Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Apr. 11, 2022 | Jul. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 29, 2022 | ||
Current Fiscal Year End Date | --01-29 | ||
Document Transition Report | false | ||
Entity File Number | 001-35535 | ||
Entity Registrant Name | TILLY’S, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-2164791 | ||
Entity Address, Address Line One | 10 Whatney | ||
Entity Address, City or Town | Irvine | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92618 | ||
City Area Code | 949 | ||
Local Phone Number | 609-5599 | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | ||
Trading Symbol | TLYS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 346,017,935 | ||
Documents Incorporated by Reference | Portions of the registrant's proxy statement (the "Proxy Statement") for its Annual Meeting of Stockholders anticipated to be held June 15, 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K. Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001524025 | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 23,214,620 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,306,108 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 29, 2022 | |
Audit Information [Abstract] | |
Auditor Name | BDO USA, LLP |
Auditor Location | Costa Mesa, California |
Auditor Firm ID | 243 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 42,201 | $ 76,184 |
Marketable securities | 97,027 | 64,955 |
Receivables | 6,705 | 8,724 |
Merchandise inventories | 65,645 | 55,698 |
Prepaid expenses and other current assets | 16,400 | 6,170 |
Total current assets | 227,978 | 211,731 |
Operating lease assets | 216,508 | 229,864 |
Property and equipment, net | 47,530 | 52,639 |
Deferred tax assets | 11,446 | 11,949 |
Other assets | 1,361 | 1,273 |
Total assets | 504,823 | 507,456 |
Current liabilities: | ||
Accounts payable | 28,144 | 24,983 |
Accrued expenses | 19,073 | 30,682 |
Deferred revenue | 17,096 | 13,492 |
Accrued compensation and benefits | 17,056 | 9,899 |
Current portion of operating lease liabilities | 51,504 | 51,879 |
Current portion of operating lease liabilities, related party | 2,533 | 2,624 |
Other liabilities | 761 | 632 |
Total current liabilities | 136,167 | 134,191 |
Noncurrent portion of operating lease liabilities | 171,965 | 199,503 |
Other | 978 | 1,351 |
Total long-term liabilities | 193,943 | 212,643 |
Total liabilities | 330,110 | 346,834 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 166,929 | 155,437 |
Retained earnings | 7,754 | 5,135 |
Accumulated other comprehensive (loss)/income | $ (1) | $ 20 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Total stockholders’ equity | $ 174,713 | $ 160,622 |
Total liabilities and stockholders’ equity | 504,823 | 507,456 |
Noncurrent portion of deferred rent | 21,000 | 11,789 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common stock | $ 24 | $ 22 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 23,719,000 | 22,477,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 23,719,000 | 22,477,000 |
Class B Common Stock | ||
Stockholders’ equity: | ||
Common stock | $ 7 | $ 8 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares outstanding (in shares) | 7,306,000 | 7,306,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 7,306,000 | 7,306,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 29, 2022 | Jan. 30, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 23,719,000 | 22,477,000 |
Common stock, shares outstanding (in shares) | 23,719,000 | 22,477,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 7,306,000 | 7,306,000 |
Common stock, shares outstanding (in shares) | 7,306,000 | 7,306,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Net sales | $ 775,694 | $ 531,329 | $ 619,300 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 499,031 | 389,139 | 432,592 |
Gross profit | 276,663 | 142,190 | 186,708 |
Selling, general and administrative expenses | 185,575 | 141,953 | 154,748 |
Rent expense, related party | 3,493 | 3,277 | 3,505 |
Selling, general and administrative expenses | 189,068 | 145,230 | 158,253 |
Operating income (loss) | 87,595 | (3,040) | 28,455 |
Other (expense) income, net | (594) | 581 | 2,901 |
Income (loss) before income taxes | 87,001 | (2,459) | 31,356 |
Income tax expense (benefit) | 22,752 | (1,314) | 8,734 |
Net income (loss) | $ 64,249 | $ (1,145) | $ 22,622 |
Weighted average basic shares outstanding (in shares) | 30,560 | 29,697 | 29,533 |
Weighted average diluted shares outstanding (in shares) | 31,118 | 29,697 | 29,788 |
Class A and Class B common stock | |||
Basic earnings per share (in dollars per share) | $ 2.10 | $ (0.04) | $ 0.77 |
Diluted earnings per share (in dollars per share) | $ 2.06 | $ (0.04) | $ 0.76 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 64,249,000 | $ (1,145,000) | $ 22,622,000 |
Other comprehensive loss, net of tax: | |||
Net change in unrealized losses on available-for-sale securities | (21,000) | (194,000) | (12,000) |
Other comprehensive loss, net of tax | (21,000) | (194,000) | (12,000) |
Comprehensive income (loss) | $ 64,228,000 | $ (1,339,000) | $ 22,610,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Class A Common Stock | Class B Common Stock | Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance (in shares) at Feb. 02, 2019 | 21,642,000 | 7,844,000 | |||||||
Beginning Balance at Feb. 02, 2019 | $ 163,327,000 | $ 29,000 | $ 149,737,000 | $ 13,335,000 | $ 226,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 22,622,000 | 22,622,000 | |||||||
Dividends declared | (29,677,000) | (29,677,000) | |||||||
Shares converted by founders (in shares) | 438,000 | 438,000 | |||||||
Stock-based compensation expense | 2,136,000 | 2,136,000 | |||||||
Restricted stock (in shares) | 70,000 | ||||||||
Exercise of stock options (in shares) | 181,000 | ||||||||
Exercise of stock options | 1,590,000 | 1,000 | 1,589,000 | ||||||
Taxes paid in lieu of shares issued for share-based compensation (in shares) | (8,000) | ||||||||
Taxes paid in lieu of shares issued for share-based compensation | (85,000) | (85,000) | |||||||
Net change in unrealized gain on available-for-sale securities | (12,000) | (12,000) | |||||||
Ending Balance (in shares) at Feb. 01, 2020 | 22,323,000 | 7,406,000 | |||||||
Ending Balance at Feb. 01, 2020 | 159,901,000 | 30,000 | 153,377,000 | 6,280,000 | 214,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (1,145,000) | (1,145,000) | |||||||
Shares converted by founders (in shares) | 100,000 | 100,000 | |||||||
Stock-based compensation expense | 2,036,000 | 2,036,000 | |||||||
Restricted stock (in shares) | 51,000 | ||||||||
Exercise of stock options (in shares) | 3,000 | ||||||||
Exercise of stock options | 24,000 | 24,000 | |||||||
Net change in unrealized gain on available-for-sale securities | (194,000) | (194,000) | |||||||
Ending Balance (in shares) at Jan. 30, 2021 | 22,477,000 | 7,306,000 | 22,477,000 | 7,306,000 | |||||
Ending Balance at Jan. 30, 2021 | 160,622,000 | 30,000 | 155,437,000 | 5,135,000 | 20,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 64,249,000 | 64,249,000 | |||||||
Dividends paid ($2.00 per share) | (61,630,000) | (61,630,000) | |||||||
Stock-based compensation expense | $ 1,920,000 | 1,920,000 | |||||||
Restricted stock (in shares) | 20,000 | ||||||||
Exercise of stock options (in shares) | 1,221,972 | 1,222,000 | |||||||
Exercise of stock options | $ 9,573,000 | 1,000 | 9,572,000 | ||||||
Net change in unrealized gain on available-for-sale securities | (21,000) | (21,000) | |||||||
Ending Balance (in shares) at Jan. 29, 2022 | 23,719,000 | 7,306,000 | 23,719,000 | 7,306,000 | |||||
Ending Balance at Jan. 29, 2022 | $ 174,713,000 | $ 31,000 | $ 166,929,000 | $ 7,754,000 | $ (1,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Cash flows from operating activities | |||
Net income (loss) | $ 64,249,000 | $ (1,145,000) | $ 22,622,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 16,836,000 | 19,055,000 | 20,948,000 |
Insurance proceeds from casualty loss | 117,000 | 0 | 0 |
Share-based compensation expense | 1,920,000 | 2,036,000 | 2,136,000 |
Impairment of assets | 136,000 | 955,000 | 282,000 |
Loss on disposal of assets | 74,000 | 87,000 | 908,000 |
Gain on sales and maturities of marketable securities | (132,000) | (714,000) | (1,660,000) |
Deferred income taxes | 503,000 | (4,949,000) | (5,720,000) |
Changes in operating assets and liabilities: | |||
Receivables | 4,023,000 | 96,000 | 3,204,000 |
Merchandise inventories | (10,064,000) | 1,203,000 | (1,092,000) |
Prepaid expenses and other assets | (10,275,000) | (1,722,000) | 557,000 |
Accounts payable | 3,168,000 | 5,020,000 | (4,227,000) |
Accrued expenses | (10,194,000) | 10,600,000 | 1,369,000 |
Accrued compensation and benefits | 7,157,000 | 2,709,000 | (1,740,000) |
Operating lease liabilities | (7,008,000) | 3,141,000 | (3,730,000) |
Deferred revenue | 3,604,000 | 1,731,000 | 1,388,000 |
Other liabilities | (712,000) | 794,000 | 1,189,000 |
Net cash provided by operating activities | 63,402,000 | 38,897,000 | 36,434,000 |
Cash flows from investing activities | |||
Purchase of property and equipment | (13,425,000) | (8,471,000) | (14,299,000) |
Proceeds from sale of property and equipment | 37,000 | 0 | 0 |
Insurance proceeds from casualty loss | 29,000 | 0 | 0 |
Purchases of marketable securities | (162,321,000) | (80,896,000) | (126,526,000) |
Proceeds from maturities of marketable securities | 130,352,000 | 86,170,000 | 134,316,000 |
Net cash used in investing activities | (45,328,000) | (3,197,000) | (6,509,000) |
Cash flows from financing activities | |||
Proceeds from line of credit | 0 | 23,675,000 | 0 |
Repayment of line of credit | 0 | (23,675,000) | 0 |
Dividends paid | (61,630,000) | (29,677,000) | (29,453,000) |
Proceeds from exercise of stock options | 9,573,000 | 24,000 | 1,590,000 |
Taxes paid in lieu of shares issued for share-based compensation | 0 | 0 | (85,000) |
Net cash used in financing activities | (52,057,000) | (29,653,000) | (27,948,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (33,983,000) | 6,047,000 | 1,977,000 |
Cash and cash equivalents, beginning of period | 76,184,000 | 70,137,000 | 68,160,000 |
Cash and cash equivalents, end of period | 42,201,000 | 76,184,000 | 70,137,000 |
Supplemental disclosures of cash flow information | |||
Interest paid | 1,000 | 140,000 | 13,000 |
Income taxes paid | 38,504,000 | 1,034,000 | 12,130,000 |
Supplemental disclosure of non-cash activities | |||
Unpaid purchases of property and equipment | 1,080,000 | 2,503,000 | 2,605,000 |
Operating lease liabilities arising from obtaining operating lease assets | 22,641,000 | 14,290,000 | 329,686,000 |
Operating lease liabilities arising from obtaining operating lease assets, related party | 11,980,000 | 0 | 19,739,000 |
Dividends declared | $ 0 | $ 0 | $ 29,677,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Jan. 29, 2022$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends paid per share (in dollars per share) | $ 2 |
Description of the Company and
Description of the Company and Basis of Presentation | 12 Months Ended |
Jan. 29, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Tillys is a leading destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active and social lifestyle. Tillys is headquartered in Irvine, California and we operated 241 stores in 33 states as of January 29, 2022. Our stores are located in malls, lifestyle centers, ‘power’ centers, community centers, outlet centers and street-front locations. Customers may also shop online, where we feature the same assortment of products as carried in our brick-and-mortar stores, supplemented by additional online-only styles. Our goal is to serve as a destination for the latest, most relevant merchandise and brands important to our customers. The Tillys concept began in 1982 when our co-founders, Hezy Shaked and Tilly Levine, opened their first store in Orange County, California. Since 1984, the business has been conducted through World of Jeans & Tops, a California corporation, or “WOJT”, which operates under the name “Tillys”. In May 2011, Tilly’s, Inc., a Delaware corporation, was formed solely for the purpose of reorganizing the corporate structure of WOJT in preparation for an initial public offering. As part of the initial public offering in May 2012, WOJT became a wholly owned subsidiary of Tilly's, Inc. The consolidated financial statements include the accounts of Tilly's Inc. and WOJT. All intercompany accounts and transactions have been eliminated in consolidation. As used in these Notes to the Consolidated Financial Statements, except where the context otherwise requires or where otherwise indicated, the terms "the Company", "we", "our", "us" and "Tillys" refer to Tilly's, Inc. and its subsidiary, WOJT. Fiscal Year Our fiscal year ends on the Saturday closest to January 31. Fiscal years 2021, 2020 and 2019 ended on January 29, 2022, January 30, 2021 and February 1, 2020, respectively. Fiscal years 2021, 2020 and 2019 each included 52 weeks. Segment Reporting Accounting principles generally accepted in the United States (“GAAP”) has established guidance for reporting information about our operating segments, including disclosures related to our products and services, geographic areas and major customers. We identify our operating segments based on how our business is managed and evaluated. Our operating segments have been aggregated into one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. All of our identifiable assets are in the United States. Impact of the COVID-19 Pandemic on our Business As of January 29, 2022, the ongoing COVID-19 pandemic (the "pandemic") and the impacts therefrom have continued to adversely impact our business, financial condition and results of operations. As we have seen over the past two years, there remain many uncertainties about the pandemic, including the anticipated duration and severity of the pandemic, particularly in light of ongoing vaccination efforts and potential emerging variant strains of the virus. To date, the pandemic has had far-reaching impacts on many aspects of the operations of the Company, directly and indirectly, including on consumer behavior, store traffic, operational capabilities and our operations generally, timing of deliveries, demands on our information technology and e-commerce capabilities, inventory and expense management, managing our workforce, our storefront configurations and operations upon reopening, and our people, which have materially disrupted our business and the market generally. The scope and nature of these impacts continue to evolve. We may experience adverse impacts in the future, including similar impacts to those we have previously experienced during the pandemic, such as regional quarantines, labor stoppages and shortages, changes in consumer purchasing patterns, mandatory or elective shut-downs of retail locations, disruptions to supply chains, including the inability of our suppliers and service providers to deliver materials and services on a timely basis, or at all, severe market volatility, liquidity disruptions, and overall economic instability, which, in many cases, had, and may in the future continue to have, material adverse impacts on our business, financial condition and results of operations. This situation is continually evolving, and additional impacts may arise that we are not aware of currently, or current impacts may become magnified. