Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 30, 2022 | Sep. 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 30, 2022 | |
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, $0.001 par value per share | |
Trading Symbol | TLYS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001524025 | |
Current Fiscal Year End Date | --01-28 | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 22,804,614 | |
Common Stock (Class B) | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,306,108 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 85,510 | $ 42,201 | $ 81,894 |
Marketable securities | 30,874 | 97,027 | 66,644 |
Receivables | 14,635 | 6,705 | 13,143 |
Merchandise inventories | 89,295 | 65,645 | 86,853 |
Prepaid expenses and other current assets | 13,775 | 16,400 | 7,506 |
Total current assets | 234,089 | 227,978 | 256,040 |
Operating lease assets | 221,114 | 216,508 | 216,046 |
Property and equipment, net | 49,178 | 47,530 | 51,172 |
Deferred tax assets | 11,526 | 11,446 | 10,487 |
Other assets | 1,581 | 1,361 | 1,418 |
TOTAL ASSETS | 517,488 | 504,823 | 535,163 |
Current liabilities: | |||
Accounts payable | 47,942 | 28,144 | 59,053 |
Accrued expenses | 23,506 | 19,073 | 23,898 |
Deferred revenue | 14,312 | 17,096 | 13,040 |
Accrued compensation and benefits | 7,445 | 17,056 | 16,567 |
Current portion of operating lease liabilities | 51,007 | 51,504 | 50,916 |
Current portion of operating lease liabilities, related party | 2,705 | 2,533 | 2,106 |
Other liabilities | 727 | 761 | 948 |
Total current liabilities | 147,644 | 136,167 | 166,528 |
Noncurrent portion of operating lease liabilities | 173,916 | 171,965 | 185,179 |
Operating Lease, Liability, Noncurrent, Related Party | 23,842 | 21,000 | 10,839 |
Other liabilities | 518 | 978 | 1,385 |
Total long-term liabilities | 198,276 | 193,943 | 197,403 |
Total liabilities | 345,920 | 330,110 | 363,931 |
Commitments and contingencies (Notes 2 and 5) | |||
Stockholders’ equity: | |||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 | 0 |
Additional paid-in capital | 168,120 | 166,929 | 165,407 |
Retained earnings | 3,372 | 7,754 | 5,782 |
Accumulated other comprehensive income (loss) | 46 | (1) | 12 |
Total stockholders’ equity | 171,568 | 174,713 | 171,232 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 517,488 | 504,823 | 535,163 |
Common stock (Class A), $0.001 par value; 100,000 shares authorized; 22,805, 23,719 and 23,651 shares issued and outstanding, respectively | |||
Stockholders’ equity: | |||
Common stock | 23 | 24 | 24 |
Common stock (Class B), $0.001 par value; 35,000 shares authorized; 7,306, 7,306 and 7,306 shares issued and outstanding, respectively | |||
Stockholders’ equity: | |||
Common stock | $ 7 | $ 7 | $ 7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Common stock (Class A), $0.001 par value; 100,000 shares authorized; 22,805, 23,719 and 23,651 shares issued and outstanding, respectively | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 22,805,000 | 23,719,000 | 23,651,000 |
Common stock, shares outstanding (in shares) | 22,805,000 | 23,719,000 | 23,651,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | ||
Common stock (Class B), $0.001 par value; 35,000 shares authorized; 7,306, 7,306 and 7,306 shares issued and outstanding, respectively | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 7,306,000 | 7,306,000 | 7,306,000 |
Common stock, shares outstanding (in shares) | 7,306,000 | 7,306,000 | 7,306,000 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Revenues | $ 168,308 | $ 201,952 | $ 314,083 | $ 365,109 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 115,424 | 126,523 | 216,524 | 234,139 |
Rent expense, related party | 902 | 702 | 1,762 | 1,404 |
Cost of goods sold (includes buying, distribution, and occupancy costs) | 116,326 | 127,225 | 218,286 | 235,543 |
Gross profit | 51,982 | 74,727 | 95,797 | 129,566 |
Selling, general and administrative expenses | 46,697 | 48,167 | 89,271 | 87,998 |
Rent expense, related party | 133 | 133 | 266 | 267 |
Total selling, general, and administrative expenses | 46,830 | 48,300 | 89,537 | 88,265 |
Operating income | 5,152 | 26,427 | 6,260 | 41,301 |
Other income (expense), net | 183 | (102) | 187 | (218) |
Income before income taxes | 5,335 | 26,325 | 6,447 | 41,083 |
Income tax expense | 1,516 | 5,927 | 1,815 | 9,726 |
Net income | $ 3,819 | $ 20,398 | $ 4,632 | $ 31,357 |
Weighted average basic shares outstanding (in shares) | 30,021 | 30,500 | 30,392 | 30,189 |
Weighted average diluted shares outstanding (in shares) | 30,186 | 31,113 | 30,619 | 30,837 |
Class A and Class B common stock | ||||
Basic earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.13 | $ 0.67 | $ 0.15 | $ 1.04 |
Diluted earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.13 | $ 0.66 | $ 0.15 | $ 1.02 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,819 | $ 20,398 | $ 4,632 | $ 31,357 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized gain (loss) on available-for-sale securities, net of tax | 44 | (11) | 47 | (8) |
Other comprehensive income (loss), net of tax | 44 | (11) | 47 | (8) |
Comprehensive income | $ 3,863 | $ 20,387 | $ 4,679 | $ 31,349 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Common Stock (Class A) | Common Stock (Class A) Common Stock | Common Stock (Class B) Common Stock |
Beginning balance (in shares) at Jan. 30, 2021 | 22,477,000 | 7,306,000 | ||||||
Beginning balance at Jan. 30, 2021 | $ 160,622 | $ 30 | $ 155,437 | $ 5,135 | $ 20 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 31,357 | 31,357 | ||||||
Cash dividend (in dollars per share) | $ 1 | |||||||
Restricted stock (in shares) | 20,000 | |||||||
Dividends paid ($1.00 per share) | $ 30,710 | 30,710 | ||||||
Share-based compensation expense | 896 | 896 | ||||||
Employee exercises of stock options (in shares) | 1,154,000 | |||||||
Employee stock option exercises | 9,075 | 1 | 9,074 | |||||
Net change in unrealized gain on available-for-sale securities | (8) | |||||||
Ending balance (in shares) at Jul. 31, 2021 | 23,651,000 | 7,306,000 | ||||||
Ending balance at Jul. 31, 2021 | 171,232 | 31 | 165,407 | 5,782 | 12 | |||
Beginning balance (in shares) at May. 01, 2021 | 22,837,000 | 7,306,000 | ||||||
Beginning balance at May. 01, 2021 | 174,601 | 30 | 158,454 | 16,094 | 23 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 20,398 | 20,398 | ||||||
Cash dividend (in dollars per share) | $ 1 | |||||||
Restricted stock (in shares) | 20,000 | |||||||
Dividends paid ($1.00 per share) | $ 30,710 | 30,710 | ||||||
Share-based compensation expense | 531 | 531 | ||||||
Employee exercises of stock options (in shares) | 794,000 | |||||||
Employee stock option exercises | 6,423 | 1 | 6,422 | |||||
Net change in unrealized gain on available-for-sale securities | (11) | |||||||
Ending balance (in shares) at Jul. 31, 2021 | 23,651,000 | 7,306,000 | ||||||
Ending balance at Jul. 31, 2021 | 171,232 | 31 | 165,407 | 5,782 | 12 | |||
Beginning balance (in shares) at Jan. 29, 2022 | 23,719,000 | 7,306,000 | ||||||
Beginning balance at Jan. 29, 2022 | 174,713 | 31 | 166,929 | 7,754 | (1) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,632 | |||||||
Restricted stock (in shares) | 63,000 | |||||||
Share-based compensation expense | $ 1,151 | 1,151 | ||||||
Employee exercises of stock options (in shares) | 9,750 | 10,000 | ||||||
Employee stock option exercises | $ 40 | 40 | ||||||
Repurchase of common stock (in shares) | (987,427) | (987,000) | ||||||
Repurchase of common stock | (9,015) | (1) | (9,014) | $ (9,000) | ||||
Net change in unrealized gain on available-for-sale securities | 47 | 47 | ||||||
Ending balance (in shares) at Jul. 30, 2022 | 22,805,000 | 7,306,000 | ||||||
Ending balance at Jul. 30, 2022 | 171,568 | 30 | 168,120 | 3,372 | 46 | |||
Beginning balance (in shares) at Apr. 30, 2022 | 22,832,000 | 7,306,000 | ||||||
