our covenants and had no outstanding borrowings under the revolving credit facility. | ||||
Outstanding borrowing | $ 0 | $ 0 | |||
Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Net loss after taxes (not to exceed) | $ (5,000,000) | ||||
Impairment of goodwill, other intangibles and store assets (up to) | $ 2,000,000 | ||||
Balance sheet leverage | 2 | ||||
Stand-by and/or commercial letters of credit | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit facility maximum borrowing capacity | $ 15,000,000 | ||||
LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, percentage point added to reference rate | 1.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Sep. 01, 2015LegalMatter | Jun. 10, 2015USD ($) | Jun. 10, 2014LegalMatter | Jan. 29, 2013LegalMatter | Dec. 05, 2012LegalMatter | Oct. 31, 2015USD ($) |
Commitment And Contingencies [Line Items] | ||||||
Established loss provisions | $ 500,000 | |||||
Litigation settlement | $ 2,000,000 | |||||
Litigation settlement term | three years | |||||
Estimated minimum reasonably possible loss | 0 | |||||
Estimated maximum reasonably possible loss | $ 1,700,000 | |||||
Kirstin Christiansen, Shellie Smith and Paul Haug, on behalf of themselves and all others similarly situated vs. World of Jeans & Tops | ||||||
Commitment And Contingencies [Line Items] | ||||||
Plaintiff filed putative class action lawsuit | LegalMatter | 1 | |||||
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 | ||||||
Commitment And Contingencies [Line Items] | ||||||
Plaintiff filed putative class action lawsuit | LegalMatter | 1 | |||||
Karina Whitten, on behalf of herself and all others similarly situated, v. Tilly's Inc. | ||||||
Commitment And Contingencies [Line Items] | ||||||
Plaintiff filed putative class action lawsuit | LegalMatter | 1 | |||||
Skylar Ward, on behalf of herself and all other similarly situated, v. Tilly's Inc. | ||||||
Commitment And Contingencies [Line Items] | ||||||
Plaintiff filed putative class action lawsuit | LegalMatter | 1 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Based on Priority of Inputs to Valuation Technique Instruments (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jan. 31, 2015 |
Level 1 | Cash equivalents | Money market securities | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents | $ 42,540 | $ 34,433 |
Level 1 | Marketable securities | Commercial paper | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Marketable securities | 0 | 0 |
Level 2 | Cash equivalents | Money market securities | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | Marketable securities | Commercial paper | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Marketable securities | 29,951 | 34,957 |
Level 3 | Cash equivalents | Money market securities | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | Marketable securities | Commercial paper | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2015 | Nov. 01, 2014 | |
Fair Value Disclosures [Abstract] | |||
Non-cash impairment charges | $ 1.4 | $ 1.7 | $ 0 |
Fair Value Measurements - Detai
Fair Value Measurements - Details of Impairment of Long-Lived Assets (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2015USD ($)Store | Oct. 31, 2015USD ($)Store | |
Fair Value Disclosures [Abstract] | ||
Carrying value of assets tested for impairment | $ 4,208 | $ 10,434 |
Carrying value of assets with impairment | 1,710 | 2,355 |
Fair value of assets impaired | $ 355 | $ 634 |
Number of stores tested for impairment | Store | 12 | 14 |
Number of stores with impairment | Store | 6 | 6 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 31, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 25.00% | |
Vesting period | 4 years | |
Expiration period | 10 years | |
Total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants | $ 5.3 | |
Weighted average recognition period | 2 years 7 months 18 days | |
Independent directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 50.00% | |
Employee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 25.00% | |
2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance (in shares) | 2,445,238 | |
2012 Plan | Class A common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common shares authorized (in shares) | 4,413,900 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity Under Stock Option Plan (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Oct. 31, 2015USD ($)$ / sharesshares | |
Stock Options | |
Beginning balance | 2,880,040 |
Granted | 77,500 |
Exercised | (336,140) |
Forfeited | (351,625) |
Expired | (161,200) |
Ending balance | 2,108,575 |
Vested and expected to vest ending balance | 2,067,847 |
Exercisable ending balance | 1,467,575 |
Grant Date Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 13.03 |
Granted (in dollars per share) | $ / shares | 12.47 |
Exercised (in dollars per share) | $ / shares | 9.21 |
Forfeited (in dollars per share) | $ / shares | 12.99 |
Expired (in dollars per share) | $ / shares | 12.44 |
Ending balance (in dollars per share) | $ / shares | 13.67 |
Vested and expected to vest ending balance (in dollars per share) | $ / shares | 13.69 |
Exercisable ending balance (in dollars per share) | $ / shares | $ 14.06 |
Weighted Average Remaining Contractual Life (in Years) | |
Outstanding at end of period | 4 years 4 months 18 days |
Vested and expected to vest end of period | 4 years 4 months 18 days |
Exercisable ending balance | 2 years 9 months 18 days |
Aggregate Intrinsic Value | |
Outstanding at end of period | $ | $ 37 |
Vested and expected to vest ending balance | $ | 37 |
Exercisable ending balance | $ | $ 37 |
Class A common stock | |
Stock Options | |
Exercised | (336,000) |
Aggregate Intrinsic Value | |
Market value per share (in dollars per share) | $ / shares | $ 7.29 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Expected option term | 5 years | 5 years | 5 years | 5 years |
Weighted average expected volatility factor | 48.00% | 44.50% | 47.70% | 45.70% |
Weighted average risk-free interest rate | 1.50% | 1.80% | 1.50% | 1.70% |
Expected annual dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Status of Non-Vested Restricted Stock (Details) - Nonvested | 9 Months Ended |
Oct. 31, 2015$ / sharesshares | |
Restricted Stock | |
Beginning balance | 48,584 |
Granted | 330,240 |
Vested | (41,736) |
Forfeited | (103,000) |
Ending balance | 234,088 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 9.88 |
Granted (in dollars per share) | $ / shares | 15.13 |
Vested (in dollars per share) | $ / shares | 12.48 |
Forfeited (in dollars per share) | $ / shares | 16.07 |
Ending balance (in dollars per share) | $ / shares | $ 14.10 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,012 | $ 807 | $ 3,313 | $ 2,710 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 234 | 146 | 758 | 604 |
Selling, general and administrative expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 778 | $ 661 | $ 2,555 | $ 2,106 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Nov. 01, 2014 | Oct. 31, 2015 | Nov. 01, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Net income | $ 2,814 | $ 5,113 | $ 4,657 | $ 6,970 |
Weighted average basic shares outstanding (in shares) | 28,408 | 28,024 | 28,305 | 28,007 |
Dilutive effect of stock options and restricted stock (in shares) | 11 | 22 | 98 | 75 |
Weighted average shares for diluted earnings per share (in shares) | 28,419 | 28,046 | 28,403 | 28,082 |
Class A and Class B common stock | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Basic earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.10 | $ 0.18 | $ 0.16 | $ 0.25 |
Diluted earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.10 | $ 0.18 | $ 0.16 | $ 0.25 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 9 Months Ended | |
Oct. 31, 2015 | Nov. 01, 2014 | |
Earnings Per Share [Abstract] | ||
Stock options and restricted stock excluded from the calculation of diluted earning per share | 2,072,700 | 2,418,250 |
Related Parties (Details)
Related Parties (Details) | 1 Months Ended |
Jul. 31, 2015USD ($) | |
Maximum | |
Related Party Transaction [Line Items] | |
Found approved for support TLC | $ 50,000 |