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all short-term investments with an initial maturity of 90 days or less when purchased to be cash equivalents. Marketable Securities Marketable debt securities are classified as available-for-sale or held-to-maturity and are carried at fair value or amortized cost plus accrued income, respectively. Unrealized holding gains and losses, net of income taxes, on available-for-sale debt securities are reflected as a separate component of stockholders’ equity until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. We classify all marketable securities within current assets on our accompanying Consolidated Balance Sheets, including those with maturity dates beyond twelve months, as they are available to support our current operational liquidity needs. Merchandise Inventories Merchandise inventories are comprised of finished goods offered for sale at our retail stores and online. Inventories are stated at the lower of cost or net realizable value using the retail inventory method. An initial markup is applied to inventory at cost in order to establish a cost-to-retail ratio. We believe that the retail inventory method approximates cost. Shipping and handling costs for merchandise shipped to customers of $20.0 million, $20.6 million and $12.1 million in fiscal years 2021, 2020 and 2019, respectively, are included in cost of goods sold in the accompanying Consolidated Statements of Operations. We review our inventory levels to identify slow-moving merchandise and generally use markdowns to clear this merchandise. At any given time, merchandise inventories include items that have been marked down to management’s best estimate of their fair market value at retail price, with a proportionate write-down to the cost of the inventory. Our management bases the decision to mark down merchandise primarily upon its current sell-through rate and the age of the item, among other factors. These markdowns may have an adverse impact on earnings, depending on the extent and amount of inventory affected. Markdowns are recorded as an increase to cost of goods sold in the accompanying Consolidated Statements of Operations. Total markdowns, including permanent and promotional markdowns, on a cost basis were $52.5 million, $46.5 million, and $53.3 million in fiscal year 2021, 2020, and 2019, respectively. As of the end of fiscal 2021 and 2020, total accrued markdowns on the balance sheet were $1.4 million and $1.1 million, respectively. We also record an inventory shrinkage reserve calculated as a percentage of net sales for estimated merchandise losses for the period between the last physical inventory count and the balance sheet date. These estimates are based on historical percentages and can be affected by changes in merchandise mix and changes in shrinkage trends. We perform physical inventory counts at least once per year for the entire chain of stores and our distribution center and adjust the inventory shrinkage reserve accordingly. If actual physical inventory losses differ significantly from the estimate, our results of operations could be adversely impacted. The inventory shrinkage reserve reduces the value of total inventory and is a component of inventories on the Consolidated Balance Sheets. The inventory shrinkage reserve at January 29, 2022 and January 30, 2021 was not material. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Equipment is depreciated over five Repairs and maintenance costs are charged directly to expense as incurred. Major renewals, replacements and improvements that substantially extend the useful life of an asset are capitalized and depreciated. Impairment of Long-Lived Assets Impairments are recorded on long-lived assets used in operations whenever events or changes in circumstances indicate that the net carrying amounts may not be recoverable. Important factors 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 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 the weighted average cost of capital. With regard to retail store assets, which are comprised of leasehold improvements, fixtures and computer hardware and software, and operating lease assets, 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. Refer to "Note 11: Fair Value Measurements", for further information. Operating Leases We conduct all of our retail sales and corporate operations in leased facilities. Lease terms for our stores are generally ten years in duration (subject to extensions) and provide for escalations in base rents periodically. Many of our store leases contain one or more options to renew the lease at our sole discretion. Generally, we do not consider any additional renewal periods to be reasonably certain of being exercised. Most store leases include tenant allowances from landlords, rent escalation clauses and/or contingent rent provisions. Certain leases provide for additional rent based on a percentage of sales and annual rent increases generally based upon the Consumer Price Index. In addition, most of our store leases are net leases, which typically require us to be responsible for certain property operating expenses, including property taxes, insurance, common area maintenance, in addition to base rent. Many of our store leases contain certain co-tenancy provisions that permit us to pay rent based on a pre-determined percentage of sales when the occupancy of the retail center falls below minimums established in the lease. For non-cancelable operating lease agreements, operating lease assets and operating lease liabilities are established for leases with an expected term greater than one year and we recognize lease expense on a straight-line basis. Contingent rent, determined based on a percentage of sales in excess of specified levels, is recognized as rent expense when the achievement of the specified sales that triggers the contingent rent is probable. Refer to "Note 9: Leases" for further information. Revenue Recognition Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register, net of estimated returns and taxes collected from our customers. For e-commerce sales, we recognize revenue, net of sales taxes and estimated sales returns, and the related cost of goods sold at the time the merchandise is shipped to the customer. Amounts related to shipping and handling that are billed to customers are reflected in net sales, and the related costs are reflected in cost of goods sold in the accompanying Consolidated Statements of Operations. For fiscal years 2021, 2020 and 2019, shipping and handling fee revenue included in net sales was $5.8 million, $5.4 million, and $2.9 million, respectively. We accrue for estimated sales returns by customers based on historical sales return results. As of January 29, 2022 and January 30, 2021, our reserve for sales returns was $1.9 million and $1.4 million, respectively. We recognize revenue from gift cards as they are redeemed for merchandise. Prior to redemption, we maintain a current liability for unredeemed gift card balances. The customer liability balance was $11.2 million as of January 29, 2022 and $9.6 million as of January 30, 2021, and is included in deferred revenue on the accompanying Consolidated Balance Sheets. Our gift cards do not have expiration dates and in most cases there is no legal obligation to remit unredeemed gift cards to relevant jurisdictions. Based on actual historical redemption patterns, we determined that a small percentage of gift cards are unlikely to be redeemed (which we refer to as gift card “breakage”). Based on our historical gift card breakage rate, we recognize breakage revenue over the redemption period in proportion to actual gift card redemptions. Revenue recognized from gift cards was $17.2 million, $14.7 million and $18.9 million for fiscal years 2021, 2020, and 2019, respectively. For fiscal years 2021, 2020, and 2019, the opening gift card balances were $9.6 million, $9.3 million, and $8.7 million, respectively, of which $5.3 million, $5.0 million, and $5.5 million, respectively, were recognized as revenue during the period. The following table summarizes net sales from our retail stores and e-commerce (in thousands): Fiscal Year Ended January 29, January 30, February 1, Retail stores $ 609,744 $ 357,896 $ 520,843 E-commerce 165,950 173,433 98,457 Total net sales $ 775,694 $ 531,329 $ 619,300 The following table summarizes the percent of net sales by department: Fiscal Year Ended January 29, January 30, February 1, Mens 37% 36 % 36 % Womens 26% 27 % 24 % Accessories 16% 15 % 18 % Footwear 11% 12 % 12 % Boys 5% 5 % 6 % Girls 4% 4 % 4 % Outdoor 1% 1 % — % Total net sales 100% 100 % 100 % The following table summarizes the percent of net sales by third-party and proprietary branded merchandise: Fiscal Year Ended January 29, January 30, February 1, Third-party 70% 74 % 75 % Proprietary 30% 26 % 25 % Total net sales 100% 100 % 100 % Loyalty Program We have a customer loyalty program where customers accumulate points based on purchase activity. Once a loyalty member achieves a certain point level, the member earns an award that may be used towards the purchase of merchandise. Unredeemed awards and accumulated partial points are accrued as deferred revenue and awards redeemed by the member for merchandise are recorded as an increase to net sales. Our loyalty program allows customers to redeem their awards instantly or build up to additional awards over time. We currently expire unredeemed awards and accumulated partial points 365 days after the last purchase activity. A liability is estimated based on the standalone selling price of awards and partial points earned and estimated redemptions. The deferred revenue for this program was $5.9 million as of January 29, 2022 and $3.9 million as of January 30, 2021. The value of points redeemed through our loyalty program was $10.5 million, $6.5 million and $6.1 million during fiscal year 2021, 2020, and 2019, respectively. For fiscal years 2021, 2020 and 2019, the opening loyalty program balances were $3.9 million, $2.4 million, and $1.7 million, respectively, of which $3.5 million, $1.8 million, and $0.8 million, respectively, were recognized as revenue during the period. Cost of Goods Sold Cost of goods sold includes product costs and buying, distribution and occupancy costs as follows: • Costs of products sold include: ◦ freight expenses associated with merchandise received from our vendors into our distribution centers; ◦ vendor allowances; ◦ cash discounts on payments to merchandise vendors; ◦ physical inventory losses; and ◦ markdowns of inventory. • Buying, distribution and occupancy costs include: ◦ payroll, benefit costs, and incentive compensation for merchandising personnel; ◦ customer shipping and handling expenses; ◦ costs associated with operating our distribution and fulfillment centers, including payroll and benefit costs for our distribution center, occupancy costs, and depreciation; ◦ freight expenses associated with shipping merchandise inventories from our distribution center to our stores and e-commerce customers; and ◦ store occupancy costs, including rent, maintenance, utilities, property taxes, business licenses, security costs and depreciation. Selling, General and Administrative Expenses • Payroll, benefit costs and incentive compensation for store, regional, e-commerce and corporate employees; • Occupancy and maintenance costs of corporate office facilities; • Depreciation related to corporate office assets; • Advertising and marketing costs, net of reimbursement from vendors; • Tender costs, including costs associated with credit and debit card interchange fees; • Long-lived asset impairment charges; • Legal provisions; • Other administrative costs such as supplies, consulting, audit and tax preparation fees, travel and lodging; and • Charitable contributions. Store Pre-opening Costs Store pre-opening costs consist primarily of occupancy costs, which are included in cost of goods sold, and payroll expenses, which are included in selling, general and administrative expenses, in the accompanying Consolidated Statements of Operations. Advertising We expense advertising costs as incurred, except for direct-mail advertising expenses which are recognized at the time of mailing. Advertising costs include such things as production and distribution of print and digital catalogs; print, online and mobile advertising costs; radio advertisements; and grand openings and other events. Advertising expense, which is classified in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations, was $24.5 million, $20.5 million and $15.9 million in fiscal years 2021, 2020 and 2019, respectively. Share-Based Compensation We apply the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation-Stock Compensation (“ASC 718”), for accounting for equity instruments exchanged for employee services. Under the provisions of this standard, share-based compensation expense is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense on a straight-line basis over the employee’s requisite service period (generally the vesting period of the equity grant). Changes in these inputs and assumptions can materially affect the measurement of the estimated fair value of award and related share-based compensation expense. Refer to “Note 12: Share-Based Compensation”, for further information. Income Taxes We accrue income taxes payable or refundable and recognize deferred tax assets and liabilities based on differences between GAAP and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates in effect for the years in which the differences are expected to reverse, and recognize the effect of a change in enacted rates in the period of enactment. We establish assets and liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. We include in income tax expense any interest and penalties related to uncertain tax positions. Earnings per Share Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to restricted stock and outstanding options to purchase common stock. Refer to “Note 15: Earnings (Loss) Per Share”, for further information. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and short-term investments. At January 29, 2022 and January 30, 2021, and at various times throughout these years, we had cash in financial institutions in excess of the $250,000 amount insured by the Federal Deposit Insurance Corporation. We typically invest our cash in highly rated, short-term commercial paper, interest-bearing money market funds, municipal bonds and certificates of deposit. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Reclassifications of Prior Year Presentation Certain prior year amounts on the Consolidated Balance Sheets, have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operations. A reclassification has been made to prior year's Consolidated Balance Sheets for fiscal year ended January 30, 2021 to identify deferred tax assets of $11.9 million and the long-term portion of credit facility costs of $0.4 million. This change in classification does not affect previously reported cash flows from operating activities in the Consolidated Statements of Cash Flows. New Accounting Standards Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which modifies or replaces existing models for impairment of trade and other receivables, debt securities, loans, beneficial interests held as assets, purchased-credit impaired financial assets and other instruments. The new standard requires entities to measure expected losses over the life of the asset and recognize an allowance for estimated credit losses upon recognition of the financial instrument. ASU 2016-13 will become effective for us in the first quarter of fiscal 2023, with early adoption permitted and must be adopted using the modified retrospective method. We expect the new rules to apply to our fixed income securities recorded at amortized cost and classified as held-to-maturity and our trade receivables. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact this guidance may have on our consolidated financial statements and related disclosures. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 29, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities as of January 29, 2022 consisted of commercial paper classified as available-for-sale and fixed income securities, that we have the intent and ability to hold to maturity and therefore, are classified as held-to-maturity. Our investments in commercial paper and fixed income securities are recorded at fair value and amortized cost, which approximates fair value, respectively. All of our marketable securities are less than one year from maturity. The following table summarizes investments in marketable securities at January 29, 2022 and January 30, 2021 (in thousands): January 29, 2022 Cost or Gross Gross Estimated Fair Value Commercial paper $64,235 $9 $(11) $64,233 Fixed income securities 32,794 — — 32,794 Total marketable securities $97,029 $9 $(11) $97,027 January 30, 2021 Cost or Gross Gross Estimated Fair Value Commercial paper $64,928 $28 $(1) $64,955 Total marketable securities $64,928 $28 $(1) $64,955 For fiscal years 2021, 2020 and 2019, we recognized gains on investments for commercial paper of $0.1 million, $0.6 million and $1.2 million, respectively, which matured during the period. In determining those gains, we used the actual cost of the securities sold. Upon recognition of the gains, we reclassified these amounts out of accumulated other comprehensive income and into other income, net, on the accompanying Consolidated Statements of Operations. |
Receivables
Receivables | 12 Months Ended |
Jan. 29, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables At January 29, 2022 and January 30, 2021, receivables consisted of the following (in thousands): January 29, January 30, Credit and debit card receivables $ 2,692 $ 2,816 Tenant allowances due from landlords 1,367 3,854 CARES Act employee retention credit 1,313 1,239 Other 1,333 815 Total receivables $ 6,705 $ 8,724 We establish a receivable for amounts we expect to collect. We make estimates for the allowance for doubtful accounts against receivables for any potential uncollectible amounts. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 29, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets At January 29, 2022 and January 30, 2021, prepaid expenses and other current assets consisted of the following (in thousands): January 29, January 30, Prepaid income taxes $ 9,756 $ — Prepaid insurance 2,585 1,984 Prepaid maintenance 1,896 1,366 Prepaid rent 1,406 2,015 Other 757 805 Total prepaid expenses and other current assets $ 16,400 $ 6,170 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment At January 29, 2022 and January 30, 2021, property and equipment consisted of the following (in thousands): January 29, January 30, Leasehold improvements $ 150,239 $ 146,565 Furniture and fixtures 46,397 46,239 Computer hardware and software 41,414 38,286 Machinery and equipment 33,550 32,634 Vehicles 2,187 2,394 Construction in progress 3,615 4,805 Property and equipment, gross 277,402 270,923 Accumulated depreciation (229,872) (218,284) Property and equipment, net $ 47,530 $ 52,639 Depreciation expense related to property and equipment was $16.8 million, $19.1 million and $20.9 million in fiscal years 2021, 2020 and 2019, respectively. Cash paid for capital expenditures during fiscal 2021, 2020 and 2019, was approximately $13.4 million, $8.5 million and $14.3 million, respectively. Impairments are recorded on long-lived assets used in operations whenever events or changes in circumstances indicate that the net carrying amounts may not be recoverable. We recorded non-cash impairment charges of $0.1 million, $1.0 million and $0.3 million in selling, general and administrative expenses in fiscal years 2021, 2020 and 2019, respectively, to write down the carrying value of long-lived assets to their estimated fair values. Refer to "Note 11: Fair Value Measurements", for further information. If we are not able to achieve our projected key financial metrics, we may incur additional impairment in the future for long-lived assets. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 29, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses At January 29, 2022 and January 30, 2021, accrued expenses consisted of the following (in thousands): January 29, January 30, Accrued freight $ 3,924 $ 4,752 Sales and use taxes payable 2,650 5,901 Merchandise returns 1,852 1,371 Accrued construction 1,080 2,495 Income taxes payable — 6,526 Other 9,567 9,637 Total accrued expenses $ 19,073 $ 30,682 |
Line of Credit
Line of Credit | 12 Months Ended |
Jan. 29, 2022 | |
Debt Disclosure [Abstract] | |
Line of Credit | Line of Credit On January 20, 2022, we entered into a senior unsecured credit agreement (the "Credit Agreement") and revolving line of credit note (the "Note") with Wells Fargo Bank, National Association (the “Bank”). The Credit Agreement replaced our previously existing asset-backed credit agreement (the “Prior Credit Agreement”), dated as of November 9, 2020, as amended, with the Bank, which had revolving commitments of up to $65.0 million, a sub-limit on letters of credit of $10.0 million and a sub-limit for swing-line loans of $7.5 million. The Prior Credit Agreement was terminated concurrently with the entry into the Credit Agreement. No borrowings were outstanding under the Prior Credit Agreement as of the closing date. The Credit Agreement provides for a senior secured revolving credit facility (“Revolving Facility”) of up to $25.0 million (“Revolving Commitment”) consisting of revolving loans, letters of credit and swing line loans, with a sub-limit on letters of credit outstanding at any time of $15.0 million. The Revolving Facility matures on January 20, 2024. The payment and performance in full of the secured obligations under the Revolving Facility are secured by a lien on and security interest in all of the assets of our company. The payment and performance in full of the obligations under the Credit Agreement are guaranteed by the Company pursuant to a continuing guaranty granted by the Company in favor of the Bank. The payment and performance of the Company’s obligations under the Guaranty are secured by a lien on, and pledge of, all of the equity interests owned by the Company. Borrowings under the Revolving Facility bear interest at a rate per annum equal to the daily simple Secured Overnight Financing Rate ("SOFR") plus 0.75%. Amounts available to be drawn under outstanding letters of credit accrue fees in an amount equal to 1.00% per annum. The unused portion of the Revolving Commitment is not subject to a commitment fee. Under the Credit Agreement, we are subject to a variety of affirmative and negative covenants of types customary in a cash-flow-based lending facility, including financial covenants that require maintenance of (1) a ratio of total funded debt to earnings before interest, taxes, depreciation, amortization and annual rent expenses no greater than 4.00 to 1.00 and (2) a fixed charge coverage ratio of not less than 1.25 to 1.00 (calculation of which takes into account dividends, distributions, redemptions and repurchases of the equity interests of the Company only if the Company’s cash on hand, net of any amounts outstanding under the Credit Agreement, is less than $50.0 million after giving effect to such dividends, distributions, redemptions or repurchases). Events of default under the Credit Agreement include, among other things, failure to pay principal, interest, fees or other amounts; covenant defaults; material inaccuracy of representations and warranties; bankruptcy events with respect to the Company; actual or asserted invalidity of any of the loan documents; or a change of control of the Company. In connection with the entry into the Credit Agreement, on January 20, 2022, we entered into certain ancillary agreements, including (i) a security agreement in favor of the Bank (ii) a guaranty entered into by the Company, and (iii) a third party pledge agreement entered into by the Company in favor of the Bank. The security agreement, the guaranty and the pledge agreement replaced (i) the guaranty by the Company in favor of the Bank, dated November 9, 2020, and (ii) the security agreement dated as of November 9, 2020, among the Company and the Bank, which were both terminated concurrently with the termination of the Prior Credit Agreement. As of January 29, 2022, we were in compliance with all of our covenants and had no outstanding borrowings under the Credit Agreement. The Prior Credit Agreement was terminated concurrently with the entry into the Credit Agreement. The maximum borrowings permitted under the Prior Credit Agreement was equal to the lesser of (x) the revolving commitment and (y) the borrowing base. The borrowing base was equal to (a) 90% of the borrower's eligible credit card receivables, plus (b) 90% of the cost of the borrower's eligible inventory, less inventory reserves established by the agent, and adjusted by the appraised value of such eligible inventory, plus (c) 90% of the cost of the borrower's eligible in-transit inventory, less inventory reserves established by the agent, and adjusted by the appraised value of such eligible in-transit inventory (not to exceed 10% of the total amount of all eligible inventory included in the borrowing base) less (d) reserves established by the agent. As of the closing date, we had no outstanding borrowings under the Credit Agreement and the only utilization of the letters of credit sub-limit under the Credit Agreement was a $2.025 million irrevocable standby letter of credit, which was previously issued under the Prior Credit Agreement and was transferred on the closing date to the Credit Agreement. The unused portion of the revolving commitment under the Prior Credit Agreement accrued a commitment fee, which ranged from 0.375% to 0.50% per annum, based on the average daily borrowing capacity under the revolving facility over the applicable fiscal quarter. Borrowings under the Prior Credit Agreement bear interest at a rate per annum that ranged from the LIBOR rate plus 2.0% to the LIBOR rate plus 2.25%, or the base rate plus 1.0% to the base rate plus 1.25%, based on the average daily borrowing capacity under the Prior Credit Agreement over the applicable fiscal quarter. We were allowed to elect to apply either the LIBOR rate or base rate interest to borrowings at our discretion, other than in the case of swing line loans, to which the base rate shall apply. Under the Prior Credit Agreement, we were subject to a variety of affirmative and negative covenants of types customary in an asset-based lending facility, including a financial covenant relating to availability, and customary events of default. Prior to the first anniversary of the closing date, we were prohibited from declaring or paying any cash dividends to our respective stockholders or repurchasing of our own common stock. After the first anniversary of the closing date, we were allowed to declare and pay cash dividends to our respective stockholders and repurchase our own common stock, provided, among other things, no default or event of default exists as of the date of any such payment and after giving effect thereto and certain minimum availability and minimum projected availability tests are satisfied. |
Leases