Beginning balance at Apr. 30, 2022 | 167,935 | 30 | 167,512 | 391 | 2 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 3,819 | 3,819 | ||||||
Restricted stock (in shares) | 63,000 | |||||||
Share-based compensation expense | $ 588 | 588 | ||||||
Employee exercises of stock options (in shares) | 5,000 | |||||||
Employee stock option exercises | 20 | 0 | 20 | |||||
Repurchase of common stock (in shares) | (95,000) | |||||||
Repurchase of common stock | (838) | (838) | ||||||
Net change in unrealized gain on available-for-sale securities | 44 | |||||||
Ending balance (in shares) at Jul. 30, 2022 | 22,805,000 | 7,306,000 | ||||||
Ending balance at Jul. 30, 2022 | $ 171,568 | $ 30 | $ 168,120 | $ 3,372 | $ 46 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jul. 31, 2021 | Jul. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividend (in dollars per share) | $ 1 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jul. 30, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 4,632,000 | $ 31,357,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 7,003,000 | 8,809,000 |
Insurance proceeds from casualty loss | 117,000 | |
Share-based compensation expense | 1,151,000 | 896,000 |
Impairment of assets | 13,000 | 136,000 |
Loss on disposal of assets | 77,000 | 62,000 |
Gain on sales and maturities of marketable securities | (94,000) | (74,000) |
Deferred income taxes | (79,000) | 1,462,000 |
Changes in operating assets and liabilities: | ||
Receivables | (5,203,000) | (2,997,000) |
Merchandise inventories | (23,650,000) | (31,272,000) |
Prepaid expenses and other current assets | 2,609,000 | (1,483,000) |
Accounts payable | 19,773,000 | 34,077,000 |
Accrued expenses | 2,624,000 | (5,859,000) |
Accrued compensation and benefits | (9,611,000) | 6,668,000 |
Operating lease liabilities | (3,082,000) | (3,481,000) |
Deferred revenue | (2,784,000) | (452,000) |
Increase (Decrease) in Other Operating Liabilities | (494,000) | (524,000) |
Net cash (used in) provided by operating activities | (7,115,000) | 37,442,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,894,000) | (8,511,000) |
Proceeds from sale of property and equipment | 0 | 10,000 |
Insurance proceeds from casualty loss | 0 | 29,000 |
Purchases of marketable securities | (29,947,000) | (66,625,000) |
Proceeds from marketable securities | 96,240,000 | 65,000,000 |
Net cash provided by (used in) investing activities | 59,399,000 | (10,097,000) |
Cash flows from financing activities: | ||
Dividends paid | 0 | (30,710,000) |
Proceeds from exercise of stock options | 40,000 | 9,075,000 |
Share repurchases | (9,015,000) | 0 |
Net cash used in financing activities | (8,975,000) | (21,635,000) |
Increase in cash and cash equivalents | 43,309,000 | 5,710,000 |
Cash and cash equivalents, beginning of period | 42,201,000 | 76,184,000 |
Cash and cash equivalents, end of period | 85,510,000 | 81,894,000 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid | 1,440,000 | 17,790,000 |
Supplemental disclosure of non-cash activities: | ||
Unpaid purchases of property and equipment | 2,913,000 | 1,571,000 |
Operating lease liabilities arising from obtaining operating lease assets | $ 31,819 | $ 9,790 |
Description of the Company and
Description of the Company and Basis of Presentation | 6 Months Ended |
Jul. 30, 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 assortment of iconic global, emerging, and proprietary brands rooted in an active and social lifestyle. Tillys is headquartered in Irvine, California and operated 242 stores, in 33 states as of July 30, 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. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting. These unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this Quarterly Report on Form 10-Q as is permitted by SEC rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows for the interim periods presented. The results of operations for the thirteen and twenty-six week periods ended July 30, 2022 are not necessarily indicative of results to be expected for the full fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022 ("fiscal 2021"). Fiscal Periods Our fiscal year ends on the Saturday closest to January 31. References to fiscal 2022 refer to the fiscal year ending January 28, 2023. References to the fiscal quarters or first halves ended July 30, 2022 and July 31, 2021 refer to the thirteen and twenty-six week periods ended as of those dates, respectively. Impact of the COVID-19 Pandemic on our Business As of July 30, 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 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, 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 | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Information regarding our significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies”, of the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022. Revenue Recognition Revenue is recognized for store sales when the customer receives and pays for the merchandise at the register, net of estimated returns. Taxes collected from our customers are recorded on a net basis. 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 Consolidated Statements of Income. The following table summarizes net sales from our retail stores and e-commerce (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Retail stores $ 137,088 $ 164,626 $ 254,571 $ 292,302 E-commerce 31,220 37,326 59,512 72,807 Total net sales $ 168,308 $ 201,952 $ 314,083 $ 365,109 The following table summarizes the percentage of net sales by department: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Mens 36 % 36 % 36 % 36 % Womens 26 % 28 % 27 % 28 % Accessories 18 % 17 % 16 % 16 % Footwear 11 % 10 % 12 % 11 % Boys 4 % 4 % 4 % 4 % Girls 4 % 4 % 4 % 4 % Hardgoods/Outdoor 1 % 1 % 1 % 1 % Total net sales 100 % 100 % 100 % 100 % The following table summarizes the percentage of net sales by third-party and proprietary branded merchandise: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Third-party 68 % 70 % 68 % 71 % Proprietary 32 % 30 % 32 % 29 % Total net sales 100 % 100 % 100 % 100 % We accrue for estimated sales returns by customers based on historical sales return results. As of July 30, 2022, January 29, 2022 and July 31, 2021, our reserve for sales returns was $3.6 million, $1.9 million and $3.9 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 cards, the balance of which was $8.9 million, $11.2 million and $7.9 million as of July 30, 2022, January 29, 2022 and July 31, 2021, respectively, 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. Total revenue recognized from gift cards was $3.2 million and $3.4 million for the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively. For the thirteen weeks ended July 30, 2022 and July 31, 2021, the opening gift card balance was $9.8 million and $8.4 million, respectively, of which $1.3 million and $1.2 million respectively, was recognized as revenue during the respective periods. Total revenue recognized from gift cards was $7.2 million for each of the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. For the twenty-six weeks ended July 30, 2022 and July 31, 2021, the opening gift card balance was $11.2 million and $9.6 million, respectively, of which $3.9 million and $3.4 million respectively, was recognized as revenue during the respective periods. 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. During the first quarter of fiscal 2022, we modified our expiration policy related to unredeemed awards and accumulated partial points from expiration at 365 days after the customer's last purchase activity to expiration at 365 days after the customer's original purchase date. As a result of this modification in expiration policy, the estimated liability was reduced by $0.5 million during the first quarter of fiscal 2022. 