Leases | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Leases | Leases We conduct all of our retail sales and corporate operations in leased facilities. Lease terms generally range up to ten years in duration (subject to elective extensions) and provide for escalations in base rents. Many of our store leases contain one or more options to renew the lease at our sole discretion. Generally, we do not consider any additional renewal periods to be reasonably certain of being exercised. Most store leases include tenant allowances from landlords, rent escalation clauses and/or contingent rent provisions. Certain leases provide for additional rent based on a percentage of sales and annual rent increases generally based upon the Consumer Price Index. In addition, most of our store leases are net leases, which typically require us to be responsible for certain property operating expenses, including property taxes, insurance, common area maintenance, in addition to base rent. Many of our store leases contain certain co-tenancy provisions that permit us to pay rent based on a pre-determined percentage of sales when the occupancy of the retail center falls below minimums established in the lease. For non-cancelable operating lease agreements, operating lease assets and operating lease liabilities are established for leases with an expected term greater than one year and we recognize lease expense on a straight-line basis. Contingent rent, determined based on a percentage of sales in excess of specified levels, is recognized as rent expense when the achievement of the specified sales that triggers the contingent rent is probable. Operating leases We lease office and warehouse space (10 and 12 Whatney, Irvine, California) from a company that is owned by the co-founders of Tillys. The lease expires on December 31, 2027. We incurred rent expense of $2.0 million, $2.0 million and $2.1 million in fiscal years 2021, 2020 and 2019, respectively. We lease office and warehouse space (11 Whatney, Irvine, California) from a company that is owned by one of the co-founders of Tillys. We incurred rent expense of $0.4 million in each of the fiscal years 2021, 2020 and 2019, related to this lease. Pursuant to the lease agreement, the lease payment adjusts annually based upon the Los Angeles/Anaheim/Riverside Urban Consumer Price Index, not to exceed 7%, but a minimum of 3%, in any one annual increase. The lease expires on June 30, 2022. We expect to have a fully negotiated renewal completed in advance of this lease expiration. We lease a building (17 Pasteur, Irvine, California) from a company that is owned by one of the co-founders of Tillys. We use this property as our e-commerce distribution center. We incurred rent expense of $1.1 million, $0.9 million and $1.0 million in fiscal years 2021, 2020 and 2019, respectively, related to this lease. Pursuant to the lease agreement, the lease payment adjusts annually based upon the Los Angeles/Anaheim/Riverside Urban Consumer Price Index, not to exceed 7%, but a minimum of 3%, in any one annual increase. The lease began on November 1, 2011 with a 10-year term ending on October 31, 2021. During October 2021, this lease was amended to extend the term for an additional period of 10 years and now terminates on October 31, 2031. Pursuant to the amended lease agreement, the lease payment adjusts annually based upon the greater of 5% or the Consumer Price Index. The maturity of operating lease liabilities as of January 29, 2022 were as follows (in thousands): Fiscal Year Related Other Total 2022 $ 3,434 $ 64,112 $ 67,546 2023 3,416 53,668 57,084 2024 3,543 43,297 46,840 2025 3,676 34,136 37,812 2026 3,814 22,698 26,512 Thereafter 9,768 46,818 56,586 Total minimum lease payments 27,651 264,729 292,380 Less: Interest 4,118 41,260 45,378 Present value of operating lease liabilities $ 23,533 $ 223,469 $ 247,002 As of January 29, 2022, additional operating lease contracts and modifications executed subsequent to the balance sheet date, but prior to the report date, are approximately $23.0 million. Lease expense for fiscal years 2021, 2020 and 2019 was as follows (in thousands): January 29, 2022 January 30, 2021 February 1, 2020 COGS SG&A Total COGS SG&A Total COGS SG&A Total Fixed operating lease expense $ 60,343 $ 1,660 $ 62,003 $ 60,466 $ 1,623 $ 62,089 $ 62,166 $ 1,541 $ 63,707 Variable lease expense 18,078 28 18,106 16,301 1 $ 16,302 16,614 70 16,684 Total lease expense $ 78,421 $ 1,688 $ 80,109 $ 76,767 $ 1,624 $ 78,391 $ 78,780 $ 1,611 $ 80,391 Supplemental lease information for the year ended January 29, 2022, January 30, 2021 and February 1, 2020 was as follows: January 29, January 30, February 1, Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $69,210 $64,326 $65,458 Weighted average remaining lease term (in years) 5.65 years 5.66 years 6.17 years Weighted average interest rate (1) 6.13% 6.52% 4.03% (1) Since our leases do not provide an implicit rate, we used our incremental borrowing rate ("IBR") on date of adoption, at lease inception, or lease modification, in determining the present value of future minimum payments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnifications, Commitments, and Guarantees During the normal course of business, we have made certain indemnifications, commitments, and guarantees under which we may be required to make payments for certain transactions. These indemnifications include, but are not limited to, those given to various lessors in connection with facility leases for certain claims arising from such facility or lease, and indemnifications to our directors and officers to the maximum extent permitted under the laws of the state of Delaware. The majority of these indemnifications, commitments, and guarantees do not provide for any limitation of the maximum potential future payments we could be obligated to make, and their duration may be indefinite. We have not recorded any liability for these indemnifications, commitments, and guarantees in the accompanying Consolidated Balance Sheets. Purchase Obligations At January 29, 2022, our future minimum payments under agreements to purchase services primarily for software maintenance aggregated to $4.7 million, payable as follows: $3.2 million in fiscal 2022, $0.8 million in fiscal 2023, $0.5 million in fiscal 2024, $0.2 million in fiscal 2025 and $0.1 million in fiscal 2026. Legal Proceedings From time to time, we may become involved in lawsuits and other claims arising from our ordinary course of business. We establish loss provisions for matters in which losses are probable and can be reasonably estimated. For some 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. Juan Carlos Gonzales, on behalf of himself and all others similarly situated, v. Tilly’s Inc. et al, Superior Court of California, County of Orange, Case No. 30-2017-00948710-CU-OE-CXC . In October 2017, the plaintiff filed a putative class action against us, alleging various violations of California’s wage and hour laws. The complaint seeks class certification, unspecified damages, unpaid wages, penalties, restitution, interest, and attorneys’ fees and costs. In December 2017, we filed an answer to the complaint, denying all of the claims and asserting various defenses. In April 2018, the plaintiff filed a separate action under the Private Attorneys General Act ("PAGA") against us seeking penalties on behalf of himself and other similarly situated employees for the same alleged violations of California's wage and hour laws. We requested the plaintiff to dismiss the class action claims based on an existing class action waiver in an arbitration agreement which plaintiff signed with our co-defendant, BaronHR, the staffing company that employed plaintiff to work at the Company. In June 2018, the plaintiff's class action complaint was dismissed. The parties mediated the PAGA case with a well-respected mediator in March 2020. Although the case did not settle at the mediation, the parties have agreed to continue their settlement discussions with the assistance of the mediator. The court has not yet issued a trial date. By agreement between co-defendant BaronHR and Tilly's, BaronHR is required to indemnify us for all of our losses and expenses incurred in connection with this matter. We have defended this case vigorously, and will continue to do so. We believe that a loss is currently not probable or estimable under ASC 450, “Contingencies,” and no accrual has been made with regard to the verdict. 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. In September 2015, the plaintiff filed a putative class action lawsuit against us alleging, among other things, various violations of California's wage and hour laws. The complaint sought class certification, unspecified damages, unpaid wages, penalties, restitution, and attorneys' fees. In June 2016, the court granted our demurrer to the plaintiff's complaint on the grounds that the plaintiff failed to state a cause of action against us. Specifically, the court agreed with us that the plaintiff's cause of action for reporting-time pay fails as a matter of law as the plaintiff and other putative class members did not "report for work" with respect to certain shifts on which the plaintiff's claims are based. In November 2016, the court entered a written order sustaining our demurrer to the plaintiff's complaint and dismissing all of plaintiff’s causes of action with prejudice. In January 2017, the plaintiff filed an appeal of the order to the California Court of Appeal. In February 2019, the Court of Appeal issued an opinion overturning the trial court’s decision, holding that the plaintiff’s allegations stated a claim. In March 2019, we filed a petition for review with the California Supreme Court seeking its discretionary review of the Court of Appeal’s decision. The California Supreme Court declined to review the Court of Appeal’s decision. Since the case was remanded back to the trial court, the parties have been engaged in discovery. In March 2020, the plaintiff filed a motion for class certification, which we opposed. In October 2020, the court denied plaintiff's motion for class certification. In December 2020, the plaintiff filed a notice of appeal of the court's order denying her motion for class certification. In October 2021, the plaintiff filed a request for dismissal of her appeal, which the Court of Appeal granted with a remittitur to return the case to the trial court where the case would proceed only with respect to the plaintiff’s individual claims. In March 2022, the parties |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 29, 2022 | |
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 securities, commercial paper, municipal bonds and certificates of deposits. The money market accounts are valued based on quoted market prices in active markets. The available-for-sale 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. From time to time, we measure certain assets at fair value on a non-recurring basis, including evaluation of long-lived assets for impairments using Company-specific assumptions which would fall within Level 3 of the fair-value hierarchy. Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. We did not make any transfers between Level 1 and Level 2 financial assets during fiscal years 2021, 2020 and 2019. Furthermore, as of January 29, 2022 and January 30, 2021, we did not have any Level 3 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. Financial Assets In accordance with the provisions of ASC 820, Fair Value Measurement , we categorized our financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands): January 29, 2022 January 30, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) : Money market securities $32,764 $— $— $67,115 $— $— Commercial paper — 4,999 — — — — Marketable securities: Commercial paper $— $64,233 $— $— $64,955 $— (1) Excludes cash Impairment of Long-Lived Assets On at least a quarterly basis, 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 certain 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 a non-recurring, non-cash impairment charges of approximately $0.1 million, $1.0 million and $0.3 million in fiscal years 2021, 2020 and 2019, respectively, to write- down the carrying value of certain long-lived store assets to their estimated fair values. Fiscal Year Ended January 29, January 30, February 1, ($ in thousands) Carrying value of assets with impairment $136 $955 $282 Fair value of assets impaired $— $— $— Number of stores tested for impairment 13 56 5 Number of stores with impairment 1 12 1 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Tilly's, Inc. Second Amended and Restated 2012 Equity and Incentive Award Plan (the "2012 Plan") authorizes up to 6,613,900 shares for issuance of options, shares or rights to acquire our Class A common stock and allows for, among other things, operating income and comparable store sales growth targets as additional performance goals that may be used in connection with performance-based awards granted under the 2012 Plan. As of January 29, 2022, there were 2,300,365 shares available for future issuance under the 2012 Plan. Options We grant stock options to certain employees that gives them the right to acquire our Class A common stock under the 2012 Plan. The exercise price of options granted is equal to the closing price per share of our stock at the date of grant. The non-qualified options vest at a rate of 25% on each of the first four The following table summarizes our stock option activity for fiscal year 2021: Stock Grant Date Weighted Aggregate ($ in thousands) Outstanding at January 30, 2021 2,602,212 $8.19 Granted 523,700 $10.94 Exercised (1,221,972) $7.83 Forfeited (301,729) $9.19 Expired (32,000) $16.26 Outstanding at January 29, 2022 1,570,211 $9.02 7.5 $6,168 Exercisable at January 29, 2022 430,141 $10.94 4.7 $1,092 (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 year 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 $12.74 at January 29, 2022. The total intrinsic value of options exercised in fiscal years 2021, 2020 and 2019 was $8.4 million, less than $0.1 million and $0.5 million, respectively. The total fair value of options vested in fiscal years 2021, 2020 and 2019 was $1.4 million, $1.7 million and $1.8 million, respectively. The total proceeds received from the exercise of stock options in fiscal years 2021, 2020 and 2019 was $9.6 million, less than $0.1 million and $1.6 million, respectively. The tax benefit realized from stock options exercised in fiscal years 2021, 2020 and 2019 was $2.3 million, $0.0 million and $0.1 million, respectively. 