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 $5.3 million, $5.9 million and $5.1 million as of July 30, 2022, January 29, 2022 and July 31, 2021, respectively. The value of points redeemed through our loyalty program was $2.2 million and $2.7 million for the thirteen week periods ended July 30, 2022 and July 31, 2021, respectively. For the thirteen week periods ended July 30, 2022 and July 31, 2021, the opening loyalty program balance was $5.4 million and $4.5 million, respectively, of which $1.8 million and $1.2 million, respectively, was recognized as revenue during the respective periods. The value of points redeemed through our loyalty program was $4.3 million and $4.8 million for the twenty-six week periods ended July 30, 2022 and July 31, 2021, respectively. For the twenty-six week periods ended July 30, 2022 and July 31, 2021, the opening loyalty program balance was $5.9 million and $3.9 million, respectively, of which $3.5 million and $2.3 million, respectively, was recognized as revenue during the respective periods. 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. 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 net sales in excess of specified levels, is recognized as rent expense when the achievement of those specified net sales is probable. We lease approximately 172,000 square feet of office and warehouse space (10 and 12 Whatney, Irvine, California) from a company that is owned by the co-founders of Tillys. During each of the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021 we incurred rent expense of $0.5 million and $1.1 million, respectively, related to this lease. Our lease began on January 1, 2003 and terminates on December 31, 2027. We lease approximately 26,000 square feet of office and warehouse space (11 Whatney, Irvine, California) from a company that is owned by one of the co-founders of Tillys. During each of the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021, we incurred rent expense of $0.1 million and $0.2 million, 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, with the adjustment not to be below 3% nor exceed 7% in any one annual increase. The lease began on June 29, 2012 and was set to terminate on June 30, 2022. During June 2022, this lease was amended to, among other things, extend the term for an additional 10-year term and adjust the annual payment increases. Pursuant to the amended lease agreement, the lease payments adjust annually based upon the greater of 5% or the Consumer Price Index, and the lease now terminates on June 30, 2032. We lease approximately 81,000 square feet of office and warehouse space (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. During the thirteen and twenty-six week periods ended July 30, 2022, we incurred rent expense of $0.4 million and $0.7 million, respectively, related to this lease. During the thirteen and twenty-six week periods ended July 31, 2021, we incurred rent expense of $0.2 million and $0.5 million, 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, with the adjustment not to be below 3% nor exceed 7% 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, among other things, extend the term for an additional 10-year term and adjust the annual payment increases. Pursuant to the amended lease agreement, the lease payment adjusts annually based upon the greater of 5% or the Consumer Price Index and now terminates on October 31, 2031. We sublease a portion of our office space, approximately 5,887 square feet, in the 17 Pasteur Irvine, California facility to Tilly's Life Center, ("TLC"), a related party and a charitable organization. The lease term is for 5 years and terminates January 31, 2027. Sublease income is recognized on a straight-line basis over the sublease agreement and is recorded as an offset within the selling, general and administrative section in the Consolidated Statements of Income. The maturity of operating lease liabilities and sublease income as of July 30, 2022 were as follows (in thousands): Fiscal Year Related Party Other Total Sublease Income 2022 $ 1,911 $ 33,855 $ 35,766 $ 44 2023 3,932 58,365 62,297 90 2024 4,085 48,101 52,186 95 2025 4,245 38,463 42,708 99 2026 4,411 27,144 31,555 104 Thereafter 13,491 61,068 74,559 — Total minimum lease payments 32,075 266,996 299,071 432 Less: Amount representing interest 5,528 42,073 47,601 — Present value of operating lease liabilities $ 26,547 $ 224,923 $ 251,470 $ 432 As of July 30, 2022, additional operating lease contracts that have not yet commenced are approximately $8.0 million. Further, additional operating lease contracts and modifications executed subsequent to the balance sheet date, but prior to the filing date, are approximately $2.3 million. Lease expense for the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021 was as follows (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended Cost of goods sold SG&A Total Cost of goods sold SG&A Total Fixed operating lease expense $ 15,716 $ 320 $ 16,036 $ 14,935 $ 322 $ 15,257 Variable lease expense 4,224 9 4,233 4,835 11 4,846 Total lease expense $ 19,940 $ 329 $ 20,269 $ 19,770 $ 333 $ 20,103 Twenty-Six Weeks Twenty-Six Weeks Ended Cost of goods sold SG&A Total Cost of goods sold SG&A Total Fixed operating lease expense $ 30,991 $ 641 $ 31,632 $ 30,246 $ 636 $ 30,882 Variable lease expense 8,011 23 8,034 8,735 1 8,736 Total lease expense $ 39,002 $ 664 $ 39,666 $ 38,981 $ 637 $ 39,618 For the thirteen and twenty-six weeks ended July 31, 2021, we corrected an immaterial error of $94 thousand and $189 thousand, respectively, which consisted solely of a reclassification of fixed operating lease expense from SG&A to cost of goods sold, on the table above. Supplemental lease information for the twenty-six weeks ended July 30, 2022 and July 31, 2021 was as follows: Twenty-Six Weeks Ended July 30, 2022 Twenty-Six Weeks Ended Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $34,849 $34,452 Weighted average remaining lease term (in years) 5.8 years 5.5 years Weighted average interest rate (1) 6.14% 6.40% (1) Since our leases do not provide an implicit rate, we use our incremental borrowing rate ("IBR") on date of adoption, at lease inception, or lease modification in determining the present value of future minimum payments. Common Stock Share Repurchases We may repurchase shares of our common stock from time to time pursuant to authorizations approved by our Board of Directors (see Note 9). As permitted under Delaware corporation law, shares repurchased are retired and, accordingly, are not presented separately as treasury stock in the consolidated financial statements. Instead, the value of repurchased shares is deducted from retained earnings. Income Taxes Our income tax expense was $1.8 million, or 28.2% of pre-tax income, compared to an income tax expense of $9.7 million, or 23.7% of pre-tax income, for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. The increase in the effective income tax rate was primarily due to the discrete tax effects of stock-based compensation. 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 last year's Consolidated Balance Sheet for the first half ended July 31, 2021 to identify deferred tax assets of $10.5 million and the long-term portion of credit facility costs of $0.3 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 Financial Accounting Standards Board ("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 | 6 Months Ended |
Jul. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable SecuritiesMarketable securities as of July 30, 2022 consisted of commercial paper, classified as available-for-sale, and fixed income securities, classified as held-to-maturity, as we have the intent and ability to hold them to maturity. Our investments in commercial paper and fixed income securities are recorded at fair value and amortized cost, respectively, which approximates fair value. All of our marketable securities are less than one year from maturity. The following table summarizes our investments in marketable securities at July 30, 2022, January 29, 2022 and July 31, 2021 (in thousands): July 30, 2022 Cost or Gross Unrealized Gross Estimated Commercial paper $ 24,848 $ 44 $ — $ 24,892 Fixed income securities 5,982 — — 5,982 Total marketable securities $ 30,830 $ 44 $ — $ 30,874 January 29, 2022 Cost or Gross Unrealized Gross Estimated Commercial paper $ 64,235 $ 9 $ (11) $ 64,233 Fixed income securities 32,794 — — 32,794 Total marketable securities $ 97,029 $ 9 $ (11) $ 97,027 July 31, 2021 Cost or Gross Unrealized Gross Estimated Commercial paper $ 59,962 $ 16 $ — $ 59,978 Fixed income securities 6,666 — — 6,666 Total marketable securities $ 66,628 $ 16 $ — $ 66,644 We recognized gains on investments for commercial paper that matured during the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021. Upon recognition of the gains, we reclassified these amounts out of "Accumulated Other Comprehensive Income (Loss)" and into “Other income (expense), net” on the Consolidated Statements of Income. The following table summarizes our gains on investments for commercial paper (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Gains on investments $ 47 $ 43 $ 65 $ 72 |
Credit Agreement
Credit Agreement | 6 Months Ended |
Jul. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Credit Agreement New Credit Agreement On January 20, 2022, we entered into a senior secured credit agreement (the "Credit Agreement") and revolving line of credit note (the "Note") with Wells Fargo Bank, National Association (the “Bank”). 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 (the "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 July 30, 2022, we were in compliance with all of our covenants and had no outstanding borrowings under the Credit Agreement. Prior Credit Agreement 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. 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 date the Prior Credit Agreement was terminated, 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 such 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 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. 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 occurrence, 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 30, 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. During the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021, we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, as of July 30, 2022, January 29, 2022 and July 31, 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): July 30, 2022 January 29, 2022 July 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) : Money market securities $ 64,210 $ — $ — $32,764 $ — $ — $63,097 $ — $ — Commercial paper $ — $14,980 $ — $ — $4,999 $ — $ — $ — $ — Marketable securities: Commercial paper $ — $ 24,892 $ — $ — $ 64,233 $ — $ — $ 59,978 $ — (1) Excluding 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 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 non-recurring, non-cash impairment charges of less than $0.1 million and $0.1 million in the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively, to write-down the carrying value of certain long-lived store assets to their estimated fair values. Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, ($ in thousands) Carrying value of assets with impairment $ — $ 176 $ 13 $ 176 Fair value of assets impaired $ — $ 40 $ — $ 40 Number of stores tested for impairment 3 3 4 11 Number of stores with impairment — 1 1 1 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The Tilly's, Inc. 2012 Second Amended and Restated Equity and Incentive Plan, as amended in June 2020 (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 July 30, 2022, there were 1,782,627 shares available for future issuance under the 2012 Plan. Stock Options We grant stock options to certain employees that give 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 stock option activity for the twenty-six weeks ended July 30, 2022 (aggregate intrinsic value in thousands): Stock Grant Date Weighted Aggregate Outstanding at January 29, 2022 1,570,211 $ 9.02 Granted 507,500 $ 9.44 Exercised (9,750) $ 4.13 Forfeited (35,500) $ 9.66 Expired (49,500) $ 15.50 Outstanding at July 30, 2022 1,982,961 $ 8.98 7.8 $ 1,549 Exercisable at July 30, 2022 768,761 $ 9.50 6.1 $ 586 (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 period and the weighted average exercise price of in-the-money stock options outstanding at the end of the fiscal period. The market value per share was $7.57 at July 30, 2022. 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 account for forfeitures as they occur. We issue shares of Class A common stock when stock option awards are exercised. The fair values of stock options granted during the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021 were estimated on the grant date using the following assumptions: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Weighted average grant-date fair value per option granted $4.12 $8.56 $4.97 $5.67 Expected option term (1) 5.2 years 5.6 years 5.2 years 5.4 years Weighted average expected volatility factor (2) 58.6% 59.4% 58.6% 59.9% Weighted average risk-free interest rate (3) 3.0% 0.9% 2.3% 0.9% 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 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 currently have a dividend policy. Restricted Stock Awards 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 ("RSUs") represent shares issuable in the future upon vesting. Under the 2012 Plan, we grant RSAs to independent members of our Board of Directors and RSUs to certain employees. RSAs granted to Board members vest at a rate of 50% on each of the first two four The following table summarizes the status of non-vested RSAs changed during the twenty-six weeks ended July 30, 2022: Restricted Weighted Nonvested at January 29, 2022 45,464 $ 10.56 Granted 63,492 $ 7.56 Vested (35,472) $ 9.02 Nonvested at July 30, 2022 73,484 $ 8.71 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 expense recorded in the Consolidated Statements of Income (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Cost of goods sold (1) $ 90 $ 82 $ 179 $ 43 Selling, general, and administrative 498 449 972 853 Total share-based compensation $ 588 $ 531 $ 1,151 $ 896 (1) Share-based compensation expense for the twenty-six weeks ended July 31, 2021 includes forfeiture credits due to the departure of the Company's prior Chief Merchandising Officer effective March 19, 2021. At July 30, 2022, there was $5.5 million of total unrecognized share-based compensation expense related to unvested stock options and restricted stock. This cost has a weighted average remaining recognition period of 2.8 years. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share is computed under the provisions of ASC 260, Earnings Per Share . Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock (i.e., in-the-money outstanding stock options as well as RSAs) outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by us to purchase shares of common stock at the average market price during the period. The components of basic and diluted earnings per share were as follows (in thousands, except per share amounts): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Net income $ 3,819 $ 20,398 $ 4,632 $ 31,357 Weighted average basic shares outstanding 30,021 30,500 30,392 30,189 Dilutive effect of in-the-money stock options and RSAs 165 613 227 648 Weighted average shares for diluted earnings per share 30,186 31,113 30,619 30,837 Basic earnings per share of Class A and Class B common stock $ 0.13 $ 0.67 $ 0.15 $ 1.04 Diluted earnings per share of Class A and Class B common stock $ 0.13 $ 0.66 $ 0.15 $ 1.02 The following stock options have been excluded from the calculation of diluted earnings per share as the effect of including these stock options would have been anti-dilutive (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Stock options 1,525 659 1,402 803 Restricted stock 10 20 10 20 Total 1,535 679 1,412 823 |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jul. 30, 2022 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase Program On March 14, 2022, our Board of Directors authorized a share repurchase program, pursuant to which we are authorized to repurchase up to 2,000,000 shares of our Class A common stock through March 14, 2023, in open market transactions through a broker-dealer at prevailing market prices, in block trades, or by any other means in accordance with federal securities laws. During the twenty-six weeks ended July 30, 2022, we repurchased 987,427 shares of our Class A common stock at a weighted average price of $9.10 per share for a total of $9.0 million under the program. At July 30, 2022, the remaining repurchase authorization totaled 1,012,573 shares. We are not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the program, and we may modify, suspend or discontinue the program at any time. We will determine the timing and amount of repurchased shares, if any, in our discretion based on a variety of factors, such as the market price of our Class A common stock, corporate requirements, general market economic conditions, and applicable legal requirements. |
Contractors (Policies)
Contractors (Policies) | 3 Months Ended |
Jul. 30, 2022 | |
Contractors [Abstract] | |
Fiscal Periods | Fiscal Periods Our fiscal year ends on the Saturday closest to January 31. References to fiscal 2022 refer to the fiscal year ending January 28, 2023. References to the fiscal quarters or first halves ended July 30, 2022 and July 31, 2021 refer to the thirteen and twenty-six week periods ended as of those dates, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 6 Months Ended |
Jul. 30, 2022 | Jul. 30, 2022 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting. These unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this Quarterly Report on Form 10-Q as is permitted by SEC rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows for the interim periods presented. The results of operations for the thirteen and twenty-six week periods ended July 30, 2022 are not necessarily indicative of results to be expected for the full fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022 ("fiscal 2021"). | |
Fiscal Periods | Fiscal Periods Our fiscal year ends on the Saturday closest to January 31. References to fiscal 2022 refer to the fiscal year ending January 28, 2023. References to the fiscal quarters or first halves ended July 30, 2022 and July 31, 2021 refer to the thirteen and twenty-six week periods ended as of those dates, respectively. | |
Revenue Recognition | Revenue Recognition | |
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. 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 net sales in excess of specified levels, is recognized as rent expense when the achievement of those specified net sales is probable. | |
Income Taxes | Income Taxes Our income tax expense was $1.8 million, or 28.2% of pre-tax income, compared to an income tax expense of $9.7 million, or 23.7% of pre-tax income, for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. The increase in the effective income tax rate was primarily due to the discrete tax effects of stock-based compensation. | |
New Accounting Standards | New Accounting Standards Not Yet Adopted In June 2016, the Financial Accounting Standards Board ("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 (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following table summarizes net sales from our retail stores and e-commerce (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Retail stores $ 137,088 $ 164,626 $ 254,571 $ 292,302 E-commerce 31,220 37,326 59,512 72,807 Total net sales $ 168,308 $ 201,952 $ 314,083 $ 365,109 The following table summarizes the percentage of net sales by department: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Mens 36 % 36 % 36 % 36 % Womens 26 % 28 % 27 % 28 % Accessories 18 % 17 % 16 % 16 % Footwear 11 % 10 % 12 % 11 % Boys 4 % 4 % 4 % 4 % Girls 4 % 4 % 4 % 4 % Hardgoods/Outdoor 1 % 1 % 1 % 1 % Total net sales 100 % 100 % 100 % 100 % The following table summarizes the percentage of net sales by third-party and proprietary branded merchandise: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Third-party 68 % 70 % 68 % 71 % Proprietary 32 % 30 % 32 % 29 % Total net sales 100 % 100 % 100 % 100 % |
Lessee, Operating Lease, Liability, Maturity | The maturity of operating lease liabilities and sublease income as of July 30, 2022 were as follows (in thousands): Fiscal Year Related Party Other Total Sublease Income 2022 $ 1,911 $ 33,855 $ 35,766 $ 44 2023 3,932 58,365 62,297 90 2024 4,085 48,101 52,186 95 2025 4,245 38,463 42,708 99 2026 4,411 27,144 31,555 104 Thereafter 13,491 61,068 74,559 — Total minimum lease payments 32,075 266,996 299,071 432 Less: Amount representing interest 5,528 42,073 47,601 — Present value of operating lease liabilities $ 26,547 $ 224,923 $ 251,470 $ 432 |
Schedule of Lease Expense and Supplemental Lease Information | Lease expense for the thirteen and twenty-six week periods ended July 30, 2022 and July 31, 2021 was as follows (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended Cost of goods sold SG&A Total Cost of goods sold SG&A Total Fixed operating lease expense $ 15,716 $ 320 $ 16,036 $ 14,935 $ 322 $ 15,257 Variable lease expense 4,224 9 4,233 4,835 11 4,846 Total lease expense $ 19,940 $ 329 $ 20,269 $ 19,770 $ 333 $ 20,103 Twenty-Six Weeks Twenty-Six Weeks Ended Cost of goods sold SG&A Total Cost of goods sold SG&A Total Fixed operating lease expense $ 30,991 $ 641 $ 31,632 $ 30,246 $ 636 $ 30,882 Variable lease expense 8,011 23 8,034 8,735 1 8,736 Total lease expense $ 39,002 $ 664 $ 39,666 $ 38,981 $ 637 $ 39,618 For the thirteen and twenty-six weeks ended July 31, 2021, we corrected an immaterial error of $94 thousand and $189 thousand, respectively, which consisted solely of a reclassification of fixed operating lease expense from SG&A to cost of goods sold, on the table above. Supplemental lease information for the twenty-six weeks ended July 30, 2022 and July 31, 2021 was as follows: Twenty-Six Weeks Ended July 30, 2022 Twenty-Six Weeks Ended Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $34,849 $34,452 Weighted average remaining lease term (in years) 5.8 years 5.5 years Weighted average interest rate (1) 6.14% 6.40% |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | The following table summarizes our investments in marketable securities at July 30, 2022, January 29, 2022 and July 31, 2021 (in thousands): July 30, 2022 Cost or Gross Unrealized Gross Estimated Commercial paper $ 24,848 $ 44 $ — $ 24,892 Fixed income securities 5,982 — — 5,982 Total marketable securities $ 30,830 $ 44 $ — $ 30,874 January 29, 2022 Cost or Gross Unrealized Gross Estimated Commercial paper $ 64,235 $ 9 $ (11) $ 64,233 Fixed income securities 32,794 — — 32,794 Total marketable securities $ 97,029 $ 9 $ (11) $ 97,027 July 31, 2021 Cost or Gross Unrealized Gross Estimated Commercial paper $ 59,962 $ 16 $ — $ 59,978 Fixed income securities 6,666 — — 6,666 Total marketable securities $ 66,628 $ 16 $ — $ 66,644 |
Gain (Loss) on Investments | The following table summarizes our gains on investments for commercial paper (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Gains on investments $ 47 $ 43 $ 65 $ 72 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 30, 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): July 30, 2022 January 29, 2022 July 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash equivalents (1) : Money market securities $ 64,210 $ — $ — $32,764 $ — $ — $63,097 $ — $ — Commercial paper $ — $14,980 $ — $ — $4,999 $ — $ — $ — $ — Marketable securities: Commercial paper $ — $ 24,892 $ — $ — $ 64,233 $ — $ — $ 59,978 $ — (1) Excluding cash. |