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 will issue shares of Class A common stock when the options are exercised. The fair values of stock options granted in fiscal years 2021, 2020 and 2019 were estimated on the grant dates using the following assumptions: Fiscal Year Ended January 29, January 30, February 1, Weighted average grant-date fair value per option granted $5.74 $2.23 $5.10 Expected option term (1) 5.4 years 5.3 years 5.0 years Expected volatility factor (2) 59.9% 57.5% 53.8% Risk-free interest rate (3) 0.9% 0.4% 2.1% Expected annual dividend yield (4) —% —% —% (1) The expected option term of the awards represents the estimated time that options are expected to be outstanding based upon historical option data. (2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of our 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. (4) We do not have a dividend policy and we do not anticipate paying any additional cash dividends on our common stock at this time. Restricted Stock Restricted stock awards ("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, whereas restricted stock units represent shares issuable in the future upon vesting. Under the 2012 Plan, we grant RSAs to independent members of our Board of Directors and restricted stock units to certain employees. RSAs granted to Board members vest at a rate of 50% on each of the first two four A summary of the status of non-vested restricted stock as of January 29, 2022 and changes during fiscal year 2021 are presented below: Shares Weighted- Nonvested at January 30, 2021 71,548 $6.71 Granted 19,988 $16.01 Vested (46,072) $6.95 Nonvested at January 29, 2022 45,464 $10.56 The weighted-average grant-date fair value of restricted stock granted during the years ended January 30, 2021 and February 1, 2020 was $6.28 and $7.77, respectively. The total fair value of restricted stock vested was $0.7 million, $0.2 million and $0.5 million in fiscal years 2021, 2020 and 2019, respectively. Share-based compensation expense associated with stock options and restricted stock is recognized on a straight-line basis over the requisite service period. The following table summarizes share-based compensation recorded in the accompanying Consolidated Statements of Operations (in thousands): Fiscal Year Ended January 29, January 30, February 1, Cost of goods sold $193 $584 $482 Selling, general and administrative expenses 1,727 1,452 1,654 Total share-based compensation 1,920 2,036 2,136 Less: Income tax expense benefit (239) (537) (565) Total share-based compensation, net of tax $1,681 $1,499 $1,571 During fiscal 2021, we identified and corrected an immaterial error in our "Note 12: Share-Based Compensation" footnote whereby we omitted the income tax expense benefit effect of share-based compensation in prior years. As such, we have presented the corrected prior year footnote disclosures herein the fiscal year ended January 29, 2022, for which there was a $0.5 million and $0.6 million income tax expense benefit effect in fiscal years ended January 30, 2021 and February 1, 2020, respectively. At January 29, 2022, there was $3.8 million of total unrecognized share-based compensation expense related to unvested stock options and restricted stock awards. This cost has a weighted average remaining recognition period of 2.6 years. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Jan. 29, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Savings Plan | Retirement Savings PlanThe Tillys 401(k) Plan (the “401(k) Plan”) is a qualified plan under Section 401(k) of the Internal Revenue Code. The 401(k) Plan covers all employees that have attained age 21 and completed at least three months of employment tenure. Matching contributions to the 401(k) Plan by the Company may be made at the discretion of our Board of Directors. Total employer contributions to the 401(k) Plan totaled, $0.9 million, $0, and $0.7 million in fiscal years 2021, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for fiscal years 2021, 2020 and 2019 were as follows (in thousands): Fiscal Year Ended January 29, January 30, February 1, Current: Federal $ 16,147 $ 2,279 $ 11,211 State 6,094 1,284 3,238 22,241 3,563 14,449 Deferred: Federal 709 (3,889) (4,704) State (198) (988) (1,011) 511 (4,877) (5,715) Total income tax (benefit) expense $ 22,752 $ (1,314) $ 8,734 A reconciliation of income tax (benefit) expense to the amount computed at the federal statutory rate for fiscal years 2021, 2020 and 2019 is as follows (in thousands): Fiscal Year Ended January 29, January 30, February 1, Federal taxes at statutory rate $ 18,270 $ (516) $ 6,585 State and local income taxes, net of federal benefit 4,480 (132) 1,759 Nondeductible executive compensation 660 — — Share-based compensation discrete items (1) (828) 53 527 Tax credits (137) (166) (87) Return to provision adjustments 208 (582) (8) Other 99 29 (42) Total income tax expense (benefit) $ 22,752 $ (1,314) $ 8,734 (1) This amount includes the impact of discrete items related to the expiration of stock options, exercises of stock options and the settlement of restricted stock that are recorded to income tax expense which represents share-based compensation cost previously recognized by us that was greater than the deduction allowed for income tax purposes based on the price of our common stock on the date of expiration, exercise or vesting. Deferred income taxes reflect the net tax effects of: (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes; and (b) operating loss and tax credit carry-forwards. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Significant components of deferred tax assets and liabilities as of January 29, 2022 and January 30, 2021 were as follows (in thousands): January 29, January 30, Deferred tax assets: Lease liability $ 64,754 $ 70,129 Compensation and benefits 2,829 536 Inventories 2,056 1,729 Accrued expenses 1,807 1,589 Share-based compensation 727 1,849 Deferred revenue 640 169 Other 570 636 Total deferred tax assets 73,383 76,637 Deferred tax liabilities: Lease asset (54,991) (58,943) Property and equipment (5,746) (4,843) Prepaid expenses (1,200) (895) Marketable securities — (7) Total deferred tax liabilities (61,937) (64,688) Net deferred tax asset $ 11,446 $ 11,949 As of January 29, 2022 and January 30, 2021, there were no material federal and state net operating losses or tax credits carried forward. Uncertain Tax Positions As of January 29, 2022 and January 30, 2021, there were no material unrecognized tax positions. We do not anticipate that there will be a material change in the balance of the unrecognized tax positions in the next 12 months. Any interest and penalties related to uncertain tax positions are recorded in income tax expense. We did not recognize any interest or penalties related to unrecognized tax positions during fiscal years 2021, 2020 and 2019. We file income tax returns in the United States federal jurisdiction and in various state and local jurisdictions. In the normal course of business, we are subject to examination by taxing authorities. Fiscal years 2018 through 2020 remain subject to examination for federal tax purposes and fiscal years 2017 through 2020 remain subject to examination in significant state tax jurisdictions. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 29, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Per Share Our common stock consists of two classes: Class A and Class B. The Class A and Class B common stock have identical rights, except with respect to voting and conversion. 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, and unamortized compensation expense, on share-based awards are assumed to be used by us to purchase the common shares at the average market price during the period. Potentially dilutive shares of common stock represent outstanding stock options and restricted stock awards. The components of basic and diluted earnings per share of Class A and Class B common stock, in aggregate, for fiscal years 2021, 2020 and 2019 are as follows (in thousands, except per share amounts): Fiscal Year Ended January 29, January 30, February 1, Net income (loss) $ 64,249 $ (1,145) $ 22,622 Weighted average basic shares outstanding 30,560 29,697 29,533 Dilutive effect of stock options and restricted stock 558 — 255 Weighted average shares for diluted earnings per share 31,118 29,697 29,788 Basic earnings (loss) per share of Class A and Class B common stock $ 2.10 $ (0.04) $ 0.77 Diluted earnings (loss) per share of Class A and Class B common stock $ 2.06 $ (0.04) $ 0.76 The earnings per share amounts are the same for Class A and Class B common stock, in aggregate, and individually for Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. Shares of Class A and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. The following stock options and restricted stock have been excluded from the calculation of diluted earnings per share as the effect of including these stock options and restricted stock would have been anti-dilutive (in thousands): Fiscal Year Ended January 29, January 30, February 1, Stock options 684 2,602 1,349 Restricted stock — 72 — Total 684 2,674 1,349 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 29, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain Leases As discussed in “Note 9: Leases”, we lease certain facilities from companies that are owned by the co-founders of Tillys. Tilly's Life Center |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity On November 19, 2021, our Board of Directors declared a special cash dividend of $1.00 per share to all holders of record of issued and outstanding shares of both Class A and Class B common stock as of the close of business on December 7, 2021, with payment of $30.9 million made on December 15, 2021. On June 9, 2021, our Board of Directors declared a special cash dividend of $1.00 per share to all holders of record of issued and outstanding shares of both Class A and Class B common stock as of the close of business on June 25, 2021, with payment of $30.7 million made on July 9, 2021. On January 24, 2020, our Board of Directors declared a special cash dividend of $1.00 per share to all holders of record of issued and outstanding shares of both Class A and Class B common stock as of the close of business on February 12, 2020, with payment of $29.7 million made on February 26, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 29, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Authorization of Share Repurchase Program On March 14, 2022, our Board of Directors authorized a share repurchase program for up to 2,000,000 shares of the Company’s outstanding Class A common stock. This share repurchase program will be executed over twelve months through March 14, 2023 at the Company's discretion based on market characteristics. Purchases of Class A common stock pursuant to this authority may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company is not obligated to repurchase any specific number or amount of shares of Class A common stock, and it may modify, suspend or discontinue the program at any time. The Company will determine the timing and amount of repurchase in its discretion based on a variety of factors, such as the market price of the Company's Class A common stock, corporate requirements, general market economic conditions and legal requirements. Through April 12, 2022, the Company repurchased an aggregate of 508,929 shares of its own Class A common stock for approximately $4.8 million in open market purchases at an average price of $9.3132 per share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term investments with an initial maturity of 90 days or less when purchased to be cash equivalents. |
Marketable Securities | Marketable Securities Marketable debt securities are classified as available-for-sale or held-to-maturity and are carried at fair value or amortized cost plus accrued income, respectively. Unrealized holding gains and losses, net of income taxes, on available-for-sale debt securities are reflected as a separate component of stockholders’ equity until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. We classify all marketable securities within current assets on our accompanying Consolidated Balance Sheets, including those with maturity dates beyond twelve months, as they are available to support our current operational liquidity needs. |
Merchandise Inventories | Merchandise Inventories Merchandise inventories are comprised of finished goods offered for sale at our retail stores and online. Inventories are stated at the lower of cost or net realizable value using the retail inventory method. An initial markup is applied to inventory at cost in order to establish a cost-to-retail ratio. We believe that the retail inventory method approximates cost. Shipping and handling costs for merchandise shipped to customers of $20.0 million, $20.6 million and $12.1 million in fiscal years 2021, 2020 and 2019, respectively, are included in cost of goods sold in the accompanying Consolidated Statements of Operations. We review our inventory levels to identify slow-moving merchandise and generally use markdowns to clear this merchandise. At any given time, merchandise inventories include items that have been marked down to management’s best estimate of their fair market value at retail price, with a proportionate write-down to the cost of the inventory. Our management bases the decision to mark down merchandise primarily upon its current sell-through rate and the age of the item, among other factors. These markdowns may have an adverse impact on earnings, depending on the extent and amount of inventory affected. Markdowns are recorded as an increase to cost of goods sold in the accompanying Consolidated Statements of Operations. Total markdowns, including permanent and promotional markdowns, on a cost basis were $52.5 million, $46.5 million, and $53.3 million in fiscal year 2021, 2020, and 2019, respectively. As of the end of fiscal 2021 and 2020, total accrued markdowns on the balance sheet were $1.4 million and $1.1 million, respectively. |
Property and Equipment | Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Equipment is depreciated over five Repairs and maintenance costs are charged directly to expense as incurred. Major renewals, replacements and improvements that substantially extend the useful life of an asset are capitalized and depreciated. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsImpairments are recorded on long-lived assets used in operations whenever events or changes in circumstances indicate that the net carrying amounts may not be recoverable. Important factors 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 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 the weighted average cost of capital. With regard to retail store assets, which are comprised of leasehold improvements, fixtures and computer hardware and software, and operating lease assets, 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. |
Operating Leases | Operating Leases We conduct all of our retail sales and corporate operations in leased facilities. Lease terms for our stores are generally ten years in duration (subject to extensions) and provide for escalations in base rents periodically. Many of our store leases contain one or more options to renew the lease at our sole discretion. Generally, we do not consider any additional renewal periods to be reasonably certain of being exercised. |