Details of Impairment of Long-Lived Assets | Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, ($ in thousands) Carrying value of assets with impairment $ — $ 176 $ 13 $ 176 Fair value of assets impaired $ — $ 40 $ — $ 40 Number of stores tested for impairment 3 3 4 11 Number of stores with impairment — 1 1 1 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Activity Under Stock Option Plan | The following table summarizes stock option activity for the twenty-six weeks ended July 30, 2022 (aggregate intrinsic value in thousands): Stock Grant Date Weighted Aggregate Outstanding at January 29, 2022 1,570,211 $ 9.02 Granted 507,500 $ 9.44 Exercised (9,750) $ 4.13 Forfeited (35,500) $ 9.66 Expired (49,500) $ 15.50 Outstanding at July 30, 2022 1,982,961 $ 8.98 7.8 $ 1,549 Exercisable at July 30, 2022 768,761 $ 9.50 6.1 $ 586 (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 period and the weighted average exercise price of in-the-money stock options outstanding at the end of the fiscal period. The market value per share was $7.57 at July 30, 2022. |
Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair values of stock options granted during the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021 were estimated on the grant date using the following assumptions: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Weighted average grant-date fair value per option granted $4.12 $8.56 $4.97 $5.67 Expected option term (1) 5.2 years 5.6 years 5.2 years 5.4 years Weighted average expected volatility factor (2) 58.6% 59.4% 58.6% 59.9% Weighted average risk-free interest rate (3) 3.0% 0.9% 2.3% 0.9% 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 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 currently have a dividend policy. |
Summary of Status of Non-Vested Restricted Stock | The following table summarizes the status of non-vested RSAs changed during the twenty-six weeks ended July 30, 2022: Restricted Weighted Nonvested at January 29, 2022 45,464 $ 10.56 Granted 63,492 $ 7.56 Vested (35,472) $ 9.02 Nonvested at July 30, 2022 73,484 $ 8.71 |
Schedule of Stock Based Compensation | The following table summarizes share-based compensation expense recorded in the Consolidated Statements of Income (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Cost of goods sold (1) $ 90 $ 82 $ 179 $ 43 Selling, general, and administrative 498 449 972 853 Total share-based compensation $ 588 $ 531 $ 1,151 $ 896 (1) Share-based compensation expense for the twenty-six weeks ended July 31, 2021 includes forfeiture credits due to the departure of the Company's prior Chief Merchandising Officer effective March 19, 2021. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 30, 2022 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share amounts): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Net income $ 3,819 $ 20,398 $ 4,632 $ 31,357 Weighted average basic shares outstanding 30,021 30,500 30,392 30,189 Dilutive effect of in-the-money stock options and RSAs 165 613 227 648 Weighted average shares for diluted earnings per share 30,186 31,113 30,619 30,837 Basic earnings per share of Class A and Class B common stock $ 0.13 $ 0.67 $ 0.15 $ 1.04 Diluted earnings per share of Class A and Class B common stock $ 0.13 $ 0.66 $ 0.15 $ 1.02 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following stock options have been excluded from the calculation of diluted earnings per share as the effect of including these stock options would have been anti-dilutive (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Stock options 1,525 659 1,402 803 Restricted stock 10 20 10 20 Total 1,535 679 1,412 823 |
Description of the Company an_2
Description of the Company and Basis of Presentation (Details) | Jul. 30, 2022 State store |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | store | 242 |
Number of states | State | 33 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Revenue Recognition (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | Jan. 29, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 168,308,000 | $ 201,952,000 | $ 314,083,000 | $ 365,109,000 | |
Percentage of total net sales | 100% | 100% | 100% | 100% | |
Deferred Revenue, Revenue Recognized | $ 2,200,000 | $ 2,700,000 | $ 4,300,000 | $ 4,800,000 | |
Contract With Customer, Liability, Revenue Recognized, Amount Included In Opening Balance | 1,300,000 | 1,200,000 | 3,900,000 | 3,400,000 | |
Deferred Revenue | 5,300,000 | 5,100,000 | 5,300,000 | 5,100,000 | $ 5,900,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 3,600,000 | 3,900,000 | $ 3,600,000 | 3,900,000 | 1,900,000 |
Unredeemed Awards and Accumulated Points, Expiration Period | 365 days | ||||
Retail stores | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 137,088,000 | 164,626,000 | $ 254,571,000 | 292,302,000 | |
E-commerce | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 31,220,000 | $ 37,326,000 | $ 59,512,000 | $ 72,807,000 | |
Mens | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 36% | 36% | 36% | 36% | |
Womens | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 26% | 28% | 27% | 28% | |
Accessories | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 18% | 17% | 16% | 16% | |
Footwear | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 11% | 10% | 12% | 11% | |
Boys | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 4% | 4% | 4% | 4% | |
Girls | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 4% | 4% | 4% | 4% | |
Outdoor | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 1% | 1% | 1% | 1% | |
GC Redemption | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue recognized from customer liability | $ 3,200,000 | $ 3,400,000 | $ 7,200,000 | $ 7,200,000 | |
Contract With Customer, Liability, Revenue Recognized, Opening Balance | 9,800,000 | 8,400,000 | 11,200,000 | 9,600,000 | |
Contract with Customer, Liability, Current | 8,900,000 | 7,900,000 | 8,900,000 | 7,900,000 | $ 11,200,000 |
Customer Loyalty Program | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract With Customer, Liability, Revenue Recognized, Opening Balance | 5,400,000 | 4,500,000 | 5,900,000 | 3,900,000 | |
Contract With Customer, Liability, Revenue Recognized, Amount Included In Opening Balance | $ 1,800,000 | $ 1,200,000 | $ 3,500,000 | $ 2,300,000 | |
Third-party | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 68% | 70% | 68% | 71% | |
Proprietary | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of total net sales | 32% | 30% | 32% | 29% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||
Jul. 30, 2022 USD ($) ft² | Jul. 31, 2021 USD ($) | Jul. 30, 2022 USD ($) ft² | Jul. 31, 2021 USD ($) | Sep. 06, 2022 USD ($) | Jan. 29, 2022 USD ($) | |
Accounting Policies [Line Items] | ||||||
Deferred Revenue, Period Increase (Decrease) | $ 500,000 | |||||
Deferred Revenue, Revenue Recognized | $ 2,200,000 | $ 2,700,000 | $ 4,300,000 | $ 4,800,000 | ||
Effective Income Tax Rate Reconciliation, Percent | 28.20% | 23.70% | ||||
Lessee terms | 10 years | 10 years | ||||
Operating lease assets | $ 221,114,000 | 216,046,000 | $ 221,114,000 | $ 216,046,000 | $ 216,508,000 | |
income tax expense (benefit) narrative | 1,800,000 | 9,700,000 | ||||
Operating lease renewal term (in years) | 10 years | |||||
Lessor, Operating Lease, Not Yet Commenced, Amount | $ (8,000,000) | $ (8,000,000) | ||||
Lessor, Operating Lease, Square Footage | ft² | 5,887 | |||||
Lessor, Operating Lease, Term of Contract | 5 years | 5 years | ||||
Lessee, Operating Lease, Lease Payment Adjustment, Percentage | 5% | |||||
Long-Term Line of Credit, Noncurrent | 300,000 | 300,000 | ||||
Current portion of operating lease liabilities | $ 51,007,000 | 50,916,000 | $ 51,007,000 | 50,916,000 | $ 51,504,000 | |
Noncurrent portion of operating lease liabilities | 173,916,000 | 185,179,000 | 173,916,000 | 185,179,000 | 171,965,000 | |
Deferred tax assets | 11,526,000 | 10,487,000 | 11,526,000 | 10,487,000 | 11,446,000 | |
Deferred Tax Assets, Gross | 10,500,000 | 10,500,000 | ||||
Subsequent Event | ||||||
Accounting Policies [Line Items] | ||||||
Lessee, Operating Lease, Additional Contracts And Modifications | $ (2,300,000) | |||||
GC Redemption | ||||||
Accounting Policies [Line Items] | ||||||
Contract with Customer, Liability, Current | 8,900,000 | 7,900,000 | 8,900,000 | 7,900,000 | $ 11,200,000 | |
Revenue recognized from customer liability | 3,200,000 | 3,400,000 | 7,200,000 | 7,200,000 | ||
10 and 12 Whatney, Irvine, California | Office and warehouse space | ||||||
Accounting Policies [Line Items] | ||||||
Operating lease rent expense | $ 500,000 | 1,100,000 | $ 500,000 | 1,100,000 | ||
Area of Real Estate Property | ft² | 172,000 | 172,000 | ||||
11 Whatney, Irvine, California | Office and warehouse space | ||||||
Accounting Policies [Line Items] | ||||||
Operating lease rent expense | $ 100,000 | 200,000 | $ 100,000 | 200,000 | ||
Area of Real Estate Property | ft² | 26,000 | 26,000 | ||||
11 Whatney, Irvine, California | Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Operating Lease, Increase in Lease Payments, Percentage | 3% | |||||
11 Whatney, Irvine, California | Maximum | ||||||
Accounting Policies [Line Items] | ||||||
Operating Lease, Increase in Lease Payments, Percentage | 7% | |||||
17 Pasteur, Irvine, California | Office and warehouse space | ||||||
Accounting Policies [Line Items] | ||||||
Operating lease rent expense | $ 400,000 | $ 200,000 | $ 700,000 | $ 500,000 | ||
Area of Real Estate Property | ft² | 81,000 | 81,000 | ||||
17 Pasteur, Irvine, California | Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Operating Lease, Increase in Lease Payments, Percentage | 3% | |||||
17 Pasteur, Irvine, California | Maximum | ||||||
Accounting Policies [Line Items] | ||||||
Operating Lease, Increase in Lease Payments, Percentage | 7% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Operating Lease Liability (Details) | Jul. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |
2022 | $ 35,766,000 |
2023 | 62,297,000 |
2024 | 52,186,000 |
2025 | 42,708,000 |
2026 | 31,555,000 |
Thereafter | 74,559,000 |
Total minimum lease payments | 299,071,000 |
Less: Amount representing interest | 47,601,000 |
Present value of operating lease liabilities | 251,470,000 |
Sublease Income | |
2022 | 44,000 |
2023 | 90,000 |
2024 | 95,000 |
2025 | 99,000 |
2026 | 104,000 |
Thereafter | 0 |
Total minimum lease payments | 432,000 |
Related Party | |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |
2022 | 1,911,000 |
2023 | 3,932,000 |
2024 | 4,085,000 |
2025 | 4,245,000 |
2026 | 4,411,000 |
Thereafter | 13,491,000 |
Total minimum lease payments | 32,075,000 |
Less: Amount representing interest | 5,528,000 |
Present value of operating lease liabilities | 26,547,000 |
Other | |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |
2022 | 33,855,000 |
2023 | 58,365,000 |
2024 | 48,101,000 |
2025 | 38,463,000 |
2026 | 27,144,000 |
Thereafter | 61,068,000 |
Total minimum lease payments | 266,996,000 |
Less: Amount representing interest | 42,073,000 |
Present value of operating lease liabilities | $ 224,923,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Lease Expense and Supplemental Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Fixed operating lease expense | $ 16,036 | $ 15,257 | $ 31,632 | $ 30,882 |
Variable lease expense | 4,233 | 4,846 | 8,034 | 8,736 |
Total lease expense | $ 20,269 | $ 20,103 | 39,666 | 39,618 |
Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) | $ 34,849 | $ 34,452 | ||
Weighted average remaining lease term (in years) | 5 years 9 months 18 days | 5 years 6 months | 5 years 9 months 18 days | 5 years 6 months |
Weighted average interest rate | 6.14% | 6.40% | 6.14% | 6.40% |
Cost of goods sold (1) | ||||
Lessee, Lease, Description [Line Items] | ||||
Fixed operating lease expense | $ 15,716 | $ 14,935 | $ 30,991 | $ 30,246 |
Variable lease expense | 4,224 | 4,835 | 8,011 | 8,735 |
Total lease expense | 19,940 | 19,770 | 39,002 | 38,981 |
Less: Income tax expense benefit | ||||
Lessee, Lease, Description [Line Items] | ||||
Fixed operating lease expense | 320 | 322 | 641 | 636 |
Variable lease expense | 9 | 11 | 23 | 1 |
Total lease expense | $ 329 | $ 333 | $ 664 | $ 637 |
Marketable Securities - Investm
Marketable Securities - Investments in Marketable Securities (Details) - USD ($) | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Financial Instruments And Marketable Securities [Line Items] | |||
Cost or Amortized Cost | $ 30,830,000 | $ 97,029,000 | $ 66,628,000 |
Gross Unrealized Holding Gains | 44,000 | 9,000 | 16,000 |
Gross Unrealized Holding Losses | 0 | (11,000) | 0 |
Estimated Fair Value | 30,874,000 | 97,027,000 | 66,644,000 |
Commercial paper | |||
Financial Instruments And Marketable Securities [Line Items] | |||
Cost or Amortized Cost | 24,848,000 | 64,235,000 | 59,962,000 |
Gross Unrealized Holding Gains | 44,000 | 9,000 | 16,000 |
Gross Unrealized Holding Losses | 0 | (11,000) | 0 |
Estimated Fair Value | 24,892,000 | 64,233,000 | 59,978,000 |
Fixed income securities | |||
Financial Instruments And Marketable Securities [Line Items] | |||
Cost or Amortized Cost | 5,982,000 | 32,794,000 | 6,666,000 |
Gross Unrealized Holding Gains | 0 | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 | 0 |
Estimated Fair Value | $ 5,982,000 | $ 32,794,000 | $ 6,666,000 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Summary of Investment Holdings [Line Items] | ||||
Gains on investments | $ 94 | $ 74 | ||
Commercial paper | ||||
Summary of Investment Holdings [Line Items] | ||||
Gains on investments | $ 47 | $ 43 | $ 65 | $ 72 |
Credit Agreement - Narrative (D
Credit Agreement - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 USD ($) | Jul. 30, 2022 USD ($) | Jan. 20, 2022 USD ($) | Nov. 09, 2020 | |
Senior Unsecured Debt Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Compliance, Cash On Hand | $ 50,000,000 | $ 50,000,000 | ||
Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee | 0.50% | |||
Maximum | Senior Unsecured Debt Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Compliance, Total Fund Debt To Earnings Before Interest, Taxes, Depreciation, Amortization And Annual Rent Expense | 4 | 4 | ||
Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee | 0.375% | |||
Minimum | Senior Unsecured Debt Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Compliance, Total Fund Debt To Earnings Before Interest, Taxes, Depreciation, Amortization And Annual Rent Expense | 1.25 | 1.25 | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 65,000,000 | $ 65,000,000 | $ 25,000,000 | |
Borrowing base, credit card receivables, percentage | 90% | 90% | ||
Borrowing base, inventory, percentage | 90% | |||
Borrowing base, inventory in-transit, percentage | 90% | 90% | ||
Borrowing base, inventory in-transit as a percentage of total inventory, maximum, percentage | 10% | 10% | ||
Outstanding borrowing | $ 0 | $ 0 | ||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 10,000,000 | 10,000,000 | $ 15,000,000 | |
Letters of credit outstanding, amount | 2,025,000 | 2,025,000 | ||
Swing Line Loans | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 7,500,000 | $ 7,500,000 | ||
LIBOR | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 2.25% | |||
LIBOR | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 2% | |||
Base Rate | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 1.25% | |||