Revenue Recognition | Revenue Recognition Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register, net of estimated returns and taxes collected from our customers. For e-commerce sales, we recognize revenue, net of sales taxes and estimated sales returns, and the related cost of goods sold at the time the merchandise is shipped to the customer. Amounts related to shipping and handling that are billed to customers are reflected in net sales, and the related costs are reflected in cost of goods sold in the accompanying Consolidated Statements of Operations. For fiscal years 2021, 2020 and 2019, shipping and handling fee revenue included in net sales was $5.8 million, $5.4 million, and $2.9 million, respectively. We accrue for estimated sales returns by customers based on historical sales return results. As of January 29, 2022 and January 30, 2021, our reserve for sales returns was $1.9 million and $1.4 million, respectively. We recognize revenue from gift cards as they are redeemed for merchandise. Prior to redemption, we maintain a current liability for unredeemed gift card balances. The customer liability balance was $11.2 million as of January 29, 2022 and $9.6 million as of January 30, 2021, and is included in deferred revenue on the accompanying Consolidated Balance Sheets. Our gift cards do not have expiration dates and in most cases there is no legal obligation to remit unredeemed gift cards to relevant jurisdictions. Based on actual historical redemption patterns, we determined that a small percentage of gift cards are unlikely to be redeemed (which we refer to as gift card “breakage”). Based on our historical gift card breakage rate, we recognize breakage revenue over the redemption period in proportion to actual gift card redemptions. Revenue recognized from gift cards was $17.2 million, $14.7 million and $18.9 million for fiscal years 2021, 2020, and 2019, respectively. For fiscal years 2021, 2020, and 2019, the opening gift card balances were $9.6 million, $9.3 million, and $8.7 million, respectively, of which $5.3 million, $5.0 million, and $5.5 million, respectively, were recognized as revenue during the period. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold includes product costs and buying, distribution and occupancy costs as follows: • Costs of products sold include: ◦ freight expenses associated with merchandise received from our vendors into our distribution centers; ◦ vendor allowances; ◦ cash discounts on payments to merchandise vendors; ◦ physical inventory losses; and ◦ markdowns of inventory. • Buying, distribution and occupancy costs include: ◦ payroll, benefit costs, and incentive compensation for merchandising personnel; ◦ customer shipping and handling expenses; ◦ costs associated with operating our distribution and fulfillment centers, including payroll and benefit costs for our distribution center, occupancy costs, and depreciation; ◦ freight expenses associated with shipping merchandise inventories from our distribution center to our stores and e-commerce customers; and ◦ store occupancy costs, including rent, maintenance, utilities, property taxes, business licenses, security costs and depreciation. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses • Payroll, benefit costs and incentive compensation for store, regional, e-commerce and corporate employees; • Occupancy and maintenance costs of corporate office facilities; • Depreciation related to corporate office assets; • Advertising and marketing costs, net of reimbursement from vendors; • Tender costs, including costs associated with credit and debit card interchange fees; • Long-lived asset impairment charges; • Legal provisions; • Other administrative costs such as supplies, consulting, audit and tax preparation fees, travel and lodging; and • Charitable contributions. |
Store Pre-opening Costs | Store Pre-opening Costs Store pre-opening costs consist primarily of occupancy costs, which are included in cost of goods sold, and payroll expenses, which are included in selling, general and administrative expenses, in the accompanying Consolidated Statements of Operations. |
Advertising | Advertising We expense advertising costs as incurred, except for direct-mail advertising expenses which are recognized at the time of mailing. Advertising costs include such things as production and distribution of print and digital catalogs; print, online and mobile advertising costs; radio advertisements; and grand openings and other events. Advertising expense, which is classified in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations, was $24.5 million, $20.5 million and $15.9 million in fiscal years 2021, 2020 and 2019, respectively. |
Share-Based Compensation | Share-Based Compensation We apply the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation-Stock Compensation |
Income Taxes | Income Taxes We accrue income taxes payable or refundable and recognize deferred tax assets and liabilities based on differences between GAAP and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates in effect for the years in which the differences are expected to reverse, and recognize the effect of a change in enacted rates in the period of enactment. We establish assets and liabilities for uncertain positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. We include in income tax expense any interest and penalties related to uncertain tax positions. |
Earnings per Share | Earnings per ShareBasic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to restricted stock and outstanding options to purchase common stock. |
Concentration of Credit Risk | Concentration of Credit RiskFinancial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and short-term investments. At January 29, 2022 and January 30, 2021, and at various times throughout these years, we had cash in financial institutions in excess of the $250,000 amount insured by the Federal Deposit Insurance Corporation. We typically invest our cash in highly rated, short-term commercial paper, interest-bearing money market funds, municipal bonds and certificates of deposit. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. |
New Accounting Standards Not Yet Adopted | New Accounting Standards Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which modifies or replaces existing models for impairment of trade and other receivables, debt securities, loans, beneficial interests held as assets, purchased-credit impaired financial assets and other instruments. The new standard requires entities to measure expected losses over the life of the asset and recognize an allowance for estimated credit losses upon recognition of the financial instrument. ASU 2016-13 will become effective for us in the first quarter of fiscal 2023, with early adoption permitted and must be adopted using the modified retrospective method. We expect the new rules to apply to our fixed income securities recorded at amortized cost and classified as held-to-maturity and our trade receivables. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact this guidance may have on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following table summarizes net sales from our retail stores and e-commerce (in thousands): Fiscal Year Ended January 29, January 30, February 1, Retail stores $ 609,744 $ 357,896 $ 520,843 E-commerce 165,950 173,433 98,457 Total net sales $ 775,694 $ 531,329 $ 619,300 The following table summarizes the percent of net sales by department: Fiscal Year Ended January 29, January 30, February 1, Mens 37% 36 % 36 % Womens 26% 27 % 24 % Accessories 16% 15 % 18 % Footwear 11% 12 % 12 % Boys 5% 5 % 6 % Girls 4% 4 % 4 % Outdoor 1% 1 % — % Total net sales 100% 100 % 100 % The following table summarizes the percent of net sales by third-party and proprietary branded merchandise: Fiscal Year Ended January 29, January 30, February 1, Third-party 70% 74 % 75 % Proprietary 30% 26 % 25 % Total net sales 100% 100 % 100 % |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | The following table summarizes investments in marketable securities at January 29, 2022 and January 30, 2021 (in thousands): January 29, 2022 Cost or Gross Gross Estimated Fair Value Commercial paper $64,235 $9 $(11) $64,233 Fixed income securities 32,794 — — 32,794 Total marketable securities $97,029 $9 $(11) $97,027 January 30, 2021 Cost or Gross Gross Estimated Fair Value Commercial paper $64,928 $28 $(1) $64,955 Total marketable securities $64,928 $28 $(1) $64,955 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Receivables [Abstract] | |
Components of Receivables | At January 29, 2022 and January 30, 2021, receivables consisted of the following (in thousands): January 29, January 30, Credit and debit card receivables $ 2,692 $ 2,816 Tenant allowances due from landlords 1,367 3,854 CARES Act employee retention credit 1,313 1,239 Other 1,333 815 Total receivables $ 6,705 $ 8,724 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Prepaid Expenses and Other Current Assets | At January 29, 2022 and January 30, 2021, prepaid expenses and other current assets consisted of the following (in thousands): January 29, January 30, Prepaid income taxes $ 9,756 $ — Prepaid insurance 2,585 1,984 Prepaid maintenance 1,896 1,366 Prepaid rent 1,406 2,015 Other 757 805 Total prepaid expenses and other current assets $ 16,400 $ 6,170 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | At January 29, 2022 and January 30, 2021, property and equipment consisted of the following (in thousands): January 29, January 30, Leasehold improvements $ 150,239 $ 146,565 Furniture and fixtures 46,397 46,239 Computer hardware and software 41,414 38,286 Machinery and equipment 33,550 32,634 Vehicles 2,187 2,394 Construction in progress 3,615 4,805 Property and equipment, gross 277,402 270,923 Accumulated depreciation (229,872) (218,284) Property and equipment, net $ 47,530 $ 52,639 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | At January 29, 2022 and January 30, 2021, accrued expenses consisted of the following (in thousands): January 29, January 30, Accrued freight $ 3,924 $ 4,752 Sales and use taxes payable 2,650 5,901 Merchandise returns 1,852 1,371 Accrued construction 1,080 2,495 Income taxes payable — 6,526 Other 9,567 9,637 Total accrued expenses $ 19,073 $ 30,682 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The maturity of operating lease liabilities as of January 29, 2022 were as follows (in thousands): Fiscal Year Related Other Total 2022 $ 3,434 $ 64,112 $ 67,546 2023 3,416 53,668 57,084 2024 3,543 43,297 46,840 2025 3,676 34,136 37,812 2026 3,814 22,698 26,512 Thereafter 9,768 46,818 56,586 Total minimum lease payments 27,651 264,729 292,380 Less: Interest 4,118 41,260 45,378 Present value of operating lease liabilities $ 23,533 $ 223,469 $ 247,002 |
Lease, Cost | Lease expense for fiscal years 2021, 2020 and 2019 was as follows (in thousands): January 29, 2022 January 30, 2021 February 1, 2020 COGS SG&A Total COGS SG&A Total COGS SG&A Total Fixed operating lease expense $ 60,343 $ 1,660 $ 62,003 $ 60,466 $ 1,623 $ 62,089 $ 62,166 $ 1,541 $ 63,707 Variable lease expense 18,078 28 18,106 16,301 1 $ 16,302 16,614 70 16,684 Total lease expense $ 78,421 $ 1,688 $ 80,109 $ 76,767 $ 1,624 $ 78,391 $ 78,780 $ 1,611 $ 80,391 Supplemental lease information for the year ended January 29, 2022, January 30, 2021 and February 1, 2020 was as follows: January 29, January 30, February 1, Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $69,210 $64,326 $65,458 Weighted average remaining lease term (in years) 5.65 years 5.66 years 6.17 years Weighted average interest rate (1) 6.13% 6.52% 4.03% (1) Since our leases do not provide an implicit rate, we used our incremental borrowing rate ("IBR") on date of adoption, at lease inception, or lease modification, in determining the present value of future minimum payments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments | In accordance with the provisions of ASC 820, Fair Value Measurement , we categorized our financial assets based on the priority of the inputs to the valuation technique for the instruments as follows (in thousands): January 29, 2022 January 30, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) : Money market securities $32,764 $— $— $67,115 $— $— Commercial paper — 4,999 — — — — Marketable securities: Commercial paper $— $64,233 $— $— $64,955 $— |
Details of Impairment of Long-Lived Assets | As a result, we recorded a non-recurring, non-cash impairment charges of approximately $0.1 million, $1.0 million and $0.3 million in fiscal years 2021, 2020 and 2019, respectively, to write- down the carrying value of certain long-lived store assets to their estimated fair values. Fiscal Year Ended January 29, January 30, February 1, ($ in thousands) Carrying value of assets with impairment $136 $955 $282 Fair value of assets impaired $— $— $— Number of stores tested for impairment 13 56 5 Number of stores with impairment 1 12 1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity Under Stock Option Plan | The following table summarizes our stock option activity for fiscal year 2021: Stock Grant Date Weighted Aggregate ($ in thousands) Outstanding at January 30, 2021 2,602,212 $8.19 Granted 523,700 $10.94 Exercised (1,221,972) $7.83 Forfeited (301,729) $9.19 Expired (32,000) $16.26 Outstanding at January 29, 2022 1,570,211 $9.02 7.5 $6,168 Exercisable at January 29, 2022 430,141 $10.94 4.7 $1,092 (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 year 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 $12.74 at January 29, 2022. |
Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair values of stock options granted in fiscal years 2021, 2020 and 2019 were estimated on the grant dates using the following assumptions: Fiscal Year Ended January 29, January 30, February 1, Weighted average grant-date fair value per option granted $5.74 $2.23 $5.10 Expected option term (1) 5.4 years 5.3 years 5.0 years Expected volatility factor (2) 59.9% 57.5% 53.8% Risk-free interest rate (3) 0.9% 0.4% 2.1% Expected annual dividend yield (4) —% —% —% (1) The expected option term of the awards represents the estimated time that options are expected to be outstanding based upon historical option data. (2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of our 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. (4) We do not have a dividend policy and we do not anticipate paying any additional cash dividends on our common stock at this time. |
Summary of Status of Non-Vested Restricted Stock | A summary of the status of non-vested restricted stock as of January 29, 2022 and changes during fiscal year 2021 are presented below: Shares Weighted- Nonvested at January 30, 2021 71,548 $6.71 Granted 19,988 $16.01 Vested (46,072) $6.95 Nonvested at January 29, 2022 45,464 $10.56 |
Schedule of Stock Based Compensation | The following table summarizes share-based compensation recorded in the accompanying Consolidated Statements of Operations (in thousands): Fiscal Year Ended January 29, January 30, February 1, Cost of goods sold $193 $584 $482 Selling, general and administrative expenses 1,727 1,452 1,654 Total share-based compensation 1,920 2,036 2,136 Less: Income tax expense benefit (239) (537) (565) Total share-based compensation, net of tax $1,681 $1,499 $1,571 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense for fiscal years 2021, 2020 and 2019 were as follows (in thousands): Fiscal Year Ended January 29, January 30, February 1, Current: Federal $ 16,147 $ 2,279 $ 11,211 State 6,094 1,284 3,238 22,241 3,563 14,449 Deferred: Federal 709 (3,889) (4,704) State (198) (988) (1,011) 511 (4,877) (5,715) Total income tax (benefit) expense $ 22,752 $ (1,314) $ 8,734 |
Reconciliation of Income Tax Expense to Amount Computed At Federal Statutory Rate | A reconciliation of income tax (benefit) expense to the amount computed at the federal statutory rate for fiscal years 2021, 2020 and 2019 is as follows (in thousands): Fiscal Year Ended January 29, January 30, February 1, Federal taxes at statutory rate $ 18,270 $ (516) $ 6,585 State and local income taxes, net of federal benefit 4,480 (132) 1,759 Nondeductible executive compensation 660 — — Share-based compensation discrete items (1) (828) 53 527 Tax credits (137) (166) (87) Return to provision adjustments 208 (582) (8) Other 99 29 (42) Total income tax expense (benefit) $ 22,752 $ (1,314) $ 8,734 (1) This amount includes the impact of discrete items related to the expiration of stock options, exercises of stock options and the settlement of restricted stock that are recorded to income tax expense which represents share-based compensation cost previously recognized by us that was greater than the deduction allowed for income tax purposes based on the price of our common stock on the date of expiration, exercise or vesting. |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of January 29, 2022 and January 30, 2021 were as follows (in thousands): January 29, January 30, Deferred tax assets: Lease liability $ 64,754 $ 70,129 Compensation and benefits 2,829 536 Inventories 2,056 1,729 Accrued expenses 1,807 1,589 Share-based compensation 727 1,849 Deferred revenue 640 169 Other 570 636 Total deferred tax assets 73,383 76,637 Deferred tax liabilities: Lease asset (54,991) (58,943) Property and equipment (5,746) (4,843) Prepaid expenses (1,200) (895) Marketable securities — (7) Total deferred tax liabilities (61,937) (64,688) Net deferred tax asset $ 11,446 $ 11,949 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share of Class A and Class B common stock, in aggregate, for fiscal years 2021, 2020 and 2019 are as follows (in thousands, except per share amounts): Fiscal Year Ended January 29, January 30, February 1, Net income (loss) $ 64,249 $ (1,145) $ 22,622 Weighted average basic shares outstanding 30,560 29,697 29,533 Dilutive effect of stock options and restricted stock 558 — 255 Weighted average shares for diluted earnings per share 31,118 29,697 29,788 Basic earnings (loss) per share of Class A and Class B common stock $ 2.10 $ (0.04) $ 0.77 Diluted earnings (loss) per share of Class A and Class B common stock $ 2.06 $ (0.04) $ 0.76 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following stock options and restricted stock have been excluded from the calculation of diluted earnings per share as the effect of including these stock options and restricted stock would have been anti-dilutive (in thousands): Fiscal Year Ended January 29, January 30, February 1, Stock options 684 2,602 1,349 Restricted stock — 72 — Total 684 2,674 1,349 |
Description of Company and Basi
Description of Company and Basis of Presentation - Additional Information (Details) | 12 Months Ended | ||
Jan. 29, 2022storeStatesegment | Jan. 30, 2021 | Feb. 01, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of stores | store | 241 | ||
Number of states in which entity operates | State | 33 | ||
Fiscal period duration | 363 days | 363 days | 363 days |
Number of reportable segments | segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Nov. 01, 2011 | |
Accounting Policies [Line Items] | ||||
Shipping and handling cost | $ 499,031,000 | $ 389,139,000 | $ 432,592,000 | |
Inventory markdowns | 52,500,000 | 46,500,000 | 53,300,000 | |
Reserve for unexecuted markdowns | 1,400,000 | 1,100,000 | ||
Revenue | $ 775,694,000 | 531,329,000 | 619,300,000 | |
Expiration period for customer awards after issuance | 365 days | |||
Expiration period of partial points earned under customer loyalty program | 365 days | |||
Advertising expense | $ 24,500,000 | $ 20,500,000 | $ 15,900,000 | |
Incremental common shares used in calculating diluted EPS (in shares) | 558 | 0 | 255 | |
FDIC insured amount | $ 250,000 | $ 250,000 | ||
Contract with Customer, Liability, Revenue Recognized | 3,500,000 | 1,800,000 | $ 800,000 | |
Merchandise returns | $ 1,852,000 | $ 1,371,000 | ||
Lease terms (in years) | 10 years | 10 years | 10 years | |
Deferred tax assets | $ 11,446,000 | $ 11,949,000 | ||
Long-term line of credit, noncurrent | 400,000 | |||
Sales Returns and Allowances | ||||
Accounting Policies [Line Items] | ||||
Sales returns reserve | $ 1,900,000 | 1,400,000 | ||
Furniture and Fixtures | ||||
Accounting Policies [Line Items] | ||||
Estimated useful lives of the assets (in years) | 5 years | |||
Computer Software | ||||
Accounting Policies [Line Items] | ||||
Estimated useful lives of the assets (in years) | 3 years | |||
Maximum | Equipment | ||||
Accounting Policies [Line Items] | ||||
Estimated useful lives of the assets (in years) | 7 years | |||
Maximum | Cash and Cash Equivalents | ||||
Accounting Policies [Line Items] | ||||
Short term investment maturity period (in days) | 90 days | |||
Minimum | Equipment | ||||
Accounting Policies [Line Items] | ||||
Estimated useful lives of the assets (in years) | 5 years | |||
Shipping and Handling | ||||
Accounting Policies [Line Items] | ||||
Shipping and handling cost | $ 20,000,000 | 20,600,000 | 12,100,000 | |
Revenue | 5,800,000 | 5,400,000 | 2,900,000 | |
Breakage Revenue for Gift Cards | ||||
Accounting Policies [Line Items] | ||||
Contract with Customer, Liability, Revenue Recognized | 5,300,000 | 5,000,000 | 5,500,000 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 17,200,000 | $ 14,700,000 | $ 18,900,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 775,694,000 | $ 531,329,000 | $ 619,300,000 | |
Percentage of total net sales | 10000.00% | 100.00% | 100.00% | |
Contract with Customer, Liability, Revenue Recognized | $ 3,500,000 | $ 1,800,000 | $ 800,000 | |
Deferred Revenue, Revenue Recognized | 10,500,000 | 6,500,000 | 6,100,000 | |
Deferred Revenue | 5,900,000 | 3,900,000 | 2,400,000 | $ 1,700,000 |
Retail stores | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 609,744,000 | 357,896,000 | 520,843,000 | |
E-commerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 165,950,000 | $ 173,433,000 | $ 98,457,000 | |
Mens | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 3700.00% | 36.00% | 36.00% | |
Womens | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 2600.00% | 27.00% | 24.00% | |
Accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 1600.00% | 15.00% | 18.00% | |
Footwear | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 1100.00% | 12.00% | 12.00% | |
Boys | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 500.00% | 5.00% | 6.00% | |
Girls | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 400.00% | 4.00% | 4.00% | |
Outdoor | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 100.00% | 1.00% | 0.00% | |
Breakage Revenue for Gift Cards | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 5,300,000 | $ 5,000,000 | $ 5,500,000 | |
Contract with Customer, Liability, Current | $ 11,200,000 | $ 9,600,000 | $ 9,300,000 | $ 8,700,000 |
Third-party | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 7000.00% | 74.00% | 75.00% | |
Proprietary | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of total net sales | 3000.00% | 26.00% | 25.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Effect of Adoption of 606 (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Retained earnings | $ 7,754 | $ 5,135 |
Marketable Securities - Investm
Marketable Securities - Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Financial Instruments And Marketable Securities [Line Items] | ||
Cost or Amortized Cost | $ 97,029 | $ 64,928 |
Gross Unrealized Holding Gains | 9 | 28 |
Gross Unrealized Holding Losses | (11) | (1) |
Estimated Fair Value | 97,027 | 64,955 |
Commercial Paper | ||
Financial Instruments And Marketable Securities [Line Items] | ||
Cost or Amortized Cost | 64,235 | 64,928 |
Gross Unrealized Holding Gains | 9 | 28 |
Gross Unrealized Holding Losses | (11) | (1) |
Estimated Fair Value | 64,233 | $ 64,955 |
Fixed income securities | ||
Financial Instruments And Marketable Securities [Line Items] | ||
Cost or Amortized Cost | 32,794 | |
Gross Unrealized Holding Gains | 0 | |
Gross Unrealized Holding Losses | 0 | |
Estimated Fair Value | $ 32,794 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Schedule of Investments [Line Items] | |||
Gains on sales and maturities of marketable securities | $ 132 | $ 714 | $ 1,660 |
Commercial Paper | |||
Schedule of Investments [Line Items] | |||
Gains on sales and maturities of marketable securities | $ 100 | $ 600 | $ 1,200 |
Receivables - Components of Rec
Receivables - Components of Receivables (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Receivables [Abstract] | ||
Credit and debit card receivables | $ 2,692 | $ 2,816 |
Tenant allowances due from landlords | 1,367 | 3,854 |
CARES Act employee retention credit | 1,313 | 1,239 |
Other | 1,333 | 815 |
Total receivables | $ 6,705 | $ 8,724 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid income taxes | $ 9,756 | $ 0 |
Prepaid rent | 1,406 | 2,015 |
Prepaid maintenance | 1,896 | 1,366 |
Prepaid insurance | 2,585 | 1,984 |
Other | 757 | 805 |
Total prepaid expenses and other current assets | $ 16,400 | $ 6,170 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 150,239 | $ 146,565 |
Furniture and fixtures | 46,397 | 46,239 |
Computer hardware and software | 41,414 | 38,286 |
Machinery and equipment | 33,550 | 32,634 |
Vehicles | 2,187 | 2,394 |
Construction in progress | 3,615 | 4,805 |
Property and equipment, gross | 277,402 | 270,923 |
Accumulated depreciation | (229,872) | (218,284) |
Property and equipment, net | $ 47,530 | $ 52,639 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Property, Plant, and Equipment Disclosure [Line Items] | |||
Depreciation expense | $ 16,800,000 | $ 19,100,000 | $ 20,900,000 |
Capital expenditures | 13,400,000 | 8,500,000 | 14,300,000 |
Impairment of assets | 100,000 | 1,000,000 | 300,000 |
SG&A | |||
Property, Plant, and Equipment Disclosure [Line Items] | |||
Impairment of assets | $ 100,000 | $ 1,000,000 | $ 300,000 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accrued freight | $ 3,924 | $ 4,752 |
Sales and use taxes payable | 2,650 | 5,901 |
Merchandise returns | 1,852 | 1,371 |
Accrued construction | 1,080 | 2,495 |
Income taxes payable | 0 | 6,526 |
Other | 9,567 | 9,637 |
Total accrued expenses | $ 19,073 | $ 30,682 |
Line of Credit (Details)
Line of Credit (Details) | Nov. 09, 2020 | Jan. 29, 2022USD ($) | Jan. 20, 2022USD ($) |
Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 65,000,000 | ||
Cash on hand (less than) | $ 50,000,000 | ||
Minimum | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio | 1.25 | ||
Maximum | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Total fund debt to earnings before interest, taxes, depreciation, amortization and annual rent expenses | 4 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 25,000,000 | ||
Outstanding borrowing | $ 0 | ||
Line of Credit, Borrowing Capacity, Credit Card Receivable, Percentage | 90.00% | ||
Line of Credit, Borrowing Capacity, Eligible Inventory, Percentage | 90.00% | ||
Line of Credit, Borrowing Capacity, Inventory In-Transit, Percentage | 90.00% | ||
Line of Credit, Borrowing Capacity, Inventory In-Transit as a Percentage of Total Inventory, Maximum, Percentage | 10.00% | ||
Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||
Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||
Revolving Credit Facility | LIBOR | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (as a percent) | 2.00% | ||
Revolving Credit Facility | LIBOR | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (as a percent) | 2.25% | ||
Revolving Credit Facility | Base Rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (as a percent) | 1.00% | 0.75% | |
Revolving Credit Facility | Base Rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (as a percent) | 1.25% | 1.00% | |
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 15,000,000 | ||
Letters of Credit Outstanding, Amount | $ 2,025,000 | ||
Letter of Credit | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 10,000,000 | ||
Swing-Line Loan | Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 7,500,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Oct. 31, 2021 | Nov. 01, 2011 | |
Operating Leased Assets [Line Items] | |||||
Lease terms (in years) | 10 years | 10 years | 10 years | ||
Additional operating lease contracts that have not yet commenced, amount | $ (23,000,000) | ||||
Operating lease assets | 216,508,000 | $ 229,864,000 | |||
Operating lease liability | 247,002,000 | ||||
Lease term, extension period | 10 years | ||||
Lessee, Operating Lease, Lease Payment Adjustment, Percentage | 5.00% | ||||
Current portion of operating lease liabilities | 51,504,000 | 51,879,000 | |||
Noncurrent portion of operating lease liabilities | $ 171,965,000 | 199,503,000 | |||
Correcting the Presentation of Operating Lease Assets on Net Basis versus Gross | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease assets | 2,000,000 | ||||
Operating lease liability | 2,000,000 | ||||
Current portion of operating lease liabilities | 600,000 | ||||
Noncurrent portion of operating lease liabilities | 1,400,000 | ||||
Office and warehouse space | |||||
Operating Leased Assets [Line Items] | |||||
Lease expiration date | Jun. 30, 2022 | ||||
Building | |||||
Operating Leased Assets [Line Items] | |||||
Rent expense | 900,000 | $ 1,000,000 | |||
Lease expiration date | Oct. 31, 2021 | ||||