Base Rate | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 1% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 1% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, percentage point added to reference rate | 0.75% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Based on Priority of Inputs to Valuation Technique Instruments (Details) - USD ($) $ in Thousands | Jul. 30, 2022 | Jan. 29, 2022 | Jul. 31, 2021 |
Money market securities | Level 1 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | $ 64,210 | $ 32,764 | $ 63,097,000 |
Money market securities | Level 2 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Money market securities | Level 3 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Commercial paper | Level 1 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Commercial paper | Level 1 | Commercial paper | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Commercial paper | Level 2 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 14,980 | 4,999,000 | 0 |
Commercial paper | Level 2 | Commercial paper | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 24,892,000 | 64,233,000 | 59,978,000 |
Commercial paper | Level 3 | Cash equivalents | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Commercial paper | Level 3 | Commercial paper | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 store | Jul. 31, 2021 store | Jul. 30, 2022 USD ($) store | Jul. 31, 2021 USD ($) store | |
Fair Value Disclosures [Abstract] | ||||
Number of stores with impairment | store | 0 | 1 | 1 | 1 |
Impairment of assets | $ | $ 13 | $ 136 |
Fair Value Measurements - Detai
Fair Value Measurements - Details of Impairment of Long-Lived Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 USD ($) store | Jul. 31, 2021 USD ($) store | Jul. 30, 2022 USD ($) store | Jul. 31, 2021 USD ($) store | |
Fair Value Disclosures [Abstract] | ||||
Carrying value of assets with impairment | $ | $ 0 | $ 176 | $ 13 | $ 176 |
Fair value of assets impaired | $ | $ 0 | $ 40 | $ 0 | $ 40 |
Number of stores tested for impairment | store | 3 | 3 | 4 | 11 |
Number of stores with impairment | store | 0 | 1 | 1 | 1 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 6 Months Ended |
Jul. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized stock-based compensation expense related to unvested stock options and restricted stock grants | $ | $ 5.5 |
Weighted average recognition period | 2 years 9 months 18 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Vesting period | 4 years |
Stock options | Share-based Payment Arrangement, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25% |
Stock options | Share-based Payment Arrangement, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25% |
Stock options | Share-based Payment Arrangement, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25% |
Stock options | Share-based Payment Arrangement, Tranche Four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 25% |
Directors | Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage Of Awards Vesting On Grant Date | 50% |
Vesting period | 2 years |
Certain Employees | Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage Of Awards Vesting On Grant Date | 25% |
Vesting period | 4 years |
2012 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares authorized (in shares) | 6,613,900 |
Shares available for issuance (in shares) | 1,782,627 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity Under Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jul. 30, 2022 | |
Stock Options | |
Beginning balance (in shares) | 1,570,211 |
Granted (in shares) | 507,500 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (9,750) |
Forfeited (in shares) | (35,500) |
Expired (in shares) | (49,500) |
Ending balance (in shares) | 1,982,961 |
Exercisable ending balance (in shares) | 768,761 |
Grant Date Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ 9.02 |
Granted (in dollars per share) | 9.44 |
Forfeited (in dollars per share) | 9.66 |
Expired (in dollars per share) | 15.50 |
Ending balance (in dollars per share) | 8.98 |
Exercisable ending balance (in dollars per share) | $ 9.50 |
Weighted Average Remaining Contractual Life (in Years) | |
Outstanding at end of period | 7 years 9 months 18 days |
Exercisable ending balance | 6 years 1 month 6 days |
Aggregate Intrinsic Value | |
Outstanding at end of period | $ 1,549 |
Exercisable ending balance | $ 586 |
Class A common stock | |
Aggregate Intrinsic Value | |
Market value per share (in dollars per share) | $ 7.57 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Weighted average grant-date fair value per option granted (in dollars per share) | $ 4.12 | $ 8.56 | $ 4.97 | $ 5.67 |
Expected option term | 5 years 2 months 12 days | 5 years 7 months 6 days | 5 years 2 months 12 days | 5 years 4 months 24 days |
Weighted average expected volatility factor | 58.60% | 59.40% | 58.60% | 59.90% |
Weighted average risk-free interest rate | 3% | 0.90% | 2.30% | 0.90% |
Expected annual dividend yield | 0% | 0% | 0% | 0% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Status of Non-Vested Restricted Stock (Details) - Nonvested | 6 Months Ended |
Jul. 30, 2022 $ / shares shares | |
Restricted Stock | |
Beginning balance | shares | 45,464 |
Granted (in shares) | shares | 63,492 |
Vested (in shares) | shares | (35,472) |
Ending balance | shares | 73,484 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 10.56 |
Granted (in usd per share) | $ / shares | 7.56 |
Vested (in usd per share) | $ / shares | 9.02 |
Ending balance (in dollars per share) | $ / shares | $ 8.71 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense, net of tax | $ 588 | $ 531 | $ 1,151 | $ 896 |
Cost of goods sold (1) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense, net of tax | 90 | 82 | 179 | 43 |
Less: Income tax expense benefit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense, net of tax | $ 498 | $ 449 | $ 972 | $ 853 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Net income | $ 3,819 | $ 20,398 | $ 4,632 | $ 31,357 |
Weighted average basic shares outstanding (in shares) | 30,021 | 30,500 | 30,392 | 30,189 |
Dilutive effect of stock options and restricted stock | 165 | 613 | 227 | 648 |
Weighted average shares for diluted earnings per share (in shares) | 30,186 | 31,113 | 30,619 | 30,837 |
Class A and Class B common stock | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Basic earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.13 | $ 0.67 | $ 0.15 | $ 1.04 |
Diluted earnings per share of Class A and Class B common stock (in dollars per share) | $ 0.13 | $ 0.66 | $ 0.15 | $ 1.02 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2022 | Jul. 31, 2021 | Jul. 30, 2022 | Jul. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options and restricted stock excluded from the calculation of diluted earning per share | 1,535 | 679 | 1,412 | 823 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options and restricted stock excluded from the calculation of diluted earning per share | 1,525 | 659 | 1,402 | 803 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options and restricted stock excluded from the calculation of diluted earning per share | 10 | 20 | 10 | 20 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jul. 30, 2022 | Jul. 30, 2022 | Mar. 14, 2022 | |
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||
Repurchase of common stock | $ 838 | $ 9,015 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,012,573 | 1,012,573 | |
Class A common stock | |||
Subsequent Event [Line Items] | |||
Repurchase of common stock (in shares) | 987,427 | ||
Stock Repurchase Program, Weighted Average Price | $ 9.10 | ||
Repurchase of common stock | $ 9,000 |
Uncategorized Items - tlys-2022
Label | Element | Value |
Proceeds from Insurance Settlement, Operating Activities | us-gaap_ProceedsFromInsuranceSettlementOperatingActivities | $ 0 |