Operating Lease, Expense | $ 1,100,000 | ||||
Building | Office and warehouse space | |||||
Operating Leased Assets [Line Items] | |||||
Operating Lease, Expense | 400,000 | 400,000 | 400,000 | ||
Building | Corporate headquarters and distribution center | |||||
Operating Leased Assets [Line Items] | |||||
Rent expense | $ 2,000,000 | $ 2,100,000 | |||
Operating Lease, Expense | $ 2,000,000 | ||||
Building | 11 Whatney, Irvine, California | Minimum | |||||
Operating Leased Assets [Line Items] | |||||
Annual lease adjustment rate (percent) | 3.00% | ||||
Building | 11 Whatney, Irvine, California | Maximum | |||||
Operating Leased Assets [Line Items] | |||||
Annual lease adjustment rate (percent) | 7.00% | ||||
Building | 17 Pasteur, Irvine, California | Minimum | |||||
Operating Leased Assets [Line Items] | |||||
Annual lease adjustment rate (percent) | 3.00% | ||||
Building | 17 Pasteur, Irvine, California | Maximum | |||||
Operating Leased Assets [Line Items] | |||||
Annual lease adjustment rate (percent) | 7.00% |
Leases - Future Minimum Lease C
Leases - Future Minimum Lease Commitments (Details) | Jan. 29, 2022USD ($) |
Lessee, Lease, Description [Line Items] | |
2022 | $ 67,546,000 |
2023 | 57,084,000 |
2024 | 46,840,000 |
2025 | 37,812,000 |
2026 | 26,512,000 |
Thereafter | 56,586,000 |
Total minimum lease payments | 292,380,000 |
Less: Interest | 45,378,000 |
Present value of operating lease liabilities | 247,002,000 |
Related Party | |
Lessee, Lease, Description [Line Items] | |
2022 | 3,434,000 |
2023 | 3,416,000 |
2024 | 3,543,000 |
2025 | 3,676,000 |
2026 | 3,814,000 |
Thereafter | 9,768,000 |
Total minimum lease payments | 27,651,000 |
Less: Interest | 4,118,000 |
Present value of operating lease liabilities | 23,533,000 |
Other | |
Lessee, Lease, Description [Line Items] | |
2022 | 64,112,000 |
2023 | 53,668,000 |
2024 | 43,297,000 |
2025 | 34,136,000 |
2026 | 22,698,000 |
Thereafter | 46,818,000 |
Total minimum lease payments | 264,729,000 |
Less: Interest | 41,260,000 |
Present value of operating lease liabilities | $ 223,469,000 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Fixed operating lease expense | $ 62,003,000 | $ 62,089,000 | $ 63,707,000 |
Variable lease expense | 18,106,000 | 16,302,000 | 16,684,000 |
Total lease expense | 80,109,000 | 78,391,000 | 80,391,000 |
Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) | $ 69,210,000 | $ 64,326,000 | $ 65,458,000 |
Weighted average remaining lease term (in years) | 5 years 7 months 24 days | 5 years 7 months 28 days | 6 years 2 months 1 day |
Weighted average interest rate (1) | 6.13% | 6.52% | 4.03% |
COGS | |||
Lessee, Lease, Description [Line Items] | |||
Fixed operating lease expense | $ 60,343,000 | $ 60,466,000 | $ 62,166,000 |
Variable lease expense | 18,078,000 | 16,301,000 | 16,614,000 |
Total lease expense | 78,421,000 | 76,767,000 | 78,780,000 |
SG&A | |||
Lessee, Lease, Description [Line Items] | |||
Fixed operating lease expense | 1,660,000 | 1,623,000 | 1,541,000 |
Variable lease expense | 28,000 | 1,000 | 70,000 |
Total lease expense | $ 1,688,000 | $ 1,624,000 | $ 1,611,000 |
Commitment And Contingencies -
Commitment And Contingencies - Additional Information (Details) $ in Millions | Jan. 29, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Total future minimum payment due | $ 4.7 |
Future minimum payment due in fiscal 2020 | 3.2 |
Future minimum payment due in fiscal 2021 | 0.8 |
Future minimum payment due in fiscal 2022 | 0.5 |
Future minimum payment due in fiscal 2023 | 0.2 |
Future minimum payment due in fiscal 2024 | $ 0.1 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Categorized Based on Priority of Inputs to Valuation Technique Instruments (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable securities | $ 97,027 | $ 64,955 |
Commercial Paper | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable securities | 64,233 | 64,955 |
Fair Value, Inputs, Level 1 | Cash Equivalents | Money Market Instruments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents | 32,764 | 67,115 |
Fair Value, Inputs, Level 1 | Marketable Securities | Commercial Paper | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value, Inputs, Level 2 | Cash Equivalents | Money Market Instruments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Cash Equivalents | Commercial Paper | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents | 4,999 | |
Fair Value, Inputs, Level 2 | Marketable Securities | Commercial Paper | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable securities | 64,233 | 64,955 |
Fair Value, Inputs, Level 3 | Cash Equivalents | Money Market Instruments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Marketable Securities | Commercial Paper | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Detai
Fair Value Measurements - Details of Impairment of Long-Lived Assets (Details) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022USD ($)store | Jan. 30, 2021USD ($)store | Feb. 01, 2020USD ($)store | |
Fair Value Disclosures [Abstract] | |||
Carrying value of assets with impairment | $ | $ 136 | $ 955 | $ 282 |
Number of stores tested for impairment | store | 13 | 56 | 5 |
Number of stores with impairment | store | 1 | 12 | 1 |
Fair value of assets impaired | $ | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended | ||
Jan. 29, 2022USD ($)store | Jan. 30, 2021USD ($)store | Feb. 01, 2020USD ($)store | |
Fair Value Disclosures [Abstract] | |||
Number of stores with impairment | store | 1 | 12 | 1 |
Carrying value of long lived assets | $ | $ 100,000 | $ 1,000,000 | $ 300,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting (percent) | 25.00% | |||
Vesting period (in years) | 4 years | |||
Expiration period (in years) | 10 years | |||
Total intrinsic value of options exercised | $ 8,400,000 | $ 100,000 | $ 500,000 | |
Total fair value of options vested | 1,400,000 | 1,700,000 | 1,800,000 | |
Proceeds from exercise of stock options | 9,573,000 | 24,000 | 1,590,000 | |
Tax benefit realized from stock options exercised | 2,300,000 | 0 | 100,000 | |
Share-based compensation expense | 1,920,000 | $ 2,036,000 | $ 2,136,000 | |
Total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants | $ 3,800,000 | |||
Weighted average recognition period | 2 years 7 months 6 days | |||
proceeds from stock options - received | $ 9,600,000 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value (in dollars per share) | $ 6.28 | $ 7.77 | ||
Fair value of stock vested | $ 700,000 | $ 200,000 | $ 500,000 | |
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting (percent) | 50.00% | |||
Director | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 2 years | |||
Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting (percent) | 25.00% | |||
Employee | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Stock Incentive Plan 2012 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance (in shares) | 2,300,365 | |||
Stock Incentive Plan 2012 | Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares authorized (up to) | 6,613,900 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity Under Stock Option Plan (Details) | 12 Months Ended |
Jan. 29, 2022USD ($)$ / sharesshares | |
Stock options | |
Beginning balance (in shares) | shares | 2,602,212 |
Granted (in shares) | shares | 523,700 |
Exercised (in shares) | shares | (1,221,972) |
Forfeited (in shares) | shares | (301,729) |
Expired (in shares) | shares | (32,000) |
Ending balance (in shares) | shares | 1,570,211 |
Exercisable ending balance (in shares) | shares | 430,141 |
Grant date weighted average exercise price | |
Grant date weighted average exercise price, Beginning balance (in dollars per share) | $ 8.19 |
Grant date weighted average exercise price, Granted (in dollars per share) | 10.94 |
Grant date weighted average exercise price, Exercised (in dollars per share) | 7.83 |
Grant date weighted average exercise price, Forfeited (in dollars per share) | 9.19 |
Grant date weighted average exercise price, Expired (in dollars per share) | 16.26 |
Grant date weighted average exercise price, Ending balance (in dollars per share) | 9.02 |
Grant date weighted average exercise price, Exercisable ending balance (in dollars per share) | $ 10.94 |
Average remaining contractual life | |
Outstanding at end of period (in years) | 7 years 6 months |
Exercisable ending balance (in years) | 4 years 8 months 12 days |
Aggregate intrinsic value | |
Outstanding at end of period | $ | $ 1,092,000 |
Exercisable ending balance | $ | $ 6,168,000 |
Class A Common Stock | |
Aggregate intrinsic value | |
Market value per share (in dollars per share) | $ 12.74 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - $ / shares | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
Average fair value per option granted (in dollars per share) | $ 5.74 | $ 2.23 | $ 5.10 |
Expected option term (in years) | 5 years 4 months 24 days | 5 years 3 months 18 days | 5 years |
Expected volatility factor (percent) | 59.90% | 57.50% | 53.80% |
Risk-free interest rate (percent) | 0.90% | 0.40% | 2.10% |
Expected annual dividend yield (percent) | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Status of Non-Vested Restricted Stock (Details) - Non Vested | 12 Months Ended |
Jan. 29, 2022$ / sharesshares | |
Shares | |
Beginning Balance (in shares) | shares | 71,548 |
Granted (in shares) | shares | 19,988 |
Vested (in shares) | shares | (46,072) |
Ending Balance (in shares) | shares | 45,464 |
Weighted average grant date fair value | |
Weighted average grant date fair value, Beginning Balance (in dollars per share) | $ / shares | $ 6.71 |
Weighted average grant date fair value, Granted (in dollars per share) | $ / shares | 16.01 |
Weighted average grant date fair value, Vested (in dollars per share) | $ / shares | 6.95 |
Weighted average grant date fair value, Ending Balance (in dollars per share) | $ / shares | $ 10.56 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 1,920 | $ 2,036 | $ 2,136 |
Less: Income tax expense benefit | (239) | (537) | (565) |
Total share-based compensation, net of tax | 1,681 | 1,499 | 1,571 |
Cost of Goods Sold | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 193 | 584 | 482 |
Selling, General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 1,727 | $ 1,452 | $ 1,654 |
Retirement Savings Plan - Addit
Retirement Savings Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Retirement Benefits [Abstract] | |||
Age of employees covered by plan | 21 years | ||
Service period required (in months) | 3 months | ||
Total employer contribution | $ 0.9 | $ 0 | $ 0.7 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Current: | |||
Federal | $ 16,147 | $ 2,279 | $ 11,211 |
State | 6,094 | 1,284 | 3,238 |
Total current tax expense | 22,241 | 3,563 | 14,449 |
Deferred: | |||
Federal | 709 | (3,889) | (4,704) |
State | (198) | (988) | (1,011) |
Total deferred tax expense | 511 | (4,877) | (5,715) |
Total income tax (benefit) expense | $ 22,752 | $ (1,314) | $ 8,734 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense to the Amount Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal taxes at statutory rate | $ 18,270 | $ (516) | $ 6,585 |
State and local income taxes, net of federal benefit | 4,480 | (132) | 1,759 |
Nondeductible executive compensation | 660 | 0 | 0 |
Stock compensation discrete items | (828) | 53 | 527 |
Tax credits | (137) | (166) | (87) |
Return to provision adjustments | 208 | (582) | (8) |
Other | 99 | 29 | (42) |
Total income tax (benefit) expense | $ 22,752 | $ (1,314) | $ 8,734 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred tax assets: | ||
Lease liability | $ 64,754 | $ 70,129 |
Share-based compensation | 727 | 1,849 |
Inventories | 2,056 | 1,729 |
Accrued expenses | 1,807 | 1,589 |
Compensation and benefits | 2,829 | 536 |
Deferred revenue | 640 | 169 |
Other | 570 | 636 |
Total deferred tax assets | 73,383 | 76,637 |
Deferred tax liabilities: | ||
Lease asset | (54,991) | (58,943) |
Property and equipment | (5,746) | (4,843) |
Prepaid expenses | (1,200) | (895) |
Marketable securities | 0 | 7 |
Total deferred tax liabilities | (61,937) | (64,688) |
Net deferred tax asset | $ 11,446 | $ 11,949 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 0 | $ 0 | |
Interest or penalties related to unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
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 | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||
Net income (loss) | $ 64,249 | $ (1,145) | $ 22,622 |
Weighted average basic shares outstanding (in shares) | 30,560 | 29,697 | 29,533 |
Dilutive effect of stock options and restricted stock (in shares) | 558 | 0 | 255 |
Weighted average shares for diluted earnings per share (in shares) | 31,118 | 29,697 | 29,788 |
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) | $ 2.10 | $ (0.04) | $ 0.77 |
Diluted earnings per share of Class A and Class B common stock (in dollars per share) | $ 2.06 | $ (0.04) | $ 0.76 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 12 Months Ended |
Jan. 29, 2022vote / shares | |
Class A Common Stock | |
Earnings Per Share [Line Items] | |
Number of votes | 1 |
Class B Common Stock | |
Earnings Per Share [Line Items] | |
Number of votes | 10 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of diluted earning per share | 684 | 2,674 | 1,349 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of diluted earning per share | 684 | 2,602 | 1,349 |
Restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of diluted earning per share | 0 | 72 | 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Thousands | 12 Months Ended |
Jan. 29, 2022USD ($) | |
Presidents Charitable Organization, Tilly's Life Center | |
Related Party Transaction [Line Items] | |
Charitable pledge (up to) | $ 200 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Dec. 15, 2021 | Nov. 19, 2021 | Jul. 09, 2021 | Jun. 09, 2021 | Feb. 26, 2020 | Jan. 24, 2020 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Equity [Abstract] | |||||||||
Dividends paid per share (usd per share) | $ 1 | $ 1 | |||||||
Payments of dividends | $ 30,900,000 | $ 30,700,000 | $ 1 | $ 29,700,000 | $ 61,630,000 | $ 29,677,000 | $ 29,453,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Class A Common Stock - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | Mar. 14, 2022 | Apr. 07, 2022 | Mar. 31, 2022 |
Subsequent Event [Line Items] | |||
Number of shares authorized to be repurchased | 2,000,000 | ||
Share repurchase program, period | 12 months | ||
Number of shares repurchased | 508,929 | ||
Treasury stock, value, acquired | $ 4.8 | ||
Average price (in usd per share) | $ 9.3132 |